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| CONTENTS |         | PAGE                                                   |
|----------|--------------|--------------------------------------------------------|
|     |         |                                                   |
| 1.       |         | DEFINITIONS                                            |   | 4 |
| 2.       |         | LICENSE                                                |   | 6 |
| 3.       |         | COMPENSATION      TO LICENSOR                          |   | 7 |
| 4.       |         | PRODUCTS      AND QUALITY CONTROL                      |   | 10 |
| 5.       |         | ADVERTISING,      MARKETING AND SALES PROMOTION        |   | 13 |
| 6.       |         | DISTRIBUTION                                           |   | 16 |
| 7.       |         | TERM      AND TERMINATION                              |   | 18 |
| 8.       |         | TRADEMARKS      AND OTHER INTELLECTUAL PROPERTY RIGHTS |   | 21 |
| 9.       |         | EXCLUSIVITY                                            |   | 25 |
| 10.      |         | PRODUCT      LIABILITY                                 |   | 26 |
| 11.      |         | CONFIDENTIALITY                                        |   | 26 |
| 12.      |         | NOTICES                                                |   | 28 |
| 13.      |         | ASSIGNMENT                                             |   | 29 |
| 14.      |         | ENTIRE      AGREEMENT, MODIFICATION                    |   | 29 |
| 15.      |         | APPLICABLE      LAW, JURISDICTION                      |   | 29 |
| 16.      |         | REMEDIES,      NO WAIVER                               |   | 30 |
| 17.      |         | SEVERABILITY                                           |   | 30 |
| 18.      |         | SECTION      HEADINGS                                  |   | 30 |
| 19.      |    | FORCE      MAJEURE                                     |    | 30 |

| Annex      A |         | Trademarks                           |
|--------------|--------------|--------------------------------------|
| Annex      B |         | Quality      Criteria                |
| Annex      C |         | Form      of Royalty Report          |
| Annex      D |         | Selective      Distribution Criteria |
| Annex      E |         | Annual      Marketing Plan           |
| Annex      F |         | KEY      MARKETS                     |
| Annex      G |         | CSR      Code and Code of Ethics     |
| Annex      H |         | A&P      expenses report         |
| Annex      I |    | Draft      TerminationAgreement      |

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| A. | WHEREAS,      LICENSOR and/or its RELATED COMPANIES (as hereinafter defined) are the      owners of the TRADEMARKS (as hereinafter defined) and), the tradename      “Montblanc” (hereinafter “TRADENAME”), and the goodwill and reputation      associated with them and designs, manufactures, distributes and sells      under the TRADEMARKS luxury goods, in particular high quality watches,      jewellery, writing instruments leather goods and    accessories. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | WHEREAS,      LICENSOR has the right to grant the exclusive right to use the TRADEMARKS      and the TRADENAME in connection with the marketing of luxury fragrance and      cosmetic products throughout the world in accordance with the terms and      conditions of this AGREEMENT and to grant a license for the use of the      TRADEMARKS as provided herein. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | WHEREAS,      LICENSEE desires to obtain the right to use the TRADEMARKS and the      TRADENAME on and in connection with the development, manufacture and sale      of the PRODUCTS (as hereinafter defined) throughout the world in      accordance with the terms and conditions of this  AGREEMENT. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| D. | WHEREAS,      LICENSOR is willing to grant LICENSEE the right to use the TRADEMARKS and      the TRADENAME on and/or in connection with the manufacture and sale of the      PRODUCTS (as hereinafter defined) throughout the TERRITORY on the terms      and conditions hereinafterprovided. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| E. | LICENSEE      is informed of the current licence agreement for Products under the      Trademarks (both as hereinafter defined) with Cosmopolitan Cosmetics GmbH      and the parties agree that this Agreement shall only enter into force if      and when the current licence agreement with Cosmopolitan Cosmetics GmbH      will have been terminated. It is further agreed by the      parties that this Agreement shall not enter into force and be null and      void if no Termination Agreement (based substantially on the template      attached as Annex      I) is reached with      the current licensee by [_________________]1 with effect as per June 30,      2010. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | DEFINITIONS |
|----|-------------|

| 1.1 | “AGREEMENT”      shall mean this License Agreement including all Annexes and Exhibits      hereto, as the same may be amended, supplemented or modified in accordance      with Section      14 hereof; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | “COMMENCEMENT      DATE” shall mean 1 July 2010; |
|-----|--------------------------------------------------------------|

| 1.3 | “CONTRACTUAL      YEAR” shall mean the period commencing on the COMMENCEMENT DATE and ending      December 31, 2010 and thereafter any subsequent period of twelve months      commencing on January 1st,      and ending on the following December 31st; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4 | “TRADEMARKS”      shall mean the trademarks “Montblanc” and/or other trademarks [including      logo / star device], as represented and listed in Annex A Part 1 and      2 hereto, together with any further names, symbols or marks which      the parties may agree to introduce in accordance with the provisions of      this AGREEMENT for the purpose of applying to the PRODUCTS, and shall      include (but not be limited to) the various registrations thereof which      have been obtained, which are pending, or which may be obtained, as are      relevant to the PRODUCTS; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | “BOTTLES”      shall mean the bottles or other containers (including, but without      limitation, tubes, vials, jars, caps, etc.) for the PRODUCTS in which the      PRODUCTS are sold; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.6 | “FORMULAE”      shall mean the formulae relevant to the PRODUCTS, including but not      limited the formula of the scent of the  PRODUCTS; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.7 | “PRESENTATION”      shall mean all trademarks, get-up, designs, advertising, merchandising,      point of sale, promotional and packaging (including labelling) material      appearing upon or used in relation to the  PRODUCTS; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1.8 | “PRODUCTS”      shall mean such luxury fragrance for men and women as well as shower gel,      body lotion and aftershave ancillaries, to the exclusion of any other      products, such as but not limited to home fragrances, make-up and/or any      other cosmetic products as shall be launched in accordance with the      provisions of this AGREEMENT, that LICENSEE may market, distribute and      sell in connection with the TRADEMARKS and/or the TRADENAME pursuant to      the terms and conditions of thisAGREEMENT; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | FEMME      DE MONTBLANC |
|--------|---|-------------------------|

|   | - | FEMME      INDIVIDUELLE |
|--------|---|-------------------------|

|   | - | FEMME      INDIVIDUELLE SOUL AND SENSES |
|--------|---|-----------------------------------------|

|   | - | PRESENCE      D’UNE FEMME |
|--------|---|---------------------------------|

|   | - | PRESENCE      D'UNE FEMME INTENSE |
|--------|---|-----------------------------------|

|   | - | PRESENCE |
|--------|---|----------|

|   | - | PRESENCE      COOL |
|--------|---|--------------------|

|   | - | INDIVIDUEL |
|--------|---|------------|

|   | - | STARWALKER |
|--------|---|------------|

|   | - | HOMME      EXCEPTIONNEL |
|--------|---|-------------------------|

| 1.9 | “TECHNICAL      INFORMATION” shall mean any and all know-how and retail information in      connection with, for example, creative and technical input with respect to      design, image, corporate identity, brand direction, advertising, marketing      and promotion (including LICENSOR’S global marketing policy) relating to      the PRODUCTS; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.10 | “QUALITY      CRITERIA” shall mean the quality criteria as outlined in Annex B      attached hereto which may be amended with both parties’ written agreement      (Section 14.2 below) and shall be consistent with the prestige of the      TRADEMARKS, the TRADENAME and the goodwill and reputation associated with      them; |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.11 | “BEST      LOCAL WHOLESALE PRICE” shall, for the purpose of Section 6.5      below mean the lowest price of the first sale of the PRODUCTS from      LICENSEE or a RELATED COMPANY of LICENSEE to any third party which is not      a RELATED COMPANY of LICENSEE, may that be a distributor or a retailer, in      each relevant market; |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.12 | “LICENSOR’S      OUTLETS” shall mean those shop-in-shops, corners, concessions and free      standing boutiques (including in duty free zones) which are owned,      operated or managed by LICENSOR, by any of its RELATED COMPANIES and/or by      a third party under the TRADENAME; |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.13 | “TERRITORY”      shall mean all countries and territories throughout the world, including      duty free zones; |
|------|-----------------------------------------------------------------------------------------------------------------------------|

