CONSULTING AGREEMENT 


 


THIS CONSULTING AGREEMENT
(this "Agreement") is made and entered into effective as of the first day of January 2013, between Inter Parfums,
Inc., a Delaware corporation (“Company”), with offices at 551 Fifth Avenue, New York, NY 10176, and Philippe Benacin
Holding SAS, a French corporation (“Consultant”) with is offices at 4, rond point des Champs Elysees, 75008 Paris.


 


WITNESSETH: 


 


Whereas,
Company desires to be assured of the association and services of Consultant in order to avail itself of Consultant's experience,
skills and abilities, and background and knowledge, and is willing to engage Consultant upon the terms and conditions set forth
herein; and


 


Whereas,
Consultant agrees to be engaged and retained by Company upon the terms and conditions as set forth herein.


 


NOW, THEREFORE, in
consideration of the recitals, promises and conditions in the Agreement, Consultant and Company agree as follows:


 


		1.	Consulting Services.



 


Company hereby retains
Consultant and Consultant accepts such retention to become a consultant to Company, in general to supervise the operations of Company
and its subsidiaries commensurate with the responsibilities and obligations of the President of Company. In addition Consultant
is to render advice, consultation and information to the Board of Directors or the officers of Company in such places as may be
agreed upon between Company and Consultant, provided that no services shall be rendered within the United States. In particular
Consultant agrees to:


 


(a)            Provide advice with regard to
internal business operations of Company, including but not limited to, advise relating to (i) strategic direction of Company,
corporate goals and their implementation; (ii) operations of Company and its divisions or subsidiaries or any programs and
projects; (iii) financing; (iv)  corporate organization and personnel; (v) and developing new international markets to
United States existing operations, as well as procuring new international brand licensing and distribution of international brands
for United States operations; and


 


(b)            Identity and, if authorized
by the board of directors of Company, negotiate potential business combination transactions for United States operations, whether
in the form of licensing, asset purchases, stock purchases, mergers, joint ventures, strategic alliances or otherwise.


 


 



    	 



    	 



    




 











2.            Term. The term of this
Agreement shall be for a period of one (1) year commencing on January 1, 2014, and shall continue in effect for subsequent annual
periods unless 


 







(a)            either party provides the other
party with 120 days advance notice,


 


(b)            Philippe Benacin, the President
of Company, ceases to be the President of Company, in which case this Agreement shall terminate coterminous with such cessation;
or


 


(c)            as otherwise specifically provided
in this Agreement.


 


		3.	Compensation and Reimbursement of Expenses.



 


(a)            In
full consideration of the services to be performed hereunder by Consultant throughout the first year of this Agreement, i.e.,
calendar year 2014, Company agrees to pay to Consultant the sum of $250,000, payable in equal monthly installments. For subsequent
years, the remuneration to be paid from Company to Consultant shall be as negotiated between Consultant and the Executive Compensation
and Stock Option Committee of the Board of Directors of Company (the “Committee”). Any remuneration in addition to
the agreed upon for any year, if any, shall be determined in the discretion of the Committee, taking into account such factors
as the Committee deems appropriate, including but not limited to, the services rendered, results of such services and profitability
of Company.


 


(b)            Company
agrees to reimburse Consultant for reasonable out-of-pocket expenses incurred by Consultant on behalf of Company, provided Consultant
submits proper documentation for such expenses, which are reasonably acceptable to Company.


 





4.            Warranties and Representations
of Consultant. Consultant hereby warrants and represents to Company that:


 





(a)            the execution and delivery of
this Agreement and the consummation by Consultant of the transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of Consultant;


 


(b)            this
Agreement constitutes a valid and binding agreement of Consultant, enforceable against it in accordance with its terms.


 



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		5.	Confidentiality, Disclosure of Information. 



 


(a)            Consultant recognizes and acknowledges
that Consultant has had and will have access to Confidential Information (as defined below) relating to the business or interests
of Company or of persons with whom Company may have business relationships. Except as permitted herein, Consultant will not during
the Term, or at any time thereafter, use, disclose or permit to be known by any other person or entity, any Confidential Information
of Company (except as required by applicable law or in connection with the performance of Consultant’s duties and responsibilities
hereunder). The term “Confidential Information” shall include, but not be limited to, information relating to Company’s
business affairs, proprietary technology, trade secrets, patented processes, research and development data, know-how, market studies
and forecasts, competitive analyses, pricing policies, employee lists, employment agreements (other than this Agreement), personnel
policies, the substance of agreements with customers, suppliers and others, marketing arrangements, customer lists, commercial
arrangements, Company Materials (as defined herein) or any other information relating to Company’s business that is not generally
known to the public or to actual or potential competitors of Company (other than through a breach of this Agreement). This obligation
shall continue until such Confidential Information becomes publicly available, other than pursuant to a breach of this Section
5 by Consultant, regardless of whether Consultant continues to be employed by Company.


