Document:

Exhibit
      10.126.1: Certain confidential information in this Exhibit 10.126.1was omitted
      and filed separately with the Securities and Exchange Commission (“SEC”) with a
      request for confidential treatment by Inter Parfums,
      Inc.

    TRADEMARK
      LICENSING AGREEMENT

    

    

    

    

    THE
      FOLLOWING PARTIES:

    

    

    	-  	
             QS
              HOLDINGS SARL
              of
              L-1628 Luxembourg, 1, rue de Glacis, Duchy of Luxembourg and having
              a
              branch office at Rue Centrale 115, CH-2503 Biel, Bienne,
              Switzerland

          

    	-  	
            represented
              by its Senior Vice-President, Mr Peter Bloxham Peter and hereinafter
              referred to as the "Licensor"

          

    

    Party
      of the first part,

    

    AND

    

    	-  	
            INTER-PARFUMS,
              a
              "société
              anonyme"
              [type of company limited by Shares] whose registered office is located
              at
              4, rond-point des Champs Elysées, 75008 Paris, France, recorded on the
              Paris Companies Register ["RCS"]
              with number 350 219 382, represented by its Chairman and Chief Executive
              Officer, Mr Philippe Benacin, and hereinafter referred to as the
              "Licensee,"

          

    

    

    Party
      of the second part,

    

    

    After
      agreeing the following by way of prologue:

    

    The
      Licensor, together with its parent and affiliated companies, is the owner of
      the
      trademarks "QUIKSILVER" and "ROXY" and the logos that are associated with them,
      including but not limited to the "Mountain & Wave" logo and the "Heart" logo
      that it registered as marks in various countries throughout the world and under
      which it has for many years now designed, developed, manufactured, distributed
      and promoted a vast line of clothing, accessories, sports equipment and
      associated products designed for a dynamic customer base that adopts a relaxed
      lifestyle, stemming from a board riding heritage, with an exclusive and upscale
      range.

    

    The
      marks
      "QUIKSILVER" and "ROXY" and their associated logos have in the Licensor's field
      of business acquired a worldwide renown and the Licensor wishes to expand more
      into the area of cosmetics, skin care and perfumes.

    

    For
      its
      part, the Licensee has a first-rate position on the world-wide market for
      perfume and cosmetics products, thanks to the resources and the long experience
      it has both in the field of design and development and in the field of
      communication and distribution.

    

    In
      the
      scope of the negotiations between the Licensee and the Licensor, and in
      consideration of the beneficial effect that the joining of their respective
      forces will not fail to have on their businesses, the parties have examined
      the
      conditions under which the attribution of a licence for the perfumes to the
      Licensee could be done to their mutual benefit.

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    THEREFORE,
      THE PARTIES HAVE AGREED AS FOLLOWS:

    

    ARTICLE
      1 - DEFINITIONS

    

    	1.1  	
            The
              expression "Marks
              Granted"
              used in this Agreement refers, in addition to the names "QUIKSILVER"
              and
              "ROXY," the marks listed in Appendix
              1
              hereto applied to the "Products" as defined below and in the International
              Class 3 of mark filing, as well as to the names, abbreviations, symbols
              and other distinctive signs, that are currently or will in the future
              be
              associated with them at the initiative of the Licensor or at the proposal
              of the Licensee and explicitly accepted in writing by the
              Licensor.

          

    

    	1.2  	
            The
              term "Products"
              means the perfume, cosmetic, toiletry and face-care and skin-care products
              including sun-care products, sold under one or more of the "Marks Granted"
              as described in Appendix
              2
              hereto, being expressly agreed upon that for present and future perfumes
              and deodorants for men the Licensor will exercise its rights according
              to
              the provisions of Section 2.3 hereafter. 

          

    

    	1.3  	
            The
              term "Territory"
              means all the countries in the world in which the Marks Granted are
              registered in International Class 3 or as approved by the Licensor
              in
              writing pursuant to Article 7.7, including Duty-Free sales zones. Attached
              in Appendix
              1
              of
              this Agreement is a list of the applications for marks and registrations
              of current marks of the Licensor in Class 3, by country and listing
              the
              designated products.

