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| FORD > SEC Filings for FORD > Form 8-K on 23-Dec-2008 | All Recent SEC Filings |
23-Dec-2008
Entry into a Material Definitive Agreement
On December 22, 2008, the Company and Motorola entered into an Amendment of
their License Agreement, with an Effective Date of January 1, 2008, pursuant to
which the (i) royalty is reduced from 15% of Net Sales to 7% of Net Sales; and
(ii) Minimum Royalty in respect of the three calendar quarters from September
2008 through March 31, 2009 are reduced to zero. In consideration for the
foregoing, the Company has agreed to accept $250,000 as full settlement of any
and all claims it has made with respect to certain inventory manufactured for
Motorola. All other terms of the license continue unchanged and in full force
and effect. The Amendment is incorporated herein by reference and attached as
Exhibit 99.1 hereto.
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