INVENTORS AGREEMENT
This Agreement dated the _____ day of ___________, 200_, by and between __________, an individual residing at __________, ___________, ___, and_____________, an individual residing at _______________, Houston, Texas 77___, all parties being collectively identified as INVENTORS.
1. RECITATIONS
1.1 INVENTORS are now or were in the past employed by The University of Texas Health Science Center at Houston (UNIVERSITY).
1.2 INVENTORS developed and reduced to practice an invention entitled "_______________________________________", U.S. Patent No, __________, which issued [or was filed on] ____________ (INVENTION).
1.3 The Board of Regents has adopted Rules and Regulations relating to intellectual property providing for the payment to inventors of a percentage of royalties received by University and System from licensing of inventions such as that covered by INVENTION.
1.4 INVENTORS entered into certain agreements with UNIVERSITY with respect to the ownership rights to INVENTION.
1.5 University licensed the rights to INVENTION to a third party.
1.6 The parties acknowledge the validity and sufficiency of consideration for this Agreement.
2. DEFINITIONS
2.1 COVERED TECHNOLOGY means the INVENTION and any continuations, divisionals, continuations-in-part, reissues and re-examinations thereof and all other applications relating to or based on ___________________________.
2.2 INVENTORS PATENT RIGHTS are any and all United States Letters Patent or applications for Letters Patent for inventions in COVERED TECHNOLOGY filed jointly in the names of INVENTORS, and all foreign counterparts thereof.
2.3 INVENTORS' SHARE shall be any royalties, proceeds of sale or other proceeds which are payable jointly to INVENTORS by UNIVERSITY in connection with the licensing or sale of INVENTORS PATENT RIGHTS
2.4 TERM OF THIS AGREEMENT shall begin on the date first set forth above and shall end on the expiration date of the last to expire of Letters Patent which are INVENTORS PATENT RIGHTS. In the event that no Letters Patent are granted for INVENTORS PATENT RIGHTS within ten years of the date first set forth above, the TERM OF THIS AGREEMENT shall end twenty years after the date first set forth above.
3. PAYMENTS
3.1 Payment of INVENTORS' SHARE which may be due during the TERM OF THIS AGREEMENT shall be as follows:
percent (--%) to
percent (--%) to
4. UNIVERSITY AND SYSTEM
4.1 The parties hereto agree that a copy of this Agreement shall be provided to University and System which may rely on this Agreement for calculation of and disbursement of the INVENTORS' SHARE to such parties.
5. GENERAL
5.1 This Agreement contains the entire agreement and understandings of the parties and supersedes any and all other agreements and understandings, negotiations and representations, oral or written. No agreement altering or supplementing the terms and conditions hereof may be made unless in writing and signed by all parties.
5.2 This Agreement shall be governed and construed in accordance with the laws of the State of Texas.
WHEREFORE the parties have caused this Agreement to be signed in duplicate as of the date first set forth above.
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