AMENDMENT AND RESTATEMENT OF
THE LICENSE AGREEMENT BETWEEN
UNIVERSITY OF UTAH RESEARCH FOUNDATION
AND
TECHNISCAN, INC., SUCCESSOR-IN-INTEREST TO
DR. STEVEN A. JOHNSON
DATED AUGUST 28,1984
THIS AMENDMENT AND
RESTATEMENT, hereinafter referred to as “AGREEMENT,” of
a certain License Agreement is made and is effective as of
January 10, 2002, by and between the University of Utah
Research Foundation, having a principal place of business at 615
Arapeen Dr., Suite 110, Salt Lake City, UT 84108, hereinafter
referred to as “LICENSOR” and TECHNISCAN, INC., a Utah
corporation, as successor in interest to STEVEN A. JOHNSON, having
its principal place of business at 350 West 800 North,
Suite 100, Salt Lake City, UT 84103, hereinafter referred to
as “LICENSEE.”
WHEREAS, LICENSOR
and STEVEN A. JOHNSON have entered into a License Agreement dated
August 28, 1984, in which TECHNISCAN, INC. is the
successor-in-interest to STEVEN A. JOHNSON, and
WHEREAS, LICENSOR
AND LICENSEE would both like to amend and restate this License
Agreement to better reflect the interests of LICENSOR and
LICENSEE;
WHEREAS, LICENSOR
desires that the PATENT RIGHTS as defined in the Agreement be
developed and utilized to the fullest extent so that its benefits
can be enjoyed by the general public;
WHEREAS, the
PATENT RIGHTS were developed in the course of research sponsored in
part by the U.S. Government, and as a consequence may be subject to
overriding obligations of LICENSOR to the U.S.
Government;
NOW THEREFORE, for
and in consideration of the covenants, conditions and undertakings
hereinafter set forth, the parties hereby agree as
follows:
1. In
consideration for this AGREEMENT and payment in full satisfaction
of any and all royalties, fees or other charges due, owing or
otherwise payable to LICENSOR by LICENSEE, now or in the future,
LICENSEE shall issue to LICENSOR 357,143 shares of its voting
common stock. This AGREEMENT shall be in full force and effect from
the date of payment of said stock (hereinafter “EFFECTIVE
DATE”).
2. In acquiring
said shares of stock LICENSOR acknowledges that it is a long
standing shareholder of LICENSEE, that it is familiar with the
history and business of LICENSEE, that it has had an opportunity to
ask questions and receive answers from representatives of LICENSEE
regarding the terms and conditions of this investment, including
the opportunity to inspect LICENSEE’S organizational
documents, books and records, that LICENSOR is experienced and
knowledgeable in financial, investment and business matters and can
bear the economic risk, including the total loss, of this
investment, that it understands that said stock has not been and
will not be registered under the Securities Act of 1933 but is
being issued in reliance on exemptions for private offerings under
said Act and applicable state laws, and that it is acquiring said
stock for its own account, for investment purposes only, and not
with a view to the resale or distribution of said stock. LICENSOR
understands that there is no public market for said shares and that
a public market may never develop. LICENSOR further understands
that LICENSEE is under no obligation to register said shares on its
behalf or to assist LICENSOR in complying with any exemption from
registration under Federal or state securities laws.
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3. The
parties agree that this AGREEMENT amends and restates in its
entirety the License Agreement dated August 28, 1984, and that
this AGREEMENT shall now govern the relationship between LICENSOR
and LICENSEE, as follows:
AMENDED AND RESTATED LICENSE
AGREEMENT
THIS AGREEMENT is
entered into as of the 10 th day of January 2002 by and between the
UNIVERSITY OF UTAH RESEARCH FOUNDATION, a Utah non-profit
corporation, having its principal place of business at 615 Arapeen
Drive, Suite 110, Salt Lake City, UT 84108, hereinafter
referred to as “LICENSOR,” and TECHNISCAN, INC., having
its principal place of business at 350 West 800 North,
Suite 100, Salt Lake City, UT 84103, hereinafter referred to
as “LICENSEE.”
Section 1.1 “PATENT RIGHTS” shall mean all
of the intellectual property included in EXHIBIT “A,”
together with (a) all pending applications, reissues,
renewals, divisions, continuations or extensions thereof,
regardless of whether applied for or issued by the United States
Patent Office, or any successor thereto, or applied for or issued
by any foreign government or any agency or instrumentality thereof
having competent jurisdiction and (b) all discoveries, ideas,
know-how or substantive improvements of or enhancements to
processes, procedures, technology and/or devices used in connection
with or related to such intellectual property, developed by
LICENSEE, regardless of whether they are patentable or
not.
Section 1.2 “LICENSED PRODUCT” means any
product, apparatus, kit or component part thereof, or any other
subject matter, the manufacture, use or sale of which is covered by
any claim or claims included within PATENT RIGHTS.
Section 1.3 “LICENSED METHOD” means any
method, procedure, process or other subject matter, the use or
practice of which is covered by any claim or claims included within
PATENT RIGHTS.
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Section 1.4 “AFFILIATE” of LICENSEE means
any entity in which LICENSEE has a direct or indirect ownership
interest exceeding twenty percent (20%) or any entity which
directly or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with
LICENSEE. By “control” is meant in excess of fifty
percent (50%) voting equity ownership.
Section 2.1 Subject to the terms and conditions set
forth herein, LICENSOR he

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