NF Roasters Corp. c/o Berjaya Corporation Berhad Lot 1.35 C&D, 1st Floor Podium Block, Plaza Berjaya No. 12 Jalan Imbi, 55100 Kuala Lumpur West Malaysia
Exhibit
10.2
NF
Roasters Corp.
x/x
Xxxxxxx Corporation Berhad
Xxx
0.00
X&X, 0xx
Xxxxx
Xxxxxx
Xxxxx, Xxxxx Xxxxxxx
Xx.
00
Xxxxx Xxxx, 00000 Xxxxx Xxxxxx
West
Malaysia
As
of
April 23, 2008
Nathan’s
Famous Systems, Inc.
0000
Xxx
Xxxxxxx Xxxx, Xxxxx 000
Xxxxxxxx,
Xxx Xxxx 00000
Gentlemen:
Reference
is made to the Stock Purchase Agreement dated April 23, 2008 by and among
Nathan’s Famous, Inc. (“Seller”), Roasters Asia Pacific (Cayman) Limited
(“Purchaser”) and NF Roasters Corp. (“Company”) (the “Stock Purchase
Agreement”). Except as otherwise expressly provided, all capitalized terms used
herein shall have the meanings ascribed to them in the Stock Purchase
Agreement.
In
accordance with Section 4.4 of the Stock Purchase Agreement, the Parties have
agreed that, simultaneously with the execution of the Stock Purchase Agreement,
Purchaser on the one hand and Seller or an affiliate of Seller on the other
hand
shall enter into a separate agreement (the “KRR Co-Brand License Agreement”) to
appoint NFSI (as defined below) as Company’s agent to enforce the terms and
conditions of the Sub-License Agreement (as defined below), including the
quality control requirements specified thereunder, and to appoint NFSI as a
licensee with the right to grant sub-licenses in respect of the Intellectual
Property Rights. The Parties acknowledge and agree that the Seller would not
execute, deliver and perform the Stock Purchase Agreement without the
simultaneous execution and delivery of this Agreement.
When
executed by Company and Nathan’s Famous Systems, Inc. (“NFSI”), an affiliate of
Seller, the following terms shall constitute the KRR Co-Brand License Agreement
(as described in Section 4.4 of the Stock Purchase Agreement). Consequently,
the
Company and NFSI hereby agree as follows:
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1.
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Company
hereby irrevocably assigns to NFSI, for so long as the license granted
hereunder shall remain in effect, all of Company’s right, title and
interest in and to the Sub-License Agreements to which the Company
is a
party; excluding however, any right, title and interest of the Company
as
set forth in Sections 4, 6 and 10(d)
thereof.
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2.
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Company
hereby grants a license to NFSI all of the Intellectual Property
Rights
which are necessary for NFSI to operate and/or authorize the operation
of
the KRR Co-Branded Locations pursuant to the terms set forth herein.
The
Company agrees to maintain and enforce all Intellectual Property
Rights
licensed to NFSI pursuant to this Agreement, and to keep all such
rights
in full force and effect, as Company deems necessary in Company’s sole and
absolute discretion in order to permit the operation of the KRR Co-Branded
Locations as presently operated.
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3.
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NFSI
shall be permitted to use or sublicense the use of the Intellectual
Property Rights in connection with the operation and/or authorization
of
the operation only of the KRR Co-Branded Locations as listed on Exhibit
A
hereto pursuant to the terms and conditions of the license agreements
between NFSI and the operators of such co-branded locations (“Sub-License
Agreements”) and for no other purpose.
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4.
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NFSI
is hereby appointed as Company’s agent with respect to all Sub-License
Agreements and NFSI agrees to enforce all of the terms and conditions
of
the Sub-License Agreements, including but not limited to the maintenance
of quality control; provided that in the event of any difference
between
the provisions of Section 2 of the Sub-License Agreements and the
Existing
Standards, the maintenance of quality control shall de deemed to
require
that the sub-licensees maintain the Existing Standards. In this regard,
NFSI will conduct periodic inspections of each location to ensure
that the
Existing Standards are being met and will send reports to Company
after
such inspections are conducted.
