SPBU => .40 Teaming Up with SONY!
8K, not PR'd yet =>
Effective January 1, 2008, and executed on February 1, 2008, Spare Backup, Inc. entered into a License Agreement with Sony Electronics, Inc. under which we granted Sony a non-exclusive, world-wide license to our Spare Backup fully-automated remote backup solution and software tools, including the right to reproduce, publish, prepare derivative works and sell the product, as well as the right to use our trade name, trademarks and other identifying logos. Under a one year program, Sony may preinstall our Spare Backup service and software tools, on hardware, and or other Sony products it sells, as it determines, on a royalty-free basis. Sony will receive a percentage of each subscription sold to the end user during the term of the agreement and for 24 months after its termination.
Under the terms of the agreement, Spare Backup Inc, is responsible for delivery of the Spare Backup service to Sony's end users as well as providing for training, at our expense, to Sony's technical support personnel. We have indemnified Sony in connection with claims related to our products and service raising from non-performance. The agreement, which may be renewed for successive 12 month terms, may be immediately terminated by Sony in the event we should directly or indirectly defraud Sony, for any misrepresentation or breach of any warranty made by us in the agreement, or in the event of our bankruptcy or insolvency.
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