North Carolina State University and Eastman Chemical Co. have signed a $10 million research agreement.

The News & Observer of Raleigh reported (http://bit.ly/Occaxf) the agreement includes a number of schools within the university.

The agreement also provides a revenue sharing plan for any discoveries.

N.C. State vice chancellor Terri Lomax says the agreement gives Eastman the commercial rights to any products that result from the research with sales of less than $20 million. Lomax says the schools will get royalties for sales beyond $20 million.

Eastman’s Greg Nelson says having the revenue sharing agreement in place in advance will make it easier for company operations. Nelson says the deal should also get the university’s products and technologies into the marketplace more quickly.

Eastman will provide the money over six years.

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Information from: The News & Observer, http://www.newsobserver.com