          

    

    	1.4  	
            The
              expression "World-wide
              Net Sales"
              means, for the purposes of calculating the fees, the worldwide sales
              figure of the sale of the Products including invoicing of point-of-sale
              advertising, it being specified that this is the pre-tax amount of
              the
              sales invoiced by:

          

    

    	·  	
            the
              Licensee to all its "retailers" (any sales outlet or space selling
              to the
              end consumer that is authorised to sell the Products), provided that
              if
              the sale is to a retailer owned or controlled by the Licensee the amount
              will be deemed to be that amount which the Licensee would have charged
              the
              retailer if the retailer was not owned or controlled by the
              Licensee;

          

    	·  	
            the
              Licensee to the "independent distributors" (any independent company
              that
              is authorised to resell the Products by virtue of a written contract
              or by
              agreements with the Licensee to retailers in one or more countries).
              "Independent distributor" will mean any entity that is not controlled
              by
              the Licensee in the meaning used in the provisions of Article 233-3
              of the
              French Commercial Code;

          

    	·  	
            by
              local distributors or subsidiaries that are controlled by the Licensee
              in
              the meaning used in the provisions of Article 233-3 of the French
              Commercial Code, to retailers (any sales outlet or space selling to
              the
              end consumer that is authorised to sell the
              Products).

          

    

    	1.5  	
            The
              expression "Launch
              of New Products"
              means the operations described in Appendix
              3.

          

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    	1.6  	
            The
              expression "Advertising
              and Promotional Activities"
              means: only purchases of advertising space of any kind and in all media,
              the distribution of free products (samples, collateral) and the
              point-of-sale advertising, including promotional items. It also includes
              the following expenses: staff costs incurred in respect of selling
              or
              presenting the Products in shops, opening stands, participation in
              trade
              shows and shows and presentation areas of the
              Products.

          

    

    	1.7  	
            The
              expression "point-of-sale
              advertising"
              (or "POS
              advertising")
              means: testers, miniatures (5 ml), samples (2 ml), counters, display
              units, signs, shopping bags and blotters.

          

    

    

    ARTICLE
      2 - LICENCE

    

    2.1 The
      Licensor grants to the Licensee which accepts, as of the effective date of
      this
      Agreement by virtue of Article 11, below, an exclusive licence to use the Marks
      Granted, for designing, developing, manufacturing, selling, distributing and
      marketing the Products in the Territory, in accordance with the provisions
      and
      conditions of this Agreement. In this context, use of the term "exclusive"
      means
      that, for the entire term of this Agreement, the Licensor shall refrain from
      granting other licences pertaining to the creation, development, manufacturing
      and/or selling of the Products that carry the Marks Granted in accordance with
      Article 10.1.

    

    2.2
       The
      Licensee hereby explicitly undertakes to exploit its best efforts to promote,
      develop and expand sales of the Products in the Territory, so as to ensure
      continuous and growing knowledge of and demand for the Products in and through
      each of the countries in the Territory.

    

    The
      Licensee also explicitly hereby undertakes to manufacture or cause to be
      manufactured sufficient quantities of Products up to the term of this Agreement
      so as to satisfy the demand for the Products and to promote the Products by
      all
      appropriate, modern, significant and effective advertising means.

    

    2.3 The
      Parties agree than as pertains to the special case of perfumes and deodorants
      (eaux
      de toilette
      and
eaux
      de parfums,
      lotions, after-shave balms and deodorants) for men under the "QUIKSILVER" brand,
      the exercise of the rights granted above in Article 2.1 is subject to the
      Licensor's prior consent being obtained, it being specified that the Licensor
      shall freely decide on the action to be taken in response to the request from
      the Licensee to create such a product.

    

    2.4 Since
      this Agreement is strictly personal between the Licensor and the Licensee,
      neither party is consequently authorised to assign or transfer to any third
      party whatsoever all or part of its rights or obligations arising out of this
      Agreement, with the exception of the Licensor, which may freely transfer or
      assign the rights arising out of this Agreement to any entity that belongs
      to
      the Quiksilver Group according to Section L.233-3 of the Code
      de Commerce,
      on
      condition that such transfer or such assignment maintains for the Licensee
      the
      same rights over the Marks Granted by virtue of the present Agreement.
      Furthermore, since the rights granted to the Licensee by this Agreement are
      strictly personal and non-transferable and non-assignable, the Licensee
      undertakes not to grant total or partial sub-licences of its rights granted
      under this Agreement, and undertakes not to provide as collateral, not to pledge
      or grant any right drawn from this Agreement to any third party
      whatsoever.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    ARTICLE
      3 - BASIC PRINCIPLES

    

    3.1 The
      Licensee, in coordination with the Licensor and subject to the Licensor's
      consent, will have the choice of sub-contractor, the initiative and the
      direction of manufacture of the Products of this Agreement for which it will
      solely assume responsibility under the conditions expressed below.

