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CTIB > SEC Filings for CTIB > Form 8-K on 15-Dec-2011All Recent SEC Filings

Show all filings for CTI INDUSTRIES CORP

Form 8-K for CTI INDUSTRIES CORP


15-Dec-2011

Entry into a Material Definitive Agreement


Item No. 1.01 - Entry in to a Material Definitive Agreement

On December 14, 2011, Registrant entered into a Trademark License Agreement ("Agreement") with S.C. Johnson & Son, Inc. ("SC Johnson"), a copy of which will be filed as an exhibit to Registrant's Report on Form 10-K for the fiscal year ended December 31, 2011. Under the Agreement, SC Johnson grants to Registrant a license to use the trademark ZiplocŪ in connection with the manufacture, distribution, marketing and sale of a designated product line within designated distribution channels in the United States, Canada, Mexico and Puerto Rico. The product line includes countertop, powered food storage vacuum sealing kitchen appliances and non-zippered food storage vacuum bags for use with these appliances. The distribution channels include the kitchen appliance store section of mass market retail stores, grocery stores, drug stores, warehouse club stores, hardware stores, home improvement stores, specialty stores and value stores, and such other channels as SC Johnson may authorize.

Registrant is required to pay certain royalties in connection with the sale of the product line, including certain minimum royalties. The Agreement is for a term expiring on December 31, 2014.

The Agreement includes required quality standards for the product line and Registrant is required to obtain the approval of SC Johnson for the sale of each of the products. The Agreement includes a series of covenants regarding the sale of the products, protection of the trademarks, infringements, indemnification, insurance, default and termination, manufacturing, sales and marketing practices, confidentiality and sublicenses.


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