Document:

POST PETITION SECURITY AGREEMENT
                        --------------------------------

         SECURITY AGREEMENT (the "Security Agreement") dated as of June 4, 2003
by and among eClickMD, Inc., a Nevada corporation (the "Debtor") and Gryphon
Opportunities Fund I, LLC, a Delaware limited liability company (the "Secured
Party").

                               W I T N E S S E T H
                               - - - - - - - - - -

         WHEREAS, the Debtor is a development stage entity with an accumulated
unaudited deficit of $11,283,580 as of December 31, 2002, and limited revenues
and/or assets;

         WHEREAS, on or about May 13, 2003, Debtor filed a voluntary petition
under chapter 11 of the United States Bankruptcy Code;

         WHEREAS, WHEREAS, Debtor's anticipated operating expenses during the
pendency of its chapter 11 case are anticipated to be approximately $65-90,000
per month;

         WHEREAS, the Debtor has attempted to raise funds from a number of
different sources but is unable to obtain any debt, equity and/or other
financing;

         WHEREAS, subject only the encumbrances set forth in Schedule I hereto,
Debtor agrees to grant the Secured Party a super-priority lien and security
interest in the Collateral (as hereinafter defined) as security for the
repayment of post-petition loans and advances made by Gryphon pursuant to the
Bankruptcy Court's order approving post-petition financing (and all accumulated
but unpaid interest thereon); and

         WHEREAS, the Company has been duly authorized by the Bankruptcy Court
to enter into this Agreement.

         NOW, THEREFORE, in consideration of the foregoing, Debtor and the
Secured Party agree as follows:

SECTION 1.        Definitions.
                  -----------

         1.1      Certain Defined Terms. The following terms, as used herein,
have the meanings set forth below:

         "Accounts" means all "accounts" (as defined in the UCC) now owned or
hereafter created or acquired by Debtor together with, and including all of the
following now owned or hereafter created or acquired by Debtor: (a) accounts
receivable, contracts, contract rights, book debts, notes, drafts and other
obligations or indebtedness owing to Debtor arising from the sale, lease or
exchange of goods or other property or the performance of services; (b) Debtor's
rights in, to and under all purchase orders for goods, services or other
property; (c) Debtor's rights to any goods, services or other property

<PAGE>

represented by any of the foregoing (including returned or repossessed goods and
unpaid sellers' rights of rescission, repletion, reclamation and rights to
stoppage in transit); (d) monies due to or to become due to Debtor under all
contracts for the sale, lease or exchange of goods or other property or the
performance of services (whether or not yet earned by performance on the part of
Debtor); and (e) Proceeds of any of the foregoing and all collateral security
and guaranties of any kind given by any Person with respect to any of the
foregoing.

         "Collateral" has the meaning assigned to that term in Section 2.

         "Computer Software" or "Software" means a computer program and any
supporting information provided in connection with a transaction relating to the
program.

         "Copyright License" means any literary work which is subject to
copyright, including analog or digital versions of film, video clips, video
programs and related materials, regardless of the means of storage (i.e., tape,
disk, or otherwise).

         "Copyrights" means collectively all of the following now owned or
hereafter created or acquired by Debtor: (a) all literary works (including
computer software), derivative works, works for hire, compositions, compilations
of all or some of the foregoing, whether published or unpublished, all
registrations or recordings thereof, and all applications in connection
therewith including registrations, recordings and applications in the Copyright
Office of the United States, or any other country; (b) all reissues, extensions
or renewals thereof; (c) all income, royalties, damages and payments now or
hereafter due or payable under any of the foregoing or with respect to any of
the foregoing including damages or payments for past or future infringements of
any of the foregoing; (d) the right to sue for past, present and future
infringements or any of the foregoing; and (e) all rights corresponding to any
of the foregoing throughout the world.

         "Debtor" has the meaning assigned to that term in the introduction to
this Security Agreement.

         "Documents" means all "documents" (as defined in the UCC) or other
receipts covering, evidencing or representing goods now owned or hereafter
acquired by Debtor.

         "Equipment" means all "equipment" (as defined in the UCC) now owned or
hereafter acquired by Debtor including all machinery, motor vehicles, trucks,
trailers, vessels, aircraft and rolling stock and all parts thereof and all
additions and accessions thereto and replacements therefor.

         "Event of Default" has the meaning assigned to that term in Section
9(a).

         "Fixtures" means all of the following now owned or hereafter acquired
by Debtor: plant fixtures; business fixtures; other fixtures and storage office
facilities, wherever located; and all additions and accessions thereto and
replacements therefor.

                                       -2-
<PAGE>

         "General Intangibles" means all "general intangibles" (as defined in
the UCC) now owned or hereafter acquired by Debtor including all right, title
and interest of Debtor in and to: (a) all software of the Debtor, including all
source code and object code thereto; (b) all agreements, leases, licenses and
contracts to which Debtor is or may become a party; (c) all obligations or
indebtedness owing to Debtor (other than Accounts) from whatever source arising;
(d) all tax refunds; (e) Intellectual Property; and (f) all trade secrets and
other confidential information relating to the business of Debtor.

         "Instruments" means all "instruments" "chattel paper" or "letters of
credit" (each as defined in the UCC) including promissory notes, drafts, bills
of exchange and trade acceptances, now owned or hereafter acquired by Debtor.

         "Intellectual Property" means collectively all of the following:
Copyrights, Copyright Licenses, Patents, Trademarks and Trademark Licenses.

         "Inventory" means all "inventory" (as defined in the UCC), now owned or
hereafter acquired by Debtor, wherever located, including finished goods, raw
materials, work in process and other materials and supplies (including packaging
and shipping materials) used or consumed in the manufacture or production
thereof and goods which are returned to or repossessed by Debtor.

         "Patents" means all letters patent of the United States or any other
country, all right, title and interest therein and thereto, and (a) all
registrations and recordings thereof including, without limitation, applications
(including pending patent applications), registrations and recordings in the
United States Patent and Trademark Office or in any similar office or agency of
the United States, and state thereof or any other country or any political
subdivision thereof, all whether now owned or hereafter acquired by Debtor, and
(b) all reissues, continuations, continuations-in-part or extensions thereof and
all licenses thereof, and (c) all of Debtor's other general intangibles of every
kind and description, whether now existing or hereafter arising including,
without limitation, copyrights and federal, state and local tax refund claims of
all kinds.

         "Proceeds" means all proceeds of, and all other profits, rentals or
receipts, in whatever form, arising from the collection, sale, lease, exchange,
assignment, licensing or other disposition of, or realization upon, any
Collateral including all claims of Debtor against third parties for loss of,
damage to or destruction of, or for proceeds payable under, or unearned premiums
with respect to, policies of insurance with respect to any Collateral, and any
condemnation or requisition payments with respect to any Collateral, in each
case whether now existing or hereafter arising.

         "Secured Obligations" has the meaning assigned to that term in Section
3.

         "Security Agreement" means this Security Agreement as it may be
amended, supplemented or otherwise modified from time to time.

                                       -3-
<PAGE>

         "Security Interests" means the security interest granted pursuant to
Section 2, as well as all other security interests created or assigned as
additional security for the Secured Obligations pursuant to the provisions of
this Security Agreement.

         "Trademark License" means any written agreement now or hereafter in
existence granting to Debtor any right to use any Trademark.

