INTER PARFUMS INC
EX.10.103_062204_LANVIN_EN
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>ex062204en.htm
<DESCRIPTION>EX.10.103_062204_LANVIN_EN
<TEXT>
Exhibit 10.103.1<p class="MsoTitle" align="center"><u><b>LICENSING AGREEMENT FOR MARKS</b></u></p>
<p class="MsoNormal"><u><b>BY AND BETWEEN:</b></u></p>
<p class="MsoNormal" style="text-align:justify"><b>JEANNE LANVIN SA</b>, a French
company with capital of EUROS 16.297.330 Euros, having its head office at 15,
rue du Faubourg Saint-Honore, 75008 Paris, registered with the Trade and
Corporate Registry of Paris under the number 612 048 629, represented par its
President its Chaiman and Chief Exceutive officer, Mr Sing-Ming Chu, et
hereinafter referred to as the &lt;&lt;&nbsp;Licensor&nbsp;&gt;&gt;</p>
<p class="MsoNormal" align="center"><b>&nbsp;Party of the first part,</b></p>
<b>&nbsp;and</b><p><b>Inter Parfums</b>, a
public company having its head office at 4, rond-point des Champs Elysees, 75008
Paris, registered with the Trade and Corporate Registry under the number 350 219
382, represented by its Chairman and Chief Executive Officer, Mr Philippe
Benacin, et hereinafter referred to as the &lt;&lt;&nbsp;Licensee&nbsp;&gt;&gt;,</p>
<p class="MsoNormal" style="margin-left:315.0pt"><b>Party of the second part,</b></p>
<p class="MsoNormal"><u><b>WHEREAS:</b></u></p>
<p class="MsoNormal" style="text-align:justify">Licensor is the owner of the
LANVIN Mark of perfumes that it has registered in various countries and under
which it has been selling extremely high quality products for many years.
Currently, Licensor makes substantial use of its Marks under this Agreement by
selling and distributing the lines of perfumes: &quot;Arpege&quot;, &quot;Lanvin&quot;L'Homme&quot;, &quot;Oxygene&quot;,
&quot;Eclat d'Arpege&quot; et &quot;Vetyver&quot;. </p>
<p class="MsoNormal" style="text-align:justify">As a result, the LANVIN Mark has
acquired a sterling reputation especially among perfumes that Licensor wishes to
further enhance globally.</p>
<p class="MsoNormal" style="text-align:justify">Licensee is a leading perfume
maker because of its extensive track record and resources in research and
development, manufacturing, and marketing.</p>
<p class="MsoNormal" style="text-align:justify">As part of the alliance between
Licensee and Licensor and in consideration of the beneficial effect that the
joining of their respective strengths is certain to have on their business, the
parties have reviewed the terms under which a perfume license could be granted
to Licensee to their mutual advantage.</p>
<p class="MsoNormal" style="text-align:justify"><u><b>WHEREFORE IT HAS BEEN AGREED AS
FOLLOWS:</b></u></p>
<p align="center"><u><b>ARTICLE 1 - DEFINITIONS</b></u></p>
<p class="MsoNormal" style="text-align: justify; text-indent: -.5in; margin-left: .5in">
1.1<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;Licensed
Marks&quot;</b> as used in this Agreement means the marks
listed in Appendix 1.1 hereto applied to the &quot;Products&quot; as defined below and
listed in Class 3 of the international classification [of trademark goods and
services], as well as the names, abbreviations, symbols, and other distinctive
markings whatsoever that are used together with it now or in the future by
Licensor or suggested for use by Licensee approved by Licensor.</p>
<p class="MsoNormal" style="text-align: justify; text-indent: -.5in; margin-left: .5in">
1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except for cosmetics and make-up,
<b>&quot;Products&quot;</b> means the existing
or future perfume or toiletry products sold under one or more &quot;Licensed Marks&quot;
(that fall under the categories described in <b>Appendix 1.2</b> hereto). </p>
<p class="MsoNormal" style="text-align: justify; text-indent: -.5in; margin-left: .5in">
1.3<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;Territory&quot;</b> means, to the extent possible, all the countries of
the world and in any case all the countries in which the Licensed Marks are or
will be registered in International Class 3.</p>
<p class="MsoNormal" style="text-align: justify; text-indent: -.5in; margin-left: .5in">
1.4<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;Net
Global Sales&quot;</b> means global sales of the Products as
calculated according to general French accounting principles such as applied
consistently by Licensee (according to the IFRS standard when the latter is
applicable) minus expenses for POS. This figure means the amount net of taxes
invoiced by Licensee to all its &quot;retailers&quot; (any point of sale or sales outlet
to the end client authorized to sell products bearing the JEANNE LANVIN mark and
to &quot;independent distributors&quot; (any independent company authorized to resell
Products bearing the JEANNE LANVIN Mark under a written agreement between
Licensee and retailers in one or more countries). &quot;Independent distributors&quot;
means any entity that is not controlled by Licensee within the meaning of
Section 233-3 of the French Commercial Code. In addition, Net Global Sales shall
not fall below the portion of the Products in the total net sales of Licensee
published in its annual financial statements, minus expenses for POS. The
Parties expressly agree that point-of-sale advertising shall only be deducted
from sales provided that the Licensee has a margin of less than 30% on said
point-of-sale advertising. </p>
<p class="MsoNormal" style="text-align: justify; text-indent: -.5in; margin-left: .5in">
1.5<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;Rollout
of New Products&quot;</b> means the operations described in
<b>Appendix 1.5</b>.</p>
<p class="MsoNormal" style="text-align: justify; text-indent: -.5in; margin-left: .5in">
1.6<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;Advertising
and Promotion&quot;</b> means only the buying of
advertising space of any kind in all media, the distribution of free products
(samples and related products) and advertising at the place of sale including
promotional objects. It shall expressly exclude the following expenses:
end-of-year discounts granted to distributors, payroll expenses incurred for
selling or presenting the products, stand openings, participation in trade shows
and exhibitions, and Product display areas.</p>
<p align="center"><u><b>ARTICLE 2 - LICENSE</b></u></p>
<p class="MsoNormal" style="text-align:justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensor grants
Licensee an excusive license to use the Licensed Marks related to the Products
for manufacture and sale of the Products in the Territory under the terms and
conditions hereof. Licensee hereby accepts said license that shall be effective
upon signature hereof. </p>
<p class="MsoNormal" style="text-align:justify">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement is
