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Exhibit 10.13
***  Certain identified information has been omitted from this exhibit because it is both (i) not material and (ii) of the type that the Registrant treats as private or confidential. Such omitted information is indicated by brackets (“[...***...]”) in this exhibit. ***

LICENSE AGREEMENT
This License Agreement (this “Agreement”), dated October 1, 2014 is made between Harman International Industries, Incorporated, a Delaware corporation (together with its direct and indirect subsidiaries, “Harman”), and B&W Group Ltd., a corporation organized and existing under the laws of England and Wales (together with its direct and indirect subsidiaries, “Bowers”), and supercedes and replaces in its entirety the License Agreement dated April 21, 2008 between Harman and Bowers (the “Original Agreement”).  Throughout this Agreement each of Bowers and Harman are sometimes referred to as a “Party” and collectively as the “Parties.”

BACKGROUND
A.Bowers designs, manufactures, markets, and sells loudspeakers for home theatre, hi-fi, and iPod® applications under the “Bowers & Wilkins” brand name, music and home theatre systems under the “Classé” brand name.
B.Bowers has extensive experience and expertise in designing, manufacturing, marketing, and selling high-quality audio equipment, including loudspeakers, power amplifiers, preamplifiers, integrated amplifiers, DVD players, CD players, home theater systems, receivers, tuners, surround sound processors, and related products.
C.Bowers has developed the innovative technologies listed in Schedule C, as such list may be supplemented from time to time by Bowers, by notice in writing to Harman (the “Bowers Technology”).
D.Bowers is the owner of the trademarks listed in Schedule A (the “Bowers Marks”), which are used in connection with its products.
E.Bowers wishes to expand its participation in the automotive original equipment manufacturer market (the “OEM Market”).
F.Harman has extensive experience and expertise in designing, manufacturing, marketing, and selling audio and infotainment systems in the OEM Market.
G.Bowers and Harman have determined that they can expand opportunities in the OEM Market for both companies through a licensing arrangement that combines the Bowers Technology and the Bowers Marks with Harman’s expertise and experience in the OEM Market.
H.Accordingly, Bowers and Harman have agreed that:
1.Bowers will license the Bowers Technology and the Bowers Marks to Harman for use in the OEM Market;
2.Harman will be responsible for designing, manufacturing, marketing and selling audio and infotainment systems bearing the Bowers Marks in the OEM Market; and
3.Bowers will provide technical assistance to Harman.
I.Pursuant to the terms of the Original Agreement, Harman has previously paid Bowers a sum total of [...***...] in exchange for the rights granted to Harman under the Original Agreement (the “Lump Sum Payment”).
J.Bowers and Harman wish to enter into this Agreement to provide for the terms and conditions of their licensing arrangement for the OEM Market.

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OPERATION SECTIONS

Article I
DEFINITIONS

1.1     For the purposes of this Agreement, the following terms have the following meanings.
“Agreement” is defined in the introductory paragraph.
“Approved OEMs” means [...***...] and any other OEM brand or nameplate designated as an “Approved OEM” by the written agreement of Bowers and Harman.
“Bowers” is defined in the introductory paragraph.
“Bowers Contracts” is defined in Section 10.1(d)(iii).
“Bowers Improvements” is defined in Section.5.2.
“Bowers Marks” is defined in paragraph D of the BACKGROUND.
“Bowers Consumer Product” means any product (including personal headphones, home hi-fi systems and home theatre systems) which bears any of the Bowers Marks, and which is made by Bowers, or by a third party or parties under sub-license from Bowers, but which is not developed for the Field of Use, or which is sold outside the Field of Use.
“Bowers Product” means any product which includes any of the Bowers Technology and/or bears any of the Bowers Marks, and which is made by Harman pursuant to this Agreement, or by a third party to whom Harman has granted a sub-license in accordance with this Agreement, but, for the avoidance of doubt, excluding Bowers Consumer Products.
“Bowers Technology” is defined in paragraph C of the BACKGROUND.
“Change in Control” is defined in Section 11.1(c).
“Confidential Information” is defined in Section 8.1.
“Effective Date” means October 1, 2014.
“Field of Use” means the OEM Market
“Harman” is defined in the introductory paragraph.
“Harman Contracts” is defined in Section 10.5(d)(iii).
“Harman Improvements” is defined in Section 5.1.
“Harman Products” is defined in Section 2.3.
“Improvements” mean inventions, discoveries, know-how, confidential information, and data developed during the Term which embody and are derived from the Licensed IP.
“License” is defined in Section 3.1.
“Licensed IP” means the Trademark Rights and such of the following intellectual property rights held by Bowers relating to the Bowers Products as are required by Harman for the performance of its obligations under this Agreement: Patents, inventions, copyrightable material, trade secrets, software (in source code and object code form), software documentation, algorithms, know-how, confidential information, and other 
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technical information, including intellectual property as aforesaid held by Bowers under license, and including such intellectual property as aforesaid now in existence or developed by Bowers after the date of this Agreement.
“Net Sales” means (X) total sales of Units less (Y) the sum of (1) returns of Units and (2) sales of Units for which payment has not been received within twelve months of the date of invoice.
“Non-Transferable” means lacking the ability to he subsequently transferred by assignment or sublicense.
“OEM” means an automotive original equipment manufacturer.
“OEM Market” is defined in paragraph E of the BACKGROUND.
“Party” is defined in the introductory paragraph.
“Patents” means patents and patent applications, including divisional applications.
“Quarter” means a quarter-year, ending on September 30, December 31, March 31, and June 30 respectively in each Year.
“Royalties” is defined in Section 4.1.
“Selling Price” means the net selling price of a Unit shown on Harman’s invoice and does not include taxes, shipping charges, costs of packaging, or other similar charges.
“Trademark Rights” means the Bowers Marks; any applications filed and registrations issued with respect to the Bowers Marks in any US or foreign jurisdiction, and any rights as privileges provided with respect to the Bowers Marks under the laws of any US or foreign jurisdiction, including trademark and unfair competition laws.
“Transfer” is defined in Section 11.1.
“Unit” means any device, component, assembly, module, or system that incorporates the Licensed IP and/or the Bowers Technology, and/or that bears one or more of the Bowers Marks, All devices, components, assemblies, modules, or systems installed in a single vehicle will count as one Unit, so that no vehicle can contain more than one Unit.
“World-wide” means all countries of the world.
“Year” means each year from the Effective Date until the day before the following anniversary of the Effective Date.

1.2     Construction and Interpretation.
(a)The Parties have participated jointly in the negotiation and drafting of this Agreement.  If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favoring or disfavoring any Party because that Party drafted any of the provisions of this Agreement.
(b)Each definition in this Agreement includes the singular and the plural, and references to any gender include the other genders where appropriate,
(c)Any reference to any federal, slate, local or foreign statute or law also refers to all rules and regulations promulgated under such statute or law, unless the context requires otherwise.  References to any statute or regulation mean the statute or regulation as amended at the time and include any successor legislation or regulation.
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(d)The word “including” means “including but not limited to”.  The word “or” is not exclusive.  The headings to the Articles and Sections are for convenience of reference and may not be interpreted or construed to affect the meaning or interpretation of this Agreement.
(e)References to Articles, Sections, Exhibits and Schedules mean the Articles, Sections, Exhibits and Schedules of this Agreement.  The Exhibits and Schedules are incorporated by reference into this Agreement and are a part of this Agreement.
(f)All references to dollar amounts in this Agreement are references to United States Dollars.
(g)In computing any time period provided for in this Agreement, the first day of the time period will not be counted but the last day of the time period will be counted.  Any action required to be taken on a particular day must be taken before 5:00 pm, Eastern Time, on that day.  For example, if an action were required to be taken within ten days after June 30, the first day to be counted would be July 1 and the action would be required to be taken before 5:00 pm, Eastern Daylight Time, on July 10.  Any reference in this Agreement to “days” means calendar days, unless the provision in question specifically provides otherwise.
(h)The term “license” includes the term “sublicense,” so that any reference to a license in this Agreement will be read to mean either a license or a sublicense.
(i)The term “person” means any natural or artificial person and includes any corporation, partnership, limited partnership, limited liability company, association, unincorporated organization, or other business organization, the trustee of a trust, and any government or governmental unit, agency, or subdivision.

