Document:

ex_321682.htm

Exhibit 10.3

 

SECOND AMENDED AND RESTATED PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES SECURITY AGREEMENT

 

THIS SECOND AMENDED AND RESTATED PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES SECURITY AGREEMENT (this “Security Agreement”) is made effective as of the 30th day of December, 2021 by and between INTEST CORPORATION, a Delaware corporation, (“Borrower”), AMBRELL CORPORATION, a Delaware corporation, INTEST SILICON VALLEY CORPORATION, a Delaware corporation, INTEST EMS, LLC, a Delaware limited liability company, TEMPTRONIC CORPORATION, a Delaware corporation, VIDEOLOGY IMAGING CORPORATION, a Delaware corporation (collectively, the “Existing Guarantors”), ACCULOGIC LTD., a Delaware corporation (“Acculogic” and together with the Existing Guarantors, individually and collectively, the “Guarantors” and together with Borrower, individually and collectively, jointly and severally, the “Assignor”) and M&T Bank (“Assignee”).

 

BACKGROUND

 

A.    Borrower, Existing Guarantors and Assignee are parties to that certain Amended and Restated Loan and Security Agreement dated of October 15, 2021, as amended by that certain Joinder and Amendment to Amended and Restated Loan and Security Agreement by and among Borrower, Existing Guarantors and Assignee dated October 28, 2021, and as amended by that certain Joinder and Second Amended and Restated Loan and Security Agreement by and among Borrower, Guarantors and Assignee dated as of the date hereof (as it may be further amended, supplemented or restated from time to time, the “Loan Agreement”) and Existing Guarantors previously executed and delivered that certain Amended and Restated Patents, Trademarks, Copyrights and Licenses Security Agreement dated as of October 28, 2021 in favor of Assignee (“Existing Security Agreement”).

 

B.    The Loan Agreement provides, inter alia, that Assignor grants to Assignee a security interest in all of Assignor’s assets, including, without limitation, its patents, patent rights, patent applications, servicemarks, trademarks, service trademark applications, service tradenames, goodwill, copyrights and licenses.

 

NOW THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor agrees as follows:

 

1.    Incorporation of Loan Agreement. The Loan Agreement and the terms and provisions thereof are hereby incorporated herein in their entirety by this reference thereto. All capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement.

 

2.    Security Interests.

 

2.1    Security Interest. To secure the complete and timely payment and satisfaction of all Obligations, Assignor hereby assigns, mortgages and pledges to Assignee and grants to Assignee a security interest in, as and by way of a first mortgage and security interest having priority over all other security interests, with power of sale, to the extent permitted by law, all of such Assignor’s right, title and interest in and to all of the following, whether now owned or existing and filed or hereafter acquired or arising and filed (collectively with items named in section 2.2, below, the “Collateral”):

 

 

 

 

(a)    patents and patent applications, including, without limitation, the inventions and improvements described and claimed therein, and those patents listed on Exhibit “A”, attached hereto and made a part hereof, and (i) the reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof, (ii) all income, royalties, damages and payments now and hereafter due and/or payable under and with respect thereto, including, without limitation, damages and payments for past or future infringements thereof, (iii) the right to sue for past, present and future infringements thereof, and (iv) all rights corresponding thereto throughout the world (all of the foregoing patents and applications, together with the items described in clauses (i)-(iv), are sometimes hereinafter individually and/or collectively referred to as the “Patents”);

 

(b)    copyrights, copyright registrations, copyright applications and all computer programs, operating systems, application systems, hardware or software of any nature whatsoever owned by Assignor, whether operational, under development or inactive, including all object codes, source codes, modules, technical manuals, user manuals, operating instructions and procedures, in-put and out-put formats, program listings, narrative descriptions, program flow charts, file layouts, report layouts, screen layouts and other documentation therefor (including internal notes, memoranda, status evaluations, marketing information and write-ups), and all improvements, modifications, enhancements, new releases and revisions thereof, whether in machine-readable form, programming language or any other language or symbols, and whether stored, encoded, recorded or written on disk, tape, film, memory device, paper or other media of any nature; together with all tangible media upon which any of the foregoing are recorded or encoded, including, without limitation, all chips, disks, tapes, film and paper; including, without limitation, the copyrights, copyrights registrations and copyrights applications listed on Exhibit “C” attached hereto and made a part hereof, and (i) all renewals thereof, (ii) all income, royalties, damages and payments now and hereafter due and/or payable with respect thereto, including, without limitation, damages and payments for past or future infringements thereof, and (c) the right to sue for past, present and future infringements thereof (all of the foregoing items are sometimes referred to herein collectively as the “Copyrights”); and

