Document:

Intellectual Property Security Agreement

 Exhibit 10.2 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 This Intellectual Property Security Agreement (this
“IP Agreement”) is made as of the 2nd day of May 2007, by and between SONIC FOUNDRY, INC., a Maryland corporation with its principal place of business at 222 W. Washington Avenue, Suite 775, Madison, Wisconsin 53703
(“Grantor”), and SILICON VALLEY BANK, a California corporation, 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 (“Lender”). 
 RECITALS 
 A. Lender 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 May 2, 2007, between Grantor and Lender, as amended from time to time (as amended, the “Loan Agreement”). The Loan is secured pursuant to the terms of the Loan Agreement. Lender is willing to
enter into certain financial accommodations with Grantor, but only upon the condition, among others, that Grantor shall grant to Lender a security interest in certain Copyrights, Trademarks, Patents, and Mask Works, and other assets, to secure the
obligations of Grantor under the Loan Agreement. Defined 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 Lender 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 Lender (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 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 set forth on EXHIBIT B attached hereto
(collectively, the “Patents”); 
  

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 (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 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 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 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 Lender 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 Lender in writing of material infringements detected and (iii) not allow any Trademarks, Patents, Copyrights, or Mask Works to be abandoned, forfeited or dedicated to the public without
the written consent of Lender, which shall not be unreasonably withheld, unless Grantor determines that reasonable business practices suggest that abandonment is appropriate. 
  

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 (g) Grantor shall take such further actions as Lender may reasonably request from time to
time to perfect or continue the perfection of Lender’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 Lender 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 Lender of its rights and
remedies thereunder; 
 (j) All information heretofore, herein or hereafter supplied to Lender 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 Lender’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 Lender 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 Lender in relation thereto, including the levy of any legal process against any of the Intellectual Property Collateral. 
 4. Lender’s Rights. Lender 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 Lender for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this section 4. 
 5. Inspection Rights. Grantor hereby grants to Lender 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 once in every six (6) months; provided,
however, nothing herein shall entitle Lender access to Grantor’s trade secrets and other proprietary information. 
 6. Further
Assurances; Attorney in Fact. 
 (a) On a continuing basis, Grantor will, upon request by Lender, 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 

  

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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 Lender, to perfect Lender’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 Lender 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 Lender of its intent to register such Copyrights or Mask Works and has provided Lender 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 Lender may reasonably request in order to maintain the perfection and priority of Lender’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 Lender 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 Lender to maintain the perfection and priority of its security interest in such Copyrights or Mask Works.
Grantor shall provide written notice to Lender 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 Lender as Grantor’s attorney-in-fact, with full authority in the place and stead of Grantor and in the name
of Grantor, Lender or otherwise, from time to time in Lender’s discretion, upon Grantor’s failure or inability to do so, to take any action and to execute any instrument which Lender may deem necessary or advisable to accomplish the
purposes of this IP Agreement, including: 
 (i) To modify, in its sole discretion, 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 Lender deems appropriate, in order to further perfect or protect Lender’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 Lender; or 
 (b) Grantor breaches any warranty or agreement made by Grantor in this IP Agreement. 
 8. Remedies. Upon the occurrence and continuance of an Event of Default, Lender shall have the right to exercise all the remedies of a secured
party under the Massachusetts Uniform Commercial Code, including without limitation the right to require Grantor to assemble the Intellectual Property Collateral and any tangible property in which Lender has a security interest and to make it
available to Lender at a place designated by Lender. Lender shall have a nonexclusive, royalty free license to use the Copyrights, Patents, Trademarks, and Mask Works to the extent reasonably necessary to permit Lender 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 Lender in connection with the exercise of any of Lender’s rights hereunder, including without limitation
any expense incurred in disposing of the Intellectual Property Collateral. All of Lender’s rights and remedies with respect to the Intellectual Property Collateral shall be cumulative. 
  

