License Agreement for embedding GPS tracking system in footwear
Category: License Agreements, Patent
ARTICLE II – DEFINITIONS
2.01 “Permitted Markets” shall mean:
A.
Exclusive: (i). All adult (male and female) footwear; and (ii). Insoles.
B.
Non-Exclusive: (i). Athletic footwear; and (ii). Military footwear.
The parties shall work with one another and negotiate in good faith regarding growing, adding and allocating future Permitted Markets and Territories (defined below), both exclusive and non-exclusive. Such negotiations shall have the goal of (i) growing or adding Permitted Markets and Territories in those Permitted Markets and Territories in which LICENSEE has or intends to have a market presence (however, LICENSEE shall not be granted additional exclusive licenses unless LICENSEE has a “significant” market share in the particular Territory or Permitted Market); and (ii) creating a mutually beneficial business structure and may include, without limitation, creating channel, market, or other carve outs, co-existence agreements, utilizing mutual sales resources, and the sharing of relevant customer and/or business contact information. As used in this paragraph, “significant” means: (i). LICENSEE had during the 12 months preceding such date, annual gross sales revenues of all of its footwear products in the proposed Permitted Market in the Territory in excess of five-hundred thousand dollars ($500,000.00); (ii). LICENSEE has an established distributor in the proposed new exclusive Territory; or (iii). LICENSEE has a company retail outlet in the proposed new exclusive Territory.
License Agreement