The act of putting down your penis as an ultimatum. Often occurs in situations of vulnerability or frustration. Sometimes includes one exclaiming that he will sacrafice his sexual organs for the cause.
dude!!! i cant get this chick
to go out with me!!"
-"bro, i think youre gonna have to penis pledge that ish.."
"so let it be, I will chop off my penis if she says no one more time!"
-"that is how its done young padwan