Item 1.01. Entry into a Material Definitive Agreement.
On August 4, 2022, VPR Brands, LP (the "Company") entered into a Settlement
Agreement and Release (the "Settlement Agreement") by and between the Company on
the one hand, and Myle Vape, Inc ("Myle") and MVH I, INC. ("MVH I" and together
with Myle, "MYLE") on the other hand. The Company previously filed a lawsuit in
the United States District Court for the Eastern District of New York (Civil
Action No. 1:21-cv-02445) alleging patent infringement of the Company's U.S.
Patent No. 8,205,622 (the "Patent") by MYLE (the "Action"). Pursuant to the
terms of the Settlement Agreement, the Company and MYLE agreed to settle the
Action. In addition, the MYLE agreed to pay the Company $125,000. The Company
also granted to MYLE a fully paid-up, royalty-free, non-exclusive license to
practice the invention set forth in the Patent and all related patents and
applications.
The foregoing description of the Settlement Agreement does not purport to be
complete and is qualified in its entirety by reference to the Settlement
Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on
Form 8-K and which is incorporated herein by reference.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Settlement Agreement, dated as of August 4, 2022, by and between the
registrant on the one hand, and Myle Vape, Inc and MVH I, INC., on the
other hand
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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