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M. Work Product <br />"Work Product" means the tangible or intangible results of Grantee's Work, including, but not limited to, <br />software, research, reports, studies, data, photographs, negatives or other finished or unfinished documents, <br />drawings, models, surveys, maps, materials, or work product of any type, including drafts. <br />5. TERM and EARLY TERMINATION. <br />A. Intial Term-Work Commencement <br />The Parties' respective performances under this Grant shall commence on the date the Agreement is signed <br />by the State Controller or delegate (Effective Date). The termination date is according to Exhibit A <br />(Schedule) unless sooner terminated or further extended as specified elsewhere herein. <br />B. Two Month Extension <br />The State, at its sole discretion upon written notice to Grantee as provided in §16, may unilaterally extend <br />the term of this Grant for a period not to exceed two months if the Parties are negotiating a replacement <br />Grant at or near the end of any initial term or any extension thereof. The provisions of this Grant in effect <br />when such notice is given, including, but not limited to prices, rates, and delivery requirements, shall <br />remain in effect during the two month extension. The two-month extension shall immediately terminate <br />when and if a replacement Grant is approved and signed by the Colorado State Controller. <br />6. STATEMENT OF WORK <br />A. Completion <br />Grantee shall complete the Work and its other obligations as described herein and in the Grant Exhibits. <br />The State shall not be liable to compensate Grantee for any Work performed prior to the Effective Date or <br />after the termination of this Grant. <br />B. Goods and Services <br />Grantee shall procure Goods and Services necessary to complete the Work. Such procurement shall be <br />accomplished using the Grant Funds and shall not increase the maximum amount payable hereunder by the <br />State. <br />C. Employees <br />All persons employed by Grantee or Sub-grantees shall be considered Grantee's or Sub-grantees' <br />employee(s) for all purposes hereunder and shall not be employees of the State for any purpose as a result <br />of this Grant. <br />7. PAYMENTS TO GRANTEE <br />The State shall, in accordance with the provisons of this §7, pay Grantee in the following amounts and using the <br />methods set forth below: <br />A. Maximum Amount <br />The maximum amount payable under this Grant to Grantee by the State is $600,000, as determined by the <br />State from available funds. Grantee agrees to provide any additional funds required for the successful <br />completion of the Work. Payments to Grantee are limited to the unpaid ob(igated balance of the Grant as <br />set forth in Exhibit A. The maximum amount payble by the State to Grantee during each State fiscal year <br />of this Grant shall be: <br />$600,000 in FY2014 <br />$600,000 in FY2015, minus any funds expended in <br />FY2014 <br />$600,000 in FY2016, minus any funds expended in <br />FY2015 <br />i. Advance, Iterim and Final Payments <br />Any payment allowed under this Grant or in Exhibit A shall comply with State Fiscal Rules and be <br />made in accordance with the provisions of this Grant or such Exhibit. Grantee shall initiate any <br />payment requests by submitting invoices to the State in the form and manner set forth and approved by <br />the State. <br />Page 3 of 16 <br />