completely personal between Licensor and Licensee. As a result, neither party
may assign or transfer some or all of the rights and obligations hereunder to
any third party whatsoever. In addition, Licensee agrees not to sublicense the
rights granted under this license either in part or in whole. Notwithstanding
the preceding provisions, Licensor shall be entitled to assign, transfer, or
contribute all or part of the rights and obligations hereunder to one of the
companies controlled by or that controls it within the meaning of Section&nbsp;233-3
of the French Commercial Code or to a sister company, i.e. a company controlled
within the meaning of Section 233-3 of the French Commercial Code by the same
stockholder as that which controls it within the meaning of the same section.</p>
<p class="MsoNormal" style="text-align:justify">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement shall
enter into effect on July 1st, 2004. During the period between the signature
hereof and July 1st, 2004, Licensor agrees to manage Licensed Marks
conservatively in the normal course of business. Licensor must first obtain
Licensee's agreement in writing before (a) amending, renewing or terminating
agreements between Licensor and third parties having as their purpose the
distribution, marketing and/or manufacture of the Products and/or (b) making any
substantial outlays connected to the same subject matters. Licensee must notify
Licensor of its approval or refusal within five (5) days maximum as of
Licensor's approval request.</p>
<p align="center"><u><b>ARTICLE 3&nbsp;- WORKING PRINCIPLES</b></u></p>
<p class="MsoNormal" style="text-align:justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; While working as
openly as possible with Licensor, Licensee may, in coordination with Licensor,
choose the subcontractor and decide whether and how to manufacture the Products
hereunder for which it shall have sole liability as set out as follows.</p>
<p class="MsoNormal" style="text-align:justify">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Also in agreement with
Licensor, Licensee may choose providers (perfume and flask and case designers)
and shall have the initiative and responsibility for creation once the direction
of such creation has been defined together with Licensor as part of the overall
framework defined in this article and as part of the more precise image
determined for the LANVIN mark by Licensor. </p>
<p class="MsoNormal" style="text-align:justify">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee may
subcontract the distribution of the Products to all independent companies solely
under its responsibility and agrees to cause them to comply with the terms
hereof.</p>
<p class="MsoNormal" style="text-align:justify">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; As a result of the
foregoing, Licensee agrees in all its actions and initiatives to respect and
cause to be respected the image of quality, elegance, and originality related to
the Licensed Marks, in particular as concerns the quality of the Products
hereunder, their outward appearance, advertising, promotion, and distribution.
</p>
<p class="MsoNormal" style="text-align:justify">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee agrees
to comply with all the laws and regulations in effect in the Territory hereof
and to cause all its employees, representatives, agents and/or successors and
assigns and affiliates to comply with them during the term hereof. As a result,
Licensee represents in its name and in the name of all its affiliates that all
the insurance policies necessary to achieve the purpose hereof have been and
will be duly taken out and paid. As concerns public liability policies, Licensee
agrees to take out such a policy covering its operations related hereto.
Coverage shall be in an amount that is in keeping with industry practices. </p>
<p class="MsoNormal" style="text-align:justify">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; During the term
hereof, Licensee agrees not to allow one of the entities in which it holds a
direct or indirect stake to use one of the Licensed Marks and generally the
names &quot;LANVIN&quot; and/or &quot;JEANNE LANVIN&quot; and the abbreviation &quot;JLSA&quot; as a corporate
name. </p>
<p class="MsoNormal" style="text-align:justify">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; The parties agree that
the reputation of &quot;JEANNE LANVIN&quot; in high end ready-to-wear and in the perfume
industry is an important characteristic of this Mark and its reputation. With
this in mind, it is of overriding importance for both Licensor and Licensee that
in all areas the image of elegance, originality, and quality related to the LANVIN Mark are found and respected at all times. Licensor agrees to keep LANVIN
mark in luxury brand.</p>
<p align="center"><u><b>ARTICLE 4&nbsp;- CREATION,<br>
MANUFACTURE, DISTRIBUTION</b></u></p>
<p class="MsoNormal" style="text-align:justify">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee shall be
responsible for creating, developing, and manufacturing the Products hereof (or
for existing Products, of modifying them as it deems necessary or desirable) in
keeping with the principles set out in Article 3 above.</p>
<p class="MsoBodyTextIndent3" style="margin-top:0in;margin-right:0in;margin-bottom:
0in;margin-left:2.55pt;margin-bottom:.0001pt;line-height:normal">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Licensee shall be solely responsible worldwide for the design, development, and
manufacture of the Products. Licensee agrees to create and sell products of
extremely high quality in terms of design, manufacture, refinement, and outward
appearance so that they can compete with the most prestigious competing marks on
the international market for beauty and perfume products, as listed in Appendix
4.6 hereto.</p>
<p class="MsoBodyText3">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; Creation of Products and advertising visuals</p>
<p class="MsoBodyText3">The creation of Products and advertising visuals for the
Products must be consistent exclusively with the style of Jeanne Lanvin. In
order to make sure that they are consistent with such style, Licensee agrees to
work closely with Licensor in all the creation and development stages in order
to enable it to make choices and suggest any change it deems appropriate. In all
cases, the parties shall strive to cooperate to develop a common project.</p>
<p class="MsoBodyText3">For Product creation, Licensee must first obtain
Licensor's approval on the project during the following main stages:</p>
<ul>
  <li>
<p class="MsoNormal" style="text-align: justify; text-indent: -.25in; margin-left: 71.4pt">
Product concept development</p>
  </li>
  <li>
