Which of the following scenarios would not be considered a “sale,” as defined by the Uniform Securities Act (USA)?

I. Yoshito owned shares of Minnow Corporation and received shares of Whale Corporation from Whale when it merged with Minnow.

II. Olivia’s uncle, an agent with SecureMoney Brokers, sold Olivia ten call options on the stock of Microsoft.

III. Hans purchased a bond of Indebted Corporation that had detachable warrants and subsequently sold the warrants.

IV. Tom pledged some shares of stock he owned personally to secure a business loan for his company.