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L. Work <br /> "Work"means the tasks and activities Grantee is required to perform to fulfill its obligations under this <br /> Grant and Exhibit A and Exhibit B, including the performance of the Services and delivery of the Goods. <br /> 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$167,150,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 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 /> $167,150 in FY2014 <br /> $167,150 in FY2015,minus any funds expended in <br /> FY2014 <br /> $167,150 in FY2016,minus any funds expended in <br /> FY2014 and FY2015 <br /> $167,150 in FY2017,minus any funds expended in <br /> FY2014,FY 2015 and FY2016 <br /> Page 3 of 16 <br />