Document:

f8k0211ex10xivb_adsinmotion.htm

Exhibit 10.14(b)

 

AMENDMENT NO. 1 TO THE

TRADEMARK LICENSE AGREEMENT

 

THIS AMENDMENT NO. 1 dated and effective as of May 1, 2002 (this "Amendment") is to the Trademark License Agreement (the "License Agreement") dated April 17, 2000 between The Procter & Gamble Company, an Ohio corporation ("Licensor"), and Magla Products LLC, a New Jersey limited liability company ("Licensee").

 

RECITALS

 

WHEREAS, Licensor and Licensee have entered into the License Agreement; and

 

WHEREAS, Licensor and Licensee each desire to amend certain terms relating to the royalty payments, and the term and termination of the License Agreement;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Licensor and Licensee hereby agree as follows:

 

	
1.

	
Definitions. Terms defined in the License Agreement and not otherwise defined herein are used herein as defined in the License Agreement.

 

	
2.

	
Amendments to License Agreement.

 

2.1.  License.

The second paragraph of Section 1 [License] of the License Agreement is hereby amended by replacing it with the following:

 

"Product shall be defined as                                                                                                                                                                                                                                The use of 'Licensed Product' throughout this Agreement shall refer to the Product bearing the Licensed Mark."

 

The remainder of Section 1 is not amended and remains in full force and effect.

 

2.2  Term.

The date by which the License Agreement shall terminate is hereby changed to December 31,           . Accordingly, the first sentence of Section 3 (Term) of the License Agreement is hereby amended by substituting the date "December 31,         for the date "June 30,            in such Section,

 

The remainder of Section 3 is not amended and remains in full force and effect.

 

  

1

  

 

Amendment No. 1 to the

License Agreement

 

2.3  Royalties.

Section 8 A (i) [Royalties] and A (ii) (Yearly Sales Projections] of the License Agreement are hereby amended by replacing them with the following:

 

A.  (i) Royalties

 

Licensee agrees to pay to Licensor a royalty equal to       ddfdfdfd dadfad fda     of the Licensed Product for Sales up to the Yearly Saes Projections or the period ending June 30, 2003 (as follows), Licensee agrees to pay to Licensor a royalty equal to       ddfdfdfd dadfad fda       fgfsdgfsgsdf fgsfgsdfgsf set forth in Section 8.A (ii) and (iii) below for the period ending June 30, 2003. Beginning     ddfdfdfd dad fsgf gfgsdfg shtsr fad fda       fgfsdgfsgsdf fgsfgsdfgsf  of the the Products for sales up to and in excess of the Yearly Sales Projections set forth in Section 8.A (ii) and (iii) below.

 

(ii) Yearly Sales Projections for    ddfd

Year 1 ( 111111111    )   1111111    

Year 2 ( 111111111    )   1111111    

Year 3 ( 111111111    )   1111111    

Year 4 ( 111111111    )   1111111    

Year 5 ( 111111111    )   1111111        1111111    

 

(iii) Yearly Sales Projections for    ddfd      

Year 1 ( 111111111    )   1111111    

Year 2 ( 111111111    )   1111111    

Year 3 ( 111111111    )   1111111         

 

The remainder of Section 8 (A) is not amended and remains in full force and effect,

 

2.4 Minimum Royalties

Section 8 (B) (Minimum Royalty) of the License Agreement is hereby amended by replacing it with following:

 

B. (i) Minimum Royalties  1111111   

 

Regardless of the amount of Net Sales, Licensee shall pay Licensor a Minimum Royalty of  1111111     as a non-refundable minimum guarantee against Royalties to be paid to Licensor during the term of this Agreement. Said Minimum Royalty to be paid as an Advance against future Royalty payments and in a Cumulative Amount starting on the effective date and continuing until the full  1111111   has been paid to Licensor according to the following schedule:

 

  

2

  

Amendment No. 1 to the

License Agreement

 

 

SCHEDULE FOR ADVANCE MINIMUM ROYALTY PAYMENTS  1111111  

 

