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projects. I-Tech granted a nonexclusive license to the R&D
companies to use the technology for the completion of each R&D
company’s project in return for certain fees and royalty
payments. I-Tech also granted one or more nonexclusive licenses
to the R&D companies for the commercial exploitation of new
technology, patents (discoveries), and products in return for
royalty payments.
With respect to Efrat, AiTech, Hal Robotics, and Cycon, the
nonexclusive licensing periods for exploitation of the research
and products began after the research had been successfully
completed and the research had been reduced to practice
(completion date). For these companies, the nonexclusive
licensing periods were to run until specified levels of royalties
had been received, or until either I-Tech exercised certain
rights to acquire equity in Efrat, AiTech, Hal Robotics, and
Cycon or, in the case of Efrat, AiTech, and Hal Robotics, until
the R&D companies elected to acquire all I-Tech’s rights, title,
and interest to such technology in exchange for royalties and
fees (buy-out option). Although Cycon did not have a buy-out
option, RSI had an option to acquire the rights to market
products using Cycon discoveries in the United States.
With respect to Oshap, the nonexclusive licensing period was
to run for 6 months and 1 day after the completion date. During
this time, I-Tech was to receive royalties from the commercial
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Last modified: May 25, 2011