Item 8.01. Other Events.
On May 28, 2021, AutoWeb, Inc., a Delaware corporation ("AutoWeb"), previously
reported that Dealer Direct, LLC dba FordDirect ("FordDirect") has decided to
suspend its new vehicle leads marketing program and terminate the new vehicle
leads portion of the Lead Agreement dated December 1, 2020, between AutoWeb and
FordDirect ("Lead Agreement"), effective September 30, 2021.
On June 11, 2021, the parties agreed to amend the Lead Agreement to provide for
an early termination of the new vehicle leads portion of the Lead Agreement,
with the early termination to be effective June 30, 2021, in exchange for a lump
sum payment of approximately $0.5 million from FordDirect to AutoWeb. This
early termination payment was derived based on an estimated gross profit for the
estimated number of valid new vehicle leads that would have been delivered by
AutoWeb to FordDirect during the original termination period.
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