Amendment to License Agreements Between STS Biopolymers, Inc. and Micro Therapeutics, Inc. (May 16, 1998)
STS Biopolymers, Inc. and Micro Therapeutics, Inc. have agreed to reduce the royalty rate in their existing license agreements from 4% to 3%, effective immediately. The letter also clarifies that a .010" guidewire is already covered under the definition of licensed products in the agreements. Both parties have acknowledged and accepted these changes by signing this letter.
Exhibit 10.45
STS Biopolymers
an STS company
336 Summit Point Dr.. Henrietta, New York 14467 Tel: 716 ###-###-#### Fax: 716 ###-###-####
May 16, 1998
Mike McLain
V.P. Operations
Micro Therapeutics, Inc.
1062-F Calle Negocio
San Clemente, CA 92673
Dear Mr. McLain:
This letter confirms our discussion of Tuesday, May 5, 1998. STS agrees to reduce the royalty rate specified in section 3.2 of the two license agreements, dated November 18, 1996, by and between STS Biopolymers, Inc. and Micro Therapeutics, Inc. from four percent (4%) to three percent (3%), effective immediately.
We also discussed adding a .010” guidewire (similar to a wire previously offered to the market by MIS) to the agreements. After our discussion I reread the agreements; both include “...any device used in vascular access procedures...” in the definition (section 1.5) of COATED PRODUCTS and the license grant is defined in terms of COATED PRODUCTS. Therefore, I conclude that the guidewire is already included in the license.
If you agree with the royalty rate change and my interpretation that the wires are already included in the license, would you please countersign one original of this letter and return it to me for our file?
Sincerely,
| /s/Richard D. Richmond |
|
| Richard D. Richmond | |
| President | |
RDR/mac
xc: R. Goodwin, M. Lydon, R. Whitbourne
Agreed for Micro Therapeutics
| /s/ H.A. Hurwitz |
|
|
| |
| Chief Financial Officer |
|
| (title) | |
|
| |
| 5/21/98 |
|
| (date) | |
