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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 after the Agreement is signed by the <br /> State Controller or delegate(Effective Date)and the Notice to Proceed is received by the Grantee.The <br /> termination date is according to Exhibit A(Schedule)unless sooner terminated or further extended as <br /> 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 Exhibit A.The State <br /> shall not be liable to compensate Grantee for any Work performed prior to the Notice to Proceed has been <br /> issued or after the termination of this Grant. <br /> B. Goods and Services <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 ther termination of this Grant. <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$200,000,as determined by the <br /> State from available funds.Payments to Grantee are limited to the unpaid obligated 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 /> $200,000 in FY2014 <br /> $200,000 in FY2015,minus any funds expended in <br /> FY2014 <br /> Page 3of16 <br />