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Exhibit 10(yyy)  

         

  

 
 

FORM OF SECURED PROMISSORY NOTE    
  

	[$ AMOUNT]	 	[DATE]

        FOR
VALUE RECEIVED, ALLIANCE PHARMACEUTICAL CORP., a New York corporation (the "Company"), hereby promises to pay to the order of [HOLDER] (the "Holder"), at
[ADDRESS], the principal amount of                        
($            ) in lawful money of the United States of America, on the terms set forth in Section 1 hereof. This
Note is secured by a first priority security interest in certain assets of the Company (the "Collateral") pursuant to the Security Agreement, dated as of July 23, 2002 (the "Security
Agreement"), between the Company and the Holder and the Patent and Trademark Security Agreement, dated as of July 23, 2002 (the "Patent and Trademark Security Agreement") between the Company
and the Holder. 

        1.    Payments of Interest and Principal.    Subject to the provisions of Section 2 hereunder, payments of
principal plus interest on the unpaid principal balance of this Promissory Note (this "Note") outstanding from time to time shall be payable in accordance with the following: 

        (a)    Interest.    During the period commencing on the date hereof and terminating on [45 days
from the date hereof], no interest shall accrue. If the Maturity Date hereunder is extended pursuant to Section 1(b) below, interest shall accrue commencing on
[46 days from the date hereof] at a rate equal to $                        per day, or if such rate exceeds the maximum rate
permitted to be charged under applicable law, the
maximum rate allowed thereunder. 

        (b)    Principal.    The principal balance outstanding on this Note shall be due and payable to the Holder at the
earlier of (i) [45 days from the date hereof], or (ii) the date on which the Company completes and receives the proceeds from a financing with aggregate
gross proceeds of at least $            (the "Maturity Date"). Notwithstanding the above, the Maturity Date may be extended 90 days from the date hereof by written notice from the
Company
to the Holder, in which case, the principal balance outstanding on this Note and the accrued interest thereon shall be due and payable on such 90th day, provided, however, that the Maturity Date may
not be extended beyond the date any financing is completed and the Company receives the proceeds therefrom as contemplated in the preceding sentence. Contemporaneously with the repayment of this Note,
the Holder shall surrender this Note, duly endorsed, at the office of the Company. 

        (c)    Payments.    All payments of principal, interest, fees and other amounts due hereunder shall be made by the
Company in lawful money of the United States of America by wire transfer or by any other method approved in advance by the Holder to the account of the Holder at the address of the Holder set forth in
Section 4 hereof or at such other place designated by the Holder in writing to the Company. 

        (d)    Acceleration of the Maturity Date.    Notwithstanding any other provision in this Note to the contrary, this
Note shall become due and payable together with all accrued interest due on the outstanding principal amount hereunder, without notice or any other action by Holder, in the event that (i) the
Company fails to pay the principal of or interest on this Note as and when due; (ii) the Company shall default in the performance of or otherwise breach any of its representations and
warranties or other obligations set forth in the Secured Note Purchase Agreement, dated as of July 23, 2002, between the Company and the Holder for a period of 30 consecutive days without cure
by the Company; (iii) the Holder shall have the right to enforce it's remedies under Section 8 of the Security Agreement or Section 7 of the Patent and Trademark Security
Agreement; (iv) the 

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Holder shall not have a first priority security interest in the Collateral once all necessary filings have been made under the Security Agreement and the Patent and Trademark Security Agreement;
(v) the Company shall file a petition under bankruptcy, insolvency or debtor's relief law or make an assignment for the benefit of its creditors; or (vi) a court of competent
jurisdiction enters an order or decree under any federal or state bankruptcy law that (X) is for relief against the Company in an involuntary case brought with respect to the Company in such
court, (Y) appoints a custodian, receiver or other similar official for all or substantially all the Company's property or (Z) orders the liquidation of the Company, and the order or
decree remains unstayed and in effect for sixty (60) days. In the event that the
payment of principal and interest due hereunder is accelerated pursuant to this Section 1(d), interest shall accrue at a rate equal to
$                        per day as of the date of such
acceleration until such date as the Holder is paid in full under this Note. 

        2.    Prepayment.    The principal balance of this Note, along with all accrued interest, if any, may be paid in full
at the election of the Company at any time upon no less than two (2) days prior written notice to the Holder. 

        3.    Governing Law.    This Note shall be governed by and construed in accordance with the domestic substantive laws
of the State of New York, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction. 

        4.    Notices.    All notices and other communications given to any party hereto pursuant to this Agreement shall be
in writing and shall be delivered, or mailed first class postage prepaid, registered or certified mail, addressed as follows: 

	(a)
	If
to the Company, to: 

Alliance
Pharmaceutical Corp.

3040 Science Park Road

San Diego, California 92121

Fax number: (858) 410-5306

Attention: President 

with
a copy to: 

Stroock &
Stroock & Lavan LLP

180 Maiden Lane

New York, NY 10038

Fax number: (212) 806-6006

Attention: Melvin Epstein, Esq. 

	(b)
	If
to the Holder, to: 

[HOLDER]

[ADDRESS]

Fax
number:                                        
          

Attention:                                       
           

 

Each
such notice or other communication shall for all purposes be treated as being effective or having been given when delivered, if delivered personally, by e-mail or facsimile with
confirmation of receipt or by overnight courier or, if sent by mail, at the earlier of its actual receipt or three (3) days after the same has been deposited in a regularly maintained
receptacle for the deposit of United States mail, addressed and postage prepaid as aforesaid. 

        5.    Company's Waivers.    The Company, to the extent permitted by law, waives and agrees not to assert or take
advantage of any of the following: (a) any defense based upon an election of remedies by 

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the Holder which may destroy or otherwise impair any subrogation or other rights of the Company or any guarantor or endorser of this Note; (b) any duty on the part of the Holder to disclose
any facts or other data the Holder may now or hereafter know; (c) acceptance or notice of acceptance of this Note by the Company; (d) presentment and/or demand for payment of this Note
or any indebtedness or obligations hereby promised; and (e) protest and notice of dishonor with respect to this Note or any indebtedness or performance of obligations arising hereunder. 

