Document:

First Loan Modification Agreement, dated December 29, 2009

 Exhibit 10.11 
 FIRST LOAN MODIFICATION AGREEMENT 
 This First Loan Modification Agreement
(this “Loan Modification Agreement”) is entered into as of December 29, 2009, by and among (a) SILICON VALLEY BANK, a California corporation with a loan production office located at One Newton Executive Park, Suite 200,
2221 Washington Street, Newton, Massachusetts 02462 (“SVB”), as agent (“Agent”), and the Lenders listed on Schedule 1.1 to the Loan Agreement (as defined below) and otherwise party hereto, including without limitation, SVB and
GOLD HILL VENTURE LENDING 03, L.P., and (b) VRINGO, INC., a Delaware corporation (“Borrower”). 
 1. DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Borrower is indebted to Lenders pursuant to a loan arrangement dated as of January 29, 2008, evidenced by, among other documents, a certain Loan and Security Agreement dated as of January 29,
2008, by and among Borrower, Agent and Lenders (as amended, the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by (a) the Collateral as described in the Loan Agreement, and (b) the
Intellectual Property Collateral as defined in that certain Intellectual Property Security Agreement dated as of the date hereof by Borrower in favor of Agent, for the ratable benefit of the Lenders (the “IP Agreement,” together with any
other collateral security granted to Agent, for the ratable benefit of the Lenders, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred
to as the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 
  

	 	A.	Modifications to Loan Agreement. 

  

	 	1	Notwithstanding Section 2.1.1(b) of the Loan Agreement, upon the occurrence of the Qualified Financing and continuing thereafter during the Interest Only Period,
Borrower shall make monthly payments of interest only at the rate set forth in Section 2.2(a). 

  

	 	2	Notwithstanding Section 2.1.1(c) of the Loan Agreement, after the occurrence of the Qualified Financing, provided no Default or an Event of Default occurs, all
scheduled principal payments due and payable during the Interest Only Period shall be deferred (not waived) until the earlier of: (i) the first Payment Date which is six months following the occurrence of the Qualified Financing, and
(ii) the occurrence of the IPO Event. In addition, commencing on the Amortization Date and continuing on the Payment Date of each month thereafter, the aggregate outstanding amount of the Term Loan shall be repaid in equal monthly payment of
principal and interest, calculated by Agent, based upon (i) the aggregate amount of the Term Loan, (ii) the effective rate of interest set forth in Section 2.2(a), and (iii) the applicable Amortization Schedule. All unpaid
principal and accrued interest is due and payable in full on the Term Loan Maturity Date. 

  

	 	3	The Loan Agreement shall be amended by inserting the following text to appear after the final paragraph of Section 5.2 thereof: 

 “Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licenses
granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate.
Each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which Borrower owns

 
or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been
made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 
 Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License.” 
  

	 	4	The Loan Agreement shall be amended by adding the following new Section 6.2(c) appearing after Section 6.2(b) thereof: 

 “(c) Deliver to Agent, prompt written notice of (i) any material change in the composition of the Intellectual Property,
(ii) the registration of any copyright, including any subsequent ownership right of Borrower in or to any copyright, patent or trademark, and (iii) Borrower’s knowledge of an event that could reasonably be expected to materially and
adversely affect the value of the Intellectual Property.” 
  