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| 1.14 | “NET      SALES” shall mean the prices invoiced by LICENSEE and any of its RELATED      COMPANIES on the first sale of PRODUCTS in the ordinary course of business      to a non-RELATED COMPANY, after deduction of any sales taxes imposed on      LICENSEE directly in respect of the PRODUCTS, credits, product returns,      trade or cash discounts (including year-end discounts), provided that the      aggregate of such deductions shall not exceed such amount as would be      normal business practice in relation to the sale of luxury fragrance and      grooming products of comparable prestige and price to the PRODUCTS. For      the avoidance of any doubt, NET SALES shall not include sales of point of      sale material and/or promotional materials, including but not limited to      testers, minis, samples, show cards andwindows. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.15 | “RELATED      COMPANIES” shall mean any parent or subsidiary of any of the parties or      any company affiliated with or related to any of them or a party or any      company under common control with any ofthem; |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.16 | “KEY      MARKETS” shall mean the territories listed in Annex      F. |
|------|-----------------------------------------------------------------------------------|

| 1.17 | “PROJECTED      NET SALES” shall mean the projected net sales figure for the PRODUCTS in      any calendar year as contained in the annual marketing plan relevant for      that calendar year (Annex      E); |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.18 | “MATERIAL      CHANGE” shall mean any change which will be perceptible by the      consumer. |
|------|----------------------------------------------------------------------------------------------------------|

| 2. | LICENSE |
|----|---------|

| 2.1 | LICENSOR      hereby grants LICENSEE an exclusive license to use the TRADEMARKS and/or      the TRADENAME in connection with the development, manufacture, sale,      distribution, advertising, merchandising, promotion and marketing of the      PRODUCTS in the TERRITORY for the term of the AGREEMENT in accordance with      the conditions set out below. LICENSEE shall be entitled to use the      TRADEMARKS set forth in Annex A Part 1      hereto and/or the TRADENAME in connection with other trademarks and/or      other distinctive or descriptive attributes (words, logos, devices, etc.)      but only as LICENSOR shall first approve in accordance with Section 4.2 (in      particular Section 4.2.2)      and as set forth below. The goodwill generated through the sale of the      PRODUCTS shall vest exclusively inLICENSOR. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | During      the term of this AGREEMENT, LICENSEE shall not be authorised to use the      TRADENAME as a company, branch or division name, nor on stationery,      business cards etc., unless LICENSOR expressly authorized such use of the      TRADENAME in writing and inadvance. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Subject      to section 2.2 above, LICENSEE will inform LICENSOR about the planned      incorporation of the TRADENAME into the company name of a RELATED COMPANY      in good time at the latest four weeks before the respective entry in the      Commercial Register. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | Subject      to section 2.2 above, LICENSOR will, at the request of LICENSEE,      co-operate as required in the incorporation of the TRADENAME into the      company name of a RELATED COMPANY of LICENSEE, and supply all necessary      declarations or take the necessary actions, the costs of such declarations      or actions to be reimbursed byLICENSEE. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2.5 | Promptly      after the expiration or termination of the AGREEMENT, or if there is a      sell-off period (Section 7.5      below) promptly after the end of such sell-off period, LICENSEE      agrees to procure the change of the name of a branch, division or RELATED      COMPANY referred to in Sections 2.2 to 2.4      by deleting the TRADENAME and ceasing to use and destroying all      relevant headed stationary, correspondence or other printed material      bearing the TRADENAME. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6 | LICENSEE      warrants that any use of the TRADENAME by a branch, division or RELATED      COMPANY in accordance with the provisions of Section 2.2      above will only be permitted in order to enable LICENSEE to perform its      obligations in relation to the marketing, sale, development and      manufacturing of the PRODUCTS under this AGREEMENT, to the exclusion of      any other activities, and will be subject to that branch, division or      RELATED COMPANY complying in all other respects with the terms of this      AGREEMENT and all applicable local legal requirements relating to its      incorporation and the conduct of itsbusiness. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.7 | Subject      to obtaining LICENSOR’S prior written approval and subject to the      warranties given in Sections 10.2 to      10.4, LICENSEE will be entitled to sell other products which are      not PRODUCTS together with PRODUCTS, especially in combination packages,      marketed under the TRADEMARK, or to give away other products as “gift with      purchase” together with the PRODUCTS (hereinafter collectively called      “OTHER PRODUCTS”). LICENSEE accepts that LICENSOR may withheld its      approval based on considerations in relation to the image and reputation      of the TRADEMARKS and/or the TRADENAME and/or based on limitations with      respect to the TRADEMARKS and/or the TRADENAME and/or should the OTHER      PRODUCT be of a company which is in competition with LICENSOR’S activity      (that is the product category writing instruments, leather goods, watches,      jewellery, eyewear products). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | COMPENSATION      TO LICENSOR |
|----|-------------------------------|

| 3.1 | In      consideration of the rights granted and the services to be performed by      LICENSOR hereunder, LICENSEE shall pay to LICENSOR during each CONTRACTUAL      YEAR or part thereof in accordance with this Section 3 a      royalty of [————-]2 of the NET SALES of      all PRODUCTS sold in such CONTRACTUAL YEAR. In any event, LICENSEE      undertakes to pay to LICENSOR the MINIMUM GUARANTEED ROYALTIES set forth      under section 3.2 hereunder. For the avoidance of doubt, it is expressly      accepted and confirmed by the LICENSEE that the aforesaid royalty shall      also be paid on the NET SALES of PRODUCTS sold to  LICENSOR. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3.2 | LICENSEE      agrees to pay the following guaranteed minimum royalties to LICENSOR to be      paid in (4) equal instalments in each CONTRACTUAL YEAR (“CY”) in      accordance with Section 3.3      below: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Contractual Year                      |         | Minimum Guaranteed Royalty |
|--------------------------------------------|--------------|--------------------------------------|
| CY      1 Commencement Date to Dec 31 2010 |         | EUR      [———]3    |
| CY      2 Jan 1 to Dec 31 2011             |         | EUR      [———]4    |
| CY      3 Jan 1 to Dec 31 2012             |         | EUR      [———]5    |
| CY      4 Jan 1 to Dec 31 2013             |         | EUR      [———]6    |
| CY      5 Jan 1 to Dec 31 2014             |         | EUR      [———]7    |
| CY      6 Jan 1 to Dec 31 2015             |         | EUR      [———]8    |
| CY      7 Jan 1 to Dec 31 2016             |         | EUR      [———]9    |
| CY      8 Jan 1 to Dec 31 2017             |         | EUR      [———]10   |
| CY      9 Jan 1 to Dec 31 2018             |         | EUR      [———]11   |
| CY      10 Jan 1 to Dec 31 2019            |         | EUR      [———]12   |
| CY      11 Jan 1 to Dec 31 2020            |    | EUR      [———]13   |