         "Trademarks" means collectively all of the following now owned or
hereafter created or acquired by Debtor: (a) all trademarks, trade names,
corporate names, company names, business names, fictitious business names, trade
styles, service marks, logos, domain names and domain name registrations, other
business identifiers, prints and labels on which any of the foregoing have
appeared or appear, all registrations and recordings thereof (to the extent
Debtor can register such corporate, company or business name as a trademark),
and all applications in connection therewith including registrations, recordings
and applications in the Trademark Office or in any similar office or agency of
the United States, any State thereof or any other country or any political
subdivision thereof; (b) all reissues, extensions or renewals thereof; (c) all
income, royalties, damages and payments now or hereafter due or payable under
any of the foregoing or with respect to any of the foregoing including damages
or payments for past or future infringements of any of the foregoing; (d) the
right to sue for past, present and future infringements of any of the foregoing;
(e) all rights corresponding to any of the foregoing throughout the world; and
(f) all goodwill associated with and symbolized by any of the foregoing.

         "UCC" means the Uniform Commercial Code as in effect on the date hereof
in the State ofTexas, as amended from time to time, and any successor statute;
provided that if by reason of mandatory provisions of law, the perfection or the
effect of perfection or non-perfection of the Security Interest in any
Collateral is governed by the Uniform Commercial Code as in effect on or after
the date hereof in any other jurisdiction, "UCC" means the Uniform Commercial
Code as in effect in such other jurisdiction for purposes of the provision
hereof relating to such perfection or effect of perfection or non-perfection.

         1.2      Other Definition Provisions. References to "Sections"
"subsections," "Exhibits" and "Schedules" shall be to Sections, subsections,
Exhibits and Schedules, respectively, of this Security Agreement unless
otherwise specifically provided. References to the words "including," "includes"
and "include" shall be deemed to be followed by the words "without limitation;"
and the term "or" has, except where otherwise indicated, the inclusive meaning
represented by the phrase "and/or." Any of the terms defined in subsection 1.1
may, unless the context otherwise requires, be used in the singular or the
plural depending on the reference. All references to statutes and related
regulations shall include any amendments of same and any successor statutes and
regulations.

SECTION 2.        Grant of Security Interest.
                  --------------------------

         In order to secure the payment and performance of the Secured
Obligations in accordance with the terms thereof, Debtor hereby grants to the
Secured Party a continuing security interest in and to all right, title and

                                       -4-
<PAGE>

interest of Debtor in the following property, whether now owned or existing or
hereafter acquired or arising and regardless of where located (all being
collectively referred to as the "Collateral").

                  (a)      Accounts;

                  (b)      Inventory;

                  (c)      Computer Software;

                  (d)      General Intangibles;

                  (e)      Documents;

                  (f)      Instruments;

                  (g)      Equipment;

                  (h)      Fixtures;

                  (i)      All deposit accounts of Debtor maintained with any
bank or financial institution;

                  (j)      All books, records, ledger cards, files,
correspondence, computer programs, tapes, disks and related data processing
software that at any time evidence or contain information relating to any of the
property described in subparts (a) - (i) above or are otherwise necessary or
helpful in the collection thereof or realization thereon; and

                  (k)      Proceeds of all or any of the property described in
subparts (a) - (j) above.

Notwithstanding the foregoing, so long as no Event of Default has occurred and
is continuing, Debtor shall have the exclusive, non-transferable right and
license to use the Intellectual Property and the exclusive right to grant to
other Persons licenses and sublicenses with respect to the Intellectual
Property.

SECTION 3.        Security for Obligations.
                  ------------------------

         This Security Agreement secures the payment and performance of all
post-petition loans or advances made by Secured Party to Debtor, (plus any and
all accrued (and accruing) but unpaid interest on all such indebtedness), and
all other obligations of Debtor to the Secured Party now or hereafter existing
and all renewals, extensions, restructurings and refinancings of any of the
above (all such debts, obligations and liabilities of Debtor being collectively
called the "Secured Obligations").

                                       -5-
<PAGE>

SECTION 4.        Debtor Remains Liable.
                  ---------------------

         Anything herein to the contrary notwithstanding: (a) Debtor shall
remain liable under the contracts and agreements included in the Collateral to
the extent set forth therein to perform all of its duties and obligations
thereunder to the same extent as if this Security Agreement had not been
executed; (b) the exercise by the Secured Party of any of the rights hereunder
shall not release Debtor from any of its duties or obligations under the
contracts and agreements included in the Collateral; and (c) the Secured Party
shall not have any obligation or liability under the contracts and agreements
included in the Collateral by reason of this Security Agreement, nor shall the
Secured Party be obligated to perform any of the obligations or duties of Debtor
thereunder or to take any action to collect or enforce any claim for payment
assigned hereunder.

SECTION 5.        Representations and Warranties.
                  ------------------------------

         Debtor represents and warrants as follows:

         5.1.     Binding Obligation; Authorization. This Security Agreement and
the Note are legally valid and binding obligation of Debtor, enforceable against
it in accordance with its terms. The execution, delivery and performance of this
Agreement and the Note by the Debtor has been duly approved by the Board of
Directors of the Debtor and all other actions required to authorize and effect
the granting of the Security Interest and the issuance of the Note has been duly
taken and approved by the Company.

         5.2.     Location of Equipment and Inventory. All of the Equipment and
Inventory is located at the places specified on Schedule II.

         5.3.     Ownership of Collateral. Except for matters disclosed on
Schedule I, and the Security Interest, Debtor owns the Collateral free and clear
of any lien or encumbrance. No financing statement or other form of lien notice
covering all or any part of the Collateral is on file in any recording office,
except for those in favor of the Secured Party and as disclosed on Schedule I.
The Debtor does not own any interest in Fixtures, but agrees to notify the
Secured Party upon Debtor's acquisition of any Fixtures and to take prompt
action to perfect a security interest in such Collateral under the UCC.

         5.4.     Office Locations; Fictitious Names. The chief place of
business, the chief executive office and the office where Debtor keeps its books
and records are located at the places specified on Schedule II.

         5.5.     Perfection. This Security Agreement creates a valid, perfected
and first priority security interest in the Collateral, securing the payment of
the Secured Obligations, and all filings and other actions necessary or
desirable to perfect and protect such security interest have been duly taken (or
will be taken immediately by the Debtor at the request of the Secured Party);
provided, nothing herein constitutes a representation as to actions that must be
taken, if any, to perfect a security interest in any item of Equipment, the
ownership of which is evidenced by a certificate of title.

         5.6.     Governmental Authorizations. No authorization, approval or
other action by, and no notice to or filing with, any governmental authority or
regulatory body is required either (a) for the grant by Debtor of the security
interest granted hereby or for the execution, delivery or performance of this

                                       -6-
<PAGE>

Security Agreement and/or the Note by Debtor or (b) for the perfection of or the
exercise by the Secured Party of its rights and remedies hereunder (except as
may have been taken by or at the direction of Debtor or the Secured Party).