	 	5	The Loan Agreement shall be amended by deleting the following, appearing as Section 6.7 thereof: 

 “6.7 Protection of Intellectual Property Rights. Borrower shall use commercially reasonable efforts to protect, defend and
maintain the validity and enforceability of its material intellectual property, except where Borrower in the exercise of its business judgment deems it in its best interest not to do so.” 
 and inserting in lieu thereof the following: 
 “6.7 Protection and Registration of Intellectual Property Rights. Borrower shall : (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability
of its material intellectual property except where Borrower in the exercise of its prudent business judgment deems it in its reasonable best interest not to do so; (b) promptly advise Agent in writing of material infringements of its
Intellectual Property promptly after Borrower learns of any such infringements; and (c) not allow any of Borrower’s Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without
Agent’s written consent. If Borrower (i) obtains any Patent, registered Trademark, registered Copyright, registered mask work, or any pending application for any of the foregoing, whether as owner, licensee or otherwise, or
(ii) applies for any Patent or the registration of any Trademark, then Borrower shall immediately provide written notice thereof to Agent and Lenders and shall execute such intellectual property security agreements and other documents and take
such other actions as Agent and Lenders shall request in their good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Agent and Lenders in such property. If Borrower decides to register any
Copyrights or mask works in the United States Copyright Office, Borrower shall: (x) provide Agent and Lenders with at least fifteen (15) days prior written notice of Borrower’s intent to register such Copyrights or mask works together
with a copy of the application it intends to file with the United States Copyright Office (excluding exhibits thereto); (y) execute an intellectual property security agreement and such other documents and take such other actions as Agent and
Lenders may request in their good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Lenders in the Copyrights or mask

  

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works intended to be registered with the United States Copyright Office; and (z) record such intellectual property security agreement with the United States Copyright Office
contemporaneously with filing the Copyright or mask work application(s) with the United States Copyright Office. Borrower shall promptly provide to Agent and Lenders copies of all applications that it files for Patents or for the registration of
Trademarks, Copyrights or mask works, together with evidence of the recording of the intellectual property security agreement necessary for Agent and Lenders to perfect and maintain a first priority perfected security interest in such property.

 Borrower shall provide written notice to Agent and Lenders within thirty (30) days of entering or becoming bound by any
Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall take such steps as Agent and Lenders request to obtain the consent of, or waiver by, any person whose consent or waiver is
necessary for (i) any Restricted License to be deemed “Collateral” and for Lenders to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now
existing or entered into in the future, and (ii) Agent and Lenders to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Lenders’ rights and remedies under this Agreement and
the other Loan Documents.” 
  

	 	6	The Loan Agreement shall be amended by deleting the following appearing as Section 7.5 thereof: 

 “7.5 Encumbrance. Create, incur, or allow any Lien on any of its property, or assign or convey any right to receive income,
including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, or permit any Collateral not to be subject to the first priority security interest granted herein (except for validly perfected purchase
money security interests), or enter into any agreement, document, instrument or other arrangement (except with or in favor of Lenders) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary
from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s intellectual property, except as is otherwise permitted in Section 7.1 hereof and the definition of
“Permitted Liens” herein.” 
 and inserting in lieu thereof the following: 
 “7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive
income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, or permit any Collateral not to be subject to the first priority security interest granted herein (except for validly perfected
purchase money security interests).” 
  

	 	7	The Loan Agreement shall be amended by deleting the following appearing as Section 8.2(a) thereof: 

 “(a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.6, or violates any covenant in Section 7;
or” 
 and inserting in lieu thereof the following: 
 “(a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.6, 6.7 or violates any covenant in Section 7;
or” 
  

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	 	8	The Loan Agreement shall be amended by inserting the following new provisions to appear after Section 8.9 thereof: 

 “8.10 IPO Event and Subsequent Financing. Neither the IPO Event nor the Subsequent Financing occurs on or before July 15,
2010; or 
 “8.11 Guaranty. (a) Any guaranty of any Obligations terminates or ceases for any reason to be in
full force and effect; (b) any Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in Sections 8.4, 8.5, 8.7, or 8.8 occurs with respect to any Guarantor, or
(d) the liquidation, winding up, or termination of existence of any Guarantor.” 
  

	 	9	The Loan Agreement shall be amended by deleting the following subsection (f) of the definition of “Permitted Investments” appearing in Section 13.1
thereof: 

 “(f) Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by
Borrower in Subsidiaries not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate in any fiscal year;” 
 and inserting in lieu thereof the following: 
 “(f) Investments of Subsidiaries in or to other Subsidiaries or
Borrower and Investments by Borrower in IL Subsidiary for current ordinary and necessary operating expenses of IL Subsidiary.” 
  

