What’s in the patent docs for Apple patent attorney Bill Gates?
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The Patent Office announced today that Bill Gates and Apple co-founder Steve Jobs have each signed a $1.2 billion patent license agreement that is expected to end in 2022.
The two men signed the agreement as part of a deal that also includes an agreement that includes $500 million in cash payments to Apple, a move that will allow Apple to make the payments through an escrow account.
Apple will also pay $400 million in annual royalties to Gates, which will come out of its annual share buyback fund.
The $1 billion deal will give Gates $1 million annually from Apple’s $4 billion sale of the company in 2013.
Apple’s share price dropped by nearly 30% this week after the company revealed its quarterly earnings report.
The agreement is worth $800 million per year, or $7.3 billion.
Gates will also receive an additional $500,000 in annual cash payments of $2.5 billion, which is set to become effective in 2022, according to a source familiar with the deal.
Apple’s CEO, Tim Cook, said at a press event on Monday that the deal “allows us to give our engineers the tools they need to develop more advanced technology for the iPhone and iPad.”
The Patent Office announced today that Bill Gates and Apple co-founder Steve Jobs have each signed a $1.2 billion patent…