Document:

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

Exhibit

10.4

 

FIRST

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This First Amendment to Employment Agreement (the

“Amendment”) is made and entered into by and between Enchira Biotechnology

Corporation, a Delaware corporation (the “Company”), and David Carpi (the “Employee”),

as of this 2nd day of April, 2002, to be effective as of January 1,

2002.

 

WHEREAS, the Employee and the Company entered into

that certain Employment Agreement dated August 30, 2000 (the “Agreement”),

which is incorporated herein in its entirety by reference; and

 

WHEREAS, the Employee and the Company desire to amend

the Agreement to revise certain provisions thereof.

 

NOW, THEREFORE, for and in consideration of the mutual

covenants and promises and representations contained herein, and other good and

valuable consideration, the receipt and sufficiency of which are acknowledged

herein, the Company and the Employee agree as follows:

 

1.             The first sentence of the first paragraph in the Section

entitled “Severance Pay” set forth in the Agreement is hereby amended by

deleting such sentence in its entirety and substituting the following in

replacement thereof:

 

“Unless otherwise set forth in this Agreement, in the

event that (i) your employment is terminated by the Company at any time after

the date hereof, (ii) you terminate your employment at any time following the

occurrence of a Change in Control (as defined below) because your duties or

responsibilities are materially reduced in connection with or following the

Change in Control from those in effect immediately prior to the Change in

Control, or (iii) your employment with the Company, or successor entity, is

terminated within twelve months following a Change in Control, then the Company

shall be obligated to pay you severance compensation in the amount of your then

current salary (provided, however, that if your salary was reduced during the

past year with your consent, the full unreduced salary shall be used) and bonus

(in the event that such amount is not determinable under this Agreement, the

last bonus amount paid to you under this Agreement for a twelve month period

shall be used), payable in a lump sum on termination, plus continued benefits

for the twelve month period following termination. In addition, in any such

instance referenced above, all outstanding options to purchase stock of the

Company held by you and not previously vested (excluding any that have lapsed,

terminated or expired) will vest automatically upon such termination, and you

shall have a period of 90 days to exercise such options.”

 

 

2.             The last sentence of the first paragraph in the Section

entitled “Severance Pay” set forth in the Agreement is hereby amended by

deleting such sentence in its entirety and substituting the following in

replacement thereof:

 

“Notwithstanding the foregoing, the Company shall have

no obligation to pay salary or benefits in the event your employment is

terminated for Cause (as defined below).”

 

3.             A new third paragraph shall be added to the Section

entitled “Severance Pay” set forth in the Agreement to read as follows:

 

“A ‘Change in Control’ shall be deemed to have

occurred if:

 

(i)            any

individual, entity or group (within the meaning of Section 13(d) or 14(d)(2) of

the Securities and Exchange Act of 1934) shall become (directly or indirectly)

the “beneficial owner” (within the meaning of Rule 13d-3 promulgated under such

Act) of more than 50% of the combined voting power of the then outstanding

securities of the Company entitled to vote generally in the election of

directors (“Voting Power”); or

 

(ii)           the

Company’s stockholders shall approve a merger or consolidation, sale or

disposition of all or substantially all of the Company’s assets or a plan of

liquidation or dissolution of the Company, other than (A) a merger or

consolidation in which the voting securities of the Company outstanding

immediately prior thereto will become (by operation of law), or are to be

converted into, voting securities of the surviving corporation or its parent

corporation that, immediately after such merger or consolidation, (x) are owned

by the same person or entity or persons or entities that owned the voting

securities of the Company immediately prior thereto and (y) possess at least

75% of the Voting Power held by the voting securities of the surviving

corporation or its parent corporation, or (B) a merger or consolidation

effected to implement a recapitalization of the Company (or similar

transaction) in which no person acquires more than 50% of the Voting Power.”

 

4.             This Amendment shall be governed by the laws of the State

of Texas.

 

5.             The Agreement, as amended by this Amendment, supersedes

any and all other agreements, either oral or in writing, between Company and

the Employee with respect to the employment of the Employee by the Company and

contains all of the representations, covenants and agreements between the

Company and the Employee with respect to such employment.  The Agreement, as amended hereby, may not be

later modified except by a further writing signed by the Company and the

Employee, and no term of this Agreement may be waived except by writing signed

by the party waiving the benefit of such term.

 

2

 

6.             Except as modified by this Amendment, all other terms of

the Agreement shall continue in full force and effect without modification.

 

7.             This Amendment may be executed in one or more

counterparts, each of which shall be deemed an original and all of which, taken

together, constitute one and the same instrument.

 

IN WITNESS WHEREOF, the

parties have executed this First Amendment to Employment Agreement in duplicate

originals, on this 2nd day of April, 2002, to be effective as

provided above.

 

 

	

   

  	

  ENCHIRA BIOTECHNOLOGY CORPORATION

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Peter P.

  Policastro, Ph.D.

  	

   

  
	

   

  	

   

  	

  Peter P.

  Policastro, Ph.D.

  
	

   

  	

   

  	

  President and

  Chief Executive Officer

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

    /s/ David

  Carpi

  	

   

  
	

   

  	

  David Carpi

  

 

3Silicon Valley Financial Services

EXHIBIT

10.73

 

SILICON VALLEY BANK

ACCOUNTS RECEIVABLE FINANCING AGREEMENT

 

This ACCOUNTS

RECEIVABLE FINANCING AGREEMENT (the “Agreement”), dated as of March 28, 2002 is

between Silicon Valley Bank, (“Bank”), and INSIGNIA SOLUTIONS INC. a Delaware

corporation, (“Borrower”), whose address is 41300 Christy Street, Fremont,

California 94538 and with a FAX number

of                                       .

 

1.    Definitions. 

In this Agreement:

 

“Accounts” are all existing and later arising

accounts, contract rights, and other obligations owed Borrower in connection

with its sale or lease of goods (including licensing software and other

technology) or provision of services,  all

credit insurance, guaranties, other security and all merchandise returned or

reclaimed by Borrower and Borrower’s Books relating to any of the foregoing.

 

“Account

Debtor” is

defined in the California Uniform Commercial Code and shall include any person

liable on any Financed Receivable, such as, a guarantor of the Financed

Receivable and any issuer of a letter of credit or banker’s acceptance.

 

“Adjusted

Quick Ratio”  A ratio of Quick Assets to Current

Liabilities minus Deferred Revenue of at least 1.25 to 1.00.

 

“Adjustments” are all discounts, allowances, returns,

disputes, counterclaims, offsets, defenses, rights of recoupment, rights of

return, warranty claims, or short payments, asserted by or on behalf of any

Account Debtor for any Financed Receivable.

 

“Administrative

Fee” is defined

in Section 3.3.

 

“Advance” is defined in Section 2.2.

 

“Advance

Rate” is 80%, net of deferred revenue and offsets

related to each specific Account Debtor, or another percentage as Bank

establishes under Section 2.2.

 

“Applicable

Rate” is a rate

per annum equal to the “Prime Rate” plus 2.00

percentage points.

 

“Borrower’s Books” are all Borrower’s books

and records including ledgers, records regarding Borrower’s assets or

liabilities, the Collateral, business operations or financial condition and all

computer programs or discs or any equipment containing the information.

 

“Code” is the California Uniform Commercial

Code.

 

“Collateral” is attached as Exhibit “A”.

 

“Collateral

Handling Fee” is

defined in Section 3.5.

 

“Collections”

are all funds

received by Bank from or on behalf of an Account Debtor for Financed

Receivables.

 

“Compliance

Certificate” is

attached as Exhibit “B”.

 

“Contingent

Obligation” is,

for any Person, any direct or indirect liability, contingent or not, of that

Person for (i) any indebtedness, lease, dividend, letter of credit or other obligation

of another such as an obligation directly or indirectly guaranteed, endorsed,

co-made, discounted or sold with recourse by that Person, or for which that

Person is directly or indirectly liable; (ii) any obligations for undrawn

letters of credit for the account of that Person; 

 

1

 

and (iii) all obligations

from any interest rate, currency or commodity swap agreement, interest rate cap

or collar agreement, or other agreement or arrangement designated to protect a

Person against fluctuation in interest rates, currency exchange rates or

commodity prices;  but “Contingent

Obligation” does not include endorsements in the ordinary course of business.  The amount of a Contingent Obligation is the

stated or determined amount of the primary obligation for which the Contingent

Obligation is made or, if not determinable, the maximum reasonably anticipated

liability for it determined by the Person in good faith; but the amount may not

exceed the maximum of the obligations under the guarantee or other support

arrangement.

 

“Copyrights” are all copyright rights,

applications or registrations and like protections in each work or authorship

or derivative work, whether published or not (whether or not it is a trade

secret) now or later existing, created, acquired or held.

 

“Current

Liabilities” are

the aggregate amount of Borrower’s Total Liabilities which mature within one

(1) year.

 

“Deferred Revenue” is all amounts received

in advance of performance under maintenance contract and not yet recognized as

revenue.

 

“Early

Termination Fee”

is defined in Section 3.6.

 

“Event

of Default” is

defined in Section 9.

 

“Facility” is an extension of credit

by Bank to Borrower in order to finance receivables with an aggregate Account

Balance not exceeding the Facility Amount.

 

“Facility

Amount” is $1,500,000.00.

 

“Facility

Fee” is defined

in Section 3.4.

