Common use of Assignment Fees Clause in Contracts

Assignment Fees. 4.1. AGA Medical shall pay each Inventor a royalty of 3% of AGA Medical’s Net Sales of Products in the Territory. 4.2. No later than February 15 following the end of each Royalty Year hereunder, AGA Medical shall provide inventors with a written report itemizing the number of Products manufactured, the Net Sales price of the Products and a calculation of the royalties due to inventors for such Royalty Year. Simultaneously with making such report, ▇▇▇ Medical shall pay to inventors the amount of royalties then due. 4.3. AGA Medical shall have total discretion whether to seek or maintain patent protection for the Know-How or under the Patent Rights and whether to develop or market the Products. If AGA Medical has not sold any Products within three (3) years from the effective date of this Agreement, inventors may make a written request to AGA Medical to assign the invention back to the inventor. If AGA Medical has not sold any Products within one (1) year from such request inventors may terminate this Agreement by written notice to AGA Medical signed by all of the inventors. If inventors shall rightfully terminate this Agreement under section 5.2, AGA Medical shall assign the Patent Rights to inventors upon the inventors’ payment to AGA Medical of any government fees or attorneys’ fees, for securing maintaining and enforcing the Patent.

Assignment Fees. 4.1. AGA Medical shall pay each Inventor a royalty of 3% of AGA Medical’s Net Sales of Products in the Territory. 4.2. No later than February 15 following the end of each Royalty Year hereunder, AGA Medical shall provide inventors with a written report itemizing the number of Products manufactured, the Net Sales price of the Products and a calculation of the royalties due to inventors for such Royalty Year. Simultaneously with making such report, ▇▇▇ AGA Medical shall pay to inventors the amount of royalties then due. 4.3. AGA Medical shall have total discretion whether to seek or maintain patent protection for the Know-How or under the Patent Rights and whether to develop or market the Products. If AGA Medical has not sold any Products within three (3) years from the effective date of this Agreement, inventors may make a written request to AGA Medical to assign the invention back to the inventor. If AGA Medical has not sold any Products within one (1) year from such request inventors may terminate this Agreement by written notice to AGA Medical signed by all of the inventors. If inventors shall rightfully terminate this Agreement under section 5.2, AGA Medical shall assign the Patent Rights to inventors upon the inventors’ payment to AGA Medical of any government fees or attorneys’ fees, for securing maintaining and enforcing the Patent.