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Patent Assignment _Long Form - In Connection with MA Transaction_

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Patent Assignment _Long Form - In Connection with MA Transaction_ Powered By Docstoc
					[TOTALBUSINESS.COM] PATENT ASSIGNMENT [LONG FORM - IN CONNECTION WITH M&A TRANSACTION] This Patent Assignment (“Patent Assignment”) is made by [COMPANY NAME 1], a [Delaware corporation] (“Assignor”), and COMPANY NAME 2], a [Delaware corporation] (“Assignee”). Collectively, the Assignor and the Assignee are referred to as the “Parties”. RECITALS WHEREAS, the Assignor and the Assignee have entered into that certain [Asset Purchase Agreement] (the “Asset Purchase Agreement”), dated as of [_____], [2005], pursuant to which the Assignee will purchase from the Assignor and the Assignor will sell to the Assignee all of the Assignor's right, title and interest in and to [__________], together with certain assets related thereto, all on the terms and subject to the conditions set forth in the [Asset Purchase Agreement]; and WHEREAS, the Assignor desires to assign its entire right, title and interest in and to each of the Transferred Patents (as listed in Schedule A hereof) to the Assignee; AGREEMENT NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties hereby agree as follows: 1. ASSIGNMENT. The Assignor hereby sells, assigns, transfers and sets over, to the Assignee, its successors, legal representatives and assigns, its entire right, title and interest in and to the following: (a) all applications for patents, provisional applications, and all patents in the United States of America and all foreign countries granted therefor and thereon, and in and to any and all divisions, continuations, and continuations-in-part of said applications, reexaminations, reissues and extensions of said patents, and all rights under the International Convention for the Protection of Industrial Property that relate specifically and exclusively to the Transferred Patents; (b) all things authored, developed, made, perfected, improved, designed, engineered, acquired, produced, conceived or first reduced to practice by each such Assignor or any of its employees or agents that are embodied in, derived from or conceived directly from the Transferred Patents, in any stage of development, including, without limitation, modifications, enhancements, designs, concepts, techniques, methods, ideas, flow charts, coding sheets, notes and all other information relating specifically and exclusively to the Transferred Patents;

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(c) all other intellectual or intangible property contained in or conceived directly from the Transferred Patents, whether pending, applied for or issued, whether filed in the United States or in other countries and all rights with respect to any of the foregoing; (d) those Transferred Patents referred to in Schedule A; and (e) the right to any damages, profits or other recoveries for past acts of infringement of the Transferred Patents or any of the intellectual property set forth in the foregoing clauses (a) through (d) above. 2. GENERAL. (a) This Patent Assignment is being delivered in connection with the Asset Purchase Agreement and is subject to, and is entitled to the benefits in respect of, the Asset Purchase Agreement. The Assignor acknowledges and agrees that the Transferred Patents are to be held and enjoyed by the Assignee, its successors and assigns, for their own use as fully and entirely to the same extent as the Transferred Patents would have been held and enjoyed by Assignor had this assignment not been made. (b) Assignor hereby agrees to cooperate with Assignee as reasonably necessary to give full effect to and perfect the rights of Assignee in the Transferred Patents. Assignor hereby covenants and agrees to and with Assignee, its successors, legal representatives and assigns that Assignor will, at the cost and expense of the Assignee, sign and deliver all certificates, instruments, papers and documents, make all lawful affidavits, testimonies, declarations and oaths, and do all acts necessary or required to be done for the recordation of this assignment of the Transferred Patents to the Assignee. The Assignee may record this Patent Assignment in any and all patent offices around the world, including but not limited to, the United States Patent and Trademark Office. (c) Assignor hereby authorizes and requests the Commissioner of Patents and Trademarks of the United States to issue to, and record in the name of, the Assignee, any and all Letters Patent of the United States arising from such Transferred Patents for the use and behalf of the Assignee, its successors, legal representatives, and assigns. (d) This Patent Assignment shall be binding upon and inure to the benefit of the Assignors and the Assignee and to their respective successors and assigns. (e) This Patent Assignment may be executed in two or more counterparts, each of which shall be deemed an original and all of which shall constitute one instrument. (f) All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Asset Purchase Agreement. 3. POWER OF ATTORNEY. Effective as of the date hereof, Assignor hereby constitutes and appoints the Assignee and its successors, assigns and agents, as Assignor’s true and lawful attorney-in-fact, with full power of substitution, in the name of Assignor and its successors and assigns, and for the benefit of Coulter or the Assignor: (i) to demand and receive from time to time any and all of the Transferred Patents and to give and make receipts, releases

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and endorsements for and in respect of the same or any part thereof; (ii) to make any and all necessary or appropriate filings with any applicable governmental or regulatory body in order to evidence the transfer of the Transferred Patents to the Assignee; (iii) to institute, prosecute, compromise and settle any and all actions or proceedings at law, in equity or otherwise as the Assignee may deem necessary or appropriate in order to assert or enforce any claim, right or title of any kind in, to or under any of the Transferred Patents; (iv) to defend, compromise or settle any and all actions or proceedings with respect to any of the Transferred Patents; and (v) to do all such acts and things with respect to the matters set forth in the preceding clauses (i) through (v) as the Assignee shall deem reasonably necessary or appropriate. Assignor hereby agrees that the appointment made pursuant to this Section 3 and the powers hereby granted are coupled with an interest and are and shall be irrevocable. 4. ASSIGNEE HAS NO DUTY. The powers conferred on Assignee hereunder are solely to protect its interest in the Transferred Patents and shall not impose any duty on it to exercise any such powers. 5. GOVERNING LAW. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of [_____]. IN WITNESS WHEREOF, this Trademark Assignment has been duly executed and delivered by a duly authorized officer of the Assignor as of [_____], [2005]. [NAME OF ASSIGNOR] By: Name: Title: Date:

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SCHEDULE A [LIST PATENT[S] TO BE ASSIGNED]

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ACKNOWLEDGEMENT STATE OF _______________) ) SS COUNTY OF _____________) Be it remembered on this day of ___________, 2005, before me, the subscriber, a Notary Public authorized to take acknowledgements and proofs in said county and state, personally appeared _________________________________, to me known, who being by me duly sworn according to law, on his/her oath does depose and make proof of my satisfaction that he was at the time of the execution thereof _______________________________________ of ___________________________, the Assignor in the foregoing instrument; and that he/she signed, sealed and delivered the instrument as the voluntary act and deed of said corporation, by virtue of his/her authority.

Notary Public

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