    

    3.2 The
      Licensee, in cooperation with the Licensor, will also have the choice of service
      provider (creators of perfumes, bottle designer, pouch designer, etc.), the
      initiative and the responsibility for the creation, after the general direction
      of that creation has been defined with the Licensor, all of this in the general
      context described in this Article and in the scope of the universe that is
      exclusive to the QUIKSILVER and ROXY brands.

    

    3.3 The
      Licensee is authorised, totally at its own liability, to entrust distribution
      of
      the Products to any independent companies and/or subsidiaries controlled by
      the
      Licensee and undertakes to ensure that such companies/subsidiaries comply with
      the terms of this Agreement.

    

    3.4 As
      a
      result of the foregoing, the Licensee undertakes to comply with, and to ensure
      that its associates constantly comply with, in all its actions and initiatives,
      the image of quality, of high class and of originality associated with the
      Marks
      Granted, particularly as concerns the quality of the Products of this Agreement,
      their creative aspect, their publicity, their promotion and their distribution.
      The Licensee will comply without delay with any reasonable instruction from
      the
      Licensor pertaining to the manner and form of use of the Marks
      Granted.

    

    3.5 The
      Licensee undertakes to comply, and to ensure that its employees,
      representatives, agents, authorised agents and/or assigns, as well as its
      affiliates and sub-contractors will comply, for the term of this Agreement,
      with
      all the laws and regulations in effect on the Territory concerning the purpose
      hereof.

    

    3.6 In
      this
      connection, the Licensee represents, in its own name and on behalf of all its
      affiliates, that all the insurance policies required for performing the subject
      of this Agreement have been and will be taken out and paid in the lawful manner
      and maintained in full force and effect at all times. As concerns the civil
      liability policies, the Licensee undertakes to take out such a policy covering
      its activities under this Agreement for an amount that is adequate and
      sufficient and in line with the norms and usual business practices of the
      industry and having regard to the nature of the Products.

    

    The
      Licensee also undertakes to include the Licensor and its affiliates, as well
      as
      their managers, chairmen, employees, officers and contactors as additional
      named
      insured beneficiaries.

    

    The
      Licensee also undertakes to supply the Licensor with an insurance certificate
      of
      currency once this Agreement is executed and at any reasonable request made
      by
      the Licensor.

    

    3.7 The
      Licensee, for the term hereof, shall refrain from using as a business name
      or
      corporate name, by any of the entities in which it may have a direct or indirect
      equity holding or control, any of the Marks Granted, and more generally the
      names "QUIKSILVER" and/or "ROXY" and the related logos.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    3.8 The
      parties agree that the good name and renown of "QUIKSILVER" and "ROXY" and
      the
      other Granted Marks in the Licensor's field of business is a significant factor
      of these marks. In this perspective, the Licensor and the Licensee both attach
      paramount importance to ensuring that in all fields the upscale, quality and
      exclusive-style image attached to the "QUIKSILVER" and "ROXY" marks and the
      other Granted Marks is and should be permanently respected.

    

    In
      this
      perspective, the Licensor undertakes to maintain the good name and renown of
      the
      names "QUIKSILVER" and "ROXY" in its exclusive field, so as to regularly support
      the Licensee in its efforts to position the "QUIKSILVER" and "ROXY" marks on
      the
      markets of beauty products and perfumes.

    

    

    

    ARTICLE
      4 - CREATION, MANUFACTURE, DISTRIBUTION

    

    4.1 The
      Licensee will be responsible at its own cost and expense for creating,
      designing, developing and manufacturing the Products, in compliance with the
      principles stated in Article 3, above, and subject to the Licensor's prior
      written approval.

     

    4.2 The
      Licensee shall take on the entire task of designing,
      developing and manufacturing the Products on
      a
      world-wide and exclusive basis. The Licensee undertakes to create and market
      products of great quality of design, execution and aesthetics on the
      international market for beauty and perfume products of a standard of style
      and
      quality that is comparable to the brands listed in Appendix
      6.
      The
      Licensee will solely be responsible for complying with any relevant laws and
      regulations in each country of the Territory and will obtain any regulatory
      approval, customs clearance and authorisation that may be necessary for
      designing, manufacturing, promoting, distributing and selling the Products
      (including but not limited to the packaging of the Products).

    

    4.3 
      Creation of the Products and of the advertising visual:

    The
      creation of the Products and of the advertising visuals concerning these
      Products must occur in a consistency of style that is exclusive to the
      "QUIKSILVER" and "ROXY" universe, and to guarantee this consistency, the
      Licensee will involve the Licensor, whose approval will be required, with all
      the stages of the creation and development, it being specified that in all
      circumstances the parties will make their best efforts to cooperate so as to
      end
      up with a shared project, and it being understood that the Licensor reserves
      the
      right of final approval of the creation’s project and the advertising visual for
      the Products.