Article II
RIGHTS IN OEM MARKET

2.1     Rights to Bowers Technology and Marks.
(a)General.  Bowers appoints Harman as its exclusive representative World-wide for the Bowers Products within the OEM Market.  As described in this Agreement, Harman will have the exclusive right to use the Bowers Technology and the Licensed IP in conjunction with the Bowers Products in the OEM Market.  Harman will be responsible for marketing, developing, designing, manufacturing, and selling Bowers Products in the OEM Market.  Bowers will provide technical, commercial, and marketing assistance as reasonably requested by Harman.  The first two sentences of this Section 2.1(a) are subject to the following PROVISO: Harman hereby acknowledges that this Section 2.1(a) shall not prevent Bowers from (i) using the Bowers Technology or the Licensed IP in any manner (including the manufacture and/or sale of products and the licensing or sub-licensing of the Bowers Technology or the Licensed IP) in respect of Bowers Consumer Products or otherwise outside the Field of Use; (ii) entering into direct trademark and co-marketing agreements with OEMs to enable them to market the Bowers Products; or (iii) communicating directly with such OEMs in connection with such agreements.
(b)Marketing.
i.As set forth in Section 2.1(a) above, and subject to the PROVISO contained therein, Harman will be responsible for all OEM marketing activities including, without limitation, all automotive dealer training, automotive dealer incentive programs, auto shows, and point-of-sale materials, subject to Section 2.1(d).  Harman will also be responsible for all co-operative advertising programs with OEMs and OEM experiential programs.  Harman’s marketing obligations under this Agreement will be exclusively focused on driving incremental sales of Bowers Products to OEMs.
ii.If Bowers agrees with any OEM to develop, design, manufacture, market and/or sell any Bowers Consumer Product which is co-branded with that OEM, then Bowers will be responsible for all 
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consumer marketing activities and the development, design, manufacture and sales of such co-branded Bowers Consumer Products; provided, however, all such co-branded Bowers Consumer Products may not otherwise compete with any Bowers Products.  Bowers will bear all costs associated with marketing, developing, designing, manufacturing and/or selling any co-branded sponsorships, websites, social media platforms or merchandise.
(c)Communications.  Harman will be responsible for all communications to OEMs, the public, and other parties regarding the Bowers Technology, the Bowers Marks, and the Bowers Products in the OEM Market, subject to the PROVISO in Section 2.1(a) and subject to Section 2.1(d).  Neither Bowers nor any of its representatives will issue any press release or public statement or communicate with any party other than Harman regarding its participation in the OEM Market or its business relationship with Harman without Harman’s prior written consent.
(d)Harman will send to Bowers for its prior written approval the text and layout of all proposed advertisements, marketing and promotional material, press releases and public announcements regarding the Bowers Technology, the Bowers Marks, and the Bowers Products.  In the event that Bowers disapproves of such material, it shall give written notice of such disapproval to Harman within 10 days of receipt by Bowers of the material.  In the absence of a written notice of disapproval within 10 days of receipt of such materials, the materials shall be deemed to have been approved by Bowers. Harman will not use any material in the advertising, marketing or promotion of Bowers Products which has not been approved by Bowers.

2.2     Costs and Revenues.  Harman will bear all costs of its obligations under Section 2.1.  Bowers will bear all costs of its obligations under Sections 2.1.6.1, and 7.1.  Harman will pay Bowers a royalty for each Unit sold, as described in Article IV.  Except as described in this Agreement, Harman will have no obligation to make any payments to Bowers or to share any revenues derived front the sale of Bowers Products.

2.3    Harman Brands.  Bowers acknowledges that Harman will continue to market, develop, design, manufacture, and sell audio and infotainment products which do not. incorporate the Licensed IP or the Bowers Technology, and do not bear one or more of the Bowers Marks (referred to herein as “Harman Products”).  Such Harman Products shall be sold as unbranded products or under Harman’s own brands and trademarks, which currently include[...***...].  Harman will use commercially reasonable, good-faith efforts to market and sell Bowers Products consistent with the Harman Brand Placement Guidelines attached hereto as Schedule B, but will have no obligation to give any preference to Bowers Products over Harman Products.  Bowers acknowledges that branding decisions for audio and infotainment products in the OEM Market are determined by the OEMs.

Article III
LICENSE FROM BOWERS TO HARMAN

3.1      Grant of License.  Bowers grants to Harman a license to make, use, design, develop, test, manufacture, have manufactured, market and sell, directly or indirectly, offer for sale, and import Bowers Products using the Licensed IP in the Field of Use World-wide (the “License”).  Subject to the termination provisions of Article IX, the License is irrevocable.  The License includes any Patents or copyrights issued for the Licensed IP after the date of this Agreement.  The License includes the right to copy and modify the Licensed IP and develop Harman Improvements as described in Article V. The License is Non-Transferable except for the right to grant sublicenses provided for in Section 3.2.

3.2      Right to Sublicense.  Harman may grant sublicenses to third parties (each a “Sublicensee”) under the License as necessary to permit Harman to exercise its rights under this Agreement in connection with production of Units, provided that Harman (i) this Section 3.2 is subject to Section 3.11; that Harman may not sublicense or subcontract its rights under Section 2.1 and that Harman (ii) requires that each 
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Sublicensee complies with the terms and conditions of the License and this Agreement, including the terms specified in Article VIII.

3.3      Rights Retained.  Bowers retains the exclusive rights to its information and intellectual property World-wide, including the Licensed IP, Bowers technology, Bowers Marks and Trademark Rights, except in the Field of Use as granted pursuant to this Agreement.

3.4      Limitation on Use by Bowers; Patents.
(a)Limitations in Field of Use.  During the term of this Agreement, Bowers will not: (i) use the Licensed IP in the Field of Use; (ii) disclose the Licensed IP or Improvements to third parties for their use in the Field of Use; (iii) grant or promise to grant any additional licenses or rights to the Licensed IP in the Field of Use.
(b)Limitations outside Field of Use.  If Bowers grants any license or right to any party to the Licensed IP outside the Field of Use, then Bowers must require the other party to agree in writing not to use the Licensed IP in the Field of Use.
(c)Transfer of Licensed IP.  If Bowers transfers ownership of the Licensed IP to any other party, Bowers must require the transferee to agree in writing to all of the terms of this Agreement.
(d)Patents.  Bowers will undertake commercially reasonable efforts to prosecute applications for Patents in the Field of Use, and will maintain issued Patents in the Field of Use for the Term.  Bowers will not be required under any circumstances to prosecute patent applications other than applications under the Patent Cooperation Treaty, the European Patent Convention and in other countries determined by the agreement of Bowers and Harman.
(e)Third-Party Beneficiary.  Any agreement of a licensee or transferee required by Section 3.2 or Section 3.4(c) must include an explicit agreement that Harman is a third-party beneficiary of that agreement and is entitled to enforce that agreement under applicable law.

3.5      Limitation on Use by Harman.  Harman may not use the Licensed IP outside the Field of Use and may not transfer or disclose the Licensed IP to any other party, except as specifically permitted by this Agreement.  Bowers Products may not be sold to any OEM other than an Approved OEM.  Harman will regularly consult with Bowers regarding system performance quality of all Bowers Products.

3.6     Product Marking.  Harman agrees to use commercially reasonable best efforts to: (i) mark all Bowers Products with the appropriate patent numbers as directed by Bowers where Bowers Products are covered by one or more Patents under this Agreement; (ii) include a copyright legend in the same form and location as the legend appearing in the copyrighted work (including documentation) provided by Bowers in each copy of a work copyrighted by Bowers, or any portion of such work, made by Harman; and (iii) ensure all Bowers Products will bear one or more of the Bowers Marks.

3.7     Protection of Exclusive Rights.  In those instances in which a Party retains, or receives a grant of, exclusive rights in a market under this Agreement, no other Party will knowingly interfere with the exercise of such exclusive rights.

