Document:

Exhibit 10.2

 

INTELLECTUAL PROPERTY
SECURITY AGREEMENT

 

This Intellectual Property Security Agreement (this “IP Agreement”) is made as of the 27th day of June,
2008 by and between MICROFLUIDICS
INTERNATIONAL CORPORATION, a Delaware corporation (the “Grantor”), and SILICON VALLEY BANK,
a California-chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462 (“Bank”).

 

RECITALS

 

A.            Bank has agreed to make advances of money and to extend
certain financial accommodations to Grantor (the “Loan”),
pursuant to a certain Loan and Security Agreement dated as of the date hereof,
by and between Grantor and Bank, as amended from time to time (as amended, the “Loan Agreement”).  The
Loan is secured pursuant to the terms of the Loan Agreement.  Bank is willing to enter into certain
financial accommodations with Grantor, but only upon the condition, among
others, that Grantor shall grant to Bank a security interest in certain Copyrights,
Trademarks, Patents, and Mask Works (each as defined below), and other assets,
to secure the obligations of Grantor under the Loan Agreement.  Capitalized 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 Bank 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 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 Bank
(hereinafter, the “Indebtedness”),
including, without limitation, 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 for
each Grantor 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 for each Grantor set forth on EXHIBIT B attached hereto
(collectively, the “Patents”);

 

1

 

(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 for each
Grantor 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 for each Grantor 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 for each Grantor on EXHIBIT E
attached hereto (collectively, the “Licenses”); and

 

(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.

 

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
non-exclusive licenses granted by Grantor to its customers in the ordinary
course of business.

 

(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;

 

(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 promptly advise Bank of any material adverse change in the composition of
the Collateral, including but not limited to any subsequent ownership right of
the Grantor in or to any Trademark, Patent, Copyright, or Mask Work specified
in this IP Agreement;

 

(f)            Grantor
shall (i) protect, defend and maintain the validity and enforceability of
the Trademarks, Patents, Copyrights, and Mask Works, (ii) use its best
efforts to detect infringements of the Trademarks, Patents, Copyrights, and
Mask Works and promptly advise Bank in writing of material infringements
detected and (iii) not allow any Trademarks, Patents, Copyrights, or Mask
Works to be 

 

2

 

abandoned, forfeited or dedicated to the public without the written
consent of Bank, which shall not be unreasonably withheld, unless Grantor
determines that reasonable business practices suggest that abandonment is
appropriate.

 

(g)           Grantor
shall take such further actions as Bank may reasonably request from time to
time to perfect or continue the perfection of Bank’s interest in the
Intellectual Property Collateral;

 

(h)           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 Bank 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;

 

(i)            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 Bank of its rights and
remedies thereunder;

 

(j)            All
information heretofore, herein or hereafter supplied to Bank by or on behalf of
Grantor with respect to the Intellectual Property Collateral is accurate and
complete in all material respects.

 

(k)           Grantor
shall not enter into any agreement that would materially impair or conflict
with Grantor’s obligations hereunder without Bank’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.

 

(l)            Upon
any executive officer of Grantor obtaining actual knowledge thereof, Grantor
will promptly notify Bank 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 Bank in relation thereto, including the levy of any
legal process against any of the Intellectual Property Collateral.

 

4.             Bank’s Rights. 
Bank 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 Bank for all reasonable costs and reasonable expenses, including,
without limitation, the reasonable attorney’s fees and expenses, incurred in
the reasonable exercise of its rights under this section 4.

 

5.             Inspection Rights.  Grantor hereby grants to Bank and its
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 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 twice on an annual
basis, or more frequently, as Bank shall determine in its sole discretion if an
Event of Default has occurred and is continuing; provided, however, nothing
herein shall entitle Bank access to Grantor’s trade secrets and other
proprietary information.