 

(c)    all material license agreements with any other party, whether Assignor is a licensor or licensee under any such license agreement, including, without limitation, the licenses listed on Exhibit “D” attached hereto and made a part hereof, and the right to prepare for sale, sell and advertise for sale all inventory now or hereafter owned by Assignor and now or hereafter covered by such licenses (all of the foregoing is hereinafter referred to collectively as the “Licenses”).

 

2.2    Security Interest. To secure the complete and timely payment and satisfaction of all Obligations, Assignor hereby mortgages and pledges to Assignee and grants to Assignee a security interest in, as and by way of a first mortgage and security interest having priority over all other security interests, with power of sale, to the extent permitted by law, all of such Assignor’s right, title and interest in and to all of the following, whether now owned or existing and filed or hereafter acquired or arising and filed (collectively with items named in section 2.1, above, the “Collateral”):

 

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(a)    servicemarks, trademarks, servicemark and trademark registrations, tradenames, trademark applications, and all goodwill attendant thereto, including, without limitation, the servicemarks, trademarks, tradenames, registrations and applications listed on Exhibit “B”, attached hereto and made a part hereof, and (i) all renewals thereof, (ii) all income, royalties, damages and payments now and hereafter due and/or payable with respect thereto, including without limitation, damages and payments for past or future infringements thereof, (iii) the right to sue for past, present and future infringements thereof, and (iv) all rights corresponding thereto throughout the world (all of the foregoing servicemarks, trademarks, servicemark and trademark registrations, tradenames and applications together with the items described in clauses (i)-(iv), are sometimes hereinafter individually and/or collectively referred to as the “Trademarks”).

 

3.    Restrictions on Future Agreements. Assignor agrees that until all Obligations shall have been satisfied in full and the Loan Agreement shall have been terminated, Assignor will not, without Assignee’s prior written consent, enter into any agreement (including, without limitation, any license or royalty agreement) which is inconsistent with Assignor’s obligations under this Security Agreement or the Loan Agreement and Assignor further agrees that it will not take any action, or permit any action to be taken by others, subject to its control, including licensees, or fail to take any action, which would affect the validity or enforcement of the rights of Assignee under this Security Agreement.

 

4.    New Patents, Trademarks, and Licenses. Assignor represents and warrants that the Patents, Trademarks, Copyrights and Licenses listed on Exhibits “A”, “B”, “C” and “D”, respectively, constitute all of the patents, trademarks, copyrights, applications and licenses, now owned by Assignor. If, before all Obligations shall have been satisfied in full and the Loan Agreement shall have been terminated, Assignor shall (i) obtain rights to any new patentable inventions, trademarks, trademark registrations, tradenames, copyrights or licenses, or (ii) become entitled to the benefit of any patent, trademark or copyright application, trademark, trademark registration or license renewal, or patent for any reissue, division, continuation, renewal, extension, or continuation-in-part of any Patent or any improvement on any Patent, the provisions of Article 2 above shall automatically apply thereto and Assignor shall give to Assignee prompt written notice thereof. Assignor hereby authorizes Assignee to modify this Security Agreement by amending Exhibit “A”, “B”, “C” and/or “D”, as applicable, to include any future patents, patent applications, trademarks, trademark registrations, trademark applications, tradenames, copyrights and licenses which are Patents, Trademarks, Copyrights or Licenses, as applicable, under Article 2 above or under this Section 4. Assignor hereby agrees to provide to Assignee such assignment or other documentation as Assignee may request to record Assignee’s lien on such future Patents, Trademarks, Copyrights or Licenses.

 

5.    Royalties; Term. Assignor hereby agrees that the use by Assignee of all Patents, Trademarks, Copyrights and Licenses as described herein shall be worldwide and without any liability for royalties or other related charges from Assignee to Assignor. The term of the security interest granted herein shall extend until the earlier of (i) the expiration of each of the respective Patents, Trademarks, Copyrights and Licenses assigned hereunder, or (ii) the date on which all Obligations has been paid in full and the Loan Agreement is terminated.