 

“Facility

Period” is the

period beginning on this date and continuing until March 27, 2003, unless the period is terminated sooner by Bank

with notice to Borrower or by Borrower under Section 3.6.

 

“Finance Charges” is defined in Section 3.2.

 

“Financed

Receivables” are

all those accounts, receivables, chattel paper, instruments, contract rights,

documents, general intangibles, letters of credit, drafts, bankers acceptances,

and rights to payment, and all proceeds, including their proceeds (collectively

“receivables”), which Bank finances and make an Advance.  A Financed Receivable stops being a Financed

Receivable (but remains Collateral) when the Advance made for the Financed

Receivable has been finally paid.

 

“Financed

Receivable Balance” is

the total outstanding amount, at any time, of all Financed Receivables.

 

“Guarantor” means any guarantor of the

Obligations.

 

“Indebtedness”

is (a)

indebtedness for borrowed money or the deferred price of property or services,

such as reimbursement and other obligations for surety bonds and letters of

credit, (b) obligations evidenced by notes, bonds, debentures or similar

instruments, (c) capital lease obligations and (d) Contingent Obligations.

 

“Ineligible Receivable”

is any accounts receivable:

 

(A)  that is unpaid (90) calendar days after the

invoice date; or

(B)  that is owed by an Account Debtor that has

filed, or has had filed against it, any bankruptcy case, assignment for the

benefit of creditors, receivership, or Insolvency Proceeding or who has become

insolvent (as defined in the United States Bankruptcy Code) or who is generally

not paying its debts as they become due; or

(C)  for which there has been any breach of

warranty or representation in Section 6 or any breach of any covenant in this

Agreement; or

 

2

 

(D)  for which the Account Debtor asserts any

discount, allowance, return, dispute, counterclaim, offset, defense, right of

recoupment, right of return, warranty claim, or short payment.

 

“Insolvency Proceeding” are proceedings by or against any person under the

United States Bankruptcy Code, or any other bankruptcy or insolvency law,

including assignments for the benefit of creditors, compositions, extensions

generally with its creditors, or proceedings seeking reorganization,

arrangement, or other relief.

 

“Intellectual  Property” is:

 

(a) 

Copyrights, Trademarks, and Patents including amendments, renewals,

extensions, and all licenses or other rights to use and all license fees and

royalties from the use;

 

(b)  Any trade

secrets and any Intellectual Property Rights in computer software and computer

software products now or later existing, created, acquired or held;

 

(c)  All design

rights which may be available to Borrower now or later created, acquired or

held;

 

(d)  Any claims

for damages (past, present or future) for infringement of any of the rights

above, with the right, but not the obligation, to sue and collect damages for

use or infringement of the intellectual property rights above;

 

All proceeds and products of the foregoing, including

all insurance, indemnity or warranty payments.

 

“Invoice Transmittal” shows accounts receivable which Bank may finance and,

for each receivable, includes the Account Debtor’s, name, address, invoice

amount, invoice date and invoice number and is signed by Borrower’s authorized

representative.

 

“Lien” is a mortgage, lien, deed of trust,

charge, pledge, security interest or other encumbrance.

 

“Loan Documents” are, collectively, this

Agreement, any note, or notes or guaranties executed by Borrower or guarantor,

and any other present or future agreement between Borrower and/or for the

benefit of Bank in connection with this Agreement, all as amended, extended or

restated.

 

“Lockbox”

is described in

Section 6.2.

 

“Minimum Finance Charge” is $1,500.00 per month.

 

“Obligations” are all advances, liabilities,

obligations, covenants and duties owing, arising, due or payable by Borrower to

Bank now or later under this Agreement or any other document, instrument or

agreement, account (including those acquired by assignment) primary or

secondary, such as all Advances, Finance Charges, Administrative Fees, interest,

fees, expenses, professional fees and attorneys’ fees or other.

 

“Patents” are patents, patent applications

and like protections, including improvements, divisions, continuations,

renewals, reissues, extensions and continuations-in-part of the same.

 

“Person”

is any

individual, sole proprietorship, partnership, limited liability company, joint

venture, company, trust, unincorporated organization, association, corporation,

institution, public benefit corporation, firm, joint stock company, estate, entity

or government agency.

 

“Prime

Rate” is Bank’s

most recently an­nounced “prime rate,” even if it is not Bank’s lowest rate.

 

“Quick

Assets” is, on

any date, the Borrower’s consolidated, unrestricted cash, cash equivalents, net

billed accounts receivable and investments with maturities of fewer than 12

months determined according to GAAP.

 

“Reconciliation

Day” is the last

calendar day of each month.

 

“Reconciliation

Period” is each

calendar month.

 

“Subordinated

Debt” is debt

incurred by Borrower subordinated to Borrower’s debt to Bank (and identified as

 

3

 

subordinated by Borrower

and Bank).

 

“Total

Liabilities” is

on any day, obligations that should, under GAAP, be classified as liabilities

on Borrower’s consolidated balance sheet, including all Indebtedness, and

current portion Subordinated Debt allowed to be paid, but excluding all other

Subordinated Debt.

 

“Trademarks”

are trademark and

service mark rights, registered or not, applications to register and

registrations and like protections, and the entire goodwill of the business of

Assignor connected with the trademarks.

 

2.    Financing of

Accounts Receivable.

 

2.1. Request for Advances.  During the Facility Period, Borrower may

offer accounts receivable to Bank, if there is not an Event of Default.  Borrower will deliver an Invoice Transmittal

for each accounts receivable it offers. 

Bank may rely on information on or with the Invoice Transmittal.

 

2.2. Acceptance of Accounts Receivable.  Bank is not obligated to finance any

accounts receivable.  Bank may approve

any Account Debtor’s credit before financing any receivable.  When Bank accepts a receivable, it will pay

Borrower the Advance Rate times the face amount of the receivable (the

“Advance”).  Bank may, in its

discretion, change the percentage of the Advance Rate.  When Bank makes an Advance, the receivable

becomes a “Financed Receivable.”  All

representations and warranties in Section 6 must be true as of the date of the

Invoice Transmittal and of the Advance and no Event of Default exists would

occur as a result of the Advance.  The

aggregate amount of all Financed Receivables outstanding at any time may not

exceed the Facility Amount.

 

3.    Collections, Finance Charges,

Remittances and Fees.   The

Obligations shall be subject to the following fees and Finance Charges.  Fees and Finance Charges may, in Bank’s

discretion, be charged as an Advance, and shall thereafter accrue fees and

Finance Charges as described below. 

Bank may, in its discretion, charge fee and Finance Charges to

Borrower’s deposit account maintained with Bank.

 

3.1. Collections. Collections will be credited

to the Financed Receivables Balance, but if there is an Event of Default, Bank

may apply Collections to the Obligation in any order it chooses.   If Bank receives a payment for both

Financed Receivable and a non Financed Receivable, the funds will first be

applied to the Financed Receivable and, if there is not an Event of Default, the

excess will be remitted to the Borrower, subject to Section 3.10.

 

3.2. Finance Charges. In computing Finance

Charges on the Obligations, all Collections received by Bank shall be deemed

applied by Bank on account of the Obligations 3

Business Days after receipt of the Collections.  Borrower will pay a finance charge (the “Finance Charge”), which

is the greater of (i) the Applicable Rate times the number of days in the

Reconciliation Period times the outstanding average daily Financed Receivable

Balance for that Reconciliation Period or (ii) the Minimum Finance Charge.

After an Event of Default, Obligations accrue interest at 5 percent above

the Applicable Rate effective immediately before the Event of Default.

 

3.3.  Administrative

Fee.   Upon receipt of the

Collections, Borrower will pay an Administrative Fee of 0% of the face amount of each Financed

Receivable financed during that Reconciliation Period (the “Administrative

Fee”).

 

3.4. Facility Fee. A fully earned,

non-refundable facility fee of $5,000.00

is due upon execution of this Agreement.

 

3.5.

Collateral Handling Fee. On each Reconciliation Day, Borrower will pay to Bank a

collateral handling fee, equal to .35% per month of the average daily Financed Receivable

Balance outstanding during the applicable Reconciliation Period. After an Event

of Default, the Collateral Handling Fee will increase an additional .50%

effective immediately before the Event of Default.

 

3.6. Early Termination Fee.  Intentionally

Left Blank.

 

4

 

3.7. Accounting.  After each Reconciliation Period, Bank will

provide an accounting of the transactions for that Reconciliation Period,

including the amount of all Financed Receivables, all Collections, Adjustments,

Finance Charges, the Collateral Handling Fee and the Administrative Fee.  If Borrower does not object to the

accounting in writing within 30 days it is considered correct.  All Finance Charges and other interest and

fees calculated on the basis of a 360 day year and actual days elapsed.

 

3.8.  Deductions.  Bank may deduct fees, finance charges and

other amounts due from any Advances made or Collections received by Bank.

 

3.9.  Due

Diligence Fee.  Borrower has

paid to Bank a Due Diligence Fee of $10,000.00 to initiate Banks due diligence

review process.  Such fee is fully

earned by Bank and is non-refundable.