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 9. Indemnity. Grantor agrees to defend, indemnify and hold harmless Lender 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 Lender as a result of or in any way arising out of, following or consequential to transactions between Lender 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 Lender’s gross negligence or willful misconduct. 
 10. Termination. At such time as Grantor shall completely satisfy all of the obligations secured hereunder, Lender 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. This IP Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. GRANTOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, UNCONDITIONALLY, THE NON-EXCLUSIVE
JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE COMMONWEALTH OF MASSACHUSETTS IN ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND, AGAINST IT WHICH ARISES OUT OF OR BY REASON OF THIS AGREEMENT; PROVIDED, HOWEVER, THAT IF FOR
ANY REASON LENDER CANNOT AVAIL ITSELF OF THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS, GRANTOR ACCEPTS JURISDICTION OF THE COURTS AND VENUE IN SANTA CLARA COUNTY, CALIFORNIA. NOTWITHSTANDING THE FOREGOING, THE LENDER SHALL HAVE THE RIGHT TO BRING
ANY ACTION OR PROCEEDING AGAINST THE GRANTOR OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH THE LENDER DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE THE LENDER’S RIGHTS AGAINST THE
GRANTOR OR ITS PROPERTY. 
 GRANTOR AND LENDER EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES
THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 15. Confidentiality. In handling any confidential information, Lender shall
exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (i) to Lender’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 Lender’s examination or
audit; and (v) as Lender considers appropriate in exercising remedies under this Agreement. Confidential information does not include information 

  

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that either: (a) is in the public domain or in Lender’s possession when disclosed to Lender, through no fault of Lender, or becomes part of the
public domain after disclosure to Lender; or (b) is disclosed to Lender by a third party, if Lender reasonably does not know that the third party is prohibited from disclosing the information. 
 [Remainder of Page Intentionally Left Blank] 
  

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 EXECUTED as a sealed instrument under the laws of the Commonwealth of Massachusetts on the day and
year first written above. 
  

			
	SONIC FOUNDRY, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	SILICON VALLEY BANK
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

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 Exhibit “A” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “A” 
 COPYRIGHTS 
 SCHEDULE A - ISSUED COPYRIGHTS 
  

					
	 COPYRIGHT
 DESCRIPTION
	  	 REGISTRATION
 NUMBER
	  	 DATE OF
 ISSUANCE

  
  
 SCHEDULE B - PENDING COPYRIGHT APPLICATIONS 
  

									
	 FIRST DATE
 COPYRIGHT

DESCRIPTION
	  	APPLICATION
NUMBER	  	DATE OF
FILING	  	DATE OF
CREATION	  	OF PUBLIC
DISTRIBUTION

  
  
 SCHEDULE C - UNREGISTERED COPYRIGHTS (Where No Copyright Application is Pending) 
  

									
	 COPYRIGHT
 DESCRIPTION
	  	DATE OF
CREATION	  	FIRST DATE
OF
DISTRIBUTION	  	 DATE AND
RECORDATION
NUMBER OF
IP
AGREEMENT WITH
OWNER OR ORIGINAL
GRANTOR IF
 AUTHOR OR OWNER
OF COPYRIGHT
 IS DIFFERENT
 FROM
GRANTOR
	  	ORIGINAL AUTHOR
OR OWNER OF
COPYRIGHT IS
DIFFERENT FROM
GRANTOR

  
  

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 Exhibit “B” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “B” 
 PATENTS 
  

											
	 PATENT
 DESCRIPTION
	  	DOCKET NO.	  	COUNTRY	  	SERIAL NO.	  	FILING DATE	  	STATUS

  
  

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 Exhibit “C” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “C” 
 TRADEMARKS 
  

									
	 TRADEMARK
 DESCRIPTION
	  	COUNTRY	  	SERIAL NO.	  	REG. NO.	  	STATUS

  
  

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 Exhibit “D” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “D” 
 MASK WORKS 
  

									
	 MASK WORK
 DESCRIPTION
	  	COUNTRY	  	SERIAL NO.	  	REG. NO.	  	STATUS

  
  

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 Exhibit “E” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “E” 
 LICENSES 
  