 

3

 

6.             Further Assurances; Attorney in
Fact.

 

(a)           On a continuing basis, Grantor will,
upon request by Bank, 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 Bank, to
perfect Bank’s 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 Bank 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 fifteen (15) days’
prior-written notice to Bank of its intent to register such Copyrights or Mask
Works and has provided Bank 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 Bank may reasonably request in
order to maintain the perfection and priority of Bank’s 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 Bank 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 Bank to
maintain the perfection and priority of its security interest in such
Copyrights or Mask Works.  Grantor shall
provide written notice to Bank 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 Bank
as Grantor’s attorney-in-fact, with full authority in the place and stead of
Grantor and in the name of Grantor, Bank or otherwise, exercisable after an
Event of Default from time to time in Bank’s discretion, upon Grantor’s failure
or inability to do so, to take any action and to execute any instrument which Bank
may deem necessary or advisable to accomplish the purposes of this IP
Agreement, including:

 

(i)            After
an Event of Default, to modify, based on its good faith judgment, 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; 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 Bank deems appropriate, in order to further
perfect or protect Bank’s 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 Bank; or

 

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

 

4

 

8.             Remedies. 
Upon the occurrence and continuance of an Event of Default, Bank shall
have the right to exercise all the remedies of a secured party under the New
York Uniform Commercial Code, including without limitation the right to require
Grantor to assemble the Intellectual Property Collateral and any tangible
property in which Bank has a security interest and to make it available to Bank
at a place designated by Bank.  Bank
shall have a nonexclusive, royalty free license to use the Copyrights, Patents,
Trademarks, and Mask Works to the extent reasonably necessary to permit Bank to
exercise its rights and remedies upon the occurrence of an Event of
Default.  Grantor will pay any expenses
(including reasonable attorney’s fees) incurred by Bank in connection with the
exercise of any of Bank’s rights hereunder, including without limitation any
expense incurred in disposing of the Intellectual Property Collateral.  All of Bank’s rights and remedies with
respect to the Intellectual Property Collateral shall be cumulative.

 

9.             Indemnity. 
Grantor agrees to defend, indemnify and hold harmless Bank and its
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 Bank as a result of or in any way arising out of,
following or consequential to transactions between Bank 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 Bank’s gross negligence or willful misconduct.

 

10.           Termination.  At such time as Grantor shall completely
satisfy all of the obligations secured hereunder, Bank 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.  Massachusetts law governs this IP Agreement
without regard to principles of conflicts of law.  Grantor and Bank each submit to the exclusive
jurisdiction of the state and Federal courts in the Commonwealth of
Massachusetts; provided, however, that nothing in this Agreement shall be
deemed to operate to preclude Bank from bringing suit or taking other legal
action in any other jurisdiction to realize on the Collateral or any other
security for the Obligations, or to enforce a judgment or other court order in
favor of Bank.  Grantor expressly submits
and consents in advance to such jurisdiction in any action or suit commenced in
any such court, and Grantor hereby waives any objection that it may have based
upon lack of personal jurisdiction, improper venue, or forum non
conveniens and hereby consents to the granting of such legal or
equitable relief as is deemed appropriate by such court.  Grantor hereby waives personal service of the
summons, complaints, and other process issued in such action or suit and agrees
that service of such summons, complaints, and other process may be made by
registered or certified mail and that service so made shall be deemed completed
upon the earlier to occur of Grantor’s actual receipt thereof or three (3) days
after deposit in the U.S. mails, proper postage prepaid. NOTWITHSTANDING
ANYTHING TO THE CONTRARY SET FORTH HEREINABOVE, BANK SHALL SPECIFICALLY HAVE
THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST GRANTOR OR ITS PROPERTY IN
THE COURTS OF ANY OTHER JURISDICTION WHICH BANK DEEMS NECESSARY OR APPROPRIATE
IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE BANK’S RIGHTS
AGAINST GRANTOR OR ITS PROPERTY.

