Document:

Grant of Security Interest in Patents and Trademarks

 Exhibit 10.8 
  
 GRANT OF SECURITY INTEREST 
  

IN PATENTS AND TRADEMARKS 
  
 THIS GRANT OF SECURITY INTEREST (“Grant”), effected as of February 22, 2005, is executed by BioDelivery Sciences International, Inc. a
Delaware corporation (the “Grantor”), in favor of Laurus Master Fund, Ltd. (the “Secured Party”). 
  
 A. Pursuant to a Master Security Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the
“Security Agreement”) among the Grantor, certain other Assignors (as defined in the Security Agreement), and the Secured Party, the Grantor and the other Assignors have granted a security interest in the collateral described therein
to the Secured Party in consideration of the Secured Party’s agreement to provide financial accommodations to the Grantor. 
  
 B. The Grantor (1) owns, used and is using the trademarks reflected in the trademark registrations and trademark applications in the United States Patent
and Trademark Office more particularly described on Schedule 1 annexed hereto as part hereof (the “Trademarks”), and (2) has registered or applied for registration (in each case for its own behalf and not on behalf of any
licensor or other third party) in the United States Patent and Trademark Office of the patents more particularly described on Schedule 2 annexed hereto as part hereof (the “Patents”). 
  
 C. The Grantor wishes to confirm its grant to the Secured Party of a security
interest in all right, title and interest of the Grantor in and to the Trademarks and Patents, and all proceeds thereof, together with the goodwill symbolized by, or related or pertaining to, the Trademarks, and the customer lists and records
related to the Trademarks and Patents and all causes of action which may exist by reason of infringement of any of the Trademarks and Patents (collectively, the “T&P Collateral”), to secure the payment, performance and
observance of the Obligations (as that term is defined in the Security Agreement). 
  
 NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged: 
  
 1. The Grantor does hereby further grant to the Secured Party a security interest in the T&P Collateral to secure the full and prompt payment,
performance and observance of the Obligations. 
  
 2. The Grantor
agrees to perform, so long as the Security Agreement is in effect, all acts deemed necessary or desirable by the Secured Party to permit and assist it, at the Grantor’s expense, in obtaining and enforcing the Trademarks and Patents in any and
all countries. Such acts may include, but are not limited to, execution of documents and assistance or cooperation in legal proceedings. The Grantor hereby appoints the Secured Party as the Grantor’s attorney-in-fact to execute and file any and
all agreements, instruments, documents and papers as the Secured Party may determine to be necessary or desirable to evidence the Secured Party’s security interest in the Trademarks and Patents or any other element of the T&P Collateral,
all acts of such attorney-in-fact being hereby ratified and confirmed. 

 3. The Grantor acknowledges and affirms that the rights and remedies of the Secured Party with respect to
the security interest in the T&P Collateral granted hereby are more fully set forth in the Security Agreement and the rights and remedies set forth herein are without prejudice to, and are in addition to, those set forth in the Security
Agreement. In the event that any provisions of this Grant are deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall govern. 
  
 4. The Grantor hereby authorizes the Secured Party to file all such financing statements or other instruments to the extent
required by the Uniform Commercial Code and agrees to execute all such other documents, agreements and instruments as may be required or deemed necessary by the Secured Party, in each case for purposes of affecting or continuing Secured Party’s
security interest in the T&P Collateral. 
  
 [REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK] 
  

 2 

 IN WITNESS WHEREOF, the Grantor has caused this instrument to be executed as of the day and year first
above written. 
  

			
	BioDelivery Sciences International, Inc.
		
	By:	 	 /S/ James A. McNulty

	Name:	 	James A. McNulty
	Title:	 	Chief Financial Officer

  

 3 

			
	ACKNOWLEDGED:
	
	LAURUS MASTER FUND, LTD.
		
	By:	 	 /S/ David Grin

	Name:	 	David Grin
	Title:	 	Director

  

 4Control Agreement

 Exhibit 10.9 
  
 Control Agreement Regarding Limited Liability 
 Company Interests 
  
 AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”), dated as of February 22, 2005, among BioDelivery Sciences International, Inc., a Delaware
corporation (the “Pledgor”), Laurus Master Fund, Ltd. (the “Pledgee”), and Bioral Nutrient Delivery, LLC, a Delaware limited liability company, as the issuer of the Limited Liability Company Interests (as defined
below) (the “Issuer”). 
  
 W I
T N E S S E T H : 
  
 WHEREAS, the Pledgor and the Pledgee have entered into a Stock Pledge Agreement, dated as of February 22, 2005 (as amended, modified, restated and/or supplemented from time to time, the “Pledge
Agreement”), under which, among other things, in order to secure the payment of the Indebtedness (as defined in the Pledge Agreement), the Pledgor has or will pledge to the Pledgee, and grant a security interest in favor of the Pledgee in,
all of the right, title and interest of the Pledgor in and to any and all equity interests (including, without limitation, limited liability company interests and membership interests) from time to time issued by the Issuer (collectively, the
“Limited Liability Company Interests”), whether now existing or hereafter from time to time acquired by the Pledgor (with all of such Limited Liability Company Interests being herein collectively called the “Issuer Pledged
Interests”); and 
  