 

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6.    Assignee’s Right to Inspect. Assignee shall, subject to any limitation in Section 10.6 of the Loan Agreement, have the right, at any time and from time to time, to inspect Assignor’s premises and to examine Assignor’s books, records and operations, including, without limitation, Assignor’s quality control processes. Assignor agrees that upon the occurrence and continuation of an Event of Default, Assignee, or a conservator appointed by Assignee, shall have the right to establish such additional reasonable product quality controls as Assignee, or said conservator, in its sole judgment, may deem necessary to assure maintenance of the quality of products sold by Assignor under the Trademarks. Assignor agrees (i) not to sell or assign its interest in, or grant any license under, the Patents, Trademarks, Copyrights or Licenses, outside of the ordinary course of business; (ii) to maintain the quality of any and all products in connection with which the Trademarks and/or Copyrights are used, consistent with quality of said products as of the date hereof; (iii) not to adversely change the quality of said products without Assignee’s express written consent; and (iv) to provide Assignee, upon request, with a certificate of an officer of Assignor certifying Assignor’s compliance with the foregoing.

 

7.    Termination. This Security Agreement is made for collateral purposes only. Upon payment in full of all Obligations and termination of the Loan Agreement, Assignee shall execute and deliver to Assignor a termination of Assignee’s security interest granted herein and all deeds, assignments and other instruments as may be necessary or proper to re-vest in Assignor full title to the Patents, Trademarks, Copyrights and Licenses, subject to any disposition thereof which may have been made by Assignee pursuant hereto.

 

8.    Duties of Assignor. Assignor shall have the duty (i) to prosecute diligently any patent, trademark and copyright application pending as of the date hereof or thereafter until all Obligations shall have been paid in full and the Loan Agreement is terminated, (ii) to make application on unpatented but patentable inventions and on trademarks and copyrights, as appropriate, and (iii) to preserve and maintain all rights in patent applications and patents of the Patents, in trademark applications, trademarks and trademark registrations of the Trademarks and in copyright applications and copyrights of the Copyrights. Any expenses incurred in connection with such applications shall be borne by Assignor. Assignor shall not abandon any right to file a patent, trademark or copyright application, or any pending patent, trademark or copyright application or any Patent, Trademark, License or Copyright without the consent of the Assignee, which consent shall not be unreasonably withheld.

 

9.    Event of Default. Upon the occurrence and during the continuance of an Event of Default, as defined in the Loan Agreement, Assignee may, without further notice to or consent of Assignor, immediately record all assignments previously executed and delivered to Assignee by Assignor and/or execute and record with all applicable offices (including, without limitation, the Patent and Trademark Office) an absolute assignment to Assignee by Assignor of all rights, title and interest of Assignor in and to the Patents, Trademarks, Copyrights, Licenses and other Collateral. Assignor hereby authorizes and agrees that Assignee may, through the power of attorney granted in Section 14 hereof, irrevocably execute and deliver in Assignor’s name any and all such assignments and agreements and to take any and all other actions in Assignor’s name as Assignee shall deem reasonable or appropriate to transfer and convey all right, title and interest of Assignor in and to the Collateral to Assignee or any other person or entity selected by Assignee.

 

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10.    Assignee’s Right to Sue. Assignee shall have the right, but shall in no way be obligated, to bring suit in its own name to enforce the Patents, Trademarks, Copyrights and/or Licenses, and any licenses thereunder, and, if Assignee shall commence any such suit, Assignor shall, at the request of Assignee, do any and all lawful acts and execute any and all proper documents required by Assignee in aid of such enforcement and Assignor shall promptly, upon demand, reimburse and indemnify Assignee for all costs and expenses incurred by Assignee in the exercise of its rights under this Section 10.

 

11.    Waivers. No course of dealing between Assignor and Assignee, nor any failure to exercise, nor any delay in exercising, on the part of Assignee, any right, power or privilege hereunder or under the Loan Agreement 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.

 

12.    Severability. The provisions of this Security Agreement are severable, and if any clause or provision shall be 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 Security Agreement in any jurisdiction.

 

13.    Modification. This Security Agreement cannot be altered, amended or modified in any way, except as specifically provided in Section 4 hereof or by a writing signed by the parties hereto.

