Replies to post #24322 on BioCurex, Inc.(fka BOCX)

[Gold Seeker]

Moro stated: "in December 2009, we will begin to earn an annual minimal royalty payment of $150,000."

I was thinking the minimum royalty at Inverness was written the same as Abbott but that is not true. The minimum royalty will not be paid in December of this year but earned during this year and paid in 2010. Notice that Moro states, "begin to earn"


"Annual Minimum Royalties.

(a) During the Annual Minimum Royalty Term, Inverness shall pay
minimum annual royalties to BioCurex as follows: Commencing on the second
anniversary of the Effective Date and ending on the anniversary of the Effective
Date that follows the First Commercial Sale of a Product to a Third Party,
Inverness shall pay BioCurex a minimum royalty of * per year. For the two years
of the Annual Minimum Royalty Term following such period, Inverness shall pay
BioCurex an Annual Minimum Royalty of *. Thereafter, for the remainder of the
Annual Minimum Royalty Term, Inverness shall pay BioCurex an Annual Minimum
Royalty of *.

(b) Notwithstanding the foregoing, if during any year there exists
more than three (3) Persons having a license or sublicense under the Licensed
Materials and Technology (in whole or in part) for use in the Field, then for
such year the Annual Minimum Royalties set forth above shall be reduced by
multiplying the Annual Minimum Royalty set forth above for the applicable year
times the fraction (1- (n-3)/n), where n is the total number of such Persons.
For example, if there are four (4) persons having such a license or sublicense
and the Annual Minimum Royalty for three (3) persons or less was * for a given
year, then the reduced Annual Minimum Royalty for such year would be *
multiplied by *, or *.

(c) Notwithstanding the foregoing, if during any year there are no
Valid Claims or Pending Claims in the European Union, then for such year the
Annual Minimum Royalties set forth in subsection (a) above, as modified by
subsection (b), if applicable, shall be further reduced by fifty (50%).

(d) All royalties paid pursuant to Section 0 shall be credited
against the Annual Minimum Royalty for the applicable year. Should royalties
paid fall short of the stipulated Annual Minimum Royalty for a given year
counted from the Effective Date, Inverness shall have thirty (30) days after theend of such year to pay the difference. Should Inverness default in its payment
of the Annual Minimum Royalty and fail to cure such default, then BioCurex may
terminate this Agreement for cause in accordance with Section 0."