Letter of Intent



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Technology Licensing Letter of Intent

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We are pleased to present you with this letter of intent (“LOI”) which sets forth our mutual understanding regarding the proposed licensing of ________ ("Technology") from ___________ ("UNIVERSITY") to ______("COMPANY").

1. Structure - UNIVERSITY will license its intellectual property rights in the Technology to COMPANY, including all pending or issued patent rights, technical know how, and rights to inventions made by UNIVERSITY for which patents have not yet been filed. COMPANY will have the right to sublicense such rights. COMPANY will sponsor research at UNIVERSITY to further the development of the Technology. COMPANY may offer some, but not all, of the inventors the opportunity to serve on a scientific advisory board for the technology and may offer at various times consulting contracts to further its business interests.

2.Financial and Contractual Terms

a. COMPANY will pay UNIVERSITY an upfront license fee of $___ upon execution of a license agreement.

b. COMPANY will pay all future patent expenses, including filing, prosecution, and enforcement expenses.

c. The license will terminate on a country by country basis upon the expiration date of the last to expire patent in that country.

d. COMPANY will sponsor a research and development program at UNIVERSITY for an amount, including indirect costs, not to exceed $______.

e. COMPANY shall invest an additional $____ in research and development, administrative and business development of the Company.

f. COMPANY will pay UNIVERSITY a royalty on sales of products or services covered by UNIVERSITY patent rights.

3. Conduct of the Parties - Prior to execution of the licensing agreement and sponsored research agreement, UNIVERSITY will continue to diligently pursue prosecution of its current patent portfolio. UNIVERSITY will not allow any patent rights to go abandoned during this time, without first contacting COMPANY.

5. Closing Conditions – Closing of the transaction contemplated in this LOI is subject to:

a. the execution of a definitive license agreement and sponsored research agreement, satisfactory in form and substance to UNIVERSITY and COMPANY;

b. consummation by COMPANY of the financing necessary for completion of the transaction;

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