Artimplant and SBi are parties to five license, supply and distribution agreements covering the Artelon® CMC Spacer, CMC Spacer Arthro, MTP Spacer, STT Spacer and DRU Spacer (“Original Agreements”). Artimplant and SBi have renegotiated the following material terms of the Original Agreements that have been incorporated into a single new restated agreement (“New Agreement”):
– The Agreements have been converted to non-exclusive.
– Minimum sales quotas are lowered and SBi’s geographical territory is adjusted.
– Artimplant commits to support SBi with additional clinical documentation.
– The payment due to Artimplant per unit sale is significantly increased.
– The Initial Term of the New Agreement will run from 1/1/09 – 12/31/14.
– An option agreement providing Artimplant the right to sell and SBi the right to purchase regulatory files have been terminated.