Document:

Subordination Agreement

 Exhibit 10.5 
 SUBORDINATION AGREEMENT OF FOSSIL TRUST FOR 
 THE BENEFIT OF FIRST INTERSTATE BANK
OF TEXAS, 
 N.A. 
 WHEREAS, Fossil Partners, L.P. (“Borrower”) is or may become indebted to Fossil Trust, a Delaware business trust (“Junior Creditor”) 

WHEREAS, Borrower desires to enter into an Amended and Restated Loan Agreement (the “Loan Agreement”) with First Interstate Bank of Texas, N.A.
(“Bank”); and 
 WHEREAS, upon Bank’s acceptance of this Subordination Agreement, Borrower will be indebted to
Junior Creditor only in the amounts and on the evidences of indebtedness described on Exhibit A attached hereto; 
 NOW,
THEREFORE, to induce Bank, in its discretion, to extend credit to Borrower at any time, in such manner, upon such terms and for such amounts as may be mutually agreeable to Bank and Borrower, Junior Creditor hereby agrees to subordinate and does
hereby subordinate payment by Borrower of all or any part of the indebtedness described on Exhibit A attached hereto together with any and all other indebtedness of Borrower to Junior Creditor now or hereafter incurred, created or evidenced,
howsoever such indebtedness may be hereafter extended, renewed or evidenced (all such indebtedness hereinafter referred to as the “Subordinated Indebtedness”), together with all collateral, mortgage(s) and security if any, for the payment
of the Subordinated Indebtedness, to the payment in full, in cash to Bank, its successors and assigns, of any and all indebtedness, direct or contingent for which Borrower may now or hereafter be obligated to Bank, including, without limitation,
interest at the rate(s) provided for in the Loan Agreement which, but for the commencement of any bankruptcy, insolvency or receivership proceeding relating to Borrower, would have accrued and been payable with respect to such indebtedness,
(“Senior Obligations”) and any collateral, mortgage(s) and security granted to Bank therefor, and in furtherance thereof does hereby agree not to ask for, demand, sue for, take or receive all or any part of the Subordinated Indebtedness or
enforce Junior Creditor’s rights to any security therefor, nor ask for, demand, take or receive any security therefor, unless and until Senior Obligations have been paid in full in cash and Bank’s financing arrangements with Borrower
terminated. Junior Creditor also hereby agrees that Bank shall be subrogated for Junior Creditor with respect to Junior Creditor’s claims against Borrower and Junior Creditor’s rights, liens and security interests, if any, in any of
Borrower’s assets and the proceeds thereof until the Senior Obligations have been paid in full, in cash and Bank’s financing arrangements with Borrower terminated. 
 Junior Creditor further agrees that, upon any distribution of the assets or readjustment of the indebtedness of Borrower, whether by reason of liquidation, composition, bankruptcy, arrangement,
receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any of the Subordinated Indebtedness, or the application of the assets of Borrower to the payment or liquidation thereof,
Bank shall be entitled to receive payment in full in cash of the Senior Obligations prior the payment of all or any part of the Subordinated Indebtedness, and in order to enable Bank to enforce its rights hereunder in any such action or proceeding,
Bank is hereby irrevocalby authorized and empowered in its sole discretion make and present for and on behalf of Junior Creditor such proofs of claim against Borrower on account of the Subordinated Indebtedness in the name of Junior Creditor or Bank
may deem expedient or proper and to vote such proofs of claim in any such proceeding and to receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid and issued and to apply the
same on account of any of the Senior Obligations. 

 Junior Creditor represents and warrants to Bank that Exhibit A attached hereto identifies
all of Borrower’s existing indebtedness and obligations to Junior Creditor. 
 Junior Creditor further agrees to execute
and deliver to Bank such assignments, endorsements, or other instruments as my be required by Bank in order to enable Bank to enforce any and all such claims and to collect any and all dividends or other payments or disbursements which may be made
at any time on account of all or any of the Subordinated Indebtedness. 
 If any money or other property is received by Junior
Creditor for application on the Subordinated Indebtedness before the Senior Obligations are paid in full, in cash, Junior Creditor will hold such money and other property in trust for Bank and promptly after receipt, deliver such money and other
property to Bank. 
 Junior Creditor hereby also agrees not to assign or transfer at any time while this Subordination Agreement
remains in effect any rights, claim or interest of any kind in or to any of the Subordinated Indebtedness, either principal or interest, without (1) first notifying Bank and (2) making such assignment expressly subject to this
Subordination Agreement in form and substance satisfactory to Bank. Junior Creditor will, upon request from Bank, deliver any note or other evidence of the Subordinated Indebtedness to Bank, and Bank may (or Junior Creditor, upon request from Bank,
will) add a legend to such note or other evidence of the Subordinated Indebtedness stating that payment thereof is the subject of the provisions of this Subordination Agreement. 

