GRDG definition
Examples of GRDG in a sentence
GRDG Sciences, LLC shall keep the Board apprised of its research and development on a weekly basis.
GRDG Sciences, LLC shall not be obligated to contribute the items identified on Exhibit B hereto (including any patents, trademarks, copyrights, already applied for), and the Company shall not be entitled to any royalties or other payments from those items.
The management of GRDG Sciences, LLC shall execute such agreements, instruments, affidavits and certifications as shall be necessary and proper to assign, transfer, convey and deliver to the Company all of its right, title, interest and ownership in such Intellectual Property, and such agreements, instruments, affidavits and certifications as shall be necessary for the Company to maintain its right, title, interest and ownership during the life thereof.
Upon the execution of this Agreement, any Intellectual Property (i) which has been developed by GRDG Sciences, LLC and presented to, approved of, and funded by the Board, on or subsequent to August 1, 2020; or (ii) which are to be developed by GRDG Sciences, LLC during the term of this Agreement and presented to, approved of, and funded by the Board, shall become the property of the Company.
For the avoidance of doubt, it is understood by the Parties that intellectual property related to Licensed Compound that may be created, made, developed, or otherwise invented by GRDG and which is funded by Global BioLife shall be owned by Global BioLife, and that all such new intellectual property shall be Licensed IP under this Agreement.
Should the Board affirmatively decide not to pursue the development and/or commercialization of any new project, discovery or invention presented by GRDG Sciences, LLC, then the Board shall provide GRDG Sciences, LLC with a written notification thereof within thirty (30) calendar days of such decision, and GRDG Sciences, LLC shall be free to develop, market, commercialize and sell the Intellectual Property for its own benefit, free from any payment or other claim from the Company.
Such budget shall include (i) a payment of $35,000.00 per month to GRDG Sciences, LLC (the “Monthly Payment”); and (ii) such other amounts as shall be necessary to fund the research, development and other scientific operations that the Board shall agree to pursue.
The obligations of GRDG Sciences, LLC relating to the Existing Intellectual Property of the Company shall remain unchanged.
The Stockholders agree that the payment set forth in Section 6.1(b) hereof shall be instead of, and not in addition to, any amount that any Stockholder, or subsidiary or affiliate thereof, including but not limited to Global BioMedical, Inc., would be required to contribute to the monthly or annual budget of GRDG Sciences, LLC, pursuant to the Stockholders’ Agreement of Global BioLife Inc., dated as of April 26, 2017, as amended, and that Global BioMedical, Inc.
The Company shall retain any and all Intellectual Property that it shall acquire from GRDG Sciences, LLC, including in the event of the termination of this Agreement.