	 	10	The Loan Agreement shall be amended by inserting the following new definitions to appear alphabetically in Section 13.1 thereof: 

 “ “2009 Effective Date” is December 29, 2009.” 
 “ “Copyrights” are 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.” 
 “ “Intellectual Property” means all of Borrower’s right, title, and interest in and to the following: 
 (a) its Copyrights, Trademarks and Patents; 
 (b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions,
know-how, operating manuals; 
 (c) any and all source code; 
 (d) any and all design rights which may be available to a Borrower; 
 (e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, 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; and 
  

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 (f) all amendments, renewals and extensions of any of the Copyrights,
Trademarks or Patents.” 
 “ “Intellectual Property Collateral” is defined in the IP Agreement.”

 “ “Interest Only Period” is the period commencing on the occurrence of the Qualified Financing and
ending on the date that is the earlier of: (i) six months from the occurrence of the Qualified Financing; and (ii) the occurrence of the IPO Event.” 
 “ “IP Agreement” is that certain Intellectual Property Security Agreement executed and delivered by Borrower to Agent and Lenders dated as of December 29, 2009.”

 “ “IPO Event” is the consummation of Borrower’s initial public offering and sale of equity
securities pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in net cash proceeds to Borrower in an amount of at least Seven Million Dollars ($7,000,000.00). 
 “ “Patents” means all patents, patent applications and like protections including without limitation improvements,
divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same.” 
 “
“Qualified Financing” means the sale or issuance by Borrower on or after the 2009 Effective Date but on or before January 30, 2010, in a single transaction or a series of related transactions, of shares of its capital stock, or
of Subordinated Debt instruments convertible into the Borrower’s capital stock, to one or more investors for financing purposes, resulting in unrestricted gross cash proceeds received by the Borrower of at least Two Million Nine Hundred
Eighty-One Thousand Nine Hundred Forty-One Dollars ($2,981,941.00).” 
 “ “Restricted License” is any
material license or other agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other
property, or (b) for which a default under or termination of could interfere with the Agent and Lenders’ right to sell any Collateral.” 
 “ “Subsequent Financing” means the sale or issuance by Borrower of shares of its capital stock or issuance of Subordinated Debt, to one or more investors for financing purposes,
resulting in unrestricted net cash proceeds received by the Borrower of at least Seven Million Dollars ($7,000,000).” 
 “ “Trademarks” means 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 Borrower
connected with and symbolized by such trademarks.” 
  

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	 	11	The Loan Agreement shall be amended by deleting the following definitions appearing in Section 13.1 thereof: 

 “ “Amortization Date” shall mean, for each Term Loan, the earlier of (i) the first Payment Date following the
date which is six (6) months from the Funding Date of such Term Loan, or (ii) April 1, 2009.” 
 “
“Loan Documents” are, collectively, this Agreement, the Warrant, the Perfection Certificate, any note, or notes or guaranties executed by Borrower, and any other present or future agreement for the benefit of Agent and/or Lenders in
connection with this Agreement, all as amended, restated, or otherwise modified.” 
 “ “Prepayment
Fee” shall be an additional fee payable to the Agent in amount equal to : 
  

	 	(i)	for a prepayment made on or before one year from the applicable Funding Date of such Term Loan, three percent (3.0%) of the principal amount of such Term Loan
prepaid; or 

  

	 	(ii)	for a prepayment made after one year, but on or before two years from the applicable Funding Date of such Term Loan, two percent (2.0%) of the principal amount of
such Term Loan prepaid; or 

  

	 	(iii)	for a prepayment made after two years, but on or before three years from the applicable Funding Date of such Term Loan, one percent (1.0%) of the principal amount
of such Term Loan prepaid.” 

