Document:

EX-10.9 PATENT ASSIGNMENT OF SECURITY

 

Exhibit
10.9

PATENT ASSIGNMENT OF SECURITY

     WHEREAS, SentitO Networks, Inc., a Delaware corporation (“Company”), owns the patents and
patent applications shown in the attached Schedule A (the “Patents”), for which there are
recordings or applications in the United States Patent and Trademark Office under the numbers shown
in the attached Schedule A; and

     WHEREAS, Company entered into certain Joinder Agreement dated as of the date hereof in favor
of Laurus Master Fund, Ltd. (“Laurus”) pursuant to which Company became obligated to Laurus
pursuant to (i) a certain Security Agreement, dated as of September 20, 2006, among Verso
Technologies, Inc., a Minnesota corporation (“Verso”), certain subsidiaries of Verso and Laurus and
(ii) a certain Intellectual Property Security Agreement, dated as of September 20, 2006, among
Verso, certain subsidiaries of Verso and Laurus (as each may be amended, modified, restated or
supplemented from time to time, collectively, the “Agreements”); and

     WHEREAS, pursuant to the Agreements, Company is granting to Laurus a security interest in the
Patents, all proceeds thereof, all rights corresponding thereto and all reissues, divisions,
continuations, renewals, extensions and continuations-in-part thereof, and the recordings and
applications therefor.

     NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged,
Company does hereby grant to Laurus a security interest in and to the Patents and recordings and
applications therefor, which security interest shall secure all the Obligations as defined in the
Agreements and in accordance with the terms and provisions thereof.

     Company expressly acknowledges and affirms that the rights and remedies of Laurus with respect
to the security interest granted hereby are more fully set forth in the Agreements.

Dated as
of: April 18, 2007

	 	 	 	 	 
	 	SENTITO NETWORKS, INC.

 	 
	 	By:  	/s/ Martin
D. Kidder	 
	 	 	Name:  Martin
D. Kidder	 	 
	 	 	Title:  CFO	 	 
	 
	 	LAURUS MASTER FUND, LTD.

 	 
	 	By:  	/s/
David Grin	 
	 	 	Name:  	David Grin	 
	 	 	Title:  	DirectorEX-10.10 PATENT ASSIGNMENT OF SECURITY

 

Exhibit
10.10

TRADEMARK ASSIGNMENT OF SECURITY

     WHEREAS, SentitO Networks, Inc., a Delaware corporation (“Company”), has adopted, used and is
using the marks shown in the attached Schedule A (the “Marks”), for which there are
registrations or applications in the United States Patent and Trademark Office under the numbers
shown in the attached Schedule A; and

     WHEREAS, Company entered into certain Joinder Agreement dated as of the date hereof in favor
of Laurus Master Fund, Ltd. (“Laurus”) pursuant to which Company became obligated to Laurus
pursuant to (i) a certain Security Agreement, dated as of September 20, 2006, among Verso
Technologies, Inc., a Minnesota corporation (“Verso”), certain subsidiaries of Verso and Laurus and
(ii) a certain Intellectual Property Security Agreement, dated as of September 20, 2006, among
Verso, certain subsidiaries of Verso and Laurus (as each may be amended, modified, restated or
supplemented from time to time, collectively, the “Agreements”); and

     WHEREAS, pursuant to the Agreements, Company is granting to Laurus a security interest in the
Marks, the goodwill of the business symbolized by the Marks, and the registrations and applications
therefor.

     NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged,
Company does hereby grant to Laurus a security interest in and to the Marks, together with the
goodwill of the business symbolized by the Marks, and registrations and applications therefor,
which security interest shall secure all the Obligations as defined in the Agreements and in
accordance with the terms and provisions thereof.

     Company expressly acknowledges and affirms that the rights and remedies of Laurus with respect
to the security interest granted hereby are more fully set forth in the Agreements.

Dated as
of: April 18, 2007

	 	 	 	 	 
	 	SENTITO NETWORKS, INC.

 	 
	 	By:  	/s/ Martin
D. Kidder	 
	 	 	Name:  Martin
D. Kidder	 	 
	 	 	Title:  CFO	 	 
	 
	 	LAURUS MASTER FUND, LTD.

