Document:

Exhibit 10.124

 

FOURTH MODIFICATION OF LEASE

 

This Fourth Modification of Lease made as of this
_ day of January. 2006 by and between JEFFREY MANAGEMENT CORP. AS MANAGER FOR FRENCH PARTNERS LLC AND NEW YORK FRENCH BUILDING
CO-INVESTORS, LLC, TENANTS-IN-COMMON, having an address at 7 Penn Plaza, New York, New York, 10001 (hereinafter referred to as
the "Landlord") and JEAN PHILIPPE FRAGRANCES, LLC, having an address at 551 Fifth Avenue, New York, New York, 10176,
(hereinafter referred to as the “Tenant”).

 

WITNESSETH

 

WHEREAS, Landlord's predecessor in interest and
Tenant's predecessor in interest have entered into a certain lease dated January 13, 1992,as amended by Modification of Lease dated
June 17, 1994. Second Modification of Lease dated April 30, 1997 and Third Modification of Lease dated June 17, 2002 (hereinafter
collectively referred to as the "Lease”) for a portion of the fifteenth (15th) floor (hereinafter referred to as the
"Current Demised Premises") in the building known as 551 Fifth Avenue, collectively known as Suite 1522, New York, New
York 10176 (hereinafter referred to as the "Building").

 

WHEREAS, Tenant wishes to lease additional space
on the fifteenth (15th) floor, known as Suite 1502, as more fully indicated on the attached Exhibit "A", from the Landlord
(hereinafter referred to as the "Additional Space") and Landlord is willing to lease said Additional Space to Tenant.

 

NOW THEREFORE. in consideration of these promises,
mutual covenants and agreements contained herein and other good and valuable: consideration, receipt of which is hereby acknowledged
the parties hereby agree as follows:

 

    	 

    	 

    

 

I.                          Commencing
March 1, 2006

 

A.                     The
Additional Space and the Current Demised Premises shall be together known as the Demised Premises (hereinafter referred to as the
"Demised Premises").

 

B.                     The
billing for the Additional Space shall be separate and apart from the billing for the Current Demised Premises and accordingly
the annual rent rate for the Additional Space only shall be as more fully indicated on the attached Exhibit "B".

 

II.                         Article
35A of the Lease shall be amended in connection with the Additional Space only so that Tenant shall pay .30 percent of any increase
in any of the items included in the "Real Estate Taxes" and on the sixth (6th) line carrying over to the seventh (7th)
line the Base Tax Year in connection with the Additional Space only shall be "July 1, 2006 through June 30, 2007.

 

III.                        With
regard to the Additional Space only, landlord shall provide electric energy to the Tenant on a "rent inclusion" basis
in accordance with Article 378 of the lease. The Annual Rent set forth in Exhibit "B”, includes the annual amount of
$3,900..00 for electric energy on a rent inclusion basis for the Additional Space only. All of the terms of Article 37 of the Lease,
including but not limited to the purchase of electric energy and the increase in the cost of the purchase of Building electricity
above $3,900.00, shall be applicable for the Additional Space.

 

IV.                         Tenant
agrees to accept the Additional Space in its "as is" condition except landlord agrees to demolish the Additional Space.

 

V.                           Article
36 of the lease shall be amended in connection with the Additional Space only so that in subparagraph (b) the term "Base Operating
Period", as it applies to the Additional Space only shall mean the calendar year commencing January 1, 2006. Subparagraph
(e) shall be amended so that the term “Tenant's Proportionate Share" In connection with the Additional Space only shall
mean 30%.

 

VI.                         Tenant
represents that it has dealt with no broker other than Jeffrey Management Corp. Tenant agrees to indemnify and hold Landlord harmless
(including attorneys' fees) from and against any and all claims for brokerage commissions made by any other party claiming to act
for or on behalf of Tenant concerning this transaction.

 

    	 

    	 

    

 

VII.                      The
Limited Guaranty, attached hereto and marked Exhibit"C" is incorporated into and made a part of the Lease.

 

VIII.                    This
Fourth Modification of Lease shall be binding upon and Inure to the benefit of the parties hereto, their respective heirs, legal
representatives, successors and permitted assigns.

 

IX.                       Except
as herein expressly modified, all terms, convenants and conditions of the Lease are hereby ratified and certified in all respects
thereto.

 

IN WITNESS WHEREOF the parties hereto have executed this instrument
as of the day first above written.

 

JEFFREY MANAGEMENT CORP. AS

MANAGER FOR FRENCH PARTNERS LLC

AND NEW YORK FRENCH BUILDING CO-

INVESTORS, LLC, TENANTS-IN-COMMON

 

	By:	[/s/_________]

 

JEAN PHILIPPE FRAGRANCES LLC

 

INTER PARFUMS, INC., SOLE MEMBER

 

	By:	/s/  RUSSELL GREENBERG	 

 

RUSSELL GREENBERG

 

EXECUTIVE VICE PRESIDENT

 

EXHIBIT “A”

 

[Floor Plan Omitted]

 

EXHIBIT “B”

 

Jean Philippe Fragrances, L.L.C.

 

	Term:	 	Monthly:	 	 	Annual Rent:	 
	 	 	 	 	 	 	 	 	 
	3/1/2006 - 2/28/2013	 	$	4,241.67	 	 	$	50,900.00	 

 

    	 

    	 

    

 

EXHIBIT “C”

 

LIMITED GUARANTY

 

The undersigned Inter Parfums, Inc., a Delaware
corporation, (“Guarantor”) as additional consideration for JEFFREY MANAGEMENT CORP. AS MANAGER FOR FRENCH PARTNERS
LLC AND NEW YORK FRENCH BUILDING CO-INVESTORS, L.L.C., TENANTS-IN-COMMON, Landlord, entering into a Fourth Modification of Lease
that modifies the Lease dated January 13, 1992, Modification of Lease dated June 17, 1994, Second Modification of Lease dated April
30, 1997, and Third Modification of Lease dated June 17, 2002 (collectively the original lease and all four (4) modification agreements
are hereinafter referred to as the “Lease”) with JEAN PHILIPPE FRAGRANCES, LLC, as Tenant, with respect to premises
located in 551 FIFTH AVENUE, NEW YORK, NEW YORK, 10176, more fully described in the Fourth Modification of Lease of eve date herewith,
hereby personally guarantees to Landlord the payment of all Annual Rent and additional rent and other charges due to Landlord under
the Lease or otherwise, which accrues up to and until the date on which the Demised Premises are vacated and the keys and possession
of the Demised Premises are turned over to Landlord and are available for re-renting provided, however, that Tenant has given Landlord
thirty (30) days prior written notice of the date on which the Demised Premises will be so vacated and that all items of repair
and maintenance of the Demised Premises under the Lease to be performed by the Tenant have been performed. Guarantor hereby agrees
that any repair and maintenance necessary to be performed to the Demised Premises due to the willful misconduct or gross negligence
of Tenant, shall be performed by the Guarantor, prior to the vacating of the Demised Premises.

