# @
This is certainly a very good question to ask.
For me there must be a provision in the JDA that says that WDC or its subsidiary HGST cannot patent the intellectual property jointly developped under the JDA.
This seems a logical sharing of the JDA benefits.
- WDC could use the IP on a lower fee basis.
- 4DS will own 100% the patents and will be able to license them to other parties.
And also, one can notice that the JDA has changed (skope of work) between the first JDA and the second JDA.
For me it means that the terms of the JDA could have changed at each renewal since then.
.... And we will not know.
The JDA is at the center of the 4DS business plan.
In the paragraph concerning risk factors (12), we can read the following :
"If 4DS loses access to HGST's resources, there can be no guarantee that 4DS will be able to find a replacement strategic partner with similar resources.
Accordingly, a loss of access to HGST's resources could result in significant delays to or suspension of 4DS's development strategy and could have a material adverse effect on 4DS's activities and on the Company generally."
For me this says that 4DS use the HGST lab and other facilities in Fremont.
They are completly naked and alone in the cold if HGST ends the JDA. And HGST can do that at any moment with a 30 days delay (4DS can do the same).
4DS is not really an independant company, And I dont think they could talk about the technology without receiving a green light from WDC even if it is allowed by the NDA.
But this lack of independance also brings more security for a very vulnerable company seating on a big secret.
For exemple, it could explain why the 4DS board had never bothered to build a controlling block of shares ( 25%) to make sure that no hostile takeover could succeed.
They know that if somebody wants to buy a large bloc 4DS shares on market, WDC will immediatly step in to help them counter this attack.
From that point of view, 4DS belongs to WDC.
Every institutionnal investor wanting to take control of 4DS will know that from the prospectus.
That's why there is no rush on the share, at least until WDC set 4DS free and allow them to do talk.
The contract with imec had certainly given 4DS some more freedom, though.
But for me it is clear that WDC is the fat lady.
I think we could recommand to any new investor in 4DS to read all the 2015 prospectus.
It gives more important informations about the company than anything published since then
https://www.asx.com.au/asxpdf/20151019/pdf/43259ghj4k6fr9.pdf
All imo.
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