Document:

Exhibit 10.3

 

VENDOR agreement

Date: May 2, 2019

 

This VENDOR AGREEMENT (this “Agreement”),
effective as of the date set forth above (the “Effective Date”), is made by and between Evine Live Inc., a Minnesota
corporation (“Company”), and Sterling Time, LLC (“Vendor”), a New York limited liability
company. Each of Company and Vendor may be referred to herein individually as a “Party,” and Company and Vendor
may be referred to collectively as the “Parties.”

 

Recitals

 

A.            Eyal
Lalo, who is a stockholder of Invicta Watch Company of America, Inc., a Florida corporation (“IWCA”), is, simultaneous
with entering into this Agreement, making an investment in Company. Michael Friedman, who is a member of Vendor, is, simultaneous
with entering into this Agreement, making an investment in Company.

 

B.            Vendor
serves as a vendor of the Products (as defined below), which are designed by IWCA.

 

C.            Company
and Vendor desire to enter into this Agreement for purposes of marketing, promoting and selling the Products (as defined below)
via Company Digital Retailing (as defined below).

 

Agreement

 

In consideration of the foregoing and the
mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Company and Vendor hereby agree as follows:

 

1.           Definitions.

 

a.        “Company
Digital Retailing”: A combination of the Company television network and Company’s website and mobile applications,
as well as Company’s platforms on social media and mobile host sites.

 

b.           “Trademark”(s):
The trademark(s) used in commerce with the Products, including but not limited to Invicta; Invicta Watch(es); any other marks that
create a reasonable likelihood of confusion with such trademark(s) or otherwise would tend to indicate a relationship with Vendor
or IWCA; and any other marks used or owned by IWCA in connection with the marketing and sale of watches and/or watch accessories.

 

c.           “Products”:
Watches and watch accessories bearing the Trademarks and other products mutually agreed between the parties.

 

2.           Trademark
License. Until such time after the expiration or termination of this Agreement when Company holds no further inventory
of the Products (including, without limitation, inventory that Company has committed to purchase in accordance with the terms of
the applicable Product POs), Vendor hereby grants to Company the non-assignable, non-transferable right and license to the Trademarks
for all the purposes contemplated under this Agreement.

 

3.           Vendor’s
Obligations.

 

a.           Spokesperson.
Vendor will provide an agent (spokesperson) to make one or more broadcast appearances via Company Digital Retailing at Company’s
studios in Eden Prairie, MN, generally over a period of 1-3 days, for the purpose of marketing, promoting and selling the Products
(“Appearances”). Such agent of Vendor shall be subject to Company’s approval, which shall not be unreasonably
withheld.

    	Vendor Agreement
	Page 1
	 	 

     

    

  

b.           License
to Personal Attributes. Vendor hereby grants to Company an irrevocable sublicense, effective from the Effective Date through
the date after the expiration or other termination of the Agreement when Company holds no further inventory of the Products, to
the rights to use the Spokesperson’s name (including, without limitation, any nicknames, pseudonyms, stage names and the
like), likeness, image, photograph, voice, appearance, personality, signature, performance and endorsement (collectively, the “Personal
Attributes”) in connection with the marketing, promotion and sale of the Products and for all other purposes contemplated
under this Agreement.

 

c.           Assistance
with Marketing of the Products. Vendor shall (i) cooperate and consult with Company as reasonably requested by Company,
regarding the marketing, promotion and sale of the Products; (ii) cause Spokesperson to make Appearances upon Company’s request
and in compliance with Company’s standard Guest Policy, and to otherwise assist Company in connection with the marketing,
promotion and sale of the Products; and (iii) promote Spokesperson’s Appearances through email and social media marketing.
Vendor shall not be entitled to any minimum guarantee of hours on Company Digital Retailing.

 

d.           Product
Stream and Inventory Investment. Vendor shall provide a steady stream of product and\or services offerings to Company,
including first-to-market (available to Company for a period of at least five days prior to the date such products are available
to other retailers or distributors) and exclusive products (available only to Company and not to other retailers or distributors),
and timely information regarding such products and\or services, for Company’s consideration and potential purchase under
a purchase order. For the avoidance of doubt, all product and service offerings need not be first-to-market or exclusive products;
some products will be neither first-to-market nor exclusive.