This is a continuing agreement of subordination and Bank may continue, without notice to Junior Creditor, to extend credit or other
accommodation or benefit and lend moneys to or for the account of Borrower on the faith hereof. It is further understood and agreed that Bank may at any time, in its sole discretion, renew or extend the time of payment of all or any existing or
future indebtedness or obligations of Borrower to Bank or waive or release any collateral which may be held therefor at any time and in reference thereto to make and enter into any such agreement or agreements as Bank may deem proper or desirable
without notice to or further assent from Junior Creditor and without in any manner impairing or affecting this Subordination Agreement or any of Bank’s rights hereunder. 
 Junior Creditor hereby expressly waives notice of acceptance by Bank of the subordination and other provisions of this Subordination Agreement and all other notices whatsoever, including, without
limitation, notice of the creation of any indebtedness or liability of Borrower to Bank, notice of the giving or extension of credit by Bank to Borrower, notice of protest and default, and all other notices to which Junior Creditor might otherwise
be entitled. Junior Creditor consents and agrees that Bank shall be under no obligation to marshal any assets in favor of Junior Creditor or against or in payment of any or all of the Senior Obligations. Junior Creditor hereby assents to any
extension or postponement of the time of payment of the Senior Obligations or to any other indulgence with respect thereto, to any substitution, exchange or release of collateral which may at any time secure the Senior Obligations and/or to the
addition or release of any other party or person primarily or secondarily liable therefor. 
 Junior Creditor expressly waives
reliance by Bank upon the subordination and other agreements as herein provided and presentment, demand and protest. Junior Creditor agrees that Bank has made no warranties or representations with respect to the due execution, legality, validity,
completeness or enforceability of the Loan Agreement or any other document or instrument evidencing or relating to the Senior Obligations, or the collectibility of the Senior Obligations, that Bank shall be entitled to manage and supervise its loans
to Borrower in accordance with its usual practices, modified from time to time as it deems appropriate under the circumstances, without regard to the existence of any rights that Junior Creditor may now or hereafter have in or to any of the assets
of Borrower, and that Bank shall have no liability to Junior Creditor for, and waives any claim which Junior Creditor may now or hereafter have 

 
against Bank arising out of, (1) any and all actions which Bank, in good faith, takes or omits to take (including, without limitation, actions with respect to the creation, perfection or
continuation of liens or security interests in the “Collateral” (as defined in the Loan Agreement), actions with respect to the occurrence of an “Event of Default” (as defined in the Loan Agreement), actions with respect to the
foreclosure upon, sale, release of, depreciation of or failure to realize upon any of the Collateral, and actions with respect to the collection of any claim for all or any part of the Senior Obligations from any account debtor, guarantor or any
other party) with respect to the Loan Agreement or any other agreement related thereto or to the collection of the Senior Obligations or the valuation, use, protection or release of the Collateral, (2) Bank’s election, in any proceeding
instituted under Chapter 11 of Title 11 of the United States Code (11 U.S.C. §101 et seq.) (the “Bankruptcy Code”), of the application of Section 1111(b)(2) of the Bankruptcy Code, and/or (3) any borrowing or grant of a
security interest under Section 364 of the Bankruptcy Code. 
 Junior Creditor hereby assumes responsibility for keeping
itself informed of the financial condition of Borrower, any and all endorsers and any and all guarantors of Borrower’s indebtedness to Bank and of all other circumstances bearing upon the risk of nonpayment of the Subordinated Indebtedness that
diligent inquiry would reveal, and Junior Creditor hereby agrees that Bank shall have no duty to advise Junior Creditor information known to Bank regarding such condition or any such circumstances. 

