You should wait to see the agreement before asking this type of question. Mostly likely, the agreement will correspond to neither of your "two ways."
However, as a general rule, the company has the right to require you, as a condition of employment, to assign the rights to anything you invent that falls within the scope of your employment (whether or not you do it on your own time) and anything that you invent on company time using company resources.
If you invent something that is outside of the scope of your employment by the company on your own time, generally, it would not belong to the company, while If you invent something that is outside of the scope of your employment, but you do so on company time and/or using company resources, it is possible that the company might only obtain a royalty free license to practice the invention, rather than ownership.
Please remember that these are only generalities and the specific facts of a specific situation may produce a different result.
Answered on Oct 04th, 2011 at 1:57 PM