Examples of Monsanto Agreement in a sentence
The term "Monsanto Agreement" means that certain Stockholders Agreement, dated as of January 31, 1996, among Monsanto Company and the Registered Holders.
This Agreement, the Monsanto Agreement and each of the Family Agreements has been duly and validly executed and delivered by such Voting Trustee and constitutes a valid and binding obligation of such Voting Trustee, enforceable against such Voting Trustee in accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws affecting or relating to the enforcement of creditors rights generally and to general principles of equity.
The Voting Trustees are the record holders of the Subject Shares set forth on Schedule I hereto, free and clear of any claims, liens, encumbrances and security interests whatsoever, other than the encumbrance represented by the Monsanto Agreement, the Family Agreements and as contemplated by this Agreement.
Under the terms of the Monsanto Agreement, Monsanto agreed to pay Landec Ag $2.6 million per year.
The Monsanto Agreement also provides for a fee payable to Landec Ag of $4 million if Monsanto elects to terminate the Monsanto Agreement or$10 million if Monsanto elects to purchase the rights to the exclusive field.
Assignor and Assignee agree that this Assignment Agreement is intended only to cover the Patent Rights as defined in the License Agreement (other than the Assignor’s rights in and under the Monsanto Agreement) and those added thereto in the two (2) year period after the Effective Date as set forth in the Purchase Agreement.
Agent and Buyers acknowledge that Seller acts as servicer with respect to certain Receivables of Eligible Obligors originated and owned by Monsanto Company (“Monsanto Receivables”) pursuant to the Monsanto Agreement, and that in addition to depositing payments in respect of Receivables originated by Seller, certain Eligible Obligors will be depositing amounts into the applicable Collection Accounts representing payments in respect of such Monsanto Receivables (such amounts, “Monsanto Collections”).
For each of the three months ended August 29, 2010 and August 30, 2009, Landec recognized $1.35 million in revenue from the Monsanto Agreement.
If the purchase option is exercised before December 2011, or if Monsanto elects to terminate the Monsanto Agreement, all annual license fees and supply payments that have not been paid to Landec Ag will become due upon the purchase or termination.
Along with regaining the use of the Intellicoat technology outside of the specific applications licensed to Monsanto under the amended Monsanto Agreement, Landec has assumed responsibility for Landec Ag’s operating expenses and realizes all the revenues and profits from the sales of existing and new Intellicoat seed coating products.