 “ “Term Loan Maturity Date” is the final Payment Date
for each Term Loan which shall be the date thirty-five (35) months from the first Payment Date for such Term Loan.” 
 and inserting in lieu thereof the following: 
 “ “Amortization Date” shall mean: (a) if the
Qualified Financing does not occur, for each Term Loan, the earlier of (i) the first Payment Date following the date which is six (6) months from the Funding Date of such Term Loan, or (ii) April 1, 2009, or (b) if the
Qualified Financing occurs, the first Payment Date after the expiration of the Interest Only Period.” 
 “
“Loan Documents” are, collectively, this Agreement, the Warrant, the Perfection Certificate, the IP Agreement any note, or notes or guaranties executed by Borrower, and any other present or future agreement for the benefit of Agent
and/or Lenders in connection with this Agreement, all as amended, restated, or otherwise modified.” 
 “
“Prepayment Fee” shall be an additional fee payable to the Agent in amount equal to : 
  

	 	(i)	for a prepayment made on or before one year from the 2009 Effective Date, three percent (3.0%) of the principal amount of the aggregate outstanding Term Loan
prepaid; or 

  

	 	(ii)	for a prepayment made after one year, but on or before two years from the 2009 Effective Date, two percent (2.0%) of the principal amount of the aggregate
outstanding Term Loan prepaid; or 

  

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	 	(iii)	for a prepayment made after two years, but on or before three years from the 2009 Effective Date, one percent (1.0%) of the principal amount of the aggregate
outstanding Term Loan prepaid.” 

 “ “Term Loan Maturity Date” is the earlier of
(i) March 1, 2013 or (ii) an Event of Default pursuant to which the Agent declares all Obligations immediately due and payable.” 
  

	 	12	Guarantor shall deliver to Bank, as soon as available, but no later than thirty (30) days after the last day of each quarter, a company prepared consolidated
balance sheet and income statements covering Guarantor’s consolidated operations during the period certified by an officer of Guarantor and in a form acceptable to Agent. 

  

	 	13	The definition of “Permitted Liens” shall be deemed to include any Liens consented to by Lenders pursuant to any instrument evidencing Subordinated Debt.

  

	 	14	The Loan Agreement shall be amended by substituting Exhibit A thereto in its entirety and inserting in lieu thereof Exhibit A hereto. Borrower hereby
grants to Agent, for the ratable benefit of Lenders, and Lenders, to secure the payment and performance in full of all Obligations and the performance of each of Borrower’s duties under the Existing Loan Documents, a continued security interest
in and pledges and assigns to Agent, for the ratable benefit of Lenders, and Lenders, the Collateral wherever located, whether now owned or hereafter acquired or arising and all proceeds and products thereof. 

 4. FEES. Borrower shall reimburse Agent and Lenders for all reasonable legal fees and expenses incurred in connection with this amendment to the
Existing Loan Documents. 
 5. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and reaffirms, all and
singular, the terms and disclosures contained in a certain Perfection Certificate dated as of January 29, 2008 by Borrower and delivered to Agent and Lenders, and acknowledges, confirms and agrees the disclosures and information Borrower
provided to Agent and Lenders in the Perfection Certificate has not changed, as of the date hereof. 
 6. CONDITIONS TO EFFECTIVENESS OF
AGREEMENT. The effectiveness of this Loan Modification Agreement is expressly conditioned upon the receipt by Agent, in form and substance satisfactory to Agent in Agent’s sole and absolute discretion, of (a) an Unconditional Guaranty
by the IL Subsidiary; and (b) a Debenture, granting to Lenders a first perfected fixed charge on all assets owned by IL Subsidiary; and (c) all other documents requested by Agent in connection with the foregoing, including, without
limitation authority documents, and a legal opinion acceptable to Agent; and (d) evidence that Borrower has received, on or after the 2009 Effective Date, unrestricted net cash proceeds from the issuance of Subordinated Debt instruments
convertible into the Borrower’s capital stock to Iroquois Master Fund Ltd. and Kingsbrook Opportunities Master Fund LP (the “Lead Investors”), and KB/V LLC in an aggregate amount equal to Four Hundred Thirty-Five Thousand Dollars
($435,000); and (e) a subordination in the form attached as Exhibit B hereto executed by Borrower, IL Subsidiary, the Lead Investors, and KB/V LLC. 
 7. CONSENT. 
 (a) Agent and Lenders hereby consent to the
Indebtedness incurred by Borrower from the Lead Investors and KB/V LLC pursuant to the Securities Purchase Agreement dated as of December 29, 2009 in an aggregate amount equal to Four Hundred Thirty-Five Thousand Dollars ($435,000), provided,
however, Agent’s and Lenders’ consent shall only be effective upon receipt by Agent of a subordination agreement in the form attached as Exhibit B hereto executed by Borrower, IL Subsidiary, the Lead Investors, and KB/V LLC.