3.8      Enforcement of Rights to Licensed IP.  Harman will notify Bowers in writing of any infringement of the Licensed IP of which it becomes aware.  Bowers may, in its sole discretion, elect to pursue an action to police, defend or enforce the Licensed IP against infringement by another.  If Bowers elects to assume the responsibility for the prosecution of such an action, then Harman will provide reasonable assistance to Bowers as may be requested by Bowers, and Bowers will indemnify Harman against all liabilities, costs, expenses, damages and losses suffered or incurred by Harman arising out of any action taken by Bowers in respect of such action and shall reimburse Harman for any r reasonable out-of-pocket expenses incurred by Harman in connection with such assistance, except for the time of Harman s employees.  All proceeds 
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awarded to Bowers in connection with any such action will be retained exclusively by Bowers.  If Bowers elects not to assume the responsibility for prosecuting such action, then Harman will have the right to pursue such action at its own expense and with counsel of its choice and Bowers agrees to join such action as a named party if legally required for Harman to bring or defend the action.  In such event, Bowers will provide to Harman reasonable assistance as may be requested by Harman, and Harman will indemnify Bowers against all liabilities, costs, expenses, damages and losses suffered or incurred by Bowers arising out of any action taken by Harman in respect of such action and shall reimburse Bowers for any reasonable out-of-pocket expenses incurred by Bowers in connection with such assistance except for the time of Bowers’ employees.  All proceeds awarded to Harman in connection with any such action will be retained exclusively by Harman.

3.9      Trademarks - Quality Control.  The nature and quality of all services rendered and goods manufactured, marketed, distributed, or sold by Harman in connection with the Bowers Marks, and of all related advertising, promotional and other related uses of the Bowers Marks, shall be of the highest and uniform quality, free of defects in design, materials, and workmanship when shipped and must conform to standards set by Bowers.  Harman will cooperate with Bowers in facilitating Bowers’ quality control rights under this Section, to permit reasonable inspection of Harman’s operations, and to supply Bowers with specimens of all uses of the Bowers Marks upon request.  Harman may not use the Bowers Marks in any manner which would disparage or tarnish or dilute the distinctive quality of the Bowers Marks or the reputation and goodwill embodied in the Bowers Marks or which would reflect adversely on the Bowers Marks or Bowers, or any of Bowers’ products or services.  Harman will comply with all applicable laws and regulations and obtain all appropriate government approvals pertaining to the sale, distribution, and advertising of the Bowers Products.

3.10     Licensed IP - Acknowledgment of Ownership.  Harman recognizes and acknowledges the validity of Bowers’ rights in the Licensed IP and that Bowers is the owner of the Licensed IP.  Harman agrees that it will do nothing inconsistent with such ownership, will not challenge the validity of or Bowers’ title to the Licensed IP, and will not oppose or petition to cancel any applications filed or registrations received with respect to the Licensed IP.  All rights created by or arising from use of the Licensed IP by Harman, including all goodwill created by such use, will be the sole and exclusive property of Bowers, and Harman waives and renounces all claims to such rights.  Except to register its use under this Agreement, Harman will not attempt to register or claim rights in the Licensed IP, alone or as part of its own marks, and agrees that nothing in this Agreement gives Harman any right, title, or interest in the Licensed IP other than the rights expressly granted under this Agreement.

3.11     Diamond Dome and other notified technologies.  Where Bowers Products include Bowers’ Diamond Dome Technology, Harman will only use domes from suppliers licensed directly by Bowers.  Also, where Bowers introduces any new technology, and notifies Harman in writing before the technology is incorporated into Bowers Products under this Agreement, Harman will only use materials based on that new technology from Bowers or (as applicable) suppliers licensed direct by Bowers.

3.12    Abandonment.  If Bowers wishes to abandon any Patent application or Patent that is included in the Licensed IP (a “Licensed Patent”), it shall give Harman ninety (90) days prior written notice of the desired abandonment.  Bowers shall not abandon any such Licensed Patent except upon the prior written consent of Harman.  On Harman’s request, which may be provided at any time after the notice of desired abandonment, Bowers shall assign to Harman any such Licensed Patent Bowers wishes to abandon.  Effective as of the effective date of the assignment, such Licensed Patent shall no longer be a Licensed Patent and Harman shall not have any further royalty or other payment obligation for such patent application and patent.
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Article IV
ROYALTIES

4.1      Basis for Royalty.  Royalties of [...***...] of the Selling Price of a Unit will be payable for each Unit sold by Harman or by a third party under sublicense from Harman (“Royalties”).  The minimum Royalty for each Unit is set forth on Schedule A (the “Minimum Royalty”).  Accordingly, if [...***...] of the Selling Price of a Unit is less than the Minimum Royalty, then the Royalty for that Unit will be the Minimum Royalty.  If [...***...] of the Selling Price of a Unit exceeds the Minimum Royalty, then the Royalty for that Unit will be [...***...] of the Selling Price.  The Selling Price of a Unit for a particular program and whether a Minimum Royalty is payable for that program will he determined when the first Unit for that program is sold and will only be re-determined if there is an increase or decrease in the Selling Price.  Annual “price-downs” or price reductions will require a redetermination of the Selling Price and whether a Minimum Royalty is payable.  If the Selling Price of a Unit is expressed in a currency other than United States Dollars, then the Selling Price will be converted into United States Dollars at the exchange rale reported in the Wall Street Journal on the business day preceding the date of determination.  The Minimum Royalty will be payable in United States Dollars, regardless of the currency in which the Selling Price is expressed.

4.2      Manner of Payment.  From the Effective Date, Harman will pay to Bowers in cash pursuant to Section 4.3 below the first [...***...] in Royalties earned during each Year during the term of this Agreement.  All Royalties earned in excess of [...***...] during any Year will be credited against the Lump Sum Payment until the total aggregate amount so credited under this Agreement and the Original Agreement equals the amount of the Lump Sum Payment, and any excess Royalties over and above such amount will be paid in cash by Harman pursuant to Section 4.3 below.

4.3      Quarterly Royalty Payments.  Royalty payments will be due and payable quarterly within 30 days after the end of each Quarter for Net Sales of Units during the Quarter.  Simultaneously with the quarterly payment of Royalties, Harman will deliver to Bowers a sales report showing gross sales of Units for the Quarter and the calculation of Net Sales of Units for the Quarter.  Upon written notice to Harman, Bowers will have the right, not more than once during each calendar year, during normal business hours, to audit such books and records as may be reasonably required to verify Net Sales.  Any such audit will be conducted at Bowers’ expense and will not interfere with the normal business operations of Harman. Sates and the calculation of Net Sales will be reported in the currency in which Harman receives payment for Units sold. Royalties will be calculated and paid in currency in which Harman receives payment for Units sold.

4.4      No Double-Counting.  Only one Royalty will be payable for each Unit.  Accordingly, Harman will not be required to pay a Royalty for any Unit for which a Sublicensee of Harman has paid the Royalty.

Article V
IMPROVEMENTS

5.1      Harman Improvements.  The Parties anticipate that Harman may independently develop Improvements.  All Improvements independently developed by Harman (“Harman Improvements”) will be owned solely by Harman.  Harman will notify Bowers of the existence and nature of each Harman Improvement.  Harman may only use Harman Improvements within the Field of Use and in connection with Bowers Mark.  Bowers will maintain all information regarding the Harman Improvements in strict confidence, unless otherwise provided in this Agreement, including by restricting disclosure of such information to those of its employees having a need to know such information.  Harman grants a perpetual, royalty-free license to any Harman Improvements to Bowers.  Such license may be transferred or sublicensed by Bowers to any third party to which any of the Licensed IP or Bowers Technology is transferred or sublicensed, in accordance 
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with this Agreement.  Bowers may only use Harman Improvements pursuant to Section 2.1 (b) or outside the Field of Use.