 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR
AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY
CONTEMPLATED 

 

5

 

TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF
DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH
PARTIES TO ENTER INTO THIS AGREEMENT. 
EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

15.           Confidentiality.  In handling any confidential information, Bank
shall exercise the same degree of care that it exercises for its own
proprietary information, but disclosure of information may be made: (i) to
Bank’s 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 Bank’s examination or audit; and (v) as Bank considers
appropriate in exercising remedies under this Agreement.  Confidential information does not include
information that either: (i) is in the public domain or in Bank’s
possession when disclosed to Bank, or becomes part of the public domain after
disclosure to Bank (other than as a result of Bank’s gross negligence or
willful misconduct in publically disclosing such information); or (ii) is
disclosed to Bank by a third party, if Bank does not know that the third party
is prohibited from disclosing the information.

 

[Signature page follows.]

 

6

 

IN WITNESS WHEREOF, the parties hereto have caused this IP Agreement to
be executed as of the Effective Date.

 

Grantor:

 

	
  MICROFLUIDICS INTERNATIONAL CORPORATION

  	
   

  
	
   

  	
   

  
	
  By 

  	
   /s/ Brian E. LeClair

  	
   

  
	
  Name:

  	
  Brian
  E. LeClair

  	
   

  
	
  Title:

  	
   Exec. V.P. & CFO

  	
   

  
					

 

 

BANK:

 

SILICON
VALLEY BANK

 

	
  By

  	
   /s/ Mark Sperling

  	
   

  
	
  Name:

  	
  Mark
  Sperling

  	
   

  
	
  Title:

  	
  Vice
  President

  	
   

  
				

 

[Signature Page to
IP Agreement]

 

SCHEDULE   

 

TRADEMARK
SECURITY AGREEMENT

 

MFIC CORPORATION
/MICROFLUIDICS CORPORATION

 

 

 

	
  PATENTS
   & PATENT APPLICATIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  U.S.
  Patent No.

  	
   

  	
  :
  4,908,154 (expired 3-13-2007)

  
	
   

  	
   

  	
  Date of Patent

  	
   

  	
  : March 13,
  1990

  
	
   

  	
   

  	
  Inventor(s)

  	
   

  	
  : Edward J.
  Cook, Arthur P. Lagace

  
	
   

  	
   

  	
  Assigned to

  	
   

  	
  : Biotechnology
  Development Corporation (MFIC)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Method
  of Forming Microemulsions

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  U.S.
  Patent No.

  	
   

  	
  :
  5,533,254 (expired 8-06- 2002)

  
	
   

  	
   

  	
  Date of Patent

  	
   

  	
  : August 6,
  1985

  
	
   

  	
   

  	
  Inventor(s)

  	
   

  	
  : Edward J.
  Cook, Arthur P. Lagace

  
	
   

  	
   

  	
  Assigned to

  	
   

  	
  : Biotechnology
  Development Corporation (MFIC)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Apparatus
  for Forming Emulsions (Microfluidizer® materials processor)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  U.S.
  Patent No.

  	
   

  	
  :
  6,221,332 B1

  
	
   

  	
   

  	
  Date of Patent

  	
   

  	
  : April 24,
  2001

  
	
   

  	
   

  	
  Inventor(s)

  	
   

  	
  : Jeffrey Thumm,
  Michael Lento, Jerome Higgins

  
	
   

  	
   

  	
  Assigned to

  	
   

  	
  : Microfluidics
  International Corporation (MFIC)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Multiple
  Stream High Pressure Mixer/Reactor

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  U.S.
  Patent No.

  	
   

  	
  :
  6,159,442

  
	
   

  	
   

  	
  Date of Patent

  	
   

  	
  :
  December 12, 2000

  
	
   

  	
   

  	
  Inventor(s)

  	
   

  	
  :
  Jeffrey Thumm, Michael Lento, Jerome Higgins, David King, David Ginter, and
  Laurent Kieken

  
	
   

  	
   

  	
  Assigned to

  	
   

  	
  : MFIC
  Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Use of  Multiple
  Stream High Pressure Mixer/Reactor

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  European
  Patent No.