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5.
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NFSI
agrees that the KRR Co-Branded Locations will be operated by NFSI
and/or
the “Nathan’s Famous” and “Miami Subs” franchisees in compliance with the
Existing Standards, and that the KRR Co-Branded Locations will not
be
permitted to make any changes to the Existing Standards without Company’s
prior written consent (which will not be unreasonably withheld or
delayed). However, no KRR Co-Branded Locations shall have any obligation
to comply with any changes to the Existing Standards proposed or
suggested
by Company.
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6.
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As
between NFSI and Company, NFSI shall be solely responsible for all
franchise support owed to the operators of the KRR Co-Branded Locations,
and Company shall have no liability in connection
therewith.
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7.
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The
rights granted to NFSI hereunder shall continue for the term of the
Sub-License Agreements; provided that nothing shall obligate any
particular KRR Co-Branded Location to continue to use the Intellectual
Property Rights. If any such location ceases to use the Intellectual
Property Rights, the Sub-License Agreement for such location shall
be
deemed immediately terminated and NFSI shall ensure that the sub-licensee
shall terminate its use of the Intellectual Property Rights.
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8.
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No
franchise fees, royalties, product rebates or any other monies shall
be
due from NFSI (or its operators and suppliers) to Company in connection
with the continued operation of the Existing KRR Co-Branded
Locations.
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9.
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The
Company, its affiliates, successors and assigns shall have the right
to
use or license the Intellectual Property Rights at any location throughout
the world (“Company Location”) irrespective of whether any such Company
Location competes with an Existing KRR Co-Branded Location.
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10.
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This
Agreement shall be governed by, and construed in accordance with,
the
internal laws of the State of New York, without reference to the
choice of law or conflicts of law principles thereof. The parties
hereto
irrevocably submit to the jurisdiction of the state or Federal courts
located in Nassau County, New York in connection with any suit,
action or other proceeding arising out of or relating to this agreement
and the transactions contemplated hereby (including any claim for
injunctive relief), and hereby agree not to assert, by way of motion,
as a
defense, or otherwise in any such suit, action or proceeding that
the
suit, action or proceeding is brought in an inconvenient forum, that
the
venue of the suit, action or proceeding is improper or that this
agreement
or the subject matter hereof may not be enforced by such
courts.
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11.
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For
the purpose of facilitating the execution of this Agreement and for
other
purposes, this Agreement may be executed simultaneously in any number
of
counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one
and the
same instrument. Delivery of an executed counterpart of a signature
page
to this Agreement by facsimile shall be effective as delivery of
a
manually executed counterpart of this Agreement.
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Sincerely,
NF
Roasters Corp.
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||
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| By: | /s/Xxxxx Xxxx Xxxx Xxxx | |
|
Name: XXXXX XXXX XXXX XXXX |
||
| Title: DIRECTOR | ||
| Roasters Asia Pacific (Cayman) Limited | ||
| |
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| By: | /s/Xxxxxxx Xxx Kok Chuan | |
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Name: XXXXXXX XXX XXX XXXXX |
||
| Title: DIRECTOR | ||
Accepted
and agree to:
Nathan’s
Famous Systems, Inc.
By: /s/Xxxxx
Xxxxxxx
Name: XXXXX
XXXXXXX
Title: PRESIDENT
& COO
Nathan’s
Famous, Inc.