 

14.    Cumulative Remedies; Power of Attorney; Effect on Loan Agreement. All of Assignee’s rights and remedies with respect to the Patents, Trademarks, Copyrights and Licenses, whether established hereby or by the Loan Agreement, or by any other agreements or by law shall be cumulative and may be exercised singularly or concurrently. Assignor hereby authorizes Assignee to make, constitute and appoint any officer or agent of Assignee as Assignee may select, in its sole discretion, as Assignor’s true and lawful attorney-in-fact, with power to (i) endorse Assignor’s name on all applications, documents, papers and instruments necessary or reasonably desirable for the Assignee to protect, evidence, perfect or enforce its security interest in the Patents, Trademarks, Copyrights and Licenses, (ii) intentionally omitted, (iii) following an Event of Default, grant or issue any exclusive or non-exclusive license under the Patent or Trademark to anyone, including Assignee, and/or (iv) following an Event of Default, assign, pledge, convey or otherwise transfer title in or dispose of the Patents, Trademarks, Copyrights or Licenses to anyone, including Assignee. Assignee may act under such power of attorney to take the actions referenced in Section 4. Assignee hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. This power of attorney shall be irrevocable until all Obligations shall have been paid in full and the Loan Agreement shall have been terminated. Assignor acknowledges and agrees that this Security Agreement is not intended to limit or restrict in any way the rights and remedies of Assignee under the Loan Agreement but rather is intended to facilitate the exercise of such rights and remedies given it by the terms of this Security Agreement, all rights and remedies allowed by law and the rights and remedies of a secured party under the Uniform Commercial Code as enacted in any jurisdiction in which the Patents, Trademarks, Copyrights or Licenses may be located.

 

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15.    Binding Effect; Benefits. This Security Agreement shall be binding upon the Assignor and its successors and assigns, and shall inure to the benefit of Assignee, its nominees, successors and assigns.

 

16.    Governing Law. This Security Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.

 

17.    No Novation. This Security Agreement shall amend and restate, but not satisfy, the obligations of Existing Guarantors under the Existing Security Agreement. Nothing contained herein shall be deemed to constitute a novation or satisfaction of the Existing Security Agreement, but the terms and conditions of this Security Agreement shall amend, restate, and supersede the terms and conditions of the Existing Security Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have duly executed this Security Agreement effective the day and year first above written.

 

	 	
			BORROWER:

			 

			INTEST CORPORATION,

			a Delaware corporation

			 

			By: /s/ Duncan Gilmour

			Name/Title: Duncan Gilmour, Secretary, Treasurer and Chief Financial Officer

			
	 	 
	 	
			GUARANTORS:

			 

			AMBRELL CORPORATION,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name/Title: Duncan Gilmour, Vice President, Treasurer and Secretary

			 

			INTEST SILICON VALLEY CORPORATION,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name/Title: Duncan Gilmour, Vice President, Treasurer and Secretary

			 

			INTEST EMS, LLC,

			a Delaware limited liability company

			 

			 

			By: /s/ Duncan Gilmour

			Name/Title: Duncan Gilmour, Vice President, Treasurer and Secretary

			 

			TEMPTRONIC CORPORATION,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name/Title: Duncan Gilmour, Vice President, Treasurer and Secretary

			

 

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			VIDEOLOGY IMAGING CORPORATION,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name/Title: Duncan Gilmour, Vice President, Treasurer and Secretary

			 

			ACCULOGIC LTD.,

			a Delaware corporation

			 

			 

			By: /s/ Duncan Gilmour

			Name/Title: Duncan Gilmour, Vice President, Treasurer and Secretary

			
	 	 
	 	 
	 	
			BANK:

			 

			M&T BANK

			 

			 

			By: /s/ Steven A. Vilardi

			Name: Steven A. Vilardi

			Title: Vice President

			

 

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EXHIBIT “A”

 

TO

 

PATENTS, TRADEMARKS, COPYRIGHTS

 

AND LICENSES SECURITY AGREEMENT

 

Patents

 

