Intellectual Property Security Agreement dated 7/12/07 among Jupitermedia Corp.



 Exhibit 10.9 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 This
INTELLECTUAL PROPERTY SECURITY AGREEMENT (as the same may from time to time be amended, restated or otherwise modified, this “Agreement”) is made as of the 12th day of July, 2007 by JUPITERMEDIA CORPORATION, a Delaware corporation (“Borrower”), in favor of KEYBANK NATIONAL ASSOCIATION, as the administrative
agent under the Credit Agreement, as hereinafter defined (“Agent”), for the benefit of the Lenders, as hereinafter defined. 
 1.
Recitals. 
 Borrower is entering into that certain Credit and Security Agreement, dated as of July 12, 2007, with the lenders
from time to time listed on Schedule 1 thereto (together with their respective successors and assigns and any other additional lenders that become party to the Credit Agreement, collectively, the “Lenders” and, individually, each a
“Lender”), Agent, and Citizens Bank, N.A., as the syndication agent (as the same may from time to time be amended, restated or otherwise modified, the “Credit Agreement”). Borrower desires that the Lenders grant to Borrower the
financial accommodations as described in the Credit Agreement. 
 Borrower deems it to be in its direct pecuniary and business interests that
Borrower obtain from the Lenders the Commitment, as defined in the Credit Agreement, and the Loans and Letters of Credit, as each term is defined in the Credit Agreement, provided for in the Credit Agreement. 
 Borrower understands that the Lenders are willing to grant such financial accommodations to Borrower only upon certain terms and conditions, one of which
is that Borrower grant to Agent, for the benefit of the Lenders, a security interest in the Collateral, as hereinafter defined, and this Agreement is being executed and delivered in consideration of the Lenders entering into the Credit Agreement and
each financial accommodation granted to Borrower by the Lenders and for other valuable consideration. 
 2. Definitions. Except as
specifically defined herein, (a) capitalized terms used herein that are defined in the Credit Agreement shall have their respective meanings ascribed to them in the Credit Agreement, and (b) unless otherwise defined in the Credit
Agreement, terms that are defined in the U.C.C. are used herein as so defined. As used in this Agreement, the following terms shall have the following meanings: 
 “Assignment” means an Assignment in the form of Exhibit A attached hereto. 
 “Collateral” means, collectively, all of Borrower’s existing and future right, title and interest in, to and under (a) industrial designs, patents, patent registrations, patent applications, trademarks, trademark
registrations, trademark applications, service marks, trade names, and copyright registrations and other intellectual property or registrations, whether federal, state or foreign, including, but not limited to, those that are registered or pending
as listed on Schedule 1  








 
hereto (as such Schedule 1 may from time to time be amended, supplemented or otherwise modified); (b) common law trademark rights, copyrights,
improvements, confidential information and inventions; (c) renewals, continuations, extensions, reissues and divisions of any of the foregoing; (d) rights to sue for past, present and future infringements or any other commercial tort
claims relating to any of the foregoing; (e) all licenses and all income, revenue and royalties with respect to any licenses, whether registered or unregistered and all other payments earned under contract rights relating to any of the
foregoing; (f) all general intangibles and all intangible intellectual or similar property of Borrower connected with and symbolized by any of the foregoing; (g) goodwill associated with any of the foregoing; (h) all payments under
insurance, including the returned premium upon any cancellation of insurance (whether or not Agent or any Lender is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to
any of the foregoing; and (i) Proceeds of any of the foregoing. 
 “Event of Default” means an event or condition that
constitutes an Event of Default, as defined in Section 8 hereof. 
 “ITU Application” shall mean a trademark application filed
with the USPTO pursuant to 15 U.S.C. § 1051(b). 
 “Obligations” means, collectively, (a) all Indebtedness and other
obligations now owing or hereafter incurred by Borrower to Agent, the Fronting Lender, the Swing Line Lender or any Lender pursuant to the Credit Agreement, and includes the principal of and interest on all Loans and all obligations pursuant to
Letters of Credit; (b) each renewal, extension, consolidation or refinancing of any of the foregoing, in whole or in part; (c) all interest from time to time accruing on any of the foregoing, and all fees and other amounts payable to Agent
or any Lender pursuant to the Credit Agreement or any other Loan Document; (d) all obligations and liabilities of the Companies owing to Lenders under Hedge Agreements; (e) the Bank Product Obligations owing to Lenders under Bank Product
Agreements; (f) every other liability, now or hereafter owing to Agent or any Lender by any Company or Borrower pursuant to the Credit Agreement or any other Loan Document; and (g) all Related Expenses. 
 “Trademark Act” shall mean the U.S Trademark Act of 1946, as amended. 
 “USCO” means the United States Copyright Office in Washington, D.C. 
 “USPTO” means the United States Patent and Trademark Office in Washington D.C. 
 3. Grant of Assignment and Security Interest. In consideration of and as security for the full and complete payment of all of the Obligations,
Borrower hereby agrees that Agent shall at all times have, and hereby grants to Agent, for the benefit of the Lenders, a security interest in all of the Collateral, including (without limitation) all of Borrower’s future Collateral,
irrespective of any lack of knowledge by Agent or the Lenders of the creation or acquisition thereof. Borrower, Agent and the Lenders hereby acknowledge and agree that, with respect to any ITU Application included within the Collateral, to the
extent such an ITU Application would, under the Trademark Act, be deemed to be transferred in violation of 15 U.S.C. § 1060(a) 

