Intellectual Property Transfer Agreement
Exhibit 10.4
Intellectual Property Transfer Agreement
This is an agreement between PowerVerde, Inc., hereinafter “PV”, a public corporation with its principal office at Phoenix, AZ, and Xxxxxx X. Xxxxx, hereinafter “Xxxxx”, an individual, residing at Benicia, CA, regarding the transfer of ownership of certain patents and other intellectual property owned by the Vyrex Corporation prior to merger and name change to PowerVerde, Inc. Xxxxx may assign this agreement to any entity controlled by him at transfer.
Whereas PV has changed its principal activities to new technological area and has no further interest or budget to continuing to develop intellectual properties in the pharmacological and neutraceutical fields, but retains ownership of certain patents and other intellectual property developed prior to its merger, hereinafter “VyrexIP”, which properties are listed on Exhibit A and Exhibit B, and
Whereas Xxxxx has expertise in the fields of medicine and biochemistry and wishes to acquire and develop said VyrexIP and has advanced to PV as loans sums used to pay patent fees and prevent the loss of the VyrexIP.
PV and Xxxxx hereby agree that:
| 1. | PV will assign to Xxxxx or assigns all patents contained in Exhibits A and B and any information in its possession relating to said intellectual properties. |
| 2. | Xxxxx shall assume ownership of the VyrexIP and shall be responsible for all future fees and professional fees. |
| 3. | Xxxxx shall provide to PowerVerde, Inc. a residual 20% of net royalty income and any other net income from the Vyrex IP as hereinafter defined in Exhibit C. |
| 4. | Xxxxx shall advise PV in writing of any intent to abandon any part of the VyrexIP and hereby grants to PV the right to recover, without payment, sole ownership of any such intellectual property. |
| 5. | PV will assign its rights to the name “VYREX” to Xxxxx for use in conjunction with its activities with VyrexIP. |
| 6. | Xxxxx hereby forgives all sums previously advanced to PV for the payment of fees on behalf of PV. |
This agreement is the complete agreement between the parties regarding all services and supersedes any prior discussions and expectations.
This agreement may not be changed except in writing and all changes require the consent of both parties.
This agreement is separate and apart from any other agreement between the parties and any agreement with any entity of which either party is a part.
This agreement shall be construed under the laws of the State of California. Any portion of this agreement that is found by a court of competent jurisdiction to be contrary to the Laws of the United States or of the State of California shall be severed from the remainder of the agreement and shall be null and void without effect upon the remaining portion of the agreement.
| For PowerVerde, Inc. |
For Xxxxxx X. Xxxxx | |||||
| By: | /s/ Xxxxxx Xxxxxx |
/s/ Xxxxxx X. Xxxxx | ||||
| Director Date: March 4, 2009 |
Date: March 4, 2009 | |||||
Exhibit A:
Xxxxxxxx and Xxxxxxxx and Crew LLP
0000 X. Xxxxxxxxxx Xxxx., Xxxxx 000
Xxxxxx Xxxxx, XX 00000
Phone: 000-000-0000
| ITC Ref Country |
Title |
Inventor |
Application No. Filing Date |
Patent No. Issue Date |
Status Remarks |
Estimate of Anticipated Costs | |||||||
| 014742-000100US (EGW) |
Method for Inhibiting Viral and Retroviral Infections | 07/381132 07/14/1989 |
4985465 01/15/1991 |
Granted | |||||||||
| 014742-000500US (EGW) |
Tocopherol-Based Anti-Viral Agents and Method of Using Same | Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. |
07/520633 05/08/1990 |
5114957 05/19/1992 |
|||||||||
| 914742-000730US (EGW) |
Antiviral Agents | Xxxxxxx, Xxxxxxx X. | 08/808554 02/28/1997 |
5981603 11/09/1999 |
Granted Annuity: Next: 05/09/2011 Annuity: End of Grace (Final Deadline): 11/09/2011 |
$ | 2,410 | ||||||
| 014742-003200US (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
09/075356 05/08/1998 |
6254853 07/03/2001 |
Granted Annuity: Next: 01/03/2009 Annuity: End of Grace (Final Deadline): 07/03/2009 |
$ | 1,510 | ||||||
| 014742-003210AU (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
37894/99 05/07/1999 |
765569 01/15/2004 |
Granted Annuity: Next: 05/07/2009 Annuity: End of Grace (Final Deadline): 11/07/2009 |
