INTELLECTUAL PROPERTY SECURITY AGREEMENT
Exhibit 10.7
THIS INTELLECTUAL PROPERTY SECURITY AGREEMENT (“Agreement”) is entered into as of June 27, 2018 by and between SILICON VALLEY BANK, a California corporation (“Bank”), and SAVAGE RIVER, INC., a Delaware corporation (“Grantor”).
RECITALS
A.Bank has 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 Amended and Restated Loan and Security Agreement (Revolving Line) by and between Bank and Grantor dated the Effective Date (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). Bank is willing to make the Loans to Grantor, but only upon the condition, among others, that Grantor shall grant to Bank 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 Bank a security interest in all of Grantor’s right, title and interest, whether presently existing or hereafter acquired, in, to and under all of the Collateral.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, and intending to be legally bound, as collateral security for the prompt and complete payment when due of its obligations under the Loan Agreement, Grantor hereby represents, warrants, covenants and agrees as follows:
AGREEMENT
1.Grant of Security Interest. To secure its obligations under the Loan Agreement, Grantor grants and pledges to Bank 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:
(a)Any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held, including without limitation those set forth on Exhibit A attached hereto (collectively, the “Copyrights”);
(b)Any and all trade secrets, and any and all intellectual property rights in computer software and computer software products now or hereafter existing, created, acquired or held;
(c)Any and all design rights that may be available to Grantor now or hereafter existing, created, acquired or held;
(d)All patents, patent applications and like protections including, without limitation, improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same, including without limitation the patents and patent applications set forth on Exhibit B attached hereto and any patents and patent applications claiming the priority benefit of the patents and patent applications set forth on Exhibit B attached hereto (collectively, the “Patents”);
(e)Any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Grantor connected with and symbolized by such trademarks, including without limitation those set forth on Exhibit C attached hereto (collectively, the “Trademarks”);
(f)All mask works or similar rights available for the protection of semiconductor chips, now owned or hereafter acquired, including, without limitation those set forth on Exhibit D attached hereto (collectively, the “Mask Works”);
(g)Any and all claims for damages by way of past, present and future infringements of any of the rights included above, with the right, but not the obligation, to xxx for and collect such damages for said use or infringement of the intellectual property rights identified above;
(h)All licenses or other rights to use any of the Copyrights, Patents, Trademarks, or Mask Works and all license fees and royalties arising from such use to the extent permitted by such license or rights;
(i)All amendments, extensions, renewals and extensions of any of the Copyrights, Trademarks, Patents, or Mask Works; and
(j)All proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing.
2.Recordation. Grantor authorizes the Commissioner for Patents, the Commissioner for Trademarks and the Register of Copyrights and any other government officials to record and register this Agreement upon request by Bank.
3.Authorization. Grantor hereby authorizes Bank to (1) modify this Agreement unilaterally by amending the exhibits to this Agreement to include any Intellectual Property Collateral which Grantor obtains subsequent to the date of this Agreement, and (1) file a duplicate original of this Agreement containing amended exhibits reflecting such new Intellectual Property Collateral.
4.Loan Documents. This Agreement has been entered into pursuant to and in conjunction with the Loan Agreement, which is hereby incorporated by reference. The provisions of the Loan Agreement shall supersede and control over any conflicting or inconsistent provision herein. The rights and remedies of Bank with respect to the Intellectual Property Collateral are as
2
provided by the Loan Agreement and related documents, and nothing in this Agreement shall be deemed to limit such rights and remedies.
5.Execution in Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart of this Agreement.
6.Successors and Assigns. This Agreement will be binding on and shall inure to the benefit of the parties hereto and their respective successors and assigns.
7.Governing Law. This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the laws of the United States and the State of California, without giving effect to any choice or conflict of law provision or rule (whether of the State of California or any other jurisdiction).
[Signature page follows.]
