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License Grant By Employee To Employer
LICENSE GRANT BY EMPLOYEE TO EMPLOYER
The agreement made on [date of agreement], between [Name of licensor], of [address of licensor], referred to as licensor, and [Name of licensee] of [address of licensee], here referred to as licensee.
PART I.
GRANT OF LICENSE
Considering $[Amount paid by licensee] and other valuable consideration, receipt is acknowledged, therefor licensor grants to licensee a nonexclusive license to [manufacture, use, and/or sell] an invention, entitled [Name of invention], and described as follows: [Description of invention], application for United States letters patent, Serial No. [Serial number of patent], was filed on [date filed].
PART II.
NO ADDITIONAL ROYALTY
No royalty or compensation in addition to the above shall be payable to the license. All rights under the license may be exercised in the United States or its territories. These rights shall be for the life of any patent that may be issued for the invention.
PART III.
PARTIES BOUND
This license shall benefit all business enterprises now or hereafter owned by licensee, and shall be binding on licensor and on licensors heirs and legal representatives.
In witness whereof, licensor has executed this instrument at [location of execution] on [date of execution].
Signature Date
Signature Date