Patent License Agreement

PATENT LICENSE AGREEMENT


THIS AGREEMENT made this the 15th day of May, 1991, by and between JEROME J. CONGLETON (herein called "Licensor") and THE CHAIRWORKS f/k/a CONGLETON CHAIR WORKS, INC. (herein called "Licensee").


WHEREAS, Licensor is the owner of the entire right, title and interest in, to and under U.S. Patent Application Serial No. 541,093 and patent No. 4,552,404, entitled "Neutral Body Posture Chair", filed on October 12, 1983, and issued on November 12, 1985 (herein referred to as the "Patented Product");


WHEREAS, Licensee is desirous of securing and Licensor is willing to grant an exclusive license to Licensee and one other Licensee (Neutral Posture Ergonomics, Inc.) under the patent to manufacture, use, sell and otherwise practice the Patented Product in its application to industrial, laboratory, and office chairs;


NOW, THEREFORE, in consideration of the payment of ONE DOLLAR ($1.00) and other good and valuable consideration, including the execution of an Assignment of The Chairwork's rights, title and interest in said Patented Product to Licensor and the execution of a Settlement Agreement between Licensor and Licensee, the receipt of which is hereby acknowledged and confessed, and in consideration of the covenants and obligations hereinafter set forth to be well and truly performed, the parties hereby agree as follows:


1. Licensor agrees to and does hereby ...