Intellectual Property Security Agreement



 EXHIBIT 10.15 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 This Intellectual Property Security Agreement (this
“IP Agreement”) is made as of the 29th day of December, 2004 by and among INFINERA CORPORATION, a Delaware corporation with its principal place of business at 1322 Bordeaux Drive, Sunnyvale, California 94089 (“Grantor”),
SILICON VALLEY BANK, a California-chartered bank, with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 (“SVB”), as agent (the “Agent”), and the other Lenders party hereto, including
without limitation, SVB and GOLD HILL VENTURE LENDING 03, L.P. (“Gold Hill”)(SVB and Gold Hill each individually, a “Lender”, and collectively, the “Lenders”). 
 RECITALS 
 A. Lenders have agreed to
make advances of money and to extend certain financial accommodations to Grantor (the “Loan”), pursuant to a certain Loan and Security Agreement (Growth Capital Loan) of even date herewith between Grantor and Lenders, as amended from time
to time (as amended, the “Loan Agreement”). The Loan is secured pursuant to the terms of the Loan Agreement. Lenders are willing to enter into certain financial accommodations with Grantor, but only upon the condition, among others, that
Grantor shall grant to Lenders a security interest in certain Copyrights, Trademarks, Patents, and Mask Works, and other assets, to secure the obligations of Grantor under the Loan Agreement. Defined terms used but not defined herein shall have the
same meanings as in the Loan Agreement. 
 B. Pursuant to the terms of the Loan Agreement, Grantor has granted to Lenders a security interest
in all of Grantor’s right title and interest, whether presently existing or hereafter acquired in, to and under all of the Intellectual Property Collateral (as defined therein). 
 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 Grantor’s Indebtedness (as defined below), Grantor hereby represents, warrants, covenants and agrees as follows: 
 1. Grant of Security Interest. As collateral security for the prompt and complete payment and performance of all of Grantor’s present or
future indebtedness, obligations and liabilities to Lenders (hereinafter, the “Indebtedness”), under the Loan Agreement, Grantor hereby grants a security interest in all of Grantor’s right, title and interest in, to and under its
registered and unregistered intellectual property collateral (all of which shall collectively be called the “Intellectual Property Collateral”), including, without limitation, the following: 
 (a) Any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and
derivative work thereof, whether published or unpublished, registered or unregistered, and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held, including without limitation those set forth on
EXHIBIT A attached hereto (collectively, the “Copyrights”); 
 (b) Any and all trade secret rights,
including any rights to unpatented inventions, know-how, operating manuals, license rights and agreements, and confidential information, and any and all intellectual property rights in computer software and computer software products now or
hereafter existing, created, acquired or held; 
 (c) Any and all design rights which may be available to Grantor now or
hereafter existing, created, acquired or held; 
 (d) All patents, patent applications and like protections including, without
limitation, improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same, including without limitation the patents and patent applications set forth on EXHIBIT B attached hereto
(collectively, the “Patents”); 
  

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 (e) Any trademark and service mark rights, slogans, trade dress, and tradenames, trade
styles, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Grantor connected with and symbolized by such trademarks, including without limitation those
set forth on EXHIBIT C attached hereto (collectively, the “Trademarks”); 
 (f) All mask works or
similar rights available for the protection of semiconductor chips, now owned or hereafter acquired, including, without limitation those set forth on EXHIBIT D attached hereto (collectively, the “Mask Works”); 
 (g) Any and all claims for damages by way of past, present and future infringements of any of the rights included above, with the right,
but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified above; 
 (h) All licenses or other rights to use any of the Copyrights, Patents, Trademarks, or Mask Works and all license fees and royalties arising from such use to the extent permitted by such license or rights, including,
without limitation those set forth on EXHIBIT E attached hereto (collectively, the “Licenses”); 
 (i)
All amendments, extensions, renewals and extensions of any of the Copyrights, Trademarks, Patents, or Mask Works; and 
 (j)
All proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing. 
 Notwithstanding the foregoing, the term “Intellectual Property Collateral” shall not include “intent-to-use” trademarks at all times
prior to the first use thereof, whether by the actual use thereof in commerce, the recording of a statement of use with the United States Patent and Trademark Office or otherwise, but only to the extent the granting of a security interest in such
“intent to use” trademarks would forfeit Grantor’s rights in such “intent-to-use” trademarks under applicable law. 
 2. Authorization and Request. Grantor authorizes and requests that the Register of Copyrights and the Commissioner of Patents and Trademarks record this IP Agreement, and any amendments thereto, or copies thereof. 
 3. Covenants and Warranties. Grantor represents, warrants, covenants and agrees as follows: 
 (a) Grantor is now the sole owner of the Intellectual Property Collateral, except for Intellectual Property licensed to Borrower in the
ordinary course of business and non-exclusive licenses granted by Grantor to its customers in the ordinary course of business and Permitted Liens (as defined in the Loan Agreement); 
 (b) Performance of this IP Agreement does not conflict with or result in a breach of any material agreement to which Grantor is bound;