This Subordination Agreement is binding on Junior Creditor, its successors and assigns, and shall inure to the benefit of Bank, its
successors and assigns. Whenever reference is made in this Subordination Agreement to Borrower, such term shall include any successor or assign of Borrower, including, without limitation, a receiver, trustee or deptor-in-possession. 

The foregoing notwithstanding, until such time as Bank gives Junior Creditor notice that Borrower is in default of any of its obligations
to Bank, Junior Creditor may accept and retain payments identified on Exhibit A attached hereto as “Permitted Payments”. 
 Any notice or notification required, permitted or contemplated hereunder shall be in writing, shall be addressed to the party to be notified at the address set forth below or at such other address as each
party may designate for itself from time to time by notice hereunder, and shall be deemed to have been validly served, given or delivered (i) three (3) days following deposit in the United States mails, with proper first class postage
prepaid, certified mail, return receipt requested (ii) the next Business Day after such notice was delivered to a regularly scheduled overnight delivery carrier with delivery fees either prepaid or an arrangement, satisfactory with such
carrier, made for the payment of such fees, or (iii) upon receipt of notice given by telecopy, mail-gram, telegram, telex, or personal delivery: 
  

			
	To Bank:	  	First Interstate Bank of Texas, N.A
		  	1445 Ross Avenue Suite 300
		  	Dallas, Texas 75202 Attn: Jeffrey S. A. Cook
		
	To Junior Creditor:	  	Fossil Trust
		  	1100 N. Market Street
		  	Rodney Square North
		  	Wilmington, Delaware 19890

			
		
	With a copy to:	 	Fossil Trust c/o Fossil, Inc.
		 	2280 N. Greenville Avenue
		 	Richardson, Texas 75082-4412
		 	Attention: Randy S. Kercho

 THIS
SUBORDINATION AGREEMENT SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE LOCAL LAW OF THE STATE OF TEXAS, EXCLUDING ANY CONFLICTS OF LAW RULE OR PRINCIPLE THAT MIGHT OTHERWISE REFER
CONSTRUCTION OR INTERPRETATION OF THIS SUBORDINATION AGREEMENT TO THE SUBSTANTIVE LAW OF ANOTHER JURISDICTION, AND ALL OTHER LAWS OF MANDATORY APPLICATION. 
 BANK AND JUNIOR CREDITOR EACH HEREBY WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING IN RESPECT TO ARISING OUT OF THIS AGREEMENT AND/OR THE CONDUCT OF THE RELATIONSHIP BETWEEN
BANK AND JUNIOR CREDITOR. 
 This Subordination Agreement sets forth the complete undertaking and agreements of Bank and Junior
Creditor with the subject matter hereof, and there are no other agreements or understandings binding upon them, including, without limitation, any conflicting provisions of any agreement of note referred to on Exhibit A attached hereto. 

The parties agree to be bound by the terms and provisions of the Arbitration Program (dated 9/1/92) which is incorporated by reference
herein and is acknowledged as received by the parties pursuant to which any and all disputes shall be resolved by mandatory binding arbitration upon the request of any party. 

 IN WITNESS WHEREOF, this Subordination Agreement has been duly executed by Junior Creditor
as of August 31, 1994, 
  

			
	FOSSIL TRUST,
	
	a Delaware business trust
		
	By:	 	 /s/ Alan D. Moore

		 	Alan D. Moore, Trustee

 ACKNOWLEDGEMENT
BY BORROWER 
 Borrower hereby acknowledges receipt of a copy of the Subordination Agreement, confirms the accuracy of the
information set forth in Exhibit A attached hereto and that Exhibit A identifies all of Borrower’s existing indebtedness and obligations to Junior Creditor, and agrees that it will not pay any indebtedness subordinated by the foregoing
Subordination Agreement (except as otherwise permitted thereby) until all indebtedness of Borrower to Bank now existing and hereafter arising shall have been paid in full and Bank’s financing arrangements with Borrower are terminated. In the
event of any breach of the provisions of foregoing Subordination Agreement, Borrower agrees that, in addition to any other rights and remedies Bank may have, all of Borrower’s obligations and liabilities to Bank shall, without notice or demand,
become immediately due and payable, unless Bank shall otherwise elect. 
  

