Friday, June 08, 2018 4:01:58 PM
Under the terms of the agreement, we were granted a non-exclusive, non-transferrable and irrevocable right to use certain of L&W’s trademarks in connection with the marketing, use, sale and service of the products in the Territory. We are obligated to actively promote the sales of the products in the Territory, with such promotional efforts to include, but not be limited to, advertising the products in appropriate trade publications within the Territory, participating in appropriate trade shows and directly soliciting orders from customers for the products. We are obligated to provide L&W with certain quarterly and annual reports and forecasts. We are free to establish our own pricing for the products, and are subject to certain annual minimum purchases.
The agreement is for an initial term of five years, and will automatically renew for one additional five year term unless terminated by either party upon one year written notice prior to the expiration of the then current term. Either party may terminate the agreement without cause upon one year prior written notice to the other party. In addition, L&W may terminate the agreement for cause upon 120 days prior notice to us, subject to certain cure periods.
https://www.sec.gov/Archives/edgar/data/1166708/000149315217008755/form8-k.htm
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