Exhibit 10.3

EXECUTION COPY

INTELLECTUAL PROPERTY SECURITY AGREEMENT

          THIS INTELLECTUAL PROPERTY SECURITY AGREEMENT is entered into as of
this 11th day of June, 2009 by and among MTM TECHNOLOGIES, INC., a New York
corporation (“MTM”), MTM TECHNOLOGIES (US), INC., a Delaware corporation
(“MTM-US”), MTM TECHNOLOGIES (MASSACHUSETTS), LLC, a Delaware limited liability
company (“MTM-MA”), and INFO SYSTEMS, INC., a Delaware corporation (“ISI”; MTM,
MTM-US, MTM-MA, and ISI are collectively, the “Borrowers” and each a
“Borrower”); and COLUMBIA PARTNERS, L.L.C. INVESTMENT MANAGEMENT, as investment
manager (“Investment Manager”) for the benefit of itself and NATIONAL ELECTRICAL
BENEFIT FUND (“NEBF”), FIRSTMARK III L.P. (f/k/a Pequot Private Equity Fund III,
L.P.) (“FMIII”), FIRSTMARK III OFFSHORE PARTNERS, L.P. (Pequot Offshore Private
Equity Partners III, L.P.) (“FMIIIOP”), CONSTELLATION VENTURE CAPITAL II, L.P.
(“CVCII”), CONSTELLATION VENTURE CAPITAL OFFSHORE II, L.P. (“CVCOII”), CVC II
PARTNERS, LLC (“CVCIIP”), and THE BSC EMPLOYEE FUND VI, L.P. (“BSC”; NEBF,
FMIII, FMIIIOP, CVCII, CVCOII, CVCIIP, and BSC are collectively, the “L/C
Guarantors” and each a “L/C Guarantor”).

RECITALS

          WHEREAS, the Borrowers, the L/C Guarantors and Investment Manager
entered into that certain Letter of Credit Commitment and Reimbursement
Agreement of even date herewith (as amended, modified, supplemented or otherwise
modified from time to time, the “L/C Agreement”).

          WHEREAS, pursuant to the terms of that certain Security Agreement,
dated as of even date herewith (the “Security Agreement”), by and among the
Borrowers and Investment Manager, on behalf of itself and the L/C Guarantors,
executed in connection with the L/C Agreement, the Borrowers have granted to the
L/C Guarantors a security interest in all of the Borrowers’ right, title and
interest, whether presently existing or hereafter acquired, in, to and under all
of the Collateral (as defined in the Security Agreement).

AGREEMENT

          NOW, THEREFORE, for good and valuable consideration, receipt of which
is hereby acknowledged, and intending to be legally bound, as collateral
security for the prompt and complete payment when due of the Obligations (as
defined in the L/C Agreement), the Borrowers hereby jointly and severally
represent, warrant, covenant and agree as follows:

          To secure the Obligations, each Borrower grants and pledges to
Investment Manager, as agent, for the benefit of Investment Manager and the L/C
Guarantors, a security interest in all of such Borrower’s right, title and
interest in, to and under its Intellectual Property (as defined in the L/C
Agreement), including without limitation those copyrights, patents and
trademarks listed on Exhibits A, B and C hereto, and including without
limitation all proceeds thereof (such as, by way of example but not by way of
limitation, license royalties and proceeds of infringement suits), the right to
sue for past, present and future infringements, all rights corresponding thereto
throughout the world and all re-issues, divisions continuations, renewals,
extensions and

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continuations-in-part thereof.