			
	FOSSIL PARTNERS, L.P
	
	 By: Fossil, Inc.,

its general partner

		
	By:	 	 /s/ Randy S. Kercho

	Name: Randy S. Kercho
	Title: VP and Chief Financial Officer

 EXHIBIT A 
 TO SUBORDINATION AGREEMENT 
 I. Indebtedness Owed to Junior Creditor 

II. Permitted Payments 
 So
long as, after giving effect to such payment, Borrower remains in compliance with all the covenants of the Loan Agreement and no Event of Default (as defined in the Loan Agreement) then exists, Junior Creditor may accept and retain principal and
interest payments of the note evidencing the Subordinated Indebtedness. The Junior Creditor hereby acknowledges that it has been provided a copy of and has Loan Agreement. 

 LEGEND TO NOTE 
 THIS NOTE, AND PAYMENT AND ENFORCEMENT HEREOF, IS SUBJECT TO THE TERMS AND PROVISIONS OF THAT CERTAIN SUBORDINATION AGREEMENT DATED AUGUST 31, 1994, BETWEEN FOSSIL TRUST AND FIRST INTERSTATE BANK OF
TEXAS, N. A. AND ACKNOWLEDGED BY FOSSIL PARTNERS, L.P., AS SUCH SUBORDINATION AGREEMENT MAY BE AMENDED FROM TIME TO TIME.Master Licensing Agreement

 Exhibit 10.6 
 MASTER LICENSE AGREEMENT 
 This MASTER LICENSE AGREEMENT (“Agreement”)
is made and entered into as of August 30, 1994, by and between FOSSIL, INC., a Delaware corporation (hereinafter referred to as “Licensor”) with a principal office at 2280 N. Greenville, Richardson, Texas 75082, as Licensor, and
FOSSIL PARTNERS, L.P., a Texas limited partner., as well as any operating subsidiary and affiliates of Licensor that becomes a party hereto after the date hereof (hereinafter referred to collectively as “Licensees” and each a
“Licensee”). 
 WITNESSETH: 
 WHEREAS, Licensor owns rights in certain trademarks (and the current applications for federal registration of certain other trademarks), as well as the goodwill associated with such trademarks and
applications for trademarks; 
 WHEREAS, each Licensee desires to obtain a nonexclusive license to use such intellectual
property rights in connection with the sale, marketing and distribution of certain goods; and 
 WHEREAS, Licensor is willing to
grant such a license to each such Licensee under the terms of this Agreement. 
 NOW THEREFORE, in consideration of the mutual
promises contained herein, and subject to the terms and conditions of this Agreement. Licensor and each Licensee (severally, but not jointly) agree as follows: 
 ARTICLE I 
 License Grant 

(a) Licensor grants to each Licensee the nonexclusive right and license to use the Marks (as defined below) in connection with the
Licensed Goods (as defined below) during the tenn of this Agreement. 
 (b) “Marks” is defined in this Agreement
as (i) the trademarks listed in Schedule A (as such may be supplemented or amended from time to time) attached hereto, having the federal registrations shown on Schedule A , and (ii) the trademarks listed in Schedule B
for which applications for registration are pending in the U.S. Patent and Trademark Office as listed in Schedule B (as such may be supplemented or amended from time to time) attached hereto. 

(c) “Licensed Goods” is defined in this Agreement as all goods bearing the Marks as authorized by Licensor from time to
time. 
 (d) Each Licensee agrees that Licensor retains full ownership of the Marks and the goodwill associated with the
Marks, that no Licensee shall acquire any rights in the Marks other than those rights expressly granted by Licensor pursuant to and during the term of this Agreement, and that use of the Marks by any Licensee inures to the benefit of
Licensor. Each Licensee agrees to cooperate fully with Licensor in securing and maintaining the goodwill of Licensor in the Marks, and to execute and deliver any and all agreements, instruments and other documents necessary or appropriate to
secure, maintain and evidence such goodwill of Licensor in the Marks. 

 ARTICLE II 
 Term 
 The term of this Agreement shall commence on August 31, 1994,
and shall initially be for the 12-month period immediately following such date. This Agreement shall automatically be renewed for successive 12-month periods unless, prior to the end of the initial term or any renewal tenn, Licensor or Licensee
gives the other party notice of its intention not to renew this Agreement, in which case this Agreement shall not be renewed with respect to each Licensee who has given such notice to Licensor or who has been given such notice by Licensor.