 

I addition, should the term of the Lease end
by virtue of the Tenant’s default, the Tenant’s property, fixtures and installations and any and all property fixtures
and installations which the Tenant has permitted to be brought upon the premises or installed in the premises, which may be required
to be removed at the expiration or termination of Tenant’s occupancy in accordance with the terms of the Lease, shall be
removed by the Tenant at or prior to such termination and, if not so removed, the undersigned Guarantor agrees to reimburse Landlord
for any and all expenses in connection therewith, and to hold the Landlord harmless from any claims or liability in connection
with such removal. This Guaranty shall not include a guarantee of the obligation of the Tenant to replace any item beyond repair
other than plate glass, but shall include such guarantee or replacement in the event that such replacement is necessitated by the
acts or omissions of the Tenant, its agents, employees, or invitees, or by failure of the Tenant to make timely repairs.

 

    	 

    	 

    

 

The Guarantor executes this Guaranty knowing that
the Landlord will rely upon the same in entering into said Agreement of Lease.

 

Guarantor further understands and agrees that:

 

1.                  Landlord
may (but is not obligated to) first look to the Guarantor for any Annual Rent, additional rent, or other guaranteed obligations
of Tenant, before applying any security monies held under this Lease. In such event, Guarantors would be obligated to pay to Landlord
any Annual rent and/or additional rent, and perform any of the above obligations prior to Landlord’s applying any security
held.

 

2.                  The
Guarantor may, at Landlord’s option, be joined in any action or proceeding commenced by Landlord against Tenant in connection
with and based upon any covenants and obligations in said Lease, which have been guaranteed by guarantor, and that the undersigned
hereby waives any demand by Landlord and/or prior action by Landlord of any nature whatsoever against Tenant.

 

3.                  This
Guaranty shall remain and continue in full force and effect notwithstanding the alteration of the said Lease by the parties thereto
whether prior to or subsequent to the execution hereof and as to any renewal, extension, modification or amendment of said Lease
and as to any assignment of Tenant’s interest in said lease, and the Guarantors do hereby waive notice of any of the foregoing
and agree that the liability of the Guarantors hereunder shall not be discharged, in whole or in part thereby, and shall be based
upon the obligations set forth in said Lease as the same may be altered, renewed, extended, modified, amended, or assigned.

 

4.                  Guarantor’s
obligations hereunder shall remain fully binding although Landlord may have waived one or more defaults by Tenant, extended the
time of performance by Tenant, released, returned or misapplied other collateral given later an additional security (including
other guarantees) and released Tenant from the performance of its obligations under such Lease.

 

    	 

    	 

    

 

5.                  This
Guaranty shall remain in full force and effect notwithstanding the institution by or against Tenant of bankruptcy, reorganization,
readjustment, receivership or insolvency proceedings of any nature, or the disaffirmance of said Lease in an such proceedings or
otherwise.

 

6.                  If
this Guaranty is signed by more than one party, their obligations shall be joint and several and of the release of one of such
guarantors shall not release any other of such guarantors.

 

7.                  This
Guaranty shall be applicable to and binding upon the heirs, representatives, successors and assigns of Landlord, Tenant and Guarantors.

 

8.                  This
Guaranty shall be interpreted in accordance with the laws of the state of New York. Guarantors agree to submit to the jurisdiction
of the State of New York.

 

Signed by Guarantor this ______ day of February,
2006

 

INTER PARFUMS, INC. a Delaware

Corporation

 

	By:	/s/ Russell Greenberg	 

 

Russell Greenberg, Executive VP

Tax Pay ID No.:      13-3275609

 

551 Fifth Avenue

 

New York, NY 10176

 

	/s/	 

 

WitnessExhibit 10.128: Certain confidential information
in this Exhibit 10.128 was omitted and filed separately with the Securities and Exchange Commission (“SEC”) with a
request for confidential treatment by Inter Parfums, Inc.

  

LICENSE AGREEMENT

 

VAN CLEEF & ARPELS

  

AND

 

INTER PARFUMS

 

    	 

    	 

    

 

Exhibit 10.128: Certain confidential information
in this Exhibit 10.128 was omitted and filed separately with the Securities and Exchange Commission (“SEC”) with a
request for confidential treatment by Inter Parfums, Inc.

 

	CONTENTS	PAGE
	 	 	 
	1.	DEFINITIONS	3
	2.	LICENSE	6
	3.	COMPENSATION TO LICENSOR	7
	4.	PRODUCTS AND QUALITY CONTROL	10
	5.	MARKETING AND LAUNCH PLANS, ADVERTISING, MARKETING AND SALES PROMOTION	14
	6.	DISTRIBUTION	18
	7.	TERM AND TERMINATION	19
	8.	TRADEMARKS AND OTHER INTELLECTUAL PROPERTY RIGHTS	23
	9.	EXCLUSIVITY	28
	10.	PRODUCT LIABILITY	28
	11.	CONFIDENTIALITY	29
	12.	NOTICES	32
	13.	ASSIGNMENT	32
	14.	ENTIRE AGREEMENT, MODIFICATION	33
	15.	APPLICABLE LAW, JURISDICTION	34
	16.	REMEDIES, NO WAIVER	34
	17.	SEVERABILITY	35
	18.	SECTION HEADINGS	35
	19.	FORCE MAJEURE	35

 