5.2      Bowers Improvements.  The License includes any Improvements developed by Bowers after the date of this Agreement.  All Improvements independently developed by Bowers (“Bowers Improvements”) will be owned solely by Bowers.  Bowers will notify Harman of the existence and nature of each Bowers Improvement, Harman will maintain all information regarding the Bowers Improvements in strict confidence, unless otherwise provided in this Agreement, including by restricting disclosure of such information to those of its employees having a need to know such information.

Article VI
TRANSFER OF TECHNOLOGY AND INFORMATION

6.1      Initial Disclosure.  Within 30 days after the date of this Agreement, Bowers will make an initial disclosure to Harman of all Bowers Technology and Licensed IP which has not been disclosed prior to the date of this Agreement, including any disclosure made pursuant to the Original Agreement.  This initial disclosure will be supplemented by additional disclosures upon the reasonable request of Harman.  Bowers will promptly disclose any material Improvements developed by Bowers (“Bowers Improvements”) after the date of this Agreement; Bowers will disclose any other Improvements upon reasonable request by Harman.  The initial disclosure and additional disclosures, including disclosures of Bowers Improvements, will be in sufficient detail to provide Harman with a fundamental understanding of the working principles of the Bowers Technology and the Licensed IP, including the Bowers Improvements.  Bowers will provide to Harman all (i) manufacturing rights and (ii) manufacturing and engineering documentation necessary or useful to use, make, have made, sell, offer for sale, or import the Bowers Products.  The initial disclosure will include such software and documentation as necessary to enable the code to be incorporated into Bowers Products.

6.2      Disclosure of Improvements by Harman.  Harman will promptly disclose to Bowers all Harman Improvements.  These disclosures will be in sufficient detail to provide Bowers with a fundamental understanding of the working principles of such Harman Improvements and will be supplemented upon reasonable request by Bowers.  Harman will provide to Bowers all documentation necessary or useful to incorporate the Harman Improvements into Bowers products, whether or not in the Field of Use.

6.3      Written Disclosure.  At the option of the receiving Party, any disclosures under this Article VI may be written or oral.  No disclosure required by this Agreement will require disclosure of information which would constitute a breach of an existing obligation of confidentiality.

Article VII
TECHNICAL ASSISTANCE

7.1     Technical Assistance Provided.  The Parties acknowledge that, to implement the Bowers Technology and the Licensed IP, it may be necessary for Bowers to provide technical assistance in addition to the disclosures required under Article VI of this Agreement.  Bowers will provide reasonable technical assistance to Harman as required to implement and transfer the Bowers Technology and the Licensed IP effectively, including but not limited to visits by Bowers personnel to Harman facilities and facilities of Harman customers.
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Article VIII
DUTIES OF CONFIDENTIALITY

8.1      “Confidential Information” Defined.  As used in this Agreement, the term “Confidential Information” means all information (however recorded or preserved, including written or descriptive matter, including drawings, specifications, descriptions, or other papers, tapes, or any other media) disclosed by a party or its employees, officers, representatives or advisers whether before or after the date of this Agreement:
(a)concerning the existence and terms of this Agreement;
(b)that the receiving Party knew, or should have known, based on the circumstances, should be treated as confidential, or that would be regarded as confidential by a reasonable business person, in each case relating to:
(i)     the business, affairs, customers, clients, suppliers, plans, intentions or market opportunities of the disclosing party (or of any member of the group of companies to which the disclosing party belongs); and
(ii)     the operations, processes, product information, intellectual proper rights, know-how, designs, trade secrets or software of the disclosing party (or of any member of the group of companies to which the disclosing party belongs); or
(c)identified as confidential at the time of disclosure or subsequently confirmed in writing to be confidential; or
(d)developed by the disclosing party in the course of carrying out this Agreement.

8.2     Confidentiality Generally.  The Parties recognize that, in the course of performing under this Agreement, each Party may have access to Confidential Information belonging to another Party.  The use of Confidential Information belonging to another Party is limited to those uses contemplated by this Agreement.  The Parties desire that any Confidential Information remain confidential.  Each Party agrees (i) to keep the other party’s Confidential Information confidential (ii) not to use such Confidential Information except for the purpose of exercising or performing its rights and obligations under this Agreement (iii) not to disclose such Confidential Information in whole or in part to any third party, except as expressly permitted by this Section 8 and (iv) to use the same means it uses to protect its own Confidential Information of equal import, but in any event not less than reasonable means, to prevent the disclosure and to protect the confidentiality of the other Parties’ Confidential Information.

8.3      Exceptions to Confidentiality.  Nothing in this Article VIII will prevent any Party from disclosing Confidential Information that:
(a)is already known by the receiving Party other than pursuant to this Agreement or the Original Agreement, if:
(i)     the Confidential Information is not subject to a previous obligation of the receiving Party to keep such Confidential Information confidential; and
(ii)     the Confidential Information was not received in violation of a previous confidentiality obligation of the receiving Party or a third party of which the receiving Party knew or had reason to know;
(b)is publicly known or becomes publicly known without any breach of a confidentiality obligation of the receiving Party;
(c)is received from a third party who is not under an obligation of confidentiality of which the receiving Party knew or had reason to know;
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(d)is independently developed by the receiving Party without use of the disclosing Party’s Confidential Information;
(e)is disclosed by the disclosing Party to a third party without restrictions similar to those in this Agreement;
(f)is approved in writing by the disclosing Party for disclosure; or
(g)is required by law to be disclosed, provided that the receiving Party provides the disclosing Party as much notice as is practicable under the circumstances of such requirement prior to disclosure.

8.4     Return of Confidential Information.  All Confidential Information must be returned to the disclosing Party or destroyed when this Agreement terminates.  However, if the License survives after this Agreement terminates, any Confidential Information necessary to exercise Harman’s rights under the License may be retained after this Agreement terminates, but must be returned or destroyed when the License terminates.

8.5     Injunctive Relief.  Because unauthorized use or disclosure of Confidential Information may result in immediate and irreparable injury to a disclosing Party for which monetary damages may not be adequate, the disclosing Party will be entitled to equitable relief, including temporary and permanent injunctive relief and specific performance to cease or prevent the receiving Party or any officer, director, employee, agent, or subcontractor of that receiving Party from disclosing or using the Confidential Information in violation of this Agreement.  The disclosing Party will also be entitled to recover any pecuniary gain the receiving Party realizes from the unauthorized use or disclosure of the disclosing Party’s Confidential Information.  The rights in this Article VIII are in addition to any other rights a Party may have under this Agreement or under applicable law.

8.6     Duration.  The obligations in this Article VIII will survive for each item of Confidential Information until the earlier of (1) the date when the item ceases to be Confidential Information of the disclosing Party, provided that the receiving Party is not in breach of this Article VIII, or (2) the third anniversary of the termination of this Agreement.

Article IX
TERM AND TERMINATION

9.1     Term.  The term of this Agreement will commence on the Effective Date and, unless it is terminated under Section 9.2 or Section 9.3, will expire on the twentieth anniversary of the Effective Date.

9.2     Mutual Termination.  Except as provided in Section 9.3, this Agreement may be terminated only with the written consent of both Parties.

9.3     Unilateral Termination.
(a)By Harman.  Harman may terminate this Agreement, effective on the seventh anniversary of the Effective Date or the fourteenth anniversary of the Effective Date.  To exercise its right to terminate under this Section 9.3(a), Harman must deliver a written notice of termination to Bowers not less than 365 calendar days before the effective date of termination.
(b)By Bowers.
(i)Bowers may terminate this Agreement, effective on the seventh anniversary of the Effective Date; provided, however if the annual Royalties earned by Bowers during any twelve (12) month period during the first six (6) Years after the Effective Date arc greater than [...***...], Bowers may not unilaterally 
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terminate this Agreement pursuant to this Section 9.3(b)(i).  To exercise its right to terminate under this Section 9.3(b)(i), Bowers must deliver a written notice of termination to Harman not less than 365 calendar days before the effective date of termination.
(ii)Bowers may terminate this Agreement, effective on the fourteenth anniversary of the Effective Date; provided, however, if the annual Royalties earned by Bowers during any twelve (12) month period during the first six (6) Years after the seventh anniversary of the Effective Date are greater than [...***...], Bowers may not unilaterally terminate this Agreement pursuant to this Section 9.3(b)(ii).  To exercise its right to terminate under this Section 9.3(b)(ii), Bowers must deliver a written notice of termination to Harman not less than 365 calendar days before the effective date of termination.

