T H E O H I O STATE UNIVERSITY GIFT AGREEMENT Date: April 18, 2008
Exhibit 10.22
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T
H E
O H I
O
STATE UNIVERSITY |
GIFT
AGREEMENT
Date:
April 18, 2008
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The
undersigned, Ommnimmune Corp., a Texas corporation (Donor), hereby enters into
the following commitment to The Ohio State University (University) to contribute
funds to The Ohio State University Foundation (Foundation) in the amounts and
upon the terms and conditions hereinafter set forth.
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1.
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Amounts
and Purposes of the Contribution
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Donor
will contribute the sum of $1,000,000 to a current use fund to be used for
unrestricted research needs of Xx. Xxxxxx Xxxxxxx in his work at The Ohio State
University.
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2.
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Further
Terms and Conditions of
Contributions
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It is
donor’s intention to fulfill the commitment outlined in paragraph 1.1 as soon as
the same can be accomplished after appropriate consideration of economic
circumstances and income tax implications, but donor will complete the
commitment no later than December 31, 2012 according to the payment schedule
below:
| $100,000 | By June 30, 2008 | |
| $100,000 | By December 31, 2008 | |
| $100,000 | By June 30, 2009 | |
| $100,000 | By December 31, 2009 | |
| $100,000 | By June 30, 2010 | |
| $100,000 | By December 31, 2010 | |
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$100,000
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By
June 30, 2011
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$100,000
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By
December 31, 2011
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$100,000
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By
June 30, 2012
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$100,000
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By
December 31, 2012
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2.2
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Contribution
of donor may be in cash or in property with property valuations mutually
acceptable to donor and the
University.
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3.
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Commitment
of the University
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3.1
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The
University, in consideration of the contribution of Ommnimmune hereby
makes the following commitments which are subject to the approval and
action of the particular governing body or authority of the University
which is appropriate to such action. If for any reason the
donor does not contribute the commitment made by donor in paragraph 1.1
hereof, the University is relieved of any obligations under this section
of this agreement. And, if for any reason the University does
not get approvals form the governing body as specified above, the donor is
relieved of any further obligations under the terms of this
agreement.
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3.2
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Donor
will be appropriately recognized for his/her gift in various publications
such as University Development’s quarterly newsletter or Giving Update,
and in appropriate publications produced by the OSU Medical
Center.
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3.3
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Should
Xx. Xxxxxx Xxxxxxx vacate his research position at The Ohio State
University or abandons his research work while at The Ohio State
University, donor is not obligated to fulfill said
commitment.
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DONOR(S):
| /s/ Xxxxxx X. Xxxxxxxxxxxx | Xxxxxx X. Xxxxxxxxxxxx | 4/18/2008 | ||
| Signature | Print Name | Date | ||
| ____________________________ | _____________________ | _________________ | ||
| Signature | Print Name | Date | ||
| THE OHIO STATE UNIVERSITY MEDICAL CENTER: | ||||
| /s/ Xxxxx Xxxxx | Xxxxx Xxxxx | 5/21/08 | ||
| Signature | Print Name | Date | ||
| THE OHIO STATE UNIVERSITY FOUNDATION: | ||||
| /s/ Xxxxx X. Xxxxxx | Xxxxx X. Xxxxxx | 5/30/08 | ||
| Signature | Print Name | Date |
Fund
number: ___________
Prepared
by: ____________
Reviewed:
______________