$ | 749 | ||||||
| 014742-003210CA (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
2331371 05/07/1999 |
Pending Annuity: Next: 05/07/2009 Annuity: End of Grace (Final Deadline). 05/07/2010 |
$ | 685 | |||||||
| 014742-003210DE (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
99920385.4 05/07/1999 |
69910560.9-08 08/20/2003 |
Granted Annuity: Next: 05/07/2009 Annuity. End of Grace (Final Deadline): 11/07/2009 |
$ | 1,180 | ||||||
| 014742-003210EP (EGW) |
Water Soluble Pro-Drugs of Propofol | Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
99920385.4 05/07/1999 |
1075489 08/20/2003 |
Granted | ||||||||
| 014742-003210ES (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
99920385.4 05/07/1999 |
1075489 08/20/2003 |
Granted Annuity: Next: 05/07/2009 Annuity: End of Grace (Final Deadline): 11/07/2009 |
$ | 770 | ||||||
1
| ITC Ref Country ATTY(s) Handling |
Title |
Inventor |
Application No. Filing Date |
Patent No. Issue Date |
Status Remarks |
Estimate of Anticipated Costs | |||||||
| 014742-003210FR (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
99920385.4 05/07/1999 |
1075489 08/20/2003 |
Granted Annuity: Next: 05/07/2009 Annuity: End of Grace (Final Deadline): 11/07/2009 |
$ | 787 | ||||||
| 014742-003210GB (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
99920385.4 05/07/1999 |
1075489 08/20/2003 |
Granted Annuity: Next: 05/07/2009 Annuity: End of Grace (Final Deadline): 11/07/2009 |
$ | 718 | ||||||
| 014742-DG0100US (EGW) |
Method for Inhibiting Viral and Retroviral Infections | 07/381132 07/14/1989 |
4985465 01/15/1991 |
Granted | |||||||||
| 014742-003210IE (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
99920385.4 05/07/1999 |
1075489 08/20/2003 |
Granted Annuity Next. 09/07/2009 Annuity: End of Grace (Final Deadline): 11/07/2009 |
$ | 821 | ||||||
| 014742-003210IT (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
99926385.4 05/07/1999 |
1075489 08/20/2003 |
Granted Annuity: Next: 05/07/2009 Annuity: End of Grace (Final Deadline): 11/07/2009 |
$ | 906 | ||||||
| 014742-00321OJP (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
2000-548357 05/07/1999 |
Pending Published |
|||||||||
| 014742-003210PC (EGW) |
Water Soluble Pro-Drugs of Propofol |
Xxxxxxx, Xxxxxxx X. Xxxxxxx, Xxxxxx X. Xxxxxxxxx, Jan |
99/10013 05/07/1999 |
Pending Nat. phase |
|||||||||
| 014742-004400JP (EGW) |
Water Soluble Prodrugs of Propofol for Treatment of Migraine |
Xxxxxxx, Xxxxxxx X. | 2002-518956 08/14/2001 |
Pending Published |
|||||||||
| 014742-004400PC (EGW) |
Water Soluble Prodrugs of Propofol for Treatment of Migraine |
Xxxxxxx, Xxxxxxx X. | 01/25540 08/14/2001 |
Pending Nat. phase |
|||||||||
| 014742-004400US (EGW) |
Water Soluble Prodrugs of Propofol for Treatment of Migraine |
Xxxxxxx, Xxxxxxx X. | 09/639015 08/15/2000 |
6352234 03/26/2002 |
Granted Annuity: Next: 09/26/2009 Annuity: End of Grace (Final Deadline): 03/26/2010 |
$ | 1,510 | ||||||
2
Exhibit B:
Xxxxxx Xxxxxxxxxxx. Ph.X.
Xxxx & Associates, PC
0000 Xxxx Xxxxxx, Xxxxx 0000
Xxxxxx, XX 00000-0000
Direct: 000-000-0000
| (1) | 100487.0001US1: “Boron Carbohydrate Complexes and Uses Thereof”; issued as US Xxx. No. 5,962,049. |
| (2) | 100487.0011US2: “Isoflavone Derivatives”; issued as US Xxx. No. 6,541,613 |
| (3) | 100487.0011US1: “Isoflavone Derivatives”; issued as US Xxx. No. 6,958,156 |
| (4) | 100487.0011US4: “Isoflavone Derivatives”; pending and published as US 2006-0251592 A1 |
Exhibit C:
For purposes of this agreement, “Net Royalty Income” is defined as gross income from commercialization of the patents (Gross Royalty Income) less direct expenses of maintaining and commercializing the patents (Direct Expenses). Direct Expenses includes all sums expended, accrued, or capitalized directly relating to maintenance or commercialization of the patents.
For purposes of this agreement, “Other Net Income” is defined as gross income from commercialization of the patents (Gross Income), other than royalties, less direct expenses of maintaining and commercializing the patents (Direct Expenses). Direct Expenses includes all sums expended, accrued, or capitalized directly relating to maintenance or commercialization of the patents.