3
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: | |
SAVAGE RIVER, INC. | |
By: | /s/ Xxxx Xxxxxx |
Name: | Xxxx Xxxxxx |
Title: | Chief Financial Officer |
BANK: | |
SILICON VALLEY BANK | |
By: | /s/ Xxxxx Xxxxxxxxxx |
Name: | Xxxxx Xxxxxxxxxx |
Title: | Vice President |
EXHIBIT A
Copyrights
No. | Description | Registration Number | Application Number |
1. | None Identified | ||
A-1
EXHIBIT B
Patents
No. | Description | Application Number | Registration Number |
1. | Nutrient-Dense Meat Structured Protein Products | 9,526,267 (12/27/2016) | |
2. | Plant Based Meat Structured Protein Products | 14/687,803 (04/15/2015) | |
3. | Microbial Biomass Compromising Food Products | 14/855,212 (09/15/2015) | |
4. | Food Products Compromising Cell Wall Material | 15/225,646 (08/01/2016) | |
5. | Meat-Like Food Products | 15/298,199 (10/19/2016) | |
6. | Nutrient-Dense Meat Structured Protein Products | 15/385,036 (12/20/2016) | |
7. | Meat-Like Food Products | PCT US2016057840 (10/20/2016) | |
8. | Food Products Comprising Cell Wall Material | PCT US2016045128 (08/02/2016) | |
9. | Microbial Biomass Comprising Food Products | PCT US2015050421 (09/16/2015) | |
10. | Plant Based Meat Structured Protein Products | PCT US2015026206 (04/16/2015) | |
11. | Nutrient-Dense Meat Structured Protein Products | PCT US2015026222 (04/16/2015) | |
B-1
EXHIBIT C
Trademarks
No. | Description | Serial Number | Registration Number |
1. | THE FUTURE OF PROTEIN MADE FROM PLANTS | 87/903,995 (05/02/2018) | |
2. | THE FUTURE OF PROTEIN BEYOND MEAT (& design) | 87/463,132 (05/24/2017) | |
3. | BEYOND BREAKFAST SAUSAGE | 87/899,827 (04/30/2018) | |
4. | BEYOND HOT DOGS | 87/512,332 (06/30/2017) | |
5. | BEYOND LAMB | 87/512,318 (06/30/2017) | |
6. | BEYOND TUNA | 87/512,314 (06/30/2017) | |
7. | BEYOND SHRIMP | 87/512,310 (06/30/2017) | |
8. | BEYOND FISH | 87/512,309 (06/30/2017) | |
9. | BEYOND CRAB | 87/512,304 (06/30/2017) | |
10. | BEYOND HAM | 87/512,298 (06/30/2017) | |
11. | BEYOND PORK | 87/512,293 (06/30/2017) | |
12. | BEYOND TURKEY | 87/512,291 (06/30/2017) | |
13. | BEYOND SAUSAGE | 87/479,168 (06/07/2017) | |
14. | EAT WHAT YOU LOVE | 87/793,698 (02/12/2018) | |
15. | THE COOKOUT CLASSIC | 87/360,042 (03/06/2017) | |
16. | BEYOND GROUND | 87/512,323 (06/30/2017) | |
17. | BEYOND JERKY | 86/664,622 (06/16/2015) | |
C-1
No. | Description | Serial Number | Registration Number |
18. | THE BEYOND BURGER | 5,101,972 (12/13/2016) | |
19. | THE FUTURE OF PROTEIN | 4,852,710 (11/10/2015) | |
20. | BEYOND BEEF | 4,654,352 (12/09/2014) | |
21. | BEYOND CHICKEN | 4,654,351 (12/09/2014) | |
22. | BEYOND MEAT (& design) | 4,392,040 (08/27/2013) | |
23. | BEYOND MEAT | 4,314,689 (04/02/2013) | |
24. | BEYOND BURGERS | 86/918082 | |
C-2
EXHIBIT D
Mask Works
No. | Description | Application | Registration |
1. | None Identified | ||
D-1