SECTION 6.        Further Assurances; Covenants.
                  -----------------------------

         6.1.     Other Documents and Actions. Debtor will, from time to time,
at its expense, immediately execute and deliver all further instruments and
documents and take all further action that may be necessary or desirable, or
that the Secured Party may request, in order to perfect and protect any security
interest granted or purported to be granted hereby or to enable the Secured
Party to exercise and enforce its rights and remedies hereunder with respect to
any Collateral. Without limiting the generality of the foregoing, Debtor will
immediately upon request of the Secured Party: (a) execute and file such
financing or continuation statements, or amendments thereto, and such other
instruments or notices, as may be necessary or desirable, or as the Secured
Party may request, in order to perfect and preserve the security interests
granted or purported to be granted hereby (in such jurisdictions and with such
officers as Secured Party so requests); (b) upon demand by the Secured Party
exhibit the Collateral to allow inspection of the Collateral by the Secured
Party or persons designated by the Secured Party; and (c) upon the Secured
Party' request, appear in and defend any action or proceeding that may affect
Debtor's title to or the Secured Party' security interest in the Collateral.

         6.2.     Business Locations. Debtor will keep the Collateral at the
locations specified on Schedule II hereto.

         6.3.     Insurance. At its sole expense, the Debtor shall insure the
Collateral at all times for the full insurable value thereof against casualty
and theft and against such other risks, in such form and with such insurers, as
may be satisfactory to the Secured Party from time to time. In addition, each
such policy shall (i) name the Secured Party as mortgagee and loss payee as its
interest may appear and name the Secured Party as an additional insured relating
to liability risks, (ii) provide that no act of omission or commission or
misrepresentation or breach of warranty by the Debtor shall affect the Secured
Party' rights thereunder, (iii) provide that the Secured Party shall not be
liable for any premiums or other amounts and (iv) provide that the insurer shall
give the Secured Party not less than twenty (20) days' prior written notice of
cancellation or lapse. If the Debtor shall fail at any time to maintain such
insurance, the Secured Party may obtain such insurance coverage and the Debtor
agrees to reimburse the Secured Party therefor on demand with interest thereon
at the rate specified in the Notes. The Debtor shall notify the Secured Party
promptly if any loss or casualty relating to the Collateral occurs.

         6.4.     Taxes and Claims. Debtor will pay promptly when due all
property and other taxes, assessments and governmental charges or levies imposed
upon, and all claims against, the Collateral (including claims for labor,
materials and supplies), except to the extent the validity thereof is being
contested in good faith.

                                       -7-
<PAGE>

         6.5.     Use of Collateral. Debtor will not use or permit any
Collateral to be used unlawfully or in violation of any provision of this
Security Agreement or any applicable statute, regulation or ordinance or any
policy of insurance covering any of the Collateral.

         6.6.     Condition of Collateral. The Debtor shall maintain the
Collateral in good condition and operate the Collateral with reasonable care and
caution and the Debtor hereby indemnifies and holds the Secured Party harmless
from any and all loss, damage and liability suffered, incurred or asserted by or
against the Secured Party as a result of the use and operation of the
Collateral.

         6.7.     Other Information. Debtor will, promptly upon request, provide
to the Secured Party all information and evidence it may reasonably request
concerning the Collateral, and in particular the Accounts, to enable the Secured
Party to enforce the provisions of this Security Agreement.

SECTION 7.        Secured Party Appointed Attorney-In-Fact.
                  ----------------------------------------

         Subject to any and all statutory requirements for Bankruptcy Court
approval of same, Debtor hereby irrevocably appoints the Secured Party as
Debtor's attorney-in-fact, with full authority in the place and stead of Debtor
and in the name of Debtor to take any action and to execute any instrument that
the Secured Party may deem necessary and/or advisable as follows:

                  (a)      to obtain and adjust insurance required to be paid to
the Secured Party if Debtor has not done so in the ordinary course of its
business;

                  (b)      to ask, demand, collect, sue for, recover, compound,
receive and give receipts for moneys due and to become due under or in respect
of any of the Collateral upon the occurrence of an Event of Default;

                  (c)      to receive, endorse, and collect any drafts or other
instruments, documents and chattel paper, in connection with clauses (a) and (b)
above upon the occurrence of an Event of Default;

                  (d)      to file any claims or take any action or institute
any proceedings that the Secured Party may deem necessary or desirable for the
collection of any of the Collateral or otherwise to enforce the rights of the
Secured Party with respect to any of the Collateral if Debtor has not done so in
the ordinary course of its business;

                  (e)      to pay or discharge taxes or liens, levied or placed
upon or threatened against the Collateral, the legality or validity thereof and
the amounts necessary to discharge the same to be determined by the Secured
Party in its sole discretion, and such payments made by the Secured Party to
become obligations of Debtor to the Secured Party, due and payable immediately
without demand if Debtor has not done so in the ordinary course of its business;

                                       -8-
<PAGE>

                  (f)      to sign and endorse any invoices, freight or express
bills, bills of lading, storage or warehouse receipts, assignments,
verifications and notices in connection with Accounts and other documents
relating to the Collateral upon the occurrence of an Event of Default;

                  (g)      generally to sell, transfer, pledge, make any
agreement with respect to or otherwise deal with any of the Collateral as fully
and completely as though the Secured Party were the absolute owner thereof for
all purposes, and to do, at the Secured Party's option and Debtor's expense, at
any time or from time to time, all acts and things that the Secured Party deems
necessary to protect, preserve or realize on the Collateral upon the occurrence
of an Event of Default; and

                  (h)      to accomplish the purposes of this Security Agreement
if Debtor has not done so in the ordinary course of its business.

         Neither the Secured Party nor any person designated by the Secured
Party shall be liable for any acts or omissions or for any error of judgment or
mistake of fact or law. This power, being coupled with an interest, is
irrevocable so long as this Security Agreement shall remain in force.

SECTION 8.        Transfers and Other Liens.
                  -------------------------

         Except as otherwise permitted by the Agreement, Debtor shall not:

                  (a)      Sell, assign (by operation of law or otherwise) or
otherwise dispose of, or grant any option with respect to, any of the
Collateral; or

                  (b)      Create or suffer to exist any lien, security interest
or other charge or encumbrance upon or with respect to any of the Collateral to
secure indebtedness of any Person except for the security interest created by
this Security Agreement.

SECTION 9.        Events of Default; Remedies
                  ---------------------------

                  (a)      Each of the following events shall be an "Event of
Default" (i) the non-payment of any of the Secured Obligations (including, but
not limited to, the payment when due of any principal and/or accrued but unpaid
interest), or (ii) the failure of the Debtor to observe or perform any other
term, provision or condition of the Agreement, the Note, and/or this Security
Agreement, and/or any other document executed and delivered by Debtor to the
Secured Party, or (iii) dissolution or termination of existence of, or the
suspension or termination of operations of, the Debtor, (iv) any seizure,
vesting, or intervention by or under authority of a government, by which the
management of the Debtor is displaced or its authority in the conduct of its
business is curtailed, or (v) the attachment or restraint of any funds or other
property of the Debtor which may be in or come into the Secured Party's
possession or under the Secured Party's control, or that of any third party
acting for the Secured Party, or of the same becoming subject at any time to any
mandatory order of court or other legal process, or (vi) any representation or
warranty contained herein, in the Agreement, the Note or any document evidencing

                                       -9-
<PAGE>

the Secured Party Debt shall prove to be materially false when made, or (vii)
the Secured Party believes in good faith that the prospect for payment of the
Secured Obligations out of the Collateral or otherwise has become materially
impaired or (viii) the loss, theft, damage, destruction of any of the Collateral
which casualty is not fully covered by insurance or the attachment, levy or
seizure of any Collateral,