	Annex A	Trademarks
	Annex B	Quality Criteria
	Annex C	Form of Royalty Report
	Annex D	Marketing Activities
	Annex E	Selective Distribution Criteria
	Annex F	Annual Marketing Plan
	Annex G	KEY MARKETS

 

    	 

    	 

    

 

LICENSE AGREEMENT

  

between

  

VAN
CLEEF & ARPELS LOGISTICS sA, 

a company incorporated under the laws of Switzerland,
having its registered office at 8, route de Chandolan, 1752 Villars-sur-Glâne, Switzerland

 

hereinafter referred to as “LICENSOR”

  

and

 

INTER PARFUMS SA,

a company incorporated under the laws of France
RCS Paris B 350 219 382 , having its registered office at 4 rond-point des Champs Elysée 75008 PARIS, France

hereafter referred to as “LICENSEE”

  

WHEREAS, LICENSOR and/or its RELATED COMPANIES
(as hereinafter defined) are the owners of the TRADEMARKS (as hereinafter defined), the tradename “Van Cleef & Arpels”
(hereinafter “TRADENAME”), and the goodwill and reputation associated with them and manufactures or has manufactured
for it and sells under the TRADEMARKS luxury goods, in particular high quality jewellery and watches.

 

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.

 

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.

 

    	- 2 -

    	 

    
 

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 hereinafter provided.

 

LICENSEE is informed of the current licence
agreement for Products under the Trademarks (both as hereinafter defined) with YSL Beauté and the parties agree that this
Agreement shall only enter into force if and when the current licence agreement with YSL Beauté will have been terminated
and the terms of Section 3.1, 7.1 and 20 has been agreed on in writing. It is further agreed by the parties that this Agreement
shall not enter into force and be nul and void if no termination Agreement is reached with the current licensee with effect as
per September 30, 2006.

THEREFORE, in consideration of the said premises
and the mutual promises and covenants contained herein, the parties agree as follows:

 

		1.	DEFINITIONS

 

Unless the context otherwise requires,
the following terms shall have the following meanings:

 

		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 the date on which the termination of LICENSOR’S
current licence agreement for PRODUCTS under the TRADEMARKS is effective, which has to be a date on or prior to September 30, 2006.

 

		1.3	“CONTRACTUAL YEAR” shall mean the period commencing on the COMMENCEMENT DATE and ending
December 31, 2007 and thereafter any subsequent period of twelve months commencing on January 1 and ending on the following December
31;

 

		1.4	“TRADEMARKS” shall mean the trademark “Van Cleef & Arpels” and other
trademarks 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;

 

    	- 3 -

    	 

    
 

		1.5	“BOTTLES” shall mean the bottles or other containers (including, but without limitation,
tubes, vials, jars, 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;

 

		1.8	“PRODUCTS” shall mean such luxury fragrance (women’s and men’s fragrance
and home fragrance) and cosmetic products (limited to bath and body products, to the exclusion of skin care and make up 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 this AGREEMENT;

 

		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 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;

 

    	- 4 -

    	 

    
 

		1.14	“NET SALES” shall mean the invoice 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 sales and/or promotional materials, including but not limited to testers,
minis, samples, show cards and windows.

 

		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 of them;

 

		1.16	“KEY MARKETS” shall mean the territories listed in Annex G .

 

		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;

 

    	- 5 -

    	 

    

 

		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 in LICENSOR.

 

		2.2	During the term of this AGREEMENT and subject to prior written approval by LICENSOR, LICENSEE shall
also be authorised to use the TRADENAME as a branch or division name as “Parfums Van Cleef & Arpels”, especially
on stationery etc., or, to incorporate the TRADENAME into the company name of a RELATED COMPANY (as “Parfums Van Cleef &
Arpels”). The approval shall be deemed to have been given if LICENSOR does not give written notice of disapproval within
one (1) month after LICENSOR has received LICENSEE’S written request for approval together with details of the planned incorporation
of the TRADENAME.

 

		2.3	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	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 by LICENSEE.

 

		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.

 

    	- 6 -

    	 

    
 

		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 its business.

 

		2.7	LICENSOR may only with LICENSEE’s prior written approval (which will be in LICENSEE’S
exclusive discretion) and subject to the warranties given in Sections 10.2 to 10.4, 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”).

 

		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 a lump sum entrance fee of EUR _____* Mio. Further,
                                                           in consideration of the rights granted and the services to be performed
                                                           by LICENSOR during each CONTRACTUAL YEAR or part thereof a royalty
                                                           which shall be equal to [—————]1NET
                                                           SALES of all PRODUCTS sold in any CONTRACTUAL YEAR , and which shall
                                                           in any CONTRACTUAL YEAR be a minimum amount as specified in Section
                                                           3.2 below.

 

 

*Left blank in original.

 

 

1 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:1.

 

    	- 7 -

    	 

    
 

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

 

MINIMUM GUARANTEED ROYALTIES

 

	Contractual Year	 	Minimum Guaranteed 

    Royalty
	CY 1 Commencement Date to Dec 31 2007	 	[—————]
	CY 2 Jan 1 to Dec 31 2008	 	[—————]
	CY 3 Jan 1 to Dec 31 2009	 	[—————]
	CY 4 Jan 1 to Dec 31 2010	 	[—————]
	CY 5 Jan 1 to Dec 31 2011	 	[—————]
	CY 6 Jan 1 to Dec 31 2012	 	[—————]
	CY 7 Jan 1 to Dec 31 2013	 	[—————]
	CY 8 Jan 1 to Dec 31 2014	 	[—————]
	CY 9 Jan 1 to Dec 31 2015	 	[—————]
	CY 10 Jan 1 to Dec 31 2016	 	[—————]
	CY 11 Jan 1 to Dec 31 2017	 	[—————]
	CY 12 Jan 1 to Dec 31 2018	 	[—————]2

  

For the avoidance of doubt, the
parties confirm that the minimum guaranteed royalties shall be non-cumulative on a year-to-year (CONTRACTUAL YEARS) basis.

 

		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 [—————]3after
                                                           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.

 

 

2 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:2.

3 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:3.

 

    	- 8 -

    	 

    
 

		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 [—————]4of
                                                           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. Additionally, upon requested by, 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 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.