        6.    Amendment; Waiver.    All amendments or waivers of any of the terms hereof (including, without limitation, any
waiver of acceleration of the Maturity Date) and any payment of this Note with any consideration other than cash, shall be made or effected only with the written consent of the Holder. 

        7.    Replacement of Note.    Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction, or mutilation of this Note by the Holder, the Company shall issue a replacement instrument, at the Company's expense, representing such Note in lieu of such lost, stolen, destroyed, or
mutilated instrument, provided that the Holder agrees to indemnify the Company for any losses incurred by the Company with respect to such lost instrument (other than the cost of issuing the new
instrument). 

        8.    Warrant.    This Note is being issued together with a warrant to purchase shares of common stock of the Company. 

        9.    Headings.    The headings of the sections of this Note are inserted for convenience only and do not constitute a
part of this Note. 

        IN
WITNESS WHEREOF, the Company has caused this Note to be signed and to be dated the day and year first above written. 

	

 	
 	

ALLIANCE PHARMACEUTICAL CORP.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	 	 	Name: Theodore D. Roth

Title: President and Chief Operating Officer

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Exhibit 10(zzz)  

 
 

FORM OF PATENT AND TRADEMARK SECURITY AGREEMENT    
  

        This PATENT AND TRADEMARK SECURITY AGREEMENT dated as of the 23rd day of July 2002, made by Alliance Pharmaceutical Corp., a New York corporation, (the
"Grantor") in favor of [                        ], a
[                        ] and
[                        ], a
[                        ]
(collectively, the "Secured Parties"). 

WITNESSETH  

        The Grantor and the Secured Parties are entering into a Secured Note Purchase Agreement, dated as of the date hereof (the "Secured Note Purchase Agreement"). 

        WHEREAS,
pursuant to the Secured Note Purchase Agreement, dated as of the date hereof, the Secured Parties purchased [$            ] in aggregate face amount
of the Grantor's Promissory Notes (the "Initial Notes"); 

        WHEREAS,
under the Secured Note Purchase Agreement the Grantor has the right in certain circumstances to require the Secured Parties to purchase additional notes in the aggregate face
amount of [$            ] (the "Subsequent Notes"); 

        WHEREAS,
the Grantor has agreed to grant to the Secured Parties a security interest in certain of its property and assets relating to the Product (as defined below) to secure the
performance of the obligations of the Grantor under the Secured Note Purchase Agreement, the Initial Notes and the Subsequent Notes (collectively, the "Notes"); and 

        WHEREAS,
the Grantor is contemporaneously entering into a Patent and Trademark Security Agreement with the Secured Parties. 

        NOW,
THEREFORE, in consideration of the premises set forth above the Grantor hereby agrees with the Secured Parties as follows: 

TERMS  

        1.    Defined Terms.    The terms set forth below have the following meanings: 

        "Code" means the Uniform Commercial Code as from time to time in effect in the State of New York. 

        "Collateral" shall have the meaning assigned to it in Section 2 of this Patent and Trademark Security Agreement. 

        "Event of Default" means: 

        (1)  the
failure by the Grantor to perform in any material respect any obligation of the Grantor under this Patent and Trademark Security Agreement as and when required by
this Patent and Trademark Security Agreement; or 

        (2)  any
representation or warranty made by the Grantor pursuant to this Patent and Trademark Security Agreement is untrue in any material respect when made; or 

        (3)  the
failure by the Grantor to perform in any material respect any obligation of the Grantor under the Security Agreement as and when required by the Security Agreement;
or 

        (4)  any
representation or warranty made by the Grantor pursuant to the Security Agreement is untrue in any material respect when made; or 

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        (5)  any
event specified in Section 1(d) of the Notes occurs and is continuing; or 

        (6)  the
security interests granted herein and pursuant to the Security Agreement do not constitute for any reason a first priority perfected security interest in the
Collateral covered thereby (other than as a result of a failure to make the filings specified in Exhibit E, F and G of this Patent and Trademark Security Agreement); or 

        (7)  the
Grantor shall file a petition under bankruptcy, insolvency or debtor's relief law or make an assignment for the benefit of its creditors; or 

        (8)  a
court of competent jurisdiction enters an order or decree under any federal or state bankruptcy law that (X) is for relief against the Grantor in an involuntary
case brought with respect to the Grantor in such court, (Y) appoints a custodian, receiver or other similar official for all or substantially all the Grantor's property or (Z) orders the
liquidation of the Grantor, and the order or decree remains unstayed and in effect for 60 days; or 

        (9)  the
loss or suspension of the Food and Drug Administration approval relating to the Product; or 

        (10) failure
of the Grantor to pay any Obligation when due; or 

        (11) the
Grantor shall fail to pay when due any principal of, premium or interest on or any amount payable in respect of any borrowed money indebtedness. 

        "General Intangibles" shall have the meaning ascribed such term under the Code. 

        "License Rights" shall mean any Grantor rights that were obtained through the grant, by the Grantor, of rights to a third party under the
Product Patents or Product Trademarks. 

        "Lien" shall mean any lien, mortgage, security interest, chattel mortgage, pledge or other encumbrance (statutory or otherwise) of any
kind securing satisfaction or performance of an obligation, including any agreement to give any of the foregoing, any conditional sales or other title retention agreement, any lease in the nature
thereof, and the filing of or the agreement to give any financing statement under the Code of any jurisdiction or similar evidence of any encumbrance, whether within or outside the United States. 

        "Obligations" shall mean: 

        (1)  all
obligations and liabilities to the Secured Parties, whether now existing or hereafter arising, under the Secured Note Purchase Agreement, the Notes, the Security
Agreement, this Patent and Trademark Security Agreement, and/or any document or agreement related to any of the foregoing and the due performance and compliance with the terms of the Secured Note
Purchase Agreement, the Notes, the Security Agreement, this Patent and Trademark Security Agreement and/or any document or agreement related to any of the foregoing; 

        (2)  any
and all sums advanced by the Secured Parties in order to preserve the Collateral or to preserve the Secured Parties' security interest in the Collateral; and 

        (3)  in
the event of any proceeding for the collection or enforcement of any obligations or liabilities of the Grantor referred to in the immediately preceding clauses
(1) through (2) in accordance with the terms of the Secured Note Purchase Agreement, the Notes, the Security Agreement, this Patent and Trademark Security Agreement, and/or any document
or agreement related to the foregoing, the expenses of re-taking, holding, preparing for sale, selling or otherwise disposing of or realizing on the Collateral, or of any other exercise by
the Secured Parties of their rights hereunder, together with reasonable attorneys' fees and court costs. 