 

3.10.  Account

Collection Services.  All

Borrowers’ receivables are to be paid to the same address/or party and Borrower

and Bank must agree on such address.  If

Bank collects all receivables and there is not an Event of Default or an event

that with notice or lapse of time will be an Event of Default, within five (5) days of receipt of those

collections, Bank will give Borrower, the receivables collections it receives

for receivables other than Financed Receivables and/or amount in excess of the

amount for which Bank has made an Advance to Borrower, less any amount due to

Bank, such as the Finance Charge, Administrative Fee, Collateral Handling Fee

and expenses or otherwise. This Section does not impose any affirmative duty on

Bank to do any act other than to turn over amounts.  All receivables and collections are Collateral and if an Event of

Default occurs, Bank need not remit collections of Collateral and may apply

them to the Obligations.

 

4.    Repayment of Obligations.

 

4.1.  Repayment on Maturity.  Borrower will repay each Advance on the

earliest of: (a) payment of the Financed Receivable in respect which the

Advance was made, (b) the Financed Receivable becomes an Ineligible Receivable,

(c) when any Adjustment is made to the Financed Receivable (but only to the

extent of the Adjustment if the Financed Receivable is not otherwise an

Ineligible Receivable, or (d) the last day of the Facility Period (including

any early termination). Each payment will also include all accrued Finance

Charges on the Advance and all other amounts due hereunder.

 

4.2.  Repayment on

Event of Default.  When there

is an Event of Default, Borrower will, if Bank demands (or, in an Event of

Default under Section 9(B), immediately without notice or demand from Bank)

repay all of the Advances.  The demand

may, at Bank’s option, include the Advance for each Financed Receivable then

outstanding and all accrued Finance Charges, Administrative Fees, attorneys and

professional fees, court costs and expenses, and any other Obligations.

 

5.    Power

of Attorney. 

Borrower irrevocably appoints Bank and its successors and assigns it

attorney-in-fact and authorizes Bank, regardless of whether there has been an

Event of Default, to:

 

(A)  sell, assign, transfer, pledge, compromise,

or discharge all or any part of the Financed Receivables:

 

(B)  demand, collect, sue, and give releases to

any Account Debtor for monies due and compromise, prosecute, or defend any

action, claim, case or proceeding about the Financed Receivables, including

filing a claim or voting a claim in any bankruptcy case in Bank’s or Borrower’s

name, as Bank chooses:

 

(C)  prepare, file and sign Borrower’s name on

any notice, claim, assignment, demand, draft, or notice of or satisfaction of

lien or mechanics’ lien or similar document;

 

(D)  notify all Account Debtors to pay Bank

directly;

 

(E)  receive, open, and dispose of mail addressed

to Borrower;

 

(F)  endorse Borrower’s name on check or other

instruments;

 

(G)  execute on Borrower’s behalf any

instruments, documents, financing statements to perfect Bank’s interests in the

Financed Receivables and Collateral; and

 

5

 

(H)  do all acts and things necessary or

expedient.

 

6.    Representations, Warranties  and

Covenants.

 

 6.1. Representations and Warranties.  Borrower represents and warrants

for each Financed Receivable:

 

(A)  It is the

owner with legal right to sell, transfer and assign it;

 

(B)  The

correct amount is on the Invoice Transmittal and is not disputed;

 

(C)  Payment is not contingent on any obligation

or contract and it has fulfilled all its obligations as of the Invoice

Transmittal date;

 

(D)  It is based on an actual sale and delivery

of goods and/or services rendered, due to Borrower, it is not past due or in

default, has not been previously sold, assigned, transferred, or pledged and is

free of any liens, security interests and encumbrances;

 

(E)  There are no defenses, offsets,

counterclaims or agreements for which the Account Debtor may claim any

deduction or discount;

 

(F)  It reasonably believes no Account Debtor is

insolvent or subject to any Insolvency Proceedings;

 

(G)  It has not filed or had filed against it

Insolvency Proceedings and does not anticipate any filing;

 

(H)  Bank has the right to endorse and/ or

require Borrower to endorse all payments received on Financed Receivables and

all proceeds of Collateral.

 

(I)   No representation, warranty or other

statement of Borrower in any certificate or written statement given to Bank

contains any untrue statement of a material fact or omits to state a material

fact necessary to make the statement contained in the certificates or statement

not misleading.

 

6.1.1 Additional

Representations and Warranties. 

Borrower represents and warrants as follows:

 

(A)  Borrower is duly existing and in good

standing in its state of formation and qualified and licensed to do business

in, and in good standing in, any state in which the conduct of its business or

its ownership of property requires that it be qualified.  The execution, delivery and performance of

this Agreement has been duly authorized, and does not conflict with Borrower’s

organizational documents, nor constitute an Event of Default under any material

agreement by which Borrower is bound. 

Borrower is not in default under any agreement to which or by which it

is bound.

 

(B)  Borrower has good title to the Collateral.

All inventory is in all material respects of good and marketable quality, free

from material defects.  Borrower is the

sole owner of the Intellectual Property, except for non-exclusive licenses

granted to its customers in the ordinary course of business.  Each Patent is valid and enforceable and no

part of the Intellectual Property has been judged invalid or unenforceable, in

whole or in part, and no claim has been made that any part of the Intellectual

Property violates the rights of any third party.

 

(C)  Borrower is not an “investment company” or a

company “controlled” by an “investment company” under the Investment Company

Act.  Borrower is not engaged as one of

its important activities in extending credit for margin stock (under

Regulations G, T and U of the Federal Reserve Board of Governors).  Borrower has complied with the Federal Fair

Labor Standards Act.  Borrower has not

violated any laws, ordinances or rules. None of Borrower’s properties or assets

has been used by Borrower, to the best of Borrower’s knowledge, by previous

persons, in disposing, producing, storing, treating, or transporting any

hazardous substance other than legally. 

Borrower has timely filed all required tax returns and paid, or made

adequate provision to pay, all taxes. 

Borrower has obtained all consents, approvals and authorizations of,

made all declarations or filings with, and given all notices to, all government

authorities that are necessary to continue its business as currently conducted.

 

6

 

6.2. Affirmative

Covenants.  Borrower will do

all of the following:

 

(A)  Maintain its corporate existence and good

standing in its jurisdictions of incorporation and maintain its qualification

in each jurisdiction necessary to Borrower’s business or operations.

 

(B)  Give Bank at least 10 days prior written

notice of changes to its name, organization, chief executive office or location

of records.

 

(C)  Pay all its taxes including gross payroll,

withholding and sales taxes when due and will deliver satisfactory evidence of

payment if requested.

 

(D)  Provide a written report within 10 days, if payment

of any Financed Receivable does not occur by its due date and include the

reasons for the delay.

 

(E)  Give Bank copies of all Forms 10-K, 10-Q and

8-K (or equivalents) within 5 days of filing with the Securities and Exchange

Commission, while any Financed Receivable is outstanding.

 

(F)  Execute any further instruments and take

further action as Bank requests to perfect or continue Bank’s security interest

in the Collateral or to effect the purposes of this Agreement.

 

(G)  Provide Bank with a Compliance Certificate

no later than 5 days following each quarter end or as requested by Bank.

 

(H)  Provide Bank with, as soon as available, but

no later than 30 days following each Reconciliation Period, a company prepared

balance sheet and income statement, prepared under GAAP, consistently applied,

covering Borrower’s operations during the period together with an aged listing

of accounts receivable and accounts payable along with a deferred revenue

report.

 

(I)   Immediately notify, transfer and deliver to

Bank all collections Borrower receives for Financed Receivables.

 

(J)  Borrower will remit all payment’s for

Accounts to the Bank by the close of business on each Friday along with a

detailed cash receipts journal and shall immediately notify and direct all of

the Borrower’s Account Debtor’s to make all payment’s for Borrower’s Accounts

to a lockbox account established with the Bank (“Lockbox”) or to wire transfer

payments to a cash collateral account that Bank controls. It will be considered

an immediate  Event of Default if the

Lockbox is not set-up and operational within 45 days from the date of this

Agreement.

 

(K)  Borrower will allow Bank to audit Borrower’s

Collateral, including but not limited to Borrower’s Accounts, at Borrowers

expense, no later than 360 days of the execution of this Agreement and annually

thereafter.  Provided however, if an

Event of Default has occurred, Bank may audit Borrower’s Collateral, including

but not limited to Borrower’s Accounts at Bank’s sole discretion and without notification

and authorization from Borrower.

 

(L)  As of the last day of each Reconciliation

Period, maintain the Adjusted Quick Ratio.

 

(M) Register with the

United States Copyright Office (i) any software material to the business of

Borrower it has, develops or acquires, including those in Exhibit A to the

Intellectual Property Security Agreement, within 30 days of the date of this

Agreement, and additional software rights developed or acquired, including

significant revisions, additions or improvements to the software or revisions,

additions or improvements which significantly improve the functionality of the

software, after the date of this Agreement, before the sale or licensing to any

third party of the software or any product based on or containing any

software.  Borrower will promptly notify

Bank upon Borrower’s filing of any application or registration of any

Intellectual Property rights with the United States Patent and Trademark Office

and Borrower will execute and deliver any and all instruments and documents as

Bank may require to evidence or perfect Bank’s security interest in such

application or registration.

 

(N) Borrower will:  (i) protect, defend and maintain the

validity and enforceability of the Intellectual Property; 

 

7

 

(ii) promptly advise Bank in writing of material

infringements of the Intellectual Property; and (iii) not allow any

Intellectual Property to be abandoned, forfeited or dedicated to the public

without Bank’s written consent.