 -12-Intellectual Property Security Agreement

 Exhibit 10.3 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 This Intellectual Property Security Agreement (this
“IP Agreement”) is made as of the 2nd day of May, 2007, by and between SONIC FOUNDRY MEDIA SYSTEMS, INC., a Maryland corporation with its principal place of business at 222 W. Washington Avenue, Madison, Wisconsin 53703
(“Grantor”), and SILICON VALLEY BANK, a California corporation, 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 (“Lender”). 
 RECITALS 
 A. Lender 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 May 2, 2007, between Grantor and Lender, as amended from time to time (as amended, the “Loan Agreement”). The Loan is secured pursuant to the terms of the Loan Agreement. Lender is willing to
enter into certain financial accommodations with Grantor, but only upon the condition, among others, that Grantor shall grant to Lender a security interest in certain Copyrights, Trademarks, Patents, and Mask Works, and other assets, to secure the
obligations of Grantor under the Loan Agreement. Defined 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 Lender 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 Lender (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 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 set forth on EXHIBIT B attached hereto
(collectively, the “Patents”); 
  

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 (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 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 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 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 Lender 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 Lender in writing of material infringements detected and (iii) not allow any Trademarks, Patents, Copyrights, or Mask Works to be abandoned, forfeited or dedicated to the public without
the written consent of Lender, which shall not be unreasonably withheld, unless Grantor determines that reasonable business practices suggest that abandonment is appropriate. 
  

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 (g) Grantor shall take such further actions as Lender may reasonably request from time to
time to perfect or continue the perfection of Lender’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 Lender 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 Lender of its rights and
remedies thereunder; 
 (j) All information heretofore, herein or hereafter supplied to Lender 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 Lender’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 Lender 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 Lender in relation thereto, including the levy of any legal process against any of the Intellectual Property Collateral. 
 4. Lender’s Rights. Lender 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 Lender for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this section 4. 
 5. Inspection Rights. Grantor hereby grants to Lender 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 once in every six (6) months; provided,
however, nothing herein shall entitle Lender access to Grantor’s trade secrets and other proprietary information. 
 6. Further
Assurances; Attorney in Fact. 
 (a) On a continuing basis, Grantor will, upon request by Lender, 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 

  

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 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 Lender, to perfect Lender’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 Lender 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 Lender of its intent to register such Copyrights or Mask Works and has provided Lender 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 Lender may reasonably request in order to maintain the perfection and priority of Lender’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 Lender 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 Lender to maintain the perfection
and priority of its security interest in such Copyrights or Mask Works. Grantor shall provide written notice to Lender 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 Lender as Grantor’s attorney-in-fact, with
full authority in the place and stead of Grantor and in the name of Grantor, Lender or otherwise, from time to time in Lender’s discretion, upon Grantor’s failure or inability to do so, to take any action and to execute any instrument
which Lender may deem necessary or advisable to accomplish the purposes of this IP Agreement, including: 
 (i) To modify, in
its sole discretion, 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 Lender
deems appropriate, in order to further perfect or protect Lender’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 Lender; or 
 (b) Grantor breaches any
warranty or agreement made by Grantor in this IP Agreement. 
 8. Remedies. Upon the occurrence and continuance of an Event of
Default, Lender shall have the right to exercise all the remedies of a secured party under the Massachusetts Uniform Commercial Code, including without limitation the right to require Grantor to assemble the Intellectual Property Collateral and any
tangible property in which Lender has a security interest and to make it available to Lender at a place designated by Lender. Lender shall have a nonexclusive, royalty free license to use the Copyrights, Patents, Trademarks, and Mask Works to the
extent reasonably necessary to permit Lender 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 Lender in connection with the exercise
of any of Lender’s rights hereunder, including without limitation any expense incurred in disposing of the Intellectual Property Collateral. All of Lender’s rights and remedies with respect to the Intellectual Property Collateral shall be
cumulative. 
  