By: /s/Xxxx
Xxxxxx
Name: XXXX
XXXXXX
Title: CEO
Exhibit
A
KRR
Co-Branded Locations
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Host
Concept
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Location
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Nathan’s
Famous
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Lacey
Mall, 000 X. Xxxx Xxxxxx, Xxxxxx Xxxxxx, XX
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Nathan’s
Famous
|
Menlo
Park Mall, Edison, NJ
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|
Nathan’s
Famous
|
Mall
of America, Bloomington, MN
|
|
Nathan’s
Famous
|
000
0xx
Xxxxxx, Xxx Xxxx, XX
|
|
Nathan’s
Famous
|
0000
Xxxx Xxxx Xxx., Xxxx Xxxx, XX
|
|
Nathan’s
Famous
|
Xxxxx
Xxxxx Xxxx, Xxxxxx Xxxxxxx Xxxx, Xxxx Xxxxx, XX
|
|
Nathan’s
Famous
|
South
Shore Mall, 0000 Xxxxxxx Xxxxxxx, Xxx Xxxxx, XX
|
|
Nathan’s
Famous
|
Xxxxxx
Mall, 000 Xxxxx 000, Xxxxxx Xxxx, XX
|
|
Nathan’s
Famous
|
0X
Xxxx Xxxxxx, Xxxx Xxxxxxxx, XX
|
|
Nathan’s
Famous
|
000
X. Xxxx Xxxxxx Xxxxx, Xxxx Xxxxxxx, XX
|
|
Nathan’s
Famous
|
00-00
Xxxxxxx Xxxx., Xxxxxxx, XX
|
|
Nathan’s
Famous
|
Seton
Hall University, S. Orange Ave., S. Orange, NJ
|
|
Nathan’s
Famous
|
0000
Xxxxxxxx Xxx., Xxx Xxxx Xxxx, XX
|
|
Nathan’s
Famous
|
0000
Xxxxxxxx, Xxxxxxxx, XX
|
|
Nathan’s
Famous
|
0000
Xxxxxxxxx, Xxxxxxxx Xxxx, XX
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|
Nathan’s
Famous
|
Queens
Center, 00-00 Xxxxxx Xxxx., Xxxxxxxx, XX
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Nathan’s
Famous
|
Moorestown
Mall, 000 Xxxxx 00, Xxxxxxxxxx, XX
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Nathan’s
Famous
|
Willowbrook
Mall, 0000 Xxxxxxxxxxx Xxxx, Xxxxx, XX
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Nathan’s
Famous
|
Freehold
Raceway Mall, 0000 Xxxxx 0, Xxxxxxxx, XX
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|
Nathan’s
Famous
|
Palms
Casino Resort, 0000 X. Xxxxxxxx Xx., Xxx Xxxxx, XX
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Nathan’s
Famous
|
Xxxxxxxxx
Xxxx, 0000 Xxxxxxxx, Xxx Xxxx, XX
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|
Nathan’s
Famous
|
Xxxxxxx
Xxxx, 0 Xxxxxxx Xxx, Xxxxxxxxxx, XX
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|
Nathan’s
Famous
|
000
Xxxxxxx Xxxxx Xxxxxxx, Xxxxxxx, XX
|
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Nathan’s
Famous
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Pembroke
Lakes Mall, 00000 Xxxxx Xxxx., Xxxxxxxx Xxxxx, XX
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Nathan’s
Famous
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Orlando
Int’l Airport, Landside, Orlando, FL
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Nathan’s
Famous
|
Xxxxxxxxxx
Xxxxxx Xxxxx, Xxxxxxxxxx 00, Xxxxxxxx, XX
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Nathan’s
Famous
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Fort
Drum Travel Plaza, Florida Tpke., Okeechobee, FL
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Nathan’s
Famous
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XxxXxxxxx
Xxxxxx Xxxx, 000 Xxxxxxxxxx Xxx., Xxxxxxx, XX
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Nathan’s
Famous
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Concord
Xxxxx Mall, 0000 Xxxxxxx Xxxxx Xxxx., Xxxxxxxxx, XX
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Nathan’s
Famous
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Leesburg
Mall, Leesburg, VA
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|
Nathan’s
Famous
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Orlando
Int’l Airport, Delta Terminal, Orlando, FL
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Nathan’s