  

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as a result of the security interest granted herein, or otherwise invalidated or made unenforceable as a result of the execution or performance of this
Agreement, no security interest shall be deemed to have been granted in such ITU Application (notwithstanding the provisions of this Agreement or any other Loan Document) until such time as the circumstances that would give rise to such violation,
invalidation or unenforceability no longer exist. 
 4. Representations and Warranties. Borrower hereby represents and warrants to
Agent and each Lender as follows: 
 4.1. Borrower owns all of the Collateral and, whether the same are registered or unregistered, no such
Collateral has been adjudged invalid or unenforceable. 
 4.2. The Collateral is valid and enforceable. 
 4.3. Except as disclosed on Schedule 6.4 of the Credit Agreement, Borrower has no knowledge of any material claim that the use of any of the Collateral
does or may violate the rights of any Person. 
 4.4. Except for liens expressly permitted pursuant to Section 5.9 of the Credit
Agreement, Borrower is the sole and exclusive owner of the entire and unencumbered right, title and interest in and to the Collateral, free and clear of any liens, charges and encumbrances, including, without limitation, pledges, assignments,
licenses, registered user agreements and covenants by Borrower not to sue third Persons. 
 4.5. Borrower has full power, authority and legal
right to pledge the Collateral and enter into this Agreement and perform its terms. 
 4.6. Borrower has used, and shall continue to use, for
the duration of this Agreement, proper statutory notice in connection with its use of the Collateral, except where the failure to do so will not have a Material Adverse Effect. 
 5. Further Assignment Prohibited. Borrower shall not enter into any agreement that is inconsistent with Borrower’s obligations under this
Agreement and shall not otherwise sell or assign its interest in, or grant any license or sublicense with respect to, any of the Collateral, without Agent’s prior written consent, except in the ordinary course of business. Absent such prior
written consent, any attempted sale or license is null and void. 
 6. Right to Inspect. Upon reasonable notice to Borrower from
Agent, Borrower hereby grants to Agent, for the benefit of the Lenders, and its employees and agents the right, during regular business hours, to visit any location of Borrower or, if applicable, any other location, and to inspect the products and
quality control records relating thereto at Borrower’s expense. 
 7. Standard Patent and Trademark Use. Borrower shall not
knowingly use any material Collateral in any manner that would materially jeopardize the validity or legal status thereof. Borrower shall comply with all patent marking requirements as specified in 35 U.S.C. 

  

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§287. Borrower shall use commercially reasonable efforts to conform its usage of any trademarks to standard trademark usage, including, but not limited
to, using the trademark symbols ®, TM, and SM where appropriate. 
 8. Event of Default. 
 8.1. The occurrence of an Event of Default, as defined in the Credit Agreement, shall constitute an Event of Default. 
 8.2. Borrower expressly acknowledges that Agent, on behalf of the Lenders, shall record this Agreement with the USCO and the USPTO, as appropriate.
Contemporaneously herewith, Borrower shall execute and deliver to Agent the Assignment, which Assignment shall have no force and effect and shall be held by Agent in escrow until the occurrence of an Event of Default; provided, that, anything herein
to the contrary notwithstanding, the security interest granted herein shall be effective as of the date of this Agreement. After the occurrence of an Event of Default, the Assignment shall immediately take effect upon certification of such fact by
an authorized officer of Agent in the form reflected on the face of the Assignment and Agent may, in its sole discretion, record the Assignment with the USCO and the USPTO, as appropriate, or in any appropriate office in any foreign jurisdiction in
which such patent, trademark, copyright or other intellectual property interest is registered, or under whose laws such property interest has been granted. 
 8.3. If an Event of Default shall occur and be continuing, Borrower irrevocably authorizes and empowers Agent, on behalf of the Lenders, to terminate Borrower’s use of the Collateral and to exercise such rights
and remedies as allowed by law. Without limiting the generality of the foregoing, after any delivery or taking of possession of the Collateral, or any portion thereof, pursuant to this Agreement, then, with or without resort to Borrower or any other
Person or property, all of which Borrower hereby waives, and upon such terms and in such manner as Agent may deem advisable, Agent, on behalf of the Lenders, may in its sole discretion, sell, assign, transfer and deliver any of the Collateral,
together with the associated goodwill, or any interest that Borrower may have therein, at any time, or from time to time. No prior notice need be given to Borrower or to any other Person in the case of any sale of Collateral that Agent determines to
be declining speedily in value or that is customarily sold in any recognized market, but in any other case Agent shall give Borrower no fewer than ten days prior notice of either the time and place of any public sale of the Collateral or of the time
after which any private sale or other intended disposition thereof is to be made. Borrower waives advertisement of any such sale and (except to the extent specifically required by the preceding sentence) waives notice of any kind in respect of any
such sale. At any such public sale, Agent or any Lender may purchase the Collateral, or any part thereof, free from any right of redemption, all of which rights Borrower hereby waives and releases. After deducting all Related Expenses, and after
paying all claims, if any, secured by liens having precedence over this Agreement, Agent may apply the net proceeds of each such sale to or toward the payment of the Obligations, whether or not then due, in such order and by such division as Agent
in its sole discretion may deem advisable. Any excess, to the extent permitted by law, shall be paid to Borrower, and the obligors on the Obligations shall remain liable for any deficiency. In addition, 