        "Patent and Trademark Security Agreement" means this Patent and Trademark Security Agreement, including all amendments, supplements or
modifications that are agreed to in writing by the parties. 

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        "Proceeds" shall have the meaning assigned to such term under the Code. 

        "Product" means Imagent®, a sterile, non-pyrogenic white powder
with a diluted perflexane headspace that, after reconstitution into a suspension of microspheres, is used for contrast enhancement during the indicated ultrasound imaging procedures and is indicated
for use in patients with suboptimal
echocardiograms to opacify the left ventricular chamber and to improve the delineation of the left ventricular endocardial border. 

        "Product Patent(s)" means all letters patent of the United States, including any and all extensions, reissues, and renewals thereof, that
are now owned by the Grantor or are acquired by the Grantor during the term of this Patent and Trademark Security Agreement, and are necessary for the use, development, manufacture, marketing, sale or
distribution of the Product in the United States, its territories or possessions (the "Territory"), and all letters patent of the United States that issue from Product Patent Applications, including,
but not limited to: 

        (1)  all
letters patent of the United States listed in Exhibit A hereto or added thereto by written agreement of the
parties during the term of this Patent and Trademark Security Agreement; and 

        (2)  all
letters patent of the United States that claim know-how that is now owned by the Grantor or that is acquired by the Grantor during the term of this
Patent and Trademark Security Agreement ("Grantor Know-How") and are necessary for the use, development, manufacture, marketing, sale or distribution of the Product in the Territory. 

        "Product Patent Application(s)" means all applications for letters patent of the United States, including any and all provisionals,
continuations, continuations-in-part and divisionals that claim inventions, discoveries or technology that is now owned by the Grantor or is acquired by the Grantor during the
term of this Patent and Trademark Service Agreement, and are necessary for the use, development, manufacture, marketing, sale or distribution of the Product in the Territory, including, but not
limited to: 

        (1)  all
applications for United States letters patent listed in Exhibit B hereto or added thereto by written agreement
of the parties during the term of this Patent and Trademark Agreement; and 

        (2)  all
applications for United States letters patent that claim Grantor Know-How and are necessary for the use, development, manufacture, marketing, sale or
distribution of the Product in the Territory. 

        "Product Trademarks" means all United States trademarks, trade names, corporate names, company names, business names, fictitious business
names, trade styles, service marks, logos and other source or business identifiers of the Grantor that are now owned by the Grantor or are acquired by the Grantor during the term of this Patent and
Trademark Security Agreement, whether currently in use or not, and are adopted solely for use in conjunction with the sale of the Product in the Territory, including, without limitation, those listed
on Exhibit C and the goodwill associated therewith, all registrations and recordings thereof. 

        "Product Trademark Applications" means all applications for registration of all United States trademarks, trade names, corporate names,
company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers of the Grantor that are now owned by the Grantor or are acquired
by the Grantor during the term of this Patent and Trademark Security Agreement, whether currently in use or not and which will, upon registration thereof, be adopted solely for use in conjunction with
the sale of the Product in the Territory, including, without limitation, those listed on Exhibit D. 

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        "Security Agreement" means that certain Security Agreement, dated as of the date hereof, between the Grantor and the Secured Parties. 

        2.    Grant of Security Interest.    As collateral security for the prompt and complete payment and performance when
due of the Obligations, the Grantor hereby grants to the Secured Parties a continuing first priority security interest in all of the following property now or hereafter owned by the Grantor, and/or in
which the Grantor has or acquires, at any time during the term of this Patent and Trademark Security Agreement, an unrestricted right, title or interest: 

        All
Product Patents and Product Patent Applications; all Product Trademarks together with any good will of the business associated with the use of such Product Trademarks; all License
Rights and all Accounts (as defined in the Code), contract rights and General Intangibles arising under or relating to said License Rights and to the extent not otherwise included, all products and
proceeds of any and all of the foregoing (collectively, the "Collateral"). 

        3.    Representations and Warranties.    The Grantor hereby represents and warrants that: 

        (a)    Title; No Other Liens.    Except for the Lien granted to the Secured Parties pursuant to this Patent and
Trademark Security Agreement and the Lien granted to the Secured Parties pursuant to the terms of the Security Agreement, the Grantor solely owns each item of the Collateral free and clear of any and
all Liens or claims of others. No security agreement, financing statement or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except
such as may have been filed in favor of the Secured Parties pursuant to this Patent and Trademark Security Agreement or the Security Agreement. 

        (b)    Perfected First Priority Liens.    The Liens granted pursuant to this Patent and Trademark Security Agreement
will constitute upon the completion of all the filings or notices listed in Exhibit E hereto, which Exhibit includes all UCC-1
financing statements to be filed pursuant to the terms of the Security Agreement, and all requisite filings to be made with the U.S. Patent and Trademark Office in the form
substantially similar to that of Exhibit F and Exhibit G, perfected Liens on all
Collateral, which are prior to all other Liens on such Collateral and which are enforceable as such against all creditors of the Grantor. 

        (c)    Consents.    No consent (other than consents that have been obtained and those set forth in items 5, 6 and 7 on
Schedule 3(e) of the Secured Note Purchase Agreement) of any party (other than the Grantor) to any contract that constitutes part of the Collateral is required, or purports to be required, in
connection with the execution, delivery and performance of this Security Agreement. 

        (d)    Chief Executive Office.    The Grantor's chief executive office and chief place of business is located at 3040
Science Park Road, San Diego, California 92121. 

        (e)    Authority.    The Grantor has full power, authority and legal right to enter into this Patent and Trademark
Security Agreement and to grant the Secured Parties the Lien on the Collateral pursuant to this Patent and Trademark Security Agreement. 

        (f)    Due Execution and Delivery.    This Patent and Trademark Security Agreement has been duly executed and
delivered by the Grantor and constitutes a legal, valid and binding obligation of the Grantor enforceable in accordance with its terms. 

