As the inventor Geoff signed all of his rights over to POET (Opel) in exchange for shares in the company. UCONN remains an assignee with a 3% royalty which was adjusted downward for shares in the company. UCONN retains some milestone money based on commercialization by POET. Those numbers a fairly small.
The original license agreement with UCONN giving OPEL exclusive rights to the technology in order to commercialize the technology dates back to Apr 28, 2003. At some point in the future I would expect that UCONN’s royalty will be further reduced from 3% based on the “improvements” made to the platform since the technology moved out of the UCONN lab.
License Grant. UCONN hereby grants to OPEL an exclusive as to all parties, including UCONN, world-wide, transferable license in the Field, with the unrestricted right to sublicense at any tier to any person or party
Annual Maintenance Fees. OPEL shall pay to UCONN an annual maintenance fee of Fifty-Thousand Dollars ($50,000.00) (the “Annual Maintenance Fee”), The first such payment shall be due on March 31st following the first year in which OPEL ships One Hundred Thousand Dollars ($100,000) of Product based on the revenue received for such Product by OPEL and thereafter payable on each subsequent March 31st. The amount of the Annual Maintenance Fee shall be increased by 25% every two years, up to a maximum of one million dollars ($1,000,000) per year. The first such increased payment shall be due March 31st following the third year after the first Annual Maintenance Fee is due.