| 3.3 | LICENSEE      shall, for each quarter of each CONTRACTUAL YEAR, pay to LICENSOR the      greater of the cumulative amount of royalties payable under Section 3.1      above or the cumulative minimum royalties due in that CONTRACTUAL YEAR up      to that date less any royalties, whether payable under Section 3.1 or      guaranteed minimum royalty payments, already paid in that CONTRACTUAL      YEAR. These payments will be made within [———-]14 after the end of      each calendar quarter, such quarters ending on 31 March, 30 June, 30      September and 31 December in each CONTRACTUAL YEAR. Each payment shall be      accompanied by a quarterly royalty report in the form as attached as Annex      C. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3.4 | In      addition to the quarterly royalty reports referred to in Section 3.3      above, LICENSEE shall – if requested by LICENSOR promptly after the end of      a calendar year – provide to LICENSOR within [———-]15 of the end of each      calendar year a global certificate from its internal auditors certifying      that the volume and value of sales of the PRODUCTS for that calendar year      and that the figures contained in the quarterly royalty reports for the      same calendar year correspond with the entries in the books of LICENSEE      and where appropriate, any RELATED COMPANY of LICENSEE or any other entity      under its control and certifying the global deductions from gross sales      made to calculate the NET SALES figure for the relevant calendar year. The      certificate shall also certify that the figures set out in the year-end      rebate referred to in Section 6.5 are      true and accurate. Within [———-]16 from the end of      each calendar year, LICENSEE will nonetheless provide the LICENSOR with      non certified sales reports. Additionally, upon request from LICENSOR,      LICENSEE shall provide a certificate from its external auditors confirming      that the volume and value of sales of the PRODUCTS for that calendar year      and that the figures contained in the quarterly royalty reports reflect      the entries in the books of LICENSEE and, where appropriate, any RELATED      COMPANY of LICENSEE or any other entity under its control and certifying      the global deductions from gross sales made to calculate the NET SALES      figure for the relevant calendar. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | Failure      by LICENSEE to make payment of any royalties within [———-]17 after      their due date shall thereafter incur accrued interest at the basic bank      interest rate of Deutsche Bank (Hamburg) plus [———-]18 per annum. Payment      shall be applied first against any interest which may have been accrued to      the date of the payment and any balance against the amount of royalties      outstanding. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6 | All      taxes required by law to be withheld or assessed on or with respect to the      remittance of royalties by LICENSEE or any RELATED COMPANY hereunder      shall, if paid by LICENSEE or any related party, be deducted from the      amount of royalties payable to LICENSOR. LICENSEE shall furnish LICENSOR      with documentation reflecting the amount and proof of such tax      payments. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7 | All      royalties shall be paid in Euro (EUR). The exchange rate of the royalties      from foreign currencies to Euro shall be calculated according to the      average rate of exchange during the last month of the quarter being      reported as published in the Financial Times under the heading “Exchange      Cross Rate” or, in the event that the relevant calculations cannot be made      as aforesaid, by such other exchange rate calculation formula as may be      agreed by the parties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.8 | LICENSEE      shall not be obliged to pay royalties on any compensation received from      its customers as participation on advertising and sales promotion, such as      payments for decoration, testers andsamples. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3.9 | LICENSEE      agrees to keep full and accurate books and records relating to the      marketing and the sale of the PRODUCTS. LICENSEE agrees that LICENSOR      shall have the right to inspect, audit or make copies of the books and      records of LICENSEE and/or any RELATED COMPANIES of LICENSEE relating to      the computation and the payment of the royalties due and owing to LICENSOR      within [-[-[———-19 after the quarter      in question up to [———]20 times a year at      reasonable times and upon no less than [————]21 prior notice. This      right terminates [———-]22 after the      expiration or termination of this AGREEMENT for      whatever reason. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.10 | If      a shortfall in the ROYALTIES paid is verified, LICENSEE shall promptly pay      to LICENSOR all additional ROYALTIES due. If the shortfall is greater than      [———-]23 of      the cumulative amount of ROYALTIES paid by LICENSEE for the relevant      period, then the LICENSEE shall also pay to LICENSOR an amount equal to      the reasonable costs and expenses of LICENSOR’S examination together with      interest calculated in accordance with Section 3.5      above. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | PRODUCTS      AND QUALITY CONTROL |
|----|-----------------------------------|

| 4.1 | The      parties shall collaborate in the development process of the PRODUCTS so      that the PRODUCTS brought to the market will be consistent with the image      of LICENSOR and the TRADEMARKS, and in conformity with the QUALITY      CRITERIA. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | The      parties agree that LICENSOR shall have approval rights with regard to the      PRODUCTS over: |
|-----|--------------------------------------------------------------------------------------------------------|

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|  | 4.2.1 | If      LICENSOR does not give its approval of any of LICENSEE’S proposals with      regard to the concept, the scent or the packaging, it shall give its      reasons for such withholding and agrees to submit its ideas, input,      advice, and suggestions with regard thereto to LICENSEE within [———-]24 business days      after having received suchproposal. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.2.2 | Within      [———-]25 business days of      receipt of LICENSEE’S request for approval of any name in accordance with      this Section      4.2, or any trademark and/or any other attribute in accordance with      Section      2.1 as well as the submission of a completed availability search by      LICENSEE in accordance with Section 8.16      below, LICENSOR shall notify LICENSEE which names, trademarks or      attributes it approves or disapproves and shall give its reason for any      disapproval. |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.2.3 | In      the event of non-approval pursuant to Sub-Sections 4.2.1      and/or 4.2.2 above, LICENSEE agrees to take LICENSOR’S comments,      ideas, input and advice into consideration and to amend or revise its      proposal and/or implement LICENSOR’S suggestions and submit the revised      proposal to LICENSOR for its approval, it being understood that LICENSOR      and LICENSEE shall use their best endeavours to closely cooperate in order      to reach an agreement on thePRODUCTS. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.2.4 | Any      proposal submitted to LICENSOR for approval and not disapproved within      [———-]26 business days      after LICENSOR having received such proposal shall be deemed to have been      approved. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | LICENSEE      shall be responsible for ensuring that the PRODUCTS, the BOTTLES, the      FORMULAE and the PRESENTATION comply with the agreed designs, models and      prototypes and with all relevant laws, regulations, specifications and      standards in force with respect thereto (in particular US and EU      import/product regulations) and with all LICENSOR’S reasonable      instructions relating to the PRODUCTS, in particular, their quality and      presentation. LICENSEE will withdraw from the course of manufacture and/or      storage and not place upon the market any PRODUCTS, which do not comply      with the QUALITY CRITERIA, whether fully or partly      manufactured. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | LICENSEE      further agrees and undertakes to maintain the quality of the EXISTING      PRODUCTS at their current level. |
|--------|---------------------------------------------------------------------------------------------------------------------------|

| 4.4 | LICENSEE      agrees to use commercially reasonable efforts to develop the sales of the      PRODUCTS and to launch new PRODUCT lines in the Territory at least in KEY      MARKETS, as follows: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | [———-]27: new masculine      launch |
|--------|--------|-------------------------------------------------------|

|   | · | [———-]28: New feminine      initiative |
|--------|--------|----------------------------------------------------------|

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|   | · | Between the [———-]29 new  launch |
|--------|--------|----------------------------------------------------|

| 4.5 | LICENSOR      agrees to use its best efforts to ensure that the reputation, image and      the goodwill of the TRADEMARKS as represented in Annex A Part 1      and/or of the TRADENAME shall retain its present standing (as of signing      of this AGREEMENT), particularly in connection with other products      manufactured and/or distributed under the TRADEMARKS and/or the TRADENAME      by LICENSOR, RELATED COMPANIES of LICENSOR or other licensees,      sub-licensees and franchisees ofLICENSOR. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | LICENSEE      will permit LICENSOR or its authorised representative at all reasonable      times to enter the LICENSEE’S premises where the PRODUCTS are made,      stored, distributed or sold, for the purpose of inspection thereof. In      order to enable LICENSOR to control the quality of the PRODUCTS, LICENSEE      agrees to submit to LICENSOR after reasonable request random samples (up      to [———-]30 items per range of      PRODUCTS) free of cost forinspection. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.7 | If      LICENSEE uses sub-manufacturers or sub-licensees, in accordance with the      terms of this AGREEMENT for the manufacture of the PRODUCTS, LICENSEE      shall remain liable for ensuring that the quality of the PRODUCTS remains      in accordance with the QUALITY CRITERIA. LICENSEE shall permit or procure      that the sub-manufacturer or sub-licensee shall permit the LICENSOR or its      representative during normal business hours to enter any place of      manufacture or storage occupied by or used by the sub-manufacturer or the      sub-licensee for the purpose of inspection of the PRODUCTS and to ensure      that the QUALITY CRITERIA are being adhered to. Provisions for this      purpose shall be incorporated into any sub-manufacturing contract or      sub-license granted hereunder. LICENSEE undertakes to have executed by any      of such sub-manufacturer and sub-licensees a statement acknowledging      LICENSOR’s intellectual property rights as provided by      LICENSOR. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.8 | The      Parties agree that it is essential that the Products be able to be legally      marked with the country of origin “Made in France”. For that purpose,      LICENSEE undertakes that any and all Products shall be manufactured in      such a manner as to permit such marking in accordance with country of      origin markings and regulations and any other relevant regulation in force      during the term of this AGREEMENT in the  Territory. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9 | LICENSEE      is informed that LICENSOR and the Richemont Group have committed to comply      with a Corporate Responsibility Code and an Ethics Code, which are      attached hereto as Annex G.      LICENSEE undertakes to perform its duties under this Agreement in      compliance with the aforesaid codes at all  times. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 5. | ADVERTISING,      MARKETING AND SALES PROMOTION |
|----|-------------------------------------------------|