                  (b)      If any Event of Default shall have occurred and be
continuing, the Secured Party, subject to any necessary approvals by the
Bankruptcy Court, including, but not limited to prior relief from the automatic
stay, may exercise in respect of the Collateral, in addition to all other rights
and remedies provided for herein or otherwise available to it, all the right and
remedies of a secured party on default under the UCC (whether or not the UCC
applies to the affected Collateral) and also may: (a) require Debtor to, and
Debtor hereby agrees that it will, at its expense and upon request of the
Secured Party forthwith, assemble all or part of the Collateral as directed by
the Secured Party and make it available to the Secured Party at a place to be
designated by the Secured Party which is reasonably convenient to both partiesTo
the extent permitted by law, Debtor hereby specifically waives all rights of
redemption, stay or appraisal which it has or may have under any law now
existing or hereafter enacted. All cash proceeds received by the Secured Party
resulting from the disposition of or collection from the Collateral may be held
by the Secured Party as collateral for the Secured Obligations and/or then or at
any time thereafter applied in payment of all or any of the Secured Obligations
in such order as the Secured Party shall elect. The balance of such cash
proceeds held by the Secured Party and remaining after payment in full of the
Secured Obligations shall be paid over to the Debtor or to the person who may be
lawfully entitled to such balance. The remedies provided in this Agreement are
cumulative and not exclusive of any other remedies provided by law including,
without limitation, any rights of setoff available to the Secured Party.

SECTION 10.       Limitation on Duty of the Secured Party with Respect to
                  Collateral.
                  -------------------------------------------------------

         Beyond the safe custody thereof, the Secured Party shall have no duty
with respect to any Collateral in its possession or control (or in the
possession or control of any the Secured Party or bailee) or with respect to any
income thereon or the preservation of rights against prior parties or any other
rights pertaining thereto. The Secured Party shall be deemed to have exercised
reasonable care in the custody and preservation of the Collateral in its
possession if the Collateral is accorded treatment substantially equal to that
which it accords its own property. The Secured Party shall not be liable or
responsible for any loss or damage to any of the Collateral, or for any
diminution in the value thereof, by reason of the act or omission of any
warehouseman, carrier, forwarding agency, consignee or other agent or bailee
selected by the Secured Party in good faith.

SECTION 11.       Expenses.
                  --------

         Debtor shall pay all insurance expenses and all expenses of protecting,
storing, warehousing, appraising, insuring, handling, maintaining and shipping
the Collateral, all costs, fees and expenses of perfecting, and maintaining the
Security Interest, any and all excise, property, sales and use taxes imposed by
any state, federal or local authority on any of the Collateral, or with respect
to periodic appraisals and inspections of the Collateral, or with respect to the

                                      -10-
<PAGE>

sale or other disposition thereof. If Debtor fails to promptly pay any portion
of the above expenses when due or to perform any other obligation of Debtor
under this Security Agreement, the Secured Party may, at its option, but shall
not be required to, pay or perform the same and charge Debtor's account for all
costs and expenses incurred therefor, and Debtor agrees to reimburse the Secured
Party therefor on demand. All sums so paid or incurred by the Secured Party for
any of the foregoing, any and all other sums for which Debtor may become liable
hereunder and all costs and expenses (including attorneys' fees, legal expenses
and court costs) incurred by the Secured Party in enforcing or protecting the
Security Interests or any of its rights or remedies under this Security
Agreement, the Agreement, the Note and/or any document evidencing the Secured
Party Debt shall be payable on demand, shall constitute Secured Obligations and
shall be secured by the Collateral.

SECTION 12.       Termination of Security Interests; Release of Collateral.
                  --------------------------------------------------------

         Upon payment in full of all Secured Obligations, the Security Interests
shall terminate and all rights to the Collateral shall revert to Debtor. Upon
such termination of the Security Interest or release of any Collateral, the
Secured Party will, at the expense of Debtor, execute and deliver to Debtor such
documents as Debtor shall reasonably request to evidence the termination of the
Security Interest or the release of such Collateral, as the case may be.

SECTION 13.       Notices.
                  -------

         All notices, approvals, requests, demands and other communications
hereunder shall be given in accordance with the notice provision of the
Agreement.

SECTION 14.       Waivers, Non-Exclusive Remedies.
                  -------------------------------

         No failure on the part of the Secured Party to exercise, and no delay
in exercising and no course of dealing with respect to, any right under the
Agreement, the Note, any instrument evidencing any portion of the Secured Party
Debt or this Security Agreement shall operate as a waiver thereof; nor shall any
single or partial exercise by the Secured Party of any right under the
Agreement, the Note, any instrument evidencing any portion of the Secured Party
Debt or this Agreement preclude any other or further exercise thereof or the
exercise of any other right. The rights in this Security Agreement, the Note,
and/or any document evidencing any portion of the Secured Party Debt and/or the
Agreement are cumulative and are not exclusive of any other remedies provided by
law.

SECTION 15.       Successors and Assigns.
                  ----------------------

         This Agreement is for the benefit of the Secured Party and its
successors and assigns, and in no event shall the Debtor without the prior
express written consent of the Secured Party assign all or any portion of the
Secured Obligations, the rights hereunder, the Agreement, the Note, or any
document evidencing the Secured Party Debt. This Security Agreement shall be
binding on Debtor and its successors and all permitted assigns.

                                      -11-
<PAGE>

SECTION 16.       Changes in Writing.
                  ------------------

         No amendment, modification, termination or waiver of any provision of
this Security Agreement or consent to any departure by Debtor therefrom, shall
in any event be effective without the written concurrence of the Secured Party
and Debtor.

SECTION 17.       Applicable Law, Etc.
                  -------------------

         This Agreement shall be governed by and construed in accordance with
the internal laws of the State of Texas without regard to the conflicts of laws
principles thereof. The parties hereto hereby expressly and irrevocably agree
that any suit or proceeding arising directly and/or indirectly pursuant to or
under this Security Agreement, shall be brought solely in a federal or state
court located in the State of Texas. By its execution hereof, the parties hereby
covenant and expressly and irrevocably submit to the in personam jurisdiction of
the federal and state courts located in the Travis County, State of Texas and
agree that any process in any such action may be served upon any of them
personally, or by certified mail or registered mail upon them or their agent,
return receipt requested, with the same full force and effect as if personally
served upon them in Texas. The parties hereto waive any claim that any such
jurisdiction is not a convenient forum for any such suit or proceeding and any
defense or lack of in personam jurisdiction with respect thereto. In the event
of any such action or proceeding, the party prevailing therein shall be entitled
to payment from the other party hereto of its reasonable counsel fees and
disbursements.

SECTION 18.       Headings.
                  --------

         Section and subsection headings in this Security Agreement are included
herein for convenience of reference only and shall not constitute a part of this
Security Agreement for any other purpose or be given any substantive effect.

SECTION 19.       Counterparts.
                  ------------

         This Security Agreement may be executed in any number of counter-parts,
all of which taken together shall constitute one and the same instrument and any
of the parties hereto may execute this Security Agreement by signing any such
counterpart.