Famous
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Xxxxx
Xxxxxx Xxxxxxxx Xxxx, Xxxxx Xxxxxx, XX
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Nathan’s
Famous
|
Xxxxxxx
Xxxx Xxxx, Xxxxxxx, XX
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Nathan’s
Famous
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Ocean
County Mall, Toms River, NJ
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Nathan’s
Famous
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Westchester
Mall, 000 Xxxxxxxxxxx Xxx., Xxxxx Xxxxxx, XX
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Nathan’s
Famous
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Palisades
Center, 00-00 Xxxxxxxxx Xxxxxx Xxxxx, Xxxxx, Xxx Xxxx
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Nathan’s
Famous
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Xxxxx
Xxxxx Xxxx, 0000 Xxxxx Xxxxx, Xxxxxxxx, XX
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Nathan’s
Famous
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000-00
Xxxxxx Xxxx., Xxxxxx, XX
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Nathan’s
Famous
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Westfield
North County, 000 X. Xxx Xxxxxx Xxxx., Xxxxxxxxx, XX
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Nathan’s
Famous
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Philadelphia
Outlet Center, 00 Xxxxxxxx Xx., Xxxxxxxxx, XX
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Nathan’s
Famous
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Jackson
Outlet Center, Jackson, NJ
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Nathan’s
Famous
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Penn
Xxxxx Xxxx., XXX-Xxxxxxx Xxxxxx, Xxxxxxxxxx Xxxx, XX
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Nathan’s
Famous
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Mall
at Steamtown, 000 Xxxxxxxxxx Xxx, Xxxxxxxx, XX
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Nathan’s
Famous
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Xxxxx
Xxxxxx Xxxx, 0000 Xxxxxxxxx Xxxx, Xxxxxxx, XX
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Nathan’s
Famous
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Trumbull
Mall, Trumbull, CT
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Nathan’s
Famous
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Cortland
Town Center, 0000 X. Xxxx Xxxxxx, Xxxxxxx Xxxx, XX
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Nathan’s
Famous
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0000
Xxx Xxxxxxx Xxxx, Xxxxxxxx, XX
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Nathan’s
Famous
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Hartsfield
Atlanta Int’l Airport, Xxxxxxxxx X, Xxxx 00, Xxxxxxx,
XX
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Nathan’s
Famous
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Hartsfield
Atlanta Int’l Airport, Xxxxxxxxx X, Xxxx 00, Xxxxxxx,
XX
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Nathan’s
Famous
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Hartsfield
Atlanta Int’l Airport, Xxxxxxxxx X, Xxxx 0/0, Xxxxxxx,
XX
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Nathan’s
Famous
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Xxxxxxx
Xxxxxx Xxxx, Xxxxxx Xxxx, XX
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Nathan’s
Famous
|
000
Xxxxxx Xxxxxx, Xxxxxxxx, XX
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Nathan’s
Famous
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000
Xxxx 00xx
Xxxxxx, Xxx Xxxx, XX
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Nathan’s