 

4.           Term.

 

a.           Term.
The term of this Agreement shall begin on the Effective Date and continue for five years (the “Term”). During
the final 12 months of the Term, the parties shall negotiate in good faith the terms of an extension of the Term.

 

b.           Termination
for Breach. Company shall have the right to terminate this Agreement upon 30 days’ prior written notice to Vendor
in the event of a material breach of this Agreement by Vendor, which default is not cured by Vendor within such 30-day period.

 

c.           Effect
of Termination. The expiration or termination of this Agreement shall not relieve either Party of its liabilities or obligations
under this Agreement or that certain Vendor Exclusivity Agreement between the Parties dated on or about the date hereof (as amended,
modified or supplemented, the “Exclusivity Agreement”) which have accrued on or prior to the date of such expiration
or termination, including, without limitation, the liabilities and obligations set forth in Sections 4-8. During the six month
period following termination of this Agreement, Company shall have the right to sell all Products remaining in its inventory at
the time of termination and the right to continue to use the Trademarks pursuant to Section 2 and have availability of the spokesperson
and the use of the Attributes pursuant to Section 3 in connection with such activities.

 

5.           Representations,
Warranties, and Indemnity.

 

a.           Vendor
represents, warrants and certifies that (i) Vendor has the full right and authority to enter into this Agreement and grant all
rights, including but not limited to all rights in the Trademark(s), and to perform all obligations hereunder; (ii) Vendor has
obtained all authorizations, permissions and consents and paid all fees and other charges necessary for Vendor to enter into and
perform this Agreement; (iii) neither this Agreement nor the grant of rights or performance by Vendor hereunder will conflict with
nor violate any commitment to, or agreement or understanding Vendor has, or will have with, any other person or entity; and (iv)
Spokesperson is Vendor’s agent, and Vendor has the authority and right to bind Spokesperson to the obligations set forth
in this Agreement.

    	Vendor Agreement
	Page 2
	 	 

     

    

  

b.           Vendor
(including its agents, representatives, and contractors) agrees to defend, hold harmless and indemnify Company, its directors,
employees, affiliates, successors, assigns, agents and customers from and against any and all actual or threatened third-party
disputes, claims, actions, suits, proceedings, (each, a “Claim”) costs, liability, damages and expenses (including,
but not limited to, reasonable attorney’s fees, costs and expenses)(each a “Loss”) whether or not well
founded in law or fact, which arise out of or are directly or indirectly related to Vendor’s violation or alleged violation
of any of the covenants, representations and warranties herein. Regardless of when the Loss occurs or the Claim is asserted, Company
shall have the right to select counsel to conduct, and shall control, any defense subject to this provision.

 

6.            Payment
Terms. As of the Effective Date, the Parties agree that (i) Company may have outstanding invoices related to the purchase
of Products from Vendor in an amount of up to $7,000,000 at any time outstanding and (ii) standard payment terms of net 60 days
shall govern the purchase of Products.  For clarity, Vendor may adjust the $7,000,000 limit from time to time at Vendor’s
discretion.

 

7.            Confidential
Information. The parties shall hold this Agreement, including all of its terms, in strict confidence and will not disclose
or disseminate it to any third parties, except (i) to authorized representatives, advisors, or attorneys of a Party who agree to
protect and maintain the confidentiality of such Confidential Information in accordance with the terms herein, (ii) for the purpose
of enforcing the terms of this Agreement against the other Party, or (iii) in legally required filings with the Securities and
Exchange Commission, and related press releases and investor communications. Notwithstanding the foregoing, in order to effectuate
the purposes of this Agreement, the Parties agree that this Agreement shall be provided to IWCA on a confidential basis.

