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licensing agreement (1984 licensing agreement) which granted
CemCom the exclusive right and perpetual worldwide license to
the new technology. The 1984 licensing agreement provided a
royalty rate to Research II at less than the rate provided in
the technology transfer agreement and provided for minimum
royalties as follows:
Within 90 days $12,000
6/30/85 285,000
1/01/86 285,000
6/30/86 285,000
1/01/87 285,000
6/30/87 285,000
1/01/88 285,000
6/30/88 285,000
1/01/89 285,000
6/30/89 285,000
The revised royalty arrangement enabled Research II to
maintain a profit potential, at a minimum, equal to the
difference between the minimum royalties and the deferred
obligation to CemCom.
Also, on September 27, 1984, Research II and CemCom entered
into a first amendment to the research and development agreement
which provided that both parties had fully complied with all
requirements of the research and development agreement and that
the new technology had reached the stage where further
development would no longer qualify as research and development
under section 174. The first amendment further canceled
CemCom's agreement not to do research within the specific scope
and definition of the research program for other parties.
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Last modified: May 25, 2011