PMI settles global patent litigation with BAT, resolves all ongoing HNB and vapor disputes

Philip Morris International Inc.

PMPSA and BAT subsidiary NVT entered a settlement dismissing all pending patent litigation with prejudice, no admission of liability.
Parties to request rescission of ITC exclusion order on PMI's HNB products; effective February 1, 2024 for eight years.
Settlement includes mutual releases, perpetual or royalty-bearing covenants not to sue on existing and future HNB/eVapor products.
PMI CEO Jacek Olczak says settlement supports continued reduced-risk innovation; no monetary consideration disclosed.
PMI retains right to enforce copyrights, trademarks, and trade secrets, and may terminate if uncured defaults occur.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Philip Morris International Inc. entered into Settlement Agreement with Nicoventures Trading Limited valued at Settlement agreement to dismiss legal proceedings, rescind ITC orders, and grant mutual releases and (effective 2024-02-01).

Action: entry
Agreement: settlement
Counterparty: Nicoventures Trading Limited
Value: Settlement agreement to dismiss legal proceedings, rescind ITC orders, and grant mutual releases and
Effective: 2024-02-01

Exact text from the filing

Under the Settlement Agreement, effective as of February 1, 2024, for an eight-year term, the Parties have agreed, among other things, to: (i) dismiss with prejudice, subject to certain limited exceptions, and without admission of liability certain pending legal proceedings (the “Proceedings”) between them and concerning certain of their respective products; (ii) request rescission of the Limited Exclusion Order and Cease and Desist Order issued by the International Trade Commission on September 29, 2021, prohibiting the importation of certain HNB Products (defined below) by PMI and its affiliates into the United States of America; and (iii) fully and finally discharge without admission of liability any injunctions granted to the Parties in the Proceedings.

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Source: SEC EDGAR

accession 0001413329-24-000007

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