Repository: UIHistories Project: Board of Trustees Minutes - 1918 [PAGE 763]

EXTRACTED TEXT FROM PAGE:

I9I8]

UNIVERSITY OF ILLINOIS

757

in the laboratories of the University of Illinois in cooperation with Mr. A. T. Hert, and in such foreign countries as may hereafter be designated by the Board of Trustees, all expenses connected therewith to be borne by Mr. Hert. 2. In the event that patents on this process for the coking of coal are issued, the patentees shall immediately turn over and assign the same to the Board of Trustees of the University of Illinois for a consideration of one dollar ($1.00) for each patent thus assigned. 3. In consideration of the contribution of funds for the prosecution of the investigation on the coking of coal; and for the expenses incurred in obtaining patents on the process thus developed, amounting to a total expenditure of about twelve thousand dollars ($12,000), the Board of T r u s tees agrees to execute a license to Mr. A. T. H e r t for the use of the aforesaid patents under the following t e r m s : ( a ) That the license shall provide for the exclusive use of the patent during a term of eight years from the date when the application for the patent is filed, with the understanding that this patent shall not be sublet by the licensee, except on such terms as may be approved by the Board of Trustees of the University of Illinois, and that this license shall become void at any time during this period that the licensee fails to prosecute diligently the commercial development of this process for the coking of coal. (b) That if at any time during this initial period of eight years the licensee shall have become fully reimbursed for all expenditures connected with the commercial development of this process, he shall thereafter pay to the University of Illinois the sum of ten cents ($0.10) per ton for each ton of coal used in the plant or plants which have been constructed. (c) T h a t the initial license shall provide for the extension of the license for the use of the patent or patents for the remainder of the life thereof, in such plants as may have been developed by the licensee during the initial term of eight years, provided, however, that the licensee shall pay to the University of Illinois a royalty such as may be agreed upon at that time, for all coal used in said plants during the period covered by the second license. (d) That after the expiration of the initial license for the exclusive use of the patent or patents during the term of eight years from the date when the application for the patent was filed, the Board of Trustees of the University of Illinois will grant additional licenses covering the; operation of new plants which the original licensee may desire to develop under such terms and royalties as may at that time be mutually agreed upon. It is further understood and agreed that the Board of Trustees shall be free to license any other corporation to use