 ARTICLE III 
 Default, Termination 
 (a) In the event that either Licensor or any
Licensee is in breach of or default under the terms of this Agreement (a “Default”), the other party may serve on the defaulting party a notice of default (“Notice of Default”) specifying the nature of the Default. If the Default
is not cured within fifteen (IS) days from service of the Notice of Default, the other party may then serve a notice (the “Termination Notice”) that it is terminating this Agreement and the Agreement shall be automatically terminated, in
which case this Agreement shall be terminated with respect to each Licensee who has served such Termination Notice on Licensor or upon whom such Termination Notice has been served by the Licensor. Notwithstanding the foregoing, this Agreement shall
be terminated immediately without notice as to any Licensee in the event of the bankruptcy or judicial or administrative declaration of insolvency of such Licensee, or in the event that such Licensee makes any assignment for the benefit of creditors
(such events being collectively referred to hereinafter as “Events of Automatic Termination” and each an “Event of Automatic Termination”), provided, however, that such termination without notice shall apply only with respect to
the Licensee or Licensees to whom such an Event of Automatic Termination has occurred, and the license of each of the other Licensees to whom such an Event of Automatic Termination has not occurred shall continue without regard to the status of the
license of such Licensee or Licensees subject to such Event of Automatic Termination. 
 (b) Upon expiration or termination
of this Agreement for any reason, all rights granted to a Licensee hereunder shall cease, and any such Licensee will immediately refrain from further use of the Marks, take down all signs displaying the Marks, and destroy or return to Licensor all
other materials containing, displaying or using the Marks. 
 ARTICLE IV 

Royalty Payments 
 Licensor acknowledges and agrees that Licensee will incur expenses related to the marketing and promotion of the Licensed Good as well as increasing the recognition and goodwill associated with the Marks
covered by this agreement. In consideration of Licensee’s agreement and undertaking to incur such expenses and to use its best efforts to increase the notoriety and consumer awareness of the Marks, all for the benefit of Licensor. Licensor and
Licensee agree that no royalty payment or licensing fee shall be payable by Licensee to Licensor hereunder. 

 ARTICLE V 
 Books of Account and Records 
 Each Licensee agrees to keep accurate books
of account and records covering all transactions relating to the Licensed Goods. Licensor and its authorized representatives shall have the right to examine and copy said books of account and other records; provided, however, that such examination
and copying shall be done at the usual place of business (and only during reasonable hours) of the Licensee whose books of account and records Licensor desires to examine and copy. unless such restrictions are not required by said Licensee.

 ARTICLE VI 
 Quality Control; Advertising Materials 
 (a) Each Licensee agrees to
maintain such quality of Licensed Goods sold or otherwise provided under or in connection with the Marks in accordance with specifications set forth by Licensor from time to time. Licensor reserves the right to inspect the quality of such services
to ensure that the quality required is maintained. 
 (b) Licensor may from time to time require any Licensee to furnish
Licensor samples of advertising or other promotional materials to be used in connection with the Licensed Goods. Each Licensee agrees that it will use the Marks in any reasonable manner required by Licensor in order to identify Licensor’s
rights in such Marks. 
 ARTICLE VII 
 Indemnity/Hold Harmless 
 Each Licensee agrees that it is wholly
responsible for all goods offered or sold by it, and that Licensor shall have no liability for or in connection with any services offered, sold or otherwise provided by Licensee in connection with the Marks. Each Licensee severally agrees to
indemnify and hold harmless Licensor and the officers, directors, shareholders, employees and agents of Licensor, from and against any and all claims, demands, causes of action, damages, costs and expenses, including court costs and reasonable
attorneys’ fees, caused by or arising out of or in connection with the use by such Licensee of the Marks or the offer, sale or provision of any such services by a Licensee, including without limitation, claims or actions for negligence, breach
of contract, strict liability and patent or copyright infringement. 
 ARTICLE XIII 

Miscellaneous 
 8.1 Headings. All article or section headings in this Agreement are for reference only and shall not be deemed to control or affect in any way the meaning or construction of any of the
provisions hereof. 
 8.2 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 

 8.3 Counterparts. This Agreement may be executed in any number of counterparts,
all of which together shall constitute one agreement binding on the parties hereto, 
 8.4 Applicable Law. This
Agreement shall be treated as though it were executed in Dallas county, Texas and shall for all purposes be. governed by and interpreted and enforced in accordance with the laws of the State of Texas, without regard to the choice of law principles
thereof. Each Licensee hereby agrees that any action arising out of this Agreement shall be litigated under the laws of the State of Texas in a Court of competent jurisdiction in Dallas county, Texas. 

