Item 1.01. Entry into a Material Definitive Agreement.

On December 30, 2021, VPR Brands, LP (the "Company") entered into a Settlement Agreement (the "Settlement Agreement") by and between the Company and PHD Marketing, Inc. ("PHD"). VPR previously filed a lawsuit in the United States District Court for the Central District of California (Civil Action No. 21-cv-03797) alleging patent infringement of U.S. Patent No. 8,205,622 (the "Patent") by PHD (the "Action"). Pursuant to the terms of the Settlement Agreement, the Company and PHD agreed to settle the Action. In addition, PHD agreed to pay the Company $85,000.00. The Company also granted PHD a nonexclusive, non-assignable license to practice the invention set forth in the Patent.

The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to the Settlement Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits






(d) Exhibits



Exhibit
Number     Description

  10.1       Settlement Agreement dated December 30, 2021 by and between the
           registrant and PHD Marketing, Inc.
104        Cover Page Interactive Data File (embedded within the Inline XBRL
           document).

© Edgar Online, source Glimpses