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1224 West Main Street, Charlottesville, VA 22903 ♦ (434) 924-2175 ♦ www.uvapf.org Term Sheet Company/UVAPF This term sheet is not meant to be a binding contract, but rather is intended to set forth the primary licensing terms as agreed upon by the undersigned parties, to be codified in a License Agreement to be negotiated between the parties. Licensing Terms Parties to the Agreement: Effective Date: ____________________ University of Virginia Patent Foundation (“UVAPF”) (anticipated) Licensed Patents: Scope of Rights: Reservations of Rights: Field of Use: Licensing Fees: Patenting Costs: Royalty Rate: Non-royalty Sublicensing Fees: Diligence Provisions: Minimum Annual Royalty: Starting Date: Milestone Payments: Maintenance Fees: Insurance/Indemnification: Required as a condition of the license (such insurance policy to name UVA and UVAPF as insured parties). Agreed by: ____________________________________ Company ________________ Date ____________________________________ Executive Director – UVAPF ________________ Date