Examples of Scientific Founders in a sentence
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.
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.
This agreement is being entered into in partial consideration for the parties entering into that certain Royalty Agreement by and among the Company and the Scientific Founders (as defined therein), dated as of March 20, 2014.
The Company and the Scientific Founders entered into the Founders Agreement on February 25, 2014, which was amended on March 21, 2014 to terminate certain provisions of the Founders Agreement.
Shares issued to UNIVERSITY shall provide for equal but proportionate rights and restrictions as the Scientific Founders’ shares and if not all of the Scientific Founders receive shares with equal rights and restrictions, UNIVERSITY’S shares shall follow the CONFIDENTIAL TREATMENT REQUESTED.
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.
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.
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 Xxxxxxxxx Xxxxxxxx.
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.
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).