 

		3.5	Failure by LICENSEE to make payment
                                                           of any royalties within [—————]5after
                                                           their due date shall thereafter incur accrued interest at the basic
                                                           bank interest rate of BNP, Banque Nationale de Paris, plus [—————]]6per
                                                           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.

 

 

4 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:4.

5 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:5.

6 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:6.

 

    	- 9 -

    	 

    
 

		3.7	All royalties shall be paid in Euro. 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 a participation on advertising and sales promotion, such as payments for decoration, testers and samples.

 

		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 [—————]7after
                                                           the quarter in question up to [—————]8a
                                                           year at reasonable times and upon no less than one month’s prior
                                                           notice. This right terminates [—————]9after
                                                           the expiration of this AGREEMENT.

 

		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 [[—————]10of
                                                            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.

 

 

7 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:7.

8 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:8.

9 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:9.

10 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:10.

 

    	- 10 -

    	 

    
 

LICENSEE expressly agrees to take
LICENSOR’S image and reputation into consideration in the development and the manufacturing of the PRODUCTS and ensure that
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.

 

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

 

the concept

the scent

the name

the inner and outer packaging (including
but not limited to the bottles, the folding boxes, any other packagings, tubes, vials and jars)

 

and any changes made thereto. As
far advertising and marketing, it is referred to Section 5.5 below.

 

		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 [—————]11after having received
such proposal.

 

 

		4.2.2	Within [—————]12of
                                                                     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.

 

 

11 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:11. 

12 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:12.

 

    	- 11 -

    	 

    
 

		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 have finally a satisfactory common project.

 

		4.2.4	Any proposal submitted to
                                                                     LICENSOR for approval and not disapproved within [—————]13after
                                                                     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 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 goods found not in accordance with the QUALITY CRITERIA, whether fully or partly manufactured.

LICENSEE
agrees and undertakes to maintain the quality of the PRODUCTS existing at the date of signing of this AGREEMENT at minimum at their
then current level .

 

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

 

		-	March 2008 : launch of new fragrance for
women

		-	September 2008 : launch of new fragrance
for men

		-	Between
                                                              [—————]14: launch
                                                              of the 2nd new fragrance for women

		-	[—————]15:
                                                              animate and support of all PRODUCT lines

 

 

13 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:13. 

14 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:14.

15 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:15.

 

    	- 12 -

    	 

    
 

		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 of LICENSOR.

 

		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 4 items per range of PRODUCTS) free of cost for inspection.

 

		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-licenses a declaration acknowledging LICENSOR’s intellectual
property rights as provided by LICENSOR.

  

LICENSEE will use its best efforts
to ensure that such suppliers which are branding any of the components of the PRODUCTS with any of the TRADEMARKS permit the LICENSOR
or its representative either alone or together with LICENSEE or its representative within reasonable intervals and after reasonable
notice during normal business hours to enter any place of manufacture or storage occupied or used by such suppliers for the purpose
of inspection of the PRODUCTS and to ensure that the QUALITY CRITERIA are being adhered to.

 

    	- 13 -

    	 

    
 

		4.8	The Parties agree that it is essential that the Products be marked “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 are engaged in respecting international
treaties and guidlines in relation to, inter alia, protection of environment, labour conditions (no child labour) and testing of
products (no tests on animals), and LICENSEE undertakes to carry out this AGREEMENT in full respect of aforesaid.

  

		5.	MARKETING AND LAUNCH PLANS, ADVERTISING, MARKETING AND SALES PROMOTION

 

		5.1	LICENSEE shall, on a [—————]16,
                                                           and in each calendar year, communicate in writing to LICENSOR and follow
                                                           such communication within [—————]17,
                                                           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
                                                                  [—————]18period
                                                                  to include the information set out in Annex F hereto;

 

		(b)	[—————]19per
                                                                  calendar year, than its indicative Strategic Plan for the following
                                                                  [[—————]20,
                                                                  such Strategic Plan to include a market overview, 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.

 

 

16 Confidential information omitted
and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:16.  

17 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:17.

18 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:18.

19 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:19.

20 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:20.

  

    	- 14 -

    	 

    
  

		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 [—————]21.

 

		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.

 

		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 PRODUCTS over

 

the “central” marketing
materials

the “central” PR releases

the “central” advertising
material

major public relation events

 

(“central” means the
initial core materials that will be sent by LICENSEE to international markets for translation and adaptation to local markets.
It is thereby understood, that there will be no “local” marketing, PR and advertising material other than the translated
or to the local needs adapted “central” marketing, PR and advertising material).

 

 

 21 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:21.

 

    	- 15 -

    	 

    
 

If LICENSOR does not consent to
any of LICENSEE’S proposals with regard to the advertising and marketing for the PRODUCTS, it shall give its reasons for
such withholding and agrees to submit its ideas, input and advice with regard thereto to LICENSEE within [—————]22after
having received such proposal. LICENSEE agrees to take LICENSOR’S comments, ideas, input and advice into consideration and
amend or revise its proposal and/or implement LICENSOR’S suggestions and submit the revised proposal to LICENSOR for approval-it
being understood that LICENSOR and LICENSEE shall use their best endeavours to closely cooperate in order to have finally a satisfactory
common project.

 

		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)	[—————]23
	- Second and third Contractual Year	[—————]24
	- Fourth and any subsequent Contractual Year	[—————]25

 

The term Advertising and Marketing
Expenditure shall cover all expenditure for the activities listed in Annex D. Product development costs for new PRODUCTS
actually launched (excluding line extensions which are not new PRODUCTS), and pre-launch costs, shall in the first year of their
launch be included in the Advertising and Marketing Expenditure.

 

It is expressly agreed that LICENSEE
undertakes to spend jointly with its distributors at least [—————]26of the Advertising
and Marketing Expenditure on Media Advertising (point 1 of Annex D).

 

		5.7	The range of measures making up advertising and marketing activities for the purpose of this Section
5 shall be as defined in Annex D attached to this AGREEMENT.

 

 

22 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:22.

23 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:23.

24 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:24.

25 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:25.

26 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:26. 

