Motorsport Games settles BTCC dispute for $225K; enters new non-exclusive license with 50% royalty

Motorsport Games Inc.

Settlement resolves $850K royalty dispute with TOCA; Company pays $225K one-time, all claims released.
New non-exclusive license for BTCC downloadable content in rFactor 2 via Steam; royalty 50% of Adjusted Gross Annual Sales.
License term expires Dec 31, 2026; parties to negotiate options for a full BTCC video game and esports competitions.
Prior license terminated Nov 3, 2023; new agreement covers only rFactor 2 DLC, not full game rights.

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

Motorsport Games Inc. entered into Settlement Agreement with BARC (TOCA) LIMITED valued at One-time payment of $225,000, forgiveness of all royalties and sums (effective 2024-04-12).

Action: entry
Agreement: settlement
Counterparty: BARC (TOCA) LIMITED
Value: One-time payment of $225,000, forgiveness of all royalties and sums
Effective: 2024-04-12

Exact text from the filing

On April 12, 2024, Motorsport Games Inc., a Delaware corporation (the "Company"), entered into a Settlement Agreement (the "Agreement") with BARC (TOCA) LIMITED ("TOCA").

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

Motorsport Games Inc. entered into New BTCC License Agreement with BARC (TOCA) LIMITED valued at Annual royalty of 50% of Adjusted Gross Annual Sales of downloadable Products; term through December (effective 2024-04-12).

Action: entry
Agreement: license
Counterparty: BARC (TOCA) LIMITED
Value: Annual royalty of 50% of Adjusted Gross Annual Sales of downloadable Products; term through December
Effective: 2024-04-12

Exact text from the filing

Agreement”) with BARC (TOCA) LIMITED (“TOCA”). The Agreement resolved any and all disputes between the Company and TOCA with respect to the termination of the License agreement, dated May 29, 2020, between

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290 material agreements filed in the last 30 days. Browse all material agreements →

Motorsport Games Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-015125

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