  

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 (b) Agent and Lenders hereby agree that their consent to the Indebtedness
incurred by Borrower in connection with the Qualified Financing pursuant to the Securities Purchase Agreement dated as of December 29, 2009 (but only up to Two Million Nine Hundred Eighty-One Thousand Nine Hundred Forty-One Dollars ($2,981,941)
inclusive of amounts received pursuant to the transaction referenced in Section 7(a) above) shall be deemed to be automatically given upon receipt by Agent of a subordination agreement in the form attached as Exhibit B hereto
executed by Borrower, IL Subsidiary and investors making up the Minimum Creditor Threshold. As used herein, “Minimum Creditor Threshold” shall mean the group of investors who provided Subordinated Debt to Borrower on or after the 2009
Effective Date but on or before January 30, 2010 in an aggregate amount equal to at least Two Million Two Hundred Thirty Six Thousand Four Hundred Fifty-Six Dollars ($2,236,456). Notwithstanding any terms herein to the contrary, the consent of
Agent and Lenders will not automatically be deemed to be given hereunder for either (i) any Indebtedness incurred after January 30, 2010, or (ii) an Indebtedness incurred on or after the 2009 Effective Date but on or before
January 30, 2010 in an aggregate amount in excess of Two Million Nine Hundred Eighty-One Thousand Nine Hundred Forty-One Dollars ($2,981,941). 
 8. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above. 
 9. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security or other collateral granted to the Agent, for ratable benefit of the Lenders, and confirms that the
indebtedness secured thereby includes, without limitation, the Obligations. 
 10. NO DEFENSES OF BORROWER. Borrower hereby acknowledges
and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Agent and/or Lenders with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims
against Agent and/or Lenders, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Agent and/or Lenders from any liability thereunder. 
 11. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, each of Agent and Lenders is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in
full force and effect. Lenders’ agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Agent or Lenders to make any future modifications to the Obligations. Nothing in this
Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Agent, Lenders and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Lenders
in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 12. CONFIDENTIALITY. Agent and/or Lenders may use
confidential information for the development of databases, reporting purposes, and market analysis, so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The
provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement. 
 13. COUNTERSIGNATURE. This Loan
Modification Agreement shall become effective only when it shall have been executed by Borrower, Agent and Lenders. 
 [The
remainder of this page is intentionally left blank] 
  

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 This Loan Modification Agreement is executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first written above. 
  

			
	BORROWER:
	
	VRINGO, INC.
		
	By	 	/S/    JON
MEDVED        
	Name:	 	Jon Medved
	Title:	 	CEO
	
	LENDERS:
	
	SILICON VALLEY BANK, as Agent and as a LENDER
		
	By	 	/S/    SHAWN E.
GOODMAN        
	Name:	 	Shawn E. Goodman
	Title:	 	authorized signatory
	
	GOLD HILL VENTURE LENDING 03, L.P., as LENDER
	
	 By: GOLD HILL VENTURE LENDING
 PARTNERS 03, LLC, its General Partner

		
	By	 	/S/    DAVID
FISCHER        
	Name:	 	David Fischer
	Title:	 	Manager

  

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 EXHIBIT A 
 EXHIBIT A – COLLATERAL DESCRIPTION 
 The Collateral consists of
all of Borrower’s right, title and interest in and to the following personal property: 
 All goods, Accounts (including
health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments
(including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and
all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and 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, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 
 Notwithstanding the foregoing, the Collateral does not include more than 65% of the presently existing and hereafter arising issued and
outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter. 
  