	
			Registered Owner

				
			Patent Name

				
			Registration Number

				
			Date of Registration

			
	
			inTEST Corporation

				
			Method and apparatus for docking a test head with a peripheral

				
			9,897,628

				
			18-Sep-14

			
	
			inTEST Corporation

				
			Test head manipulator

				
			9,557,371

				
			6-May-08

			
	
			inTEST Corporation

				
			Test head manipulator

				
			9,347,804

				
			23-Feb-07

			
	
			inTEST Corporation

				
			Test head positioner system

				
			9,134,387

				
			17-Mar-08

			
	
			inTEST Corporation

				
			Positioner system and method of positioning

				
			8.981,807

				
			27-Jul-10

			
	
			inTEST Corporation

				
			Cradle and cable handler for a test head manipulator

				
			8,763,962

				
			17-Mar-08

			
	
			inTEST Corporation

				
			Test head docking system and method with sliding linkage

				
			8,760,182

				
			14-Jul-08

			
	
			inTEST Corporation

				
			Test head vertical support system

				
			8,700,218

				
			29-Dec-06

			
	
			inTEST Corporation

				
			Test head manipulator

				
			8,618,822

				
			23-Feb-07

			
	
			inTEST Corporation

				
			Wrist joint for positioning a test head

				
			8,444,107

				
			28-Jan-03

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			8,350,584

				
			29-Dec-06

			
	
			inTEST Corporation

				
			Test head positioner system

				
			8,212,578

				
			17-Mar-08

			
	
			inTEST Corporation

				
			Test head positioning system

				
			8,141,834

				
			10-Aug-06

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			8,035,406

				
			31-Mar-03

			
	
			inTEST Corporation

				
			Safety mechanism for materials handling system

				
			7,845,607

				
			18-Feb-03

			
	
			inTEST Corporation

				
			Modular interface

				
			7,834,718

				
			13-Dec-04

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			7,728,579

				
			31-Mar-03

			
	
			inTEST Corporation

				
			Modular interface

				
			7,605,583

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Modular interface

				
			7,605,582

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Computer cabinet

				
			D585,662

				
			20-Sep-07

			
	
			inTEST Corporation

				
			Test head docking system and method

				
			7,466,122

				
			16-Jul-01

			
	
			inTEST Corporation

				
			Apparatus and method for balancing and for providing a compliant range to a test head

				
			7,340,972

				
			22-Sep-00

			
	
			inTEST Corporation

				
			Modular interface

				
			7,301,326

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Signal module

				
			D554,594

				
			22-Nov-06

			
	
			inTEST Corporation

				
			Signal module

				
			D554,593

				
			22-Nov-06

			
	
			inTEST Corporation

				
			Test head positioning system and method

				
			7,235,964

				
			31-Mar-03

			
	
			inTEST Corporation

				
			Signal module

				
			D535,260

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Signal module

				
			D528,989

				
			13-Jul-04

			
	
			inTEST Corporation

				
			Test head docking system and method

				
			7,109,733

				
			16-Jul-01

			
	
			inTEST Corporation

				
			Apparatus and method for balancing and for providing a compliant range to a test head

				
			7,084,358

				
			20-Sep-01

			
	
			inTEST Corporation

				
			Side supports with adjustable center of gravity

				
			6,975,105

				
			20-Sep-00

			
	
			TEMPTRONIC Corporation

				
			Apparatus for attachment of accessories to processing equipment

				
			10,578,237

				
			12-Aug-16

			

 

 

 

 

	Registered Owner	Patent Name	Registration Number	Date of Registration
	
			TEMPTRONIC Corporation

				
			Temperature-controlled enclosures and temperature control system using the same

				
			10,060,668

				
			13-Mar-07

			
	
			TEMPTRONIC Corporation

				
			Temperature system having an impurity filter

				
			9,335,080

				
			17-Oct-11

			
	
			TEMPTRONIC Corporation

				
			Environmental test system and method eith in-situ temperature sensing of device under test (DUT)

				
			8,602,641

				
			2-May-13

			
	
			TEMPTRONIC Corporation

				
			Temperature-controlled enclosures and temperature control system using the same

				
			8,408,020

				
			13-Mar-07

			
	
			TEMPTRONIC Corporation

				
			Temperature-controlled enclosures and temperature control system using the same

				
			7,629,533

				
			13-Mar-07

			
	
			TEMPTRONIC Corporation

				
			High-flow cold air chiller (THERMONICS)

				
			7,603,871

				
			29-Jun-06

			
	