 

    	- 16 -

    	 

    
 

		5.8	Subject to compliance with the provisions of this AGREEMENT, LICENSEE shall be free to decide whether
and to what extent the advertising and marketing activities and methods specified in Annex D to this AGREEMENT are to be
employed.

 

		5.9	Any information about LICENSOR as well as any pictures and photos of LICENSOR or LICENSOR’S
OUTLETS shall be subject to LICENSOR’S prior written approval.

 

LICENSOR agrees to sell to LICENSEE
a reasonable number of samples of other products of LICENSOR at wholesale price and provide LICENSEE with a reasonable number of
photos, drawings, etc. of LICENSOR’S shops or products for LICENSEE’S use in advertising, promotion or any other way.

 

		5.10	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.

 

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

 

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

 

		5.13	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.

 

		5.14	LICENSEE shall make available to LICENSOR:

 

a quarterly report on the status
of its expenditure for advertising, merchandising and promotions, including Advertising and Marketing Expenditure; and

 

regular evidence of expenditure
in relation to advertising, merchandising and promotion for the PRODUCTS by providing representative samples of its advertising,
public relation releases, etc.

 

    	- 17 -

    	 

    
 

		5.15	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 TRADEMARKS. Upon request by 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 E 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.

 

		6.4	LICENSEE agrees not to distribute or sell the PRODUCTS though correspondence (including mail order
/ catalogue sales) without first obtaining LICENSOR’S 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 provided
they have a physical outlet fulfilling the criteria as set out in Section 6.2/Annex E , and provided that the use of the Internet
is consistent with the high quality and high luxury image of the PRODUCTS and criteria as LICENSOR may reasonably communicate from
time to time.

 

    	- 18 -

    	 

    
 

		6.5	LICENSOR shall be free, in its exclusive
                                                             discretion, to market and sell the PRODUCTS through LICENSOR’S
                                                             OUTLETS in the TERRITORY. 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 [—————]27.
                                                             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.

 

LICENSOR shall remain free in the
TERRITORY to distribute the PRODUCTS in reasonable quantities for sales of personnel of the Richemont Group, for business gift
purposes (free of charge), and/or for promotional purposes.

 

		6.6	LICENSEE shall use all commercially reasonable efforts to supply PRODUCTS to LICENSOR by such dates
as LICENSOR shall reasonably notify to LICENSEE in order to meet LICENSOR’S time-table for preparation of brochures, promotional
activities, etc.

 

		7.	TERM AND TERMINATION

 

		7.1	The initial term of this AGREEMENT shall commence on the COMMENCEMENT DATE and shall have a duration
of twelve (12) Contractual Years, and thus expire on December 31, 2018 (Initial Term), unless renewed or sooner terminated as provided
below.

The parties expressly agree and
confirm that the effectiveness of this Agreement and its entry into force shall be subject to the license agreement between LICENSOR
and YSL Beauté being terminated by mutual understanding between the parties thereto (with effect no later than September
30, 2006 the latest as per the COMMENCEMENT DATE of this Agreement) and that an agreement between LICENSOR, LICENSEE and YSL regarding
the transition and the intellectual property rights relating to the then existing PRODUCTS has been duly executed no later than
September 30, 2006. In case no agreement is reached with YSL Beauté for the termination of the licence agreement between
such company and LICENSOR, and no agreement be reached by the parties on the termination (see Section 20) on the date of September
30, 2006, the latest, this AGREEMENT shall not become effective and shall be nul and void.

 

 

 27 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:27.

 

    	- 19 -

    	 

    
  

		7.2	Each party shall be entitled to renew
                                                           the AGREEMENT for a further term of five (5) Contractual Years up to
                                                           and including December 31, 2023, upon written notice to the other,
                                                           such notice to be given on or before June 1, 2018, in the event the
                                                           global net sales as reflected in LICENSEE’S books for the Contractual
                                                           Year 11 (2017) were above [—————]28.

 

		7.3	The parties agree that they shall no later than 31 December 2017 ( end of CONTRACTUAL YEAR 11)
consult together with a view to agreeing by June 1, 2018 the terms and conditions upon which they may further extend the AGREEMENT
with effect from January 1, 2019.

 

		7.4	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:

 

		7.4.1	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 [—————]29after
                                                                     receipt of notice thereof from the other party;

 

		7.4.2	a material breach of any
                                                                     provision of this AGREEMENT which is not remedied within
                                                                     [—————]30of
                                                                     written notice thereof;

 

		7.4.3	liquidation, insolvency or bankruptcy, suspension of payments, heavy indebtedness or discontinuance
of business of the other party;

 

		7.4.4	any of the circumstances
                                                                     referred to in Section 19 below persist for a period
                                                                     of at least [—————]31.

 

 

28 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:28.

29 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:39.

30 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:30.

31 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:31.

 

    	- 20 -

    	 

    
 

		7.5	Each party shall be entitled to terminate
                                                           the AGREEMENT with [———-]32written
                                                           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 or LICENSEE shall
                                                           mean [——————————]33
                                                           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 [—————]34notice
                                                           period. In the event that either party should give notice of termination
                                                           in accordance with this Section 7.5, it is acknowledged that
                                                           LICENSEE shall not be obliged to pay minimum royalties in accordance
                                                           with Section 3.2 above from the date notice has been given.

 

This right of termination has to
be executed by a party within [————]35 after that party having been informed about any
of the aforementioned events.

 

		7.6	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.

 

		7.7	Upon the expiration or termination of the AGREEMENT:

 

		7.7.1	LICENSEE shall cease to manufacture the PRODUCTS, the BOTTLES and the PRESENTATION;

 

 

32 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:32.

33 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:33. 

34 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:34.

35 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:35.

 

    	- 21 -

    	 

    
 

		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 [—————]36following
                                                                     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 7.5
                                                                     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 [—————]37after
                                                                     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
                                                                     unsaleable;

 

		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.

 

 

36 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:36.

37 Confidential information omitted and filed separately
with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:37.

 

    	- 22 -

    	 

    
 

		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 PROPERTY RIGHTS

 

		8.1	LICENSOR guarantees and warrants that it is, respectively, will be, the owner of 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 this AGREEMENT.