9.4     Effect of Termination.  If this Agreement is terminated or expires, Harman’s appointment as Bowers’ exclusive representative for the OEM Market will immediately terminate, but the License will continue for a period sufficient to permit Harman to meet its obligations to OEMs under programs in production at the time of termination.  Harman’s obligations to pay Royalties will continue for as long as the License is in effect.

Article X
REPRESENTATIONS, WARRANTIES AND INDEMNITY

10.1      General Representations and Warranties by Bowers.  Bowers represents and warrants to Harman as follows.
(a)Bowers has all requisite corporate power and authority to enter into this Agreement, and to consummate the transactions contemplated by this Agreement.  This Agreement, the execution, delivery, and performance of this Agreement, and the consummation of the transactions contemplated by this Agreement have been validly authorized by all necessary corporate action.
(b)This Agreement has been validly executed and delivered by Bowers and constitutes a binding agreement of Bowers.
(c)Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated by this Agreement requires Bowers to (A) make any filing with, (B) give any notice to, or (C) obtain any authorization, consent, approval, or older from any government or any unit or agency of any government, including any commission, court, or other authority.
(d)Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated by this Agreement will:
(i)     conflict with or result in any violation of any provision of Bowers’ organizational or governing documents;
(ii)     conflict with or result in any violation of any applicable laws or other legal requirements; or
(iii)     result in any breach or violation of any loan, credit agreement, guarantee of indebtedness, note, bond, mortgage, indenture, lease, agreement, contract, purchase order, sales order, instrument, permit, concession, franchise, right or license binding upon Bowers or any of its assets (collectively, “Bowers Contracts”); or
(iv)     require the consent of any other party under any Bowers Contract.
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10.2     Intellectual Properly.  Bowers owns or holds licenses to the rights for the use of the Licensed IP in the Field of Use granted in this Agreement, including the right to grant licenses or sublicenses.  Bowers has the right to grant the License to Harman, including the right to grant sublicenses under any Licensed IP held by Bowers under license from a third party.  Bowers is not aware of any claims that the Licensed IP is owned by or infringes the rights of third parties and does not believe any such claims exist.  Bowers is not aware of any infringement or threats of infringement by third parties of its intellectual property in the Field of Use.  No other licenses o rights granted by Bowers exist regarding Licensed IP in the Field of Use.  Bowers is not aware of any unauthorized use of the Licensed IP in the Field of Use.

10.3     Contacts with OEMs.  Bowers has fully disclosed to Harman any license or other agreement it has entered into with any OEM, including any purchase order or similar document issued by any OEM.  Bowers has fully disclosed to Harman any material communications between Bowers and any OEM since January 1, 2007.  Bowers has fairly described to Harman any material communications between Bowers and any OEM between January 1, 2005 and December 31, 2006.

10.4      General Representations and Warranties by Harman.  Harman represents and warrants to Bowers as follows.
(a)Harman has all requisite corporate power and authority to enter into this Agreement, and to consummate the transactions contemplated by this Agreement.  This Agreement, the execution, delivery, and performance of this Agreement, and the consummation of the transactions contemplated by this Agreement have been validly authorized by all necessary corporate action.
(b)This Agreement has been validly executed and delivered by Harman and constitutes a binding agreement of Harman.
(c)Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated by this Agreement requires Harman to (A) make any filing with, (B) give any notice to, or (C) obtain any authorization, consent, approval, or order from any government or any unit or agency of any government, including any commission, court, or other authority.
(d)Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated by this Agreement will:
(i)     conflict with or result in any violation of any provision of Harman’s organizational or governing documents;
(ii)     conflict with or result in any violation of any applicable laws or other legal requirements; or
(iii)     result in any breach or violation of any loan, credit agreement, guarantee of indebtedness, note, bond, mortgage, indenture, lease, agreement, contract, purchase order, sales order, instrument, permit, concession, franchise, right or license binding upon Harman or any of its assets (collectively, “Harman Contracts”); or
(iv)     require the consent of any other party under any Harman Contract.

10.5     Survival.  The representations and warranties contained in this Article X will survive the execution and delivery of this Agreement indefinitely.

10.6     Indemnification.    
(a)Bowers will indemnify, defend, and hold Harman harmless against any claim, damage, loss, cost, or expense arising out of or related to any breach of the representations and warranties contained in Section 10.1 and 10.2.
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(b)Harman will indemnify, defend, and hold Bowers harmless against any claim, damage, loss, cost, or expense arising out of or related to any breach of the representations and warranties contained in Section 10.4.
(c)Harman will indemnify, defend, and hold Bowers harmless against any claim, damage, loss, cost, expense or liability resulting from (i) any third-party product liability claim asserted against Bowers arising out of the sale of Bowers Products or (ii) any claim asserted against Bowers by an unrelated third party arising out of or related to workmanship, manufacturing or the fitness of Bowers Products.
(d)If the Licensed IP is held, or is reasonably likely to be held, to be infringing upon the intellectual property rights of a third party, then Bowers will have the following options.
(i)     Bowers may procure for Harman the right to continue using the Licensed IP as licensed under this Agreement.
(ii)     Bowers may replace or modify the Licensed IP with equivalent non-infringing technology.

Article XI
TRANSFERABILITY

11.1     Transferability.  Subject to Section II.2, this Agreement and the separate rights granted in this Agreement may not be Transferred without the prior written consent of all Parties except as otherwise provided in this Agreement.  As used in this Agreement, the term “Transfer” (as a verb) means to assign, license, or transfer in any manner, directly or indirectly, or to engage in any transaction or series of transactions that has the effect of a transfer or assignment.  Corresponding versions of the term “Transfer” have corresponding meanings.  Without limiting the generality of the definition of the term “Transfer,” any of the following types of transactions will constitute a “Transfer” under this Agreement:
(a)any direct or indirect assignment; sale, or transfer;
(b)any contribution to the capital of another person;
(c)any transaction which constitutes a change in control, whether by sale of stock, merger, share exchange, recapitalization, or other similar transaction (a “Change in Control”) of a Party; and
(d)any Change in Control of a subsidiary or affiliate of a Party if that subsidiary or affiliate has any rights or obligations under this Agreement.

11.2     Permitted Transfers.  A Transfer of this Agreement and the separate rights granted in this Agreement by a Party (the “Transferring Party”) shall not require the prior written consent of the other Party in the following circumstances:
(a)a sale by the Transferring Party of substantially all of its business and assets;
(b)any contribution to the capital of another person;
(c)any transaction which constitutes a change in control, whether by sale of stock, merger, share exchange, recapitalization, or other similar transaction (a “Change in Control”) of a Party; and
(d)any Change in Control of a subsidiary or affiliate of a Party if that subsidiary or affiliate has any rights or obligations under this Agreement.

11.3     Sublicensing by Harman.  Nothing in this Article XI will limit Harman’s rights to grant sublicenses as described in Section 3.2 PROVIDED THAT, for the avoidance of doubt, Section 3.11 shall apply at all times.
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11.4     Confirmation of Agreement.  If either Party proposes to Transfer this Agreement, it must obtain the written agreement of the proposed Transferee to be bound by all of the terms and conditions of this Agreement, including Article XIV.

Article XII
NOTICES

12.1     Form of Notice; Address for Notice.  All notices required to be given under this Agreement will be given in writing and will be sent by recognized overnight express mail service, by facsimile transmission (with a confirming copy sent by regular mail or overnight delivery), or by email (with a confirming copy sent by overnight delivery) to the Parties at the addresses below.
If to Bowers to:
Joseph V. Atkins 
B&W Group Ltd. 
54 Concord St. North Reading, MA 01864
Tel: [...***...] 
Fax: [...***...]
email: [...***...]

