Assignment and Royalty Agreement between Catheter Precision, Inc. and David Jenkins for Clamping/Closure Invention
This agreement assigns all rights to a clamping/closure invention to Catheter Precision, Inc. In return, Catheter Precision will pay a 5% royalty on net sales, up to $1 million in royalties, paid annually starting with the year ending December 31, 2022. If a US patent is granted and $1 million has been paid, the royalty rate drops to 2% until total royalties reach $10 million. All royalty payments will end on revenues earned through February 28, 2032, even if $10 million has not been paid.
Exhibit 10.28
MEMORANDUM REGARDING ASSIGNMENT AND ROYALTY AGREEMENT
From: David Jenkins
Sent: Monday, July 11, 2022 6:49 PM
To: ***@***
Subject: assignment and royalty
In exchange for the assignment and all rights to the clamping/closure invention, Catheter Precision will pay a 5% royalty on net sales up to $1 million in royalties, payable annually in arrears, starting with the year ending December 31, 2022. After $1 million has been paid, and if, and only if, a US patent is granted by the USPTO, then Catheter Precision will continue to pay a royalty, but at the reduced rate of 2% of net sales, until total cumulative royalties of $10 million have been paid. Notwithstanding the above, royalty payments will end on revenues through February 28, 2032, regardless if the total of $10 million has been paid.
| /s/ David A. Jenkins |
| David Jenkins, CEO |
| Catheter Precision, Inc. |
