IONIC Brands Corp. announced that it has entered into a license agreement (the “License Agreement”) with a third party licensee (the “Licensee”) granting the Licensee the exclusive use of certain trade secrets, know-how, trademarks and domains of the Company (the “Licensed Assets”). IONIC Brands Corp. announces that it has entered into a license agreement (the “License Agreement”) with a third party licensee (the “Licensee”) granting the
Licensee the exclusive use of certain trade secrets, know-how, trademarks and domains of the Company (the “Licensed Assets”). The Company granted the Licensee an unlimited, exclusive, worldwide (other than certain excluded states in the United States), royalty-fee, non-transferable and sublicensable license (the “License”) to use, improve and exploit the Licensed Assets. In consideration for the License, the Licensee has agreed to pay
the Company a fee of USD 250,000. The initial term of the License Agreement is one year, and may be renewed for up to nine additional one-year terms at the option of the Licensee upon payment of USD 250,000 for each additional renewal term. Pursuant to the terms of the License Agreement, six months following the date of the License Agreement, upon repayment of USD 625,000 by the Company to the Licensee, the License will become non-exclusive for any jurisdictions where the Licensee has not used or is not then using any of the Licensed Assets.