        (g)    No Violation.    The execution, delivery and performance of this Patent and Trademark Security Agreement will
not violate any provision of any applicable law or regulation or of any order, judgment, writ, award or decree of any court, arbitrator or governmental authority, domestic or foreign, or of any
securities issued by the Grantor, or of any mortgage, indenture, lease, contract or other agreement (upon receipt of the consents set forth in items 5, 6 and 7 on Schedule 3(e) of the Secured
Note Purchase Agreement), instrument or undertaking to which the 

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Grantor is a party or which purports to be binding upon the Grantor or upon any of its assets and will not result in the creation or imposition of any Lien on any of the assets of the Grantor except
as contemplated by this Patent and Trademark Security Agreement and the Security Agreement. 

        (h)    No Consent or Approval.    No consent, filing, approval, registration, recording, or other action is required
(x) for the grant by the Grantor of the Lien on the Collateral pursuant to this Patent and Trademark Security Agreement or for the execution, delivery or performance of this Patent and
Trademark Security Agreement by the Grantor, or (y) to perfect the Lien purported to be created by this Patent and Trademark Security Agreement, in each case except as set forth in items 5, 6
and 7 on Schedule 3(e) of the Secured Note Purchase Agreement with respect to consents to be obtained after the date hereof and as contemplated by Section 3(b) above. 

        (i)    Validity of Collateral.    To the knowledge of the Grantor, all of the Collateral is subsisting and is valid. 

        (j)    Organization.    The Grantor is a corporation duly organized, validly existing and in good standing under the
laws of the State of New York and duly qualified and in good standing in every other state or jurisdiction in which the nature of the Grantor's business or the ownership of its assets requires such
qualification. 

        4.    Covenants.    The Grantor covenants and agrees with the Secured Parties that from and after the date of this
Patent and Trademark Security Agreement until the payment or performance in full by the Grantor of all of its Obligations: 

        (a)    Further Documentation.    At any time and from time to time, upon the written request of the Secured Parties,
and at the sole expense of the Grantor, the Grantor will promptly and duly execute and deliver such further instruments and documents and take such further action as the Secured Parties may request
for the purpose of obtaining or preserving the full benefits of this Patent and Trademark Security Agreement and of the rights and powers herein granted, including, without limitation, the filing of
any financing or continuation statements under the Code in effect in any such jurisdiction with respect to the Liens created hereby. The Grantor also hereby authorizes the Secured Parties to file any
such financing or continuation statement without the signature of the Grantor to the extent permitted by applicable law. A carbon, photographic or other reproduction of this Patent and Trademark
Security Agreement shall be sufficient as a financing statement for filing in any jurisdiction. 

        (b)    Indemnification.    The Grantor agrees to pay, and to save the Secured Parties and each Secured Party harmless
from, any and all liabilities, costs and expenses (including, without limitation, legal fees and expenses) (i) with respect to, or resulting from, any delay in paying, any and all excise, sales
or other taxes which may be payable or determined to be payable with respect to any of the Collateral, (ii) with respect to, or resulting from, any delay by the Grantor in complying with any
law or regulation applicable to any of the Collateral or (iii) in connection with any action taken by the Secured Parties in exercising its rights under this Patent and Trademark Security
Agreement. 

        (c)    Maintenance of Records.    The Grantor will keep and maintain at its own cost and expense satisfactory and
complete records of the Collateral. The Grantor hereby grants to the Secured Parties access to all of the Grantor's books and records pertaining to the Collateral, and the Grantor shall turn over any
such books and records for inspection at the office of the Grantor to the Secured Parties or to their representatives during normal business hours at the request of the Secured Parties. 

        (d)    Limitation on Liens on Collateral.    Except as provided in paragraph (f) below, the Grantor will not
create, incur or permit to exist, will defend at its own expense the Collateral against, and will take such other action as is necessary to remove, any Lien or claim on or to the 

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Collateral, and will defend the right, title and interest of the Secured Parties in and to any of the Collateral against the claims and demands of all persons whomsoever. 

        (e)    Limitations on Dispositions of Collateral.    The Grantor will not sell, transfer, or assign any of the
Collateral, or attempt, offer or contract to do so without express, written agreement by the Secured Parties. 

        (f)    Limitations on Licensing of the Collateral.    Grantor may execute non-exclusive, revocable
licenses to Product Patents and Product Trademarks, and may disclose the contents of Product Patent Applications under fully executed confidentiality agreements, only upon prior written notice to
Secured Parties and only when the execution of such license is reasonably unlikely to (i) diminish the value of the Collateral, (ii) have a material impact on the rights of the Secured
Parties and (iii) otherwise reasonably be considered to have a material adverse effect on the security interest granted to the Secured Parties in the Collateral in Section 2 of this
Patent and Trademark Security Agreement (the "Security Interest"). Any and all such licenses shall contain provisions that enable the Secured Parties, at their discretion, to revoke such Product
Patent and/or Product Trademark licenses when the Secured Parties have a reasonable belief that their rights are being adversely effected. 

        (g)    Further Identification of Collateral.    The Grantor will furnish to the Secured Parties from time to time,
upon the request of the Secured Parties, statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Secured Parties may
reasonably request, all in reasonable detail. 

        (h)    Notices.    The Grantor will advise the Secured Parties promptly, in reasonable detail, at its address set
forth in accordance with Section 13 hereof, (i) of any Lien on, or claim asserted against, any of the Collateral, other than as created hereby or as permitted hereby, and (ii) of
the occurrence of any other event which could reasonably be expected to have a material adverse effect on the Collateral or on the Liens created hereunder. 

        (i)    Patents.    

        (i)    The
Grantor will, at Grantor's expense, take commercially reasonable steps to monitor and manage its portfolio of Product Patents and Product Patent Applications, and
will notify the Secured Parties immediately if it knows that any application relating to any Product Patent or Product Patent Application may become abandoned or of any adverse determination or
development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office or any court or tribunal in
any country) regarding the patentability of any Product Patent Application, the enforceability of any Product Patent or Grantor's ownership of any Product Patent or Product Patent Application. 

        (ii)  The
Grantor will, at Grantor's expense, with respect to any Product Patent that the Grantor obtains after the date hereof, promptly (i) take all actions
necessary so that the Secured Parties shall obtain a perfected Security Interest in such Product Patent and (ii) provide to the Secured Parties updated versions of  Exhibit A, listing all
Product Patents and all License Rights in which Grantor has an interest. With respect to this paragraph 4(i)(ii),
an Event of Default is "continuing" if, after a period of 30 days following issuance of any Product Patent, the Grantor has not provided notice thereof to the Secured Parties. 

