- 9 - RTA had been aware of EDS’s efforts to sell the TTS as early as January 1991, when RTA sent a memorandum to Charles White, a principal shareholder of TRI, warning of its interest in the TTS. Conclusion of the Lawsuit The lawsuit continued until the fall of 1992, when negotiations between RTA and EDS produced a settlement agreement (the settlement agreement), which the parties executed on December 24, 1992. The settlement agreement terminated the lawsuit and provided that EDS would pay RTA $2.1 million (the settlement amount). Payment of approximately one-half of the settlement amount was dependant upon successful completion of the TRI agreement. The remainder of the settlement payment was dependent on EDS' making future sales of products, equipment, or intangible rights. The parties executed an addendum to the settlement agreement in February 1993, which granted RTA an option to purchase all products or services of EDS at the lowest prices offered by EDS to other purchasers, as well as a territory in which RTA would have marketing rights for future sales of the tire transformation system technology. Continued Development of the TTS EDS and TRI continued to develop the TTS over the next several years (1993-95). Nevertheless, as of the date of trial of this case, the TTS had not been placed into service, and, consequently, RTA had received no reimbursement as a result of the settlement agreement.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
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