    

    For
      any
      Product creation, the Licensee will seek the prior written consent of the
      Licensor on the project to the following major stages:

    

    	·  	
            Development
              of the Product concept;

          

    	·  	
            Production
              of the briefs for the creators (design and perfume) giving them work
              instructions;

          

    	·  	
            Development
              of the design of the bottle;

          

    	·  	
            Development
              and choice of the liquor;

          

    	·  	
            Development
              and choice of the packaging;

          

    	·  	
            Choice
              of the Product's name;

          

    	·  	
            The
              concept of the advertising visual and page mock-ups relating to the
              new
              Product planned and intended for
              advertising.

          

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    4.4. Industrial
      development or technical development of the Products:

    The
      Licensee undertakes to ensure that the Products are manufactured according
      to
      the industry's quality standards so that they are in conformity with the upscale
      style of the environment of "QUIKSILVER"
      and "ROXY" and the other Granted Marks.

    

    In
      particular, the manufacture of the Products and the disposal of any surplus
      or
      waste raw materials, ingredients or Products must be in conformity with all
      laws
      and regulations, and health and safety standards, in all the countries
      comprising the Territory, and must, in particular, respect the environment,
      and
      the Licensee must not test any Products, ingredients or raw materials on any
      animals.

    

    Furthermore,
      the manufacture of any Product must be in conformity, and the Licensee shall
      do
      its best efforts that all the factories and sub-contractors that it will use
      are
      also in conformity, with the provisions of the "Quiksilver Ethical Standard
      of
      Trade" (Quest Code), that is reproduced in Appendix 7 hereto.

    

    The
      Parties agree that the Licensee will retain control over all the technical
      stages of the industrial development. It will be free to select the suppliers
      of
      the packaging items (moulds, lids, pumps, pouches, spacers, labels, etc.),
      it
      being understood that prior to any commencement of manufacture, the Licensee
      will seek the prior written consent of the Licensor, which will be given as
      quickly as possible.

    

    The
      Licensor may, subject to reasonable advance notice sent to the Licensee and
      at
      the reasonable costs of the Licensee, during regular opening hours, inspect
      any
      production units, including the production units of sub-contractors, suppliers,
      etc., of the Licensee where any Product is produced, to enable the Licensor
      to
      verify that the Licensee is complying with the provisions of this Agreement
      concerning the type and quality of Products and the use of any one of the Marks
      Granted in relation to the Products.

    

    The
      Licensee will send the Licensor for information purposes, within a reasonable
      time prior to the launch of each Product or new line of Products of this
      Agreement, samples or mock-ups of the Products in question, with their
      packaging, for the Licensor's prior written consent.

    

    If
      the
      Licensor has not presented reservations in writing to the Licensee within
[___________]1 after
      the
      receipt of the samples or mock-ups, it will be deemed to be satisfied with
      the
      plan.

    

    Otherwise,
      if the Licensor does notify the Licensee in writing of any reservations or
      notifies the Licensee in writing that it does not approve any one of the
      Products or new line of Products within [___________]2 
      Confidential  after
      the
      receipt of samples or test models, the parties will negotiate on the measures
      to
      be taken to take the Licensor's wishes into account. In all circumstances,
      the
      parties undertake to apply their best efforts to cooperate so as to jointly
      devise a plan that is satisfactory for both parties. Also in all circumstances,
      the Licensee will not manufacture, distribute, market or sell any Product or
      line of Products, unless the Licensor has approved them in advance or is
      considered to have approved them in accordance with this Article
      4.4.

    

    In
      general, it is explicitly agreed that it is the Licensor that has authority
      to
      give the final and necessary approval for any plan and any Product or line
      of
      Products, and that the Licensee may not undertake any measures consequent to
      a
      plan submitted to the Licensor without the objections that may potentially
      be
      raised by the Licensor first being taken into account by the Licensee to the
      satisfaction of the Licensor.

     

     

      
        

      

    

    1 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:1
2 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:2.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    	4.5  	
            Quality
              control:

          

    

    The
      Licensee shall perform the quality control and inspections required prior to
      delivery of the Products to the customers.

    

    The
      Licensor reserves the right to approve and/or reject any Product for reasons
      relating to its quality, style or appearance.

    

    The
      Licensee will solely assume responsibility for the conformity of the Products
      with all laws and regulations concerning health and safety.