 


(b)            It is further
agreed and understood by and between the parties to this Agreement that all “Company Materials,” which include, but
are not limited to, computers, computer software, computer disks, tapes, printouts, source, HTML and other code, flowcharts, schematics,
designs, graphics, drawings, photographs, charts, graphs, notebooks, customer lists, sound recordings, other tangible or intangible
manifestation of content, and all other documents whether printed, typewritten, handwritten, electronic, or stored on computer
disks, tapes, hard drives, or any other tangible medium, as well as samples, prototypes, models, products and the like, shall be
the exclusive property of Company and, upon termination of Consultant’s employment with Company, and/or upon the request
of Company, all Company Materials, including copies thereof, as well as all other Company property then in Consultant’s possession
or control, shall be returned to and left with Company.


 


		6.	Inventions Discovered by Consultant.



 


Consultant shall promptly
disclose to Company any invention, improvement, discovery, process, formula, or method or other intellectual property, whether
or not patentable or copyrightable (collectively, “Inventions”), conceived or first reduced to practice by Consultant,
either alone or jointly with others, while performing services hereunder (or, if based on any Confidential Information, at any
time during or after the Term), (a) which pertain to any line of business activity of Company, whether then conducted or then being
actively planned by Company, with which Consultant was or is involved, (b) which is developed using time, material or facilities
of Company, whether or not during working hours or on Company premises, or (c) which directly relates to any of Consultant’s
work during the Term, whether or not during normal working hours. Consultant hereby assigns to Company all of Consultant’s
right, title and interest in and to any and all such Inventions. During and after the Term, Consultant shall execute any and all
documents necessary to perfect the assignment of such Inventions to Company and to enable Company to apply for, obtain and enforce
patents, trademarks and copyrights in any and all countries on such Inventions, including, without limitation, the execution of
any instruments and the giving of evidence and testimony, without further compensation beyond Consultant’s agreed compensation
during the course of Consultant’s employment. Without limiting the foregoing, Consultant further acknowledges that all original
works of authorship by Consultant, whether created alone or jointly with others, related to Consultant’s employment with
Company and which are protectable by copyright, are “works made for hire” within the meaning of the United States Copyright
Act, 17 U.S.C. § 101, as amended, and the copyright of which shall be owned solely, completely and exclusively by Company.
If any Invention is considered to be work not included in the categories of work covered by the United States Copyright Act, 17
U.S.C. § 101, as amended, such work is hereby assigned or transferred completely and exclusively to Company. Consultant hereby
irrevocably designates counsel to Company as Consultant’s agent and attorney-in-fact to do any and all lawful acts necessary
to apply for and obtain patents and copyrights and to enforce Company’s rights under this Section. Company need not take
any other action, nor have any other documents executed, to affect such power of attorney. Consultant expressly acknowledges and
agrees that such power of attorney is irrevocable and shall be deemed to be coupled with an interest. This Section 6 shall
survive the termination of this Agreement. Any assignment of copyright hereunder includes all rights of paternity, integrity, disclosure
and withdrawal and any other rights that may be known as or referred to as “moral rights” (collectively “Moral
Rights”). To the extent such Moral Rights cannot be assigned under applicable law and to the extent the following is allowed
by the laws in the various countries where Moral Rights exist, Consultant hereby waives such Moral Rights and consents to any action
of Company that would violate such Moral Rights in the absence of such consent. Consultant agrees to confirm any such waivers and
consents from time to time as requested by Company.


 




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		7.	Non-Competition and Non-Solicitation.



 


Consultant acknowledges
that Company has invested substantial time, money and resources in the development and retention of its Inventions, Confidential
Information (including trade secrets), customers, accounts and business partners all of which constitute legitimate business interests
of Company, and further acknowledges that during the course of Consultant’s employment with Company Consultant has had and
will have access to Company’s Inventions and Confidential Information (including trade secrets), and will be introduced to
existing and prospective customers, accounts and business partners of Company. Consultant acknowledges and agrees that any and
all “goodwill” associated with any existing or prospective customer, account or business partner belongs exclusively
to Company, including, but not limited to, any goodwill created as a result of direct or indirect contacts or relationships between
Consultant and any existing or prospective customers, accounts or business partners. Additionally, the parties acknowledge and
agree that Consultant possesses skills that are special, unique or extraordinary and that the value of Company depends upon his
use of such skills on its behalf.


