Kraig Biocraft Laboratories Inc (KBLB)

[golferman]

Purchase commitments for KBLB under the agreement.


https://m2compliance.com/hosting/company/KBLB/link_files/2021/01-26-2021/Form8-K(01-26-2021)Kraig/Form8-K.htm


Under the terms of the Agreement, the Company granted the joint venture and the SpydaSilk brand an exclusive geographic license to all the Company’s technologies for the Association of Southeast Asian Nations, in exchange for a 4-year firm commitment to purchase up to $32 million of the Company’s raw recombinant spider silk over the 4-year period, with an initial payment of $250,000 to the Company. Kings is projected to purchase an additional $8 million of material in the fourth year, but there is no guarantee that such additional purchase will be made.