4U2 Trademarks Beneficial Ownership and Sale Agreement between J J Holand Limited and Global Cosmetics, Inc.
J J Holand Limited and Global Cosmetics, Inc. agree that, after the first renewal of their License Agreement for 4U2 Cosmetics, Global Cosmetics will receive 50% beneficial ownership of the 4U2 Trademarks registered in the specified territory, while J J Holand Limited retains the other 50% and remains the official owner and manager of the trademarks. If either party receives a genuine offer to buy the trademarks, both must discuss and agree on their response. If the trademarks are sold, both parties will split the net proceeds equally.
Exhibit 10.3
J J Holand Limited
Registered Office : International Trust Building, Wickhams Cay I, Road Town, Tortola, BVI.
Administration Office : 18/38 Moo 8 (Moo Ban Putthadorn), Putthamonthon 4 Road, Krathum Lom, Sampran, Nakom Pathom 73220, Thailand.
Tel : 66 0811737434 Fax : 662 ###-###-#### E-mail : ***@*** SKYPE : kmm47usa
Nov 20, 2015
Mr. Benjamin Ridding
Global Cosmetics, Inc.
Pavilion, 96 Kensington High Street
Kensington
London W8 4SG
UK
Dear Ben
Further to the signing of the License Agreement for 4U2 Cosmetics on today’s date, the letter confirms that, after the commencement of the first renewal period of the License, Global Cosmetics, Inc. will be granted 50% beneficial ownership of the 4U2 Trademarks that are registered in the Territory, with J J Holand Limited (‘JJH’) owning the other 50% - the registrations will remain in JJH’s ownership on the various registers and JJH will remain responsible for the management and continued existence of the various marks.
In the event that either party receives a bona fide offer from a third party to purchase the marks, the receiving party will advise the other immediately and both parties will then discuss and agree their joint position regarding any such offers. In the event that the marks are sold, each party will be entitled to 50% of the net purchase receipt, that is the agreed price less any costs associated with the sale which shall be billed to JJH.
Please confirm receipt and understanding of this arrangement.
Looking forward to a long and mutually rewarding relationship,
Yours Sincerely,
Keith M McCulloch – Director and Signatory
Confirmation of understanding:
Ben Ridding – Authorized Signatory
November 20, 2015