        (iii)  The
Grantor will, at Grantor's expense, with respect to any Product Patent Application that the Grantor obtains after the date hereof, promptly (i) take all
actions necessary so that the Secured Parties shall obtain a perfected Security Interest in such Product Patent and (ii) provide to the Secured Parties updated versions of Exhibit B
listing all such 

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Product Patent Applications. With respect to this paragraph 4(i)(iii), an Event of Default is continuing if after a period of 30 days following receipt of a filing receipt that
identifies the serial number thereof, Grantor has not provided notice thereof to the Secured Parties. 

        (iv)  Upon
request of the Secured Parties, the Grantor shall execute and deliver any and all agreements, instruments, documents, and papers as the Secured Parties may request
to evidence the Secured Parties' Security Interest in any or all Product Patents or Product Patent Applications. 

        (v)  The
Grantor will, at its own expense, take all commercially reasonable steps, including, without limitation, those required in any proceeding before the United States
Patent and Trademark Office, to reasonably maintain and pursue each Product Patent and Product Patent Application including, without limitation, payment of maintenance and other fees. 

        (vi)  In
the event that the Grantor believes that any Product Patent included in the Collateral has been infringed by a third party, the Grantor shall, within 20 days
of forming a belief that the Collateral is being infringed by a third party, obtain a legal opinion from outside counsel and notify the Secured Parties of such infringement and shall, if appropriate
in the Grantor's sole discretion, at its own expense, sue for infringement, seeking injunctive relief where appropriate and to recover any and all damages for such infringement, or take such other
actions as the Grantor shall reasonably, in its sole discretion, deem appropriate under the circumstances to protect such Patent. 

        (j)    Trademarks.    

        (i)    The
Grantor will, with respect to each Product Trademark identified in Exhibit C hereto as it may be amended,
supplemented or otherwise modified from time to time, take reasonable steps to monitor its
portfolio of trademarks, and for each Product Trademark set forth on Exhibit C, the Grantor will (i) continue to use or have used such Product Trademark to the extent necessary to
maintain such Product Trademark in full force free from any claim of abandonment for non-use, (ii) maintain as in the past the quality of products and services offered under such
Product Trademark to the extent appropriate, (iii) employ such Product Trademark with the appropriate notice of registration, (iv) not adopt or use any mark which is confusingly similar
or a colorable imitation of such Product Trademark unless the Secured Parties shall obtain a first priority perfected Security Interest in the Company's interest in such mark pursuant to this Patent
and Trademark Security Agreement, and (v) not do any act or knowingly omit to do any act whereby any such Product Trademark may become invalidated, abandoned, rendered unenforceable or
otherwise diminish Grantor's rights therein. 

        (ii)  The
Grantor will promptly notify the Secured Parties if any application or registration relating to any Product Trademark may become opposed, abandoned, canceled or
dedicated to the public, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United
States Patent and Trademark Office or any court or tribunal in any country) regarding the validity, enforceability or Grantor's ownership interest in such Product Trademark; or its right to register
the same or to keep and maintain the same. 

        (iii)  The
Grantor will, at Grantor's expense, with respect to any Product Trademark or Product Trademark Application that is registered or for which an application for
registration is filed after the date hereof, promptly (i) take all actions necessary so that the Secured Parties shall obtain a perfected Security Interest in such Product Trademark or Product
Trademark Application and (ii) provide to the Secured Parties an updated version of Exhibit Cand/or  Exhibit D listing all registered Product
Trademarks and Product Trademark Applications in 

A-7

 

which the Grantor has an interest. With respect to this paragraph 4(j)(iii), an Event of Default is continuing if after a period of 30 days following the mailing of the Certificate of
Registration or 30 days following receipt of a filing receipt that identifies the serial number thereof, Grantor has not provided notice thereof to the Secured Parties. 

        (iv)  Upon
request of the Secured Parties, the Grantor shall execute and deliver any and all agreements, instruments, documents, and papers as the Secured Parties may request
to evidence the Secured Parties' Security Interest in any Product Trademark set forth on Exhibit C and the goodwill and general intangibles of
the Grantor relating thereto or represented thereby, and the Grantor hereby constitutes the Secured Parties their attorney-in-fact to execute and file all such writings for the
foregoing purposes, all acts of such attorney being hereby ratified and confirmed; such power being coupled with an interest is irrevocable until the Grantor shall have paid and performed in full all
of its obligations under the Secured Note Purchase Agreement and the Notes. 

        (v)  The
Grantor will, at Grantor's expense, take all reasonable and necessary steps, including, without limitation, in any proceeding before the United States Patent and
Trademark Office to maintain and pursue each Product Trademark Application (and to obtain the relevant registration) and to maintain the registration of the Product Trademarks, including, without
limitation, filing of applications for renewal, affidavits of use and affidavits of incontestability. 

        (vi)  In
the event that Grantor believes that any Product Trademark included in the Collateral has been infringed, misappropriated or diluted by a third party, the Grant
shall, within 10 days of forming such belief, send a written notice to such third party demanding that they cease such infringement, misappropriation or dilution, and the Grantor shall notify
the Secured Parties and, if appropriate in Grantor's sole discretion, at its own expense, sue for infringement, misappropriation or dilution, seeking injunctive relief where appropriate and to recover
any and all damages for such infringement, misappropriation or dilution, or take such other action as the Grantor reasonably, in its sole discretion, deems appropriate under the circumstances to
protect such Trademark. With respect to this paragraph, an Event of Default is continuing if a copy of any written notice of infringement, misappropriation or dilution is not been provided to the
Secured Parties within 20 days following the date such communication was supposed to have been provided to the infringing party. 

        (k)    Changes in Locations, Name, Etc.    The Grantor will not (i) change the location of its chief executive
office/chief place of business from that specified in Section 3(d) hereof or (ii) change its name, identity or corporate structure to such an extent that any statement filed by the
Secured Parties with the Patent and Trademark Office in connection with this Patent and Trademark Security Agreement would become misleading, unless it shall have given the Secured Parties at least
30 days prior written notice thereof and, prior to such action or event, shall have taken appropriate action to preserve and protect the Secured Parties' Security Interest under this Patent and
Trademark Security Agreement. 

