United Guardian : Termination of Material Agreement - Form 8-K

On October 10, 2023, as directed and approved by the Board of Directors of United-Guardian, Inc. (the "Company"), the Company notified Ashland Specialty Ingredients ("Ashland"), one of its marketing and distribution partners, that it was not renewing its Exclusive Distributor Agreement with Ashland dated July 5, 2000, as amended by the letter agreement dated May 5, 2010 (the "Distribution Agreement").

The Distribution Agreement provided Ashland with exclusive distribution and marketing rights relating to certain of the Company's products within designated territories and included customary representations, warranties, and covenants. The Distribution Agreement was subject to a two (2) year term and would have automatically renewed for an additional two (2) year term commencing on January 1, 2024, unless either party gave notice to the other party no later than October 31, 2023 of its intention not to allow the Agreement to automatically renew in accordance with its terms. The Company will not incur any early termination penalties in connection with its non-renewal of the Distribution Agreement. The Company does not intend to sever its business relationship with Ashland, but believes that it is in the Company's best interest to explore alternative marketing and distribution arrangements following the termination of the Distribution Agreement, including the possibility of entering into a new agreement with Ashland or engaging with a new distribution partner.