 -4- 

 9. Indemnity. Grantor agrees to defend, indemnify and hold harmless Lender 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 Lender as a result of or in any way arising out of, following or consequential to transactions between Lender 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 Lender’s gross negligence or willful misconduct. 
 10. Termination. At such time as Grantor shall completely satisfy all of the obligations secured hereunder, Lender 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. This IP Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts. GRANTOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, UNCONDITIONALLY, THE NON-EXCLUSIVE
JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE COMMONWEALTH OF MASSACHUSETTS IN ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND, AGAINST IT WHICH ARISES OUT OF OR BY REASON OF THIS AGREEMENT; PROVIDED, HOWEVER, THAT IF FOR
ANY REASON LENDER CANNOT AVAIL ITSELF OF THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS, GRANTOR ACCEPTS JURISDICTION OF THE COURTS AND VENUE IN SANTA CLARA COUNTY, CALIFORNIA. NOTWITHSTANDING THE FOREGOING, THE LENDER SHALL HAVE THE RIGHT TO BRING
ANY ACTION OR PROCEEDING AGAINST THE GRANTOR OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH THE LENDER DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE THE LENDER’S RIGHTS AGAINST THE
GRANTOR OR ITS PROPERTY. 
 GRANTOR AND LENDER EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES
THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 15. Confidentiality. In handling any confidential information, Lender shall
exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (i) to Lender’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 Lender’s examination or
audit; and (v) as Lender considers appropriate in exercising remedies under this Agreement. Confidential information does not include information 

  

 -5- 

 
that either: (a) is in the public domain or in Lender’s possession when disclosed to Lender, through no fault of Lender, or becomes part of the
public domain after disclosure to Lender; or (b) is disclosed to Lender by a third party, if Lender reasonably does not know that the third party is prohibited from disclosing the information. 
 [Remainder of the Page Intentionally Left Blank] 
  

 -6- 

 EXECUTED as a sealed instrument under the laws of the Commonwealth of Massachusetts on the day and
year first written above. 
  

			
	SONIC FOUNDRY MEDIA SYSTEMS, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	SILICON VALLEY BANK
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 -7- 

 Exhibit “A” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “A” 
 COPYRIGHTS 
 SCHEDULE A - ISSUED COPYRIGHTS 
  

					
	 COPYRIGHT
 DESCRIPTION
	  	REGISTRATION
NUMBER	  	DATE OF
ISSUANCE

  
  
 SCHEDULE B - PENDING COPYRIGHT APPLICATIONS 
  

									
	 FIRST DATE
 COPYRIGHT

DESCRIPTION
	  	 APPLICATION
 NUMBER
	  	DATE OF
FILING	  	DATE OF
CREATION	  	OF PUBLIC
DISTRIBUTION

  
  
 SCHEDULE C - UNREGISTERED COPYRIGHTS (Where No Copyright Application is Pending) 
  

									
	 COPYRIGHT
 DESCRIPTION
	  	DATE OF
CREATION	  	FIRST DATE
OF
DISTRIBUTION	  	 DATE AND
RECORDATION
NUMBER OF
IP
AGREEMENT WITH
OWNER OR ORIGINAL
GRANTOR IF
 AUTHOR OR OWNER
OF COPYRIGHT
 IS DIFFERENT
 FROM
GRANTOR
	  	 ORIGINAL AUTHOR
OR OWNER OF
 COPYRIGHT IS
 DIFFERENT
FROM
 GRANTOR

  
  

 -8- 

 Exhibit “B” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “B” 
 PATENTS 
  

											
	 PATENT
 DESCRIPTION
	  	DOCKET NO.	  	COUNTRY	  	SERIAL NO.	  	FILING DATE	  	STATUS

  
  

 -9- 

 Exhibit “C” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “C” 
 TRADEMARKS 
  

									
	 TRADEMARK
 DESCRIPTION
	  	COUNTRY	  	SERIAL NO.	  	REG. NO.	  	STATUS

  
  

 -10- 

 Exhibit “D” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “D” 
 MASK WORKS 
  

									
	 MASK WORK
 DESCRIPTION
	  	COUNTRY	  	SERIAL NO.	  	REG. NO.	  	STATUS

  
  

 -11- 

 Exhibit “E” attached to that certain Intellectual Property Security Agreement dated May 2,
2007. 
 EXHIBIT “E” 
 LICENSES 
  

 -12-

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