| 5.1 | LICENSEE      shall, by no later than [———-]31 in      each calendar year, communicate in writing to LICENSOR and follow such      communication within [———-]32, or within such      other period as the parties may agree, with a presentation for discussion      purposes at LICENSOR’S premises, or at such other location as may be      agreed, the following: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | its      marketing plan for the following calendar year to include the information      set out in Annex      E hereto, in particular the Projected Net  Sales; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | its      indicative Strategic Plan for the following [———-]33,      such Strategic Plan to include a market overview, the Projected Net Sales,      LICENSEE’S strategy and marketing objectives, a marketing calendar and      summary of planned advertising and promotional expenditure, brand      positioning and pricing; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      new PRODUCT launch plans, if relevant, in accordance with Section 5.3      below. |
|--------|-----|--------------------------------------------------------------------------------------------|

| 5.2 | At      the time LICENSEE presents its marketing plan in accordance with Section 5.1 (a)      above, LICENSOR shall present its product marketing plan for the following      calendar year. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | The      launch plan for each new line of PRODUCTS shall be presented at the      relevant marketing proposal presentation referred to in Section 5.1      above, or at a separate presentation if agreed by the    parties. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Furthemore,      LICENSOR shall be entitled to receive [———-]38 free samples      (vials) for each of LICENSOR's OUTLETS. In the event that LICENSOR      requires additional samples, LICENSOR shall be entitled to purchase them      at cost price. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | LICENSEE      shall be responsible for producing and circulating all advertising and      promotional materials in the TERRITORY at its costs. LICENSEE agrees to      take LICENSOR’S image into consideration in its advertising and promotion      for the PRODUCTS and to ensure that the advertising and promotion for the      PRODUCTS will be in accordance with LICENSOR’S image and reputation and      will not harm or diminish LICENSOR’S image and reputation and the goodwill      LICENSOR has built up with its other products. LICENSEE further agrees to      consult with LICENSOR with regard to advertising and sales promotion and      to take LICENSOR’S advice into due consideration in order to develop      advertising which is consistent with the image and reputation of      LICENSOR. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | The      parties agree that LICENSOR shall have approval rights with regard to the      advertising and marketing for the PRODUCTSover: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 5.6 | LICENSEE      undertakes to spend jointly with its distributors in each calendar year a      minimum percentage of its PROJECTED NET SALES on advertising and marketing      of the PRODUCTS (hereinafter called “Advertising and Marketing      Expenditure”) as follows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | First      Contractual Year (or part thereof) | [———]40 |
|--------|---|-----------------------------------------------|---------------------------|

|   | - | Second      Contractual Year | [———]41 |
|--------|---|------------------------------|---------------------------|

----

----

|   | - | Third      and any subsequent Contractual Year | [__________]42 |
|--------|---|------------------------------------------------|----------------|

| 5.7 | Any      use by LICENSEE of LICENSOR's name, trademarks, logos, OUTLETS in any      advertising and/or promotional material shall be subject to LICENSOR’S      prior written approval. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.8 | In      case LICENSOR and LICENSEE intend to arrange for public relation      statements referring to their co-operation they will beforehand consult      with each other and harmonise words, pictures and further details of the      public relation actions and each shall confirm in writing to the other its      approval of the final format of such statement prior to public      release. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 5.9 | LICENSOR      undertakes to provide LICENSEE with information about and reasonable      quantities of representative samples of advertising and promotional      material used by LICENSOR. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.10 | If      requested by LICENSEE, LICENSOR agrees to inform LICENSEE about its actual      marketing strategies and communication concepts by providing LICENSOR with      the relevant Information. LICENSEE shall take these strategies into      reasonable consideration for the development of the advertising and      promotion for the PRODUCTS. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.11 | If      requested by either party, the parties shall consult with each other from      time to time on advertising and promotion activities to be implemented      jointly and/or together with other licensees, sub-licensees or franchisees      of LICENSOR. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.12 | LICENSEE      shall make available to LICENSOR: |
|------|-------------------------------------------------|

| 5.13 | LICENSOR      shall be free to use for LICENSOR’S OUTLETS LICENSEE’S advertising and      marketing materials for the PRODUCTS, subject to the limitations of rights      granted by third parties in relation to such advertising and marketing      materials for the PRODUCTS. To this end, LICENSEE will supply to LICENSOR      reasonable quantities of aforesaid material, upon request by LICENSOR at      BEST WHOLESALE PRICE. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | DISTRIBUTION |
|----|--------------|

| 6.1 | LICENSEE      agrees to distribute the PRODUCTS or have them distributed by its RELATED      COMPANIES or third party distributors only through selected distribution      channels (speciality department stores, qualified independent perfumeries,      select perfumery chains and travel retail outlets) of high standing and      compatible with the high quality and high luxury image of the PRODUCTS and      the TRADEMARKS. Upon request of LICENSOR, LICENSEE will provide LICENSOR      with information about the names and addresses of its distributors and      authorised outlets, and in particular with confirmation (respectively,      information) in the case of individual outlets that they are      (respectively, whether they are) supplied by LICENSEE or its authorised      distributors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | LICENSEE      shall use its best efforts to ensure that such outlets conform with      LICENSOR’S selective distribution criteria as set out in Annex D hereto.      LICENSOR reserves the right for its representatives to visit all outlets      supplied by LICENSEE or its authorised distributors in order to ensure      that they do so conform and, in the event they do not and after being      requested by LICENSOR, LICENSEE shall, subject to compliance with local      laws, use its best efforts that such outlets will no longer be supplied      with the PRODUCTS. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.3 | LICENSEE      agrees to use its best endeavours that all material of whatever nature      relevant to the TRADENAME or the TRADEMARKS will be promptly removed from      any outlet which ceases to sell the PRODUCTS. Upon request of LICENSOR,      LICENSEE will use its best endeavours to identify the source of any      material which is still on display in an outlet which is no longer      authorized to distribute thePRODUCTS. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4 | LICENSEE      agrees not to distribute or sell the PRODUCTS though mail order or      catalogue sales without first obtaining LICENSOR’S prior written consent.      LICENSEE further agrees that the marketing, distribution or sale of the      PRODUCTS through any electronic means such as the Internet shall only be      authorised for approved retailers which operate a brick-and-mortar outlet      fulfilling the criteria as set out in Section 6.2 and Annex D hereto,      and provided that the use of the Internet is consistent with the high      quality and high luxury image of the PRODUCTS and any other criteria as      LICENSOR may reasonably communicate to LICENSEE from time to      time. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5 | LICENSOR      shall be free, in its exclusive discretion, to market and sell the      PRODUCTS through LICENSOR’S OUTLETS in the TERRITORY, including Franchised      Outlets. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6 | It      is agreed that LICENSOR, and any of its RELATED COMPANIES or franchisees,      shall order the PRODUCTS from LICENSEE, and LICENSEE shall accept, or      procure the acceptance of such orders, and shall deliver the PRODUCTS to      LICENSOR at BEST LOCAL WHOLESALE PRICE minus [———-]46. LICENSEE shall      deliver and invoice LICENSOR's OULETS on a local basis. Royalties shall be      paid in accordance with the provisions of Section 3 above      on sales to LICENSOR, any of its RELATED COMPANIES or franchisees in      accordance with this Section. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.7 | LICENSEE      undertakes to supply PRODUCTS to LICENSOR by such dates as LICENSOR shall      reasonably notify to LICENSEE in order to meet LICENSOR’S requirements in      terms of supply, time-table for preparation of brochures, promotional      activities, etc. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 7. | TERM      AND TERMINATION |
|----|---------------------------|