	Total of Minimum Royalty Payments Due Date for Advance Minimum Royalty Payment
	 	 
	  hjdfh   	 Advance, due upon signing
	  hjdfh   	 by June 30, 1111111 
	  hjdfh   	 by December 31, 1111111 
	  hjdfh   	
 by June 30, 1111111 

	  hjdfh   	 by December 31, 1111111 
	  hjdfh   	 by June 30, 1111111 
	  hjdfh   	 by June 30, 1111111 
	  hjdfh   	 by December 31, 1111111 

 

(ii)Minimum Royalties —  hjdfh     

 

Regardless of th amount of Net Sales, Licensee shall pay Licensor a Minimum Royalty of U.S. as a non-refundable minimum guarantee against Royalties to be paid to Lice sor during the term of this Agreement, Said Minimum Royalty to be paid as an Advance against future Royalty payments and in a Cumu t' e Amount starting on the effective date and continuing until the full   hjdfh   has been paid to Licensor according to the following schedule:

 

SCHEDULE FOR ADVANCE MINIMUM ROYALTY PAYMENTS  hjdfh      

 

Total of Minimum Royalty Payments Due Date for Advance Minimum Royalty Payment

 

	  hjdfh   	 by December 31, 1111111 
	  hjdfh   	 by June 30, 1111111 
	  hjdfh   	 by June 30, 1111111 
	  hjdfh   	 by December 31, 1111111 

 

2.5 Payment Terms

Section 8 (D) (Payment Terms) of the License Agreement is hereby amended by adding the following at the end of the second paragraph:

 

Provided that if Licensor has not questioned the accuracy, completeness or sufficiency of the statement within five (5) years from the date the statement is rendered, it shall be deemed to be accurate, complete and sufficient.

 

  

3

  

Amendment No. 1 to the

License Agreement

 

 

2.6 Licensee's Covenants.

Section 5 (ID) (Exclusive Efforts) of the License Agreement is hereby amended by replacing it with the following:

 

During the term of this Agreement and fora/Wears after the termination of this Agreement, other than Licensor deciding not to renew or extend this Agreement at the end of any then contractual term, Licensee shall not manufacture, distribute, sell, directly or indirectly (whether for its own account or as agent for any other party), within the Area, any products bearing competitive Licensed Mark in the household cleaning category or other trademark in the household cleaning category other than a mark owned by Licensee, to the Licensed Product contemplated by this Agreement.

 

2.7 Termination

Section 11 (A) (vi) of the License Agreement is hereby amended by adding the following to the end of the section:

 

Provided that this provision shall not be applicable as long as Jordan Glatt and/or Herbert Glatt own   hjdfh   or more of the voting interests in Licensee.

 

2.8 Miscellaneous

Section 15 (1) of the License Agreement is hereby amended by adding the following to the end of section 15(1):

 

,and which consent shall not be unreasonably withheld.

 

3.           Effect of Amendments to License Agreement. To the extent the terms and conditions of the License Agreement conflict with the terms and conditions of this Amendment, the terms and conditions of this Amendment shall control and supersede those of the License Agreement.

 

4.           Remaining Terms and Conditions of License Agreement. Unless amended herein, all other terms and conditions of the License Agreement shall remain in full force and effect.

 

[ The remainder of this page intentionally left blank ]

 

 

  

4

  

Amendment No. 1 to the

License Agreement

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date above written.

 

 

	 THE PROCTER & GAMBLE COMPANY	 	 
	 	 	 
	 By:	 /s/ Jeffery D. Woodman	 	 	 
	 	 	 
	 Jeffery D. Woodman	 	 
	 Vice President	 	 
	 External Business Development	 	 	 
	 	 	 	 	 
	 Date:	  5/6/02	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	  MAGLA PRODUCTS, LLC	 	 	 
	 	 	 	 	 
	 By:	  /s/ Jordan Glatt	 	 	 
	 Name Printed:	  Jordan Glatt	 	 	 
	 Title:	 President	 	 	 
	 Date:	 5/1/02	 	 	 

 

 

 

 

5f8k0211ex10xivc_adsinmotion.htm

Exhibit 10.14(c)

 