SECTION 20.       WAIVER OF JURY TRIAL.
                  --------------------

         DEBTOR AND SECURED PARTY HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SECURITY
AGREEMENT. DEBTOR AND SECURED PARTY ALSO WAIVE ANY BOND OR INDEMNITY OR SECURITY
UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF SECURED PARTY.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF
THIS TRANSACTION INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. DEBTOR AND SECURED PARTY

                                      -12-
<PAGE>

ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS
SECURITY AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR
RELATED FUTURE DEALINGS. DEBTOR AND SECURED PARTY FURTHER WARRANT AND REPRESENT
THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND EACH KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER
ORALLY OR IN WRITING AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SECURITY AGREEMENT. IN THE EVENT
OF LITIGATION. THIS SECURITY AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A
TRIAL BY THE COURT.

                            [Signature page follows]

                                      -13-
<PAGE>

         WITNESS the due execution hereof by the respective duly authorized
officers of the undersigned as of the day first above written.

                                     DEBTOR:

                                     eCLICKMD, INC.

                                     By: /s/ NEIL BURLEY
                                         ---------------------------------------
                                         Name:   Neil Burley
                                         Title:  Chief Financial Officer

                                     SECURED PARTY:

                                     GRYPHON OPPORTUNITIES FUND I, LLC

                                     By: /s/
                                         ---------------------------------------
                                         Name:
                                         Title:

                                      -14-

<PAGE>

                        SCHEDULE I TO SECURITY AGREEMENT
                        --------------------------------

            Other Liens, Security Interests and Financing Statements

1. Security Agreement dated on or about March 31, 2003, by and between eClickMD,
Inc. and Gryphon Opportunities Fund I, L.P., covering accounts, equipment,
inventory, intellectual property, general intangibles. Financing Statements on
file with Texas Secretary of State, Travis County, Texas and State of Nevada.

2. Security Agreement dated on or about May 20, 2003, by and between eClickMD,
Inc. and Gryphon Opportunities Fund I, L.P., covering accounts, equipment,
inventory, intellectual property, general intangibles. Financing Statements to
be filed with Texas Secretary of State, Travis County, Texas and State of
Nevada.

<PAGE>

                        SCHEDULE II TO SECURITY AGREEMENT
                        ---------------------------------

Locations of Equipment, Inventory, Books and Records, Chief Executive Office,
Other Locations

Locations of Equipment and Inventory:
-------------------------------------

         [TO COME]

Location of Books and Records and Chief Executive Office:
--------------------------------------------------------

         (same as above)<PAGE>

                                                                     EXHIBIT 4.1

                         COMMON STOCK PURCHASE AGREEMENT
                         -------------------------------

         THIS COMMON STOCK PURCHASE AGREEMENT (the "Agreement") is made and
entered into as of July 11, 2003, by and among ACACIA RESEARCH CORPORATION, a
Delaware corporation (the "Purchaser") and MARUBENI CORPORATION, a Japanese
corporation, and MARUBENI AMERICA CORPORATION, a New York corporation, (each, a
"Seller" and collectively, the "Sellers"). Capitalized terms used herein shall
have the meetings set forth in Article 5.

                                R E C I T A L S :
                                -----------------

         WHEREAS, the Sellers desire to sell to the Purchaser, and the Purchaser
desires to purchase from the Sellers, shares of the Common Stock of CombiMatrix
K.K. ("CBMX K.K."), a Japanese corporation ("CBMX K.K."), for the consideration
set forth herein.

         WHEREAS, capitalized terms used herein and not otherwise defined shall
have the meanings set forth in Section 5.1.

         NOW, THEREFORE, in consideration of the mutual promises and agreements
herein, and subject to the terms and conditions hereinafter set forth, the
parties hereby agree as follows:

                                   ARTICLE 1

                           PURCHASE AND SALE OF SHARES

         1.1 PURCHASE AND SALE. On the basis of the representations, warranties,
covenants and agreements and subject to the satisfaction or waiver of the terms
and conditions, set forth herein, each Seller agrees to sell to the Purchaser
and the Purchaser agrees to purchase from the Sellers that number of shares of
common stock of CBMX K.K. (the "CBMX K.K. Shares") set forth next to such
Seller's name on Exhibit A hereto in exchange for that number of shares of
Purchaser's Acacia Research-CombiMatrix Common Stock (the "Acacia Shares") set
forth next to such Seller's name on Exhibit A hereto.

         1.2 THE CLOSING OF PURCHASE AND SALE OF COMMON STOCK. The purchase and
sale described in Section 1.1 shall take place at a closing (the "Closing") to
be held at the offices of the Purchaser, 500 Newport Center Drive, Suite 700,
Newport Beach, California 92660, on July 11, 2003. At the Closing, the Sellers
shall convey and deliver stock certificate(s), duly endorsed for transfer to the
Purchaser or accompanied by a duly executed stock assignment separate from
certificate, evidencing the CBMX K.K. Shares against delivery by Purchaser to
Sellers of stock certificates representing the Acacia Shares.

                                      -1-
<PAGE>

                                   ARTICLE 2

                   REPRESENTATIONS AND WARRANTIES BY PURCHASER

         The Purchaser represents, warrants, agrees, and covenants as follows:

         2.1 AUTHORIZATION.

                  (a) The Purchaser is duly authorized to execute and deliver
this Agreement and instruments executed in connection herewith.

                  (b) The Purchaser is a duly organized and validly existing
corporation in good standing under the laws the State of Delaware and has all
requisite corporate power and authority for the ownership and operation of its
properties and for the carrying on of its business as now conducted and as
proposed to be conducted. The Purchaser is duly licensed or qualified and in
good standing as a foreign corporation authorized to do business in all
jurisdictions in which the nature of the respective business conducted or
property owned by it makes such qualification necessary.

                  (c) This Agreement and each other agreement and instrument
contemplated hereby constitute the valid and binding obligations of the
Purchaser, enforceable against it in accordance with their respective terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or affecting creditors' rights generally.

                  (d) The execution, delivery and performance of this Agreement
will not breach, violate or conflict with its Restated Certificate of
Incorporation or Amended and Restated Bylaws or any material agreement to which
Purchaser is a party or by which it is bound.

                  (e) Other than consents or approvals under state and federal
securities laws, rules and regulations, no consent or approval of any Person (as
defined in Section 5.1 below) is required in connection with the execution,
delivery and performance of this Agreement and such other agreements and
instruments by the Purchaser which has not heretofore been obtained.

         2.2 ACACIA SHARES. The Acacia Shares have been duly authorized, are
validly issued and are fully paid and nonassessable and will be issued in
compliance with applicable securities laws, free of restrictions on transfer
other than restrictions on transfer hereunder, and restrictions on transfer
under its Restated Certificate of Incorporation or Amended and Restated Bylaws
and applicable securities laws.

         2.3 OTHER. No Person has or will have, as a result of the transactions
contemplated by this Agreement, any right, interest or valid claim upon or
against the Sellers for any commission, fee or other compensation as a finder or
broker because of any act or omission by such Purchaser and the Purchaser agrees
to indemnify and hold the Sellers harmless against any such commissions, fees or
other compensation.