| 7.1 | Subject to recital E of the      Preamble above, the initial term of this AGREEMENT shall commence      on the COMMENCEMENT DATE and shall expire on December 31, 2020 (Initial      Term), unless renewed or sooner terminated as provided    below. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | Each      party shall be entitled to terminate the AGREEMENT upon written notice to      the other, such notice to be given on or before [———-]47 with termination      to take effect on [———-]48 in the event      LICENSEE’S NET SALES for the calendar year of [———-]49 were      not sufficient to generate royalties in excess of the MINIMUM GUARANTEED      ROYALTIES for that period as set out in Section 3.2      above. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In      any event, the parties agree that after expiration of the Initial Term      (Section      7.1 above), this AGREEMENT shall automatically be renewed for      successive periods of [———-]55, unless terminated      by either party with [———-]56 prior notice to      the end of a CONTRACTUAL YEAR served to the other  party. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 7.3 | Each      party shall be entitled to terminate the AGREEMENT upon written notice to      the other party upon the occurrence of any of the following      events: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.3.1 | the      other party shall default or fail to make when due any payment due      hereunder, and such default or failure shall continue for a period of      [———-]58 after receipt of      notice thereof from the otherparty; |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.3.2 | a      material breach of any provision of this AGREEMENT which is not remedied      within [———-]59 of written notice      thereof; |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.3.3 | liquidation,      insolvency or bankruptcy, suspension of payments, heavy indebtedness or      discontinuance of business of the otherparty; |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.3.4 | any      of the circumstances referred to in Section 19      below persist for a period of at least [———-]60. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------|

| 7.4 | Each      party shall be entitled to terminate the AGREEMENT with [———-]61 written      notice in the event of the other party coming under the direct or indirect      control (control means to control more than fifty per cent of the voting      rights which enables this party to exercise effective control) of a direct      competitor of the party becoming entitled to terminate. For the purpose of      the AGREEMENT, competitor of LICENSOR shall mean [———-]62 and/or any company      within one of the aforesaid group of companies from time to time. For the      avoidance of doubt, in the event of termination pursuant to this Section,      LICENSEE shall not be entitled to any sell-out period after the expiration      of the [————]63 notice      period. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 7.5 | Any      notice of termination must be given by means of a registered letter sent      to the relevant party’s address in accordance with the provisions of Section 12      below. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.6 | Upon      the expiration or termination of theAGREEMENT: |
|-----|----------------------------------------------------------|

|  | 7.6.1 | LICENSEE      shall cease to manufacture the PRODUCTS, the BOTTLES and the      PRESENTATION; |
|--|-------|-----------------------------------------------------------------------------------------------|

|  | 7.7.2 | provided      the termination has not been a result of default of LICENSEE or of notice      having been given by either party under Sections 7.2 or      7.5 above, LICENSEE shall be entitled to sell off the existing      stock of PRODUCTS for a period up to [———-]65 following      the date of termination and to use up the existing materials for the      manufacture of the PRODUCTS and to sell off the so-produced PRODUCTS      within the sell-off period. During the sell-off period LICENSEE shall      continue to provide quarterly reports and pay royalties on NET SALES, but      shall not be obliged to pay any minimum royalties. PRODUCTS will not be      sold at a discount (other than ordinary discounts in the normal course of      business) unless LICENSOR’S prior written approval has been      obtained; |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.7.3 | LICENSEE      shall either at the end of the sell-off period referred to in Section      7.7.2 above or, if there is no sell-off period, upon expiration or      termination of the AGREEMENT, promptly supply to LICENSOR an inventory of      the PRODUCTS, BOTTLES and PRESENTATION and all other materials relevant to      manufacture, marketing and distribution of the PRODUCTS, including but not      limited to bottles, folding-boxes or other containers then in stock, and      an inventory of all relevant tooling. LICENSOR shall have the right to      purchase the inventory at production cost or, in case of tooling, at its      depreciated value (based on depreciation over five years in accordance      with normal accounting principles) within [———-]66 after receipt of      the inventory; If not otherwise agreed between the parties, LICENSOR, if      using its option, has to acquire any and all of the PRODUCTS, bottles,      packaging, semi-finished PRODUCTS and materials, unless obsolete, damaged      or otherwise un-sellable; |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.7.4 | LICENSEE      will return all material relating to the PRODUCTS which is the property of      LICENSOR promptly following termination or, if relevant, at the end of the      sell-off period; |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.7.5 | all      rights granted to LICENSEE to use the TRADEMARKS, the TRADENAME, the      BOTTLES, the PRESENTATION and the FORMULAE shall  cease. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------|

| 7.8 | Stocks      of PRODUCTS, BOTTLES and PRESENTATION which display the TRADEMARKS and any      relevant tooling not purchased by LICENSOR and not disposed of during the      sell-off period may be disposed of in such manner as shall be mutually      agreed by the parties or, failing agreement shall be destroyed under the      supervision of LICENSOR. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 7.9 | Expiration      or termination of this AGREEMENT for any reason shall not affect the      rights and obligations of the parties accrued up to the date of expiration      or termination, but the LICENSEE shall have no right to any compensation      for the cessation of its rights on expiration or termination hereof in      accordance with the terms of this AGREEMENT and LICENSEE shall hold the      LICENSOR harmless from any such claims for compensation or damages which      may be made by any distributors or agents or persons, firms or companies      performing a similar function. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.  | TRADEMARKS      AND OTHER INTELLECTUAL PROPERTYRIGHTS |
|----------|-------------------------------------------------------|