			TEMPTRONIC Corporation

				
			Method and apparatus for latent temperature control for a device under test (SIGMA)

				
			7,483,769

				
			30-Jan-06

			
	
			TEMPTRONIC Corporation

				
			Method and apparatus for latent temperature control for a device under test (SIGMA)

				
			6,993,418

				
			2-Aug-02

			
	
			TEMPTRONIC Corporation

				
			Workpiece chuck with temperature control assemble having spacers between layers providing clearance for thermoelectric modules

				
			6,886,347

				
			10-Jul-03

			
	
			TEMPTRONIC Corporation

				
			Workpiece chuck with temperature control assemble having spacers between layers providing clearance for thermoelectric modules

				
			6,745,575

				
			11-Jul-02

			
	
			TEMPTRONIC Corporation

				
			Apparatus and method for controlling temperature in a device under test using integrated temperature sensing diode

				
			6,552,561

				
			20-Apr-01

			
	
			TEMPTRONIC Corporation

				
			Apparatus and method for controlling temperature in a wafer using integrated temperature sensing diode

				
			6,545,494

				
			10-Jul-00

			
	
			Ambrell Corp

				
			Food heater

				
			10,206,250

				
			20-Apr-06

			
	
			Ambrell Corp

				
			Induction heating system

				
			9,554,423

				
			25-Oct-12

			
	
			Ambrell Corp

				
			Dynamic power balancing among multiple induction heater power units

				
			9,439,246

				
			15-Mar-13

			
	
			Ambrell Corp

				
			Power system component protection system for use with an induction heating system

				
			9,167,631

				
			25-Aug-06

			
	
			Ambrell Corp

				
			Food heater

				
			9,000,335

				
			21-Apr-06

			
	
			Ambrell Corp

				
			Induction heating systems and methods for producing an object having a varying hardness along the length of the object

				
			8,803,047

				
			14-Jun-12

			
	
			Ambrell Corp

				
			Portable food heater

				
			8,481,893

				
			28-Aug-06

			
	
			Ambrell Corp

				
			Power switching system to increase induction heating to a load from available AC mains power

				
			8,331,115

				
			15-Nov-07

			
	
			Ambrell Corp

				
			Automatic frequency compensation for pulse width modulated RF level control

				
			8,283,985

				
			25-Aug-06

			
	
			Ambrell Corp

				
			Constant phase angle control for frequency agile power switching systems

				
			8,269,532

				
			10-Aug-06

			
	
			Ambrell Corp

				
			High voltage full bridge circuit and method for operating the same

				
			7,995,362

				
			15-Jun-06

			

 

 

 

 

	Registered Owner	Patent Name	Registration Number	Date of Registration
	
			Ambrell Corp

				
			Constant phase angle control for frequency agile power switching systems

				
			7,906,997

				
			10-Aug-06

			
	
			Ambrell Corp

				
			Radio frequency (RF) induction cooking food heater

				
			7,829,827

				
			21-Apr-06

			
	
			Ambrell Corp

				
			Portable food heater

				
			7,804,045

				
			28-Aug-06

			
	
			Ambrell Corp

				
			Power switching system to increase induction heating to a load from available AC mains power

				
			7,787,268

				
			15-Nov-07

			
	
			Ambrell Corp

				
			Automatic frequency compensation for pulse width modulated RF level control

				
			7,626,463

				
			25-Aug-06

			
	
			Ambrell Corp, BASF Corp

				
			Fast-drying, radiofrequency-activatable inkjet inks and methods and systems for their use

				
			7,520,600

				
			1-Nov-04

			
	
			Ambrell Corp

				
			Constant phase angle control for frequency agile power switching systems

				
			7,551,011

				
			10-Aug-06

			
	
			Ambrell Corp

				
			High voltage full bridge circuit and method for operating the same

				
			7,489,530

				
			15-Jun-05

			
	
			Ambrell Corp

				
			Electrode apparatus for stray field radio frequency heating

				
			6,995,345

				
			18-Mar-02

			
	
			Ambrell Corp

				
			Induction furnace for heating a workpiece in an inert atmosphere or vacuum

				
			6,861,629

				
			9-May-02

			

 

Registered owner of Acculogic Active Patents—Acculogic Inc.