                                      -2-
<PAGE>

                                   ARTICLE 3

                    REPRESENTATIONS AND WARRANTIES OF SELLER

         Each Seller represents, warrants, and covenants as follows:

         3.1 NO SOLICITATION. The Agreement was in no way a result of a
solicitation of the Sellers by the Purchaser. The transactions contemplated by
this Agreement resulted from an unsolicited offer by the Sellers to exchange
their CBMX K.K. Shares for Acacia Shares.

         3.2 DUE DILIGENCE EXAMINATION. Each Seller and its advisers have relied
on their own examination of reports filed by the Purchaser under the Securities
Act, the Exchange Act and other publicly available information relating to the
Purchaser and the Purchaser's business and finances (collectively, the
"Information"), and any and all other information deemed relevant by the Sellers
in order to make an informed investment decision regarding this Agreement, and
have reviewed and received such Information and understand the Information and
this Agreement. Without limiting the foregoing, each Seller acknowledges that it
has received and reviewed the following:

                  (a) the Purchaser's proxy statement, dated November 8, 2002;

                  (b) the Purchaser's Annual Report on Form 10-K for the year
ended December 31, 2002;

                  (c) the Purchaser's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2003; and

                  (d) the Purchaser's proxy statement, dated April 10, 2003.

         3.3 SOPHISTICATION. Each Seller has such knowledge and experience in
financial, tax, and business matters so as to enable such Seller to utilize the
information made available to the undersigned in connection with this Agreement
to evaluate the merits and risks of such and to make an informed investment
decision with respect thereto. Neither Seller is relying on the Purchaser with
respect to the legal, tax, and other economic considerations of this Agreement
and has obtained, or had the opportunity to obtain the advice of such Seller's
own legal, tax and other advisors.

         3.4 COOPERATION. Each Seller hereby agrees to provide such information
and to execute and deliver such documents as may reasonably be necessary to
comply with any and all laws and ordinances to which the Purchaser is subject,
including, without limitation, such additional information as the Purchaser may
deem appropriate with regard to such Seller's suitability.

         3.5 GOOD AND MARKETABLE TITLE. Each Seller has, and at the Closing, the
Purchaser will receive, good and marketable title to the CBMX K.K. Shares owned
by such Seller, free and clear of all liens, claims, security interests, charges
and encumbrances.

                                      -3-
<PAGE>

         3.6 AUTHORITY; ENFORCEABLE AGREEMENTS.

                  (a) Each Seller has full legal capacity and authority to enter
into, execute and deliver this Agreement and each other agreement and instrument
executed in connection herewith.

                  (b) This Agreement and such other agreements and instruments
contemplated hereby constitute the valid and binding obligations of each Seller,
enforceable against each Seller in accordance with their respective terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or affecting creditors' rights generally.

                  (c) The execution, delivery and performance of this Agreement
will not breach, violate or conflict with any agreement to which either Seller
is a party or by which it is bound.

                  (d) No consent or approval of any Person is required in
connection with the execution, delivery and performance of this Agreement or any
other agreements and instruments by which either Seller is bound which has not
heretofore been obtained.

         3.7 INVESTMENT. Each Seller is acquiring the Acacia Shares for
investment for its own account, and not with the view to, or for resale in
connection with, any "distribution" of all or any portion thereof within the
meaning of the Securities Act. The Acacia Shares received by the Sellers will be
restricted securities. Each Seller understands that the Acacia Shares to be
acquired hereunder have not been registered under the Securities Act by reason
of a specific exemption from the registration provisions of the Securities Act
which depends upon, among other things, the bona fide nature of the Sellers'
investment intent and the accuracy of the Sellers' representations as expressed
herein. Neither Seller has offered or sold any portion of the Acacia Shares
being acquired nor does either Seller have any contract, understanding,
agreement or arrangement with any person or with respect to any portion of the
Acacia Shares. Each Seller acknowledges that the Acacia Shares being acquired
hereunder must be held indefinitely unless the transfer thereof is registered
under the Securities Act or unless an exemption from such registration is
available, and that each share certificate representing the Acacia Shares shall
bear a legend setting forth the restrictions on the transfer thereof
substantially in the following form:

                  "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE STATE
                  SECURITIES LAWS AND MAY NOT BE TRANSFERRED OR OTHERWISE
                  DISPOSED OF UNLESS IT HAS BEEN REGISTERED UNDER THE ACT AND
                  SUCH LAWS OR (1) REGISTRATION UNDER SUCH LAWS IS NOT REQUIRED
                  AND (2) AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY IS
                  FURNISHED TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER
                  THE ACT AND THE APPLICABLE STATE SECURITIES LAWS IS NOT
                  REQUIRED."

Each Seller is an "accredited investor" as defined in Rule 501 under the
Securities Act.

                                      -4-
<PAGE>

         3.8 RULE 144. Each Seller acknowledges that it is aware of the
provisions of Rule 144 promulgated under the Securities Act which permit limited
resale of shares purchased in a private placement, subject to the satisfaction
of certain conditions, including, among other things, the availability of
certain current public information about the Purchaser, the resale occurring
after the expiration of minimum holding periods after a party has purchased and
paid for the security to be sold, the sale being effected through a "broker's
transaction" or in transactions directly with a "market maker" and the number of
shares being sold during any three-month period not exceeding specified
limitations except as provided in Rule 144(k).

         3.9 INDEMNIFICATION. Each Seller agrees, jointly and severally, to
indemnify and hold harmless the Purchaser against and in respect of any loss,
liability, damage, claim or expense resulting from any breach of any
representation, warranty, covenant or agreement by the Sellers contained in this
Agreement.

         3.10 ACACIA RESEARCH--COMBIMATRIX STOCK. Each Seller acknowledges that
the Purchaser's Acacia Research-CombiMatrix common stock, including the Acacia
Shares, and the Purchaser's Acacia Research-Acacia Technologies common stock are
both classes of common stock of the Purchaser, and as such remain subject to all
risks associated with an investment in the Purchaser and all of Purchaser's
businesses, assets and liabilities. Each Seller further acknowledges that
although the Acacia Research-CombiMatrix common stock and the Acacia
Research-Acacia Technologies common stock are intended to reflect the
performance of different business groups within the Purchaser, they are not
stock issued by the separate groups and accordingly the market values of the two
classes may not in fact reflect the performance of the separate groups.

         3.11 OTHER. No person has or will have, as a result of the transactions
contemplated by this Agreement, any right, interest or valid claim upon or
against the Purchaser for any commission, fee or other compensation as a finder
or broker because of any act or omission by either Seller and the Sellers agree,
jointly and severally, to indemnify and hold the Purchaser harmless against any
such commissions, fees or other compensation.

                                   ARTICLE 4

                REGISTRATION RIGHTS WITH RESPECT TO ACACIA SHARES

         4.1 REGISTRATION RIGHTS.

                  (a) REGISTRATION. The Purchaser will file a Registration
Statement with the SEC for the resale of the Acacia Shares within sixty (60)
days of the date hereof. Subject to the provisions of this Agreement, the
Purchaser shall use its reasonable efforts to cause such Registration Statement
to be declared effective by the SEC as promptly as shall be practicable.
Purchaser shall use its best efforts to keep such Registration Statement in
effect until Sellers have sold or otherwise distributed all of the Acacia Shares
or until such Acacia Shares may be traded without restriction pursuant to
paragraph (k) of Rule 144, if applicable. Purchaser acknowledges and agrees that
time is of the essence with respect to the liquidity of the Acacia Shares.
Sellers shall promptly notify the Purchaser of the proposed manner of sale of
any Acacia Shares to be sold pursuant to such Registration Statement other than
in an unsolicited brokers' transaction including only usual and customary
brokers' commissions. No Seller shall undertake any such transactions other than
unsolicited brokers' transaction including only usual and customary brokers'

                                      -5-
<PAGE>

commissions unless (i) such Seller shall have furnished all information required
to be disclosed in any related prospectus supplement, and (ii) such Seller shall
have agreed in writing to bear all costs of registration and related expenses
(including attorneys' fees).

