Patent Assignment of Security Agreement between Verso Technologies, Inc. and Laurus Master Fund, Ltd.

Contract Categories: Business Finance › Security Agreements
Summary

Verso Technologies, Inc. has granted Laurus Master Fund, Ltd. a security interest in certain patents and patent applications listed in an attached schedule. This agreement is made as part of prior security agreements between the parties, allowing Laurus to claim rights to these patents if Verso defaults on its obligations. The agreement outlines that Laurus's rights and remedies regarding the patents are governed by the terms of the earlier agreements. The document is signed by authorized representatives of both companies and is effective as of May 10, 2007.

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EX-10.8 4 g07388exv10w8.htm EX-10.8 PATENT ASSIGNMENT OF SECURITY EX-10.8 PATENT ASSIGNMENT OF SECURITY  

Exhibit 10.8
PATENT ASSIGNMENT OF SECURITY
     WHEREAS, Verso Technologies, Inc., a Minnesota corporation (“Company”), owns the patents and patent applications shown in the attached Schedule A (the “Patents”), for which there are recordings or applications in the United States Patent and Trademark Office under the numbers shown in the attached Schedule A; and
     WHEREAS, Company entered into (i) a certain Security Agreement, dated as of September 20, 2006, among Company, certain subsidiaries of Company and Laurus Master Fund, Ltd. (“Laurus”) and (ii) a certain Intellectual Property Security Agreement, dated as of September 20, 2006, among Company, certain subsidiaries of Company and Laurus (as each may be amended, modified, restated or supplemented from time to time, collectively, the “Agreements”); and
     WHEREAS, pursuant to the Agreements, Company is granting to Laurus a security interest in the Patents, all proceeds thereof, all rights corresponding thereto and all reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof, and the recordings and applications therefor.
     NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, Company does hereby grant to Laurus a security interest in and to the Patents and recordings and applications therefor, which security interest shall secure all the Obligations as defined in the Agreements and in accordance with the terms and provisions thereof.
     Company expressly acknowledges and affirms that the rights and remedies of Laurus with respect to the security interest granted hereby are more fully set forth in the Agreements.
Dated as of: May 10, 2007
         
  VERSO TECHNOLOGIES, INC.
 		  
  By:   /s/ Martin D. Kidder  
    Name:  Martin D. Kidder    
    Title:  CFO    
 
  LAURUS MASTER FUND, LTD.
 		  
  By:   /s/ David Grin  
    Name:   David Grin  
    Title:   Director