| 8.1 | LICENSOR      guarantees and warrants that it is authorised to use the TRADEMARKS set forth in Annex A      Part 1 hereto and the TRADENAME for the PRODUCTS and to grant this      exclusive license to use the TRADEMARKS set forth in Annex A      Part 1 hereto and the TRADENAME for the PRODUCTS for the purpose of      this AGREEMENT. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Subject      to this Section 8 and in general information with respect to the      TRADEMARKS supplied to LICENSEE during the term of this AGREEMENT,      LICENSOR undertakes to (i) defend LICENSEE against any and all claims by      third parties based on the use by LICENSEE in accordance with this      AGREEMENT of the TRADEMARKS and/or the TRADENAME and (ii) to indemnify,      reimburse and hold LICENSEE harmless from any and all liability, damages,      cost and expenses, including reasonable attorneys’ fees incurred by      LICENSEE, arising from any such claims made by third parties against      LICENSEE with respect to LICENSEE’S use of the TRADEMARKS and/or the      TRADENAME in accordance with thisAGREEMENT. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.3 | LICENSEE      acknowledges that LICENSOR and/or its RELATED COMPANIES are the exclusive      owners of all rights, title and interests in the TRADEMARKS and/or the      TRADENAME and any part thereof and any other element, whether or not      capable of being registered as a trademark together with all rights in the      designs, copyright, including sketches and technical drawings or other      intellectual property or materials relating to the PRODUCTS, the      PRESENTATION, the BOTTLES, the FORMULAE, whether produced by LICENSOR or      by LICENSEE or by any sub-contractor or third party appointed by LICENSEE,      and of all goodwill attached thereto and agrees not to attack these rights      or to induce or support any such attacks. The parties agree that any      rights in the TRADEMARKS and the TRADENAME arising from the use of the      TRADEMARKS and/or the TRADENAME or any part thereof by LICENSEE shall      inure solely to the benefit of LICENSOR and/or its RELATED COMPANIES.      LICENSEE irrevocably agrees that any rights which it and/or any of its      RELATED COMPANIES may acquire by virtue of this AGREEMENT in respect of      the TRADEMARKS, the TRADENAME, the PRESENTATION, the BOTTLES and the      FORMULAE shall vest in and promptly upon request be assigned for nominal      consideration to the LICENSOR and/or its RELATED COMPANIES      absolutely. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4.1 | If      reasonably requested by LICENSEE, LICENSOR agrees, in its reasonable      business discretion, to use commercially reasonable efforts at its own      cost and expenses to apply for the registration of the TRADEMARKS set      forth in Part 1      of Annex A in respect of the PRODUCTS in countries where aforesaid      TRADEMARKS are not already protected and in which LICENSEE markets the      PRODUCTS by reference to aforesaid TRADEMARKS. LICENSOR in any event      agrees to apply for the registration of aforesaid TRADEMARKS in those      countries listed in Annex F to this      AGREEMENT. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4.2 | In      addition, LICENSOR agrees, according to its reasonable business      discretion, at its own cost and expenses, to use commercially reasonable      efforts to apply at the reasonable request of LICENSEE for the      registration of the TRADEMARKS in combination with other descriptive or      distinctive elements and/or for other trademarks to be used in conjunction      with the TRADEMARKS and/or the TRADENAME on the PRODUCTS by LICENSEE in      accordance with the terms of this Agreement. LICENSOR agrees to discuss in      good faith and to take LICENSEE’S recommendations into account in deciding      whether or not to apply to register in accordance with this Sub-Section      8.4.2. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4.3 | If      after being requested by LICENSEE in accordance with Section 8.4.2      above, LICENSOR fails to apply for the registrations of other trademarks      to be used in conjunction with the TRADEMARKS under the terms of this      AGREEMENT within [———]67 of such written      request, LICENSEE may apply to register those other trademarks anywhere in      the world, provided these are not colourable imitations of, or include any      element of the TRADEMARKS. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | LICENSEE      agrees that in such a case of registration by it, LICENSOR will not have      to defend, indemnify, reimburse and hold harmless the LICENSEE as provided      in Section 8.2 above. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 8.4.4 | LICENSOR      shall have the right, to be exercised within [———]68 after the      expiration or termination of the AGREEMENT, to purchase from LICENSEE all      right and title in any other trademarks to be used in conjunction with the      TRADEMARKS under the terms of this AGREEMENT that may have been registered      by LICENSEE during the term of this AGREEMENT, upon reimbursement of      LICENSEE’S out-of-pocket expenses incurred in registering or otherwise      acquiring and maintaining the said trademarks. Alternatively, LICENSOR may      elect not to purchase as aforesaid, but to get granted a license by      LICENSEE for the use of the other trademarks to be used in conjunction      with the TRADEMARKS on the PRODUCTS that may have been registered by      LICENSEE, for so long as LICENSOR will carry such PRODUCTS in its      collection. Such license will be without restriction and without      compensation to be paid byLICENSOR. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5 | The      parties agree to inform each other about any and each substantial      violation or infringement of the TRADEMARKS in relation to the PRODUCTS,      the PRESENTATION, the BOTTLES and other trademarks to be used in      conjunction with the TRADEMARKS  and/or the TRADENAME by third      parties which come to theirknowledge. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.6 | LICENSOR      agrees to use its best endeavours to keep the registrations of the      TRADEMARKS and other trademarks to be used in conjunction with the      TRADEMARKS (in accordance with this AGREEMENT) in full force and effect      for the term of this AGREEMENT and to keep LICENSEE informed on the legal      status of the applications and registrations of the TRADEMARKS and the      other trademarks to be used in conjunction with the TRADEMARKS in      international class of goods 3. LICENSOR agrees to provide LICENSEE with a      report in January of each year, including all applications and      registrations of the TRADEMARKS relating to the PRODUCTS and the other      trademarks to be used in conjunction with the TRADEMARKS and containing at      least the application and/or registration number as well as the      application and/or registration dates and the goods these applications      and/or registrations have been applied or registered  for. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.7 | LICENSOR      shall at its reasonable business discretion defend the TRADEMARKS, the      TRADENAME and the PRODUCTS as well as any other trademarks used in      relation to the PRODUCTS in accordance with the terms of this AGREEMENT,      at its own cost and in co-ordination with LICENSEE against any and all      violations or infringements which, according to LICENSOR’S reasonable      business discretion, may have a materially adverse impact on this      AGREEMENT, especially against confusingly similar trademarks, trademark      applications or use by third parties for any goods and/or services      identical with or similar to the PRODUCTS. If requested by LICENSOR,      LICENSEE undertakes to assist or support LICENSOR in its measures of      defence within its ability. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.8 | Any      cost and expenses reasonably and properly incurred arising from a      necessary or requested participation of LICENSEE in the measures of      defence of the TRADEMARKS will be refunded by  LICENSOR. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.9 | If      LICENSEE, in its reasonable business discretion, identifies a violation or      infringement of the TRADEMARKS and/or the TRADENAME which in its      reasonable opinion may have a materially adverse impact on this AGREEMENT,      it shall promptly inform LICENSOR and LICENSOR agrees to enter into      discussions with LICENSEE as to the best course of action to adopt to deal      with such violation / infringement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 8.10 | The      parties agree that if it is mandatory to register this AGREEMENT and/or      the LICENSEE as official licensee for the TRADEMARKS in the International      Class of Goods no 3, each Party will inform the other Party thereof in      writing and in advance. LICENSEE agrees to take at its own cost and      expenses all action necessary for the registration of the AGREEMENT or of      LICENSEE as Registered User in those countries. LICENSOR agrees to      reimburse LICENSEE the direct costs and expenses reasonably and properly      incurred by LICENSEE in connection with the registration of the AGREEMENT      or of LICENSEE as “RegisteredUser”. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.11 | LICENSEE      undertakes at the request of LICENSOR to sign any document necessary for      the registration and/or maintenance of the validity of the TRADEMARKS      including the recordal (and cancellation of such recordal upon      termination) of this AGREEMENT and of LICENSEE as a Registered User or      licensee. In addition, to the extend that LICENSOR should deem it      advisable to protect the TRADEMARKS, LICENSEE agrees to provide a      statement to the effect that LICENSEE is producing, selling and promoting      the PRODUCTS under LICENSOR’S control, together with such other assistance      (at LICENSOR’S cost) as LICENSOR reasonably deems necessary for this      purpose. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.12 | LICENSEE      agrees that it shall not, at any time, directly or indirectly contest the      validity of the registration of the TRADEMARKS or LICENSOR’S other      intellectual property rights (including those in the PRESENTATION, the      FORMULAE and the BOTTLES) to the extent that such rights relate to the      subject matter of this AGREEMENT, or their ownership by LICENSOR, its      RELATED COMPANIES, successors and/orassignees. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.13 | LICENSEE      agrees not to use the TRADEMARKS or LICENSOR’S other intellectual property      rights in respect of the PRESENTATION, the FORMULAE and the BOTTLES in      connection with the sale of any products other than the PRODUCTS, nor to      use, other than under the terms of this AGREEMENT, the TRADEMARKS and/or      the TRADENAME as a part of its trading name and shall not use in its      business any other trade or service mark, other than under the terms of      this AGREEMENT, so resembling the TRADEMARKS as to be likely to cause      confusion. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.14 | LICENSEE      shall use the TRADEMARKS and all designs, sketches, models, prototypes,      maquettes and other material directly related to the PRODUCTS as well as      the PRESENTATION, the FORMULAE and the BOTTLES, solely in connection with      the production, marketing, merchandising, distribution, advertising,      promotion, and sale in the TERRITORY of the PRODUCTS and any OTHER      PRODUCTS which LICENSOR has agreed may be sold or given away with the      PRODUCTS. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.15 | LICENSEE      shall, upon LICENSOR’S reasonable request, mark all labels, cartons, price      lists, promotional and advertising, merchandising and promotional material      and other printed or duplicated material for or relating to the PRODUCTS      with a notice in a form as is normal practice in the industry to the      effect that the TRADEMARKS are registered trademarks and/or the property      of LICENSOR. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.16 | LICENSEE      agrees to use the TRADEMARKS set forth in Annex A Part 1      only in the form as represented in Annex A Part 1      or as may be provided by LICENSOR from time to time on the PRODUCTS and      for the advertising and promotion for the PRODUCTS. This obligation shall      not apply where a TRADEMARK is used within continuous, flowing text (e. g.      in press releases and descriptive texts) where it could be impracticable      to use the TRADEMARKS in the form represented in Annex A Part 1,      provided that such representation of the TRADEMARKS shall be as close to      the form represented in Annex A Part 1      as is practicable in thecircumstances. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.17 | LICENSEE      shall be responsible for identifying appropriate names for all new ranges      of the PRODUCTS, together with, if appropriate, new BOTTLES and      PRESENTATION for such new ranges and, to that end, LICENSEE agrees      that: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | it      shall use reasonable endeavours to ensure the availability of all proposed      names, designs for new BOTTLES and PRESENTATION;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | it      shall assist LICENSOR, at LICENSOR’S reasonable request and cost, in      applying to register, registering or otherwise protecting in LICENSOR’S      name any new names, BOTTLE design and/or PRESENTATION approved by LICENSOR      in accordance with this AGREEMENT. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | LICENSOR      shall have the right to file, to register and/or to use the name with      respect to any other category of products it (and/or its RELATED      COMPANIES) presently markets and distributes under the      TRADENAME. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | EXCLUSIVITY |
|----|-------------|

