TRADEMARK SECURITY AGREEMENT

Exhibit 10.11

 

Execution Version

 

TRADEMARK SECURITY AGREEMENT

 

This Trademark Security Agreement, dated as of February 9, 2023 (this “Agreement”), made by 1847 ICU HOLDINGS INC., a Delaware corporation with a principal place of business located at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, XX 00000, ICU EYEWEAR, INC., a California corporation with a principal place of business located at 0000 Xxxxxxx Xxxxx, Xxxxxxxxx, XX 00000, and ICU EYEWEAR HOLDINGS, INC., a California corporation with a principal place of business located at 0000 Xxxxxxx Xxxxx, Xxxxxxxxx, XX 00000, jointly and severally (“Grantor”), in favor of INDUSTRIAL FUNDING GROUP, INC., a California corporation with offices at 00000 Xxxxxxx Xxxx., Xxxxxxx Xxxx, XX 00000 (together with its successors and assigns, “Lender”).

 

RECITALS

 

WHEREAS, the Grantor has an ownership interest in the trademarks identified on Exhibit 1 hereto (collectively, the “Trademarks”); and

 

WHEREAS, the Grantor and the Lender are parties to that certain Loan and Security Agreement, of even date herewith (as from time to time amended or supplemented, the “Loan Agreement”); and

 

WHEREAS, the Grantor has granted to grant to Lender a security interest in all of its property and assets, including, without limitation, the Trademarks, to secure the performance of Grantor’s obligations under the Loan Agreement and the other Loan Documents; and

 

WHEREAS, it is a condition precedent to the Lender’s entry into the Loan Agreement and the other Loan Documents that the Grantor execute and deliver this Agreement to the Lender; and

 

WHEREAS, the Grantor and the Lender by this instrument seek to confirm and make a record of the grant of the security interest in the Trademarks and the assignment of Trademarks upon the occurrence of an Event of Default in accordance with the terms of this Agreement; and

 

WHEREAS, capitalized terms used and not defined herein have the meanings given to them in the Loan Agreement.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Grantor hereby agrees, confirms and acknowledges as follows:

 

1.The Grantor does hereby acknowledge and confirm that the Trademarks and the goodwill associated therewith constitute Intellectual Property included in the Collateral pledged by Grantor to Lender pursuant to the Loan Agreement.

 

 

 

 

2.The Grantor further acknowledges and confirms that the rights and remedies of Lender with respect to the Trademark are more fully set forth in the Loan Agreement and the other Loan Documents, the terms and provisions of which are incorporated herein by reference.

 

3.The Grantor hereby irrevocably constitutes and appoints Lender, with full power of substitution, as its true and lawful attorney-in-fact, with full irrevocable power and authority in its place and stead and in its name or otherwise, from time to time in Lender’s sole discretion, at such Grantor’s sole cost and expense, to take any and all action and to execute and deliver any and all documents and instruments which Lender may deem reasonably necessary or advisable to (a) accomplish the purposes of perfecting, continuing and preserving, a continuing first priority security interest in the Trademarks and the goodwill associated therewith in favor of Xxxxxx, and (b) effect a transfer of the Trademarks and the goodwill associated therewith to Lender or to Lender’s designees without further consent or authorization of the Grantor upon the occurrence of an Event of Default. In furtherance and not in limitation of the foregoing, if an Event of Default has occurred and is continuing, the Lender is hereby authorized file with the United States Patent and Trademark Office or with such other governmental authorities, the assignment in the form substantially similar to that of Exhibit A attached to this Agreement, together with such other instruments and documents as the Lender may deem necessary or appropriate to effectuate the foregoing.

 

[REMAINDER OF XXXX INTENTIONALLY LEFT BLANK AND SIGNATURE ON NEXT PAGE]

 

2

 

 

IN WITNESS WHEREOF, this Trademark Security Agreement as of the day and year first above written.

 

  1847 ICU HOLDINGS INC.
     
  By: /s/ Xxxxxx Xxxxxxx
  Name:  Xxxxxx Xxxxxxx
  Title: CEO
     
  ICU EYEWEAR HOLDINGS, INC.
     