AMENDMENT NO. 2 TO THE

TRADEMARK LICENSE AGREEMENT

 

THIS AMENDMENT NO. 2 dated and effective as of December 1, 2004 (this "Amendment") is to the Trademark License Agreement (the "License Agreement") dated April 17, 2000 and Amendment NO. 1 dated May 1, 2002 between The Procter & Gamble Company, an Ohio corporation ("Licensor"), and Magla Products LIC, a New Jersey limited liability company (licensee"),

 

RECITALS

 

WHEREAS, Licensor and Licensee have entered into the License Agreement; and

 

WHEREAS, Licensor and Licensee each desire to amend certain terms refating to the royalty payments, and the term and termination of the License Agreement;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Licensor and Licensee hereby agree as follows:

 

	
1.

	
Definitions. Terms defined in the License Agreement and not otherwise defined herein are used herein as defined in the License Agreement.

 

	
2.

	
Amendments to License Agreement,

 

2.1   Term.

The date by which the License Agreement shall terminate is hereby changed to December 31,            Accordingly, the first sentence of Section 3 (Term) of the License Agreement is hereby amended by substituting the date "December 31,           for the date "June 30,            in such Section. 

 

The remainder of Section 3 is not amended and remains in full force and effect.

 

2.2   Licensee's Obligations.

Section 4. C. The following shall be added; Licensee will recommend the products included within the defined term 'Products" to P&G on an annual basis at a time that will allow Licensee to meet its customer and manufacturing time tables for the following spring sales. P&G will have the final say on which products are included for the year. P&G will have four weeks to make its final decision in writing once the recommendation is made by Licensee. If Licensee does not receive a response to its request for approval within four weeks, then any new products will be deemed not approved whereas any products from the previous year will be deemed approved. Additional products can be added to the line up throughout the year with mutual written consent of P&G and Licensee. If any products from a prior year are discontinued Licensee will have one year to sell inventory at no less than 50% of the best price during the past 12 months.

 

2.3   Royalties.

Section 8. A. (i) [Royalties] and A (ii) [Yearly Sales Projections] of the License Agreement are hereby amended by replacing them with the following:

 

A. (i) Royalties

 

Licensee agrees to pay Licensor                                 of the Products for sales up to and in excess of the Yearly Sales Projections set forth in Section 8. A (ii) and (iii) below.

 

 

 

	(ii) Yearly Sales Projections for Gloves and Wipes
	Year 1                                     	                                  
	Year 2                                     	                                  
	Year 3                                      	                                  
	Year 4                                      	                                  
	Year 5                                      	                                  
	Year 6                                      	                                  
	Year 7                                      	                                  
	Year 8                                      	                                  
	 	 

 

  

  

  

 

Amendment No. 2 to the

License Agreement

 

The remainder of Section 8 (A) Is not amended and remains in full force and effect.

 

2.4   Minimum Royalties

Section B (B) (Minimum Royalty) of the License Agreement is hereby amended by replacing it with following:

 

B. (i) Minimum Royalties                                

 

Regardless of amount of Net Sales, Licensee shall pay Licensor a Minimum Annual Royalty of                                        as a non-refundable minimum annual guarantee against Royalties to be paid to Licensor during the term of this Agreement. Said Minimum Royalty shall be paid on or before December 3t of each Contract Year.

 

3.           Effect of Amendments to License Agreement. To the extent the terms and conditions of the License Agreement conflict with the terms and conditions of this Amendment, the terms and conditions of this Amendment shall control and supersede those of the License Agreement.

 

4.           Remaining Terms and Conditions of License Agreement. Unless amended herein, all other terms and conditions of the License Agreement shall remain in full force and effect.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date above written.

 

 

	THE PROCTER & GAMBLE COMPANY	 
	 	 	 
	
By: 

	/s/ Jeffery D. Weedman	 
	Jeffery D. Weedman
	Vice President
	External Business Development and Global Licensing

Date: 15 December 2004                

 

 

	MAGLA PRODUCTS, LLC.	 
	 	 	 
	
By: 

	/s/ Jordan Glatt	 
	Jordan Glatt
	President

Date: 12/7/04

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