<p class="MsoNormal" style="text-align: justify; text-indent: -.25in; margin-left: 71.4pt">
Drafting of work instructions to designers (design and perfume) </p>
  </li>
  <li>
<p class="MsoNormal" style="text-align: justify; text-indent: -.25in; margin-left: 71.4pt">
Development of flask design</p>
  </li>
  <li>
<p class="MsoNormal" style="text-align: justify; text-indent: -.25in; margin-left: 71.4pt">
Development and choice of fragrance</p>
  </li>
  <li>
<p class="MsoNormal" style="text-align: justify; text-indent: -.25in; margin-left: 71.4pt">
Development and choice of packaging</p>
  </li>
  <li>
<p class="MsoNormal" style="text-align: justify; text-indent: -.25in; margin-left: 71.4pt">
Choice of Product name</p>
  </li>
  <li>
<p class="MsoNormal" style="text-align: justify; text-indent: -.25in; margin-left: 71.4pt">
The concept of the visual advertising and draft layouts connected to
the planned new Product and serving as advertising</p>
  </li>
</ul>
<p class="MsoNormal" style="text-align: justify">4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial or
technical development of Products</p>
<p class="MsoNormal" style="text-align:justify">Licensee agrees to ensure that
Products are manufactured according to industry standards so that they are up to
Brand standards.</p>
<p class="MsoNormal" style="text-align:justify">The parties agree that Licensee
shall control all the technical stages of industrial development. It shall be
free to choose the vendors for packaging articles (molds, caps, pumps, cases,
foam blocks, labels, etc.). The parties agree that before manufacture, Licensee
shall seek Licensor's approval which shall be given as promptly as possible.</p>
<p class="MsoBodyTextIndent3" style="margin-top:0in;margin-right:0in;margin-bottom:
0in;margin-left:2.55pt;margin-bottom:.0001pt;line-height:normal">Licensee shall
submit to Licensor for its approval within a reasonable period of time before
the rollout of each Product or Product line hereof, the samples or mockups of
the Products in questions and their packaging</p>
<p class="MsoNormal" style="text-align:justify">If Licensor has not sent written
objections to Licensee within thirty (30) days after receipt of the samples or
mockups, it shall be deemed to agree with the project. </p>
<p>If Licensor does object, the
parties shall agree on steps to take into account Licensor's wishes. In either
case, the parties agree to do their best to cooperate in order that they are
both satisfied. </p>
<p>4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Quality Control</p>
<p>Licensee must
conduct required quality control checks and inspections before delivery of the
Products to clients. Licensee shall be solely liable for compliance of the
Products with health and safety legislation and regulations. </p>
<p class="MsoNormal" style="text-align:justify">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee shall
organize the distribution of the Products hereof in the Territory on a selective
basis. It shall limit sale of the Products only to those perfume shops and
department store perfume counters that respect the image of the Licensed Marks
by using as a benchmark the sale outlets of products that compete with the
Products on the Territory (a list of which can be found in <b>Appendix 4.6</b> hereto
and which may be updated annually by Licensor on the basis of objectively
defined criteria).</p>
<p class="MsoNormal" style="text-align:justify">4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee shall
also decide on the rollouts, sales terms and prices, and sales promotions after
having informed Licensor in the working meetings mentioned below. Licensee shall
inform Licensor annually of the recommended retail prices of Products and its
price policy. Said prices must be comparable with prices for competing products
in the same range (a list of which can be found in <b>Appendix 4.7</b> hereto and which
may be updated annually by Licensor).</p>
<p class="MsoNormal" style="text-align:justify">In accordance with industry
practices, Licensee may sell discontinued Products at a discount price with
Licensor's consent.</p>
<p class="MsoNormal" style="text-align:justify">4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee and
Licensor shall meet periodically at their mutual convenience at least every
three (3) months in order to assess all the actions undertaken in connection
with the performance of the Agreement and compliance with its provisions.
Licensee agrees to provide Licensor when requested by it with all information
that the latter may desire for the preparation and holding of these meetings.
During these meetings, the representatives of the parties hereto shall discuss
in particular:</p>
<blockquote>
  <ul>
    <li>the joint analysis of use and results of use of the Products hereof
and promotional products, if applicable, </li>
    <li>the critical and objective review of the actions undertaken by
Licensee during the past quarter as part of the performance hereof, </li>
    <li>the manufacturing quality of the Products,</li>
    <li>the distribution and marketing of the Products,</li>
    <li>the use of the promotional and advertising budget such as provided in
Article&nbsp;7 hereof and in particular the ratio of the media advertising budget
relative to point of sale advertising, </li>
    <li>the definition of new directions, if applicable,</li>
    <li>all the other issues related to performance hereof.</li>
  </ul>
</blockquote>
<p align="center"><u><b>ARTICLE 5&nbsp;- TRADEMARKS, INDUSTRIAL
PROPERTY</b></u></p>
<p class="MsoNormal" style="text-align:justify">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the term
hereof, Licensor warrants the physical existence of the registrations of the
Licensed Marks listed in Appendix 1.1 hereto as well their validity against any
infringement of them by it within the limit of the laws and regulations in
effect.</p>
<p class="MsoBodyText">The Licensed Marks, signs of any kind, and logos must
appear visibly to the naked eye in a given visual layout on the flasks, boxes,
packaging, and counters as well as in all advertising. Said layout must include
the name &quot;LANVIN PARFUMS&quot; or &quot;LANVIN PERFUMES&quot; clearly and visibly written on
all the Products. </p>
<p class="MsoBodyText">During the term hereof, Licensee shall have the exclusive
right to use the names &quot;LANVIN Parfums and &quot;LANVIN Perfumes&quot; and to use the
Licensed Marks for alcohol products (perfumes) and derived bath lines exploited
hereunder to market and distribute the Products. </p>
<p class="MsoNormal" style="text-align:justify">Licensee may mention one or more
of the Licensed Marks in its standard and stock exchange business documents
provided they are used in the same manner as the other brands distributed by it.