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 EXHIBIT B 
 [Form of Subordination Agreement] 
  

 -11-Intellectual Property Security Agreement, dated December 29, 2009

 Exhibit 10.12 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 This Intellectual Property
Security Agreement is entered into as of December 29, 2009 by and among SILICON VALLEY BANK, a California corporation and with a loan production office located at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462 (“SVB”), in its capacity as collateral agent for the Lenders (“Agent”), and in its capacity as a “Lender” (SVB in such capacity and the other Lenders listed on Schedule 1.1 to the Loan
Agreement (as hereinafter defined) or party thereto from time to time, including, without limitation, GOLD HILL VENTURE LENDING 03, L.P., each a “Lender” and collectively, “Lenders”), and VRINGO, INC.,
a Delaware corporation (“Grantor”). 
 RECITALS 
 A. Lenders have agreed to make certain advances of money and to extend certain financial accommodation to Grantor (the
“Loans”) in the amounts and manner set forth in that certain Loan and Security Agreement by and among Lenders, the Agent and Grantor, dated January 29, 2008, as amended by that certain First Loan Modification Agreement by and
among Lenders, the Agent and Grantor of even date herewith (as the same may be amended, modified or supplemented from time to time, the “Loan Agreement”; capitalized terms used herein are used as defined in the Loan Agreement).
Lenders are willing to make the Loans to Grantor, but only upon the condition, among others, that Grantor shall grant to Agent, for the ratable benefit of the Lenders, and to each Lender a security interest in certain Copyrights, Trademarks,
Patents, and Mask Works (as each term is described below) to secure the obligations of Grantor under the Loan Agreement. 
 B.
Pursuant to the terms of the Loan Agreement, Grantor has granted to Agent, for the ratable benefit of the Lenders, and to each Lender a security interest in all of Grantor’s right, title and interest, whether presently existing or hereafter
acquired, in, to and under all of the Collateral. 
 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 its obligations under the Loan Agreement, Grantor hereby represents, warrants, covenants and agrees as follows:

 AGREEMENT 
 To secure its obligations under the Loan Agreement, Grantor grants and pledges to Agent, for the ratable benefit of the Lenders, and to each Lender a security interest in all of Grantor’s right,
title and interest in, to and under its intellectual property (all of which shall collectively be called the “Intellectual Property Collateral”), including, without limitation, the following: 
 1. 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”); 

 2. 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; 
 3.
Any and all design rights that may be available to Grantor now or hereafter existing, created, acquired or held; 
 4. 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”); 
 5. 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”); 
 6. 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”); 
 7. 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; 
 8. 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; 
 9. All amendments, extensions, renewals and extensions of any of the Copyrights, Trademarks, Patents, or Mask Works; and

 10. 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. 
 This security interest is granted in conjunction with
the security interest granted to the Agent and the Lenders under the Loan Agreement. The rights and remedies of the Agent and the Lenders with respect to the security interest granted hereby are in addition to those set forth in the Loan Agreement
and the other Loan Documents, and those which are now or hereafter available to the Agent and the Lenders as a matter of law or equity. Each right, power and remedy of the Agent and the Lenders provided for herein or in the Loan Agreement or any of
the Loan Documents, or now or hereafter existing at law or in equity shall be cumulative and concurrent and shall be in addition to every right, power or remedy provided for herein and the exercise by the Agent and the Lenders of any one or more of
the rights, powers or remedies provided for in this Intellectual Property Security Agreement, the Loan Agreement or any of the other Loan Documents, or now or hereafter existing at law or in equity, shall not preclude the simultaneous or later
exercise by any person, including the Agent or any Lender, of any or all other rights, powers or remedies. 
 [Signature page
follows.] 
  

 -2- 

 IN WITNESS WHEREOF, the parties have caused this Intellectual Property Security Agreement to
be duly executed by its officers thereunto duly authorized as of the first date written above. 
  

									
		 		 	GRANTOR:
			
	Address of Grantor:	 		 	VRINGO, INC.
				
