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MRIC > SEC Filings for MRIC > Form 8-K on 30-Jul-2013All Recent SEC Filings

Show all filings for MRI INTERVENTIONS, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for MRI INTERVENTIONS, INC.


30-Jul-2013

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement.

Effective July 28, 2013, MRI Interventions, Inc. (the "Company") and Merge Healthcare Canada Corp., formerly known as Cedara Software Corp. ("Merge Healthcare"), entered into a Third Amendment to the Master Services and Licensing Agreement between the parties (the "Third Amendment").

The Company entered into the Master Services and Licensing Agreement in July 2007 for Merge Healthcare to develop on the Company's behalf, based on the Company's detailed specifications, a customized software solution for the Company's ClearPoint system. Merge Healthcare was in the business of providing software development and engineering services on a contract basis to a number of companies. In developing the Company's ClearPoint system software, Merge Healthcare utilized certain of its own pre-existing software code (the "Merge Software"). Under the Master Services and Licensing Agreement, the Company received a non-exclusive, worldwide license to the Merge Software, in object code form, as an integrated component of the Company's ClearPoint system software. In return, the Company agreed to pay Merge Healthcare a license fee for each copy of the ClearPoint system software that the Company distributes. In addition, under the Master Services and Licensing Agreement, Merge Healthcare has been performing ongoing custom engineering, maintenance and support services with respect to the Company's ClearPoint system software, for which services the Company has been compensating Merge Healthcare.

At the Company's request, the parties entered into the Third Amendment to enable the Company to internally handle development, maintenance and support of its ClearPoint system software going forward. As a result, the services which the Company was outsourcing to Merge Healthcare will now be performed by the Company itself. Under the Third Amendment, Merge Healthcare granted the Company a non-exclusive, non-transferable, worldwide license to the source code for the Merge Software to use in the Company's further development and commercialization of its ClearPoint system software. In return, the Company agreed to pay Merge Healthcare a one-time license fee, which fee is payable in six monthly installments. Merge Healthcare may terminate the source code license only for cause. The Company will continue to pay Merge Healthcare a license fee for each copy of the ClearPoint system software that the Company distributes, but only for licenses in excess of those licenses already purchased or otherwise acquired by the Company prior to the Third Amendment. The Company had already satisfied its minimum license purchase commitments from Merge Healthcare under the Master Services and Licensing Agreement.


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