 

(O)  Borrower will maintain its primary banking

relationship with Bank.

 

6.3. Negative

Covenants.  Borrower will not

do any of the following without Bank’s prior written consent:

 

(A)  Assign,

transfer, sell or grant, or permit any lien or security interest in the

Collateral.

 

(B)  Convey,

sell, lease, transfer or otherwise dispose of the Collateral.

 

(C)  Create,

incur, assume, or be liable for any indebtedness.

 

(D)  Become an “investment company” or a company

controlled by an “investment company,” under the Investment Company Act of 1940

or undertake as one of its important activities extending credit to purchase or

carry margin stock, or use the proceeds of any Advance for that purpose; fail

to meet the minimum funding requirements of ERISA, permit a Reportable Event or

Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the

Federal Fair Labor Standards Act or violate any other law or regulation, or

permit any of its subsidiaries to do so.

 

(E)  Enter into any contractual obligation with

Insignia Solutions Inc. (UK) greater than $1,000,000 per month or transfer cash

to Insignia Solutions, Inc. (UK) in an amount greater than $1,000,000 per

month.

 

7.    Adjustments.  If any Account Debtor asserts a discount, allowance, return,

offset, defense, warranty claim, or the like (an “Adjustment”) or if Borrower

breaches any of the representations, warranties or covenants set forth in

Section 6., Borrower will promptly advise Bank.  Borrower will resell any rejected, returned, returned, or recovered

personal property for Bank, at Borrower’s expense, and pay proceeds to

Bank.  While Borrower has returned goods

that are Borrower property, Borrower will segregate and mark them “property of

Silicon Valley Bank.”  Bank owns the

Financed Receivables and until receipt of payment, has the right to take

possession of any rejected, returned, or recovered personal property.

 

8.   

Security Interest.

Borrower grants to Bank a continuing security interest in all presently and

later acquired Collateral.  Any security

interest will be a first priority security interest in the Collateral.

 

9.   

Events of Default.

Any one or more of the following is an Event of Default.

 

(A)  Borrower fails to pay any amount owed to

Bank when due;

 

(B)  Borrower files or has filed against it any

Insolvency Proceedings or any assignment for the benefit of creditors, or

appointment of a receiver or custodian for any of its assets;

 

(C)  Borrower becomes insolvent or is generally

not paying its debts as they become due or is left with unreasonably small

capital;

 

(D)  Any involuntary lien, garnishment,

attachment attaches to the Financed Receivables or any Collateral;

 

(E)  Borrower breaches any covenant, agreement,

warranty, or representation is an immediate Event of Default;

 

(F)  Borrower is in default under any document,

instrument or agreement evidencing any debt, obligation or liability in favor

of Bank its affiliates or vendors regardless of whether the debt, obligation or

liability is direct or indirect, primary or secondary, or fixed or contingent;

 

(G)  An event of default occurs under any

Guaranty of the Obligations or any material provision of any Guaranty is not

valid or enforceable or a Guaranty is repudiated or terminated;

 

(H)  A material default or Event of Default occurs

under any agreement between Borrower and any creditor of Borrower that signed a

subordination agreement with Bank;

 

8

 

(I)  Any creditor that has signed a subordination

agreement with Bank breaches any terms of the subordination agreement; or

 

(J)  (i) A material impairment in the perfection

or priority of the Bank’s security interest in the Collateral; (ii) a material

adverse change in the business, operations, or conditions (financial or

otherwise) of the Borrower occurs; or (iii) a material impairment of the

prospect of repayment of any portion of the Advances occurs.

 

10.    Remedies. 

 

10.1. Remedies

Upon Default.  When an Event

of Default occurs, (1) Bank may stop financing receivables or extending credit

to Borrower;  (2) at Banks option and on

demand, all or a portion of the Obligations or, for to an Event of Default

described in Section 9(B), automatically and without demand, are due and

payable in full; (3) apply to the Obligations any (i) balances and deposits of

Borrower it holds, or (ii) any amount held by Bank owing to or for the credit

or the account of Borrower;  (4) Bank is

granted a non-exclusive, royalty–free license or other right to use, without charge,

Borrower’s labels, Patents, Copyrights, Mask Works, rights of use of any name,

trade secrets, trade names, Trademarks, service marks, and advertising matter,

or any similar property as it pertains to the Collateral, in completing

production of, advertising for sale, and selling any Collateral and, in

connection with Bank’s exercise of its rights under this Section, Borrower’s

rights under all licenses and all franchise agreements inure to Bank’s benefit

and (5) Bank may exercise all rights and remedies under this Agreement and the

law, including those of a secured party under the Code, power of attorney

rights in Section 5 for the Collateral, and the right to collect, dispose of,

sell, lease, use, and realize upon all Financed Receivables and Collateral in

any commercial manner.  Borrower agrees

that any notice of sale required to be given to Borrower is deemed given if at

least five days before the sale may be held.

 

10.2. Demand

Waiver.  Borrower waives demand, notice of default or dishonor,

notice of payment and nonpayment, notice of any default, nonpayment at

maturity, release, compromise, settlement, extension, or renewal of accounts,

documents, instruments, chattel paper, and guaranties held by Bank on which

Borrower is liable.

 

10.3. Default Rate.  If any amount is not paid when due, the amount bears interest at

the Applicable Rate plus five percent until the earlier of (a) payment in good

funds or (b) entry of a final judgment when the principal amount of any money

judgment will accrue interest at the highest rate allowed by law.

 

11.    Fees,

Costs and Expenses.  The Borrower will pay on demand all fees, costs and expenses  (including attorneys’ and professionals fees

with costs and expenses) that Bank incurs from:  (a) preparing, negotiating, administering, and enforcing this

Agreement or related agreement, including any amendments, waivers or consents,

(b) any litigation or dispute relating to the Financed Receivables, the

Collateral, this Agreement or any other agreement, (c) enforcing any rights

against Borrower or any guarantor, or any Account Debtor, (d) protecting or

enforcing its interest in the Financed Receivables or other Collateral, (e)

collecting the Financed Receivables and the 

Obligations, and (f) any bankruptcy case or insolvency proceeding

involving Borrower, any Financed Receivable, the Collateral, any Account

Debtor, or any Guarantor.

 

12.   

Choice of Law, Venue and Jury Trial

Waiver. 

California law governs this Agreement. 

Borrower and Bank each submit to the exclusive jurisdiction of the State

and Federal courts in Santa Clara County, California.

 

BORROWER

AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION

ARISING OUT OF OR BASED UPON THIS AGREEMENT OR ANY CONTEMPLATED TRANSACTION,

INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A

MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT.  EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS

COUNSEL.

 

13.   

Notices.  Notices or demands by either party about

this Agreement must be in writing and personally delivered or sent by an

overnight delivery service, by certified mail postage prepaid return receipt

requested, or by FAX to the addresses listed at the beginning of this

Agreement.  A party may change notice

address by written notice to the other party.

 

9

 

14.   

General Provisions.

 

14.1.  Successors

and Assigns.  This Agreement

binds and is for the benefit of successors and permitted assigns of each

party.  Borrower may not assign this

Agreement or any rights under it without Bank’s prior written consent which may

be granted or withheld in Bank’s discretion. 

Bank may, without the consent of or notice to Borrower, sell, transfer,

or grant participation in any part of Bank’s obligations, rights or benefits

under this Agreement.

 

14.2.  Indemnification.  Borrower will indemnify, defend and hold

harmless Bank and its officers, employees, and agents against:  (a) obligations, demands, claims, and

liabilities asserted by any other party in connection with the transactions

contemplated by this Agreement; and (b) losses or expenses incurred, or paid by

Bank from or consequential to transactions between Bank and Borrower (including

reasonable attorneys fees and expenses), except for losses caused by Bank’s

gross negligence or willful misconduct.

 

14.3.  Time of

Essence.  Time is of the

essence for performance of all obligations in this Agreement.

 

14.4. Severability of Provision.  Each provision of this Agreement is

severable from every other provision in determining the enforceability of any

provision.

 

14.5. Amendments in Writing, Integration.  All amendments to this Agreement must be in

writing.  This Agreement is the entire

agreement about this subject matter and supersedes prior negotiations or

agreements.

 

14.6. Counterparts.  This Agreement may be executed in any number of counterparts and

by different parties on separate counterparts and when executed and delivered

are one Agreement.

 

14.7. Survival.  All covenants, representations and

warranties made in this Agreement continue in force while any Financed

Receivable amount remains outstanding. 

Borrower’s indemnification obligations survive until all statutes of

limitations for actions that may be brought against Bank have run.

 

14.8. Confidentiality.  Bank will use the same degree of care

handling Borrower’s confidential information that it uses for its own

confidential information, but may disclose information; (i) to its subsidiaries

or affiliates in connection with their business with Borrower, (ii) to prospective

transferees or purchasers of any interest in the Agreement, (iii) as required

by law, regulation, subpoena, or other order, (iv) as required in connection

with an examination or audit and (v) as it considers appropriate exercising the

remedies under this Agreement. 

Confidential information does not include information that is either:

(a) in the public domain or in Bank’s possession when disclosed, or becomes

part of the public domain after disclosure to Bank; or (b) disclosed to Bank by

a third party, if Bank does not know that the third party is prohibited from

disclosing the information.

