Hank Payments Corp. announced the signing of a material license agreement. Highlights of the National Technology License Agreement: Three-year license agreement with minimum base revenue of CAD 5,000,000 plus 22% maintenance revenue to be earned quarterly commencing in calendar 2023; Licensee is exclusive to the Canadian Territory for the term, with customary renewals to support recurring long-term nature of Hank users; Licensee has exclusive protection on several entities outside of Canada for nine months, to allow licensee to close contracts already in discussion; Recurring user counts expected to exceed 130,000 by the end of year three with additional user licensing fees to be paid monthly for user counts exceeding contracted base counts; Additional 15% royalty to Hank on Licensee monthly revenues attributed to Hank products, in perpetuity and applied to users exceeding base counts.
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