  By: /s/ Xxxx Xxxxx
  Name: Xxxx Xxxxx
  Title: Chief Executive Officer
     
  ICU EYEWEAR, INC.
     
  By: /s/ Xxxx Xxxxx
  Name: Xxxx Xxxxx
  Title: Chief Executive Officer

 

ACCEPTED AND AGREED:  
     
LENDER:  
     
INDUSTRIAL FUNDING GROUP, INC.  
     
By: /s/ Xxxxxxx X. Xxxxx  
Name:  Xxxxxxx X. Xxxxx  
Title: President  

  

[SIGNATURE PAGE –TRADEMARK SECURITY AGREEMENT]

 

 

 

 

EXHIBIT 1

 

Trademarks

 

Trademark  Logo  Status  Application
Date		  Application Number  Registration
Date		  Registration Number
XX. XXXX     Registered  20 Mar 2012  85575106  07 Jan 2014  4463335
XX. XXXX XXXXX     Registered  14 Mar 2006  78836703  06 Feb 2007  3205668
FISHERMAN EYEWEAR     Registered  20 Mar 2012  85575089  31 Dec 2013  4457314
FLIP & FOCUS     Registered  01 Jul 1999  75742014  12 Mar 2002  2545707
GUIDELINE     Registered  12 Jan 2005  78546467  10 Jan 2006  3041676
ICU ECO EYEWEAR    Registered  30 Jun 2014  86324739  22 Sep 2015  4815904
ICU ECO EYEWEAR     Registered  09 Oct 2013  86087678  03 Feb 2015  4682714
ICU EYEWEAR STUDIO COLLECTION     Registered  01 Feb 2007  77097281  09 Oct 2007  3306261
ICU HEALTH     Pending  10-Jun-20  88942466      
ICU HEALTH Stylized    Pending  19-Aug-20  90124978      
OMNI-FOCUS     Registered  16 Sep 2015  86759085  22 Nov 2016  5087993
SCREEN VISION     Registered  9-Apr-18  87869658  24-Nov-20  6207631
SCREEN VISION BY ICU EYEWEAR     Registered  9-Apr-18  87869660  5-May-20  6048223
SLIM VISION     Registered  01 Jul 1999  75742015  12 Mar 2002  2545708
STUDIO BY ICU EYEWEAR     Registered  7-Feb-18  87788568  26-Mar-19  5707618
WINK     Registered  10 Sep 2010  85126840  16 Aug 2011  4011379
ZOOM     Registered  15 Jul 2004  78451023  24 Jul 2007  3269129
ZOOM EXPRESSIONS     Registered  07 Dec 2006  77059162  09 Oct 2007  3305598
ZOOM EYEWORKS     Registered  20 Sep 2004  78486593  21 Mar 2006  3072132

 

 

 

 

 

EXHIBIT A

 

ASSIGNMENT OF TRADEMARKS

 

This Assignment OF TRADEMARKS (this “Assignment”), dated as of ________ __, 202_ made by 1847 ICU HOLDINGS INC., a Delaware corporation with a principal place of business located at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, XX 00000, ICU EYEWEAR, INC., a California corporation with a principal place of business located at 0000 Xxxxxxx Xxxxx, Xxxxxxxxx, XX 00000, and ICU EYEWEAR HOLDINGS, INC., a California corporation with a principal place of business located at 0000 Xxxxxxx Xxxxx, Xxxxxxxxx, XX 00000, jointly and severally (“Assignor”).

 

RECITALS:

 

WHEREAS, Assignor has an ownership interest in the Trademarks described on Exhibit 1 attached hereto (the “Trademarks”); and

 

WHEREAS, Assignor and GemCap Solutions, LLC, a Delaware limited liability company, as successor and assign to Industrial Funding Group, Inc. (“Lender”) are parties to that certain Loan and Security Agreement, dated as of February 9, 2023 (as from time to time amended or supplemented, the “Loan Agreement”; capitalized terms used and not defined herein shall have the meanings set forth in the Loan Agreement); and

 

WHEREAS, Assignor granted to Lender a security interest in substantially all of Assignor’s property and assets to including the Trademarks and the goodwill associated therewith to secure the performance of its obligations under the Loan Agreement and the other Loan Documents; and

 

WHEREAS, it was a condition precedent to the Lender’s entry into the Loan Agreement that Assignor shall have executed and delivered this Assignment; and

 

WHEREAS, one or more Events of Default have occurred under the Loan Agreement and the Lender has the right to exercise its rights and remedies under the Loan Agreement and the other Loan Documents; and

 

WHEREAS, by this instrument, Assignor is hereby assigning the Trademark to the Lender or its designee as set forth herein (such party, the “Assignee”).