 (c) During the term of this IP Agreement, Grantor will not transfer or otherwise encumber any interest in the Intellectual
Property Collateral, except for non-exclusive licenses granted by Grantor in the ordinary course of business or as set forth in this IP Agreement and Permitted Liens; 
  

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 (d) To its knowledge, each of the Patents is valid and enforceable, and no part of the
Intellectual Property Collateral has been judged invalid or unenforceable, in whole or in part, and no claim has been made that any part of the Intellectual Property Collateral violates the rights of any third party; 
 (e) Grantor shall: (i) protect, defend and maintain the validity and enforceability of the Trademarks, Patents, Copyrights, and Mask
Works, consistent with sound business practices (ii) use its best efforts to detect infringements of the Trademarks, Patents, Copyrights, and Mask Works and promptly advise Agent in writing of material infringements detected and (iii) not
allow any material Trademarks, Patents, Copyrights, or Mask Works to be abandoned, forfeited or dedicated to the public without the written consent of Agent, which shall not be unreasonably withheld, unless Grantor determines that reasonable
business practices suggest that abandonment is appropriate; 
 (f) Grantor shall take such further actions as Agent may
reasonably request from time to time to perfect or continue the perfection of Lenders’ interest in the Intellectual Property Collateral; 
 (g) This IP Agreement creates, and in the case of after acquired Intellectual Property Collateral this IP Agreement will create, at the time Grantor first has rights in such after acquired Intellectual Property
Collateral, in favor of Lenders a valid and perfected first priority security interest and collateral assignment in the Intellectual Property Collateral in the United States securing the payment and performance of the obligations evidenced by the
Loan Agreement; 
 (h) To its knowledge, except for, and upon, the filing of UCC financing statements, or other notice filings
or notations in appropriate filing offices, if necessary to perfect the security interests created hereunder, no authorization, approval or other action by, and no notice to or filing with, any U.S. governmental authority or U.S. regulatory body is
required either (a) for the grant by Grantor of the security interest granted hereby, or for the execution, delivery or performance of this IP Agreement by Grantor in the U.S. or (b) for the perfection in the United States or the exercise
by Lenders of their rights and remedies thereunder; 
 (i) All information heretofore, herein or hereafter supplied to Lenders
by or on behalf of Grantor with respect to the Intellectual Property Collateral is accurate and complete in all material respects; 
 (j) Grantor shall not enter into any agreement that would materially impair or conflict with Grantor’s obligations hereunder without Agent’s prior written consent, which consent shall not be unreasonably withheld. Grantor shall
not permit the inclusion in any material contract to which it becomes a party of any provisions that could or might in any way prevent the creation of a security interest in Grantor’s rights and interest in any property included within the
definition of the Intellectual Property Collateral acquired under such contracts; and 
 (k) Upon any executive officer of
Grantor obtaining actual knowledge thereof, Grantor will promptly notify Agent in writing of any event that materially adversely affects the value of any material Intellectual Property Collateral, the ability of Grantor to dispose of any material
Intellectual Property Collateral or the rights and remedies of Lenders in relation thereto, including the levy of any legal process against any of the Intellectual Property Collateral. 
 4. Lenders’ Rights. Lenders shall have the right, but not the obligation, to take, at Grantor’s sole expense, any actions that Grantor
is required under this IP Agreement to take but which Grantor fails to take, after fifteen (15) days’ notice to Grantor. Grantor shall reimburse and indemnify Lenders for all reasonable costs and reasonable expenses incurred in the
reasonable exercise of its rights under this section 4. 
 5. Inspection Rights. Grantor hereby grants to Lenders and their employees,
representatives and agents the right to visit, during reasonable hours upon prior reasonable written notice to Grantor, any of Grantor’s plants and facilities that manufacture, install or store products (or that have done so during the prior
six-month 