 

    	- 23 -

    	 

    
 

LICENSOR represents and warrants
that attached hereto as Annex A Part 2 is a true and accurate list updated as of ________* which indicates with respect
to each of the TRADEMARKS set forth in Part 1 of Annex A the existing and/or pending applications and/or registration for
a specific country or territory. LICENSEE acknowledges that it has received a copy of such trademark list and that it is aware
of the status of registration of the TRADEMARKS as it appears on such trademark list (Annex A Part 2).

 

 

*Left blank in original.

 

		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	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 their knowledge.

 

    	- 24 -

    	 

    

		8.5	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.

 

With respect to PRODUCTS launched
since the signing of this AGREEMENT LICENSEE agrees to carry all costs in relation to the registration and administrative procedures
(including, but not limited to opposition procedures and alike) and undertakes to reimburse LICENSOR for such costs.

 

		8.6	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.

 

		8.7	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.

 

		8.8	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.

 

    	- 25 -

    	 

    

 

LICENSOR undertakes to take full
account of LICENSEE’S recommendations but shall not be bound to institute legal proceedings in respect of such violation
/ infringement. LICENSEE acknowledges that it will not take any action on its own account to defend the TRADEMARKS and/or the
TRADENAME.

 

		8.9	The parties agree, at the request of
                                                           either party, to the registration of the AGREEMENT or of LICENSEE as
                                                           “Registered User” or “licensee” of the TRADEMARKS
                                                           for the PRODUCTS in those countries where this is mandatory under national
                                                           law and LICENSOR 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 further agrees to reimburse LICENSEE
                                                           any costs and expenses reasonably and properly incurred by LICENSEE
                                                           in connection with the registration of the AGREEMENT or of LICENSEE
                                                           as “Registered User”.

 

		8.10	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.

 

		8.11	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/or assignees.

 

		8.12	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.

 

    	- 26 -

    	 

    

 

		8.13	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.

 

		8.14	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.

 

		8.15	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 the circumstances.

 

		8.16	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.

 

    	- 27 -

    	 

    

 

		9.	EXCLUSIVITY

 

		9.1	LICENSOR agrees, during the term of this AGREEMENT:

 

		9.1.1	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;

 

		9.1.2	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.

 

		10.	PRODUCT LIABILITY

 

		10.1	LICENSEE shall manufacture or have
                                                              manufactured the PRODUCTS at its own responsibility and shall enter
                                                              into or maintain a sufficient product liability insurance, such
                                                              insurance to cover the costs of undertaking a product recall.

 

		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 registrations
                                                              as are necessary for compliance with local product 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.

 

    	- 28 -

    	 

    

 

		10.4	LICENSEE agrees to defend, indemnify
                                                              and hold LICENSOR harmless from and against any and all liability,
                                                              damages, reasonable legal fees, reasonable cost 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 confidential if:

 

		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.

  

    	- 29 -

    	 

    

 

		11.3	The confidentiality provision will
                                                              remain in force after the termination of the AGREEMENT, 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,

 

LICENSOR acknowledges that LICENSEE,
has its ordinary shares traded on Euronext, and is subject to various reporting obligations as a public company. LICENSOR further
a acknowledges that Inter Parfums, Inc., the parent company of LICENSEE (the “PARENT COMPANY”), is a publicly held
company with its Common Stock traded on The Nasdaq Stock Market, National Market System and is subject to reporting requirements
of the United States federal securities laws. Nothing in the AGREEMENT shall prohibit the disclosure as may be required of either
PARENT COMPANY or LICENSEE under such securities laws. LICENSEE agrees to discuss in advance with LICENSOR any such public disclosure
that may be required by of either PARENT COMPANY or LICENSEE.

 

LICENSOR acknowledges
that, upon satisfaction of the condition precedent to set forth in Section 7.1 of this AGREEMENT, PARENT COMPANY is required by
the United States securities laws to file

 

(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.

 

In connection
with the filing of this AGREEMENT with the United States Securities and Exchange Commission, PARENT COMPANY shall seek confidential
treatment of financial and commercial terms to the extent permitted by the applicable securities laws. At least five (5) days
prior to filing this AGREEMENT, PARENT COMPANY shall deliver to LICENSOR a copy of the filing that it plans to submit to the Securities
and Exchange Commission, together with any requests for confidential treatment, for LICENSOR’s review.

 

    	- 30 -

    	 

    

 

PARENT COMPANY shall provide LICENSOR
with a copy of the final filing within two (2) business days after filing. If the United States Securities and Exchange Commission
indicates it may not grant confidential treatment as requested in the filing, PARENT COMPANY shall promptly notify LICENSOR and
shall consult with LICENSOR through the process of obtaining whatever confidential treatment is available. PARENT COMPANY shall
notify LICENSOR promptly upon notification to PARENT COMPANY that anyone has sought under the Freedom of Information Act to obtain
Confidential Information or the provisions of this AGREEMENT redacted in the confidential treatment filing with the Securities
and Exchange Commission and shall cooperate with LICENSOR in any effort by LICENSOR to contest the disclosure.

 

    	- 31 -

    	 

    

 

		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:

 

To LICENSOR:

Van Cleef & Arpels Logistics

8, route de Chandolan

CH-1752 VILLARS-SUR-GLANE (Suisse)

Attn: M. Jörg SCHAUFELBERGER

 

To LICENSEE:

Inter-Parfums

4 rond-point des Champs Elysées

75008 PARIS

Attn: M. Philippe BENACIN

 

or any other address a party may
communicate to the other party in writing.

 

		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.

 

		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 guaranty the full performance of this AGREEMENT
                                                              by the assignee.

 

    	- 32 -

    	 

    

 

		14.	ENTIRE AGREEMENT, MODIFICATION AND CONCILIATION OF DISPUTES

 

		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.

 

		14.3	CONCILIATION OF DISPUTES

 

			In the event of a disagreement between
                                                          LICENSOR and LICENSEE as to the validity, construction, performance,
                                                          or rescission of any provision hereof, the parties agree to follow the
                                                          following conciliation procedure before filing any litigation:

 

		-	First,
                                                                a meeting between operational managers shall be called by the
                                                                promptest party to resolve the disagreement as quickly as possible
                                                                after the disagreement arises. The purpose of this meeting shall
                                                                be to find an out-of-court solution to the disagreement in question.
                                                                Minutes of said meeting shall be drawn up. 

