Amendment to International Exclusive License Agreement between BHPC Marketing, Inc. and I.C. Isaacs Europe, S.L.

Contract Categories: Intellectual Property › License Agreements
Summary

This amendment updates the exclusive license agreement between BHPC Marketing, Inc. (Licensor) and I.C. Isaacs Europe, S.L. (Licensee), effective September 1, 1999. It revises renewal periods, royalty rates, and guaranteed royalty payments for wholesale and retail sales of licensed products. The amendment also clarifies the process for renewal notices, requiring the Licensee to notify the Licensor before August 1 of each renewal period. All other terms of the original agreement remain in effect.

Read More Arrow
EX-10.68 2 ex-10_68.txt EXHIBIT 10.68 Exhibit 10.68 AMENDMENT TO INTERNATIONAL EXCLUSIVE LICENSE AGREEMENT This Amendment is made and entered into by and between BHPC Marketing, Inc. ("LICENSOR") and I.C. Isaacs Europe, S.L. ("LICENSEE") and is dated as of September 1, 1999. This Amendment amends and modifies that certain International Exclusive License Agreements between LICENSOR and LICENSEE, dated August 15, 1996 (the "Agreements"). (I) The promises, covenants, agreements and declarations made and set forth herein are intended to and shall have the same force and effect as if set forth at length in the body of the Agreements. To the extent that the provisions of this Amendment are inconsistent with the terms and conditions of the Agreements, the terms set forth herein shall control. (II) 1. Effective as of September 1, 1999, the License Agreement Detail Schedules for both Wholesale Sales and Sales to BEVERLY HILLS POLO CLUB Retail Stores are hereby changed as follows:
"Item 4. RENEWAL TERM: From To First Renewal Period (if any) January 1, 2000 December 31, 2000 Second Renewal Period (if any) January 1, 2001 December 31, 2001 Third Renewal Period (if any) January 1, 2002 December 31, 2003 Fourth Renewal Period (if any) January 1, 2004 December 31, 2005 Fifth Renewal Period (if any) January 1, 2006 December 31, 2007"
"Item 6. ROYALTY RATE: First Renewal Term (if any): Royalty Rate shall be Zero Percent (0%) and Advertising Royalty Rate is Four Percent (4%) of Wholesale Sales of LICENSEE's products including purchases of LICENSEE's products by BEVERLY HILLS POLO CLUB-Registred- Retail Stores located within the LICENSEE's defined Territory for the period of January 1, 2000 through June 30, 2000. Royalty Rate shall be Three Percent (3%) and Advertising Royalty Rate is Four Percent (4%) of Wholesale Sales of LICENSEE's products including purchases of LICENSEE's products by BEVERLY HILLS POLO CLUB Retail Stores located within the LICENSEE's Defined Territory for the period of July 1, 2000 through December 31, 2000. Second Renewal Period (if any): Royalty Rate shall be Three Percent (3%) and Advertising Royalty Rate is Four Percent (4%) of Wholesale Sales of LICENSEE's products including purchases of LICENSEE's products by BEVERLY HILLS POLO CLUB Retail Stores located within the LICENSEE's Defined Territory. Third, Fourth and Fifth Renewal Period(s) (if any): Royalty Rate shall be Five Percent (5%) and Advertising Royalty Rate is Two Percent (2%) of Wholesale Sales of LICENSEE's products including Purchases of LICENSEE's products by BEVERLY HILLS POLO CLUB Retail Stores located within the LICENSEE's Defined Territory. No Royalty shall be paid by LICENSEE to LICENSOR on sales of Licensed Product (with prior written approval of LICENSOR) directly to other BEVERLY HILLS POLO CLUB LICENSEEs." Page One of Two AMENDMENT TO INTERNATIONAL EXCLUSIVE LICENSE AGREEMENT I.C. Isaacs Europe, S.L. Wholesale Sales & Retail Stores September 1, 1999 - Page Two of Two
"Item 7. GUARANTEES: (IN UNITED STATES DOLLARS) (C) Guaranteed Annual (D) Guaranteed Monthly Royalty Payment Royalty Payment First Renewal Period (if any) $ 0.00 $ 0.00 Second Renewal Period (if any) $ 60,000.00 $ 5,000.00 Third Renewal Period (if any) $150,000.00 $12,500.00
Guaranteed Annual Royalty Payments, paid Monthly, for the Fourth and Fifth Renewal Period(s) (if any) shall be calculated based on a volume equal to eighty percent (80%) of the immediately preceding Renewal Period's actual Annual Royalty Payment, but not less than the previous year's Guaranteed Annual Royalty Payment." 2. Section 7b. of the License Agreement is amended by adding the following sentence at the end of it: "Notwithstanding any other provision of this Agreement, the parties agree that renewal notice to extend the Agreement shall be given by LICENSEE to LICENSOR prior to August 1 of each Renewal Period." (III) LICENSOR AND LICENSEE acknowledge and agree that the Agreement, as amended by this Amendment, remains in full force and effect and represents the entire agreement of the parties with respect to the matters contained herein. IN WITNESS WHEREOF, the parties hereto agree that this Amendment shall take effect as of the date and year first written above. LICENSOR: LICENSEE: BHPC MARKETING, INC. I.C. ISAACS EUROPE, S.L. BY: /s/ DON GARRISON BY: /s/ ROBERT ARNOT ------------------------------ -------------------------------- Don Garrison Robert Arnot Vice President Chairman/C.E.O./President DATE: 9/30/99 DATE: 10/5/99 ------------ -------------- BY: /s/ ROGER TOMLINSON ------------------------------ Roger Tomlinson Treasurer/Director DATE: 9/30/99 -------------