</p>
<p class="MsoNormal" style="text-align: justify; line-height: 14.4pt; margin-left: .5pt; margin-right: 1.45pt; margin-top: 5.0pt; margin-bottom: 5.0pt; background: white">
The Licensed Marks must be used to sell the Products and for no other use. The
Licensed Marks may not be used in conjunction with other brands, names, or signs
whatsoever except for the names of distributors or when required by local
applicable regulations except in the standard business and stock exchange
documents in accordance with the provisions of the preceding paragraph.. The
Licensed Marks may not be used as corporate names except by Licensor. The
parties agree that the Licensed Marks such as used to market the Products shall
be used in such a way that they may not be discredited in the eyes of the
consumer.</p>
<p class="MsoNormal" style="text-align:justify">No mention or inscription shall
hide the Licensed Marks. No mention or inscription shall detract away from the
importance and prestige of the Licensed Marks in the eyes of the consumer. </p>
<p class="MsoNormal" style="text-align:justify">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; The expenses for
maintaining the Licensed Marks in effect shall be paid by Licensor. Licensee
agrees to work together with Licensor to provide it with any document or
instrument necessary for the registration of the Licensed Marks, their renewal,
or registration of new Licensed Marks.</p>
<p class="MsoNormal" style="text-align:justify">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; If necessary, Licensee
may ask Licensor to register the Licensed Marks in other countries in
International Class 3 or file such registrations itself in the name and on
behalf of Licensor, which agrees to cooperate with Licensee for such purpose.
The expenses for such registrations and renewals, if any, shall be paid by
Licensee but Licensee may deduct them from the amounts owed to Licensor for
sales of the Products hereof made in the countries covered by such
registrations. </p>
<p class="MsoNormal" style="text-align:justify">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Licensed Marks as
well as their formulae and other technical data whatsoever having to do with the
composition and/or manufacture of the Products hereof (including any patents)
other than existing Products, as well as all drawings and models (flasks,
packaging, etc.) developed by Licensee or on its behalf and filed by it or
another person or entity are and shall remain the property of Licensor.</p>
<p class="MsoBodyText3">Licensee agrees to assign free of charge to Licensor
when requested by it any registration of Licensed Marks that may have been filed
in the name of Licensee if in a given country the registration could only be
filed in the name of Licensee. As a result, Licensee agrees to sign at once any
document for such assignment at Licensor's request. </p>
<p class="MsoNormal" style="text-align:justify">5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensor
represents that it has a nonexclusive license granted to it free of charge by
L'OREAL for the use with a view to the manufacture by itself and/or third
parties of certain patented mechanisms for the closure of perfume flasks. A copy
of the corresponding licensing agreement can be found in Appendix 5.6 hereof.</p>
<p align="center"><u><b>ARTICLE 6 - INFRINGEMENT</b></u></p>
<p class="MsoNormal" style="text-align:justify">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; In the event a third
party engages in acts of counterfeiting, imitation, or unfair competition or
infringement whatsoever involving the Licensed Marks, Licensee shall notify
Licensor thereof as soon as possible and agrees to take all appropriate
emergency steps to stop or limit the damage resulting therefrom. Once Licensor
has been notified thereof, Licensor agrees to take all necessary steps in
agreement with Licensee. Licensee agrees to do everything in its power to help
it and provide it with all information in its possession. Licensor shall direct
the lawsuit and shall pay for all expenses connected to it and shall be the sole
beneficiary of the profits and/or damages deriving therefrom. In the event
Licensor receives compensation from such an action, Licensor shall hand over to
Licensee one it has received it, the portion of the compensation covering the
loss actually sustained by Licensee and/or its subcontractor for acts of
counterfeiting or illegal use of the Marks by third parties. Licensor shall not
be liable for payment to Licensee of compensation higher than the compensation
received from it by infringing party, minus related attorneys' fees.</p>
<p class="MsoNormal" style="text-align:justify">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; In the event a third
party objects to use of a Licensed Mark or files an action for infringement
against Licensee as a result of use of a Licensed Mark, Licensee shall notify
Licensor thereof. Licensor shall be in charge of the defense. All of the
expenses and any damages shall be paid for solely by Licensor. Any profits from
the defense shall accrue to Licensor. . In the event Licensor receives
compensation from such an action, Licensor shall hand over to Licensee one it
has received it, the portion of the compensation covering the loss actually
sustained by Licensee and/or its subcontractor for acts of counterfeiting or
illegal use of the Marks by third parties. Licensor shall not be liable for
payment to Licensee of compensation higher than the compensation received from
it by the third party, minus related attorneys' fees.</p>
<p class="MsoNormal" style="text-align:justify">The parties agree that Licensee
agrees to hold Licensor harmless for the loss resulting from a third party
action for infringement by the Licensed Marks such as used by Licensee in
noncompliance with its obligations hereunder. </p>
<p align="center"><u><b>ARTICLE 7 -
ADVERTISING, ROLLOUT OF NEW PRODUCTS</b></u></p>
<p class="MsoNormal" style="text-align:justify">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; In connection with the
working principles set out in Article 3 hereof, Licensee shall advertise and
promote the Products hereunder and choose providers (advertising agency, central
purchasing agency, photographers, etc.) after the overall guidelines for
advertising and promotion have been set in cooperation with Licensee in keeping
with the image of brand LANVIN and other Licensed Marks. Licensee shall pay for
Advertising and Promotion expenses together with its distributors for which it
vouches and agrees to earmark a joint budget for Advertising and Promotion
activities with its distributors. The budget shall be sufficient to ensure
strong sales growth and may not be less than the higher of the two following
amounts:</p>
<blockquote>
  <ul>
    <li>__<sup>1</sup> % of the Net Global Sales of the previous calendar year, </li>
    <li>the minimum annual
budget of EUR __<sup>2</sup> net of taxes.</li>
  </ul>
</blockquote>
<p class="MsoBodyText">For the period beginning as of the signature hereof until
December 31, 2004, Licensee shall earmark together with its distributors an
Advertising and Promotional budget of __<sup>3 </sup>% of the Net Global Sales made during
said period.</p>
<p class="MsoNormal" style="text-align:justify">______<br>
<sup>1</sup>Excised. Confidential Treatment requested by Inter Parfums, Inc. No.