With a copy to:

Peter Coats 
Radeliffes LeBrasseur Solicitors 
55 Great College Street 
Westminster 
London SW1P 3SJ 
Tel: [...***...] 
Fax: [...***...] 
email: [...***...]

If to Harman:
Phil Eyler 
Senior Vice President & General Manager 
Harman Becker Automotive Systems, Inc. 
28845 Cabot Drive 
Novi, Michigan USA 48377 
phone: [...***...] 
fax: [...***...] 
email: [...***...]

With a copy to:
Harman International Industries, Incorporated 
Attn: General Counsel 
400 Atlantic Street, 15th Floor 
Stamford, Connecticut USA 06901
Any Party may change its address for notice by delivery of a notice to the other Party which complies with this Section 12.1.

12.2     Date of Notice.  The effective date of any notice sent pursuant to Section 12.1 will be: (i) the date given if delivered by hand, by facsimile transmission, or by email (with a confirming copy by first class mail) before 5:00 p.m., local time at the recipient’s address; (ii) the day after delivery, if delivered by hand, by facsimile transmission, or by email (with a confirming copy by first class mail) after 5:00 p.m., local time at 
15

the recipient’s address; (iii) the day after delivery by the sender to an internationally recognized overnight delivery service.

Article XIII
FILING AND PROSECUTION OF APPLICATIONS

13.1     Copyright and Trademark Applications.  Upon written request from Harman, and at Harman’s expense, Bowers will use its best efforts to secure and maintain registrations for any trademarks or copyrights licensed under this Agreement under the federal laws of the United States, the laws of any state or under the laws of any foreign jurisdiction.  Bowers will consult with Harman in connection with any such registration.  Harman will provide Bowers with such reasonable assistance as Bowers may require in connection with any such registration.

13.2    Patent Applications Harman will have the right to file, prosecute and maintain any patents covering the Licensed IP and Improvements and further applications, at Harman’s expense, in Bowers’ name and in any jurisdiction in which Bowers has not already obtained such protection.  Upon written request from Harman, Bowers will provide Harman with such reasonable assistance as Harman may require in connection with any such filing, including but not limited to expert technical consultation, without charge to Harman.  Within thirty days after receipt of such written request, Bowers will disclose to Harman all information in its possession pertaining to the invention for which a patent application is to be filed which may be necessary or useful for the preparation and filing of patent applications for the protection of such invention.

Article XIV
GENERAL

14.1    Business Review Meetings.  Designated representatives of each of the Parties will meet not less than two (2) times per Year on a mutually acceptable date and time and at a mutually acceptable location in order to conduct a business review of the Parties obligations under this Agreement.  The agenda for each meeting will be prepared by Bowers and distributed to Harman for comment not less than 10 days before of any scheduled meeting.

14.2    Governing Law; Jurisdiction; Venue.  This Agreement will be governed by, and interpreted and construed in accordance with, the internal laws of the state of New York in all respects, without regard to its conflict of laws provisions.  Any action regarding any dispute arising out of this Agreement must be commenced in the New York State courts sitting in New York County or in the United States District Court for the Southern District of New York.  Each of the Parties submits to the jurisdiction of, and consents to venue in, such courts.

14.2    Severability.  The invalidity of any provision of this Agreement will not affect the validity of any other provision of this Agreement.

14.3    Complete Agreement.  This Agreement constitutes the entire agreement of the Parties regarding this subject matter and supersedes any and all prior or contemporaneous oral or written agreements, understandings, negotiations or discussions among the Parties regarding this subject matter.

14.5    Amendment and Waiver.  Any amendments or other modifications to this Agreement must be made in writing and must be duly executed by an authorized representative or agent of each Party.  No waiver of any provision of this Agreement will be enforceable unless in writing and signed by the Party against whom it is sought to be enforced.

14.6    Counterparts.  This Agreement may be executed in multiple counterparts, each of which will be deemed to be an original, and all such counterparts will constitute but one instrument.
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14.7    Remedies.  In any litigation or other action to enforce any provision of this Agreement, in addition to any other rights it may have under this Agreement, each Party will be entitled to seek temporary and permanent equitable remedies in court as appropriate to enjoin any patent, copyright, trade secret and know-how infringement or enjoin any unauthorized use or dissemination of the other Party’s patents, copyrights, trade secrets, know-how or Confidential Information.

SIGNATURES ON NEXT PAGE

The Parties have each caused their authorized representatives to sign this Agreement as of the Effective Date.
						
	Harman
Harman International Industries, Incorporated	Bowers

	By: /s/ Michael Mauser 
            (Signature)
           Michael Mauser 
          (Printed name)

Its: Executive Vice President, President Lifestyle Division 
     (Title)
	By: /s/ Joe Atkins 
         (Signature)
        Joe Atkins 
      (Printed name)

Its: Chairman 
     (Title)

SIGNATURE PAGE 
TECHNOOGY LICENSE AGREEMENT 
BETWEEN HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED 
AND B&W GROUP LTD.

17Document

Exhibit 10.14
***  Certain identified information has been omitted from this exhibit because it is both (i) not material and (ii) of the type that the Registrant treats as private or confidential. Such omitted information is indicated by brackets (“[...***...]”) in this exhibit. ***

Amendment No. 1 to License Agreement
This Amendment No. 1 (“Amendment”) to the License Agreement (“License Agreement”) by and between Harman International Industries, Incorporated (“Harman”) and B&W Group Ltd. (“Bowers”), made effective as of October 1, 2014, is entered into and made effective as of October 13, 2020 (“Amendment Effective Date”).  All capitalized terms used herein that are not specifically defined shall have the meaning prescribed in the License Agreement.  As used herein, references to “Party” or “Parties” shall mean Harman and/or Bowers, as the context requires.

RECITALS
WHEREAS, Harman and Bowers are parties to the License Agreement; and
WHEREAS, the Parties acknowledge that certain circumstances have changed, and that it is in their mutual interest to amend the License Agreement in accordance with the provisions of this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants and promises set forth in the Agreement and this Amendment, the Parties hereby agree as follows:

1.AMENDMENTS.

a.Background
i.Section E of the Background is hereby deleted and replaced with the following:
1.Bowers wishes to expand its participation in the automotive branded audio system original equipment manufacturer market (the “OEM Market”).

b.Definitions: The following definition in Section 1.1 is hereby deleted and replaced with the following:
i.“Approved OEMs’’ means [...***...] and any other OEM brand or nameplate designated as an “Approved OEM” by the written agreement of Bowers and Harman.  For the avoidance of doubt, Harman may offer, market and/or sell Bowers Products to any and all of the Approved OEMs without any other approval from Bowers, without prejudice to Section 2.1(d).

