Examples of Yale Agreement in a sentence
The Yale Agreement expires on a country-by-country basis upon the later of the date on which the last patent rights expire in such country or ten years from the date of the first sale of a product incorporating the licensed patents.
If the Company grants any sublicense rights under the Yale Agreement, it must pay Yale a percentage of sublicense income that it receives.
To the extent commercially feasible and consistent with Licensee’s business practices, Licensee shall use Diligent Efforts to xxxx, and shall cause its Affiliates and Sublicensees to use Diligent Efforts to xxxx, each Licensed Product to be sold pursuant to this Agreement that is Covered by one or more “LICENSED PATENTS” (as defined in the Yale Agreement) with the number of each such LICENSED PATENT that applies to such Licensed Product.
In the event that the Company fails to make any payments, commits a material breach, fails to maintain adequate insurance or challenges the patent rights of Yale, Yale can terminate the Yale Agreement.
As partial consideration for the license for the license under the Yale Agreement, in June 2016, the Company issued to Yale 638,298 shares of common stock, representing 6% of the Company’s then outstanding equity on a fully diluted basis and for which the fair value of $638,298 was recognized as research and development expense at the time of the issuance of the shares.