 


In recognition of this,
Consultant covenants and agrees that:


 


(a)            During the
Term, and for a period of one (1) year thereafter, Consultant may not, without the prior written consent of the President of Company,
(whether as an employee, agent, servant, owner, partner, consultant, independent contractor, representative, stockholder or in
any other capacity whatsoever) participate in any business that offers products or services competitive in any way to those offered
by Company or that were under active development by Company during the Term.


 


(b)            During the
Term, and for a period of one (1) year thereafter, Consultant may not entice, solicit or encourage any Company employee to leave
the employ of Company or any independent contractor to sever its engagement with Company, absent prior written consent to do so
from the Board.


 




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(c)            During the
Term, and for a period of one (1) year thereafter, Consultant may not, directly or indirectly, entice, solicit or encourage any
customer or prospective customer of Company to cease doing business with Company, reduce its relationship with Company or refrain
from establishing or expanding a relationship with Company.


 


		8.	Non-Disparagement.



 


Consultant hereby agrees
that during the Term, and at all times thereafter, Consultant will not make any statement that is disparaging about Company, any
of its management, officers, owners or employees, including, but not limited to, any statement that disparages the products, services,
finances, financial condition, capabilities or other aspect of the business of Company. Consultant further agrees that during the
same period Consultant will not engage in any conduct that is intended to inflict harm upon the professional or personal reputation
of Company or any of its management, officers, owners, or employees.


 


		9.	Relationship of Consultant to Company.



 


Consultant shall be
an independent contractor; in no event shall Consultant be considered an agent of Company.


 


		10.	Provisions Necessary and Reasonable.



 


(a)            Consultant
agrees that (i) the provisions of Sections 5, 6, 7 and 8 of this Agreement are necessary and reasonable to protect
Company’s Confidential Information, Inventions, and goodwill; (ii) the specific temporal, geographic and substantive provisions
set forth in Section 10 of this Agreement are reasonable and necessary to protect Company’s business interests; and
(iii) in the event of any breach of any of the covenants set forth herein, Company would suffer substantial irreparable harm and
would not have an adequate remedy at law for such breach. In recognition of the foregoing, Consultant agrees that in the event
of a breach or threatened breach of any of these covenants, in addition to such other remedies as Company may have at law, without
posting any bond or security, Company shall be entitled to seek and obtain equitable relief, in the form of specific performance,
and/or temporary, preliminary or permanent injunctive relief, or any other equitable remedy which then may be available. The seeking
of such injunction or order shall not affect Company’s right to seek and obtain damages or other equitable relief on account
of any such actual or threatened breach.


 


(b)            If any of
the covenants contained in Sections 5, 6, 7 and 8 hereof, or any part thereof, are hereafter construed to be invalid
or unenforceable, then the same shall not affect the remainder of the covenant or covenants, which shall be given full effect without
regard to the invalid portions.


 


(c)            If any of
the covenants contained in Sections 5, 6, 7 and 8 hereof, or any part thereof, are held to be unenforceable by a
court of competent jurisdiction because of the temporal or geographic scope of such provision or the area covered thereby, then
the parties agree that the court making such determination shall have the power to reduce the duration and/or geographic area of
such provision and, in its reduced form, such provision shall be enforceable.


 




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		11.	Termination – Other.



 


Company shall have
the right to terminate this Agreement on notice to Consultant


 


(a)            for commission
of a fraud against Company, provided that Company provides thirty (30) days’ notice to Consultant of the charges of fraud,
and Consultant has had the opportunity to respond to such charges, or such longer period as the parties may agree in writing, or


 


(b)            upon the
material breach of Sections 5, 6, 7 and 8 of this Agreement or, provided that Consultant shall have the right to
cure any such material breach within forty-five (45) days from the effective date of notice (as hereinafter provided) from Company
to Consultant of such material breach; provided, however, that if such cure cannot be reasonably be effected within such
forty-five (45) day period, cure is being diligently prosecuted by Consultant with reasonable prospects for a cure within a commercially
reasonable time, but in no event longer than ninety (90) days.


