Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 210

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 210
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 incentivize both parties to continue to work
together to grow the Circle stablecoin network and that provides Circle with sole governance over the Circle stablecoin network. This agreement also afforded Coinbase a minority equity stake in Circle. We believe that our strong alliance with the
leading U.S. digital asset exchange will enable us to continue to grow USDC and the Circle stablecoin network. We also entered an intellectual property license agreement (the “License Agreement”) with Coinbase, under which we granted to
Coinbase a worldwide, non-exclusive, non-transferable, non-sublicensable (other than to certain software and service providers), royalty-free right to use certain trademarks (the “Licensed Marks”) related to current and potential future
Circle stablecoins, including USDC and EURC, in connection with the advertising, promotion, marketing, commercialization, sale, distribution, provision, and receipt of such stablecoins. The term of the License Agreement is perpetual but the
agreement may be terminated under certain circumstances.

Under the Collaboration Agreement, Coinbase is expected to allow its customers to buy and sell USDC on its
platform in exchange for fiat (the “reseller threshold”), support USDC for use by its customers on a number of blockchains, protocols, products or services (the “product threshold”), and actively contribute to public policy and
regulatory activities encouraging mainstream adoption of USDC. The payment structure of the Collaboration Agreement incentivizes Coinbase to grow the usage of USDC and increase USDC liquidity.

The Collaboration Agreement has an initial three-year term. We and Coinbase may agree to renew the Collaboration Agreement for additional periods. Prior to the lapse of
the term, we and Coinbase will discuss in good faith whether any modifications to the Collaboration Agreement are warranted. If we and Coinbase cannot agree on such modifications, so long as we and Coinbase have met our ongoing obligations under the
Collaboration Agreement, the Collaboration Agreement will renew for an additional three-year term. If we fail to meet our ongoing obligations under the Collaboration Agreement, upon expiration of the then-current term, Coinbase may elect to
terminate the Collaboration Agreement in its sole discretion. If Coinbase fails to meet the product threshold or the reseller threshold with respect to USDC or any other stablecoin under the Collaboration Agreement, and in each case, fails to cure
as provided for under the Collaboration Agreement and we and Coinbase do not reach mutual agreement with respect to renewal of the Collaboration Agreement, we may elect to exclude the party product economics or the ecosystem economics (each as
defined below),