 

 

 

 

 

Patent Applications

 

	
			Registered Owner

				
			Patent Name

				
			Application Number

				
			Filing Date

			
	
			TEMPTRONIC Corporation

				
			Temperature forcing system and method with conductive thermal probes

				
			15/437861

				
			21-Feb-17

			
	
			TEMPTRONIC Corporation

				
			System and method for device under test cooling using digital scroll compressor

				
			15/947415

				
			6-Apr-18

			
	
			TEMPTRONIC Corporation

				
			Apparatus and method for controlling temperature at multiple test sites

				
			16/692334

				
			22-Nov-19

			

 

 

 

 

EXHIBIT “B”

 

TO

 

PATENTS, TRADEMARKS, COPYRIGHTS

 

AND LICENSES SECURITY AGREEMENT

 

Trademarks

 

	
			Registered Owner

				
			Mark

				
			Registration Number

				
			Date of Registration

			
	
			TEMPTRONIC Corporation

				
			TEMPTRONIC

				
			3748381

				
			Feb. 16, 2010

			
	
			TEMPTRONIC Corporation

				
			THERMONICS

				
			4278707

				
			Jan. 22, 2013

			
	
			TEMPTRONIC Corporation

				
			

				
			1094282

				
			Jun. 27, 1978

			
	
			TEMPTRONIC Corporation

				
			THERMOJOGGER

				
			1433671

				
			Mar. 24, 1987

			
	
			TEMPTRONIC Corporation

				
			THERMO CHUCK

				
			1197134

				
			Jun. 8, 1982

			
	
			TEMPTRONIC Corporation

				
			THERMO STREAM

				
			1085339

				
			Feb. 14, 1984

			
	
			TEMPTRONIC Corporation

				
			THERMO SPOT

				
			5261537

				
			Aug. 5, 2017

			
	
			inTEST Corporation

				
			INTEST

				
			2503999

				
			Nov. 6, 2001

			
	
			inTEST Corporation

				
			inTEST

				
			1268558

				
			Feb. 28, 1984

			
	
			inTEST Corporation

				
			in2

				
			1255204

				
			Oct. 25, 1983

			
	
			inTEST Corporation

				
			CENTAUR

				
			3657110

				
			Jul. 21, 2009

			
	
			inTEST Corporation

				
			TRANSPAR

				
			3635236

				
			Jun. 9, 2009

			
	
			Ambrell

				
			EXPERIENCE THE EXCELLENCE

				
			5101636

				
			Dec. 13, 2016

			
	
			Ambrell

				
			EVIEW

				
			4922677

				
			Mar. 22, 2016

			
	
			Ambrell

				
			EKOHEAT

				
			4751860

				
			Jun. 9, 2015

			
	
			Ambrell

				
			EASYCOIL

				
			4746013

				
			Jun. 2, 2015

			

 

 

 

 

	Registered Owner	Mark	Registration Number	Date of Registration
	
			Ambrell

				
			AMBRELL

				
			4623638

				
			Oct. 21, 2014

			
	
			Ambrell

				
			AMBRELL

				
			3317193

				
			Oct. 23, 2007

			
	
			Ambrell

				
			EKOHEAT

				
			3526330

				
			Nov. 4, 2008

			
	
			Ambrell

				
			AMERITHERM

				
			2299340

				
			Dec. 14, 1999

			
	
			Ambrell

				
			

				
			2301415

				
			Dec. 21, 1999

			
	
			Videology

				
			

				
			85018528

				 
	
			Videology

				
			

				
			78865148

				 

 

 

Trademark Applications - None.

 

 

 

 

EXHIBIT “C”

 

TO

 

PATENTS, TRADEMARKS, COPYRIGHTS

 

AND LICENSES SECURITY AGREEMENT

 

Copyrights

 

None.

