Glu Mobile (GLUU) Extends Licensing Agreement with Kim Kardashian West
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Glu Mobile (NASDAQ: GLUU) disclosed the following in a U.S. SEC filing on Thursday:
Item 1.01 Entry into a Material Definitive Agreement
On September 16, 2016, Glu Mobile Inc. (“Glu”) and Kimsaprincess, Inc. (“KAP”), Kim Kardashian West’s corporation, entered into Amendment No. 3 (the “Amendment”) to their existing License Agreement dated as of November 5, 2013, as amended by that certain Amendment No. 1 dated June 13, 2014 and that certain Amendment No. 2 dated September 2, 2014 (the “Agreement”).
Pursuant to the Amendment, Glu and KAP agreed to extend the term of the Agreement (the “Term”) by an additional year such that the Term is now scheduled to end on June 30, 2020. During the Term, Glu may elect to develop additional games (each, a “Game”) featuring Ms. Kardashian West in addition to continuing to develop updates for Glu’s existing Game, Kim Kardashian Hollywood. Once the Term ends, Glu is permitted to continue selling the Games it developed during the Term during a sell off period of 12 months.
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