Common use of Intellectual Property Transfer Clause in Contracts

Intellectual Property Transfer. (a) As a material condition to the Company entering into this Agreement with Chairman, Chairman agrees to enter into a separate agreement with the Company by which he will obligate himself to take those steps and measures necessary to effectuate the assignment to the Company of all ownership and other rights to a pending patent titled “Leigh-10” (U.S. Appl. No. 11/373.322, filed March 10, 2006) (the “Leigh-10”) owned by Rothschild Trust Holdings, LLC, together with any intellectual property progeny of Leigh-10, associated trademarks, including but not limited to codes, domain names ▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇.▇▇▇▇, ▇▇▇▇▇▇▇.▇▇, ▇▇▇▇▇▇▇.▇▇▇▇, ▇▇▇▇▇▇▇.▇▇, ▇▇▇▇▇▇▇.▇▇, ▇▇▇▇▇▇▇.▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ and ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. (b) As set forth in Section 5(a) above, during the term of his employment, Chairman will assign to the Company any and all patents, patent applications and other intellectual property associated with Leigh-10 that are directly related to the business of the Company. Notwithstanding, the Company acknowledges that Chairman has an extensive background and history as an inventor, and that during his employment by the Company, Chairman is and shall remain free to pursue such other patents and patent applications not directly related to the business of the Company he may, in his sole and absolute discretion, choose to pursue, and that the Company shall have no interest in or rights directly or indirectly related to such patents and patent applications. .