New York City Awards Trademark License for Merchandise to Torkia International

NYC Tourism + Conventions, Inc. (formerly known as NYC & Company), on behalf of the New York City Department of Small Business Services ( SBS ) has awarded a Sole Source License Agreement ( License ), pursuant to Section 1-16 of the Concession Rules of the City of New York, to Torkia International, Inc.

whose address is 555 Winsor Drive, Secaucus, NJ, 07094 for the non-exclusive use of city-owned trademarks on merchandise. The License Agreement will provide for a license term beginning on Jan 1, 2025, and shall continue through December 31, 2027, with an option to renew the agreement for an additional 2 year(s), from January 1, 2028, to December 31, 2029.

During the Term, Licensee shall annually pay to New York City Conventions + Tourism the greater of: A percentage of net sales based on a royalty rate equal to eleven percent (11%) of Net Sales of adult and children s apparel, and fifteen percent (15%) of Net Sales of souvenirs and plush OR an annual guaranteed minimum of Three Hundred Thousand dollars ($300,000) per year $200,000 allocated to Apparel and $100,000 to Souvenirs and Plush.

The parties have the option of renewing the license agreement on the same mutually agreed-upon terms and conditions for a period of two (2) years, through December 31, 2029. Agency: Small Business Services Status: Award