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PRXI > SEC Filings for PRXI > Form 8-K on 20-Feb-2014All Recent SEC Filings

Show all filings for PREMIER EXHIBITIONS, INC.



Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement

On February 13, 2014, Premier Exhibition Management, LLC, a subsidiary of Premier Exhibitions, Inc., terminated its Joint Production Agreement with TSX Operating Company LLC ("TSX") to produce an exhibition based on the Federal Bureau of Investigation. Pursuant to the Joint Production Agreement, the Company and TSX would have jointly produced and toured the exhibition. The production costs of approximately $1.2 million were to be funded 80% by the Company and 20% by TSX. According to the agreement, revenues from the exhibition would be paid 80% to the Company and 20% to TSX until the parties recouped 110% of the production cost, and 68% to the Company and 32% to TSX thereafter. In addition, the Company would have been paid a management fee of $60,000 per venue where the exhibition was presented.

The Joint Production Agreement was contingent on a license from a third party, which withdrew its participation from the project. The Joint Production Agreement provided the Company with a right to terminate under these circumstances.

This summary does not purport to be complete and is qualified by reference to the full text of the Joint Production Agreement, a copy of which was filed as an exhibit to a Current Report on Form 8-K dated October 22, 2013, and is hereby incorporated herein by reference.

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