10.103:1. <br>
<sup>2</sup>Excised. Confidential Treatment requested by Inter Parfums, Inc. No.
10.103:2. <br>
<sup>2</sup>Excised. Confidential Treatment requested by Inter Parfums, Inc. No.
10.103:3. </p>
<p class="MsoNormal" style="text-align: justify; text-indent: -.5in; margin-left: .5in">
7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee must obtain the prior written agreement of Licensor
and Licensor may not withhold its approval without valid reasons on: </p>
<blockquote>
  <ul>
    <li>the creative content of the advertising;</li>
    <li>the choice and definition of major themes (goals to be assigned to
communication, message to be put across);</li>
    <li>the application procedures (media, subjects, etc.).</li>
  </ul>
</blockquote>
<p class="MsoBodyText3">Licensee must be notified of Licensors' approval or
where applicable its refusal together with the reasons for such refusal no later
than 15 days as of the meeting between Licensee and Licensor at which Licensee
presents the aforementioned elements. In the event of a disagreement, the
parties shall strive to reach a consensus within eight (8) days of the date
Licensor notifies its refusal. </p>
<p class="MsoNormal">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee agrees to roll out: </p>
<blockquote>
  <ul>
    <li>at least two (2) New Products during the first seven years of the
Agreement i.e. before June 30, 2011 and</li>
    <li>at least two (2) New Products during the following eight years of
this Agreement i.e. between July 1st, 2011 and June 30, 2019. The parties agree
that at least one New Product shall be rolled out between July 1st, 2015 and
June 30, 2019.</li>
  </ul>
</blockquote>
<p align="center"><u><b>ARTICLE 8 - PROMOTIONAL OBJECTS </b></u>
</p>
<p class="MsoBodyText">Licensee may sell or give away any promotional objects or
products connected to the Licensed Marks (except for Products) provided that:
</p>
<blockquote>
<p>
a)&nbsp;&nbsp;&nbsp;&nbsp; Licensor has first authorized in writing the distribution of the objects
in question after Licensee has provided it with a sample or mockup,</p>
<p>
b)&nbsp;&nbsp;&nbsp;&nbsp; the use of such objects remains secondary to the use of the Products
hereof, </p>
<p>
c)&nbsp;&nbsp;&nbsp;&nbsp; the promotional objects and products are branded &quot;Lanvin Parfums&quot; and
such may not be mistaken for the products marketed by Licensor or its other
licensees.</p>
</blockquote>
<p align="center"><u><b>ARTICLE 9 - CONSIDERATION AND
PAYMENT</b></u></p>
<p class="MsoNormal" style="text-align: justify; text-indent: -.5in; margin-left: .5in">
9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial payments</p>
<p class="MsoNormal" style="text-align:justify">9.1.1&nbsp;&nbsp;&nbsp; On the signature date
hereof, Licensee shall pay Licensor an Initial including taxes Payment of
NINETEEN MILLION ONE HUNDRED THIRTY SIX THOUSAND euros (Euros 19,136,000.00) (i)
by certified cashier's check of Euros 16,000,000.00 remitted at this date et
(ii) by an accepted bank draft of 3,136,000 euros remitted this date et payable
on July 5th 2004. </p>
<p class="MsoNormal" style="text-align:justify">9.1.2&nbsp;&nbsp;&nbsp; On the signature date
hereof, Licensee shall pay Licensor the amount excluding taxes of Euros SIX
MILLION (Euros 6,000,000.00) by certified cashier's check for the Inventory
(such as defined in Article 12.2 hereof). This amount may be adjusted
subsequently by application of the provisions of Article 12.2 hereof. Said price
may be adjusted subsequently in compliance with the provisions of Article 12.2
hereof. Licensee shall owe any applicable VAT on the sale of the Inventory by
Licensor to Licensee.</p>
<p class="MsoNormal" style="text-align: justify; text-indent: -.5in; margin-left: .5in">
9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty</p>
<p class="MsoNormal" style="text-align:justify">9.2.1&nbsp;&nbsp;&nbsp; In addition to the
initial payments, Licensee agrees to pay an annual royalty equal to __<sup>4</sup> % (__<sup>4</sup>
per cent) of the Net Global Sales net of any withholding tax or any other tax of
any kind and which may not be lower than the guaranteed minimum set out in 9.2.6
below. Licensee shall pay Licensor said royalty within 30 days in four
installments respectively as of the end of each calendar quarter on the basis of
an itemized statement of sales plus the calculation of the royalty.</p>
<p class="MsoNormal" style="text-align:justify">_____<br>
<sup>4</sup>Excised. Confidential Treatment requested by Inter Parfums, Inc. No.
