Document:

ex1032to1012g07663_02072011.htm

Exhibit 10.32

 

LIMITED TRADEMARK LICENSE AGREEMENT

AGREEMENT (the “Agreement”) made as of the 10th day of March 2010, by and between I.C. Isaacs and Co., Inc.  (“Licensor”), a Delaware corporation with an address of 475 Tenth Ave., 9th Floor, New York, New York 10018 and Samsung America, Inc. (“Licensee”), a New York corporation, with an address of 1430 Broadway, 22nd Floor, New York, New York 10018.

WITNESSETH

WHEREAS, Licensor is the holder of all rights to license certain trademarks including “FLOW SOCIETYTM”, “FLOW SOCIETY AUTHENTIC LACROSSE GEARTM” and variations thereof, within the Territory (defined below) and has registered such trademarks and/or has pending applications to register such trademarks in the United States;

 

WHEREAS, Licensor is a party to a Sales Representative Agreement with Licensee dated October 6, 2009 (the “Sales Representative Agreement”) by which Licensee has retained Licensor to act as a sales representative for Licensee in connection with the sale of the Licensed Products;

 

WHEREAS, Licensor wishes to grant Licensee the limited trademark license set forth herein pursuant to the terms and conditions hereof, and Licensee wishes to receive such limited license, pursuant to such terms and conditions.

 

NOW, THEREFORE, in consideration for the premises above, and promises below, the parties agree as follows:

 

  

  

  

 

1.           The term “Trademarks” as used herein means collectively, the trademarks  “FLOW SOCIETYTM”, “FLOW SOCIETY AUTHENTIC LACROSSE GEARTM” and variations thereof, and any other trademarks, brands or names Licensor hereafter owns, acquires, licenses or uses and for which orders are obtained by Licensor or its designee and accepted by Licensee from time to time under the Sales Representative Agreement.

 

2.           The term “Licensed Products” means all products of any type, including without limitation apparel and accessories, bearing the Trademarks, and designed by or for Licensor.

 

3.           The term “Territory” means worldwide

 

4.           The term “Term” means the period beginning on the date first set forth above and ending on the earlier of the date the Sales Representative Agreement expires or is earlier terminated in accordance with its terms.  Notwithstanding anything contained to the contrary in the preceding sentence, Licensee shall be entitled to sell, but not manufacture, Licensed Products for a period of three hundred sixty (360) days after the Term, and as permitted under the Sales Representative Agreement, and then only pursuant to the terms and conditions hereof and thereof.

 

5.           Licensor hereby grants to Licensee, for Ten ($10.00) Dollars and other good and valuable consideration, the exclusive, non-assignable, non-transferable, non-sublicenseable right and license during the Term (a) to finance the manufacture of, anywhere in the world, directly or through third parties, Licensed Products for sale in the Territory, and (b) to import, distribute and sell such Licensed Products in the Territory, based on orders furnished to Licensee by Licensor, or its designees under the Sales Representative Agreement.

 

  

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6.           Licensor, or designees of Licensor, shall furnish Licensee with all designs for Licensed Products (the “Designs”).  All Licensed Products manufactured by or for Licensee shall adhere to such Designs.

 

7.           Licensee shall not be entitled to manufacture Licensed Products or sell Licensed Products within the Territory, unless Licensor or its designee has approved a sample of such Licensed Products, with such approval to be granted or denied in Licensor’s sole discretion.

 

8.           Licensee shall have no rights to use the Trademarks except as expressly set forth herein and in the Sales Representative Agreement.  All rights to the Trademarks not expressly granted to Licensee are reserved by, and belong to, Licensor.

 

9.           The validity, performance, construction and effect of this Agreement shall be governed by the laws of the State of New York applicable to contracts made and wholly performed therein.

 

10.           Licensor represents and warrants that it is the owner of the Trademarks and related trademark registrations and pending applications.  Licensor shall indemnify, defend and hold Licensee and its officers, directors, shareholders and employees harmless from and against all third-party claims of intellectual property right infringement and associated losses, penalties, suits, damages, costs, expenses (including reasonable attorneys’ fees), judgments and liabilities related to or arising out of its authorized use of the Designs and/or Trademarks.

 

11.           Any dispute arising from this Agreement shall be resolved by a court in the State of New York, County of New York.  The parties hereby consent to the exclusive jurisdiction of such courts and to the venue thereof.

 

  

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12.           Nothing herein shall be deemed, intended or implied to constitute a sale or assignment of the Trademarks to Licensee and no rights are conveyed hereunder to Licensee except the right to use the Trademarks under the terms of this Agreement.

 

13.           This Agreement along with the Sales Representative Agreement constitutes the complete understanding between the parties concerning the subject thereof, and supersedes any prior agreement, oral or written, concerning the subject hereof.  It may not be modified, amended or terminated orally, except by a written instrument signed by all the parties hereto.  Neither party may assign, pledge or transfer all or any part of this Agreement or its rights or obligations hereunder to any person or entity without the prior written consent of the other party.

 

14.           This Agreement may be signed in counterparts.  The parties agree that signatures appearing on this document as shown through electronic means, such as those conveyed via facsimile or email attachment, are enforceable as though they were the party’s original.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	
I.C. ISAACS, & CO., INC.

	  	
SAMSUNG AMERICA, INC.

