Applicable Technology fields:
Semiconductor, electronics, non-biological chemistry and materials, energy, optics, photonics, MEMS/NEMS
FastTrack for Engineering/Physical Sciences
Key financial terms for the Exclusive License
| Equity | 4% non-dilutable through subsequent equity financing aggregating $2 million | OR | 1% non-dilutable until Change of Control |
| Upfront Payment | $0 | ||
| Royalty | 2% of Net Sales* without Anti-Stacking term | OR | 3% of Net Sales* with Anti-Stacking term (potentially down to 1.5%) |
| Sublicensing | Pass through royalty**, then 15% of other sublicense income | OR | No pass through royalty**, then 25% of all sublicense income |
| Milestone Payment | $0 | ||
| Annual Fee
(Creditable against royalties within the same year) |
1-4 years: $0
5-6 years: $15K/year Annual after: $40K/year |
||
| Patent Expenses | Reimbursement of all past Patent Expenses will be deferred until the earlier of (a) $2M equity financing, or (b) the following payment schedule: 25% at the 1st anniversary, 35% at the 2nd anniversary, and the remainder at the 3rd anniversary of the Effective Date. If past Patent Expenses are more than $50k, an alternative schedule may be provided by Cornell. (For any startup companies that elect to locate their principal operations in Tompkins County, NY, Cornell will also defer the first $10k of future Patent Expenses.) | ||
* For products based on licensed Cornell technologies
** Pass Through Royalty means the sublicensee applies the same royalty rate to its Net Sales as the licensee