 

		-	Second,
                                                                                                     if the meeting between operational
                                                                                                     managers does not result
                                                                                                     in an out-of-court solution,
                                                                                                     the chief executive officers
                                                                                                     of each of the parties shall
                                                                                                     meet and strive to resolve
                                                                                                     said disagreement amicably.
                                                                                                     Said meeting must be held
                                                                                                     in a timely manner and no
                                                                                                     later than [—————]
                                                                                                     38 as
                                                                                                     of the meeting between operational
                                                                                                     managers. 

 

Should
for a further period of [—————] 39 a dispute subsist as to the
validity, construction, performance, and/or rescission hereof in spite of the conciliation procedure or should one of the
parties refuse to follow the aforementioned procedure promptly, carefully and in good faith, the said dispute shall be
subject to the arbitration procedure as set out below in article 15.

 

 

38
Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter
Parfums, Inc. No. 10.128:38.

 

39 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:39.

 

 

    	- 33 -

    	 

    

 

		15.	APPLICABLE LAW, JURISDICTION

 

		15.1	The parties agree that this Agreement
                                                              shall exclusively be governed by and interpreted in accordance with
                                                              Swiss law, 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.

 

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) or three (3) arbitrator who will be designated in accordance with the Rules.

 

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

 

The arbitration
award shall be appealable before any competent court.

 

The arbitration
award may be enforced by action before any court of competent jurisdiction.

 

		16.	REMEDIES, NO WAIVER

 

The specific remedies to which
either party may resort under the terms hereof are cumulative and are not intended to be exclusive of the remedies to which either
party is entitled. No waiver by either party, whether express or implied, of any provision of this AGREEMENT or any breach or
default of any one or more instances, nor any delay by either party in exercising its rights hereunder, except as provided for
in this AGREEMENT, shall constitute or be deemed a continuing waiver of such provision or of any other provision of this AGREEMENT.

 

    	- 34 -

    	 

    

 

		17.	SEVERABILITY

 

The provisions of this AGREEMENT
are independent of and severable from each other and no provision shall be affected or rendered invalid or unenforceable by virtue
of the fact that for any reason any other provision or provisions may be in whole or in part invalid or unenforceable. The parties
hereby agree to substitute any invalid provision by another valid provision in such a way that the purpose of the invalid provision
is reached as far as possible. The same shall apply accordingly in case of an omission or an indefinite provision.

 

		18.	SECTION HEADINGS

 

Section headings as used herein
are for identification purposes only, and shall not affect the meaning or construction of this AGREEMENT.

 

		19.	FORCE MAJEURE

 

The parties hereto shall not be
responsible for any loss, damage, consequential or otherwise, detention or delay caused by fire, law, regulation, civil or military
authority, insurrection or riot, national labour strike or wartime embargoes, tempest, act of God, shortages or by any other cause
whatsoever, which is unavoidable or beyond the relevant party’s reasonable control; provided however, that any such force
majeure shall not release LICENSEE from its obligations to make payment of amounts due and owing to LICENSOR in accordance with
the terms of this AGREEMENT. It is agreed that LICENSEE’S obligations to make payments of amounts due and owing up to, and
during, an event of such force majeure shall not apply during the continuance of that force majeure in the event that the force
majeure itself renders LICENSEE unable to make such payments. In such circumstances, LICENSEE undertakes to make payment of amounts
owing to and accrued to LICENSOR before and during such force majeure, promptly upon its cessation.

 

    	- 35 -

    	 

    

 

		20.	TRANSITION

 

The parties will separately agree
(the Section 7.1 above, no later than as per September 30, 2006) on the terms and conditions of the transition following the termination
of the licence agreement between YSL Beauté and LICENSOR (in particular, then current stock of PRODUCT, after sales service
for the PRODUCTS sold under aforesaid agreement).

 

IN WITNESS whereof the parties have executed
this AGREEMENT

 

	For and on behalf of	 	For and on behalf of
	LICENSOR	 	LICENSEE
	 	 	 
	Paris 19 June 2006	 	Paris 19 June 2006
	place and date	 	place and date
	 	 	 
	/s/ Stanislas de QUERCIZE	 	/s/ Philippe BENACIN
	Name: Stanislas de QUERCIZE	 	Name: Philippe BENACIN
	Title: President	 	Title: President
	 	 	 
	/s/ Jörg SCHAUFELBERGER	 	 
	Name: Jörg SCHAUFELBERGER	 	 
	Title: General Manager	 	 

 

    	- 36 -

    	 

    

 

ANNEX A

 

THE TRADEMARKS

PART 1

 

(Clause 1.4)

 

The trademarks

		-	Van
                                                              Cleef & Arpels

		-	First
                                                              de Van Cleef & Arpels

		-	Tsar
                                                              de Van Cleef & Arpels

		-	First

		-	Tsar

as represented and set
forth on the attached.

 

	For and on behalf of	 	For and on behalf of
	LICENSOR	 	LICENSEE
	 	 	 
	 	 	 
	Name: Stanislas de QUERCIZE	 	Name: Philippe BENACIN
	Title: President	 	Title: President
	 	 	 
	 	 	 
	Name: Jörg SCHAUFELBERGER	 	 
	Title: General Manager	 	 

 

    	- 37 -

    	 

    

 

ANNEX A

 

THE TRADEMARKS

PART 2

 

trademark list

 

(Clause 1.4)

 

A list as at the date of
____________________ of all current registrations and pending applications for registrations of the TRADEMARKS pursuant to Part
1 above in the TERRITORY is attached.