Famous
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Jersey
Gardens Mall, Elizabeth, NJ
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Nathan’s
Famous
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Brunswick
Square Mall, 000 Xxxxx 00, Xxxx Xxxxxxxxx, XX
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Nathan’s
Famous
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Xxxxxxxx
Xxxx, Xxxxx 00 and 35, Xxxxx Town, NJ
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Nathan’s
Famous
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Nanuet
Mall, 00 Xxxx Xxxxx 00, Xxxxxx, XX
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Nathan’s
Famous
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Sawgrass
Mall, 00000 X. Xxxxxxx Xxxx., Xxxxxxx, XX
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Nathan’s
Famous
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Victoria
Gardens Mall, 00000 X. Xxxx Xxxxxx, Xxxxxx Xxxxxxxxx,
XX
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Nathan’s
Famous
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Coastland
Center Mall, Naples, FL
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Nathan’s
Famous
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Coconut
Point Mall, 0000 Xxxxxxx Xxxxx, Xxxxxx, XX
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Nathan’s
Famous
|
000
Xxxxx 0xx
Xxxxxx, Xxxxxx, XX
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|
Nathan’s
Famous
|
0000
Xxxxx Xxxxxx, Xxxxxxx Xxxxx, XX
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|
Nathan’s
Famous
|
Xxxxxx
Xxxxxx Xxxxx, Xxxxxxxxx Xxxxx Xxxxxxxx, Xxx Xxxx, XX
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|
Nathan’s
Famous
|
Tanger
Xxxx Xxxx Xxxxxxx, Xxxx Xxxx, XX
|
|
Nathan’s
Famous
|
000
Xxxx Xxxxxxx Xxxxxxx, Xxxxxxx Xxxx, XX
|
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Nathan’s
Famous
|
Meadowlands
Xanadu, East Rutherford, NJ
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Nathan’s
Famous
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Miami
Int’l Airport, Concourse C, Miami, FL
|
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Nathan’s
Famous
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0000
Xxxx Xxxxxx, Xxxxx Xxxxxx, XX
|
|
Nathan’s
Famous
|
000
00xx
Xxxxxx, Xxxxxxxx, XX
|
|
Nathan’s
Famous
|
0000
Xxxxxxx Xxxx Xxxxxx, Xxxxxxx, XX
|
|
Nathan’s
Famous
|
0000
Xxxx Xxxxx Xxxx, Xxxxxxxxx, XX
|
|
Nathan’s
Famous
|
000
Xxxxxxxxxxx Xxxx, Xxxxxxxxxxx, XX
|
|
Nathan’s
Famous
|
Aeropuerto
Internacional De LaRomana, Casa Xx Xxxxx, Xxxxx Xxxxxxx, Dominican
Republic
|
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Nathan’s
Famous
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Cibao
Bowling, Autopista Xxxxxx XX 0 x, Xxxxxxx xx Xxxxxxx 000, Xxxxxxxx,
Xxxxxxxxx Xxxxxxxx
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Nathan’s
Famous
|
Aeropuerto
Internacional de Punta Cana, Punta Cana, Dominican Rep.
|
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Nathan’s
Famous
|
Aeropuerto
Internacional xx Xxxxxxxx, Xxxxxxxx, Dominican Rep.
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Nathan’s
Famous
|
Colony
Center Mall, Albany, New York
|
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Nathan’s
Famous
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Miami
Int’l Airport, Concourse H, Miami, FL
|
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Nathan’s
Famous
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Greensboro
Piedmont Airport, Greensboro, NC
|
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Nathan’s
Famous
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JFK
