Document:

Exhibit

Exhibit 10.2
FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT
This INTELLECTUAL PROPERTY SECURITY AGREEMENT, dated as of April 23, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified or replaced from time to time, this “IP Security Agreement”), is made by Evofem Biosciences, Inc., a Delaware corporation, and Evofem, Inc., a Delaware corporation (together, “Grantor”), in favor of Baker Bros. Advisors LP, a Delaware limited partnership, as collateral agent for the Purchasers (as defined in the Purchase Agreement referred to below) (in such capacity, together with its successors and permitted assigns, “Designated Agent”).
WHEREAS, Grantor issued Notes (as such term is defined in the Purchase Agreement (as hereinafter defined)) pursuant to that certain Securities Purchase and Security Agreement, dated as of April 23, 2020 (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”), by and among Evofem Biosciences, Inc., a Delaware corporation (the “Company”), the Grantor and the other guarantors from time to time party thereto, the purchasers from time to time party thereto (each a “Purchaser” and collectively, the “Purchasers”) and the Designated Agent, pursuant to which Grantor granted a security interest to Designated Agent, for the benefit of the Purchasers, in, among other things, the IP Collateral (as defined below) of Grantor;
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Grantor hereby agrees with Designated Agent as follows:
SECTION 1.    Defined Terms
Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein have the meaning given to them in the Purchase Agreement.
SECTION 2.    Grant of Security Interest in IP Collateral
Grantor hereby grants to Designated Agent, for the ratable benefit of the Purchasers, a continuing security interest in all of Grantor’s right, title and interest in and to the following, whether now owned or hereafter acquired, and wherever located (the “IP Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of Grantor’s obligations under the Purchase Agreement:
(a)    (i) all United States and foreign copyrights, whether or not the underlying works of authorship have been published and whether as author, assignee, transferee or otherwise, including but not limited to copyrights in software and databases, all Mask Works (as defined in 17 U.S.C. § 901 of the U.S. Copyright Act) and all works of authorship, all right, title and interest to make and exploit all derivative works based on or adopted from works covered by such copyrights, and all copyright registrations, copyright applications, mask works registrations 

and mask works applications, and any renewals or extensions thereof, including each registration and application identified in Schedule A, and (ii) the rights to print, publish and distribute any of the foregoing (“Copyrights”);
(b)    all Copyright licenses to the extent Grantor is not the granting party;
(c)    (i) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations of any of the property described in (a) and (b) above, and (ii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect to any of the property described in (a) and (b) above;
(d)    (i) all United States, state and foreign trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade dress, trade styles, logos, or other indicia of origin or source identification, Internet domain names, trademark and service mark registrations, designs and general intangibles of like nature and applications for trademark or service mark registrations and any renewals thereof, including each registration and application identified in Schedule B (but excluding in all cases all intent-to-use United States trademark applications for which an amendment to allege use or statement of use has not been filed under 15 U.S.C. § 1051(c) or 15 U.S.C. § 1051(d), respectively, or if filed, has not been deemed in conformance with 15 U.S.C. § 1051(a) or examined and accepted, respectively, by the U.S. Patent and Trademark Office provided that upon such filing and acceptance, such intent-to-use applications shall be included in the definition of Trademarks) and (ii) the goodwill of the business connected with the use of, and symbolized by, each of the above (collectively, the “Trademarks”);
(e)    all Trademark licenses to the extent Grantor is not the granting party;
(f)    (i) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations of any of the property described in (d) and (e) above, and (ii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect to any of the property described in (d) and (e) above;
(g)    (i) all United States and foreign patents, patent applications and patentable inventions, including each issued patent and patent application identified in Schedule C, all certificates of invention or similar property rights and all registrations, recordings and pending applications thereof, (ii) all inventions and improvements described and claimed therein and (iii) all reissues, divisions, reexaminations, continuations, continuations-in-part, substitutes, renewals, and extensions thereof, all improvements thereon (collectively, the “Patents”);
(h)    all Patent licenses to the extent Grantor is not the granting party;
(i)    (i) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations of any of the property described in (g) and (h) above, and (ii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect to any of the property described in (g) and (h) above; and

(j)    all books and records relating to any of the foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing.
SECTION 3.    Recordation
Grantor authorizes and requests that the Commissioner of Patents and Trademarks and any other applicable United States or foreign government officer record this IP Security Agreement.
SECTION 4.    Execution in Counterparts
This IP Security Agreement may be executed in any number of counterparts (including by telecopy or other electronic transmission), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
SECTION 5.    Governing Law
THIS IP SECURITY AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS IP SECURITY AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
SECTION 6.    Conflict Provision
This IP Security Agreement has been entered into in conjunction with the provisions of the Purchase Agreement. The rights and remedies of each party hereto with respect to the security interest granted herein are without prejudice to, and are in addition to those set forth in the Purchase Agreement, all terms and provisions of which are incorporated herein by reference. In the event that any provisions of this IP Security Agreement are in conflict with the Purchase Agreement, the provisions of the Purchase Agreement, as applicable, shall govern.
[Signature pages follow]