  	
   

  	
  : EP 1
  011 856 B1

  
	
   

  	
   

  	
  Date of Patent

  	
   

  	
  :
  September 4, 2003

  
	
   

  	
   

  	
  Inventor(s)

  	
   

  	
  :
  Jeffrey Thumm, Michael Lento, Jerome Higgins, King, David Ginter, Mark and
  Kieken, Laurent

  
	
   

  	
   

  	
  Assigned to

  	
   

  	
  : Microfluidics
  International Corporation / Catalytica Advanced Technologies, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:
  

  	
  Multiple Stream High Pressure Mixer/Reactor

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Canadian
  Patent Appln. No. 

  	
   

  	
  :
  2,229,284

  
	
   

  	
   

  	
  Date of Patent
  Appln.

  	
   

  	
  : August 5,
  1998

  
	
   

  	
   

  	
  Inventor(s)

  	
   

  	
  :
  Jeffrey Thumm, Michael Lento, Jerome Higgins, King, David Ginter, Mark and
  Kieken, Laurent

  
	
   

  	
   

  	
  Assigned to

  	
   

  	
  : Microfluidics
  International Corporation / Catalytica Advanced Technologies, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: 

  	
  Multiple
  Stream High Pressure Mixer/Reactor

  
	
   

  	
   

  	
   

  	
   

  	
   

  
										

 

 

 

 

	
  PATENTS & PATENT APPLICATIONS (continued)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  U.S.
  Patent Appln. No.

  	
   

  	
  : 12/108,245

  
	
   

  	
   

  	
  Date of Patent Appln.

  	
   

  	
  : April 23, 2008

  
	
   

  	
   

  	
  Inventor(s)

  	
   

  	
  : Thomai Panagiotou,
  Steven Mesite and Robert J. Fisher

  
	
   

  	
   

  	
  Assigned to

  	
   

  	
  : MFIC Corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: 

  	
  Apparatus
  And Methods For Nanoparticle Generation and Process Intensification of
  Transport and Reaction Systems

  
						

 

 

 

SCHEDULE   

 

TRADEMARK SECURITY AGREEMENT

 

TRADEMARKS
/ COPYRIGHTS/ WEBSITES-DOMAIN NAMES/Internet Brands

 

TRADEMARKS
AND TRADEMARK APPLICATIONS

 

	
  Trademark

  	
   

  	
  Status

  	
   

  	
  Registration #

  	
   

  	
  Date Filed

  	
   

  	
  Date/Reg.

  	
   

  	
  Owner

  
	
  Microfluidizer

  	
   

  	
  Registered

  	
   

  	
  13,687,355

  	
   

  	
  08/24/84

  	
   

  	
  11/05/85

  	
   

  	
  Microfluidics
  Corporation

  
	
  mMFIC

  	
   

  	
  Abandoned

  	
   

  	
  110361/97*

  	
   

  	
  03/25/99

  	
   

  	
   

  	
   

  	
  MFIC
  Corporation

  

*Japanese
Trademark Appln #: 110361/97 *

 

SCHEDULE      (continued)

 

WEBSITES

 

http://www.mficcorp.com/

and related pages

 

http://www.microfluidicscorp.com/

and related pages

 

http://www.mixerequipment.com/

and related pages

 

URLs & Domain Names

 

www.mficcorp.com

www.microfluidicscorp.com

www.mixerequipment.com

www.microfluidizer.us

www.microfluidicscorp.com.tw

www.microfluidicscorp.tw

www.microfluidizer.com.tw

www.microfluidizer.net.tw

www.mfics.com.tw

www.mfics.tw

www.microfluidicscorp.hk

 

 

www.microfluidizer.hk

www.mfics.hk

www.mfics.cn

www.mfics.com.cn

www.microfluidicscorp.org.cn

www.microfluidizer.org.cn

www.mfics.org.cn

www.microfluidicscorp.net.cn

www.microfluidizer.net.cn

www.mfics.net.cn

www.microfluidicscorp.asia

www.microfluidizer.asia

www.mfics.com.asia

www.mficcorp.com

www.microfluidicscorp.com

www.microfluidizer.us

www.mixerequipment.com

www.submicronparticles.com

www.tinyparticles.com

www.disruptcells.com

www.particlereduction.com

www.microfluidicsnanoemulsions.com

www.microfluidicsnanodispersions.com

www.microfluidicsnanoparticles.com

www.microfluidizer.net

 

