Exhibit
10.2
INTELLECTUAL PROPERTY SECURITY
AGREEMENT
THIS INTELLECTUAL PROPERTY SECURITY AGREEMENT is entered into as of March 6, 2009 by and
between PENINSULA BANK BUSINESS FUNDING, A DIVISION OF THE PRIVATE BANK OF THE PENINSULA, a California corporation (“Bank”)
and VAUGHAN FOODS, INC .,
an Oklahoma corporation (“ Grantor
”).
RECITALS
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 Loan and Security Agreement by and
between Bank, Wild About Food – Oklahoma LLC, and Grantor (as
amended from time to time, the “ Loan Agreement
”) dated of even date herewith. Capitalized terms used herein
have the meaning assigned in the Loan Agreement. Bank is willing to
make the credit extensions to Grantor, but only upon the condition,
among others, that Grantor shall grant to Bank a security interest
in all of Grantor’s right title, and interest in, to and
under all of the Collateral whether presently existing or hereafter
acquired
NOW, THEREFORE , Grantor agrees as follows:
AGREEMENT
To secure p