  

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period) that are sold utilizing any of the Intellectual Property Collateral, and to inspect the products and quality control records relating thereto upon
reasonable written notice to Grantor and as often as may be reasonably requested, but not more than once in every six (6) months; provided, however, nothing herein shall entitle Lenders access to Grantor’s trade secrets and other
proprietary information. 
 6. Further Assurances; Attorney in Fact. 
 (a) On a continuing basis, Grantor will, upon request by Agent, subject to any prior licenses, encumbrances and restrictions and
prospective licenses, make, execute, acknowledge and deliver, and file and record in the proper filing and recording places in the United States, all such instruments, including appropriate financing and continuation statements and collateral
agreements and filings with the United States Patent and Trademarks Office and the Register of Copyrights, and take all such action as may reasonably be deemed necessary or advisable, or as requested by Agent, to perfect Lenders’ security
interest in all Copyrights, Patents, Trademarks, and Mask Works and otherwise to carry out the intent and purposes of this IP Agreement, or for assuring and confirming to Lenders the grant or perfection of a security interest in all Intellectual
Property Collateral. 
 (b) In addition to section 6(a) above, Grantor shall not register any Copyrights or Mask Works in the
United States Copyright Office unless it: (i) has given at least five (5) days’ prior written notice to Agent of its intent to register such Copyrights or Mask Works and has provided Agent with a copy of the application it intends to
file with the United States Copyright Office (excluding exhibits thereto); (ii) executes a security agreement or such other documents as Agent may reasonably request in order to maintain the perfection and priority of Lenders’ security
interest in the Copyrights proposed to be registered with the United States Copyright Office; and (iii) records such security documents with the United States Copyright Office contemporaneously with filing the Copyright application(s) with the
United States Copyright Office. Grantor shall promptly provide to Lenders a copy of the Copyright application(s) filed with the United States Copyright Office, together with evidence of the recording of the security documents necessary for Lenders
to maintain the perfection and priority of their security interest in such Copyrights or Mask Works. Grantor shall provide written notice to Lenders of any application filed by Grantor in the United States Patent Trademark Office for a patent or to
register a trademark or service mark within 30 days of any such filing. 
 (c) Grantor hereby irrevocably appoints Agent as
Grantor’s attorney-in-fact, with full authority in the place and stead of Grantor and in the name of Grantor, Agent or otherwise, from time to time in Agent’s discretion, upon Grantor’s failure or inability to do so, to take any
action and to execute any instrument which Agent may deem necessary or advisable to accomplish the purposes of this IP Agreement, including: 
 (i) To modify, in its sole discretion, this IP Agreement without first obtaining Grantor’s approval of or signature to such modification by amending Exhibit A, Exhibit B, Exhibit C, and Exhibit D hereof, as
appropriate, to include reference to any right, title or interest in any Copyrights, Patents, Trademarks or Mask Works acquired by Grantor after the execution hereof or to delete any reference to any right, title or interest in any Copyrights,
Patents, Trademarks, or Mask Works in which Grantor no longer has or claims any right, title or interest, provided that Agent shall provide prompt notice of such amendment or modification to Grantor; and 
 (ii) To file, in its sole discretion, one or more financing or continuation statements and amendments thereto, or other notice filings or
notations in appropriate filing offices, relative to any of the Intellectual Property Collateral, without notice to Grantor, with all appropriate jurisdictions, as Agent deems appropriate, in order to further perfect or protect Lenders’
interest in the Intellectual Property Collateral. 
 7. Events of Default. The occurrence of any of the following shall constitute an
Event of Default under this IP Agreement: 
 (a) An Event of Default occurs under the Loan Agreement; or any document from
Grantor to Lenders; or 
  

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 (b) Grantor breaches any warranty or agreement made by Grantor in this IP Agreement.

