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However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.
−Removed: For a description of legal proceedings involving the Company, see the information set forth below and under Litigation in Note 6.
+Added: For a description of legal proceedings involving the Company, see the information set under Litigation in Note 7.
Commitments and Contingencies of the Notes to our consolidated financial statements in Part II.
Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
−Removed: Filing of Arbitration - Framatome
−Removed: On February 7, 2020, we filed a request for arbitration (the “Arbitration Request”) in the International Court of Arbitration of the International Chamber of Commerce against Framatome.
−Removed: We took this action in order to obtain, inter alia, a declaration that the R&D Services Agreement, dated November 14, 2017, by and among Framatome, Enfission, and the Company (as amended by Amendment Number One, dated January 25, 2018, and Amendment Number Two, dated June 20, 2018, the “RDSA”) was validly terminated and is no longer in force, and to obtain compensation for the damages incurred due to Framatome’s uncured material breach of certain material terms of the RDSA.
−Removed: These material breaches relate to Framatome’s invoicing obligations, as well as a failure of the escalation process under the RDSA to agree to a budget commitment for 2019-2020.
+Added: Settlement of Arbitration and Delaware Action
+Added: These legal actions are fully described in Note 7 to the accompanying consolidated financial statements.
+Added: On February 11, 2021, the Company entered into a Settlement Agreement with Framatome SAS and Framatome Inc., resolving the pending claims and counterclaims between the parties in arbitration and judicial proceedings related to the parties’ inactive joint venture, Enfission, LLC.
+Added: Under the terms of the Settlement Agreement, all joint venture agreements will be terminated and the joint venture will be dissolved and wound-up following satisfaction of the conditions set forth in the Settlement Agreement.
+Added: Lightbridge will pay Framatome in March 2021 approximately $4.2 million (USD $1.8 million and €2 million) for outstanding invoices for work performed by Framatome and other expenses incurred by Framatome.
+Added: Framatome will destroy all documents and content related to Lightbridge’s intellectual property.
+Added: Lightbridge has an obligation to destroy all documents and content related to Framatome’s intellectual property.
+Added: Both parties have agreed to destroy all of the foreground information generated on behalf of Enfission.
+Added: The Settlement Agreement secures the parties’ pre-existing intellectual property rights.
+Added: There will be no restrictions on Lightbridge’s ability to engage in research and development activities or commercial discussions with other entities going forward.
+Added: All terms in the Settlement Agreement were met by both parties and the settlement payment was made by Lightbridge on March 15, 2021.
+Added: Enfission was dissolved on March 23, 2021.
+Added: The Company will withdraw its petition for judicial dissolution of Enfission on file with the Court of Chancery of the State of Delaware.
MINE SAFETY DISCLOSURES
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.