 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of are hereby acknowledged, Assignor hereby assigns to Lender the Trademark as follows:

 

1. Assignment of Trademarks. Assignor hereby assigns, transfers, and conveys to ____________________________________, a _____________________ with offices at ____________________________________ (the “Assignee”) all of Assignor’s right, title and interest in and to the Trademarks together with the goodwill associated therewith.

 

2. Filing and Recordation. Assignee is hereby authorized to file or record this Assignment or any other instrument in such public offices and with such governmental authorities, including the United States Patent and Trademark Office, as Assignee may determine from time to time for the purpose of evidencing the foregoing assignment.

 

 

 

 

IN WITNESS WHEREOF, Assignor has executed this Trademark Assignment as of the date first above written.

 

  ASSIGNOR:
     
  1847 ICU HOLDINGS INC.
     
  By: /s/ Xxxxxx Xxxxxxx
  Name:  Xxxxxx Xxxxxxx
  Title: CEO
     
  ICU EYEWEAR HOLDINGS, INC.
     
  By: /s/ Xxxx Xxxxx
  Name: Xxxx Xxxxx
  Title: Chief Executive Officer
     
  ICU EYEWEAR, INC.
     
  By: /s/ Xxxx Xxxxx
  Name: Xxxx Xxxxx
  Title: Chief Executive Officer

  

[Signature Page – Trademark Assignment]

 

 

 

 

EXHIBIT 1

 

Trademarks

 

Trademark  Logo  Status  Application
Date		  Application Number  Registration
Date		  Registration Number
XX. XXXX     Registered  20 Mar 2012  85575106  07 Jan 2014  4463335
XX. XXXX XXXXX     Registered  14 Mar 2006  78836703  06 Feb 2007  3205668
FISHERMAN EYEWEAR     Registered  20 Mar 2012  85575089  31 Dec 2013  4457314
FLIP & FOCUS     Registered  01 Jul 1999  75742014  12 Mar 2002  2545707
GUIDELINE     Registered  12 Jan 2005  78546467  10 Jan 2006  3041676
ICU ECO EYEWEAR    Registered  30 Jun 2014  86324739  22 Sep 2015  4815904
ICU ECO EYEWEAR     Registered  09 Oct 2013  86087678  03 Feb 2015  4682714
ICU EYEWEAR STUDIO COLLECTION     Registered  01 Feb 2007  77097281  09 Oct 2007  3306261
ICU HEALTH     Pending  10-Jun-20  88942466      
ICU HEALTH Stylized    Pending  19-Aug-20  90124978      
OMNI-FOCUS     Registered  16 Sep 2015  86759085  22 Nov 2016  5087993
SCREEN VISION     Registered  9-Apr-18  87869658  24-Nov-20  6207631
SCREEN VISION BY ICU EYEWEAR     Registered  9-Apr-18  87869660  5-May-20  6048223
SLIM VISION     Registered  01 Jul 1999  75742015  12 Mar 2002  2545708
STUDIO BY ICU EYEWEAR     Registered  7-Feb-18  87788568  26-Mar-19  5707618
WINK     Registered  10 Sep 2010  85126840  16 Aug 2011  4011379
ZOOM     Registered  15 Jul 2004  78451023  24 Jul 2007  3269129
ZOOM EXPRESSIONS     Registered  07 Dec 2006  77059162  09 Oct 2007  3305598
ZOOM EYEWORKS     Registered  20 Sep 2004  78486593  21 Mar 2006  3072132

 

 

 

 

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Filed: February 13th, 2023
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