  

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Agent shall at all times have the right to obtain new appraisals of Borrower or the Collateral, the cost of which shall be paid by Borrower. 
 9. Maintaining Collateral; Attorneys’ Fees, Costs and Expenses. Borrower shall have the obligation and duty to perform all acts necessary to
maintain or preserve the Collateral, provided that Borrower shall not be obligated to maintain any Collateral in the event Borrower determines, in the reasonable business judgment of Borrower, that the maintenance of such Collateral is no longer
necessary in Borrower’s business. Any and all fees, costs and expenses, of whatever kind or nature, including, without limitation, the attorneys’ fees and legal expenses incurred by Agent and the Lenders in connection with the amendment
and enforcement of this Agreement, all renewals, required affidavits and all other documents relating hereto and the consummation of this transaction, the filing or recording of any documents (including all taxes in connection therewith) in public
offices, the payment or discharge of any taxes, counsel fees, maintenance fees, encumbrances or otherwise protecting, maintaining or preserving the Collateral, or in defending or prosecuting any actions or proceedings arising out of or related to
the Collateral, shall be borne and paid by Borrower, upon demand by Agent and, until so paid, shall be added to the principal amount of the Obligations. 
 10. Borrower’s Obligation to Prosecute. Except as otherwise agreed to by Agent in writing, Borrower shall have the duty to prosecute diligently any patent, trademark, service mark or copyright application
pending as of the date of this Agreement or thereafter until the Obligations shall have been paid in full, to file and prosecute opposition and cancellation proceedings and to do any and all acts that are necessary or desirable to preserve and
maintain all rights in the Collateral, including, but not limited to, payment of any maintenance fees except to the extent that failure to do so would not have a Material Adverse Effect. Any expenses incurred in connection with the Collateral shall
be borne by Borrower. Borrower shall not abandon any Collateral without the prior written consent of Agent, unless such abandonment will not have a material adverse effect on Borrower or such abandonment is in connection with the abandonment of a
product or product line or service or service line. 
 11. Agent’s Right to Enforce. Borrower shall have the right to bring any
opposition proceeding, cancellation proceeding or lawsuit in its own name to enforce or protect the Collateral. 
 12. Power of
Attorney. Borrower hereby authorizes and empowers Agent, on behalf of the Lenders, to make, constitute and appoint any officer or agent of Agent as Agent may select, in its exclusive discretion, as Borrower’s true and lawful
attorney-in-fact, with the power to endorse, after the occurrence of an Event of Default, Borrower’s name on all applications, documents, papers and instruments necessary for Agent, on behalf of the Lenders, to use the Collateral, or to grant
or issue any exclusive or nonexclusive license under the Collateral to any third party, or necessary for Agent, on behalf of the Lenders, to assign, pledge, convey or otherwise transfer title in or dispose of the Collateral, together with associated
goodwill to a third party or parties. Borrower hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. This power of attorney shall be irrevocable for the life of this Agreement. 
  