 

14.9. Other Agreements.  This Agreement may not adversely affect Banks rights under any

other document or agreement.  If there

is a conflict between this Agreement and any agreement between Borrower and

Bank, Bank may determine in its sole discretion which provision applies.  Borrower acknowledges that any security

agreements, liens and/or security interests securing payment of Borrower’s

Obligations also secure Borrower’s Obligations under this Agreement and are not

adversely affected by this Agreement. 

Additionally, (a) any Collateral under other agreements or documents

between Borrower and Bank secures Borrowers Obligations under this Agreement

and (b) a default by Borrower under this Agreement is a default under

agreements between Borrower and Bank.

 

	

  BORROWER:

  	

  INSIGNIA

  SOLUTIONS INC.

  
	

   

  
	

  By

  	

  /s/ Al Wood

  	

   

  
	

  Title

  	

  CFO

  	

   

  
	

   

  
	

   

  
	

  BANK: SILICON

  VALLEY BANK

  
	

   

  
	

  By 

  	

  /s/ Quentin Falconer

  	

   

  
	

  Title 

  	

  Senior VP

  	

   

  
						

 

10

 

EXHIBIT A

 

The Collateral consists of all of Borrower’s right,

title and interest in and to the following:

 

All goods and equipment now owned or hereafter

acquired, including, without limitation, all machinery, fixtures, vehicles

(including motor vehicles and trailers), and any interest in any of the

foregoing, and all attachments, accessories, accessions, replacements,

substitutions, additions, and improvements to any of the foregoing, wherever

located;

 

All inventory, now owned or hereafter acquired,

including, without limitation, all merchandise, raw materials, parts, supplies,

packing and shipping materials, work in process and finished products including

such inventory as is temporarily out of Borrower’s custody or possession or in

transit and including any returns upon any accounts or other proceeds,

including insurance proceeds, resulting from the sale or disposition of any of

the foregoing and any documents of title representing any of the above;

 

All contract rights and general intangibles now owned

or hereafter acquired, including, without limitation, goodwill, trademarks,

service marks, trade styles, trade names, patents, patent applications, leases,

license agreements, franchise agreements, blueprints, drawings, purchase

orders, customer lists, route lists, infringements, claims, computer programs,

computer discs, computer tapes, literature, reports, catalogs, design rights,

income tax refunds, payments of insurance and rights to payment of any kind;

 

All now existing and hereafter arising accounts,

contract rights, royalties, license rights and all other forms of obligations

owing to Borrower arising out of the sale or lease of goods, the licensing of

technology or the rendering of services by Borrower, whether or not earned by

performance, and any and all credit insurance, guaranties, and other security

therefor, as well as all merchandise returned to or reclaimed by Borrower;

 

All documents, cash, deposit accounts, securities,

securities entitlements, securities accounts, investment property, financial

assets, letters of credit, certificates of deposit, instruments and chattel

paper now owned or hereafter acquired and Borrower’s Books relating to the

foregoing;

 

All copyright rights, copyright applications,

copyright registrations and like protections in each work of authorship and

derivative work thereof, whether published or unpublished, now owned or

hereafter acquired; all trade secret rights, including all rights to unpatented

inventions, know–how, operating manuals, license rights and agreements

and confidential information, now owned or hereafter acquired; all mask work or

similar rights available for the protection of semiconductor chips, now owned

or hereafter acquired; all claims for damages by way of any past, present and

future infringement of any of the foregoing;

 

All Borrower’s Books

relating to the foregoing and any and all claims, rights and interests in any

of the above and all substitutions for, additions and accessions to and

proceeds thereof.

 

1

 

Exhibit “B”

 

SILICON VALLEY BANK

SPECIALTY

FINANCE DIVISION

 

Compliance Certificate

 

I, as authorized

officer of INSIGNIA SOLUTIONS INC. 

(“Borrower”) certify under the Accounts Receivable Financing Agreement

(the “Agreement”) between Borrower and Silicon Valley Bank (“Bank”) as follows.

 

Borrower

represents and warrants for each Financed Receivable:

 

It is the owner with

legal right to sell, transfer and assign it;

 

The correct amount is on

the Invoice Transmittal and is not disputed;

 

Payment is not contingent

on any obligation or contract and it has fulfilled all its obligations as of

the Invoice Transmittal date;

 

It is based on an actual sale and delivery of goods

and/or services rendered, due to Borrower, it is not past due or in default,

has not been previously sold, assigned, transferred, or pledged and is free of

any liens, security interests and encumbrances;

 

There are no defenses,

offsets, counterclaims or agreements for which the Account Debtor may claim any

deduction or discount;

 

It reasonably believes no

Account Debtor is insolvent or subject to any Insolvency Proceedings;

 

It has not filed or had

filed against it proceedings and does not anticipate any filing;

 

Bank has the right to endorse and/ or require Borrower

to endorse all payments received on Financed Receivables and all proceeds of

Collateral.

 

No representation, warranty or other statement of

Borrower in any certificate or written statement given to Bank contains any

untrue statement of a material fact or omits to state a material fact necessary

to make the statement contained in the certificates or statement not

misleading.

 

Additionally,

Borrower represents and warrants as follows:

 

Borrower is duly existing and in good standing in its

state of formation and qualified and licensed to do business in, and in good

standing in, any state in which the conduct of its business or its ownership of

property requires that it be qualified. 

The execution, delivery and performance of this Agreement has been duly

authorized, and do not conflict with Borrower’s formations documents, nor

constitute an Event of Default under any material agreement by which Borrower

is bound.  Borrower is not in default

under any agreement to which or by which it is bound.

 

Borrower has good title

to the Collateral. All inventory is in all material respects of good and

marketable quality, free from material defects.

 

Borrower is not an “investment company” or a company

“controlled” by an “investment company” under the Investment Company Act.  Borrower is not engaged as one of its

important activities in extending credit for margin stock (under

Regulations G, T and U of the Federal Reserve Board of Governors).  Borrower has complied with the Federal Fair

Labor Standards Act.  Borrower has not

violated any laws, ordinances or rules. None of Borrower’s properties or assets

has been used by Borrower, to the best of Borrower’s knowledge, by previous

persons, in disposing, producing, storing, treating, or transporting any

hazardous substance other than legally. 

Borrower has timely filed all required tax returns and paid, or made

adequate provision to pay, all taxes. 

Borrower has obtained all consents, approvals and authorizations of,

made all declarations or filings with, and given all notices to, all government

authorities that are necessary to continue its business as currently conducted.

 

All

representations and warranties in the Agreement are true and correct in all

material respects on this date.

 

	

  Sincerely,

  	

   

  
	

  /s/ Quentin Falconer

  	

   

  
	

   SIGNATURE

  	

   

  
	

  Senior V.P.

  	

   

  
	

   TITLE

  	

   

  
	

  3-29-02

  	

   

  
	

   DATE

  	

   

  

 

2

 

SILICON VALLEY BANK

SPECIALTY

FINANCE DIVISION

 

SECRETARY’S CERTIFICATE OF RESOLUTION

 

I, as Secretary of INSIGNIA SOLUTIONS INC., a Delaware

corporation (the “Corporation”), certify that the Board of Directors of the

Corporation has empowered

 

It is resolved that any one of the following officers of the

Corporation, whose name, title and signature is below:

 

	

  NAME

  	

   

  	

  TITLE

  	

   

  	

  SIGNATURE

  	

   

  
	

  Al Wood

  	

   

  	

  CFO

  	

   

  	

  /s/ Al Wood

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  

 

to conduct any ordinary

business of the corporation including but not limited to the following:

 

Sell the corporation’s

accounts receivable to Bank

 

Grant to Bank a security

interest in any of the corporation’s assets

 

Execute and deliver certain agreements in connection

with the sale of receivables, and granting of security interests.

 

Designate other individuals to request advances,

pay fees and costs and execute other documents or agreements (including

documents or agreement that waive the Corporation’s right to a jury trial) they

think necessary to effectuate these Resolutions.

 

Further resolved that all acts authorized

by these Resolutions and performed before they were adopted are ratified. These

Resolutions remain in effect and Bank may rely on them until Bank receives

written notice of their revocation.

 

I certify that

the persons listed above are the Corporation’s officers with the titles and

signatures shown following their names and that these resolutions have not been

modified are currently effective.

 

	

  X 

  	

  /s/ Al Wood

  	

   

  	

   

  
	

  *Secretary or Assistant Secretary

  	

  Date

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  X  

  	

  /s/

  Mark McMillen

  	

   

  	

   

  
	

  * If the certifying officer is designated as a signer

  in these resolutions then another corporate officer must also sign.

  
					

 

3

 

LOCKBOX SERVICE

SUBSCRIBER AGREEMENT

 

SILICON VALLEY BANK

(“Bank”) and the undersigned company (“Subscriber”) agree as follows:

 

1.                                       Remittance Banking Service. 

Commencing

                         ,

2002, INSIGNIA SOLUTIONS INC. (“Subscriber”) has requested that Silicon Valley

Bank (“Bank”) provide Subscriber with the Bank’s Lockbox/Remittance Banking

Service facilities (the “Service”), This Service will be provided by the Bank

or its agent (“Agent”), for the deposit of its clients’ remittance items.

 

2.                                       Client Remittances. 

Clients of Subscriber will be directed to  forward their remittances to Subscriber at a post office address

assigned by Bank or its agent.  Bank, or

its Agent, shall have unrestricted and exclusive access to the mail directed to

this address.  Subscriber agrees it will

not furnish “business reply” mail envelopes to its clients for their

remittances, and any such envelopes mailed to the Bank–designated address may

be refused or returned to sender. 

