Exclusive Intellectual Property License Agreement between Todd Motion Controls, Inc., Speizman Industries, Inc., and S.R.A. srl

Summary

Todd Motion Controls, Inc. and Speizman Industries, Inc. grant S.R.A. srl an exclusive four-year license, starting January 1, 2001, to use TMC's patents, trademarks, and intellectual property for manufacturing metric packaging equipment. S.R.A. will pay an annual license fee of $500,000, paid quarterly. S.R.A. receives worldwide distribution rights for TMC equipment except in the U.S., Canada, and Mexico, where Speizman retains rights. Additionally, Speizman gains exclusive rights for at least three years to distribute SRA's packaging equipment in the U.S. and Canada.

EX-10.67 9 0009.txt LETTER EXHIBIT 10.67 TODD MOTION CONTROLS, INC. P.O. BOX 242108 701 GRIFFITH ROAD CHARLOTTE, NC 28224 July 31, 2000 Mr. Tiberio Lonati S.R.A. srl Via delle Fonti 50010 Badia a Settimo Firenze, Italy Dear Tiberio: As follow up to our most recent discussion, the following is the outline of the licensing arrangement for the exclusive use of intellectual property relating to Todd Motion Controls, Inc. (TMC). Exclusive License period for SRA: Four (4) years commencing January 1, 2001. Annual License Fee payable to Speizman Industries: US $500,000 per year payable quarterly commencing January 1, 2001. Description of licensed property: TMC patents, trademarks, drawings and intellectual property for the manufacture of TMC branded, metric packaging equipment. We will retain the rights for manufacturing non-metric TMC packaging equipment for a period up to six months in order to complete our in progress inventory. Subsequent to this, we will market and distribute metric equipment relating to TMC. We will retain the rights to distribute TMC equipment in the U.S., Canada and Mexico. SRA will have distribution rights for TMC in all other areas of the world. Additionally, Speizman Industries will receive exclusive rights for a minimum of three (3) years commencing June 13, 2000 to distribute in the U.S. and Canada all SRA packaging equipment as well as the Solis Pick and Place and related seaming equipment for men's socks. Please acknowledge your acceptance of these terms by signing below, keeping one duplicate copy for your records and returning the other to us. Once I receive it, I will have a license agreement forwarded to formalize the agreement. Sincerely, SPEIZMAN INDUSTRIES, INC. Accepted this 11th day of August, 2000. /s/ Robert S. Speizman By: /s/ Tiberio Lonati ----------------------------- Tiberio Lonati S.R.A. srl Robert S. Speizman President RSS:gg