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LOCM > SEC Filings for LOCM > Form 8-K on 12-Nov-2013All Recent SEC Filings

Show all filings for LOCAL CORP

Form 8-K for LOCAL CORP


12-Nov-2013

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01 Entry into a Material Definitive Agreement.

On November 11, 2013, Local Corporation (the "Registrant") entered into a Settlement and Patent License Agreement (the "Agreement") with GeoTag, Inc., pursuant to which the Registrant agreed to pay GeoTag, Inc. a license fee of $550,000 in return for a license to the Licensed Patents (as defined in the Agreement), including United States Patent No. 5,930,474, all patent applications related thereto, and all reissue patents, continuations and continuations-in-part through the expiration of the last surviving patent among the Licensed Patents. In connection with the Agreement, Geotag will dismiss its claims against the Registrant in Civil Action No. 2:10-CV-00265 pending in United States District Court for the Eastern District of Texas with respect to the Licensed Activities and Products (as defined in the Agreement), which includes all current operations of the Registrant. The Registrant has denied liability in the litigation and has entered into the Agreement to put an end to litigation costs associated with this suit. A copy of the Agreement is attached hereto as Exhibit 10.1.



Item 9.01 Financial Statements and Exhibits.

Exhibit 10.1 Settlement and Patent License Agreement by and between Registrant and Geotag, Inc. dated November 11, 2013.


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