Subscriber agrees to notify Bank 30 days in advance of any change in

Subscriber’s remittance statement and/or mailing schedule.

 

3.                                       Collection of Mail. 

Bank, or its Agent, will collect mail from the post office at multiple

times each business day.

 

4.                                       Endorsement of Items. 

Bank, or its Agent, will endorse, on behalf of Subscriber, checks and

other deposited items that appear to be for deposit to the credit of

Subscriber.  Subscriber shall indemnify

Bank and its Agent from any liability that may arise by virtue of Bank’s, or

its Agent’s, endorsement and negotiation of such checks.

 

5.                                       Subscriber’s Account. 

Bank, or its Agent, will process the checks and other deposited items

and the Bank shall credit the total amount to the account described below (the

“Account”).  During the term of this

Agreement, all collected funds held in the Account shall be deemed to be

Subscriber’s funds for all legal 

purposes (e.g., attachment, execution and other forms of legal  process). 

The crediting and collection of items will be handled under the same

terms and conditions as apply to other commercial deposits.  Subscriber acknowledges receipt of a copy of

Bank’s account rules and regulations. 

Subscriber will have access to funds collected by Service when credited

to Subscriber’s account with Bank.

 

6.                                       Processing of Items. 

The processing of checks and other deposited items will be accomplished

in accordance with the various services and options recited in the attached End-User

Set-up Form.

 

7.                                       Record of Deposited Items. 

All checks and other deposited items will be microfilmed by Bank, or its

Agent, and the film will be retained by Bank, or its Agent, for a period not

less than one (1) year.

 

8.                                       Restrictive Endorsements.  Although

Bank, or its Agent, normally forwards, without processing, checks discovered

bearing the typed or handwritten notation “PAYMENT IN FULL” or other notations

(“restrictive endorsements”), Bank or its Agent, assumes no responsibility for

its failure to do so. Bank, or its Agent, will process in the usual manner any

checks bearing restrictive endorsements where the wording is imprinted as part

of the check or voucher, indicating a general business practice of the payor.  Subscriber will instruct their clients to

send all payments with restrictions such as “paid in full” to a separate

location or person other than the LOCKBOX address or regular payment location

so that the payee can decide whether or not to accept or reject the check,

rather that have the check possibly processed without thought to the

issue.  Subscriber has reviewed and

understands the California Commercial Code (Section 3311) relating accord and

satisfaction.

 

9.                                       Stock Certificates. 

Bank, or its Agent, will not be held liable in the event a stock

certificate, bond and/or stock power is received by Bank, or its Agent, in

error; however, Bank, or its Agent, will endeavor to identify such items

and  to forward them to Subscriber.

 

10.                                 Returned Merchandise. 

Subscriber agrees to instruct its clients not to send any returned

merchandise to the post office address assigned by Bank, and Subscriber hereby

holds Bank, or its Agent, free of liability in the event such merchandise is

received at the address.  Bank, or its

Agent, will make all reasonable attempts to forward merchandise received to

Subscriber, at the risk and expense of Subscriber.

 

11.                                 Commingling. 

The Bank hereby acknowledges that, of operational necessity, payments to

a given 

 

1

 

LOCKBOX under the

Service must be commingled with other funds in one or more accounts during the

course of processing.  Therefore, no

payments that, by virtue of a statutory, regulatory, contractual or similar

restriction, cannot be commingled with other payments or funds will be accepted

under the Service.  Subscriber hereby

understands that it will not request the Service if commingling of funds is not

permitted due to regulatory, contractual, or similar restrictions.  Bank, or its Agent will not be responsible

for the identification of these items nor will they accept any responsibility

or liability which may occur as a result of processing such an item in the

LOCKBOX.

 

12.                                 Third Party Secured Creditor. 

The Subscriber hereby acknowledges that Bank shall not be obligated to,

and Bank shall not, enter into a third party secured creditor agreement with

any creditor of a LOCKBOX Subscriber with respect to any payments or funds

processed through the LOCKBOX system as part of the Service.  Subscriber agrees not to participate in the

Service if required to enter into a third party secured creditor agreement by

another party.

 

13.                                 Confidentiality. 

Bank, or its Agent, agrees that all information concerning the clients

of the Subscriber which comes into Bank’s, or its Agent’s, possession pursuant

to this Agreement will be treated in the same confidential manner as is

information relating to the accounts of Bank’s depositors.

 

14.                                 Fees.  Unless

otherwise agreed by Bank, Subscriber shall pay Bank the fees set forth for this

service in Bank’s most current Fee Schedule, plus additional fees for the

performance of services beyond the terms of this Agreement, or resulting from

increased expenses incurred by the failure of Subscriber to furnish, on demand,

data in a form acceptable to Bank.

 

15.                                 Limitations on Bank Liability. 

In addition to the limitations set forth in paragraph 8, above, Bank’s,

or its Agent’s, liability will be limited only to acts resulting from Bank’s,

or its Agent’s, gross negligence or willful misconduct and shall not exceed

Bank’s fees and charges to Subscriber in connection with the Service for the

month in which damages are suffered. 

Under no circumstances will Bank, or its Agent, be held liable for any

general or consequential damages or damages caused, in whole or in part, by the

action or inaction of Subscriber or any agent or employee of Subscriber. Bank,

or its Agent, will not be liable for any damage, loss, liability or delay

caused by accidents, strikes, fire, flood, war, riot, equipment breakdown,

electrical or mechanical failure, acts of God, or any cause which is reasonably

unavoidable or beyond its reasonable control. 

Subscriber agrees that the fees charged by Bank for the performance of

this service shall be deemed to have been established in contemplation of these

limitations on Bank’s, or its Agent’s, liability.

 

16.                                 Indemnification. 

Subscriber agrees to indemnify Bank, its parent Company, affiliates,

subsidiaries, or its Agent, against any and all damages, losses or liabilities,

including without limitation reasonable attorneys’ fees and court costs, which

results, directly or indirectly, in whole or in part, from any negligence or

fraud of Subscriber, its Agent, or any employee of Subscriber or from any

performance by Bank, or its Agent, of Bank’s obligations under this Agreement.

 

17.                                 Subscriber’s Records. 

This Agreement and the performance by Bank, or its Agent, or its

services hereunder shall not relieve Subscriber of any obligation imposed by

law or contract regarding the maintenance of records or from employing adequate

audit, account and review practices as are customarily followed by similar

businesses.

 

18.                                 Amendment and Termination. 

Bank may amend the terms of this Agreement from time to time by giving

written notice to Subscriber at the address set forth below or by sending

Subscriber a copy of the amended Agreement. 

If Bank raises any fee(s) or deletes any service(s), it agrees to give

Subscriber 30 days’ prior notice.  Bank

may immediately terminate this Agreement in the event that Subscriber or any

third party disputes the ownership of the Account or of the funds on deposit in

the Account.  Otherwise, either party

may terminate this Agreement on 30 days’ written notice to the other.

 

19.                                 Governing Law. 

This Agreement shall be governed by the laws of the State of

California.  Any dispute between the

parties to this contract shall be filed in the Court having the appropriate

jurisdiction in the County of Santa Clara, California.

 

20.                                 Notices.  All written

notices required by this Agreement shall be delivered or mailed to the other

party at the address set  forth below or

to such other address as the party may specify in writing.

 

2

 

	

  Depository Account Number:

  	

   

  	

   

  
	

   

  
	

  Dated

  	

   

  	

  /

  	

   

  	

  /

  	

   

  	

   

  	

  Dated

  	

   

  	

  /

  	

   

  	

  /

  	

   

  	

   

  
	

   

  	

   

  
	

  INSIGNIA SOLUTIONS INC.

  	

  SILICON VALLEY BANK

  
	

   

  	

   

  
	

  41300 Christy Street

  	

  3003 Tasman Drive, NC431

  
	

   

  	

   

  
	

  Fremont, California 94538

  	

  Santa Clara, CA 95054

  
	

   

  	

   

  
	

  By

  	

  /s/ Al Wood

  	

   

  	

  By

  	

  /s/ Quentin Falconer

  	

   

  
	

  (authorized signature)

  	

  (authorized signature)

  	

   

  
	

   

  	

   

  
	

  Title

  	

  CFO

  	

   

  	

  Title

  	

  Senior V.P.

  	

   

  
																									

 

3

 

AMENDED LOCKBOX AGREEMENT

 

INSIGNIA SOLUTIONS INC. (“Subscriber”) shall

hold all payments on, and proceeds of, Receivables in trust for Silicon Valley

Bank (“Bank”), and Subscriber shall immediately deliver all such payments and

proceeds to Bank in their original form, duly endorsed in blank, to be applied

to the Obligations in such order as Bank shall determine.

 

Subscriber hereby agrees to accept a change in the disposition of its

lockbox #

                     

proceeds from the current account #

                

to the Bank Cash Collateral Account #

                  

beginning immediately.  We understand

that Bank may, in its discretion, require that all proceeds of Collateral be

deposited by Subscriber into a lockbox account, or such other “blocked account”

as Bank may specify, pursuant to a blocked account agreement in such form as

Bank may specify.  Bank or its designee may,

at any time, notify Account Debtors that Receivables have been assigned to

Bank.

