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On December 17, 2012, and
effective as of December 1, 2012, Emerson Radio Corp.
MSN and
Funai Corporation, Inc. ("Funai") entered into an amendment to the License
Agreement dated effective January 1, 2001, as amended, between the Company and
Funai (the "License Agreement"), under which the term of the License Agreement
was extended until March 31, 2015. The Agreement provides that Funai will
continue to manufacture, market, sell and distribute specified products
bearing the Emerson^® trademark to customers in the U.S. and Canadian markets.
Under the terms of the License Agreement, the Company receives non-refundable
minimum annual royalty payments of $3.75 million each calendar year ($937,500
per calendar quarter) and license fees on sales of products subject to the
License Agreement in excess of the minimum annual royalties.
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