VG » Topics » Subsequent Settlement

This excerpt taken from the VG 8-K filed Oct 12, 2007.

Subsequent Settlement

The MOU also provides that in the event that the Company enters into a patent license agreement or other settlement agreement (the “Settlement Agreement”) in its ongoing patent infringement litigation with Verizon Services Corp., Verizon Laboratories Inc., and Verizon Communications, Inc., then Sprint, at its option, may elect to accept the terms and conditions of the Settlement Agreement in lieu of the terms and conditions of the MOU (the “Election Provision”). However, Sprint shall not be entitled to the financial terms of the Settlement Agreement for any funds paid to Verizon after the one-year period following the execution of the MOU, and the Election Provision will not apply to the extent that there are objective material adverse changes in the Verizon litigation.

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