        5.    Performance by Secured Parties of Grantor's Obligations.    If the Grantor fails to perform or comply with any
of its agreements contained herein and the Secured Parties, as provided for by the terms of this Patent and Trademark Security Agreement and following reasonable written notice to the Grantor, shall
itself perform or comply, or otherwise cause performance or compliance, with such agreements, the expenses of the Secured Parties incurred in connection with such performance or compliance shall be
payable by the Grantor to the Secured Parties on demand and shall constitute Obligations secured hereby. 

A-8

 

        6.    Secured Parties' Appointment as Attorney-in-Fact.    

        (a)  The
Grantor hereby irrevocably constitutes and appoints the Secured Parties and any officer or agent thereof, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and stead of the Grantor and in the name of the Grantor or in its own name, from time to time in the
Secured Parties' discretion, for the purposes of carrying out the terms of this Patent and Trademark Security Agreement, to take any and all appropriate action and to execute any and all documents and
instruments which may be necessary or desirable to accomplish the purposes of this Patent and Trademark Security Agreement and, without limiting the generality of the foregoing, hereby gives the
Secured Parties the power and right, on behalf of the Grantor, upon the occurrence and continuance of an Event of Default, to do the following: 

        (i)      to
ask, demand, collect, receive and give acquittances and receipts for any and all moneys due and to become due under any License Rights and, in the name
of the Grantor or its own name or otherwise, to take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any License
Rights and to file any claim or to take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Secured Parties for the purpose of collecting any and all
such moneys due under any License Rights whenever payable; 

        (ii)    to
pay or discharge taxes, liens, security interests or other encumbrances levied or placed on or threatened against the Collateral, to effect any repairs
or any insurance called for by the terms of this Patent and Trademark Security Agreement and to pay all or any part of the premiums therefor and the costs thereof; and 

        (iii)    to
direct any party liable for any payment under any of the License Rights to make payment of any and all moneys due and to become due thereunder
directly to the Secured Parties or as the Secured Parties shall direct; 

        (iv)    to
receive payment of and receipt for any and all moneys, claims and other amounts due and to become due at any time in respect of or arising out of any
Collateral; 

        (v)    to
commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any
part thereof and to enforce any other right in respect of any Collateral; 

        (vi)    to
defend any suit, action or proceeding brought against the Grantor with respect to any Collateral; 

        (vii)   to
settle, compromise, or adjust any suit, action or proceeding described above and, in connection therewith, to give such discharges or releases as the
Secured Parties may deem appropriate; and 

        (viii)  generally
to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though
the Secured Parties were the absolute owner thereof for all purposes, and to do, at the Secured Parties' option all acts and things which the Secured Parties deems necessary to protect, preserve or
realize upon the Collateral and the Secured Parties' Security Interest therein, in order to effect the intent of this Patent and Trademark Security Agreement, all as fully and effectively as the
Grantor might do. 

        (b)  This
power of attorney is a power coupled with an interest and shall be irrevocable. Notwithstanding the foregoing, the Grantor further agrees to execute any additional
documents which the Secured Parties may require in order to confirm this power of attorney, or which the 

A-9

 

Secured Parties may deem necessary to enforce any of its rights contained in this Patent and Trademark Security Agreement. 

        (c)  The
powers conferred on the Secured Parties hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such
powers. The Secured Parties shall be accountable only for amounts that it actually receives as a result of the exercise of such powers and neither it nor any of its officers, directors, employees or
agents shall be responsible to the Grantor for any act or failure to act, except for its own gross (not mere) negligence or willful misconduct. 

        (d)  The
Grantor also authorizes the Secured Parties to execute, in connection with the sale provided for in paragraph 6 of this Patent and Trademark Security
Agreement, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral. 

        7.    Remedies.    If an Event of Default (i) has occurred and has continued for a period of 30 consecutive
days without cure by the Grantor with respect to items 1, 2, and 3 set forth in the definition of Event of Default, or (ii) has occurred and is continuing with respect all other items set forth
in the definition of Event of Default, the Secured Parties may exercise, in addition to all other rights and remedies granted to it in this Security Agreement and in any other instrument or agreement
securing, evidencing or relating to the Obligations, all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, the Secured Parties, without demand of
performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below or expressly provided for) to or upon the Grantor or any
other Person (all and each of which demands, defenses, advertisements and notices are, to the extent permitted by applicable law, hereby waived), may in such circumstances forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, license, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or
any part thereof (or contract to do any of the foregoing), at public or private sale or sales, at any exchange, broker's board or office of the Secured Parties or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Secured Parties shall have the right
upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity
of redemption in the Grantor, which right or equity is hereby waived, to the extent permitted by applicable law, or released. 

        8.    Severability.    Any provision of this Patent and Trademark Security Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        9.    Paragraph Headings.    The paragraph headings used in this Patent and Trademark Security Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

        10.    Cumulative Remedies.    The rights and remedies provided herein, in the Secured Note Purchase Agreement and in
the Notes are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law or in equity or by statute. 

        11.    Waivers and Amendments; Successors and Assigns.    None of the terms or provisions of this Patent and Trademark
Security Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the party to be charged with enforcement. No course of dealing between the
Grantor and the Secured Parties nor any delay in exercising or failure to exercise any rights, power or privilege under this Patent and Trademark Security Agreement shall 

A-10

 

operate as a waiver. This Patent and Trademark Security Agreement shall be binding upon the successors and assigns of the Grantor and shall inure to the benefit of the Secured Parties and their
successors and assigns. The Grantor may not assign its rights or obligations under this Patent and Trademark Security Agreement without the prior written consent of the Secured Parties. 

        12.    Termination of Security Interest; Release of Collateral.    Upon the payment and performance in full by the
Grantor of its Obligation, the Security Interest shall terminate and all rights to the Collateral shall revert to the Grantor. 

