Amendment to Initial Term and Automatic Renewal of Ecstasy License Agreement between Encore Brands LLC and Encore Brands, Inc.
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Summary
Encore Brands LLC and Encore Brands, Inc. have amended their existing license agreement to automatically renew the initial 36-month term due to delays in obtaining SEC approvals and federal permits. The agreement starts on September 16, 2011, and will continue unless terminated by either party with 30 days' written notice or if the Ecstasy License Agreement ends earlier. This amendment ensures the licensee is not penalized for regulatory delays.
EX-10.7 5 encore_ex10-7.htm encore_ex10-7.htm
EXHIBIT B
AMENDMENT TO DATE OF INITIAL TERM
AUTOMATIC RENEWAL
Pursuant to and in recognition of the lengthy delays incurred by the Licensee in gaining SEC approvals and Federal Wholesale Permits, Encore Brands LLC (Licensor) shall grant an automatic renewal to the initial term of the agreement described in section 7.1 of this agreement. TERM. Term shall be 36 months, unless earlier terminated in accordance with Section 7.2, this Agreement shall commence as of the Effective Date of September 16th 2011 and shall continue in effect until (a) termination of this Agreement by either party upon thirty (30) days written notice or (b) the termination of the Ecstasy License Agreement in accordance with its terms, whichever is earlier.
| /s/ David Kaufman | /s/ Alex McKean |
| David Kaufman | Alex McKean |
| Chief Operating Officer | Chief Financial Officer |
| Encore Brands LLC | Encore Brands, Inc. |