c.Marketing
Section 2.1(a)(ii) and (iii) are hereby deleted.  The following clause is hereby added to Section 2.1(a) as a new paragraph:
Notwithstanding anything in this Agreement to the contrary, to the maximum extent permitted by applicable law, Bowers shall use commercially reasonable efforts to promptly to direct OEM inquiries and communications that it receives, and that involve automotive matters, to Harman, provided that Bowers’ failure to so direct such inquiries and communications shall not be deemed a breach of this Agreement .  For clarity, the preceding sentence does not place restrictions on Bowers’ discussions with OEMs to the extent they do not involve automotive matters.
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d.Royalties
i.The following paragraphs are hereby added to the end of Section 4.1:
Notwithstanding anything in this Agreement (or any amendment to this Agreement) to the contrary, the per Unit royalties charged by Bowers to Harman, in relation to Units manufactured under the BMW ALEV-3 (Audio Level 3) program, as designated by BMW (the “BMW ALEV-3 Program”) pursuant to and in accordance with this Agreement, shall be a flat fee of [...***...] per Unit (the “BMW ALEV-3 Royalties”).  For clarity:
a.the aforementioned BMW ALEV-3 Royalties replace all amounts that would otherwise be payable under this Section 4.1 and this Agreement generally (including any amendments thereto) in relation to Units manufactured under the BMW ALEV-3 Program pursuant to and in accordance with this Agreement only, including without limitation, the Minimum Royalty; and
b.nothing in this Agreement shall amend any amounts that would otherwise be payable under this Section 4.1 and this Agreement generally (including any amendments thereto) in relation to any Units sold by Harman pursuant to this Agreement other than Units manufactured under the BMW ALEV-3 Program, including without limitation, the Minimum Royalty.
ii.Section 4.2 is hereby deleted and replaced with the following:
Minimum Royalty Amount Harman agrees that, should it fail to pay an amount totaling at least [...***...] in cumulative Royalties and BMW ALEV-3 Royalties, (the “Minimum Royalty Amount”) to Bowers over the period commencing on the Amendment Effective Date and ending on September 30, 2028 (the “Minimum Royalty Term”) taking into consideration all payments made by Harman to Bowers and set-offs against the Total Royalty Credit (as defined below) in accordance with the quarterly royalty payment provisions set out in Section 4.4 then, within thirty (30) days after the end of the Minimum Royalty Term:
(i)Harman may deduct from the remaining amount, if any, of the Total Royalty Credit (as defined below) any shortfall between the Minimum Royalty Amount and the amount actually paid by Harman (including those amounts set-off against the Total Royalty Credit) within the Minimum Royalty Term, (the “Shortfall”); or
(ii)if no amount is remaining in respect of the Total Royalty Credit, or if the remaining amount of Total Royalty Credit is less than the Shortfall, Harman may pay the Shortfall (or any remaining amount of the Shortfall after any deduction of the Shortfall from the outstanding Total Royalty Credit pursuant to Section 4.2(i) above) to Bowers in cash to such account as Bowers may direct (from time to time).
If the Shortfall is not set-off and/or paid by Harman within the thirty (30) day period set forth above and in accordance with Section 4.2(i) and/or (ii) above, Bowers, for a period of ninety (90) days thereafter, will be entitled to terminate the Agreement by serving written notice of termination to Harman not less than twelve (12) calendar months before the effective date of termination provided always that upon termination by Bowers in these circumstances Bowers shall only be obliged to pay to Harman any amount 
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remaining outstanding as at the date of termination in respect of the Total Royalty Credit.
iii.A new Section 4.3 is hereby added as follows and original Sections 4.3 (Quarterly Royalty Payments) and 4.4 (No Double-Counting) are hereby re-numbered as Sections 4.4 and 4.5, respectively:
Royalty Prepayment.  Following the Amendment Effective Date, subject to the delivery of the Guarantee to Harman in accordance with Section 15 below, and pursuant to Section 4.4 below, Bowers will invoice Harman, and Harman will pay to Bowers in cash, a prepayment in respect of Royalties and BMW ALEV-3 Royalties of [...***...] (“Royalty Prepayment”).  The Royalty Prepayment will be paid as follows:
•[...***...] within five (5) business days after Bowers delivers an invoice to Harman requesting payment of such amount, (the “First Royalty Prepayment”); and
•[...***...] on October 22, 2020, or such later date as is agreed between the Parties in writing, (the “Second Royalty Prepayment”), subject to receipt by Harman of an invoice from Bowers in respect of such amount prior to October 15, 2020 or such later date as is agreed between the Parties in writing.
The First Royalty Prepayment and the Second Royalty Prepayment shall be paid in United States dollars and made by way of wire transfer in accordance with the following wire instructions:												
	Account Name:	[...***...]
	Bank Account No	Sort Code	SWIFT	IBAN
	[...***...]	[...***...]	[...***...]	[...***...]
	Bank Name and Address: [...***...] [...***...]

Bowers shall email its invoices for the First Royalty Prepayment and the Second Royalty Prepayment to all off the following Harman email addresses:
[...***...]; [...***...]; and [...***...]
As additional consideration for Harman agreeing to prepay royalties through the Royalty Prepayment, Bowers agrees that Harman will receive [...***...] of prepaid royalty credit (“Prepaid Royalty Credit”), provided that both the First Royalty Prepayment and Second Royalty Prepayment are made by Harman to Bowers as set out above.  The Prepaid Royalty Credit shall be automatically credited to Harman on receipt by Bowers of the Second Royalty Prepayment, bringing the total prepaid royalty credit value for Harman’s benefit to [...***...], (“Total Royalty Credit”).
For the avoidance of doubt, Harman shall not be entitled to the Prepaid Royalty Credit in or during any of the following circumstances: (i) before the First Royalty Prepayment is received by Bowers; and (ii) during the period between receipt by Bowers of the First Royalty Prepayment and receipt by Bowers of the Second Royalty Prepayment; and (iii) if Harman fails to make the Second Royalty Prepayment.  During (i) above, the Total Royalty Credit shall equal [...***...], and during (ii) or in the case of either (iii) above, the Total Royalty Credit shall equal [...***...].
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Ongoing Royalties and BMW ALEV-3 Royalties will be credited against the Total Royalty Credit after the Amendment Effective Date in the manner described in Section 4.4 below.
In the event that the Total Royalty Credit is not repaid by Bowers to Harman through credits against ongoing Royalties and BMW ALEV-3 Royalties during the term of this Agreement, any remaining amount of the Total Royalty Credit (except for the Disputed Credits, if any) will be paid in cash by Bowers to Harman within one hundred and twenty (120) days of the expiry of the term of this Agreement in accordance with Section 9.1 of this Agreement below, or the termination of this Agreement pursuant to Section 9.2 or Section 9.3(a) (the “Original Termination Date”).  In the event any remaining amount of the Total Royalty Credit is not repaid to Harman (except for the Disputed Credits, if any), the term of this Agreement (including but not limited to Harman’s exclusive license rights as described in this Agreement) shall automatically extend for such period of time until:
(i)any undisputed portion of the remaining amount of the Total Royalty Credit is repaid; and
(ii)where there are any Disputed Credits that are remedied to Bowers’ satisfaction (acting reasonably) within 60 days of the Disputed Credit Notice Date, until such Disputed Credits are repaid.  In relation to item (ii) immediately above, the term of this Agreement shall not be extended in relation to Disputed Credits and Bowers will not be under any obligation to pay Disputed Credits that have not been remedied to Bowers’ satisfaction (acting reasonably) within 60 days of the Disputed Credit Notice Date.
For purposes of this Section 4.3 (as amended): (a) the term “Disputed Credits” shall mean all or any portion of the Total Royalty Credit that is in dispute between the Parties due to any act, omission or breach of this Agreement by Harman that occurred not more than four (4) full Quarters prior to the Original Termination Date (except for any act, omission or breach committed by Harman by fraud or with willful concealment, in which event there is no time limit for when Bowers may base its dispute on such act, omission or breach), and which act, omission or breach has not been remedied by Harman to Bowers’ satisfaction (acting reasonably) within sixty (60) days of the Disputed Credit Notice Date; and (b) the term “Disputed Credit Notice Date” shall mean the notice provided by Bowers to Harman describing the nature and circumstances of the act, omission or breach of this Agreement by Harman that is the basis for Bowers disputing the amount of the Total Royalty Credit, which notice should be provided to Harman within thirty (30) days after the Original Termination Date.  Furthermore, Bowers shall state the amount of the Total Royalty Credit that it disputes based on Harman’s act, omission or beach of this Agreement.  Any Disputed Credit that is remedied by Harman to Bowers’ satisfaction (acting reasonably) within the period prescribed above shall be paid by Bowers within one hundred eighty (180) days after the Disputed Credit Notice Date.
iv.The following sentences are hereby added immediately after the second sentence of original Section 4.3 (Quarterly Royalty Payments), which is hereby renumbered as Section 4.4:
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However, from the Amendment Effective Date and until September 30, 2028, the Total Royalty Credit will be applied to discharge fifty percent (50%) of the full amount of the Royalties and BMW ALEV-3 Royalties due each Quarter after the Amendment Effective Date, and from and after October 1, 2028, any remaining Total Royalty Credit will be applied to discharge seventy-five percent (75%) of the full amount of the Royalties and the BMW ALEV-3 Royalties due each Quarter until the Total Royalty Credit is repaid (after which the full amount of any Royalties and BMW ALEV-3 Royalties due shall be payable each Quarter).  For the avoidance of any doubt, the terms of this License and, in particular, the application of the First Royalty Prepayment, the Second Royalty Prepayment and the Total Royalty Credit (as appropriate) shall be effective and binding on any successor in interest and/or title to the Bowers Technology and the Bowers Marks, including without limitation any receiver, insolvency administrator, trustee or similar.