        13.    Notices.    Any notices required or permitted to be given under the terms of this Agreement shall be in writing
and shall be sent by mail, personal delivery, telephone line facsimile transmission or courier and shall be effective five days after being placed in the mail, if mailed, or upon receipt, if delivered
personally, by telephone line facsimile transmission or by courier, in each case addressed to a party at such party's address (or telephone line facsimile transmission number) shown below or such
other address (or telephone line facsimile transmission number) as a party shall have provided by notice to the other party in accordance with this provision. In the case of any notice to the Grantor,
such notice shall be addressed to the Grantor at 3040 Science Park Road, San Diego, California 92121, Attention: President (telephone line facsimile number (858) 410-5306), and a
copy shall also be given to: Stroock & Stroock & Lavan LLP, 180 Maiden Lane, New York, New York 10038, Attention: Melvin Epstein, Esq. (telephone line facsimile transmission number
(212) 806-6006), and in the case of any notice to the Secured Parties, such notice shall be addressed to the Secured Parties at Brown Simpson Asset Management, LLC, 152 West 57th
Street, 21st Floor, New York, New York 10019, Attention: Mitchell D. Kaye (telephone line facsimile transmission number (212) 247-1329), and a copy shall be given to: Lowenstein
Sandler PC, 65 Livingston Avenue, Roseland, New Jersey 07068 Attention: John D. Hogoboom, Esq. (telephone line facsimile transmission number (973) 597-2383). 

        14.    Integration.    This Patent and Trademark Security Agreement represents the agreement of the Grantor and the
Secured Parties with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Secured Parties relative to subject matter hereof not expressly
set forth or referred to herein. 

        15.    Governing Law.    This Patent and Trademark Security Agreement and the rights and obligations of the Grantor
and the Secured Parties under this Patent and Trademark Security Agreement shall be governed by, and construed and interpreted in accordance with, the law of the State of New York, except to the
extent that under the New York Uniform Commercial Code the laws of another jurisdiction govern matters of perfection and the effect of perfection or non-perfection of any Security Interest
granted hereunder, and except to the further extent that the United States patent and trademark laws are applicable. 

        16.    Counterparts.    This Patent and Trademark Security Agreement may be executed in counterparts and by the
parties hereto on separate counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument. A telephone line facsimile transmission
of this Patent and Trademark Security Agreement bearing a signature on behalf of a party hereto shall be legal and binding on such party. 

        17.    Waiver of Jury Trial.    To the extent permitted by applicable law, each of the Grantor and the Secured Parties
waives any right to have a jury participate in resolving any dispute, whether sounding in contract, tort, or otherwise between the parties hereto arising out of, connected with, related to, or
incidental to the relationship between any of them in connection with this Security Agreement or the transactions contemplated hereby. Instead, any such dispute resolved in court will be resolved in a
bench trial without a jury, submitted to jurisdiction in the Southern District of New York and New York State Courts located in the County of New York. 

A-11

 

        IN
WITNESS WHEREOF, the Grantor has caused this Patent and Trademark Security Agreement to be duly executed and delivered as of the date first above written. 

	

 	
 	

 	
 	

 	
 	

ALLIANCE PHARMACEUTICAL CORP.
	

 	
 	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	 	 	 	 	Name:	 	Theodore D. Roth
	 	 	 	 	 	 	 	 	Title:	 	President and Chief Operating Officer
	

 	
 	

 	
 	

 	
 	

 
	

ACKNOWLEDGED AND AGREED:

[                                         
       ]	
 	

 	
 	

 	
 	

 
	

By:	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	

 	
 	

Name:	
 	

	
 	

 	
 	

 	
 	

 
	

 	
 	

Title:	
 	

	
 	

 	
 	

 	
 	

 
	

ACKNOWLEDGED AND AGREED:

[                                         
       ]	
 	

 	
 	

 	
 	

 
	

By:	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	

 	
 	

Name:	
 	

	
 	

 	
 	

 	
 	

 
	

 	
 	

Title:	
 	

	
 	

 	
 	

 	
 	

 

A-12

 

	

STATE OF	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

)	
 	

ss.:
	

COUNTY OF	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 

        On
this    day of July 2002, before me personally appeared Theodore D. Roth proved to me on the basis of satisfactory evidence to be the person who executed the above
Patent and Trademark Security Agreement as President and Chief Operating Officer on behalf of Alliance Pharmaceutical Corp., and acknowledged to me that the corporation executed it. 

WITNESS
my hand and official seal. 

	

 NOTARY PUBLIC	
 	

 	
 	

 
	

STATE OF	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

)	
 	

ss.:
	

COUNTY OF	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 

        On
this            day of July 2002, before me personally
appeared                        proved to me on the basis of satisfactory evidence to be the person who executed the above
Patent and Trademark Security Agreement as an authorized representative on behalf of [                        ], and acknowledged
to me that the corporation executed it. 

WITNESS
my hand and official seal. 

	

 NOTARY PUBLIC	
 	

 	
 	

 
	

STATE OF	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

)	
 	

ss.:
	

COUNTY OF	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 

        On
this            day of July 2002, before me personally
appeared                        proved to me on the basis of satisfactory evidence to be the person who executed the above
Patent and Trademark Security Agreement as an authorized representative on behalf of [                        ], and acknowledged
to me that the corporation executed it. 

WITNESS
my hand and official seal. 

	

 NOTARY PUBLIC	
 	

 	
 	

 

A-13

 
EXHIBIT A  

 PATENTS  

	Alliance Docket No.
 
	 	Application No.
	 	Patent No.
	 	Date Filed
	 	Date Issued

	ALLIA.062FW1	 	08/405,447	 	5,639,443	 	March 16, 1995	 	June 17, 1997
	ALLIA.62F1C2	 	08/786,402	 	6,372,195	 	January 17, 1997	 	April 16, 2002
	ALLIA.62F1C3	 	08/841,847	 	6,258,339	 	May 5, 1997	 	July 10, 2001
	ALLIA.062CP1	 	08/284,083	 	5,605,673	 	August 1, 1994	 	February 25, 1997
	ALLIA.062DV1	 	08/476,079	 	5,720,938	 	June 7, 1995	 	February 24, 1998
	ALLIA.062DV2	 	08/480,853	 	5,626,833	 	June 7, 1995	 	May 6, 1997
	ALLIA.62D2C1	 	08/841,846	 	6,287,539	 	May 5, 1997	 	September 11, 2001
	ALLIA.062DV3	 	08/486,531	 	5,695,741	 	June 7, 1995	 	December 9, 1997
	ALLIA.62D3C1	 	08/986,879	 	6,280,704	 	December 8, 1997	 	August 28, 2001
	ALLIA.062CP2	 	08/395,680	 	5,798,091	 	February 28, 1995	 	August 25, 1998
	ALLIA.62CP2C	 	09/013,357	 	6,280,705	 	January 26, 1998	 	August 28, 2001

