Nautilus 2009 Annual Report Download - page 212
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14
3.3.4.
The Minimum Royalty during Initial Term shall be $75K/qtr., adjusted per § 3.2.
3.3.5.
The Initial Term shall cover the calendar years 2010 to 2013, inclusive.
3.4.
The
Strength Renewal Term
(for Nautilus Branded Strength Products and Accessories only)
3.4.1.
Royalty shall be calculated on Net Sales of Nautilus Branded (and Commercial Branded if not assigned) Strength
Products and Accessories.
3.4.2. Buyer shall pay Nautilus a royalty equal to 2% of Net Sales or the Minimum Royalty, whichever is greater in CY
2014 and CY 2015 and Buyer shall pay Nautilus a royalty equal to 5% of Net Sales or the Minimum Royalty,
whichever is greater beginning CY 2016 and thereafter.
3.4.3.
The Minimum Royalty for the Strength Renewal Term shall be $125K/qtr., adjusted per § 3.2.
3.4.4.
The Strength Renewal Term shall begin 1/1/2014 and terminate upon termination of this Agreement.
3.5.
The
Cardio Transition Term
(for Cardio Products only)
3.5.1.
The Cardio Transition Term shall begin 1/1/2014 and terminate on 12/31/2015.
3.5.2. Royalty shall be calculated on Net Sales of Nautilus Branded (and Commercial Branded if not assigned) Cardio
Products.
3.5.3.
Buyer shall pay Nautilus a royalty equal to 2% of all Net Sales or the Minimum Royalty, whichever is greater.
3.5.4.
Minimum Royalty for the Cardio Renewal Term shall be $75K/qtr., adjusted per § 3.2.
3.6.
The
Extended Patent Term
(for Cardio Products Only)
3.6.1. In the event Buyer avails itself of the Extended Patent Term of § 2.20, then Buyer shall pay Nautilus a royalty
equal to 2% of all Net Sales of those Cardio Products incorporating an invention of a Licensed Patent.
3.6.2.
There is no Minimum Royalty obligation for the Extended Patent Term license.