Internet Brand Names

Microfluidicscorp

Mfics

MicrofluidizerExhibit 10.3

 

June 27, 2008

 

Silicon Valley Bank

One Newton Executive Park, Suite 200

2221 Washington Street

Newton, Massachusetts 02462

Attn: Mr. Michael Tramack

 

Re:          Loan
Arrangement with Microfluidics International Corporation and Microfluidics
Corporation

 

Dear Mr. Tramack:

 

Reference is made to the Loan and Security
Agreement dated as of even date herewith (as amended, restated, amended and
restated, supplemented, restructured or otherwise modified from time to time,
the “Loan Agreement”) to be entered into by and among Microfluidics
International Corporation, a Delaware corporation, and Microfluidics
Corporation, a Delaware corporation (individually and collectively, jointly and
severally, the “Borrower”), and Silicon Valley Bank (together with its
successors in such capacity, the “Bank”).  Capitalized terms used herein and not defined
herein shall have the meanings assigned to such terms in the Loan Agreement.

 

This letter is intended to set forth certain
instruments and agreements (the “Supplemental
Agreements”) which the Borrower has agreed to deliver to the Bank in
connection the Effective Date.  The Bank
has agreed that delivery of the Supplemental Agreements set forth in Exhibit A,
annexed hereto, shall not be a condition precedent to the effectiveness and
funding of the Loan Agreement, but nevertheless requires that the Supplemental Agreements
be delivered within the time periods set forth therein.

 

The Borrower agrees to deliver the
Supplemental Agreements set forth on Exhibit A, annexed hereto, within
the time periods set forth therein.  The Borrower
hereby acknowledges and agrees that this agreement shall be considered to be a
Loan Document for all purposes and that failure to deliver the Supplemental
Agreements within the time periods set forth on Exhibit A shall
constitute an Event of Default under the Loan Agreement.

 

If the foregoing correctly sets forth our
understanding, please indicate your assent below.

 

 

Very truly yours,

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  MICROFLUIDICS
  INTERNATIONAL

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By

  	
    /s/
  Brian E. LeClair

  
	
   

  	
  Name:

  	
  Brian
  E. LeClair

  
	
   

  	
  Title:

  	
  Exec.
  V.P. & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICROFLUIDICS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By

  	
    /s/
  Brian E. LeClair

  
	
   

  	
  Name:

  	
  Brian
  E. LeClair

  
	
   

  	
  Title:

  	
  Exec.
  V.P. & CFO

  
								

 

 

The foregoing is accepted

and agreed to:

 

SILICON VALLEY BANK

 

 

	
  By

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

[Post Closing Letter Signature Page]

 

2

 

Exhibit “A”

 

1.             On
or before July 15, 2008 (or such later date as the Bank may consent to in
its sole reasonable discretion), the Borrowers shall have caused the following
financial institutions to have entered into a deposit account control
agreement, in form and substance acceptable to Bank, in favor of Bank:

 

a)                                      Bank of America – Acct # [Information on
file with the Borrower]

 

b)                                     TD Bank, N.A. – Acct# [Information on file
with the Borrower]

 

2.             On or before July 28, 2008 (or such
later date as the Bank may consent to in its sole reasonable discretion), the Borrower
shall deliver to the Bank, in form and substance reasonably acceptable to Bank,
executed Landlord’s Consents from the landlords of the following
location:

 

a)                                      30 Ossipee Road, Box 9101, Newton,
Massachusetts 02464-9101

 

b)                                     17971 Sky Park Circle, Bldg. 33, Suite B,
Irvine, California 92614

 

3.             On or before July 28, 2008 (or such
later date as the Bank may consent to in its sole reasonable discretion), the
Initial Audit shall have been completed by the Bank with the results thereof
satisfactory to Bank, in its sole discretion.

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