License Termination Agreement
Category: 270 Legal Recent Posts, Intellectual Property, Trademark Agreements
LICENSE TERMINATION AGREEMENT
This License Termination Agreement (this “Termination Agreement”) is entered into as of September 18, 2006, by and between Quintessence Photon’s Corporation, a Delaware corporation with its principal place of business at 15632 Roxford Street, Syhnar, California 91342 (the “Licensor”) and Finisar Corporation, a Delaware corporation with a principal place of business at 1389 Moffett Park Drive, Sunnyvale, California 94089 (the “Licensee”). Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed to them in that certain License Agreement dated as of September 18, 2003 by and between Licensor and Licensee (the “License Agreement”).
RECITALS
WHEREAS, the Licensor granted the Licensee the right and license to use the Technology and Intellectual Property pursuant to the License Agreement in accordance with the terms set forth therein;
WHEREAS, the Licensor and Licensee now wish to terminate the License Agreement in accordance with the terms set forth in this Termination Agreement;
WHEREAS, in connection with the termination of the License Agreement, the Licensor has agreed to pay the Licensee a termination fee through the issuance of that certain Promissory Note in the original principal amount of $6,000,000 dated as of the date hereof (the “Note”);
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1. Termination. The Licensor and the Licensee hereby terminate the License Agreement effective as of the Termination Date (as defined below). In furtherance of the foregoing, as of the Termination Date, Licensor shall terminate and Licensee shall relinquish all of Licensee’s rights set forth in the License Agreement, including, without limitation, Licensee’s right to use or sublicense in any manner the Licensed IP or the Trademarks.
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