Royalties

Any revenues derived by employees of the College from the sale or exploitation of Intellectual Property entirely owned by them will be allocated and distributed solely within their discretion. All revenues derived by the College from the sale or exploitation of Intellectual Property entirely owned by it will be allocated and distributed by the College in its sole discretion. Revenues derived from the sale or exploitation of Intellectual Property owned jointly by the College and any employee or employees will be allocated in accordance with any specific written agreement between or among them that governs this issue. In the absence of a written agreement specifying allocation of revenues from jointly-owned Intellectual Property, the following will apply: (1) all costs incurred in the production of, and in the process of perfecting, transferring, and protecting the rights to, the Intellectual Property will be reimbursed to the party incurring them; (2) an accurate accounting of all such costs will be provided by the appropriate party to the other party or parties upon request; (3) all net revenues, after costs have reimbursed, will be divided evenly by the parties, with the College taking a one-half share and the other party or parties taking or evenly dividing, as the case may be, the other one-half share. The College and/or the creator or creators of the work may, in appropriate circumstances, take equity positions in companies licensed to market or use Intellectual Property.