Re: Leckrone and Shares.. I suggest that you
in response to
by
posted on
Nov 18, 2008 02:42PM
Here you go Brian...Best wishes as always
Virt
Pursuant to the Master Agreement the Parties have agreed as follows:
o The Company entered into a patent license agreement (the "Intel
License") with Intel Corporation ("Intel") pursuant to which the
Company licensed certain rights in the Patents to Intel.
o The Company and TPL will cause certain of their respective interests
in the Patents to be licensed to a limited liability company that
will be owned 50% by the Company and 50% by TPL (the "JV LLC").
o The JV LLC will engage TPL to commercialize the Patents pursuant to
a Commercialization Agreement among the JV LLC, TPL and the Company
(the "Commercialization Agreement").
o The Company will pay a total of at least $1 million and TPL will pay
a total of $1 million to certain holders of rights in the Patents
("Rights Holders") in exchange for the consent of such Rights
Holders to the Transactions.
o The Parties will settle all or cause to be dismissed all litigation
among them pursuant to a stipulated final judgment, including the
Inventorship Litigation.
o The Company will issue warrants to TPL to acquire shares of the
Company's common stock. 1,400,000 warrants will be exercisable upon
issue; 700,000 warrants will be exercisable if the Company's common
stock trades at $.50 per share; an additional 700,000 warrants will
be exercisable if the Company's common stock trades at $.75 per
share; and an additional 700,000 warrants will be exercisable if the
Company's common stock trades at $1.00 per share.