	 BIG Center, Bet Shemesh
	 		 	By:	 	/s/ Jon Medved
	 1 Yigal Allon Blvd
 Bet Shemesh 00062 Israel
 Attn: David Corre
	 		 	Title:	 	Chief Executive Officer
			
		 		 	AGENT:
			
	Address of Agent:	 		 	 SILICON VALLEY BANK, as Agent and a Lender

				
	 One Newton Executive Park, Suite 200
	 		 	By:	 	/s/ authorized signatory
	 2221 Washington Street
 Newton, Massachusetts 02462
  
 Attn: Mr. Michael
Fell
	 		 	Title:	 	Senior Advisor
			
		 		 	LENDER:
			
	Address of Lender:	 		 	GOLD HILL VENTURE LENDING 03, L.P., as a Lender
				
	 Two Newton Executive Park, Suite 203
	 		 	By:	 	/s/ authorized signatory
	 2227 Washington Street
	 		 	Title:	 	Manager
	 Newton, MA 02462
  
 Attn: Frank Tower
	 		 		 	

 EXHIBIT A 
 Copyrights 
  

					
	 Description
	  	 Registration/
 Application
 Number
	  	 Registration/
 Application
 Date

	 No registered copyrights.
	  		  	

 EXHIBIT B 
 Patents 
  

					
	 Description
	  	Registration/
Application
Number	  	Registration/
Application
Date
			
	 Synchronized Voice and Data System
	  	11/997,000	  	January 28, 2008
			
	 Personalization Content Sharing System and Method (USA)
	  	11/544,938	  	October 10, 2006
			
	 Personalization Content Sharing System and Method (USA)
	  	11/744,917	  	May 7, 2007
			
	 Personalization Content Sharing System and Method (Europe)
	  	07706046.5	  	January 25, 2007
			
	 Personalization Content Sharing System and Method (Europe)
	  	08738326.1	  	December, 2009
			
	 Media Content at the End of a Communication
	  	11/549,658	  	October 16, 2006
			
	 User-Chosen Media Content (USA)
	  	11/768,989	  	June 27, 2007
			
	 User-Chosen Media Content (Europe)
	  	07766818.4	  	June 27, 2007
			
	 Pushed Media Content Delivery (USA)
	  	11/775,249	  	July 10, 2007
			
	 Pushed Media Content Delivery (Europe)
	  	07766888.7	  	July 10, 2007
			
	 System and Method for Digital Rights Management
	  	11/773,417	  	July 4, 2007
			
	 Advertisement-Based Dialing
	  	12/186,592	  	August 6, 2008
			
	 Group Sharing of Media Content
	  	11/776,689	  	July 12, 2007
			
	 Media Playing on Another Device
	  	11/853,117	  	September 11, 2007
			
	 Personalized Installation Files
	  	11/858,193	  	September 20, 2007
			
	 Method to Play Vendor Videos
	  	11/923,831	  	October 25, 2007
			
	 Triggering Events for Video Ringtones
	  	12/028,938	  	February 11, 2008
			
	 Smart Contact List
	  	12/043,974	  	March 7, 2008
			
	 Mobile Video Dating Service
	  	12/186,547	  	August 6, 2008
			
	 Roaming Detection
	  	12/193,785	  	August 19, 2008
			
	 Contact Matching of Changing Content Across Platforms
	  	12/367,525	  	February 8, 2009
			
	 Voting System with Content
	  	61/226,718	  	July 19, 2009
			
	 Alternative Ringtones for Mobile Telephones
	  	61/289,454	  	December 23, 2009
			
	 Web-Based Dialing
	  	11/775,248	  	July 10, 2007
			
	 Drag and Drop Selection of Products
	  	11/772,873	  	July 3, 2007

 EXHIBIT C 
 Trademarks 
  

					
	 Description
	  	Registration/
Application
Number	  	Registration/
Application
Date
			
	 Vringo
	  	78917479	  	June 27, 2006
			
	 Show Me Your Vringo Vringo (US)
	  	77185488	  	May 20, 2007
			
	 Vringo Logo Show Me Your Vringo (European Union)
	  	5951851	  	April 17, 2008
			
	 Vringo Logo Show Me Your Vringo (India)
	  	1623116	  	November 21, 2007
			
	 Vringo Logo Show Me Your Vringo (India)
	  	1623117	  	November 21, 2007

 EXHIBIT D 
 Mask Works 
  

					
	 Description
	  	Registration/
Application
Number	  	Registration/
Application
Date
	 None.

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