Item 1.02 Termination of a Material Definitive Agreement.
Effective May 15, 2015, the joint venture of Patriot Scientific Corporation (the "Company") and Technology Properties Limited LLC ("TPL"), known as Phoenix Digital Solutions, LLC, a Delaware limited liability company ("PDS"), terminated the Amended Alliacense Services and Novation Agreement effective July 24, 2014 (the "Agreement") between PDS and Alliacense Limited LLC, a Delaware limited liability company ("Alliacense").
Under the Agreement, Alliacense was one of two companies that assist PDS with commercializing the Moore Microprocessor Patent portfolio (the "MMP Portfolio") through licensing and litigation on behalf of PDS, TPL, and the Company. The Agreement sets forth Alliacense's obligations and compensation in connection with its activities with respect to the MMP Portfolio. PDS terminated the Agreement due to Alliacense's failure to comply with its obligations under the Agreement.
The other licensing company, Dominion Harbor Group, LLC, continues to assist PDS with commercialization of the MMP Portfolio.
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