 	 
	 	By:  	/s/
David Grin	 
	 	 	Name:   David Grin	 
	 	 	Title:  DirectorEX-10.11 PATENT ASSIGNMENT OF SECURITY

 

Exhibit 10.11

JOINDER AGREEMENT

     THIS JOINDER IN SECURITY AGREEMENT, STOCK PLEDGE AGREEMENT AND INTELLECTUAL PROPERTY SECURITY
AGREEMENT (this “Joinder”) is executed as of April 17, 2007 by sentitO Networks, Inc., a
Delaware corporation (“Joining Party”), and delivered to Laurus Master Fund, Ltd., a Cayman
Islands company (the “Purchaser”). Except as otherwise defined herein, terms used herein and
defined in the Security Agreement (as defined below) shall be used herein as therein defined.

W I T N E S S E T H:

     WHEREAS, Verso Technologies, Inc., a Minnesota corporation (the “Company”), certain
Subsidiaries of the Company and the Purchaser, have entered into a Security Agreement, dated as of
September 20, 2006 (as amended, modified or supplemented from time to time, the “Security
Agreement”), providing for the issuance of the Notes and the Warrant and the execution of the
the Ancillary Agreement referred to in the Security Agreement; and

     WHEREAS, the Joining Party is a direct or indirect Subsidiary of the Company and desires, or
is required pursuant to the provisions of the Security Agreement, to become an Eligible Subsidiary
under the Security Agreement, a Pledgor under the Stock Pledge Agreement and a Grantor under the
Intellectual Property Security Agreement;

     NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to the Joining
Party, the receipt and sufficiency of which are hereby acknowledged, the Joining Party hereby makes
the following representations and warranties to the Purchaser and hereby covenants and agrees with
the Purchaser as follows:

     NOW, THEREFORE, the Joining Party agrees as follows:

     1. By this Joinder, the Joining Party becomes (i) an Eligible Subsidiary for all purposes
under the Security Agreement, (ii) a Pledgor for all purposes under the Stock Pledge Agreement and
(iii) a Grantor under the Intellectual Property Security Agreement.

     2. The Joining Party agrees that, upon its execution hereof, it will become an Eligible
Subsidiary under, and as defined in, the Security Agreement, and will be bound by all terms,
conditions and duties applicable to an Eligible Subsidiary under the Security Agreement. Without
limitation of the foregoing and in furtherance thereof, as security for the due and punctual
payment of the Obligations (as in the Security Agreement), the Joining Party hereby pledges,
hypothecates, assigns, transfers, sets over and delivers to the Purchaser and grants to the
Purchaser a security interest in all Collateral (as defined in the Security Agreement), if any, now
owned or, to the extent provided in the Security Agreement, hereafter
acquired by it.

     3. The Joining Party agrees that, upon its execution hereof, it will become a Pledgor under,
and as defined in, the Stock Pledge Agreement, and will be bound by all terms, conditions and
duties applicable to a Pledgor under the Stock Pledge Agreement. Without

 

 

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limitation of the foregoing and in furtherance thereof, as security for the due and punctual
payment of the Indebtedness (as defined in the Stock Pledge Agreement), the Joining Party hereby
pledges, hypothecates, assigns, transfers, sets over and delivers to the Purchaser grants to the
Purchaser a security interest in all Collateral (as defined in the Stock Pledge Agreement), if any,
now owned or, to the extent provided in the Stock Pledge Agreement, hereafter acquired by it.

     4. The Joining Party agrees that, upon its execution hereof, it will become a Grantor under,
and as defined in, the Intellectual Property Security Agreement, and will be bound by all terms,
conditions and duties applicable to a Grantor under the Intellectual Property Security Agreement.
Without limitation of the foregoing and in furtherance thereof, as security for the due and
punctual payment of the Obligations (as defined in the Intellectual Property Security Agreement),
the Joining Party hereby pledges, hypothecates, assigns, transfers, sets over and delivers to the
Purchaser grants to the Purchaser a security interest in all Intellectual Property Collateral (as
defined in the Intellectual Property Security Agreement), if any, now owned or, to the extent
provided in the Intellectual Property Security Agreement, hereafter acquired by it.