    

    The
      Licensee will indemnify and hold harmless the Licensor and its affiliates,
      together with their respective directors, officers, employees, agents and
      contractors from and against any claims, costs, expenses, losses and liability
      (including reasonable attorney’s fees) suffered or incurred by any of them
      arising directly or indirectly from any complaint or challenge brought by any
      customer or consumer of the Products, any failure by the Licensee to comply
      with
      any law or regulatory requirement, for any other attack arising out of or
      relating to the Products, for any other failure by Licensee to comply with
      this
      Agreement, and/or for any court award that may result from any of the
      foregoing.

    

    Without
      limiting and of its other rights, the Licensor may by notice in writing require
      the Licensee at the Licensee’s sole cost to immediately effect a recall of any
      of the Products if, in the reasonable opinion of the Licensor, such Products
      pose a health or safety risk for any person or are likely to result in any
      event
      that could materially material impair or devalue the goodwill or reputation
      of
      the Granted Marks. Licensee will immediately comply with any such notice and
      will co-operate fully with the Licensor’s PR and/or crisis communication team
      and response plans.

    

    4.6 Distribution
      System

    The
      Licensee will organise the distribution of the Products of the Agreement within
      the Territory on a selective basis, restricting the sale only (a) to
      "perfumeries"
      and
      perfume departments of department stores that fit with and enhance the brand
      image of QUIKSILVER and ROXY, taking as a reference the sales outlets of the
      competing products of the Products on the Territory (the list of which is
      reproduced in Appendix
      6
      hereto)
      and (b) to franchised or licensed retail outlets bearing the "QUIKSILVER" or
      “ROXY” name or other retail concept belonging to Licensor or its affiliates as
      advised to the Licensee by the Licensor in writing ((a) and (b) collectively
      referred to as the “Approved Distribution Channels”).

    

    Despite
      the foregoing, the Licensor may at any time and from time to time notify the
      Licensee in writing that the Licensor does not regard a particular outlet or
      outlets within the Approved Distribution Channels as being suitable for
      distribution of the Products and directing the Licensee not to supply any
      Products to such outlet(s) if, in the reasonable opinion of the Licensor, such
      outlet(s) does(do) not adequately uphold or reflect the brand integrity,
      positioning or image of the Granted Marks. The Licensee shall comply with any
      such notice as soon as it is able to do so.

    

    The
      Products may not be distributed, sold or marketed by the Licensee in any
      distribution system or outlets outside of the Approved Distribution Channels,
      without the prior written consent of the Licensor.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    For
      sales
      of Products to any retail outlet owned by the Licensor or by an affiliate of
      the
      Licensor, the Licensee shall offer the most favourable wholesale price offered
      to any other customer of the Products in that country less a [___________]3 discount.

    

    For
      sales
      of Products to any retail outlet that is franchised or licensed by the Licensor
      or an affiliate of the Licensor to operate under the "QUIKSILVER" or “ROXY” name
      or other retail concept belonging to Licensor or its affiliates, the Licensee
      shall offer such outlet the most favourable wholesale price offered to any
      other
      customer of the Products in that country and shall pay to the Licensor a royalty
      equal to [___________]4 of
      such
      price for all goods sold to such outlet.

    

    For
      sales
      of Products to any retail outlet that is part of the Licensor’s or its
      affiliates’ own distribution channels for products other than the Products
      (including but not limited to specialist surf and board sports stores, sports
      stores and specialty retail and department stores), the Licensee shall pay
      to
      the Licensor a royalty equal to [___________]5 of
      the
      wholesale price for all goods sold to such outlet.

    

    Royalties
      payable under this Article are in addition to and due at the same time as the
      fee payable under Article 9.1.

    

    4.7 Approved
      selling via the Internet

    The
      Licensee may not authorise its distributors and approved retailers to sell
      and
      promote the Products and the Marks Granted on the world wide web, and may not
      itself sell or promote the Products and the Marks Granted except on condition
      that it first obtains the Licensor's written consent, and the Licensor is free
      to refuse such, on all projects. In this connection, the Licensee undertakes,
      among other things, to respect the selective environment of the Products, to
      preserve or ensure the preservation of the upscale positioning of the Marks
      Granted and to ensure that all the rules stipulated in this Agreement are
      followed, and that such presentation may be considered as "the electronic shop
      window" of the distributor or of the approved retailers.

    

    The
      Licensee, in the event that it has obtained the Licensor's prior written consent
      on a plan to sell over the Internet, and particularly after the Licensor has
      been fully informed of the project by the Licensee, undertakes to apply its
      best
      efforts to monitor the sales over the web by requiring from its retailers and/or
      distributors a signed contract, submitted for the prior acceptance of the
      Licensor, that sets the rules for selling over the Internet, so as to prevent,
      within the applicable legal limits, the risks inherent in selling over the
      Internet.

