Item 1.02. Termination of a Material Definitive Agreement.
On June 30, 2021 NeuroMetrix, Inc. (the "Company" or "NeuroMetrix") entered into
a Termination Agreement with GSK Consumer Healthcare S.A. (formerly known as
Novartis Consumer Health S.A.), a societe' anonyme organized under the laws of
Switzerland ("GSK"), pursuant to which the parties terminated the Development
and Services Agreement dated January 12, 2018, as amended on December 6, 2018,
and related agreements which provided GSK with license and intellectual property
rights for the development, regulatory approval and commercialization of the
Quell technology for markets outside the United States. Under terms of the
Termination Agreement, GSK transferred back to NeuroMetrix all of GSK's rights,
title and interest in the Quell technology related to markets outside the United
States, including technology improvements and intellectual property. NeuroMetrix
agreed to make royalty payments to GSK ranging between 5% and 8% for a ten-year
period based on net sales of Quell devices that are available to consumers for
purchase without a prescription from a licensed medical professional in markets
outside the United States.
A copy of the Termination Agreement will be filed as an exhibit to the Company's
Quarterly Report on Form 10Q for the quarter ended June 30, 2021.
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