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EX-10.1 - NOTICE OF TERMINATION DATED DECEMBER 16, 2010 - Geospatial Corpex-10_1.htm

 


 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

 
FORM 8-K
 
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of Earliest Event Reported): December 17, 2010
 

Geospatial Holdings, Inc.
(Exact Name of Registrant as Specified in its Charter)
 

 
 
 
Nevada
 
333-04066
 
87-0554463
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification Number)
 
229 Howes Run Road, Sarver, PA 16055
(Address of principal executive offices)
 
(724) 353-3400
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)
 

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 


 
 
 
 

 
 
 
Item 1.02.  Termination of a Material Definitive Agreement.
 
On December 17, 2010, Geospatial Holdings, Inc. (the “Company”) received a Notice of Termination (the “Notice”) from Reduct NV (“Reduct”) with respect to the Amended and Restated Exclusive License Agreement (the “License Agreement”) between the Company and Reduct.  The Company is evaluating the Notice with its legal counsel.  The Company believes that Reduct has failed to perform its obligations under the License Agreement.  Reduct alleges that early termination penalties have been incurred as set forth in the Notice. The Notice is attached hereto as Exhibit 10.1, and is incorporated herein by reference.
 
Item 2.04.  Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
  
See “Item 1.02 Termination of a Material Definitive Agreement.” 
 
Item 9.01.  Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit No.
 
Description
10.1
 
Notice of Termination dated December 16, 2010
     
     

 
 
 

 


 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
GEOSPATIAL HOLDINGS, INC.
     
 
By:
 
/s/ Thomas R. Oxenreiter
 
Name:  
 
Thomas R. Oxenreiter
 
Title:
 
Chief Financial Officer
 
Date: December 23, 2010

 

 
 
 
EXHIBIT INDEX
 
Exhibit No.
 
Description
10.1
 
Notice of Termination dated December 16, 2010