Common use of Grant of Interest Clause in Contracts

Grant of Interest. Xxxxxx and Glacier Medical hereby grant IMLF the option to acquire a 35% interest in Glacier Medical for the sum of one million dollars [$1,000,000]. These funds are to be used for the development, testing, evaluation, application for and securing of patents and FDA approval of the Protect Pal product including its initial manufacturing costs and general corporate overhead as defined in the operating budget for stage one and stage two development [Exhibit "B" attached]. This includes any related products for the medical industry developed as the direct result of the engineering and research resulting from the development of the Protect a Pal concept.