ITEM 1.01ENTRY INTO A MATERIAL AGREMEENT.
Licence Agreement with
The Agreement gives the Company a right to use
The Company is unable to sublicense the Licensed Trademarks without the prior
written consent of Brightcliff, and subject to payment of a sublicensing fee in
the amount of
The Agreement will be terminated and the Company will lose its rights to the Licensed Trademarks if it failed to have licensed products ready for sale to the public within five years of the effective date of the Agreement.
The Agreement with Brightcliff is not an arm's length agreement as
Licence Agreement with Duesenberg Korea
The Company entered into a manufacturing, sales, servicing, merchandise, and
license agreement with
The Sublicense Agreement is for a term of 20 years and includes a royalty fee of
4% payable on gross revenue from the sale of the products and merchandise
marketed under
The Sublicense Agreement will be terminated and DKI will lose its rights to the Licensed Trademarks if it has failed to have licensed products ready for sale to the public within three years of the effective date of the Sublicense Agreement.
Brightcliff has agreed to waive the sublicensing fee and royalty fee that would otherwise be applicable to Brightcliff as a result of this Sublicense Agreement.
The Agreement with DKI is an arm's length agreement.
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ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits Exhibit Description of Exhibit Number 10.1 Manufacturing, Sales, Servicing Merchandise and License Agreement between the Company andBrightcliff Limited . datedMarch 2, 2023 . 10.2 Manufacturing, Sales, Servicing Merchandise and License Agreement between the Company andDuesenberg Korea Inc. datedMarch 3, 2023 . 99.1 News Release datedMarch 20, 2023 .
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