 


		12.	Indemnification.



 


(a)            Company
agrees to provide Consultant with indemnification insurance to the same extent it covers officers and directors of Company and
its subsidiaries, and indemnify and hold harmless Consultant, its officers and directors, and each controlling person of Consultant,
from and against any and all losses, claims, damages, or liabilities, joint or several, to which they or any of them may become
subject for acts committed within the scope of this Agreement.


 


(b)            Company
agrees to pay and advance all expenses incurred or to be incurred by Consultant, including reasonable attorneys’ fees and
expenses, in connection with the defense by Consultant its officers and directors, and each controlling person of Consultant, in
connection with any and all litigation or adversary proceedings commenced, which arose out of action or inaction by Consultant
during the term of this Agreement. Notwithstanding the foregoing, in the event any court of competent jurisdiction determines that
Consultant has committed any fraud with respect to Company or any other intentional tort wherein Consultant has procured a pecuniary
benefit at the expense of Company, then this Section 12(b) shall be void, and Consultant shall reimburse Company for all
expenses advanced hereunder.


 


13.            Survival.
The provisions of Sections 5-12 shall survive the termination of this Agreement.


 


14.            Taxes.
All taxes, duties and other governmental fees or charges arising from Consultant's receipt of remuneration shall be borne by Consultant.


 




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15.            Cumulative
Rights. The rights and remedies granted in this Agreement are cumulative and not exclusive, and are in addition to any and
all other rights and remedies granted and permitted under and pursuant to law.


 


16.            No Waiver.
The failure of any of the parties hereto to enforce any provision hereof on any occasion shall not be deemed to be a waiver of
any preceding or succeeding breach of such provision or any other provision.


 


17.            Entire Agreement.
This Agreement constitutes the entire agreement and understanding of the parties hereto and no amendment, modification or waiver
of any provision herein shall be effective unless in writing, executed by the party charged therewith.


 


18.            Governing
Law. This Agreement shall be construed, interpreted and enforced in accordance with and shall be governed by the laws of the
State of New York without regard to the principles of conflicts of laws. Each party hereto hereby irrevocably consents to
the exclusive jurisdiction and venue of the state courts and of any United States District Court located within the State of New
York, County of New York, with regard to any and all actions or proceedings arising out of, or relating to, this Agreement, irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court
has been brought in an inconvenient forum.


 


19.            Assignment
and Delegation of Duties. This Agreement may not be assigned by Consultant, and any attempted assignment hereof shall be void
and of no effect. This Agreement is in the nature of a personal service contract and the duties imposed hereby are non-delegable.            


 


20.            Paragraph
Headings. The paragraph headings herein have been inserted for convenience of reference only, and shall in no way modify or
restrict any of the terms or provisions hereof.


 


21.            Notices.
Any notice or other communication under the provisions of this Agreement shall be in writing, and shall be given by postage prepaid,
registered or certified mail, return receipt requested, by hand delivery with an acknowledgment copy requested, or by the Express
Mail service offered by the United States Post Office, directed to the addresses set forth above, or to any new address of which
any party hereto shall have informed the others by the giving of notice in the manner provided herein. Such notice or communication
shall be effective, if sent by mail, three (3) days after it is mailed within the continental United States; if sent by Express
Mail service, one day after it is mailed; or by hand delivery, upon receipt.


 


22.            Unenforceability; Severability.
If any provision of this Agreement is found to be void or unenforceable by a court of competent jurisdiction, then the remaining
provisions of this Agreement, shall, nevertheless, be binding upon the parties with the same force and effect as though the unenforceable
part had been severed and deleted.


 


23.            No Third
Party Rights. The representations, warranties and other terms and provisions of this Agreement are for the exclusive benefit
of the parties hereto, and no other person shall have any right or claim against any party by reason of any of those terms and
provisions or be entitled to enforce any of those terms and provisions against any party.


 




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24.            Counterparts.
 This Agreement may be executed in counterparts, all of which shall be deemed to be duplicate originals.


 


[Balance of Page Intentionally Left Blank
– Signature Page(s) Follow]


 




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IN WITNESS WHEREOF, the
parties have executed this Agreement on the dates set forth below.


 


	Inter Parfums, Inc.	 	Philippe Benacin Holding SAS
	 	 	 	 	 
	By:	/s/ Russell Greenberg	 	By:	/s/ Philippe Benacin
	Russell Greenberg, Chief Executive Officer	 	Philippe Benacin, President
	 	 	 
	Dated: March 27, 2014	 	Dated: March 27, 2014


 




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