EXHIBIT 10.87
TERMINATION AND RELEASE
OF
TRADEMARK SECURITY AGREEMENT
TERMINATION AND RELEASE OF TRADEMARK SECURITY AGREEMENT, dated as of
May 31, 2002, by and between WACHOVIA BANK NATIONAL ASSOCIATION
(hereinafter referred to as "the Lender") and IGI, Inc., a Delaware
corporation, IGEN, Inc., a Delaware corporation, ImmunoGenetics, Inc., a
Delaware corporation, Molecular Packaging Systems, Inc., a Delaware
corporation, Micro-Pak, Inc., a Delaware corporation, and Micro Vesicular
Systems, Inc., a Delaware corporation (hereinafter collectively referred to
as "the Borrower").
WHEREAS, pursuant to the terms of (i) the Loan Agreement, dated
February 10, 1988 between the Lender and the Borrower, as amended and in
effect from time to time (the "Loan Agreement"), and (ii) the Trademark
Security Agreement, dated as of February 10, 1988, between the Lender and
the Borrower, as amended and in effect from time to time("the Trademark
Agreement"), and recorded with the United States Patent and Trademark
Office on April 29, 1988 (Trademark Reel 0600 and Frame 532), the Borrower
granted to the Lender a security interest in and lien on, and collaterally
assigned to the Lender its trademarks, trademark registrations, trademark
applications and associated goodwill identified on Schedule A attached
hereto (such trademarks referred to herein as the "Named Trademarks"); and
WHEREAS, the Lender has agreed to terminate and release its security
interest and all of its right, title and interest in each of the Named
Trademarks as herein provided;
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Lender and the Company
hereby agree as follows:
Release and Assignment. The Lender hereby terminates and releases
its security interest in and lien on all of the Borrower's Named
Trademarks, and the Lender hereby assigns and transfers to the Company,
without recourse, all of the Lender's right, title and interest in and to
each of the Named Trademarks and the related trademark registrations and
goodwill.
IN WITNESS WHEREOF, the Lender has executed this Release to take
effect as of the date first set forth above.
Wachovia Bank National Association, Successor
By Merger to First Pennsylvania Bank NA
By: /s/ Barbara Benetz
-------------------------------
Name: BARBARA BENETZ
Title: OFFICER
CERTIFICATE OF ACKNOWLEDGMENT
STATE OF PENNSYLVANIA )
)ss.
COUNTY OF Philadelphia )
Before me, the undersigned, a Notary Public in and for the county
aforesaid, on this 31st day of May, 2002, personally appeared Barbara
Benetz to me known personally, and who, being by me duly sworn, deposes and
says that he/she is a Officer of Wachovia Bank, National Association, and
that said instrument was signed and sealed on behalf of said banking
institution by authority of its Board of Directors, and said officer
acknowledged said instrument to be the free act and deed of said banking
institution.
/s/ Rhonda Smith
------------------------------------
Notary Public
My Commission Expires:
Notarial Seal
Rhonda Smith, Notary Public
City of Philadelphia, Philadelphia County
My Commission Expires May 12, 2003
Member, Pennsylvania Association of Notaries
2
Schedule A
Vineland (U.S.) Registered Trademarks
Trademark Registration No. Date
Formaldegen 675,812 03-24-59
Greek Winged Design-VIPOL 584,352 09-23-52
Hathogen 920,016 09-14-71
Proturk 1,051,683 11-02-76
Sant-Squad 1,045,750 08-10-76
T.M.F. 581,836 11-03-53
Udder Magic 1,267,658 02-21-84
Vi So-Bronc 982,458 04-23-74
Vi Uni-Bronc 981,854 04-08-74
ViBanco 982,200 08-16-74
ViBursa-K 1,199,266 06-29-82
ViMark (Machine) 1,096,601 07-18-78
ViMark (Vaccine) 1,045,751 04-10-76
Vinco 1,212,809 10-19-82
Vinelab 678,764 05-19-59
Vinelab design 565,737 10-21-52
Vinelab design 570,347 02-10-53
Vineland 291,953 02-23-82
Vineland 409,636 01-17-83
Vineland 579,571 09-08-53
Vineland 581,856 11-03-53
Vineland 1,277,814 05-14-84
Vineland Ratrid 586,804 03-25-82
Vineland w/Design 916,566 07-20-71
Vitapol 1,266,115 02-07-84
JUL 0600
TRADE-MARK
3
Schedule A (cont.)
Tomlyn U.S. Registered Trademarks
Trademark Registration No. Date
Biocaine 1,305,699 11-20-84
Fungisan 1,113,937
Nik Stop 1,339,965 06-11-86
Protacta-Pad 1,357,555 09-03-85
Tomlyn Pending U.S. Trademark Applications
Matox SN 366,725
Wild Hane Tamer SN 366,722
Preen Gleem SN 366,724
JUL 0600
TRADE-MARK
RECORDED
PATENT TRADEMARK OFFICE
APR 29 1988
4
Schedule A (cont'd)
Evico U.S. Registered Trademarks
Trademark Registration No. Date
Cardiatone 955,591 03/20/73
Cardoxin 1,219,670 12-04-82
Chlorsol 945,095 10-17-72
Chlorasone 945,096 10-17-72
Difil 1,201,756 07-20-82
Difil Test 1,028,287 12-30-78
Enderm-Forte 956,051 03-27-73
Evarglo 915,871 07-06-71
Evarglo Potion Pak 921,016 09-28-71
Evsco 921,031 09-28-71
Evsco & Design 894,017 07-07-70
Facalyzer 1,208,030 09-14-82
Facalyzer 970,157 10-09-73
Facasol 1,212,050 10-12-82
Falovite 955,587 03-20-73
Flaavac 1,137,203 06-20-80
Garibons 932,499 04-18-72
Groom Aid 980,694 03-19-74
K-P Sol 1,209,470 08-21-82
Laxatone 1,135,477 03-20-80
Liquichior 922,226 10-19-71
Liquisone F 935,592 03-20-80
Medicollar 962,127 06-26-73
Nathagel 955,590 03-20-73
Neo-diarsol 1,209,469 09-21-82
Neochol 961,316 06-19-73
Nutri-Cal 961,908 08-25-73
Optifilm 950,247 01-09-73
Optisone 955,593 03-20-73
Pectasol 957,601 04-24-73
Puppyvite 1,461,618 10/20/87
Ranaseptic 955,589 03-20-73
Sect-a-spray 953,409 02-20-73
Staroplex 911,178 04-13-71
Urolyzer 1,147,532 02-24-81
Vatifuge 1,090,757 05-09-78
Vitabons 955,588 03-20-73
JUL 0600
TRADE-MARK
5