| 9.1  | LICENSEE      agrees, during the term of thisAGREEMENT: |
|-----------|---------------------------------------------------------|

|  | 9.1.1 | not      to enter into a similar agreement to this Agreement with a diversified      luxury brand operating its business in the writing instruments market.      LICENSEE undertakes to obtain LICENSOR's prior written approval before      entering into a similar agreement with a diversified luxury brand      competing with LICENSOR; |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.1.2 | not      to manufacture, advertise or promote, distribute or in any other way      market products, which are identical to the PRODUCTS except as may be      permitted in this AGREEMENT; |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.1.3 | not      to use the TRADEMARKS and/or the TRADENAME in combination with the      services of a hairdresser or a beauty parlour and not to consent to such a      use by third parties; |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.1.4 | not      to consent to the use of the TRADEMARKS and/or the TRADENAME in connection      with the manufacture, distribution, marketing and/or advertising of      products which are identical to the PRODUCTS, alone or in conjunction with      any additions; |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.1.5 | to      maintain the reputation and image of the TRADEMARKS set forth in Annex A hereto      and/or the TRADENAME as well as the reputation and image of other products      under the TRADEMARKS set forth in Annex A hereto      and/or the TRADENAME and to desist from any measures which could harm or      diminish the reputation and the image and/or the prestige of the      TRADEMARKS set forth in Annex A hereto      and/or the TRADENAME and/or thePRODUCTS. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10. | PRODUCT      LIABILITY |
|-----|------------------------|

| 10.1 | LICENSEE      shall manufacture or have manufactured the PRODUCTS at its own      responsibility and shall enter into or maintain an adequate product      liability insurance, such insurance to cover the costs and damages related      to the undertaking a product recall on a worldwide  basis. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | LICENSEE      agrees that the manufacture, marketing and distribution of the PRODUCTS,      and any OTHER PRODUCTS (Section 2.7      above) distributed or sold with the PRODUCTS will be in compliance with      all applicable health and safety laws or regulations and with any relevant      national and international cosmetic labelling, packaging, recycling or      other relevant regulations in the countries of manufacture and      distribution. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | LICENSEE      further agrees that it will organise and effect, at its own expense, all      tests and registrations as are necessary for compliance with local product      import/registration and health or similar registration requirements.      LICENSOR agrees to assist LICENSEE with regard to such registrations      within its best abilities. LICENSEE agrees to reimburse LICENSOR any costs      and expenses reasonably and properly incurred by LICENSOR in connection      with such registrations. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | LICENSEE      agrees to defend, indemnify and hold LICENSOR harmless from and against      any and all liability, damages, reasonable legal fees, reasonable costs      and expenses incurred by LICENSOR in connection with any claims or legal      actions made by third parties against LICENSOR arising out of a breach of      the provisions of Section 10.2 and/or      10.3 above, or arising out of the use of the TRADENAME by LICENSEE      in accordance with Sections 2.2 to      2.6 above or arising out of any damage or injury caused by any      OTHER PRODUCT      (Section 2.7 above) sold with the PRODUCTS, the infringement of the      intellectual property rights or other similar rights of any third party or      any applicable national or international laws or regulations or any other      acts or omissions of LICENSEE or any of its agents, employees or      sub-contractors in connection with the performance of its obligations      hereunder. This indemnity shall not extend to claims for compensation      against LICENSOR which are due to LICENSOR’S own action or failure to      act. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | CONFIDENTIALITY |
|-----|-----------------|

| 11.1 | The      parties agree to keep confidential and secret the provisions of this      AGREEMENT and all non-public information and knowledge each party may      acquire about the other including, without limitation, information      concerning the marketing of their products, even if such information and      knowledge have not expressly been referred to as secret or confidential.      Such information and knowledge may only be used for the purpose of this      AGREEMENT. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Notwithstanding      anything to the contrary, the information and knowledge as identified      hereinabove shall not be deemed confidentialif: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.2.1 | at      the time of disclosure such information is in the public      domain; |
|--|--------|-------------------------------------------------------------------------------|

----

|  | 11.2.2 | after      disclosure such information becomes a part of the public domain, except by      breach of this AGREEMENT; |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

|  | 11.2.3 | such      information must be disclosed as required by applicable law;      or |
|--|--------|--------------------------------------------------------------------------------|

|  | 11.2.4 | such      information is known to the other party at the time of      disclosure. |
|--|--------|-----------------------------------------------------------------------------------|

| 11.3 | The      confidentiality provision will remain in force after the termination of      the AGREEMENT for whatever reason, and upon termination, the parties agree      to return to each other, or to destroy, as the other may request, all      materials containing confidential and non-public information and      knowledge. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4 | The      parties agree to impose this obligation of confidentiality upon all      persons acting on their behalf, including but not limited to their      employees, agents, consultants, sub-contractors, sub-licensees, managers      and representatives. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | Notwithstanding      anything to the contrary contained in this  AGREEMENT, |
|------|-----------------------------------------------------------------------------|

|   | (a) | a      description of this AGREEMENT with the United States Securities and      Exchange Commission within four (4) business days of the satisfaction of      such condition; accordingly, PARENT COMPANY shall provide LICENSOR the      opportunity to review and comment on that description at least two (2)      business days prior to filing; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      copy of this AGREEMENT with the United States Securities and Exchange      Commission with the next periodic report due to be  filed. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 12.  | NOTICES |
|-----------|---------|

| 12.1 | All      reports, communications, requests, approvals and notices required or      permitted by this AGREEMENT to be given to a party shall be in writing and      shall be deemed to be duly given when sent by certified or registered      mail, return receipt requested, addressed to the party concerned or by      facsimile where the sender is able to demonstrate successful transmission      by producing a properly addressed fax transmission report, as      follows: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 13. | ASSIGNMENT |
|-----|------------|

| 13.1 | Except      as otherwise provided for in accordance with the terms of this AGREEMENT,      neither party shall be entitled to assign its rights or obligations      hereunder without the prior written consent of the other. Notwithstanding      the foregoing, LICENSOR may assign this Agreement and/or any right and      obligation hereunder to any (current and/or future) entity within the      Richemont Group without LICENSEE’s prior  consent. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | LICENSEE      shall have the right to assign the rights under the AGREEMENT to any      RELATED COMPANY without LICENSOR’S consent. LICENSEE further will be      entitled to grant sub-licenses to RELATED COMPANIES, provided LICENSEE      inform LICENSOR thereof in writing 30 calendar days in      advance. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | Any      such assignment or sub-license under Section 13.1 or      13.2 does in no way affect any of the assignor’s obligations under      the AGREEMENT. The assignor agrees to remain liable for and guarantees the      full performance of this AGREEMENT by the  assignee. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | ENTIRE      AGREEMENT, MODIFICATION |
|-----|-------------------------------------|