10.103:4. </p>
<p class="MsoNormal" style="text-align:justify">9.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee shall
provide Licensor annually with an itemized statement of annual sales for the
previous year certified by its auditor no later than March 15. Said statement
shall be used to calculate the annual royalty for the previous year. In the
event of an adjustment between the amount of the quarterly royalties paid in the
pervious year and the amount of the annual royalty calculated for the same year,
said adjustment shall be added to or subtracted from the amount of the payment
of the first quarter of the following year.</p>
<p class="MsoNormal" style="text-align:justify">9.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensor shall
at all times have the right to cause Licensee's representations to be audited by
a third-party expert and in particular the itemized statement of annual sales of
Products. Said audit may cover the previous four (4) calendar years. Licensee
agrees to keep the necessary records for the time required for such purpose and
to fully cooperate with the audit. In the event of an adjustment of the
royalties owed for a calendar year higher than EUR 150,000 in favor of Licensor,
Licensee shall pay the full cost of the audit in addition to the adjustment. The
adjustment, if any, and the cost of the audit shall be paid within thirty (30)
days as of the submission of the findings of the audit by Licensor to Licensee.</p>
<p class="MsoNormal" style="text-align:justify">9.2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To calculate the
quarterly royalty, the amounts of the Net Global Sales in currencies other than
the euro shall be converted into euro on the basis of the foreign exchange rates
used in Paris by the Banque de France on the last day of the given quarter. </p>
<p class="MsoNormal" style="text-align:justify">9.2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee shall
keep accurate records of Advertising and Promotional expenses in respect of the
Products and expenses for promotional objects distributed under the Licensed
Marks and shall allow an auditor authorized by Licensor to audit them at its
expenses. Said auditor shall be bound by a professional secrecy obligation.</p>
<p class="MsoNormal" style="text-align:justify">9.2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum
guaranteed royalty</p>
<p class="MsoNormal" style="text-align:justify">During the term hereof, Licensee
agrees to pay Licensor annual minimum royalties (Guaranteed Minimum) set based
on the table below. The first annual Guaranteed Minimum shall not be owed for
the first contractual period from July 1st, 2004 to June 30th 2019:</p>
<p class="MsoNormal" style="text-align:justify">&nbsp;</p>
<table border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: medium none; margin-left: 3.5pt" width="570">
  <tr>
    <td style="width:288;border:.75pt solid windowtext;
  ">
    <p align="center" style="text-align: center">PERIOD </p>
    </td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: .75pt solid windowtext; border-bottom: .75pt solid windowtext; ">
    <p align="center" style="text-align: center">GUARANTEED
    MINIMUM (net of taxes) in euro</td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er July 2004 - 31 December
    2004</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p align="center" style="text-align: center">Non
    applicable</td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2005 - 31
    December 2005</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2006 - 31
    December 2006</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2007 - 31
    December 2007</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2008 - 31
    December 2008</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2009 - 31
    December 2009</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2010 - 31
    December 2010</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2011 - 31
    December 2011</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2012 - 31
    December 2012</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2013 - 31
    December 2013</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2014 - 31
    December 2014</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2015 - 31
    December 2015</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2016 - 31
    December 2016</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er &nbsp;January 2017 - 31
    December 2017</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2018 - 31
    December 2018</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="center">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
  <tr>
    <td style="width: 288; border-left: .75pt solid windowtext; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; ">
    <p style="text-align: justify">1er January 2019 - 30 June
    2019</td>
    <td style="width: 279; border-left: medium none; border-right: .75pt solid windowtext; border-top: medium none; border-bottom: .75pt solid windowtext; " align="left">
    <p style="text-align: justify"><sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    5</sup></td>
  </tr>
</table>
<p class="MsoNormal">&nbsp;_____<br>
<sup>5</sup>Excised. Confidential Treatment requested by Inter Parfums, Inc. No.
10.103:5. </p>
<p class="MsoNormal" style="text-align:justify">9.2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The first quarterly
royalty shall be owed for the period from the signature date hereof and
September 30, 2004 and shall be paid by Licensee to Licensor no later than
October 30, 2004.</p>
<p>9.2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any delay in payment owed by Licensee to Licensor hereunder shall
automatically bear interest at the key rate of the ECB plus 5 points as of its
contractual due date without the need for formal notice to pay.</p>
<p align="center"><u><b>ARTICLE 10 - NO COMPETITION AND
FAIRNESS</b></u></p>
<p class="MsoNormal" style="text-align:justify">10.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensor agrees
not to exploit or cause to be exploited in the Territory the Licensed Marks in
connection with the Products or to engage in any actions whatsoever likely to
obstruct the exploitation of the Products hereof by Licensee throughout the term
hereof.</p>
<p class="MsoNormal" style="text-align:justify">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties agree to
perform this Agreement fairly and not to take steps that directly or indirectly
harm Licensor or Licensee and/or the sale, distribution, or image of the
Products.</p>
<p class="MsoNormal" style="text-align:justify">Licensee has informed Licensor
of the brands other than the Licensed Marks held by it or licensed to it. Such
brands are listed in Appendix 10-2. Said information is given for information
purposes only and Licensee accordingly reserves the right to make changes to
said list if applicable.</p>
<p align="center"><u><b>ARTICLE 11 - TERM OF AGREEMENT</b></u></p>
<p class="MsoNormal" style="text-align:justify">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; This Agreement shall
enter into effect July 1st, 2004 and run until June 30th, 2019 i.e. for a term
of 15 years.</p>
<p class="MsoNormal" style="text-align:justify">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twenty-four (24)
months before the expiration of the initial term of this Agreement, the parties
shall meet to set the terms and conditions of a renewal. The parties agree that
the basis of the negotiations shall be the results actually achieved by Licensee
in connection with the performance hereof. The parties expressly agree that in
all cases, including if this agreement is not renewed for any reason whatsoever,
License agrees to continue to comply with all the provisions hereof until the
expiration hereof, in particular to continue promoting the Products by spending
at least the minimum Advertising and Promotion budget (as defined in Article 7
hereto) and to continue paying the royalty set out herein for the remaining two
years. The parties agree that the minimum royalty for each of the remaining two
years shall be equal to the royalty paid in 2016. </p>
<p class="MsoNormal" style="text-align: justify; text-indent: 0in; margin-left: 0in">
11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensor may terminate this Agreement unilaterally at any time
without notice and by mere notice to Licensee by certified letter return receipt
requested in the event:</p>
<blockquote>
  <ul>