                  (b) SUSPENSION OF EFFECTIVENESS. The Purchaser's obligations
under Section 4.1 (a) above shall not restrict its ability to suspend the
effectiveness of, or direct any Seller not to offer or sell securities under,
the Registration Statement, at any time, for such reasonable period of time
which the Purchaser believes is necessary to prevent the premature disclosure of
any events or information having a material effect on the Purchaser. In
addition, the Purchaser shall not be required to keep the Registration Statement
effective, or may, without suspending such effectiveness, instruct any Seller
not to sell such securities, during any period during which the Purchaser is
instructed, directed, ordered or otherwise requested by any governmental agency
or self-regulatory organization to stop or suspend such trading or sales.

                  (c) HOLDBACK AGREEMENT. In the event of any filing of a
prospectus supplement or the commencement of an underwritten public distribution
of the Purchaser's Common Stock under a Registration Statement, each Seller
agrees not to effect any public sale or distribution of the Purchaser's Common
Stock, including a sale pursuant to Rule 144 or Rule 144A under the Securities
Act, during a period designated by the Purchaser in a written notice duly given
to the Sellers, which period shall commence approximately 14 days prior to the
effective date of any such filing of such prospectus supplement or the
commencement of such underwritten public distribution of such Purchaser's Common
Stock under a Registration Statement and shall continue for up to 180
consecutive days.

                  (d) REGISTRATION PROCEDURES. Except as otherwise expressly
provided herein, in connection with any registration of the Acacia Shares
pursuant to this Agreement, the Purchaser shall:

                  (i) furnish to each Seller one or more copies of the
         definitive final prospectus filed with the SEC;

                  (ii) notify the Sellers, at any time when a prospectus
         relating thereto is required to be delivered under the Securities Act,
         of the occurrence of any event as a result of which the prospectus
         included in such Registration Statement (including any document to be
         incorporated by reference therein) contains an untrue statement of a
         material fact or omits any fact necessary to make the statements
         therein not misleading and, at the request of any Seller, the Purchaser
         shall prepare a supplement or amendment to such prospectus so that, as
         thereafter delivered to the purchasers of such Acacia Shares, such
         prospectus will not contain an untrue statement of a material fact or
         omit to state any material fact required to be stated therein or
         necessary to make the statements therein not misleading and promptly
         make available to each Seller any such supplement or amendment; and

                  (iii) notify each Seller promptly, and (if requested by any
         such Person) confirm such advice in writing, (1) when the Registration
         Statement, the prospectus or any prospectus supplement or

                                      -6-
<PAGE>

         post-effective amendment has been filed, and, with respect to the
         Registration Statement or any post-effective amendment, when the same
         has become effective, (2) of the issuance by the SEC of any stop order
         suspending the effectiveness of a Registration Statement or of any
         order preventing or suspending the use of any preliminary prospectus or
         the initiation of any proceedings for that purpose and the Purchaser
         shall promptly use its reasonable best efforts to prevent the issuance
         of any stop order or to obtain its withdrawal if such stop order should
         be issued and (3) of the receipt by the Purchaser of any notification
         with respect to the suspension of the qualification or exemption from
         qualification of a Registration Statement or any of the Acacia Shares
         for offer or sale in any jurisdiction or the initiation or threatening
         of any proceeding for such purpose.

         The Purchaser may require each Seller to furnish to the Purchaser such
information regarding itself and the distribution of such Acacia Shares as the
Purchaser may from time to time reasonably request in writing and such other
information as may be legally required in connection with such registration.
Each Seller agrees, by its acquisition of the Acacia Shares and its acceptance
of the benefits provided to it hereunder, to furnish promptly to the Purchaser
all information required to be disclosed in order to make any previously
furnished information not materially misleading.

         Each Seller agrees, in connection with any disposition of the Acacia
Shares, to comply with all applicable prospectus delivery requirements of the
SEC. Each Seller further agrees that upon receipt of any notice from the
Purchaser of the happening of any event of the kind described herein requiring
the cessation of the distribution of a prospectus or the distribution of a
supplemented or amended prospectus, such Seller will forthwith discontinue
disposition of the Acacia Shares pursuant to the Registration Statement covering
such Acacia Shares until the Sellers' receipt of the copies of the supplemented
or amended prospectus contemplated by this Agreement, or until it is advised in
writing by the Purchaser that the use of the prospectus may be resumed, and, if
so directed by the Purchaser, the Sellers will deliver to the Purchaser (at the
Purchaser's expense) all copies, other than permanent file copies then in the
Sellers' possession, of the prospectus covering such Acacia Shares current at
the time of receipt of such notice.

                  (e) REGISTRATION EXPENSES. All expenses incident to the
Purchaser's performance of or compliance with the registration of shares
pursuant to this Agreement, including, without limitation, all registration and
filing fees, fees and expenses of compliance with securities or blue sky laws,
fees and expenses of counsel for the Purchaser and its independent certified
public accountants, (all such expenses being herein called "Registration
Expenses") will be borne by the Purchaser; provided that in no event shall
Registration Expenses payable by the Purchaser include any (i) underwriting
discounts, commissions, or fees attributable to the sale of the Acacia Shares,
(ii) fees and expenses of any counsel, accountants, or other persons retained or
employed by any Seller, or (iii) transfer fees, if any.

                  (f) ASSIGNMENT OR TRANSFER. The rights granted to the Sellers
pursuant to this Article 4 shall not be, directly or indirectly, assigned, or
transferred.

                                      -7-
<PAGE>

                                   ARTICLE 5

                                   DEFINITIONS

         5.1 CERTAIN DEFINED TERMS. As used in this Agreement, the following
terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined):

                  "ACACIA SHARES" shall have the meaning assigned to that term
in Section 1.1 of this Agreement.

                  "AGREEMENT" means this Common Stock Purchase Agreement,
including all Schedules, as from time to time amended and in effect between the
parties hereto.

                  "CBMX K.K. SHARES" shall have the meaning assigned to that
term in Section 1.1 of this Agreement.

                  "CLOSING" shall have the meaning assigned to that term in
Section 1.2 of this Agreement.

                  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations thereunder, as shall be in effect at the
time.

                  "INFORMATION" shall have the meaning assigned to that term in
Section 3.2 of this Agreement.

                  "PERSON" means an individual, corporation, partnership,
limited liability company, joint venture, trust, or unincorporated organization,
or a government or any agency or political subdivision thereof.

                  "PURCHASER" shall have the meaning assigned to that term in
the preamble to this Agreement.

                  "REGISTRATION STATEMENT" means the registration statement or
comparable document under the Securities Act through which a public sale or
disposition of the Acacia Shares may be registered, including the prospectus,
amendments and supplements to such registration statement, all exhibits, and all
material incorporated by reference or deemed to be incorporated by reference in
such Registration Statement.