| 14.1 | This      AGREEMENT and its Annexes contain a complete statement of all arrangements      between the parties with respect to the subject matter and supersede all      existing arrangements between them concerning this subject      matter. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | Modifications      and/or supplements to this AGREEMENT are only valid if made in writing.      This shall also apply to the modification or cancellation of this      in-writing cause. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | APPLICABLE      LAW, JURISDICTION |
|-----|-----------------------------------|

| 15.1 | This      Agreement shall be governed and interpreted in accordance with the Laws of      Switzerland, to the exclusion of the United Nations Convention on      Contracts for the International Sale of Goods  (CISG). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | Any      dispute, controversy or claim arising out of or in relation to this      Agreement, including the validity, invalidity, breach or termination      thereof, shall be resolved by arbitration in accordance with the Swiss      Rules of International Arbitration of the Swiss Chambers of Commerce (“the      Rules”) in force on the date when the notice of arbitration is submitted      in accordance with these Rules. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3 | The      arbitration will take place in Geneva, Switzerland and the language of the      procedure shall be English. The arbitral tribunal will be composed of one      (1) arbitrator who will be designated in accordance with the      Rules. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | The      expenses and fees of arbitration shall be determined in accordance with      the Rules. |
|------|--------------------------------------------------------------------------------------------------|

| 15.5 | The      arbitration award shall be final and binding upon the parties, the parties      renouncing to appeal against the arbitration award by any ordinary or      extraordinary means, whatever the subject of the arbitration award is. The      arbitration award may be enforced by action before any court of competent      jurisdiction. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.6 | In      accordance with Art. 26 of the Rules, each party is hereby expressly      authorized and entitled to initiate any judicial action seeking any kind      of interim relief before any competent jurisdiction. The initiation or      pursuit of any action to seek such interim relief shall not be deemed to      waive or preclude the right of such party to require arbitration as      contemplated by the section above nor to seek such interim relief before      the arbitral tribunal. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | REMEDIES,      NO WAIVER |
|-----|--------------------------|

| 17. | SEVERABILITY |
|-----|--------------|

| 18. | SECTION      HEADINGS |
|-----|-----------------------|

| 19. | FORCE      MAJEURE |
|-----|--------------------|

----

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

| · | Montblanc |
|--------|-----------|

| · | Design      mark : Star logo |
|--------|------------------------------|

| · | Femme      de Montblanc |
|--------|-------------------------|

| · | Femme      Individuelle |
|--------|-------------------------|

| · | Presence      d’une Femme |
|--------|---------------------------------|

| · | Presence |
|--------|----------|

| · | Presence      Cool |
|--------|--------------------|

| · | Starwalker |
|--------|------------|

| · | Homme      Exceptionnel |
|--------|-------------------------|

| · | Individuel |
|--------|------------|

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

| 1. | The      PRODUCTS (including the BOTTLES and the PRESENTATION) shall be      manufactured to the highest high standards of quality, using only high      quality ingredients and materials, in order to ensure that the standard of      quality of the finished PRODUCTS and PRESENTATION thereof meets the      prestige and reputation of LICENSOR. THE PRODUCTS shall in no event be of      an inferior quality than the EXISTINGPRODUCTS. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

|   | - | Quarterly      sales by zone, country and client |
|--------|---|--------------------------------------------------|

|   | - | Quarterly      Statement allowing to isolate any sales being excluded from the NET SALES      definition as per Clause 1.14 |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------|

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

|   | - | A      solid reputation for selling luxuryperfumes |
|--------|---|----------------------------------------------------|

|   | - | A      reputation and image compatible with the high quality and reputation of      the Montblanc Trademarks |
|--------|---|--------------------------------------------------------------------------------------------------------------|

|   | - | Clean,      well maintained shop fittings |
|--------|---|-------------------------------------------|

|   | - | Appropriate      space devoted to luxury perfumes |
|--------|---|---------------------------------------------------|

|   | - | Staff      knowledgeable about luxuryfragrances. |
|--------|---|--------------------------------------------------|

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

----

| (a) | Calendar      of Main Activities |
|-----|----------------------------------|

| (b) | Conceptual      Approach – by Product andCommunication |
|-----|--------------------------------------------------------------|

| (c) | Target      Group |
|-----|-------------------|

| (d) | Brand      Name (or code name) |
|-----|--------------------------------|

| (e) | Price      Positioning |
|-----|------------------------|

| (f) | Distribution:      sales and distribution plan by countries, and authorised points of sale by      countries. |
|-----|---------------------------------------------------------------------------------------------------------------|

| (g) | Assortment |
|-----|------------|

|     | -  | SKU |
|--------------------|---------|-----|

|   | -  | GWP |
|--------|---------|-----|

|   | -  | Promo |
|--------|---------|-------|

|   | -  | Display |
|--------|---------|---------|

|   | -  | Tester |
|--------|---------|--------|

|   | -  | Samples |
|--------|---------|---------|

| (h) | Projected      Net Sales Targets – by Product line and  countries |
|-----|-------------------------------------------------------------------------|

| (i) | Communication |
|-----|---------------|

|   | - | advertising      and marketing as detailed in Annex D,      presented in summary form |
|--------|---|---------------------------------------------------------------------------------------|

| (j)  | New      Product Launch Plan |
|-----------|------------------------------|

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

|   | · | [———————————-]72 |
|--------|--------|------------------------------------------------------------------------------------|

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

----

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

----

----

----

----

| Montblanc Model Supplier Code ofConduct                                                                                     |   |                                            |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|
|                                                                                                                                            |   |                                            |
| Company      name                                                                                                                               |   |                                            |
|                                                                                                                                            |   |                                            |
| Address                                                                                                                                         |   |                                            |
|                                                                                                                                            |   |                                            |
| Contact      name                                                                                                                               |   |                                            |
|                                                                                                                                            |   |                                            |
| Position                                                                                                                                        |   |                                            |
|                                                                                                                                            |   |                                            |
| Phone      number, Fax number, E-mail                                                                                                           |   |                                            |
|                                                                                                                                            |   |                                            |
| Name      of your contact at Montblanc                                                                                                          |   |                                            |
| Does      your company have an individual  responsible for implementation      of the Montblanc Supplier Code of Conduct ?            |   | If      Yes, Please provide contact information |
| Does      your company have procedures in place to meet the requirements set out in      the Supplier Code of Conduct?                          |   | If      Yes, Please provide a copy              |
| Did      your company identify any discrepancies between your current operations      and requirements set out in the Supplier Code of Conduct? |   | If      Yes, Please provide a copy              |
| Does      your company have a code of conduct or similar standards to which your      suppliers adhere?                                         |   | If      Yes, Please provide a copy              |
| The      terms of the Montblanc Supplier Code of Conduct are hereby accepted and      agreed to on behalf of:                                   |   |                                            |
|                                                                                                                                            |   | _________________________________,              |
| Name      and function                                                                                                                          |   |                                            |
|                                                                                                                                            |   |                                            |
| Signature :                                                                                                                                |   |                                            |
|                                                                                                                                            |   |                                            |
| Date :                                                                                                                                     |   |                                            |

----

----

----

----

----

----

----

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----

----

| For      and on behalf of             |         | For      and on behalf of                       |
|---------------------------------------|--------------|-------------------------------------------------|
| MONTBLANC-SIMPLO      GMBH            |         | INTER      PARFUMS SA                           |
|                                  |         |                                            |
| /s/ Lutz BETHGE                       |         | /s/ Philippe BENACIN                            |
| Lutz      BETHGE                      |         | Philippe      BENACIN                           |
| CEO                                   |         | Président      Directeur Général |
|                                  |         |                                            |
| /s/ Roland A. HOEKZEMA                |         |                                            |
| Roland      A. HOEKZEMA               |         |                                            |
| EVP      Finance & Services - CFO |    |                                            |

----