e.Unilateral Termination
i.Section 9.3(a) is hereby deleted and replaced with the following:
a.By Harman. Harman may terminate this Agreement, effective on the fourteenth anniversary of the Effective Date. To exercise its right to terminate under this Section 9.3(a), Harman must deliver a written notice of termination to Bowers not less than 365 calendar days before the effective date of termination

ii.Sections 9.3(b)(i) and 9.3(b)(ii) are hereby deleted in their entirety. Bowers hereby waives its right to terminate the Agreement under Section 9.3(b)(i) of the Agreement (prior to its deletion as aforementioned) that may have existed on or before the Amendment Effective Date.

f.Effect of Termination
i.Section 9.4 is hereby deleted and replaced with the following:
If this Agreement is terminated or expires, Harman’s appointment as Bowers’ exclusive representative for the OEM Market will immediately terminate, but the License will continue for a period sufficient to permit Harman to meet its obligations to OEMs under all programs that are either (i) in production; or (ii) that have been awarded and which are in pre-production, in each case at the time of termination. Harman’s obligations to pay the Royalties and the BMW ALEV-3 Royalties will continue for as long as the License is in effect.

g.Initial Disclosure
i.The third sentence of Section 6.1 is hereby deleted and replaced with the following:
(i)Bowers will promptly disclose any material Improvements specifically related to the Bowers Products developed by Bowers (“Bowers Improvements”) after the date of this Agreement upon reasonable request by Harman.
5

h.Assistance and Collaboration
i.The following Section 7.2 is hereby added to Article VII: 
(i)General Collaboration.  Bowers will use reasonable endeavours to reasonably collaborate with Harman to secure additional distribution with Approved OEMs in the OEM Market, including undertaking reasonable marketing and brand-building activities requested by Harman and subject to reimbursement from Harman of the costs (pre-approved by Harman) of such requested activities. For the purpose of promoting the Bowers Products, upon Harman’s request and free-of-charge to Harman, Bowers agrees to provide Harman with access to and use of existing Bowers marketing assets (such as marketing videos, brochures, etc.) to the extent that these are relevant to the Bowers Products only and to make Bowers technicians and other appropriate employees available to Harman for brand immersion events, training events or the like, in each case as agreed between the Parties in writing. Bowers agrees that Harman and/or the Approved OEMs may purchase Bowers Consumer Products, for marketing or promotion of the Bowers Products, from time to time at such discounted prices as are consistent with pricing offered by Bowers to Harman prior to the Amendment Effective Date. The Parties agree to negotiate in good faith regarding any reasonable amendments to Section IV (Royalties) if such amendments are necessary to secure such additional distribution with Approved OEMs.

i.Transfers
i.A new Section 11.3 shall be added which reads as follows (and the current Section 11.3 (Sublicensing by Harman) is renumbered as Section 11.4, and the current Section 11.4 (Confirmation of Agreement) is renumbered as 11.5):
Sale to Competitor. Where a transfer comprises the direct sale of the entire issued share capital of     Bowers, or the sale of all or substantially all of the assets and business of Bowers to a Competitor (as defined below) of Harman (a “Competitor Transfer”), then Harman shall have the right (but not the obligation) to elect to be repaid:
(a)such amount (if any) of the First Prepayment Amount and/or Second Prepayment Amount; and
(b)assuming that both the First Royalty Prepayment and Second Royalty Prepayment have been made by Harman to Bowers pursuant to Section 4.3 above, if such Transfer occurs
(i)on or after October 1, 2028, such amount (if any) of the Prepaid Royalty Credit; or
(ii)on or prior to September 30, 2028, a pro-rata amount of the Prepaid Royalty Credit apportioned to such period from the Amendment Effective Date until the month in which the date of the Transfer occurs, with such apportionment being made on the basis that such Prepaid Royalty Credit is applied equally on a monthly basis over the period from the Amendment Effective Date until September 30, 2028, (for the avoidance of doubt, the longer the duration between the Amendment Effective Date and the month in which the Competitor Transfer occurs, the greater the pro-rata amount of the Prepaid Royalty Credit),
in each case, that remains outstanding (taking into account all payments made by Harman to Bowers and set-offs made against the Total Royalty Credit (as defined above) in accordance with the quarterly royalty payment provisions set out in Section 4.4 on the date such Competitor Transfer occurs.
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In the event that such option is exercised by Harman, Bowers will pay the amounts owing to Harman pursuant to this option in cash to such account as Harman may direct (from time to time) within sixty (60) days of the day on which such Competitor Transfer is completed. For the avoidance of doubt, any outstanding Total Royalty Credit shall be extinguished to the extent repaid by Bowers in accordance with this Section 11.3. For purposes of this Section 11.3, the term “Competitor” shall mean any of:
(1)any entity that is a tier-1 automotive supplier, such as but not limited to, [...***...];
(2)any entity that is a trademark licensor (in respect of audio-related trademarks such as [...***...]), to an OEM or a tier-1 automotive supplier; or
(3)any entity that manufactures, distributes, sells and markets consumer audio products, such as but not limited to [...***...].
ii.Current Section 11.4 (Confirmation of Agreement) that is renumbered as 11.5 is hereby deleted and replaced with the following:
Confirmation of Agreement. If either Party proposes to assign this Agreement to any third party, it must obtain the written agreement of the proposed assignee to be bound by all of the terms and conditions of this Agreement, including Article XIV.

j.NOTICES. Under Section 12.1, the address involving Mr. Phil Eyler is hereby revised to the following:
Frank Moffa
SVP & GM, Car Audio SBU, 
General Management Harman Becker Automotive Systems, Inc. 
30001 Cabot Drive Novi, Michigan 48377 
Email: [...***...]
With a mandatory copy to: [...***...]

k.Guarantee
A new Section 15 ‘GUARANTEE’ shall be added and shall read as follows:
Bowers shall procure that the form of guarantee as agreed between the Parties and a copy of which is appended to this Agreement (the “Guarantee”), be entered into by Sound United, LLC (the “Guarantor”) and delivered to Harman on the Amendment Effective Date.
If any claim is made against the Guarantor under the terms of the Guarantee for payment by the Guarantor of any Guaranteed Amount (as defined therein), each of the Parties agrees to provide the Guarantor with such information that the Guarantor may reasonably request so as to enable the determination of the outstanding balance of the Total Royalty Credit (if any) that represents the Guaranteed Amount at the relevant date (such date as set out in the Guarantee).

2.           MISCELLANEOUS. 
The Parties agree that the Agreement, as amended by this Amendment, is the complete and exclusive statement of the agreement between the Parties, superseding all proposals or prior agreements, oral or written, and all other communications between the Parties relating to the subject matter hereof.
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This Amendment and the Agreement will be governed by, and interpreted and construed in accordance with, the internal laws of the state of New York in all respects, without regard to its conflict of laws provisions. Any action regarding any dispute arising out of this Amendment and/or the Agreement must be commenced in the New York State courts sitting in New York County or in the United States District Court for the Southern District of New York. Each of the Parties submits to the jurisdiction of, and consents to venue in, such courts.
Except as amended by this Amendment, the Agreement continues in full force and effect. In the event of any conflicts between this Amendment and the Agreement, the terms of this Amendment shall prevail. 
[Signatures Appear on the Following Page]
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IN WITNESS WHEREOF, the Parties have duly executed this Amendment as of the Amendment Effective Date.
						
	B&W Group Ltd.
/s/ Scott St. Clair

Name: Scott St. Clair
Title: Director
Date: October 13, 2020
	Harman International Industries, Incorporated
/s/ Rajus Augustine

Name: RAJUS AUGUSTINE
Title: Sr. Director, Product Strategy & Planning

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