PATENT LICENSE AGREEMENT MEMORANDUM OF UNDERSTANDING Edward R. Starrs MyECheck Inc.
MEMORANDUM
OF UNDERSTANDING
Xxxxxx
X. Xxxxxx
This
memorandum sets forth the agreed upon terms in reference to patent number
7,389,913 (entitled “Method and Apparatus for Online Check Processing”), issued
to Xxxxxx X. Xxxxxx (“Starrs”)
on
June 24, 2008, and licensed to MyECheck Inc. (“Company”).
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LICENSEES:
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Company
is sole licensee.
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SUBLICENSES:
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Company
is authorized to issue sublicenses.
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LENGTH:
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The
license term is three (3) years. It will be automatically renewable
at the
end of such term if Company has achieved certain financial benchmarks;
such financial benchmarks will be later determined by
negotiation.
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ROYALTIES:
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No
royalties are due until the first anniversary of the effective date
of the
license agreement. Following such first anniversary, the amount of
royalties to be paid to Starrs will be based upon Company’s performance
and later determined by
negotiation.
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The
provisions of this memorandum create legally binding obligations between Starrs
and Company, provided however that the parties shall negotiate in good faith
to
prepare and execute definitive agreements embodying the foregoing
agreements.
The
undersigned agree to be bound by and accept the terms and conditions contained
in this memorandum.
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XXXXXX
X. XXXXXX
________________________________
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_______________________________
By:_____________________________
Its:
_____________________________
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