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).
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