This term sheet is not meant to be a binding... primary licensing terms as agreed upon by the undersigned parties,... Term Sheet

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1224 West Main Street, Charlottesville, VA 22903

(434) 924-2175

www.uvapf.org

Term Sheet

Company/UVAPF

This term sheet is not meant to be a binding contract, but rather is intended to set forth the primary licensing terms as agreed upon by the undersigned parties, to be codified in a License

Agreement to be negotiated between the parties.

Licensing Terms

Parties to the Agreement:

Effective Date:

____________________

University of Virginia Patent Foundation (“UVAPF”)

(anticipated)

Licensed Patents:

Scope of Rights:

Reservations of Rights:

Field of Use:

Licensing Fees:

Patenting Costs:

Royalty Rate:

Non-royalty Sublicensing Fees:

Diligence Provisions:

Minimum Annual Royalty:

Starting Date:

Milestone Payments:

Maintenance Fees:

Insurance/Indemnification: Required as a condition of the license (such insurance policy to name UVA and UVAPF as insured parties).

Agreed by:

____________________________________

Company

____________________________________

Executive Director – UVAPF

________________

Date

________________

Date

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