 8. Remedies. Upon the occurrence and continuance of an Event of Default, Lenders shall have the right to exercise all the remedies
of a secured party under the California Uniform Commercial Code, including without limitation the right to require Grantor to assemble the Intellectual Property Collateral and any tangible property in which Lenders have a security interest and to
make it available to Lenders at a place designated by Lenders. Lenders shall have a nonexclusive, royalty free license to use the Copyrights, Patents, Trademarks, and Mask Works to the extent reasonably necessary to permit Lenders to exercise their
rights and remedies upon the occurrence of an Event of Default. Grantor will pay any expenses (including reasonable attorney’s fees) incurred by Lenders in connection with the exercise of any of Lenders’ rights hereunder, including without
limitation any expense incurred in disposing of the Intellectual Property Collateral. All of Lenders’ rights and remedies with respect to the Intellectual Property Collateral shall be cumulative. 
 9. Indemnity. Grantor agrees to defend, indemnify and hold harmless Lenders and their officers, employees, and agents against: (a) all
obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this IP Agreement, and (b) all losses or expenses in any way suffered, incurred, or paid by Lenders as a
result of or in any way arising out of, following or consequential to transactions between Lenders and Grantor, whether under this IP Agreement or otherwise (including without limitation, reasonable attorneys fees and reasonable expenses), except
for losses arising from or out of Lenders’ gross negligence or willful misconduct. 
 10. Termination. At such time as Grantor
shall completely satisfy all of the obligations secured hereunder, Lenders shall execute and deliver to Grantor all releases, terminations, and other instruments as may be necessary or proper to release the security interest hereunder. 

11. Course of Dealing. No course of dealing, nor any failure to exercise, nor any delay in exercising any right, power or privilege hereunder
shall operate as a waiver thereof. 
 12. Amendments. This IP Agreement may be amended only by a written instrument signed by both
parties hereto. 
 13. Counterparts. This IP Agreement may be executed in two or more counterparts, each of which shall be deemed an
original but all of which together shall constitute the same instrument. 
 14. Law and Jurisdiction. This IP Agreement shall be
governed by and construed in accordance with the laws of the State of California. GRANTOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT
JURISDICTION IN THE STATE OF CALIFORNIA IN ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND, AGAINST IT WHICH ARISES OUT OF OR BY REASON OF THIS AGREEMENT. NOTWITHSTANDING THE FOREGOING, THE LENDERS SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING
AGAINST THE GRANTOR OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH THE LENDERS DEEM NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE THE LENDERS’ RIGHTS AGAINST THE GRANTOR OR ITS PROPERTY.

 GRANTOR AND LENDERS EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER


  

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CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 15.
Confidentiality. In handling any confidential information, Lenders shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (i) to Lenders’ subsidiaries
or affiliates in connection with their present or prospective business relations with Grantor; (ii) to prospective transferees or purchasers of any interest in the Loans; (iii) as required by law, regulation, subpoena, or other order,
(iv) as required in connection with Lenders’ examination or audit; and (v) as Lenders consider appropriate in exercising remedies under this Agreement. Confidential information does not include information that either: (a) is in
the public domain or in Lenders’ possession when disclosed to Lenders, or becomes part of the public domain after disclosure to Lenders; or (b) is disclosed to Lenders by a third party, if Lenders reasonably do not know that the third
party is prohibited from disclosing the information. 
 16. Termination. If Grantor achieves a Revenue Event and Grantor provides the
Agent prompt written notice and satisfactory evidence that it has achieved same, then this IP Agreement shall be deemed released and terminated. Lenders shall deliver all releases and terminations required by Grantor to implement the foregoing.

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 EXECUTED as a sealed instrument under the laws of the State of California on the day and year
first written above. 
  

							
	Address of Grantor:	 		 	GRANTOR:
			
	1322 Bordeaux Drive	 		 	INFINERA CORPORATION
				
	Sunnyvale, California 94089	 		 	By:	 	/s/ Jagdeep Singh
			
		 		 	Name: Jagdeep Singh
			
		 		 	Title: President and CEO
			
		 		 	SILICON VALLEY BANK, as Agent and as a Lender
				
	 	 		 	By:	 	/s/ Teresa Li
			
		 		 	Name: Teresa Li
			
		 		 	Title: Relationship Manager
			
		 		 	GOLD HILL VENTURE LENDING 03, L.P., as a Lender
			
	 	 		 	By: GOLD HILL VENTURE LENDING PARTNERS 03, LLC, its General Partner
				
	 	 		 	By:	 	/s/ Sean Lynden
			
	 	 		 	Name: Sean Lynden
			
	 	 		 	Title: Partner

  

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