     5. In connection with the grant by the Joining Party, pursuant to paragraphs 2, 3 and 4
above, of a security interest in all of its right, title and interest in the Collateral (as defined
in each of the Security Agreement and the Stock Pledge Agreement) and the Intellectual Property
Collateral (as defined in the Intellectual Property Security Agreement) in favor of the Purchaser,
the Joining Party (i) agrees to deliver to the Purchaser, together with the delivery of this
Joinder, each of the items specified in Section 3 of the Stock Pledge Agreement, (ii) agrees to
execute (if necessary) and deliver to the Purchaser such financing statements, in form acceptable
to the Purchaser, as the Purchaser may request or as are necessary or desirable in the opinion of
the Purchaser to establish and maintain a valid, enforceable, first priority perfected security
interest in the Collateral (as defined in each of the Master Security Agreement and the Stock
Pledge Agreement) owned by the Joining Party, (iii) authorizes the Purchaser to file any such
financing statements without the signature of the Joining Party where permitted by law (such
authorization includes a description of the Collateral as “all assets and all personal property,
whether now owned and/or hereafter acquired” of the Joining Party (or any substantially similar
variation thereof)) and (iv) agrees to execute and deliver to the Purchaser assignments of United
States trademarks, patents and copyrights (and the respective applications therefor) to the extent
requested by the Purchaser.

     6. Without limiting the foregoing, the Joining Party hereby makes and undertakes, as the case
may be, each covenant, representation and warranty made by, and as (i) each Eligible Subsidiary
pursuant to the Security Agreement, (iii) each Pledgor pursuant to the Stock Pledge Agreement and
(iv) each Grantor pursuant to the Intellectual Property Security Agreement, in each case as of the
date hereof (except to the extent any such representation or warranty relates solely to an earlier
date in which case such representation and warranty shall be true and correct as of such earlier
date), and agrees to be bound by all covenants, agreements and obligations of a an Eligible
Subsidiary, Assignor and Grantor pursuant to the Security Agreement, Stock Pledge Agreement and the
Intellectual Property Security Agreement, respectively, and all other Related Agreements to which
it is or becomes a party.

 

 

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     8. Each of Schedules 2, 7(a), 7(c), 7(p), 12(b), 12(c), 12(f), 12(g), 12(h), 12(i), 12(j),
12(l), 12(m), 12(n) and 12(aa) of the Security Agreement is hereby amended by supplementing such
Schedule with the information for the Joining Party contained on Schedules 2, 7(a), 7(c), 7(p),
12(b), 12(c), 12(f), 12(g), 12(h), 12(i), 12(j), 12(l), 12(m), 12(n) and 12(aa) attached hereto as
Annex I. Schedule A to the Stock Pledge Agreement is hereby amended by supplementing such Schedule
with the information for the Joining Party contained on Schedule A attached hereto as Annex II. In
addition, Schedules I, II and III to the Intellectual Property Security Agreement is hereby amended
by supplementing such Schedule with the information for the Joining Party contained on Schedules I,
II and III attached hereto as Annex III.

     9. This Joinder shall be binding upon the parties hereto and their respective successors and
permitted assigns and shall inure to the benefit of and be enforceable by each of the parties
hereto and its successors and permitted assigns, provided, however, the Joining
Party may not assign any of its rights, obligations or interest hereunder or under the Security
Agreement or any Ancillary Agreement without the prior written consent of the Purchaser or as
otherwise permitted by the Security Agreement or any Ancillary Agreement. THIS JOINDER SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. This
Joinder 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 Joinder shall
prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other
provisions of this Joinder which shall remain binding on all parties hereto.

     10. From and after the execution and delivery hereof by the parties hereto, this Joinder shall
constitute an “Ancillary Agreement” for all purposes of the Security Agreement and the Ancillary
Agreements.

     11. The effective date of this Joinder is April 17, 2007.

* * *

 

 

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     IN WITNESS WHEREOF, the Joining Party has caused this Joinder to be duly executed as of the
date first above written.

	 	 	 	 	 
	 	SENTITO NETWORKS, INC.

 	 
	 	By:  	/s/ Martin
D. Kidder	 
	 	 	Name:  Martin
D. Kidder	 	 
	 	 	Title:  CFO	 	 

 

 

	 	 	 	 	 

Page 5

Accepted and Acknowledged by:

LAURUS MASTER FUND, LTD.

	 	 	 	 	 
	 	 	 
	By:  	/s/
David Grin	 	 
	 	Name:  	David Grin	 	 
	 	Title:  	Director

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