Int’l Airport, New Jet Blue Terminal, Queens, NY
|
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Nathan’s
Famous
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Valdosta
State University, Valdosta, GA
|
|
Nathan’s
Famous
|
Xxxxxxxxx
Xxxxxx Xxxx, Xxxxxxxxx, XX
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Nathan’s
Famous
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Christiana
Mall, Newark, DE
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Nathan’s
Famous
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Raleigh-Durham
Airport, Raleigh, NC
|
|
Nathan’s
Famous
|
Xxxxxx
Xxxxx Xxxxxx Xxxxxx, Xxxxxx Xxxxx, XX
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Nathan’s
Famous
|
NJ
Expo Center, Edison, NJ
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Nathan’s
Famous
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Xxxxx
Plaza, Atlantic City, NJ
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Nathan’s
Famous
|
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Nathan’s
Famous
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Mariner’s
Crossing, Spring Hill, FL
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Miami
Subs
|
0000
Xxxxxxxx Xxxxxxx, Xxxxxxxx, XX (MS#4)
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Miami
Subs
|
0000
X. Xxxxxxx Xxxxxxx, Xxxxxxx Xxxxx, XX (MS#9)
|
|
Miami
Subs
|
00000
XX 0xx
Xxxxxx, Xxxxx Xxxxx, XX (MS#14)
|
|
Miami
Subs
|
000
X. Xxxxxxx Xxxx, Xx. Xxxxxxxxxx, XX (MS#16)
|
|
Miami
Subs
|
000
Xxxx Xxxxxx Xxxx, Xxxxxxx Xxxxx, XX (MS#17)
|
|
Miami
Subs
|
0000
Xxxxx Xxxxx Xxxx 0, Xxxxx Xxxxxxxxxx, XX (MS#19)
|
|
Miami
Subs
|
0000
Xxxxxxxxx Xxxx, Xxxxx Xxxxx Xxxx, XX (MS#20)
|
|
Miami
Subs
|
000
X. Xxxxxxxxxx Xxxxx Xxxx., Xxxxxxxxxx, XX (MS#21)
|
|
Miami
Subs
|
000
X. Xxxxxxxx Xxxx., Xxxxxxx Xxxxx, XX (MS#22)
|
|
Miami
Subs
|
0000
X. Xxxxx Xxxx 0, Xxxxx, XX (MS#23)
|
|
Miami
Subs
|
0000
X.X. 00xx
Xxxxxx, Xxxxx, XX (MS#24)
|
|
Miami
Subs
|
0000
Xxxxxxxx, Xxxxxxx Xxxxx, XX (MS#27)
|
|
Miami
Subs
|
0000
X. Xxxxx Xxxx 0, Xxxxxxxxx, XX (MS#28)
|
|
Miami
Subs
|
0000
X. Xxxxxxxxxx Xxxxx, Xxxxxxxxxx, XX (MS#30)
|
|
Miami
Subs
|
0000
X. 00xx
Xxxxxx, Xxxxxxx, XX (MS#33)
|
|
Miami
Subs
|
000
X.X. 000xx
Xxxxxx, Xxxxx, XX (MS#40)
|
|
Miami
Subs
|
0000
X. Xxxxx Xxxx 0, Xxxxxxxxxx, Xxxxx, XX (MS#42)
|
|
Miami
Subs
|
0000
X. Xxxxxxxx Xxxxx, Xxxxx, XX (MS#44)
|
|
Miami
Subs
|
0000
Xxxxxxxxxx Xxxx., Xxxx Xxxx Xxxxx, XX (MS#48)
|
|
Miami
Subs
|
0000
Xxxxx Xxxx., Xxxxxxxx Xxxxx, XX (MS#50)
|
|
Miami
Subs
|
000
X. Xxxxxxxx Xxxxx, Xxxx Xxxx Xxxxx, XX (MS#52)
|
|
Miami
Subs
|
000
Xxxxx Xxxx Xxxx., Xxxx Xxxx, XX (MS#60)
|
|
Miami
Subs
|
0000
Xxxxxxx 000, Xxxxxxxx, XX (MS#61)
|
|
Miami
Subs
|
000
XX 00xx
Xxxxxx, Xxxxxxxxxx, XX (MS#76)
|
|
Miami
Subs
|
0000
XX 00xx
Xxxxxx, Xxxxx, XX (MS#90)
|
|
Miami
Subs
|
00000
Xxxxxxxx Xxxx., Xxxxx, XX (MS#104)
|
|
Miami
Subs
|
0000
Xxxxxxx Xxxxxx, Xxxxx Xxxxx, XX (MS#105)
|
|
Miami
Subs
|
0000
XX 00xx
Xxx., Xxxxx, XX (MS#125)
|
|
Miami
Subs
|
0000
Xxxxxxxxxx Xxxxxx, Xxxxx Xxxxx, XX (MS#133)
|
|
Miami
Subs
|
0000
X. Xxxxxxx Xxxxxxx, Xxxxx, XX (MS#137)
|
|
Miami
Subs
|
0000
Xxxxxxxxxx Xxxxx, Xxxxx Xxxxxxx, XX (MS#164)
|
|
Miami
Subs
|
0000
Xxxxx Xxxxxxxx Xxxxxx, Xxxxxxx Xxxxx, XX (MS#172)
|
|
Miami
Subs
|
000
Xxxxx 00 Xxxxx, Xxxx Xxxxxxxxx, XX (MS#208)
|
|
Miami
Subs
|
Ft.
Lauderdale Airport, Ft. Lauderdale, FL (MS#212)
|
|
Miami
Subs
|
Brandsmart/4320
NW 167th
Street, North Miami, FL (MS#216)
|
|
Miami
Subs
|
0000
XX 000xx
Xxxxxx, Xxxxxxx, XX (MS#248)
|
|
Miami
Subs
|
000
Xxxx Xxxxx Xxx., Xxxx Xxxxx, XX 00000
(MS#257)
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