Scientist Funding Clause Samples

Scientist Funding. Commencing on or before January 1, 1996, and until the earlier of such time as the Company consummates the Second Round Financing and October 1, 1997, the Investor shall provide to the Company an amount equal to annual salary and fringe benefit support necessary to enable the Company to retain a full-time scientist at the Ph.D. level and two full-time technicians selected by the Founder Stockholders specifically for Company projects. In the event the Second Round Financing is consummated, the Investor shall be repaid one-half of the amount provided for such salary and fringe benefits from the funds raised in the Second Round Financing.