8.5 Notices. Any notice, request, consent or communication (collectively a “Notice”) under this Agreement shall be
effective only if it is in writing and (a) personally delivered, (b) sent by certified or registered mail, return receipt requested, postage prepaid, (c) sent by a nationally recognized overnight delivery service, with delivery
confirmed, or (d) telexed or telecopied. with receipt confirmed, addressed, if to Licensor, as follows: 
  

					
		 	Fossil. Inc	 	
		 	2280 N. Greenville	 	
		 	Richardson, Texas 75082	 	
		 	Attention: General Counsel	 	

 and if to a Licensee, to the address of such Licensee on the books and records of Licensor, or to such other address
or addresses as shall be furnished in writing by any party to the other party. Unless the sending party has actual knowledge that a Notice was not received by the intended recipient, a Notice shall be deemed to have been given, served and received
(i) as of the date when personally delivered, (ii) three days after being deposited with the United States mail properly addressed, (iii) the next day after being delivered to said overnight delivery service, properly addressed and
prior to such delivery service’s cut off time for next day delivery, or (iv) when receipt of the telex or telecopy is confirmed, as the case may be. 
 8.6 Entire Agreement; Modification. This Agreement contains the complete expression of the agreement between the parties with respect to the matters addressed herein and there are no promises,
representations, or inducements except as herein provided. The terms and provisions of this Agreement may not be modified, supplemented or amended except in writing signed by both parties hereto. All terms and provisions of this Agreement shall be
binding upon and inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto. 
 8.7 Assignment. Either party hereto shall have the right to assign this Agreement only to (i) any successor assignee of such party that may result from any merger, consolidation or
reorganization or (ii) another corporation that acquires all or substantially all of such party’s assets, business and liabilities. 
 8.8 No Waiver. Failure by either party hereto to enforce at any time or for any period of time any provision or right hereunder shall not constitute a waiver of such provision or of the right
of such party thereafter to enforce each and every such provision. 
 8.9 Severability. The provisions of this
Agreement are severable, and if any provision shall be held illegal, invalid, or unenforceable, the parties affected thereby shall substitute for the affected provision an enforceable provision that approximates the intent and economic benefit of
the affected provision as closely as possible, but all other provisions shall continue in full force and effect. 

 8.10 Intent. 
 (a) Notwithstanding anything herein to the contrary, it is the intent of the parties that Schedule A and Schedule B attached hereto may be supplemented or amended, from time to
time, by Licensor, so as to add additional Marks (but no additional royalty under Article IV hereof shall be payable). Such supplement or amendment shall be effective upon notice by Licensor to a Licensee of such supplement or amendment, which such
notice shall contain a copy of the supplemented or amended schedule for Licensee’s files. 
 (b) No language herein
shall be construed so as to give a right to Licensor to remove a Mark from the list of Marks in Schedule A or Schedule B , unless consented to in writing by each Licensee who would be affected by such removal; provided, however, that
this provision shall not limit the ability of Licensor to utilize its remedies and/or rights specified in Article III hereof with respect to default and termination. 
 (c) It is the intent of this Agreement that each Licensee is to be severally (but not jointly) bound to the provisions hereof. Nothing in this Agreement shall be construed so as to make any Licensee
responsible for any action, liability, breach or default of any other Licensee to this Agreement; nor shall this Agreement be construed so as to give any Licensee any rights or benefits to which any other Licensee under this Agreement may be
entitled. 

 IN WITNESS WHEREOF, this Master License Agreement has been duly executed by the parties
hereto as of the date first written above. 
  

			
	LICENSOR:
	
	FOSSIL, INC.
		
	By:	 	 /s/ T. R. Tunnell

			
	Name:	 	T. R. Tunnell
	Title: VP, Secretary & General Counsel
	
	LICENSEE:
	
	FOSSIL PARTNERS, L.P.
		
		 	  By Fossil, Inc./General Partner

			
		
	By:	 	 /s/ Randy Kercho

			
	Name:	 	Randy S. Kercho
	Title: VP & CEO

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