    <li>Licensee does not comply with the obligation to roll out New Products
such as stipulated in Article 7.3 above</li>
    <li>Change of control of Licensee during the term hereof within the
meaning of Section 233-3 of the French Commercial Code; </li>
    <li>Bankrupt of Licensee.</li>
  </ul>
</blockquote>
<p class="MsoNormal" style="text-align:justify">11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the
events set out in paragraph 11.3, each party may terminate this Agreement if the
other party fails to comply with any of the provisions hereof and which it has
not cured within thirty (30) days following a formal notice to comply sent to it
by certified letter return receipt requested. Termination shall be notified in
the same manner no later than forty-five (45) days after the formal notice if
noncompliance has not been cured.</p>
<p class="MsoNormal" style="text-align:justify">11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; In the event of breach
or wrongful termination of this Agreement by Licensee, in particular for the
reasons set out in paragraphs 11.3 and 11.4 above, the amount of the minimum
annual royalty owed for the remainder of the initial term hereof, i.e. June 30th
2019, shall be due immediately as a penalty. Licensor may claim additional
damages from Licensee in order to be fully compensated for the loss sustained as
a result of said breach.</p>
<p class="MsoNormal" style="text-align:justify">11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; In any event, Licensee
may not enter into commitments with third parties longer than the term hereof in
its relationships that derive from the rights and obligations set out herein.</p>
<p align="center"><u><b>ARTICLE 12 - ASSUMPTION OF
CONTRACTS / PURCHASE OF INVENTORY</b></u></p>
<p>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective on
the signature date hereof, Licensee agrees to assume at its expense the
agreements in effect between Licensor and the third parties listed in Appendix
12.1 hereto.</p>
<p>Licensor represents that to its knowledge there is no claim or any dispute
whatsoever in connection with the performance of the various agreements listed
in Appendix 12.1</p>
<p>12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee agrees to buy from Licensor the inventory of
Products the list of which dated May 24th 2004 is set out in Appendix 12.2
hereto (the Inventory) in exchange for payment of the consideration stated in
said appendix and paid today. Assignment of the Inventory shall take place in a
timely manner as of signature hereof and no later than on July 1st, 2004 on the
basis of an inventory drawn up in the presence of both parties. The difference
between the gross value of the Inventory such as stated in Appendix 12.2 hereto
and the value calculated as part of the inventory in the presence of both
parties shall give rise to a proportional addition to or subtraction from the
price of the Inventory as the case may be. Said price adjustment must be carried
out and paid by the parties no later than eight (8) days following the closing
of the Inventory in the presence of both parties. Notwithstanding the preceding,
there shall be no price adjustment if the difference between the gross value of
the Inventory as stated in Appendix 12.2 hereto and the value of the Inventory
in the presence of both parties is less than EUR 250,000.00 .</p>
<p>12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensee agrees to sell said Inventory
in accordance with the principles set out in Article 4.3 hereof.</p>
<p align="center"><u><b>ARTICLE 13 - HIRING OF PERSONNEL</b></u></p>
<p>The parties take note of Article L
122-12 of the French Labor Code without prejudice to the specific agreement
between them governing any difficulties resulting from the application of said
article </p>
<p align="center"><u><b>ARTICLE 14 - REPRESENTATIONS OF
PARTIES</b></u></p>
<p>Licensee represents and warrants the
following on this date:</p>
<p class="MsoNormal" style="text-align: justify; line-height: 12.0pt; text-autospace: none; margin-left: 1.15pt">
14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; Due and proper incorporation and existence: Licensee and all the
companies controlled by it that may be involved in achieving the purpose of this
Agreement were duly incorporated in accordance with applicable legislation.
Since incorporation, Licensee and its companies have been in compliance with law
on commercial companies and its implementing decrees as applicable. </p>
<p class="MsoNormal" style="text-align: justify; line-height: 12.0pt; text-autospace: none">
14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disputes: Licensee and all the companies controlled by it are not
involved in any manner whatsoever in any administrative, judicial or arbitral
proceeding having to do with unfair competition or breaches of the commitments
entered into by them under licensing, distribution, and/or marketing agreements.</p>
<p class="MsoNormal" style="text-align: justify; text-indent: 0in; margin-left: 0in">
14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensor warrants that to date it knows of no circumstance that
would prevent the marketing of the Products in the countries that it has listed
in Appendix 1.1, and in which the Marks have been filed or registered.</p>
<p class="MsoNormal" style="text-align: justify; text-indent: 0in; margin-left: 0in">
14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The signers hereof have been duly authorized by their respective
Boards of Directors to enter into and sign this Agreement. Copies of the related
board resolutions for each of the parties are attached hereto as Appendix 14.4.
</p>
<p align="center"><u><b>ARTICLE 15 - RIGHTS AND OBLIGATIONS
ON EXPIRATION OF AGREEMENT</b></u></p>
<p>15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; At the expiration of this Agreement for any reason whatsoever:</p>
<blockquote>
<p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For six (6)
months after the expiration of the Agreement, Licensee shall have the right to
sell its inventory of Products and promotional objects at normal commercial
prices unless Licensor first agrees expressly to any discounts. Licensee shall
pay royalties on such sales according to Article 9 above. After the period of
six (6) months, Licensee must completely cease exploiting the Licensed Marks and
Products. After the aforementioned six-month period, Licensee waives any right
whatsoever hereunder and covering the intellectual property rights related to
the Products, regardless of whether or not they were created by the Licensee,
and Licensed Marks;</p>
<p>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensee must
inform Licensor of any existing agreements with third parties. Licensor reserves
the right to assume said agreements or require Licensee to terminate them at its
expense.</p>
</blockquote>
<p class="MsoBodyText3">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licensor may prevent Licensee from
exercising the right referred to in the above paragraph provided (a) it buys
back from Licensee its inventory of Products and promotional objects, as well as
the raw materials that are used to make such and sales materials in its
possession or ordered by it on the termination of this Agreement at their
purchase price or cost price depreciated if applicable on the basis of
commercial practices according to the nature of the Inventory concerned and (b)
deliver orders in progress at the expiration of the Agreement.</p>
<p class="MsoHeader" align="center" style="text-align: center"><u><b>ARTICLE 16
AMENDMENT OF AGREEMENT</b></u></p>
<p class="MsoNormal" style="text-align:justify">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; Any exception,
addition, or amendment to this Agreement shall be made via written instrument
signed by the parties and attached hereto. Any amendment shall be limited to the
specific issue for which it has been entered into.</p>
<p class="MsoNormal" style="text-align:justify">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; In case of force majeure should one of the parties be unable to honor its commitments hereunder,
it must inform the other contracting party thereof in order that the parties may
agree to the fair adjustments to this Agreement in their mutual interest.</p>
<p class="MsoNormal" style="margin-left:1.15pt;text-align:justify">16.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;
Should one or more of the clauses hereof turn out to be null and void, the other
provisions of the Agreement and the Agreement as a whole shall remain in effect.
