Scientific Founders definition
Examples of Scientific Founders in a sentence
Effective as of the date the Scientific Founders’ Shares are issued to the Scientific Founders and the Business Founders’ Shares are issued to the Business Founders, the Founders Agreement shall be automatically terminated and of no further force and effect.
Such Scientific Founders’ Shares, or options therefor, shall be allocated among the Scientific Founders pro rata based on the number of shares of Common Stock currently held by each Scientific Founder.
Such royalties shall be shared fifty percent (50%) with the Scientific Founders, allocated among the Scientific Founders in one-third equal shares, and fifty percent (50%) with ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇.
Capitalized terms used but not defined herein shall have the meanings given to such terms in the Founders Agreement by and among ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ (on behalf of the Company) and the Scientific Founders, dated as of February 25, 2014, as amended on March 21, 2014 (as amended, the “Founders Agreement”), unless the context otherwise requires.
Any term, covenant, agreement or condition of this Agreement may, with the consent of the Company, be amended or compliance herewith may be waived (either generally or in a particular instance and either retroactively or prospectively), by one or more substantially concurrent written instruments signed by the Scientific Founders.
You acknowledge that shares of Common Stock (the “Business Founders Shares,” and together with the Scientific Founders Shares, the “Founders Shares”) will be also issued to me and other business founders (the “Business Founders,” and together with the Scientific Founders, the “Founders”).
As of the date hereof, a Qualified Financing shall have occurred and upon the closing of such Qualified Financing, the Company shall reimburse the Scientific Founders all third party development and patent expenses incurred in connection with the development of the Technology, such amount not to exceed Seventy Thousand Dollars ($70,000).
As full and complete satisfaction for the anti-dilution protections provided to the Scientific Founders in Section 1.3 of the Founders Agreement, the Company shall issue to the Scientific Founders an aggregate of 742,857 shares of Common Stock of the Company (the “Scientific Founders’ Shares”), or options to purchase such number of shares, as soon as reasonably practicable following the date hereof.
The Scientific Founders and ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ shall be entitled to receive royalties equal to two percent (2%) of gross sales of any Flex Pharma product to treat any neuromuscular disorders, including without limitation anti-cramp products, that are made by the Company.
For clarity, except as set forth in Sections 1 and 2 of this Termination Agreement, the Scientific Founders and Business Founders shall have no rights to the issuance of any additional shares or options from the Company pursuant to the Founders Agreement.