 

8.            Miscellaneous.

 

a.           Recitals;
Entire Agreement; Amendment. The Parties acknowledge and agree that the recitals set forth at the beginning of this Agreement
are a part of this Agreement and are incorporated herein by reference. This Agreement, including any exhibit(s) and attachment(s)
hereto (all of which are incorporated herein by reference), supersedes all prior negotiations, understandings and agreements of
the Parties relating to the subject matter hereof, and both Parties acknowledge and agree that neither Party has relied on any
representations or promises in connection with this Agreement not contained herein; provided, however, that this Agreement
is intended to supplement, and not supersede, the terms of each purchase order, that certain Merchandise Letter Agreement between
the Parties dated on or about the date hereof (as amended, modified or supplemented, the “Merchandise Letter”)
and the Exclusivity Agreement and further provided, that this Agreement is not intended to supersede any prior agreement
between the Parties related to merchandising margins and margin concessions. To the extent there is a direct conflict between this
Agreement, the Exclusivity Agreement, the Merchandise Letter and any purchase order terms, following order of precedence shall
prevail as to the subject of the conflicting terms: (1) the Exclusivity Agreement, (2) this Agreement, (3) the Merchandise Letter
and (4) any purchase order terms. This Agreement may not be amended or modified except by a subsequent written instrument duly
executed by both Parties.

 

b.           Counterparts.
This Agreement may be executed in one or more counterparts, including by facsimile or electronic delivery, each of which shall
be deemed to be an original, but all of which shall be one and the same instrument. Each Party may use such facsimile or electronic
signatures as evidence of the execution and delivery of this Agreement by each Party to the same extent that an original could
be used.

    	Vendor Agreement
	Page 3
	 	 

     

    

  

c.           Assignment.
Vendor shall not assign any right or claims under this Agreement without Company’s prior written consent, provided that such
consent shall not be unreasonably withheld and that the assignee expressly assumes all duties hereunder.

 

d.           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors
and assigns, including but not limited to, any surviving entity of any merger, consolidation, dissolution, joint venture or partnership,
and any entity that assumes the sale of the Products during the Term or any extension thereof.

 

e.           Governing
Law, Forum Selection, Attorney’s Fees. This Agreement and all terms and conditions hereof shall be construed under
and controlled by the laws of the State of Minnesota regardless of any contrary conflict of laws doctrine (with the parties expressly
waiving the applicability of the United Nations Convention on Contracts for the International Sale of Goods), and the federal and
state courts in Hennepin County, MN shall have sole and exclusive jurisdiction and venue over any action or claim arising from
or relating to this Agreement, or otherwise from the relationship of the Parties, all whether arising from contract, tort, statute
or otherwise.

 

[remainder of page
left blank intentionally – signature page follows]

 

    	Vendor Agreement
	Page 4
	 	 

     

    

 

IN WITNESS WHEREOF, this Agreement has been
duly executed by the Parties as of the date first set forth above.

 

	EVINE LIVE INC.	 	STERLING TIME, LLC
	 	 	 	 
	 /s/ Andrea Fike	 	Signature:  	/s/ Michael Friedman
	 	Andrea Fike	 	Name:  	Michael Friedman
	 	EVP, General Counsel	 	Title:  	President

 

    	Vendor Agreement
	Signature PageExhibit 10.4

 

	Evine Live Inc.	May 2, 2019
	6740 Shady Oak Road	 
	Eden Prairie, MN 55344-3433	 

 

Gentlepersons:

 

On behalf of Invicta Watch Company of America, Inc., a Florida
corporation (“IWCA”), IWCA has read and is familiar with the terms and provisions of (a) that certain Vendor
Agreement (the “Vendor Agreement”) between Sterling Time, LLC, a New York limited liability company (“Vendor”),
and Evine Live Inc., a Minnesota corporation (“Company”), concerning the merchandising of products bearing IWCA’s
brands and trademarks and (b) that certain Vendor Exclusivity Agreement (the “Exclusivity Agreement” and collectively
with the Vendor Agreement, the “Agreements”) between Vendor and Company concerning exclusivity regarding the
merchandising of products bearing IWCA’s brands and trademarks.

 

As an inducement to Company’s entering that certain Common
Stock and Warrant Purchase Agreement (“Purchase Agreement”) between certain owners of IWCA, other purchasers
and Company dated on or about the date hereof and as a material part of the consideration provided to Company for so doing (including
the special rights granted to IWCA’s owners), IWCA hereby represents, warrants, and agrees as follows:

 

(1)          IWCA
has heretofore entered into an agreement with Vendor granting Vendor the exclusive right to use and sublicense to Company the Trademarks
(as defined in the Vendor Agreement) (the “Trademarks”), for a period of time sufficient to meet Vendor’s
obligations under the Vendor Agreement.