IN WITNESS WHEREOF, each of the undersigned has caused this IP Security Agreement to be duly executed and delivered as of the date first above written.
GRANTOR:

EVOFEM BIOSCIENCES, INC.
a Delaware corporation

By:    /s/ Saundra Pelletier     
Name:  Saundra Pelletier 
Title:  President and Chief Executive Officer

[Signature Page to IP Security Agreement]

IN WITNESS WHEREOF, each of the undersigned has caused this IP Security Agreement to be duly executed and delivered as of the date first above written.
GRANTOR:

EVOFEM, INC.
a Delaware corporation

By:    /s/ Saundra Pelletier     
Name:  Saundra Pelletier 
Title:  President and Chief Executive Officer

DESIGNATED AGENT:
BAKER BROS. ADVISORS LP, 
a Delaware limited partnership
		
	By:
	/s/ Scott Lessing     
Name: Scott Lessing 
Title: President

Schedule A
COPYRIGHTS

None.

Schedule B
TRADEMARKS

Schedule C
PATENTSExhibit

Exhibit 10.3
CONVERTIBLE PROMISSORY NOTE
EVOFEM BIOSCIENCES, INC.
	
		
	$[             ]
	New York, New York

	No. [        ]
	[               ]

FOR VALUE RECEIVED, the undersigned, Evofem Biosciences, Inc., a Delaware corporation (the “Company”), hereby unconditionally promises to pay to [              ] or its registered assigns (the “Purchaser”) at the address specified in the Purchase Agreement (as hereinafter defined) in lawful money of the United States and in immediately available funds, the principal sum of                    DOLLARS AND ZERO CENTS ($             .00), together with interest as set forth in the Purchase Agreement until the date on which the principal amount is paid in full, converted in whole or cancelled in accordance with the terms of the Purchase Agreement.  Amounts evidenced hereby shall be paid in the amounts and on the dates specified in Section 3 of the Purchase Agreement. 
This Note: (a) is one of a series of similar Notes issued pursuant to that certain Securities Purchase and Security Agreement (the “Purchase Agreement”), dated as of April 23, 2020, by and among the Company, the Guarantors from time to time party thereto, the purchasers from time to time party thereto and Baker Bros. Advisors LP, as a agent and as collateral agent for the purchasers and (b) is subject in all respects to the terms and conditions set forth in the Purchase Agreement.  This Note is convertible as provided in Section 5 of the Purchase Agreement.  This Note is secured and guaranteed as provided in the Purchase Agreement and the Note Documents.  Reference is hereby made to the Purchase Agreement and the Note Documents for a description of the properties and assets in which a security interest has been granted, the nature and extent of the security and the guarantees, the terms and conditions upon which the security interests and each guarantee were granted and the rights of the holder of this Note in respect thereof.
Upon the occurrence and during the continuance of any one or more of the Events of Default, all obligations under the Purchase Agreement, as evidenced by this Note, shall become, or may be declared to be, immediately due and payable, all as provided in the Purchase Agreement.
All parties now and hereafter liable with respect to this Note, whether as maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind. 
Unless otherwise defined herein, capitalized terms used herein but not shall have the meanings given to them in the Purchase Agreement.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE PURCHASE AGREEMENT, THIS NOTE MAY NOT BE 

TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE PURCHASE AGREEMENT.
THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

*    *    *

IN WITNESS WHEREOF, the Company has caused this Note to be executed as of the date first above written.
	
			
	 
	Evofem Biosciences, Inc., 

	 
	a Delaware corporation

	 
	By:
	 

	 
	 
	Name:
Title:

[SIGNATURE PAGE TO CONVERTIBLE NOTE] 

Exhibit A
CONVERSION NOTICE
To convert only part of this Note, state the principal amount to be converted:
$______________
The Equity Interest issuable on conversion of this Note shall be delivered to the following DWAC Account Number or a physical certificate shall be delivered to the Holder in accordance with the following delivery instructions: 

 Check One:      [  ] DWAC Delivery     [  ] Book Entry     [  ] Physical Certificate Delivery 

_______________________________
            
_______________________________
            
_______________________________

If you want the stock certificate representing the Equity Interests issuable upon conversion made out in another person’s name, fill in the form below:
	
					
	 

	(Insert other person’s soc. sec. or tax I.D. no.)

	
					
	 

	 

	 

	(Print or type other person’s name, address and zip code) 

[SIGNATURE OF HOLDER]
	
		
	Name of Investing Entity:
	 

	Signature of Authorized Signatory of Investing Entity:
	 

	Name of Authorized Signatory:
	 

	Title of Authorized Signatory:
	 

	Date:

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