Common use of Payment Schedule for Past Patent Expenses Clause in Contracts

Payment Schedule for Past Patent Expenses. Licensee will repay the past patent expenses referenced in Section 3.1(a) above upon the earlier of: (1) the payment due dates on the following schedule (shown below); or (2) Licensee has cumulative external funding (any combination of government grant, government contract, or private equity) of at least $10,000,000. In the event that $10,000,000 of external funding is obtained by Licensee, all unpaid amounts of past patent expenses shall become immediately due and payable to Licensor. The payments below include interest at the rate of 3.50% per annum. Should this Agreement be terminated, all patent expenses are immediately due and payable by Licensee to Licensor. Exhibit 10.4 Pmt No. Payment Date Beginning Balance Scheduled Payment Total Payment Principal Interest Ending Balance 1 10/31/2013 $ 791,975.09 $ 25,000.00 $ 25,000.00 $ 11,140.44 $ 13,859.56 $ 780,534.65 2 12/31/2013 $ 780,534.65 $ 25,000.00 $ 25,000.00 $ 11,335.39 $ 13,664.61 $ 769,199.21 3 7/31/2014 $ 769,199.21 $ 25,000.00 $ 25,000.00 $ 11,539.01 $ 13,460.99 $ 757,660.20 4 12/31/2014 $ 757,660,20 $ 25,000.00 $ 25,000.00 $ 11,740.94 $ 13,259.05 $ 745,919.26 5 6/30/2015 $ 745,919.26 95,084.92 95,084.92 $ 91,821.52 $ 3,263.40 $ 654,097.74 6 9/30/2015 $ 654,097.74 $ 95,084.92 $ 95,084.92 $ 92,223.24 $ 2,861.68 $ 561,874.50 7 12/31/2015 $ 561,874.50 $ 95,084.92 $ 95,084.92 $ 92,626.72 $ 2,458.20 $ 469,247.78 8 3/31/2016 $ 469,247.78 $ 95,084.92 $ 95,084.92 $ 93,031.96 $ 2,052.96 $ 376,215.83 9 6/30/2016 $ 376,215.83 $ 95,084.92 $ 95,084.92 $ 93,438.97 $ 1,645.94 $ 282,776.85 10 9/30/2016 $ 282,776.85 $ 95,084.92 $ 95,084.92 $ 93,847.77 $ 1,237.15 $ 188,929.08 11 12/31/2016 $ 188,929.08 $ 95,084.92 $ 95,084.92 $ 94,258.35 $ 826.56 $ 94,670.73 12 3/31/2017 $ 94,670.73 $ 95,084.92 $ 94,670.73 $ 94,256.55 $ 414.18 $ 0.00 Each of the Licensed Patents listed in a separate row in Section 1 shall constitute a single patent family. The past patent expenses set forth in Section 3.1(a) are separated out and each entry corresponds to a particular single patent family identified in Section 1. Certain of the past patent expenses for a single patent family may also be covered by one or more separate agreements between Licensor and Licensee (a “Multi-Covered Patent Expense”). Licensor does not intend for Licensee to pay double for Multi-Covered Patent Expenses.

Payment Schedule for Past Patent Expenses. Licensee will repay the past patent expenses referenced in Section 3.1(a) above upon the earlier of: (1) the payment due dates on the following schedule (shown below); or (2) Licensee has cumulative external funding (any combination of government grant, government contract, or private equity) of at least $10,000,000. In the event that $10,000,000 of external funding is obtained by Licensee, all unpaid amounts of past patent expenses shall become immediately due and payable to Licensor. The payments below include interest at the rate of 3.50% per annum. Should this Agreement be terminated, all patent expenses are immediately due and payable by Licensee to Licensor. Exhibit 10.4 Pmt Pmt. No. Payment Date Beginning Balance Scheduled Payment Total Payment Principal Interest Ending Balance 1 10/31/2013 $ 791,975.09 622,553.45 $ 25,000.00 25,000 $ 25,000.00 14,105.31 $ 11,140.44 10,894.69 $ 13,859.56 $ 780,534.65 608,448.14 2 12/31/2013 $ 780,534.65 608,448.14 $ 25,000.00 25,000 $ 25,000.00 14,352.16 $ 11,335.39 10,647.84 $ 13,664.61 $ 769,199.21 594,095.98 3 7/31/2014 $ 769,199.21 594,095.98 $ 25,000.00 25,000 $ 25,000.00 14,603.32 $ 11,539.01 10,396.68 $ 13,460.99 $ 757,660.20 579,492.66 4 12/31/2014 $ 757,660,20 579,492.66 $ 25,000.00 25,000 $ 25,000.00 14,858.88 $ 11,740.94 10,141.12 $ 13,259.05 $ 745,919.26 564,633.78 5 6/30/2015 $ 745,919.26 95,084.92 95,084.92 564,633.78 $ 91,821.52 73,386.52 $ 3,263.40 68,445.98 $ 654,097.74 4,940.55 $ 496,187.80 6 9/30/2015 $ 654,097.74 496,187.80 $ 95,084.92 73,386.52 $ 95,084.92 69,044.88 $ 92,223.24 4,341.64 $ 2,861.68 $ 561,874.50 427,142.92 7 12/31/2015 $ 561,874.50 427,142.92 $ 95,084.92 73,386.52 $ 95,084.92 69,649.02 $ 92,626.72 3,737.50 $ 2,458.20 $ 469,247.78 357,493.90 8 3/31/2016 $ 469,247.78 357,493.90 $ 95,084.92 73,386.52 $ 95,084.92 70,258.45 $ 93,031.96 3,128.07 $ 2,052.96 $ 376,215.83 287,235.45 9 6/30/2016 $ 376,215.83 287,235.45 $ 95,084.92 73,386.52 $ 95,084.92 70,873.21 $ 93,438.97 2,513.31 $ 1,645.94 $ 282,776.85 216,362.24 10 9/30/2016 $ 282,776.85 216,362.24 $ 95,084.92 73,386.52 $ 95,084.92 71,493.35 $ 93,847.77 1,893.17 $ 1,237.15 $ 188,929.08 144,868.88 11 12/31/2016 $ 188,929.08 144,868.88 $ 95,084.92 73,386.52 $ 95,084.92 72,118.92 $ 94,258.35 1,267.60 $ 826.56 $ 94,670.73 72,749.96 12 3/31/2017 $ 94,670.73 72,749.96 $ 95,084.92 72,749.96 $ 94,670.73 72,113.40 $ 94,256.55 $ 414.18 636.56 $ 0.00 Each of the Licensed Patents listed in a separate row in Section 1 shall constitute a single patent family. The past patent expenses set forth in Section 3.1(a) are separated out and each entry corresponds to a particular single patent family identified in Section 1. Certain of the past patent expenses for a single patent family may also be covered by one or more separate agreements between Licensor and Licensee (a “Multi-Covered Patent Expense”). Licensor does not intend for Licensee to pay double for Multi-Covered Patent ExpensesExpense.