It is mentioned again in Part II: Item 5, but a bi
Post# of 22940
Posted On: 06/20/2016 3:25:17 PM
It is mentioned again in Part II: Item 5, but a bit differently this time.
ITEM 5 – OTHER INFORMATION
1. In May 2016, we entered into a Service Level Agreement with a Hong Kong entity pursuant to which we agreed to assist such Hong Kong entity to develop a market for medical, aerospace and other machined products in China and elsewhere. We will assist such entity with the manufacture of these products to service these markets. We agreed to grant such entity a license to market these products under the TPAC name. This agreement has a term of 10-years. We will be paid according to the sum of $1 million annually for time actually spent performing our duties under this Agreement. Further, the Hong Kong entity agreed to purchase from us all raw materials, tooling, machinery and equipment, blueprints, engineering, marketing, operations and management and all other services and supplies. We agreed not to solicit any employee or consultant of the Hong Kong entity for a period of 3-years following termination of the Agreement.
2. In May 2016, we entered into a Licensing and Consulting Services Agreement with an Australian entity pursuant to which we agreed to assist such Australian entity to develop a market for aerospace bearings in Australia, Southern Asia (except China), Asia and Africa. We will assist such entity with the manufacture of these products to service these markets. We agreed to grant such entity a license to market these products under the name of TPAC Australia. This agreement has a term of 1-year, and will be automatically renewable in annual periods unless earlier terminated. We will be paid the sum of $1 million annually for time actually spent performing our duties under this Agreement. We agreed not to solicit any employee or consultant of the Australian entity for a period of 3-years following termination of the Agreement.
ITEM 5 – OTHER INFORMATION
1. In May 2016, we entered into a Service Level Agreement with a Hong Kong entity pursuant to which we agreed to assist such Hong Kong entity to develop a market for medical, aerospace and other machined products in China and elsewhere. We will assist such entity with the manufacture of these products to service these markets. We agreed to grant such entity a license to market these products under the TPAC name. This agreement has a term of 10-years. We will be paid according to the sum of $1 million annually for time actually spent performing our duties under this Agreement. Further, the Hong Kong entity agreed to purchase from us all raw materials, tooling, machinery and equipment, blueprints, engineering, marketing, operations and management and all other services and supplies. We agreed not to solicit any employee or consultant of the Hong Kong entity for a period of 3-years following termination of the Agreement.
2. In May 2016, we entered into a Licensing and Consulting Services Agreement with an Australian entity pursuant to which we agreed to assist such Australian entity to develop a market for aerospace bearings in Australia, Southern Asia (except China), Asia and Africa. We will assist such entity with the manufacture of these products to service these markets. We agreed to grant such entity a license to market these products under the name of TPAC Australia. This agreement has a term of 1-year, and will be automatically renewable in annual periods unless earlier terminated. We will be paid the sum of $1 million annually for time actually spent performing our duties under this Agreement. We agreed not to solicit any employee or consultant of the Australian entity for a period of 3-years following termination of the Agreement.
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