 

	

  DATED:

  	

  March 28, 2002

  	

   

  
	

   

  	

   

  
	

  AGREED TO AND

  ACKNOWLEDGED BY:

  	

   

  
	

   

  	

   

  	

   

  
	

  Subscriber:

  	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  INSIGNIA SOLUTIONS INC.

  
	

   

  	

   

  
	

   

  	

  By

  	

  /s/ Al Wood

  	

   

  
	

   

  	

  President or

  Vice President

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By

  	

  /s/ Al Wood

  	

   

  
	

   

  	

  Secretary or

  Ass’t Secretary

  	

   

  
	

   

  	

   

  
	

  Bank:

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  SILICON VALLEY BANK

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

  /s/ Quentin Falconer

  	

   

  
	

   

  	

  Title

  	

  Senior V.P.

  	

   

  
										

 

1

 

INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

This Intellectual Property Security Agreement (this “IP Agreement”) is

made as of March 28, 2002 by and between INSIGNIA SOLUTIONS INC. (“Grantor”),

and Silicon Valley Bank, a California banking corporation (“Bank”).

 

RECITALS

 

A.     Bank will make advances to Grantor (“Advances”) as

described in the Accounts Receivable Financing Agreement (the “Financing

Agreement”), but only if Grantor grants Bank a security interest in its

Copyrights, Trademarks, Patents, and Mask Works.  Defined terms used but not

defined herein shall have the same meanings as in the Financing Agreement.

 

B.      Pursuant to the terms of

the Financing Agreement, Grantor has granted to Bank a security interest in all

of Grantor’s right title and interest, whether presently existing or hereafter

acquired in, to and under all of the Collateral.

 

NOW, THEREFORE, for good and valuable

consideration, receipt of which is hereby acknowledged and intending to be

legally bound, as collateral security for the prompt and complete payment when

due of Grantor’s Indebtedness under the Financing Agreement, Grantor hereby represents,

warrants, covenants and agrees as follows:

 

1.       Grant of Security

Interest.  As collateral security

for the prompt and complete payment and performance of all of Grantor’s present

or future Indebtedness, obligations and liabilities to Bank, Grantor hereby

grants a security interest in all of Grantor’s right, title and interest in, to

and under its Intellectual Property Collateral (all of which shall collectively

be called the “Intellectual Property Collateral”), including, without

limitation, the following:

 

(a)  Any and all copyright

rights, copyright applications, copyright registrations and like protections in

each work or authorship and derivative work thereof, whether published or

unpublished and whether or not the same also constitutes a trade secret, now or

hereafter existing, created, acquired or held, including without limitation

those set forth on Exhibit A attached hereto (collectively, the

“Copyrights”);

 

(b)  Any and all trade secrets,

and any and all intellectual property rights in computer software and computer

software products now or hereafter existing, created, acquired or held;

 

(c)  Any and all design rights

which may be available to Grantor now or hereafter existing, created, acquired

or held;

 

(d)  All patents, patent

applications and like protections including, without limitation, improvements,

divisions, continuations, renewals, reissues, extensions and

continuations-in-part of the same, including without limitation the patents and

patent applications set forth on Exhibit B attached hereto

(collectively, the “Patents”);

 

(e)  Any trademark and

servicemark rights, whether registered or not, applications to register and

registrations of the same and like protections, and the entire goodwill of the

business of Grantor connected with and symbolized by such trademarks, including

without limitation those set forth on Exhibit C attached hereto

(collectively, the “Trademarks”)

 

(f)  All mask works or similar rights available

for the protection of semiconductor chips, now owned or hereafter acquired,

including, without limitation those set forth on Exhibit D attached

hereto (collectively, the  “Mask

Works”);

 

(g)  Any and all claims for

damages by way of past, present and future infringements of any of the rights

included above, with the right, but not the obligation, to sue for and collect

such damages for said use or infringement of the intellectual property rights

identified above;

 

(h)  All licenses or other rights

to use any of the Copyrights, Patents, Trademarks, or Mask Works and all license

fees and royalties arising from such use to the extent permitted by such

license or rights; and

 

(i)  All amendments, extensions,

renewals and extensions of any of the Copyrights, Trademarks, Patents, or Mask

Works; and

 

1

 

(j)  All proceeds and products of

the foregoing, including without limitation all payments under insurance or any

indemnity or warranty payable in respect of any of the foregoing.

 

2.       Authorization and

Request.  Grantor authorizes and

requests that the Register of Copyrights and the Commissioner of Patents and

Trademarks record this IP Agreement.

 

3.       Covenants and

Warranties.  Grantor represents,

warrants, covenants and agrees as follows:

 

(a)  Grantor is now the sole

owner of the Intellectual Property Collateral, except for non-exclusive

licenses granted by Grantor to its customers in the ordinary course of

business.

 

(b)  Performance of this IP

Agreement does not conflict with or result in a breach of any IP Agreement to

which Grantor is bound, except to the extent that certain intellectual property

agreements prohibit the assignment of the rights thereunder to a third party

without the licensor’s or other party’s consent and this IP Agreement

constitutes a security interest.

 

(c)  During the term of this IP

Agreement, Grantor will not transfer or otherwise encumber any interest in the

Intellectual Property Collateral, except for non-exclusive licenses granted by

Grantor in the ordinary course of business or as set forth in this IP Agreement;

 

(d)  To its knowledge, each of

the Patents is valid and enforceable, and no part of the Intellectual Property

Collateral has been judged invalid or unenforceable, in whole or in part, and

no claim has been made that any part of the Intellectual Property Collateral

violates the rights of any third party;

 

(e)  Grantor shall promptly

advise Bank of any material adverse change in the composition of the

Collateral, including but not limited to any subsequent ownership right of the

Grantor in or to any Trademark, Patent, Copyright, or Mask Work specified in

this IP Agreement;

 

(f)  Grantor shall (i) protect,

defend and maintain the validity and enforceability of the Trademarks, Patents,

Copyrights, and Mask Works, (ii) use its best efforts to detect infringements

of the Trademarks, Patents, Copyrights, and Mask Works and promptly advise Bank

in writing of material infringements detected and (iii) not allow any

Trademarks, Patents, Copyrights, or Mask Works to be abandoned, forfeited or

dedicated to the public without the written consent of Bank, which shall not be

unreasonably withheld, unless Grantor determines that reasonable business

practices suggest that abandonment is appropriate.

 

(g)  Grantor shall promptly

register the most recent version of any of Grantor’s Copyrights, if not so

already registered, and shall, from time to time, execute and file such other

instruments, and take such further actions as Bank may reasonably request from

time to time to perfect or continue the perfection of Bank’s interest in the

Intellectual Property Collateral;

 

(h)  This IP Agreement creates,

and in the case of after acquired Intellectual Property Collateral, this IP

Agreement will create at the time Grantor first has rights in such after

acquired Intellectual Property Collateral, in favor of Bank a valid and

perfected first priority security interest in the Intellectual Property

Collateral in the United States securing the payment and performance of the

obligations evidenced by the Note and the Financing Agreement upon making the

filings referred to in clause (i) below;

 

(i)  To its knowledge, except

for, and upon, the filing with the United States Patent and Trademark office

with respect to the Patents and Trademarks and the Register of Copyrights with

respect to the Copyrights and Mask Works necessary to perfect the security

interests created hereunder and except as has been already made or obtained, no

authorization, approval or other action by, and no notice to or filing with,

any U.S. governmental authority of U.S. regulatory body is required either (i)

for the grant by Grantor of the security interest granted hereby or for the

execution, delivery or performance of this IP Agreement by Grantor in the U.S.

or (ii) for the perfection in the United States or the exercise by Bank of its

rights and remedies thereunder;

 

(j)  All information heretofore,

herein or hereafter supplied to Bank by or on behalf of Grantor with respect to

the Intellectual Property Collateral is accurate and complete in all material

respects.

 

(k)  Grantor shall not enter into

any agreement that would materially impair or conflict with Grantor’s

obligations hereunder without Bank’s prior written consent, which consent shall

not be unreasonably withheld.  

 

2

 

Grantor

shall not permit the inclusion in any material contract to which it becomes a

party of any provisions that could or might in any way prevent the creation of

a security interest in Grantor’s rights and interest in any property included

within the definition of the Intellectual property Collateral acquired under

such contracts, except that certain contracts may contain anti-assignment

provisions that could in effect prohibit the creation of a security interest in

such contracts.

 

(l)  Upon any executive officer

of Grantor obtaining actual knowledge thereof, Grantor will promptly notify

Bank in writing of any event that materially adversely affects the value of any

material Intellectual Property Collateral, the ability of Grantor to dispose of

any material Intellectual Property Collateral of the rights and remedies of

Bank in relation thereto, including the levy of any legal process against any

of the Intellectual Property Collateral.

 

4.     Bank’s Rights.  Bank shall have the right, but not the

obligation, to take, at Grantor’s sole expense, any actions that Grantor is

required under this IP Agreement to take but which Grantor fails to take, after

fifteen (15) days’ notice to Grantor. 

Grantor shall reimburse and indemnify Bank for all reasonable costs and

reasonable expenses incurred in the reasonable exercise of its rights under

this section 4.