 WHEREAS, the Pledgor desires the
Issuer to enter into this Agreement in order to perfect the security interest of the Pledgee under the Pledge Agreement in the Issuer Pledged Interests, to vest in the Pledgee control of the Issuer Pledge Interests and to provide for the rights of
the parties under this Agreement; 
  
 NOW THEREFORE, in
consideration of the premises and the mutual promises and agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1. The Pledgor hereby irrevocably authorizes and directs the Issuer, and the
Issuer hereby agrees, to comply with any and all instructions and orders originated by the Pledgee (and its successors and assigns) regarding any and all of the Issuer Pledged Interests without the further consent by the registered owner (including
the Pledgor), and, following its receipt of a notice from the Pledgee stating that the Pledgee is exercising exclusive control of the Issuer Pledged Interests in accordance with the Stock Pledge Agreement, not to comply with any instructions or
orders regarding any or all of the Issuer Pledged Interests originated by any person or entity other than the Pledgee (and its successors and assigns) or a court of competent jurisdiction. 

 2. The Issuer hereby certifies that (i) no notice of any security interest, lien or other encumbrance or
claim affecting the Issuer Pledged Interests (other than the security interest of the Pledgee) has been received by it, and (ii) the security interest of the Pledgee in the Issuer Pledged Interests has been registered in the books and records of the
Issuer. 
  
 3. The Issuer hereby represents and warrants that (i)
the pledge by the Pledgor of, and the granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Pledgee, does not violate any agreement governing the Issuer or the Issuer Pledged Interests. 
  
 4. All notices, statements of accounts, reports, prospectuses, financial
statements and other communications to be sent to the Pledgor by the Issuer in respect of the Issuer will also be sent to the Pledgee at the following address: 
  

	
	 Laurus Master Fund, Ltd.

	 c/o Laurus Capital Management, LLC

	 825 Third Avenue, 14th Floor

	 New York, New York 10022

	 Attention: John E. Tucker, Esq.

	 Telephone No.: 212-541-5800

	 Telecopier No.: 212-541-4434

  
 5. Following its
receipt of a notice from the Pledgee stating that the Pledgee is exercising exclusive control of the Issuer Pledged Interests and until the Pledgee shall have delivered written notice to the Issuer that all of the Obligations have been paid in full
and this Agreement is terminated, the Issuer will send any and all redemptions, distributions, interest or other payments in respect of the Issuer Pledged Interests from the Issuer for the account of the Pledgee only by wire transfers to such
account as the Pledgee shall instruct. 
  
 6. Except as expressly
provided otherwise in Sections 4 and 5, all notices, instructions, orders and communications hereunder shall be sent or delivered by mail, telegraph, telex, telecopy, cable or overnight courier service and all such notices and communications shall,
when mailed, telexed, telecopied, cabled or sent by overnight courier, be effective when deposited in the mails or delivered to overnight courier, prepaid and properly addressed for delivery on such or the next Business Day, or sent by telex or
telecopier, except that notices and communications to the Pledgee or the Issuer shall not be effective until received. All notices and other communications shall be in writing and addressed as follows: 
  
 (a) if to the Pledgor, at: 
  

	
	         BioDelivery Sciences International, Inc.

	         185 South Orange Avenue, Administrative Building 4

	         Newark, New Jersey 07103

	
	         Attention: James A. McNulty

	         Facsimile: (813) 288-8757

	  
         with a copy to:
  

	         Ellenoff Grossman & Schole LLP

	         370 Lexington Ave.

	         New York, New York 10017

	         Attention:    Barry I. Grossman

	         Facsimile:    (212) 370-7889

  
 (b) if to the Pledgee,
at the address given in Section 4 hereof; 
  
 (c) if to the
Issuer, at: 
  

	
	         Bioral Nutrient Delivery, LLC

	         4419 West Sevilla Street

	         Tampa, Florida 33629

	         Attention:    James A. McNulty

	         Facsimile:    (813) 288-8757

  
 or at such other address as shall have
been furnished in writing by any Person described above to the party required to give notice hereunder. As used in this Section 6, “Business Day” means any day other than a Saturday, Sunday, or other day in which banks in New York
are authorized to remain closed. 
  
 7. This Agreement shall be
binding upon the successors and assigns of the Pledgor and the Issuer and shall inure to the benefit of and be enforceable by the Pledgee and its successors and assigns. This Agreement may be executed in any number of counterparts, each of which
shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this
Agreement which shall remain binding on all parties hereto. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever except in writing signed by the Pledgee, the Issuer and the Pledgor.

  
 8. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to its principles of conflict of laws (other than the principles set forth in Section 5-1401 of the General Obligations Law of the State of New York). 

 IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have caused this Agreement to be executed by
their duly elected officers duly authorized as of the date first above written. 
  

			
	 BIODELIVERY SCIENCES INTERNATIONAL, INC.,
     as Pledgor

		
	By	 	 /S/ James A. McNulty

	Name:	 	James A. McNulty
	Title:	 	Chief Financial Officer
	
	 LAURUS MASTER FUND, LTD.,
     as Pledgee

		
	By	 	 /S/ David Grin

	Name:	 	David Grin
	Title:	 	Director
	
	 BIORAL NUTRIENT DELIVERY, LLC,
     as Issuer

		
	By	 	 /S/ James A. McNulty

	Name:	 	James A. McNulty
	Title:	 	Chief Financial Officer of its managing member

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