    

    4.8 The
      Licensee will also decide on the launches, selling conditions and selling
      prices, and sales promotions, after notifying the Licensor of such in advance
      in
      the scope of the working meetings described below and after gaining the
      Licensor's prior written consent.. 

    

    The
      Licensee will provide the Licensor on an annual basis with its pricing policy
      applicable to the Products. 

    

    In
      accordance with the accepted practices of the business, the Licensee will be
      able to apply a discounted pricing policy for the sale of discontinued Products,
      in coordination with the Licensor.

     

    
      

    

    3 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:3.

    4 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:4.
5 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:5.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    4.9 The
      Licensee and the Licensor will meet regularly at their mutual convenience to
      bring each other up to date about all the corporate initiatives in the scope
      of
      the performance of the Agreement and conformity with its provisions. The
      Licensee undertakes to provide the Licensor, at Licensor's first request, with
      any information that Licensor may wish to have in the scope of preparing for
      and
      holding these meetings. During these meetings, the representatives of the
      parties to this Agreement will deal, in particular, with:

    

    	-  	
            mutual
              analysis of the progression and operating results of the Products of
              the
              Agreement and, as relevant, of the promotional
              products;

          

    

    	-  	
            the
              quality of manufacture of the Products;

          

    

    	-  	
            the
              distribution and marketing of the
              Products;

          

    

    	-  	
            the
              use of the advertising and promotion budget, as specified in Article
              7
              hereof, and in particular of the ratio between the media advertising
              budget and the POS advertising budget;

          

    

    	-  	
            defining,
                if relevant, new directions;

          

    

    	-  	
            any
              other issues concerning the performance of the
              Agreement.

          

    

    

    

    CLAUSE
      5 - MARKS, INDUSTRIAL PROPERTY 

    

    5.1 The
      Licensor undertakes to guarantee to the Licensee for the term of this Agreement,
      and Licensee acknowledges the validity of the Marks Granted and their ownership
      by the Licensor or affiliated companies, the material existence of the
      registrations of the Marks Granted that are shown in Appendix 1 hereto, within
      the limit of the applicable laws and regulations.

    

    The
      Marks
      Granted, signs of all kinds and logos must appear clearly, visible to the naked
      eye in a defined graphic plan on the bottles, boxes, packaging and display
      cabinets, as well as in all advertising. This graphic plan for the products
      bearing the ROXY mark must include the placing in a clear and legible fashion
      on
      all the Products, (a) of the name "ROXY," with or without its logo, and (b)
      in a
      clearly separated way, i.e., not in any circumstances following the name ROXY,
      but in other places of the products and/or of their packaging, and in smaller
      characters, the phrases "(BY) QUIKSILVER," "(By) QUIKSILVER PARFUMS" or 'ROXY
      (BY) QUIKSILVER PERFUMES." 

    

    Without
      limiting the foregoing all Products and any packaging and instruction for the
      Products must include a statement to the effect of: “Made under licence by
      Inter-Parfums SA”.

    

    The
      Licensee will have exclusive rights, for the term hereof, to the use of the
      name
      "ROXY" and to the use of the Marks Granted on alcohol products (perfumes) and
      derivative bath lines, exploited in the scope of this Agreement, for the
      marketing and distribution of the Products.

    

    The
      Licensee will be allowed to make mention in everyday commercial and stock-market
      documents pertaining to its business of one or more of the Marks Granted, with
      the same treatment as the other marks whose distribution it performs.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    However,
      any public announcement or public reference to one of the Marks Granted, in
      the
      scope of the above paragraph, will be subject to the Licensor's prior written
      consent.

    

    The
      use
      made of the Marks Granted must contribute to the marketing of the Products,
      to
      the exclusion of any other use. It is understood that the Marks Granted, as
      used
      to market the Products, are used in such a way that they may not be discredited
      in the eyes of the public.

    

    No
      statement or notice may be placed that is prejudicial to the visibility of
      the
      Marks Granted, nor may any statement or notice be placed that may reduce their
      importance and style in the eyes of the public.

    

    Any
      use
      by the Licensee of the Marks Granted shall expand the goodwill and reputation
      of
      the Marks Granted, to the Licensor's benefit. It is explicitly agreed that
      the
      Licensee will not by the effect of this Agreement acquire any right of any
      kind
      whatsoever over the Marks Granted. The Licensee will comply with all written
      instruction from the Licensor pertaining to the manner and form of use of the
      Marks Granted.

