Agreement Between Patriot Scientific Corporation and Technology Properties Limited LLC Regarding Selection of New MMP Program Vendor
Patriot Scientific Corporation (PTSC) and Technology Properties Limited LLC (TPL) have entered into an agreement to facilitate PTSC's selection of a new vendor for the MMP Program, replacing TPL. The agreement outlines mutual commitments to expedite this transition process. Specific terms are confidential, but both parties have agreed to certain undertakings to support the vendor change. The agreement is effective as of July 2012 and is signed by authorized representatives of both companies.
Exhibit 10.8
Confidential treatment has been requested for portions of this document indicated by [***], which portions are filed separately with the Commission.
AGREEMENT
This Agreement is entered into by and between PATRIOT SCIENTIFIC CORPORATION (“PTSC”), and TECHNOLOGY PROPERTIES LIMITED LLC (“TPL”) hereinafter sometimes collectively referred to as the “Parties”.
WHEREAS, it is in the mutual interest of the Parties to facilitate the selection of a new MMP Program Vendor by PTSC to replace TPL; and,
WHEREAS, the following collateral undertakings between the parties may expedite that process.
NOW THEREFORE, for and in consideration of the mutual covenants herein contained as well as other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, it is covenanted and agreed by and between the Parties that:
1. [***];
2. [***];
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals as of __ July 2012.
| PTSC | TPL | ||||
| By: | /s/ Carlton M. Johnson | By: | /s/ Daniel E. Leckron | ||
| Carlton M. Johnson | Daniel E. Leckrone, Chmn | ||||
| Chairman of Executive Committee |