                  "SEC" means the Securities and Exchange Commission and
successors thereto.

                  "SECURITIES ACT" means the Securities Act of 1933, as amended,
and the rules and regulations thereunder, as shall be in effect at the time.

                  "SELLERS" shall have the meaning assigned to that term in the
preamble to this Agreement.

                                      -8-
<PAGE>

                                   ARTICLE 6

                                  MISCELLANEOUS

         6.1 NO WAIVER; CUMULATIVE REMEDIES. No failure or delay on the part of
the Purchaser in exercising any right, power or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any such right,
power or remedy preclude any other or further exercise thereof or the exercise
of any other right, power or remedy hereunder. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

         6.2 AMENDMENTS, WAIVERS AND CONSENTS. Any provision in this Agreement
to the contrary notwithstanding, no changes in or additions to this Agreement
may be made, and compliance with any covenant or provision herein set forth may
not be omitted or waived, without the prior written consent of the parties. Any
waiver or consent may be given subject to satisfaction of conditions stated
therein and any waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

         6.3 ADDRESSES OR NOTICES, ETC. All notices, requests, demands and other
communications provided for hereunder shall be in writing (including telegraphic
communication) and mailed, by certified or registered mail, or telegraphed or
delivered to the applicable party at the addresses indicated below:

                  If to the Purchaser:

                           Acacia Research Corporation
                           500 Newport Center Drive
                           Suite 700
                           Newport Beach, California 92660
                           Attention: Robert A. Berman, Senior Vice President
                                        and General Counsel

                  If to a Seller, to the address set forth next to such Seller's
name on Exhibit A hereto.

         6.4 COSTS, EXPENSES AND TAXES. Each party shall pay its own fees in
connection with the investigation, preparation, execution and delivery of this
Agreement and other instruments and documents to be delivered hereunder and the
transactions contemplated hereby and thereby. In addition, each Seller shall pay
any and all material stamp and other taxes payable or determined to be payable
by such Seller in connection with the execution and delivery of this Agreement
and other instruments and documents to be delivered hereunder or thereunder, and
agree to save the Purchaser harmless from and against any and all liabilities
with respect to or resulting from any delay in paying or omission to pay such
taxes and filing fees. In the event of any controversy, claim or dispute among
the parties hereto arising out of or relating to this Agreement, or any breach
hereof, the prevailing party shall be entitled to recover from the losing party
reasonable attorney's fees, expenses and costs.

         6.5 BINDING EFFECT; ASSIGNMENT. This Agreement shall be binding upon
and inure to the benefit of the Sellers and the Purchaser and their respective
successors and assigns.

                                      -9-
<PAGE>

         6.6 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations and
warranties made in this Agreement or any other instrument or document delivered
in connection herewith or therewith, shall survive the execution and delivery
hereof or thereof for a period of three (3) years from the date of this
Agreement.

         6.7 PRIOR AGREEMENTS. This Agreement constitutes the entire agreement
between the parties and supersedes any prior understandings or agreements
concerning the subject matter hereof.

         6.8 SEVERABILITY. The invalidity or unenforceability of any provision
hereto shall in no way affect the validity or enforceability of any other
provision.

         6.9 GOVERNING LAW. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of California.

         6.10 JURISDICTION. Any suit, action or proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with,
this Agreement or the transactions contemplated hereby may be brought in any
federal court located in Orange County, California or any California state court
located in Orange County, California, and each of the parties hereby consents to
the jurisdiction of such courts (and of the appropriate appellate courts
therefrom) in any such suit, action or proceeding and irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have
to the laying of the venue of any such suit, action or proceeding in any such
court or that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient form. Process in any such suit, action or
proceeding may be served on any party anywhere in the world, whether within or
without the jurisdiction of any such court. Without limiting the foregoing, each
party agrees that service of process on such party as provided in Section 6.3
shall be deemed effective service of process on such party.

         6.11 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREBY OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT HEREOF.

         6.12 REPRESENTATION BY COUNSEL/GENERAL INTERPRETATION/MUTUAL
CONTRIBUTION. The parties hereto acknowledge that each party to this Agreement
is sophisticated and has been represented by counsel in connection with this
Agreement and the transactions contemplated by this Agreement, and that the
parties and their counsel have mutually contributed to the drafting of this
Agreement. Accordingly, no provision of this Agreement shall be construed
against any party on the ground that that party or its counsel draft the
provision or caused it to be drafted. No rule of strict construction will be
applied against any party. The provision of this Agreement shall be interpreted
in a reasonable manner to effect the intent of the parties.

                                      -10-
<PAGE>

         6.13 FACSIMILE SIGNATURES. Any signature page delivered by a fax
machine shall be binding to the same extent as an original signature page, with
regard to any agreement subject to the terms hereof or any amendments thereto.
Any party who delivers such a signature page agrees to later deliver an original
counterpart to any party which requests it.

         6.14 HEADINGS. Article, Section and subsection headings in this
Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose.

         6.15 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Agreement by signing
any such counterpart.

         6.16 FURTHER ASSURANCES. From and after the date of this Agreement,
upon the reasonable request of the Purchaser, the Sellers shall execute and
deliver such instruments, documents and other writings as may be reasonably
necessary or desirable to confirm and carry out and to effectuate fully the
intent and purposes of this Agreement and the transactions contemplated hereby.

                           [SIGNATURE PAGE TO FOLLOW]

                                      -11-
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers or individuals thereunder duly authorized,
as of the date first above written.

PURCHASER:                                ACACIA RESEARCH CORPORATION

                                          By: /s/ Paul R. Ryan
                                              ----------------------------------
                                              Paul R. Ryan
                                              Chief Executive Officer

SELLERS:                                  MARUBENI CORPORATION

                                          By: /s/ Masaya Takada
                                              ----------------------------------
                                          Print Name: Masaya Takada

                                          MARUBENI AMERICA CORPORATION

                                          By: /s/ Naoya Iwashita
                                              ----------------------------------
                                          Print Name: Naoya Iwashita

<PAGE>

<TABLE>
<CAPTION>
                                             EXHIBIT A
                                             ---------

------------------------------- -------------------------------- ------------------ -----------------------

        NAME OF SELLER                      ADDRESS               NUMBER OF CBMX      NUMBER OF ACACIA
                                                                 K.K. SHARES OWNED  SHARES TO BE RECEIVED
------------------------------- -------------------------------- ------------------ -----------------------
<S>                             <C>                                     <C>                <C>
     Marubeni Corporation       4-2, 1-Chome, Ohtemachi,                84                 140,000
                                Chiyoda-ku
                                Tokyo, Japan
                                100-8088
                                Attn:  Mr. Eisaku Nakamura,
                                Manager of Bio Team
------------------------------- -------------------------------- ------------------ -----------------------

 Marubeni America Corporation   450 Lexington Avenue                    36                  60,000
                                New York, NY  10017
                                Attn:  Mr. Hidekazu Futai
------------------------------- -------------------------------- ------------------ -----------------------

            TOTAL:                                                     120                 200,000
            ------                                                     ---                 -------
------------------------------- -------------------------------- ------------------ -----------------------
</TABLE>

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