    

    5.2 The
      costs
      of maintaining these Marks Granted current will be covered by the Licensor.
      The
      Licensee undertakes to work with the Licensor to supply it with any document
      required for the filing of the Marks Granted, for their renewal or for the
      filing of new Marks Granted.

    

    5.3 The
      Licensee may, if necessary, ask the Licensor to register the Marks Granted
      in
      other countries in International Class 3. The registrations will be done solely
      in the Licensor's name and/or in that of an affiliate if it deems it justified
      in respect of the project and of the commercial plans. The Licensee's request
      for such additional registrations will be examined in good faith by the
      Licensor, which remains the sole decision-maker as to the filing and which
      will
      pay any additional filing costs. The Licensee undertakes, as required, to supply
      any signature, document and/or assistance in obtaining the filings of the Marks
      Granted under this article.

    

    5.4  The
      Marks
      Granted and the forms or any other technical data whatsoever relating to the
      composition and/or manufacture of the Products of the Agreement (including
      any
      patents), and all the drawings and models (bottles, packaging, labels, etc.)
      and
      all instructions, marketing materials, POS advertising materials and advertising
      materials developed by the Licensee or on its behalf and registered or not
      by it
      will be and will remain the property of the Licensor, and the Licensee hereby
      assigns, sells and transfers to the Licensor on an irrevocable basis all rights
      that it may hold in such way.

    

    The
      Licensee undertakes to assign back to the Licensor at no cost, at its first
      request, any registration of the Marks Granted that may have been done in the
      Licensee's name, which may relate only to the case in which in a particular
      country, the registration could not be requested except in the name of the
      Licensee, could not have been performed in the name of the Licensor, and could
      not have been performed and where the Licensor had provided its prior written
      consent. The Licensee undertakes then to sign without delay at the Licensor's
      request any document involved in such assigning back.

    

    In
      general, the Licensee hereby undertakes to give the Licensor, at simple request
      and without delay, any signature and any document that allows full applicability
      of this article and in particular the full and entire ownership by the Licensor
      of the Marks Granted.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    ARTICLE
      6 - COUNTERFEITS

    

    6.1
       In
      the event
      that acts are reported on the part of third parties that may constitute acts
      of
      counterfeit or infringement of the Marks granted - but also of any drawings,
      models, copyright, and more generally, of all of the Licensor's intellectual
      property rights, but also acts of unfair competition and/or free-riding or
      any
      act that is equivalent under the law of any country in the Territory - that
      are
      associated with the Products and with this Agreement, the Licensor shall be
      the
      one to first have jurisdiction over any complaint and/or legal action that
      it
      may decide to initiate, if it should decide so to do, it being specified that
      it
      is in no way required so to do.

    

    If
      the
      Licensor does decide to act, solely at its discretion, the Licensee undertakes
      to cooperate with it in full and without reservation; the fees incurred for
      the
      actions shall be borne by the Licensor, and the legal damages and financial
      awards that may be ordered in its favour will be entirely and exclusively
      attributed to it, unless the Licensee chooses to join the suit and participate
      therein, in which case the two parties will cover their own costs and the legal
      damages and financial orders in their favour will be distributed between the
      parties proportionally to the share they took of the costs of the
      actions.

    

    If
      the
      Licensor decides not to act, the Licensee may decide to do so along, in its
      own
      name and for compensation of its own loss; in such a case, the Licensor
      undertakes to cooperate with it fully and without reservation. The costs
      incurred for such actions will be borne by the Licensee, and the legal damages
      and financial awards that may be ordered in its favour will be entirely and
      exclusively attributed to it.

    

    6.2 
      The
      Parties agree that the Licensee undertakes to compensate the Licensor for any
      loss resulting from a third-party action based on the counterfeiting nature
      of
      the Marks Granted, as exploited by the Licensee if it breaches its obligations
      under this Agreement. 

    

    

    

    ARTICLE
      7 - ADVERTISING, LAUNCH OF NEW PRODUCTS, "ROAD MAP"

    

    7.1 The
      Licensee, in the scope defined in Article 3 hereof, will have the initiative
      and
      responsibility for the advertising and promotion of the Products of the
      Agreement, and the choice of service providers (advertising agency, purchasing
      group, photographers, etc.), after their general directions, which will be
      consistent with the QUIKSILVER and ROXY universe, have been defined, and after
      the prior written consent of the Licensor.