 

	For and on behalf of	 	For and on behalf of
	LICENSOR	 	LICENSEE
	 	 	 
	 	 	 
	Name: Stanislas de QUERCIZE	 	Name: Philippe BENACIN
	Title: President	 	Title: President
	 	 	 
	 	 	 
	Name: Jörg SCHAUFELBERGER	 	 
	Title: General Manager	 	 

 

    	- 38 -

    	 

    

 

ANNEX B

 

QUALITY CRITERIA

 

(Clause 1.10)

 

The PRODUCTS (including the BOTTLES and the
PRESENTATION) shall be manufactured to high standards of quality, utilising only high quality ingredients and materials, such
that the standard of quality of the finished PRODUCTS and PRESENTATION is commensurate with that to be expected of luxury fragrance
products of similar price and prestige to the PRODUCTS and in any event is of a standard no less than the standard of quality
currently utilised for the EXISTING PRODUCTS.

 

	For and on behalf of	 	For and on behalf of
	LICENSOR	 	LICENSEE
	 	 	 
	 	 	 
	Name: Stanislas de QUERCIZE	 	Name: Philippe BENACIN
	Title: President	 	Title: President
	 	 	 
	 	 	 
	Name: Jörg SCHAUFELBERGER	 	 
	Title: General Manager	 	 

 

    	- 39 -

    	 

    

 

ANNEX C

 

FORM OF ROYALTY REPORT

 

(Clause 3.3)

 

At the end of each quarter LICENSEE will provide the following
reports which have been approved by LICENSOR:

 

		-	Quarterly
                                                              sales by zone, country and client (“Ventes trimestrielles
                                                              par zone, pays et 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
	LICENSOR	 	LICENSEE
	 	 	 
	 	 	 
	Name: Stanislas de QUERCIZE	 	Name: Philippe BENACIN
	Title: President	 	Title: President
	 	 	 
	 	 	 
	Name: Jörg SCHAUFELBERGER	 	 
	Title: General Manager	 	 

 

    	- 40 -

    	 

    

 

ANNEX D

 

MARKETING ACTIVITIES

 

DEFINITION OF “ADVERTISING AND MARKETING”

 

(Clauses 5.6, 5.7 and 5.8)

 

		1.	Media Advertising 

 

		-	Print
                                                                 or press

		-	Cinema

		-	Television

 

		2.	Co-operative Advertising
                                                                   

 

		-	Co-operative
                                                                 advertising (means advertising of the PRODUCTS by the LICENSEE
                                                                 in magazines and store catalogues produced by or on behalf of
                                                                 retailers as such DOUGLAS, MARIONNAUD, SAKS ....)

 

		3.	Display, Testers, Samples

 

		-	Show
                                                                 cards

		-	Windows
                                                                 and dummies

		-	Displays,
                                                                 testers, demonstration

 

		4.	Other Sell-Thru

 

		-	Direct
                                                                 mail

		-	Consumer
                                                                 meetings (including cost of independent beauty consultant incurred
                                                                 in respect of selling or presenting the PRODUCTS in shops)

		-	Stands
                                                                 in department stores

		-	Public
                                                                 relations (including trade shows...)

 

    	- 41 -

    	 

    

 

	For and on behalf of	 	For and on behalf of
	LICENSOR	 	LICENSEE
	 	 	 
	 	 	 
	Name: Stanislas de QUERCIZE	 	Name: Philippe BENACIN
	Title: President	 	Title: President
	 	 	 
	 	 	 
	Name: Jörg SCHAUFELBERGER	 	 
	Title: General Manager	 	 

 

    	- 42 -

    	 

    

 

ANNEX E

 

SELECTIVE DISTRIBUTION CRITERIA

 

(Clause 6.2)

 

Products may only be sold in outlets which

exude an aura of luxury and exclusivity

 

Such outlets must, at a minimum have:

 

		-	A solid
                                                          reputation for selling luxury perfumes

		-	A reputation
                                                          and image compatible with the high quality and reputation of the TRADEMARK
                                                          Van Cleef & Arpels

		-	Clean,
                                                          well maintained shop fittings

		-	Appropriate
                                                          space devoted to luxury perfumes

		-	Staff knowledgeable
                                                          about luxury fragrances.

 

Based on the above criteria at this time, according to the parties’
opinion, there exist the following number of selective distribution outlets (points of sale) in:

 

	Germany	[—————]
	USA	[—————]
	France	[—————]
	Japan	[—————]
	Italy	[—————]
	UK	[—————]
	Spain	[—————]40

 

 

40 Confidential information
omitted and filed separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:40.

 

    	- 43 -

    	 

    

 

	For and on behalf of	 	For and on behalf of
	LICENSOR	 	LICENSEE
	 	 	 
	 	 	 
	Name: Stanislas de QUERCIZE	 	Name: Philippe BENACIN
	Title: President	 	Title: President
	 	 	 
	 	 	 
	Name: Jörg SCHAUFELBERGER	 	 
	Title: General Manager	 	 

 

    	- 44 -

    	 

    

ANNEX F

 

ANNUAL MARKETING PLAN

 

Information to be included in each Annual
Marketing Plan

 

(Clause 5.1 (a))

(draft - list subject to modification &
amendment by VCA)

 

[——————————————————————————————]41

 

 

41 Confidential information omitted and filed
separately with the SEC with a request for confidential treatment by Inter Parfums, Inc. No. 10.128:41.

 

    	- 45 -

    	 

    

 

	For and on behalf of	 	For and on behalf of
	LICENSOR	 	LICENSEE
	 	 	 
	 	 	 
	Name: Stanislas de QUERCIZE	 	Name: Philippe BENACIN
	Title: President	 	Title: President
	 	 	 
	 	 	 
	Name: Jörg SCHAUFELBERGER	 	 
	Title: General Manager	 	 

 

    	- 46 -

    	 

    

 

ANNEX G

 

KEY MARKETS

 

(Clause 1.16)

(draft - list subject to amendment by VCA)

 

[——————————————————————————————]42

 

 

42
Confidential information omitted and filed separately with the SEC with a request for confidential treatment by Inter
Parfums, Inc. No. 10.128:42.

 

 

    	- 47 -

    	 

    

 

	For and on behalf of	 	For and on behalf of
	LICENSOR	 	LICENSEE
	 	 	 
	 	 	 
	Name: Stanislas de QUERCIZE	 	Name: Philippe BENACIN
	Title: President	 	Title: President
	 	 	 
	 	 	 
	Name: Jörg SCHAUFELBERGER	 	 
	Title: General Manager	 	 

 

    	- 48 -

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