 

5.     Inspection Rights.  Grantor hereby grants to Bank and its

employees, representatives and agents the right to visit, during reasonable

hours upon prior reasonable written notice to Grantor, and any of Grantor’s

plants and facilities that manufacture, install or store products (or that have

done so during the prior six-month period) that are sold utilizing any of the

Intellectual Property Collateral, and to inspect the products and quality

control records relating thereto upon reasonable written notice to Grantor and

as often as may be reasonably requested, but not more than one (1) in every six

(6) months; provided, however, nothing herein shall entitle Bank access to

Grantor’s trade secrets and other proprietary information.

 

3

 

6.     Further Assurances;

Attorney in Fact.

 

(a)  On a continuing basis,

Grantor will, subject to any prior licenses, encumbrances and restrictions and

prospective licenses, make, execute, acknowledge and deliver, and file and

record in the proper filing and recording places in the United States, all such

instruments, including appropriate financing and continuation statements and

collateral agreements and filings with the United States Patent and Trademarks

Office and the Register of Copyrights, and take all such action as may

reasonably be deemed necessary or advisable, or as requested by Bank, to

perfect Bank’s security interest in all Copyrights, Patents, Trademarks, and

Mask Works and otherwise to carry out the intent and purposes of this IP

Agreement, or for assuring and confirming to Bank the grant or perfection of a

security interest in all Intellectual Property Collateral.

 

(b)  Grantor hereby irrevocably

appoints Bank as Grantor’s attorney-in-fact, with full authority in the place

and stead of Grantor and in the name of Grantor, Bank or otherwise, from time

to time in Bank’s discretion, upon Grantor’s failure or inability to do so, to

take any action and to execute any instrument which Bank may deem necessary or

advisable to accomplish the purposes of this IP Agreement, including:

 

(i)  To modify, in its sole

discretion, this IP Agreement without first obtaining Grantor’s approval of or

signature to such modification by amending Exhibit A, Exhibit B, Exhibit C, and

Exhibit D hereof, as appropriate, to include reference to any right, title or

interest in any Copyrights, Patents, Trademarks or Mask Works acquired by Grantor

after the execution hereof or to delete any reference to any right, title or

interest in any Copyrights, Patents, Trademarks, or Mask Works in which Grantor

no longer has or claims any right, title or interest; and

 

(ii)  To file, in its sole discretion,

one or more financing or continuation statements and amendments thereto,

relative to any of the Intellectual Property Collateral without the signature

of Grantor where permitted by law.

 

7.     Events of Default.  The occurrence of any of the following shall

constitute an Event of Default under this IP Agreement:

 

(a)  An Event of Default occurs

under the Financing Agreement; or

 

(b)  Grantor breaches any

warranty or agreement made by Grantor in this IP Agreement.

 

8.     Remedies.  Upon the occurrence and continuance of an

Event of Default, Bank shall have the right to exercise all the remedies of a

secured party under the California Uniform Commercial Code, including without

limitation the right to require Grantor to assemble the Intellectual Property

Collateral and any tangible property in which Bank has a security interest and

to make it available to Bank at a place designated by Bank.  Bank shall have a nonexclusive, royalty free

license to use the Copyrights, Patents, Trademarks, and Mask Works to the

extent reasonably necessary to permit Bank to exercise its rights and remedies

upon the occurrence of an Event of Default. 

Grantor will pay any expenses (including reasonable attorney’s fees)

incurred by Bank in connection with the exercise of any of Bank’s rights

hereunder, including without limitation any expense incurred in disposing of

the Intellectual Property Collateral. 

All of Bank’s rights and remedies with respect to the Intellectual

Property Collateral shall be cumulative.

 

9.     Indemnity.  Grantor agrees to defend, indemnify and hold

harmless Bank and its officers, employees, and agents against:  (a) all obligations, demands, claims, and

liabilities claimed or asserted by any other party in connection with the

transactions contemplated by this IP Agreement, and (b) all losses or expenses

in any way suffered, incurred, or paid by Bank as a result of or in any way

arising out of, following or consequential to transactions between Bank and

Grantor, whether under this IP Agreement or otherwise (including without

limitation, reasonable attorneys fees and reasonable expenses), except for

losses arising from or out of Bank’s gross negligence or willful misconduct.

 

10.     Reassignment.  At such time as Grantor shall completely

satisfy all of the obligations secured hereunder, Bank shall execute and

deliver to Grantor all deed, assignments, and other instruments as may be

necessary or proper to reinvest in Grantor full title to the property assigned

hereunder, subject to any disposition thereof which may have been made by Bank

pursuant hereto.

 

11.     Course of Dealing.  No course of dealing, nor any failure to

exercise, nor any delay in exercising any right, power or privilege hereunder

shall operate as a waiver thereof.

 

4

 

12.     Attorneys’ Fees.  If any action relating to this IP Agreement

is brought by either party hereto against the other party, the prevailing party

shall be entitled to recover reasonable attorneys’ fees, costs and disbursements.

 

13.     Amendments.  This IP Agreement may be amended only by a

written instrument signed by both parties hereto.

 

14.     Counterparts.  This IP Agreement may be executed in two or

more counterparts, each of which shall be deemed an original but all of which

together shall constitute the same instrument.

 

15.     Law and Jurisdiction.  This IP Agreement shall be governed by and

construed in accordance with the laws of the State of California, without

regard for choice of law provisions. 

Grantor and Bank consent to the nonexclusive jurisdiction of any state

or federal court located in Santa Clara County, California.

 

16.     Confidentiality.  In handling any confidential information,

Bank shall exercise the same degree of care that it exercises with respect to

its own proprietary information of the same types to maintain the

confidentiality of any non-public information thereby received or received

pursuant to this IP Agreement except that the disclosure of this information

may be made (i) to the affiliates of the Bank, (ii) to prospective transferee

or purchasers of an interest in the obligations secured hereby, provided that

they have entered into comparable confidentiality agreement in favor of Grantor

and have deliver a copy to Grantor, (iii) as required by law, regulation, rule

or order, subpoena judicial order or similar order and (iv) as may be required

in connection with the examination, audit or similar investigation of Bank.

 

IN WITNESS WHEREOF, the parties hereto have executed this IP Agreement on

the day and year first above written.

 

	

  Address of Grantor:

  	

  GRANTOR:

  	

   

  
	

   

  	

   

  
	

  41300

  Christy Street

  	

  INSIGNIA

  SOLUTIONS INC.

  
	

  Fremont,

  California 94538

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/

  Al Wood

  	

   

  
	

   

  	

  Name:

  	

  Al

  Wood

  	

   

  
	

   

  	

  Title:

  	

  CFO

  	

   

  
							

 

5

 

Exhibit

“A” attached to that certain Intellectual Property Security Agreement dated

March 28, 2002

 

EXHIBIT “A”

 

COPYRIGHTS

 

SCHEDULE

A – ISSUED COPYRIGHTS

 

	

  COPYRIGHT

  DESCRIPTION

  	

   

  	

  REGISTRATION

  NUMBER

  	

   

  	

  DATE OF

  ISSUANCE

  	

   

  

 

 

SCHEDULE

B – PENDING COPYRIGHT APPLICATIONS

 

	

   

  	

   

  	

  FIRST DATE

  OF PUBLIC

  DISTRIBUTION

  
	

  COPYRIGHT

  DESCRIPTION

  	

   

  	

  APPLICATION

  NUMBER

  	

   

  	

  DATE OF

  FILING

  	

   

  	

  CREATION

  
									

 

 

SCHEDULE

C – UNREGISTERED COPYRIGHTS (Where No Copyright Application is Pending)

 

	

  COPYRIGHT

  DESCRIPTION

  	

   

  	

  DATE OF

  CREATION

  	

   

  	

  FIRST DATE

  OF

  DISTRIBUTION

  	

   

  	

  ORIGINAL

  AUTHOR OR

  OWNER OF

  COPYRIGHT

  (IF DIFFERENT

  FROM GRANTOR)

  	

   

  	

  DATE AND

  RECORDATION

  NUMBER OF

  IP AGREEMENT TO

  OWNER OF

  GRANTOR (IF

  ORIGINAL AUTHOR

  OR OWNER OF

  COPYRIGHT IS

  DIFFERENT FROM

  GRANTOR)

  	

   

  

 

6

 

Exhibit

“B” attached to that certain Intellectual Property Security Agreement dated

March 28, 2002

 

EXHIBIT “B”

 

PATENTS

 

	

  PATENT

  DESCRIPTION

  	

   

  	

  DOCKET NO.

  	

   

  	

  COUNTRY

  	

   

  	

  SERIAL NO.

  	

   

  	

  FILING DATE

  	

   

  	

  STATUS

  	

   

  

 

7

 

Exhibit

“C” attached to that certain Intellectual Property Security Agreement dated

March 28, 2002

 

EXHIBIT “C”

 

TRADEMARKS

 

	

  TRADEMARK

  DESCRIPTION

  	

   

  	

  COUNTRY

  	

   

  	

  SERIAL NO.

  	

   

  	

  REG. NO

  	

   

  	

  STATUS

  	

   

  

 

8

 

Exhibit

“D” attached to that certain Intellectual Property Security Agreement dated

March 28, 2002

 

EXHIBIT “D”

 

MASK WORKS

 

	

  MASK WORK

  DESCRIPTION

  	

   

  	

  COUNTRY

  	

   

  	

  SERIAL NO.

  	

   

  	

  REG. NO

  	

   

  	

  STATUS

  	

   

  

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]