          The security interest granted hereby is in conjunction with the
security interest granted to Investment Manager under the Security Agreement.
The rights and remedies of Investment Manager and the L/C Guarantors with
respect to the security interest granted hereby are in addition to those set
forth in the Security Agreement and the other Loan Documents (as defined in the
L/C Agreement), and those which are now or hereafter available to Investment
Manager and the L/C Guarantors as a matter of law or equity. Each right, power
and remedy of Investment Manager and the L/C Guarantors provided for herein or
in the Security Agreement or any of the Loan Documents, or now or hereafter
existing at law or in equity shall be cumulative and concurrent and shall be in
addition to every right, power or remedy provided for herein and the exercise by
Investment Manager and the L/C Guarantors of any one or more of the rights,
powers or remedies provided for in this Intellectual Property Security
Agreement, the Security Agreement or any of the other Loan Documents, or now or
hereafter existing at law or in equity, shall not preclude the simultaneous or
later exercise by any person, including Investment Manager and the L/C
Guarantors, of any or all other rights, powers or remedies.

          The Borrowers represent and warrant that Exhibits A, B, and C attached
hereto set forth any and all Intellectual Property rights in connection with
which any Borrower has registered or filed an application with either the United
States Patent and Trademark Office or the United States Copyright Office, as
applicable.

          This Intellectual Property Security Agreement is subject to the terms
of the Subordination Agreement (as defined in the L/C Agreement).
Notwithstanding any statement to the contrary contained in this Intellectual
Property Security Agreement, no remedies shall be pursued, except in accordance
with the terms of the Subordination Agreement. Notwithstanding the incorporation
by reference in of the Subordination Agreement, the Borrowers acknowledge that
no other parties, including any Borrower or any of their successors or assigns,
are intended to be benefited, in any way, by the Subordination Agreement.

[SIGNATURE PAGES FOLLOW]

2.

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          IN WITNESS WHEREOF, the parties have caused this Intellectual Property
Security Agreement to be duly executed by its officers thereunto duly authorized
as of the first date written above.

 

 

 

 

 

MTM TECHNOLOGIES, INC.,

 

a New York corporation

 

 

 

By:

/s/ Steven Stringer

 

 

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Name:

Steven Stringer

 

 

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Title:

 President and Chief Executive Officer

 

 

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MTM TECHNOLOGIES (US), INC.,

 

a Delaware corporation

 

 

 

 

By:

/s/ Steven Stringer

 

 

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Name:

Steven Stringer

 

 

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Title:

 President and Chief Executive Officer

 

 

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MTM TECHNOLOGIES (MASSACHUSETTS), LLC,

 

a Delaware limited liability company

 

 

 

 

 

By:

/s/ Steven Stringer

 

 

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Name:

Steven Stringer

 

 

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Title:

 President and Chief Executive Officer

 

 

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INFO SYSTEMS, INC.,

 

a Delaware corporation

 

 

 

 

 

By:

/s/ Steven Stringer

 

 

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Name:

Steven Stringer

 

 

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Title:

 President and Chief Executive Officer

 

 

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[Signature Page to Intellectual Property Security Agreement]

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COLUMBIA PARTNERS, L.L.C.

 

INVESTMENT MANAGEMENT,

 

as Investment Manager

 

 

 

 

By:

/s/ Jason Crist

 

 

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Name:

Jason Crist

 

 

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Title:

Managing Director

 

 

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[Signature Page to Intellectual Property Security Agreement]

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EXHIBIT A

COPYRIGHTS

None.

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EXHIBIT B

PATENTS

None.

2.

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EXHIBIT C

TRADEMARKS

 

 

 

 

 

Registered Trademarks:

 

 

Registration

 

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Pivot Technologies

 

2,479,202

 

 

 

 

 

Pivot Technologies and Design

 

2,444,052

 

 

 

 

 

(Cancelled 1/19/08 for failure to file 6 year affidavit)

 

 

 

Pivot Technologies (Eye Logo)

 

2,756,707

 

 

 

 

 

Systems Managing Systems

 

2,434,901

 

 

 

 

 

(Cancelled 12/15/07 for failure to file 6 year affidavit)

 

 

 

DNA NetSensor DataVox Network Assurance

 

2,721,382

 

 

 

 

 

Vector ESP

 

2,924,616

 

 

 

 

 

Enterprise Services Partner

 

2,763,391

 

3.

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