 

(2)          Vendor
has the right and authority to grant Company the particular exclusive rights specified in the Agreements to use the Trademarks
and merchandise IWCA-branded products and has not and will not grant any other party rights to use the Trademarks as set forth
under the Agreements during the Term (as defined in the Vendor Agreement).

 

(3)          IWCA
will ensure that a steady stream of products bearing the IWCA brands, including first-to-market and exclusive products, is available
for Company’s purchase throughout the term specified in the Agreements.

 

(4)          IWCA
will not grant any party other than Vendor or Company the right to use the Trademarks or sell the Products (as defined in the Exclusivity
Agreement) or any goods or services that are substantially similar to or directly competitive with the Products bearing the Trademarks
in TV Shopping (as defined in the Exclusivity Agreement).

 

(5)          IWCA
will not grant any party other than Vendor or Company the right to undertake any of the actions set forth in Section 3 of the Exclusivity
Agreement.

 

(6)          Without
limiting the foregoing, IWCA agrees to invest at least $25 million in the development and production of new products bearing the
IWCA brands for offer to Company through Vendor for the fall merchandising season of 2019.

 

If, during the term of the Agreements, any of the above representations
concerning Vendor is or becomes untrue, and/or Vendor is unable or unwilling to fulfill its obligations to Company under the Agreements,
IWCA will take all necessary steps to ensure that Company’s rights under the Agreements are not compromised.

    	IWCA Side Letter
	Page 1
	 	 

     

    

 

In addition to all other relief available under applicable law,
Company shall be entitled (i) to an injunction to specifically enforce the terms of this letter (the “Letter Agreement”)
and (ii) in the event of a breach of this Letter Agreement (other than clause (3)) or the Exclusivity Agreement that is not cured
by the undersigned or Vendor within 30 days of notice (and a second notice provided at least 21 days following the first notice)
from Company, to liquidated damages that include (a) immediate cancellation of the warrants issued pursuant to the Purchase Agreement
and (b) the right to repurchase the shares of common stock issued pursuant to the Purchase Agreement at a price of $0.373 per share
or, if such shares have already been sold, IWCA shall make a cash payment equal to $0.377 per share to Company. Notwithstanding
the foregoing, 30 days’ notice shall not be required to be provided by Company if the breach was created by an intentional
or willful act of IWCA, Vendor or their respective affiliates or such breach is uncurable by IWCA, Vendor or their respective affiliates.

 

All information relating to Company or IWCA’s business
including, without limitation, the terms of this Letter Agreement, shall constitute confidential information of Company and will
be kept confidential and will not be disclosed, in any manner, in whole or in part, except that either party may disclose the terms
of this Letter Agreement (i) to Vendor on a confidential basis, (ii) to its attorneys and tax advisors, (iii) for the purpose of
enforcing the terms of this Letter Agreement, or (iv) in legally required filings with the U.S. Securities and Exchange Commission
and related press releases and investor communications. This Letter Agreement will be governed by the laws of the State of Minnesota,
regardless of any conflict of laws principles, and the federal and state courts in Hennepin County, Minnesota shall have exclusive
jurisdiction and venue over any disputes arising from or relating to this Letter Agreement.

 

[Remainder of page left blank intentionally
– signature page follows]

 

    	IWCA Side Letter
	Page 2
	 	 

     

    

 

	Very truly yours,	 
	 	 
	INVICTA WATCH COMPANY OF AMERICA	 
	 	 
	/s/ Eyal Lalo	 
	Name:	Eyal Lalo	 
	Title: 	CEO & Owner	 
	 	 	 
	Agreed as of the date first set forth above:	 
	 	 
	EVINE LIVE INC.	 
	 	 
	/s/ Andrea M. Fike	 
	 	Andrea Fike	 
	 	EVP, General Counsel	 

 

    	IWCA Side Letter
	Signature Page

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