A-14

 
EXHIBIT B  

PATENT APPLICATIONS  

	Alliance Docket No.
	 	Application No.
	 	Date Filed

	

	

	

	

	

	

	

	

	

	

 	
 	

 	
 	

 

A-15

   EXHIBIT G  

 FORM OF TRADEMARK SECURITY AGREEMENT  

        This TRADEMARK SECURITY AGREEMENT dated this            day of July 2002, made by Alliance Pharmaceutical Corp., a New
York corporation, (the
"Grantor") in favor of [                        ], a
[                        ] and [            ], a
[            ]
(the "Secured Parties"). 

W
I T N E S S E T H: 

        The
Grantor and the Secured Parties are entering into a Secured Note Purchase Agreement, dated as of the date hereof (the "Secured Note Purchase Agreement"). 

        WHEREAS,
pursuant to the Secured Note Purchase Agreement, dated as of the date hereof, the Secured Parties purchased [$            ] in aggregate face amount
of the Grantor's Promissory Notes (the "Initial Notes"), in favor of the Secured Parties pursuant to which, among other things, the Grantor promised to pay an aggregate of
[$            ] to the Secured Parties; 

        WHEREAS,
under the Secured Note Purchase Agreement the Grantor has the right in certain circumstances to require the Secured Parties to purchase additional notes in the aggregate face
amount of [$            ] (the "Subsequent Notes"); 

        WHEREAS,
the Grantor has agreed to grant to the Secured Parties a security interest in certain of its property and assets relating to the Product to secure the performance of the
obligations of the Grantor under the Secured Note Purchase Agreement, the Initial Notes and the Subsequent Notes; 

        WHEREAS,
the Grantor is contemporaneously entering into a Patent and Trademark Security Agreement with the Secured Parties; 

        WHEREAS,
the Grantor is contemporaneously entering into a Security Agreement with the Secured Parties; and 

        WHEREAS,
Grantor and Secured Party by this instrument seek to confirm and make a record of the grant of a security interest in the trademarks relating to the Product. 

        NOW,
THEREFORE, in consideration of the premises set forth above the Grantor hereby agrees with the Secured Parties as follows: 

        Section 1.    Defined Terms.    Unless otherwise defined
herein, terms used herein shall have the meaning given to them in the Patent and Trademark Security Agreement. 

        Section 2.    Grant of Security Interest in Trademark
Collateral.    As collateral security for the prompt and complete payment and performance when due of the Obligations, the Grantor hereby grants to the Secured
Parties a continuing first priority security interest in all of the following property now owned by the Grantor, and/or in which the Grantor has, or hereafter at any time during the term of the Patent
and Trademark Security Agreement acquires, an unrestricted right, title or interest: 

        (a)  all
Product Trademarks and Product Trademark Applications, including those listed on Schedule A hereto; 

        (b)  all
Licenses relating to Product Trademarks; 

        (c)  all
goodwill of the business connected with the use of, and symbolized by, each Trademark and each License relating to Trademarks; 

        (d)  and
all Accounts, contract rights and General Intangibles arising under or relating to every License relating to the Trademarks and to the extent not otherwise included,
all products and proceeds of any and all of the foregoing. 

G-1

 

        Section 3.    Security Agreement.    The security interest
granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interest granted to the Secured Parties pursuant to the Patent and Trademark Security Agreement, and
Grantor hereby acknowledges and confirms that the rights and remedies of Secured Parties with respect to the security interests in the Product Trademarks, Product Trademark Applications and Licenses
relating to the Product Trademarks granted hereby are more fully set forth in the Patent and Trademark Security Agreement, the terms and provisions of which are incorporated herein by reference. 

G-2

 

        IN
WITNESS WHEREOF, the parties signatory hereto have caused this Trademark Security Agreement to be duly executed and delivered as of the date first above written. 

	ALLIANCE PHARMACEUTICAL CORP.	 	[SECURED ENTITY]
	

By:	
 	

        
 Name: Theodore D. Roth

Title: President and Chief Operating Officer	
 	

By:	
 	

        
 Name:

Title:

	

STATE OF            	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

)	
 	

ss.:
	

COUNTY OF	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 

        On
this    day of July 2002, before me personally appeared Theodore D. Roth proved to me on the basis of satisfactory evidence to be the person who executed the above
Trademark Security Agreement as President and Chief Operating Officer on behalf of Alliance Pharmaceutical Corp., and acknowledged to me that the corporation executed it. 

WITNESS
my hand and official seal. 

	

 NOTARY PUBLIC	
 	

 	
 	

 
	

STATE OF	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

)	
 	

ss.:
	

COUNTY OF	
 	

 	
 	

)	
 	

 
	 	 	
	 	 	 	 

        On
this            day of July 2002, before me personally
appeared                        proved to me on the basis of satisfactory evidence to be the person who executed the above
Trademark Security Agreement as an authorized representative on behalf of [SECURED ENTITY], and acknowledged to me that the corporation executed it. 

WITNESS
my hand and official seal. 

	

 NOTARY PUBLIC	
 	

 	
 	

 

G-3

 
SCHEDULE A  

REGISTERED U.S. TRADEMARKS  

	Alliance Docket

No.
	 	Application No.
	 	Registration No.
	 	Mark
	 	Filing Date
	 	Registration Date

	ALLIA.117T	 	75/027,205	 	2,010,189	 	IMAGENT	 	December 5, 1995	 	22 October 1996

PENDING U. S. TRADEMARK APPLICATIONS  

	Alliance Docket No.
 
	 	Application No.
	 	Registration No.
	 	Mark
	 	Filing Date
	 	Registration Date

	ALLIA.237T	 	N/A	 	N/A	 	IMAGENT PERFLEXANE LIPID MICROSPHERES and Design	 	June 26, 2002	 	N/A

G-4

QuickLinks

FORM OF PATENT AND TRADEMARK SECURITY AGREEMENT

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