I'm not concerned. This is ONLY when both the full purchase payment has been received and to include scheduled date of 30 SEP 2020. Until both are met, we still get the FULL percentages and might get extended 1 year to 2021.
The termination is related to the full percentage being reduced to 50% when both requirements are met - paid in full and scheduled purchase by date 30 SEP 2020. Which will probably get extended another year, which they notified in Q3 if not paid by 30 SEP 2020 can be extended another year 2021.
Peeps need to read the ref per para's as well to help understand the overall agreement.
1.1.5.1.) Until September 30, 2020, even if the Asset Purchase Promissory Note (see paragraph 3.1.3, below) is executed and paid in full prior to that time, CSI shall be obligated to pay to STI the Percentage Payment (as defined in paragraph 3.1.3.4, below); however, if the Malware Suite includes ProtectID, then the 15% amount referenced in paragraph 3.1.3.4, below, shall be modified to be 20%.
1.1.5.3.) Following payment in full of the Promissory Note, as CSI will own the “GuardedID” and “MobileTrust” software and the underlying patents, subject to 1.1.5.4, below, the Percentage Payment obligation will continue until September 30, 2020, and then be terminated.
1.1.5.4.) Following September 30, 2020, even if the Asset Purchase Promissory Note (see paragraph 3.1.3, below) has been paid in full, in regard to CSI Net Amount Received (as defined in paragraph 3.1.3.4, below) received in regard to sale or licensing of the White Label Products which include the ProtectID software product, CSI shall pay to STI fifteen percent (15%) of one-half (1/2; i.e., 50.00%) of the CSI Net Amount Received (as defined in paragraph 3.1.3.4, below).
So we still get paid but reduced 50% according to 1.1.5.4!
3.1.3.4.) CSI shall be required to make payments to STI of fifteen percent (15%) of the “net amount CSI receives” (the “Percentage Payment”) from the sale or licensing of the Malware Suite (i.e., the White Label Products and/or the Dashboard Suite) with the “net amount CSI receives” (the “Net Amount Received”) defined as the gross amount received by CSI from the sale or licensing of the Malware Suite (i.e., the White Label Products and/or the Dashboard Suite),
3.1.3.4.3) If the Net Amount Received referenced in paragraph 3.1.3.4, above, includes revenue from the sale or licensing of STI’s ProtectID software (or a white label version thereof), then for all such Net Amount(s) Received, the fifteen percent (15%) Percentage Payment referenced in paragraph 3.1.3.4, above, shall be modified to twenty percent (20%).
Then 3.1.3.4.3 covers the 20% for PID...."IF".... it's added.
The termination is related to the full percentage being reduced to 50% when both requirements are met - paid in full and scheduled purchase by date 30 SEP 2020. Which will probably get extended another year, which they notified in Q3 if not paid by 30 SEP 2020 can be extended another year 2021.
Peeps need to read the ref per para's as well to help understand the overall agreement.
1.1.5.1.) Until September 30, 2020, even if the Asset Purchase Promissory Note (see paragraph 3.1.3, below) is executed and paid in full prior to that time, CSI shall be obligated to pay to STI the Percentage Payment (as defined in paragraph 3.1.3.4, below); however, if the Malware Suite includes ProtectID, then the 15% amount referenced in paragraph 3.1.3.4, below, shall be modified to be 20%.
1.1.5.3.) Following payment in full of the Promissory Note, as CSI will own the “GuardedID” and “MobileTrust” software and the underlying patents, subject to 1.1.5.4, below, the Percentage Payment obligation will continue until September 30, 2020, and then be terminated.
1.1.5.4.) Following September 30, 2020, even if the Asset Purchase Promissory Note (see paragraph 3.1.3, below) has been paid in full, in regard to CSI Net Amount Received (as defined in paragraph 3.1.3.4, below) received in regard to sale or licensing of the White Label Products which include the ProtectID software product, CSI shall pay to STI fifteen percent (15%) of one-half (1/2; i.e., 50.00%) of the CSI Net Amount Received (as defined in paragraph 3.1.3.4, below).
So we still get paid but reduced 50% according to 1.1.5.4!
3.1.3.4.) CSI shall be required to make payments to STI of fifteen percent (15%) of the “net amount CSI receives” (the “Percentage Payment”) from the sale or licensing of the Malware Suite (i.e., the White Label Products and/or the Dashboard Suite) with the “net amount CSI receives” (the “Net Amount Received”) defined as the gross amount received by CSI from the sale or licensing of the Malware Suite (i.e., the White Label Products and/or the Dashboard Suite),
3.1.3.4.3) If the Net Amount Received referenced in paragraph 3.1.3.4, above, includes revenue from the sale or licensing of STI’s ProtectID software (or a white label version thereof), then for all such Net Amount(s) Received, the fifteen percent (15%) Percentage Payment referenced in paragraph 3.1.3.4, above, shall be modified to twenty percent (20%).
Then 3.1.3.4.3 covers the 20% for PID...."IF".... it's added.
2
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