The same shall apply if the Agreement leaves out provisions. The clause that is
to be deleted or that is missing shall be replaced by a legally valid provision
that is in keeping with the purpose hereof. </p>
<p align="center"><u><b>ARTICLE 17 - CONFIDENTIALITY</b></u></p>
<p class="MsoNormal" style="text-align: justify; line-height: 12.0pt; text-autospace: none">
17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties agree to consider and treat as strictly confidential all
the information gathered in connection with the performance of this Agreement
including the provisions of this Agreement (hereinafter the Confidential
Information) regardless of their nature and media on which they are written.</p>
<p class="MsoNormal" style="text-align:justify">17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding
the provisions of clause 17.1, Licensee and Inter Parfums Inc., which indirectly
controls Licensee, shall be authorized, because it is a listed company in Paris
and New York, to disclose said Confidential Information if existing stock market
regulations or a court or administrative order require that they be disclosed
provided expressly that it first inform Licensor thereof and meets with latter
to determine the manner in which said Confidential Information is to be
disclosed pursuant to said regulations and/or orders.</p>
<p class="MsoNormal" style="text-align: justify; line-height: 12.0pt; text-autospace: none">
17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All the information known by the public shall be considered non
confidential unless it is compiled in a manner not known to the public. </p>
<p class="MsoNormal" style="text-align: justify; line-height: 12.0pt; text-autospace: none">
17.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties agree not to disclose the Confidential Information to which
they may have had access to any third party whatsoever in part or in whole or to
allow it to be disclosed directly or indirectly in part or in whole except to
employees and/or subcontractors that need said information to perform their
obligations. </p>
<p class="MsoNormal" style="text-align: justify; line-height: 12.0pt; text-autospace: none">
17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; For the purpose of ensuring the confidentiality of said information,
the parties agree to take all the necessary steps to cause their employees
and/or providers to comply with said obligation of confidentiality.</p>
<p class="MsoNormal" style="text-align: justify; line-height: 12.0pt; text-autospace: none">
17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; The parties agree not to use the Confidential Information for any other
purpose except for this Agreement.</p>
<p class="MsoNormal" style="text-align: justify; line-height: 12.0pt; text-autospace: none">
17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; Each party agrees to return to the other party at its first request all
the documents or other media containing the Confidential Information that said
other party may have submitted to it in connection with the performance of this
Agreement as well as all their copies. </p>
<p align="center"><u><b>ARTICLE 18 - FORMALITIES</b></u></p>
<p class="MsoNormal" style="text-align: justify; line-height: 12.0pt; text-autospace: none">
Licensee shall carry out at its own expense the necessary formalities with the
appropriate authorities in particular to make this Agreement binding on their
parties. </p>
<p align="center"><u><b>ARTICLE 19 - NOTICES</b></u></p>
<p class="MsoNormal" style="text-align:justify">All notices served by one party
on another party in connection with the performance hereof must be sent by
certified letter return receipt requested to the head office of the other party
to the attention of its legal representative or any other person duly authorized
by said party.</p>
<p align="center"><u><b>ARTICLE 20 - CONCILIATION /
DISPUTES</b></u></p>
<p class="MsoNormal" style="text-align:justify">In the event of a disagreement
between the Parties as to the validity, construction, performance, or rescission
of any provision hereof, the parties agree to follow the following conciliation
procedure before filing any litigation: </p>
<p>
-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First, a meeting between operational managers shall be called by the
promptest party to resolve the disagreement as quickly as possible after the
disagreement arises. The purpose of this meeting shall be to find an
out-of-court solution to the disagreement in question. Minutes of said meeting
shall be drawn up. </p>
<p>
-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second, if the meeting between operational managers does not result
in an out-of-court solution, the chief executive officers of each of the parties
shall meet and strive to resolve said disagreement amicably. Said meeting must
be held in a timely manner and no later than ten (10) days as of the meeting
between operational managers. </p>
<p class="MsoNormal" style="text-align:justify">Should a dispute subsist as to
the validity, construction, performance, and/or rescission hereof in spite of
the conciliation procedure or should one of the parties refuse to follow the
aforementioned procedure promptly, carefully and in good faith, the Paris Court
of Appeal shall have sole jurisdiction over the dispute. </p>
<p align="center"><u><b>ARTICLE 21 - GOVERNING LAW</b></u></p>
<p class="MsoNormal" style="text-align:justify">This Agreement shall be governed
by French law. </p>
<p class="MsoNormal" style="text-align:justify">Signed on 14 June 2004<br>
In Paris<br>
In two orginals</p>
<blockquote>








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    <p class="MsoTitle" align="left">/s/ Sing Ming Chu<br>
    Pour le Concedant&nbsp;<br>
    M. Sing Ming Chu&nbsp;</td>
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    <p class="MsoTitle" align="left">/s/ Philippe Benacin<br>
    Pour le Licencie<br>
    M. Philippe Benacin</td>
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