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 13. Agent’s Right to Perform Obligations. If Borrower fails to comply with any of its
obligations under this Agreement, Agent, on behalf of the Lenders, may, but is not obligated to, upon giving reasonable notice to Borrower, do so in Borrower’s name or in the name of Agent, on behalf of the Lenders, but at Borrower’s
expense, and Borrower hereby agrees to reimburse Agent, upon request, in full for all expenses, including attorneys’ fees, incurred by Agent and the Lenders in protecting, defending and maintaining the Collateral. 
 14. Additional Documents. Borrower shall, upon written request of Agent, enter into such additional documents or instruments as may be required by
Agent in order to effectuate, evidence or perfect the interest of Agent and the Lenders in the Collateral, as evidenced by this Agreement. 
 15. New Collateral. If, before the Obligations shall have been irrevocably paid in full and the Commitment terminated, Borrower shall obtain rights to any new Collateral, the provisions of this Agreement hereby shall automatically
apply thereto as if the same were identified on Schedule 1 as of the date hereof and Borrower shall give Agent prompt written notice thereof. 
 16. Modifications for New Collateral. Borrower hereby authorizes Agent to modify this Agreement by amending Schedule 1 to include any future Collateral as contemplated by Sections 1 and 15
hereof and, at Agent’s request, Borrower shall execute any documents or instruments required by Agent in order to modify this Agreement as provided by this Section 16, provided that any such modification to Schedule 1 shall be
effective without the signature of Borrower. 
 17. Termination. At such time as the Obligations shall have been irrevocably paid in
full, the Commitment, as defined in the Credit Agreement, terminated, and the Credit Agreement terminated and not replaced by any other credit facility with Agent and the Lenders, Borrower shall have the right to terminate this Agreement. Upon
written request of Borrower, Agent shall execute and deliver to Borrower all deeds, assignments, and other instruments as may be necessary or proper to release Agent’s security interest in the Collateral and to re-vest in Borrower full title to
the Collateral, subject to any disposition thereof that may have been made by Agent, for the benefit of the Lenders, pursuant hereto. 
 18.
No Waiver. No course of dealing between Borrower and Agent or any Lender, nor any failure to exercise, nor any delay in exercising, on the part of Agent or any such Lender, any right, power or privilege hereunder or under any of the Loan
Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

 19. Remedies Cumulative. All of the rights and remedies of Agent and the Lenders with respect to the Collateral, whether
established hereby or by the Loan Documents, or by any other agreements or by law shall be cumulative and may be executed singularly or concurrently. 
  

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 20. Severability. The provisions of this Agreement are severable, and, if any clause or provision
shall be held invalid and unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in any manner affect such
clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction. 
 21.
Modifications. This Agreement may be amended or modified only by a writing signed by Borrower and Agent. In the event that any provision of this Agreement is deemed to be inconsistent with any provision of any other document, other than the
Credit Agreement, the provisions of this Agreement shall control. 
 22. Assignment and Successors. This Agreement shall not be
assigned by Borrower without the prior written consent of Agent. This Agreement shall bind the successors and permitted assigns of Borrower and shall benefit the respective successors and assigns of Agent and the Lenders. Any attempted assignment or
transfer without the prior written consent of Agent shall be null and void. 
 23. Notice. All notices, requests, demands and other
communications provided for hereunder shall be in writing and, if to Borrower, mailed or delivered to it, addressed to it at the address specified on the signature page of the Credit Agreement, if to Agent or any Lender, mailed or delivered to it,
addressed to the address of Agent or such Lender specified on the signature pages of the Credit Agreement or, as to each party, at such other address as shall be designated by such party in a written notice to each of the other parties. All notices,
statements, requests, demands and other communications provided for hereunder shall be deemed to be given or made when delivered or two Business Days after being deposited in the mails with postage prepaid by registered or certified mail, addressed
as aforesaid, or sent by facsimile with telephonic confirmation of receipt, except that all notices hereunder shall not be effective until received. 
 24. Governing Law; Submission to Jurisdiction. The provisions of this Agreement and the respective rights and duties of Borrower, Agent and the Lenders hereunder shall be governed by and construed in accordance
with Ohio law, without regard to principles of conflict of laws. Borrower hereby irrevocably submits to the non-exclusive jurisdiction of any Ohio state or federal court sitting in Cleveland, Ohio, over any action or proceeding arising out of or
relating to this Agreement, any Loan Document or any Related Writing, and Borrower hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such Ohio state or federal court. Borrower hereby
irrevocably waives, to the fullest extent permitted by law, any objection it may now or hereafter have to the laying of venue in any such action or proceeding in any such court as well as any right it may now or hereafter have to remove such action
or proceeding, once commenced, to another court on the grounds of FORUM NON CONVENIENS or otherwise. Borrower agrees that a final, nonappealable judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. 
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 JURY TRIAL WAIVER. BORROWER, TO THE EXTENT PERMITTED BY LAW, HEREBY WAIVES ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG AGENT, THE LENDERS, AND BORROWER, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG
THEM IN CONNECTION WITH THIS AGREEMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION THEREWITH OR THE TRANSACTIONS RELATED THERETO. 
 IN WITNESS WHEREOF, the undersigned has executed and delivered this Intellectual Property Security Agreement as of the date first written above.

  

			
	JUPITERMEDIA CORPORATION
		
	By:	 	 /s/ Christopher S. Cardell

		 	Christopher S. Cardell
		 	President and Chief Operating Officer


  

 Signature Page to 
 Intellectual Property Security Agreement