 

 

 

 

EXHIBIT “D”

 

TO

 

PATENTS, TRADEMARKS, COPYRIGHTS

 

AND LICENSES SECURITY AGREEMENT

 

Licenses

 

None.ex_321683.htm

Exhibit 10.4

 

SECOND AMENDED AND RESTATED DELAYED DRAW TERM NOTE 1A

 

 

	$4,500,000	
			Philadelphia, Pennsylvania

			Dated: December 30, 2021

			

 

 

FOR VALUE RECEIVED AND INTENDING TO BE LEGALLY BOUND, INTEST CORPORATION, a Delaware corporation (the “Borrower”), hereby promises to pay to the order of M&T BANK (“Bank”), the principal sum of Four Million Five Hundred Thousand Dollars ($4,500,000), together with interest thereon upon the following terms:

 

1.    Term Note. This Second Amended and Restated Delayed Draw Term Note 1A is the “Term Note” as defined in that certain Amended and Restated Loan and Security Agreement of even date herewith between Borrower and Bank (such Amended and Restated Loan and Security Agreement, as the same may be amended, supplemented or restated from time to time, being the “Loan Agreement”) and, as such, shall be construed in accordance with all terms and conditions thereof. Capitalized terms not defined herein shall have such meaning as provided in the Loan Agreement. This Note is entitled to all the rights and remedies provided in the Loan Agreement and the Loan Documents and is secured by all Collateral as described therein.

 

2.    Interest Rate. Interest on the unpaid principal balance hereof will accrue from the date of each advance until final payment thereof at the rate per annum as set forth in the Loan Agreement.

 

3.    Default Interest. Interest will accrue on the outstanding principal amount hereof following the occurrence and during the continuance of an Event of Default or the expiration of the Contract Period until paid at a rate per annum equal to the Default Rate.

 

4.    Post Judgment Interest. Any judgment obtained for sums due hereunder or under the Loan Documents will accrue interest at the Default Rate until paid.

 

5.    Computation. Interest will be computed on the basis of a year of three hundred sixty (360) days and paid for the actual number of days elapsed.

 

6.    Interest Payments. Interest which accrues on the outstanding principal balance hereof at the applicable rate set forth above shall be due and payable in accordance with the terms set forth in the Loan Agreement.

 

7.    Default; Remedies. Upon the occurrence of an Event of Default, Bank, at its option and without notice to Borrower, may declare immediately due and payable the entire unpaid balance of principal and all other sums due by Borrower hereunder and under the other Loan Documents, together with interest accrued thereon at the applicable rate specified above to the date of the Event of Default and thereafter at the Default Rate. Payment thereof may be enforced and recovered in whole or in part at any time and from time to time by one or more of the remedies provided to Bank in this Note or in the Loan Documents or as otherwise provided at law or in equity, all of which remedies are cumulative and concurrent.

 

 

 

 

8.    Waivers. Borrower and all endorsers hereby, jointly and severally, waive presentment for payment, demand, notice of demand, notice of nonpayment or dishonor, protest and notice of protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note, except for such notices, if any, as are expressly required to be delivered by Bank to Borrower under the Loan Agreement.

 

9.    Miscellaneous. If any provisions of this Note shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof. This Note has been delivered in and shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without regard to the law of conflicts. This Note shall be binding upon Borrower and upon Borrower’s successors and assigns and shall benefit Bank and its successors and assigns. The prompt and faithful performance of all of Borrower’s obligations hereunder, including without limitation, time of payment, is of the essence of this Note.

 

10.    JURY TRIAL WAIVER. BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER ANY OF THE LOAN DOCUMENTS OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF BORROWER OR BANK WITH RESPECT TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. BORROWER AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THE LOAN AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS PARAGRAPH, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS PARAGRAPH.

 

11.    No Novation. This Second Amended and Restated Delayed Draw Term Note 1A shall amend, restate and replace but shall not repay or satisfy the obligations of Borrower under that certain Amended and Restated Delayed Draw Term Note 1A dated October 28, 2021 in the original principal amount of Thirteen Million Dollars ($13,000,000.00) from Borrower in favor of Bank (the “Prior Note”). Nothing contained herein shall be deemed to constitute a novation or satisfaction of the Prior Note but the terms and conditions of this Second Amended and Restated Delayed Draw Term Note 1 shall supersede the terms and conditions of the Prior Note.

 

[Remainder of Page Intentionally Left Blank]

 

-2-

 

 

IN WITNESS WHEREOF, Borrower, intending to be legally bound hereby, has caused this Delayed Draw Term Note to be duly executed the day and year first above written.

 

	 	
			BORROWER: 

			 

			INTEST CORPORATION,

			a Delaware corporation

			 

			By: /s/ Duncan Gilmour

			Name: Duncan Gilmour

			Title: Secretary, Treasurer and Chief Financial Officer

			

 

-3-

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