Patent Issuance. That the Licensed Patent(s) will be approved or will issue;
Patent Issuance. Conditioned upon the issuance in the United States of the first patent claiming priority to the Patent (“Patent Issuance”), the Company will pay: (i) stock options with a then-present Black- Scholes value equal to seventy five thousand dollars ($75,000) to be granted within 90 days of the Patent Issuance; and (ii) stock options with a then-present Black-Scholes value equal to seventy five thousand dollars ($75,000) to be granted within 90 days of the first anniversary of the Patent Issuance. For clarity, subsequent patents with different sets of claims issuing as part of subsequent non-provisional patent applications claiming priority to the Patent, or any continuation, divisional, continuation-in-part, reissue or reexamination thereof, are not subject to further stock option payments or other compensation. Exhibit 10.11 All values described in this Section 3 shall be calculated based on the per share stock price of the Company as of the date of such grant. The stock option awards granted pursuant to this Section 2 shall be subject to the terms and conditions of the Company’s stock plan, vesting ratably over a two year period. In addition, stock option awards granted pursuant to this Section 2 will include terms generally consistent with stock option awards granted to management, including a 10 year term and acceleration of vesting in certain change in control events.
