Document:

Exhibit 10.2

 

INTELLECTUAL
PROPERTY SECURITY AGREEMENT

 

This Intellectual Property
Security Agreement is entered into as of September 23, 2003 by and between
COMERICA BANK (“Bank”) and WJ COMMUNICATIONS, INC., a Delaware corporation
(“Grantor”).

 

RECITALS

 

A.
           Bank has agreed to make certain advances of
money and to extend certain financial accommodations to Grantor (the “Loans”)
in the amounts and manner set forth in that certain Amended and Restated Loan
and Security Agreement by and between Bank and Grantor dated of even date
herewith (as the same may be amended, modified or supplemented from time to
time, the “Loan Agreement”; capitalized terms used herein are used as defined
in the Loan Agreement).  Bank is willing
to make the Loans to Grantor, but only upon the condition, among others, that
Grantor shall grant to Bank a security interest in certain Copyrights,
Trademarks and Patents to secure the obligations of Grantor under 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.

 

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 its obligations under the Loan Agreement and all other agreements
now existing or hereafter arising between Grantor and Bank, Grantor hereby
represents, warrants, covenants and agrees as follows:

 

AGREEMENT

 

To secure its obligations
under the Loan Agreement and under any other agreement now existing or
hereafter arising between Grantor and Bank, Grantor grants and pledges to Bank
a security interest in all of Grantor’s right, title and interest in, to and
under its Intellectual Property Collateral (including without limitation those
Copyrights, Patents and Trademarks listed on Schedules A, B and C hereto), and
including without limitation all proceeds thereof (such as, by way of example
but not by way of limitation, license royalties and proceeds of infringement
suits), the right to sue for past, present and future infringements, all rights
corresponding thereto throughout the world and all re-issues, divisions
continuations, renewals, extensions and continuations-in-part thereof.

 

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

 

Grantor represents and
warrants that Exhibits A, B, and C attached hereto set forth any and all
intellectual property rights in connection to which Grantor has registered or
filed an application with either the United States Patent and Trademark Office
or the United States Copyright Office, as applicable.

 

This 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.

 

1

 

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

 

 

	
   

  	
  GRANTOR:

  
	
   

  	
   

  
	
   

  	
  WJ COMMUNICATIONS, INC.

  
	
  Address of Grantor:

  	
   

  
	
   

  	
   

  
	
  401 River Oa ks Parkway

  	
  By:

  	
   

  	
   

  
	
  San Jose, CA 95134

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
  Attn: Darrell C. Smith,
  Esq.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  COMERICA BANK

  
	
  Address of Bank:

  	
   

  
	
   

  	
   

  
	
  9920 S. La Cienega Blvd.,
  Suite 1401

  	
  By:

  	
   

  	
   

  
	
  Inglewood, CA 90301

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
  Attn: Manager

  	
   

  
					

 

2

 

EXHIBIT A

 

Copyrights

 

NONE TO BE INCLUDED

 

 

EXHIBIT
B

 

Patents

 

	
  Description

  	
   

  	
  Patent/Application

  Number

  	
   

  	
  Issue/Application

  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  System
  and method for dynamic channel allocation in a cellular communication network

  	
   

  	
  6,023,622

  	
   

  	
  02/08/00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wireless
  base station with near-far gain compensation

  	
   

  	
  6,075,991

  	
   

  	
  06/13/00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Method
  and apparatus for self-tuning cellular system

  	
   

  	
  6,131,031

  	
   

  	
  10/10/00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Totem
  pole mixer having grounded serially connected stacked FET pair

  	
   

  	
  6,064,872

  	
   

  	
  05/16/0

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  High
  capacity communication system

  	
   

  	
  6,285,720

  	
   

  	
  09/04/01

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Method
  for the compensation of time dispersion in wavefield spaces for digital
  receivers

  	
   

  	
  09/678,420

  	
   

  	
  10/02/00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  System,
  apparatus and method of estimating multiple-input multiple-output wireless
  channel with compensation for phase noise and frequency offset and system
  using method thereof

  	
   

  	
  10/024,120

  	
   

  	
  12/17/01

  	
   

  

 

 

EXHIBIT
C

 

Trademarks

 

	
  Description

  	
   

  	
  Registration/

  Application

  Number

  	
   

  	
  Registration/

  Application

  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Watkins-Johnson

  	
   

  	
  866,185

  	
   

  	
  03/11/69

  	
   

  
	
  WJ
  Watkins-Johnson (and design)

  	
   

  	
  866,186

  	
   

  	
  03/11/69

  	
   

  
	
  WJ
  (stylized letters)

  	
   

  	
  856,401

  	
   

  	
  09/10/68

  	
   

  
	
  WJ
  Watkins-Johnson (and design)

  	
   

  	
  1,042,169

  	
   

  	
  06/29/76

  	
   

  
	
  WJ
  (stylized letters)

  	
   

  	
  1,041,669

  	
   

  	
  06/22/76

  	
   

  
	
  Watkins-Johnson

  	
   

  	
  1,041,670

  	
   

  	
  06/22/76

  	
   

  
	
  The
  Wireless Edge

  	
   

  	
  2,431,918

  	
   

  	
  02/27/01

  	
   

  
	
  Base2
  (stylized letters)

  	
   

  	
  2,149,141

  	
   

  	
  04/07/98<PAGE>

                                                                EXHIBIT 4.1

                           IBIZ TECHNOLOGY CORPORATION

                            2003 STOCK INCENTIVE PLAN

                                   ARTICLE I.

                        PURPOSE AND ADOPTION OF THE PLAN

         1.1. Purpose. The purpose of the IBIZ Technology Corporation 2003 Stock
Incentive Plan (hereinafter referred to as the "Plan") is to assist in
attracting, retaining and compensating highly competent key employees,
non-employee directors and consultants and to act as an incentive in motivating
selected key employees, non-employee directors and consultants of IBIZ
Technology Corporation to achieve long-term corporate objectives, as well as to
reduce debts of the Company through the issuance of Common Stock rather than the
payment of cash.

         1.2. Adoption and Term. The Plan has been approved by the Board of
Directors (hereinafter referred to as the "Board") of IBIZ Technology
Corporation (hereinafter referred to as the "Company"), effective as of October
29, 2003. The Plan shall remain in effect until terminated by action of the
Board.

                                   ARTICLE II.

                                     SHARES

         2.1. Number of Shares Issuable. The total number of shares initially
authorized to be issued under the Plan shall be 22,000,000 shares of common
stock of the Company, par values $0.001 per share ("Common Stock").

                                  ARTICLE III.

                                  PARTICIPATION

         3.1. Eligible Participants. Participants in the Plan shall be such key
employees, consultants, and non-employee directors of the Company as the Board,
in its sole discretion, may designate from time to time. The Board's issuance of
Common Stock to a participant in any year shall not require the Board to
designate such person to receive Common Stock in any other year. The Board shall
consider such factors as it deems pertinent in selecting participants and in
determining the amount of Common Stock to be issued.

IN WITNESS WHEREOF, this Plan has been executed as of the 29th day of October
2003.

                                   IBIZ TECHNOLOGY CORP.

                                    By: /s/  Kenneth W. Schilling
                                    -----------------------------
                                    Kenneth W. Schilling, President

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