IES Pledged Shares

IES Pledged Shares. Means (i) all the shares of capital stock of Summit Training International, Inc., a Delaware corporation ("STI") and of any other corporation or other entity of which IES is the direct or indirect beneficial and record holder and set forth on Schedule C attached hereto; (ii) all additional shares of each of the Subsidiaries from time to time acquired by IES in any manner provided, however, that to the extent any such Subsidiary is organized... or formed under the laws of a jurisdiction other than the United States of America, a pledge of the shares of capital stock of such Subsidiary will be limited to sixty-six percent (66%) of the shares of capital stock of such Subsidiary; (iii) the certificates representing the shares referred to in clauses (i) and (ii) above; and (iv) subject to Section 4, all dividends, cash, -3- instruments, options, rights and other property or proceeds, from time to time received, receivable or otherwise distributed or distributable in respect of or in exchange for any or all of the shares referred to in clauses (i) and (ii) above. View More