EXCLUSIVE PATENT LICENSE AGREEMENT
Exhibit 10.12
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UNIVERSITY OF ARIZONA®
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000 X. Xxxxxx Xxx., Xx. 204 X.X.
Xxx 000000
Xxxxxx, XX 00000-0000
Tel: (000) 000-0000
Fax: (000) 000-0000
xxx.xxx.xxxxxxx.xxx
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SECOND AMENDMENT
TO
BETWEEN
THE ARIZONA BOARD OF REGENTS ON BEHALF OF THE UNIVERSITY OF ARIZONA
AND
SOLTERRA RENEWABLE TECHNOLOGIES, INC.
This Amendment to the EXCLUSIVE PATENT LICENSE AGREEMENT BETWEEN THE ARIZONA BOARD OF REGENTS ON BEHALF OF THE UNIVERSITY OF ARIZONA AND SOLTERRA RENEWABLE TECHNOLOGIES, INC. (the "Agreement") is made effective as of the December 17th, 2010 and is between THE ARIZONA BOARD OF REGENTS ON BEHALF OF THE UNIVERSITY OF ARIZONA, an Arizona body corporate with its principal campus in Xxxxxx, Xxxxxxx 00000 (the "UNIVERSITY"), and SOLTERRA RENEWABLE TECHNOLOGIES, INC., an Arizona Company with its principal place of business at 0000 Xxxxx Xxxxx Xxxxxxx, Xxxxx, XX 00000 ("LICENSEE").
UNIVERSITY and LICENSEE agree to amend Article 3.1.b to read as follows upon execution of this Amendment:
3.b Minimum Annual Royalty: A minimum royalty according to the following schedule.
3.b.i The Annual Minimum Royalties will be adjusted by the cumulative percentage change in the CPI-W Consumer Price Index between July and the June preceding the date on which the payment in question is payable.
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Minimum Royalty Due
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June 30, 2012
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$ | 5,000 | ||
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December 31, 2013
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$ | 25,000 | ||
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December 31, 2014
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$ | 50,000 | ||
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June 30, 2015
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$ | 125,000 | ||
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Each June 30 of every year thereafter
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$ | 200,000 | ||
3.b.ii The Annual Minimum Royalties will be adjusted by the cumulative percentage change in the CPI-W Consumer Price Index between July and the June preceding the date on which the payment in question is payable.
IN WITNESS WHEREOF, each party hereto has executed this Agreement in duplicate originals by their respective and duly authorized officers on the day and year below written.
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ARIZONA BOARD OF REGENTS
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SOLTERRA RENEWABLE TECHNOLOGIES
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on behalf of
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THE UNIVERSITY OF ARIZONA
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Date:6/12/122
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(Signature)
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(Signature)
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Name: Xxxx Xxxxxxx
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Name: Xxxxxx Xxxxxxx
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Title: Interim Co-Director
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Title: President and CEO
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Office of Technology Transfer
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