A new deal for Dr. Sands:
WASHINGTON, DC, Jul. 25, 2000 (States via COMTEX) -- ITEM 5: The Company reported that the U.S. Food and Drug Administration has approved its HYPERION(TM) LTK (Laser Thermal Keratoplasty) System. Also, on June 16, 2000, the Company entered an Amended and Restated Patent and Technology Assignment Agreement, a Royalty Acceleration Agreement and other related agreements with Bruce J. Sand,
M.D., F.A.C.S.. Under previous agreements with Dr. Sand from 1992 and 1994, the Company acquired certain patent and patent applications used in reshaping the cornea using a laser as well as other technologies and products in exchange for payment of up to 4% of the Company's gross profits from sales of such products or instruments. In addition, the Company was required to pay 4% of its gross profits earned for each procedure using such technologies on its instruments for a period of three years for each instrument. Under the amended agreements Dr. Sand agreed to assign to the Company irrevocably and on an exclusive basis the Patent Rights and Related Technology and Dr. Sand's patent for the prevention of regression of refractive keratoplasty.In addition, all royalties to Dr. Sand were terminated. Sand received a warrant from the Company to purchase 750,000
shares of the common stock of the Company exercisable
at any time prior to 5:00 p.m.eastern time on June 16, 2005.Dr. Sand agreed that he would sell no more than 250,000 of such shares in any fiscal quarter of the Company. The Company also issued a warrant to Edward Vincent King Jr., for legal services rendered, with the same terms as the Sand Warrant.
ITEM 7: Exhibit 10.1 -- Royalty Acceleration Agreement dated as of June16, 2000 between Sunrise Technologies International, Inc. and Bruce J. Sand. 10.2 -- Amended and Restated Patent and Technology Assignment Agreement dated as of June 16, 2000 between Sunrise Technologies International, Inc. and Bruce J. Sand.
10.3 -- Warrant dated as of June 16, 2000 issued by Sunrise Technologies International, Inc. to Bruce J. Sand. 10.4 -- Warrant dated as of June 16, 2000 issued by Sunrise Technologies International, Inc. to Edward Vincent King, Jr.
10.5 -- Loan and Security Agreement dated June 29, 2000 between Silicon Valley Bank and Sunrise Technologies International, Inc.
10.6 -- Negative Pledge Agreement dated as of June 29, 2000 between Sunrise Technologies International, Inc. and Silicon Valley Bank. 10.7 -- Third Party Pledge and Security Agreement dated June 29, 2000 between Sunrise Technologies International, Inc. and Silicon Valley Bank. 10.8 -- Agreement dated as of July 3, 2000 between the David A.
Brewer Trust and Sunrise Technologies International, Inc.
Any thoughts on this new deal?
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