	  	  	  
	  	  	  
	
By:

	/s/ Robert S. Stec  	  	
By:

	/s/ Kyo In Choo
	
Print:

	Robert S. Stec	  	
Print:

	

Kyo In Choo

	
Title:

	
CEO

	  	
Title:

	
President

 

  

4ex1034to1012g07663_02072011.htm

Exhibit 10.34

 

NOTE

 

 

	

$900,000.00 

	 June 14, 2010
	 	 
	 	

New York, New York

 

 

FOR VALUE RECEIVED, I.C. ISAACS & COMPANY, INC., a Delaware corporation  with an address at 475 10th Avenue, 9th Floor, New York, NY 10018 (hereinafter referred to as "Maker") hereby promises to pay to the order of Ernest K. Jacquet an individual with an address at 2600 N. Flagler Drive., Suite 909, West Palm Beach, FL 33407 (hereinafter referred to as the "Lender") the principal sum of Nine Hundred Thousand Dollars ($900,000.00) (the "Loan") with payment in kind (“PIK”) interest at the rate of ten percent (10%) per annum. Interest shall accrue until such time as Maker has achieved over a period of four (4) consecutive calendar quarters earnings before interest and taxes (“EBITDA”) in excess of one million dollars ($1,000,000). In the case of an Event of Default the Default Rate will be 16%.

 

The entire principal balance, all accrued and unpaid interest, and all other sums due under this Note shall be due and payable to Lender on or before June 28, 2012 (the "Maturity Date").

 

This Note is pre-payable at anytime without penalty.

 

Notwithstanding anything to the contrary contained herein, upon the occurrence of any one or more of the following (an "Event of Default"):

 

(a)            failure by Maker to pay Lender any sum due hereunder when due;

(b)            the dissolution or liquidation of Maker; institution of any proceedings by or against Maker under any bankruptcy, insolvency, debt adjustment, debtor rehabilitation or similar statute, state or federal, the appointment of a judicial officer or representative, for Maker, for Maker's property, including without limitation, a receiver, trustee, conservator, liquidator, sequestrator, custodian, or other similar or dissimilar judicial officer or representative and such appointment continues undismissed for a period of forty-five (45) days then at the sole option and discretion of Lender, and without further demand or notice of any kind, the total obligation of Maker hereunder to pay interest, principal and penalties shall become immediately due and payable and Lender shall have the immediate right to exercise all rights of a lender to recover all sums due. The Maker hereby waives presentment, notice of dishonor, protest, and any or all other notices or demands in connection with this note (other than demand for payment).  The failure of Lender or any other holder hereof to exercise any right hereunder shall not be construed as a waiver of the right to exercise the same or any other right at any time and from time to time thereafter.

 

The remedies of Lender, as provided herein shall be cumulative and concurrent, and may be pursued singularly, successively, or together, at the sole discretion of Lender, and may be exercised as often as occasion therefore shall arise. No act or omission of Lender, including, specifically any failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be effected only through a written document executed by Lender and then only to the extent specifically recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any subsequent right, remedy, or recourse as to a subsequent event.

 

  

  

  

 

LENDER AND MAKER IRREVOCABLY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, COUNTERCLAIM, DISPUTE OR PROCEEDING BASED UPON, OR RELATED TO THE SUBJECT MATTER OF THIS NOTE.

 

If any provision of this Note is unenforceable, invalid or contrary to law, or its inclusion herein would affect the validity, legality or enforcement of this Note, such provision shall be limited to the extent necessary to render the same valid or shall be excised from this Note, as the circumstances require, and this Note shall be construed as if said provision had been incorporated herein as so limited or as if said provision had not been included herein, as the case may be.

 

THIS NOTE IS GOVERNED BY THE LAW OF THE STATE OF NEW YORK, EXCLUDING ITS CONFLICTS OF LAWS PROVISIONS. MAKER CONSENTS TO THE NON­EXCLUSIVE PERSONAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS LOCATED IN NEW YORK SO THAT LENDER MAY SUE MAKER IN NEW YORK TO ENFORCE THIS NOTE. GUARANTOR AGREES NOT TO CLAIM THAT NEW YORK IS AN INCONVENIENT PLACE FOR TRIAL. GUARANTOR HEREBY IRREVOCABLY AGREES AND CONSENTS THAT, IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO MAKER AT THE ADDRESS SET FORTH ABOVE FOR MAKER.

This Note, and the terms and provisions hereof, shall be binding upon Maker and its successors, administrators, and assigns, and shall inure to the benefit of any permitted holder hereof. No provisions of this Note may be amended, modified, supplemented, changed, waived, discharged or terminated except in a writing signed by Lender. The Lender and other holder of this Note shall have the right to assign, sell, transfer ownership, discount or otherwise use the value hereof without restrictions at the sole discretion and use of the holder without written consent or other such notice to the Maker.

 

Maker hereby waives presentment for payment, notice of demand, notice of nonpayment or dishonor, protest, notice of protest and all other notices in connection with the delivery, acceptance, performance, default or enforcement of payment of this Note, and except as otherwise provided herein, hereby waives all notices or right of approval of, and irrevocably consents to, any extensions, renewals, waivers, modifications or forbearances which may be allowed to any party obligated under this Note.

 

  

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The undersigned will pay to the holder of this Note upon demand all legal and other costs and expenses of every kind, including reasonable attorney's fees and disbursements, relating to the collection and/or enforcement of this Note or of any rights hereunder.

IN WITNESS WHEREOF the said  I.C. Isaacs & Company, Inc., intending this Note  to take effect as an instrument under seal and intending to be legally bound, have caused these presents to be duly executed the day and year first above written.

 

	  	I.C.ISAACS & COMPANY
	  	  
	  	  
	  	
By:

	/s/ Robert Stec  
	  	  	
Robert Stec, President

	 	 	 	 

 

  

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