    

    7.2 The
      Licensee will devote the costs pertaining to the Advertising and Promotion
      Activities and for that purpose, it undertakes to devote to them with its
      distributors for the Advertising and Promotion Activities a joint budget that
      is
      sufficient to ensure good expansion of sales and that will not be
      less:

    

    It
      being
      understood and agreed that [___________]6 of
      the
      budget set above will be devoted to the media made up of TV, press and
      magazines, including those published by the large sales outlets, such as
      DOUGLAS, MARIONNAUD and SAKS.

    

    	-  	
            from
              1 January 2007 to 31 December 2009: than [___________]7of
              the value of the World-wide Net Sales (exclusive of POS advertising)
              made
              by the Licensee over the previous calendar
              year;

          

    	-  	 

    	-  	
            from
              1 January 2010 to 31 December 2017: than [___________]8of
              the value of the World-wide Net Sales (exclusive of POS advertising)
              made
              by the Licensee over the previous calendar
              year,

          

     

    
      

    

    6 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:6.

    7
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:7.

    8
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:8.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    During
      the period from 1 January 2010 to 31 December 2017, any launch of any new
      Products must be accompanied on the Licensee's part by greater advertising
      expenses, the amount of which must not be less than the amount devoted at the
      equivalent launch of a comparable new Product during the period from 1 January
      2007 to 31 December 2009. Without limiting the foregoing, the amount spent
      on
      Advertising and Promotion Activities relating to the launch of any new Product
      during the twelve (12) month period from such launch must be sufficient and
      adequate for a high end product of its nature and in line with industry
      practices for the launch of equivalent products from comparable brands,
      including for example, those brands listed in Appendix 6.

    

    7.3 The
      parties agree than in launch period, the geographical distribution of expenses
      above at Article 7.2 will be determined in cooperation with the Licensor
      depending on the strategy of positioning the Marks Granted on the markets being
      considered and that they will fix the value of it by reference to the normal
      practices of the market of selective perfumes.

    

    7.4 The
      Licensee will consult the Licensor on any creative approach concerning any
      advertising material for the Products, including advertisements by means of
      posters, brochures, POS advertising, newspapers, magazines, radio and
      television. The Licensee undertakes to ensure that the marketing and advertising
      for the Products is not in way in conflict with the quality, the standards
      and
      the style of the advertising and marketing of the Licensor and its affiliates,
      and undertakes not to harm or diminish in any way the reputation of the name
      and
      image of the marks throughout the world.

    

    In
      particular, the Licensee and the Licensor will coordinate on: 

    

    	-  	
            the
              creative content of the advertising;

          

    	-  	
            the
              choice and definition of the broad outlines (goals to be assigned to
              the
              communication, message to be put over,
              etc.);

          

    	-  	
            the
              means of application planned (media, topics, etc.),
              

          

    

    it
      being
      specified that the Licensor will have the final choice and decision, and that
      no
      project may be performed without the prior written consent of the
      Licensor.

    

    If
      the
      Licensor has not disapproved it by written within [___________]9 business
      days from the reception by the Licensor of the projects, the Licensor will
      be
      deemed to have approved them.

    

    In
      the
      event of disagreement, the Licensor will notify the Licensee of its refusal
      along with the explanation of the grounds for the refusal no later than
[___________]10 as
      of the
      meeting between the Licensee and the Licensor during which the Licensee
      presented the factors cited above. In the event of disagreement, the parties
      will apply their best efforts to reach a consensus within [___________]11 days
      as
      of the notification by the Licensor of its refusal. 

     

     

    
      
 9 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:9

    10 
      Confidential information omitted and filed separately with the SEC with a
 request  for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:10.

    11 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:11.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    7.5 Launch
      plan:

    The
      Licensee undertakes to launch at least [___________]12 new
      lines
      of perfumes and/or skin care and body care lines throughout the term of this
      Agreement according to how the operations described in Appendix
      3
      hereto
      progress. For this purpose, the Licensee undertakes to apply its best efforts
      to
      follow the launch timetable for the Products reproduced in Appendix
      3.

    

    7.6 "Road
      map" (forecast sales):

    Without
      prejudice for its rights arising out of this Agreement, the Licensee has in
      Appendix
      4
      hereto
      drawn up, on an indicative basis, an estimate of the revenue from sales of
      the
      Products to distributors and an estimate of the local gross revenue of sales
      of
      the Products by the distributors to the sales outlets so as to enable the
      Licensor can assess against the goals that the Licensee has set itself the
      planned positioning of the QUIKSILVER and ROXY marks in the care and perfume
      field. However, it is explicitly agreed that this forecast revenue plan will
      not
      in any respect constitute an obligation of due care and/or an obligation to
      achieve a specified result upon the Licensee and that the lack of achievement
      of
      these objectives will not be classified as a contractual breach by the
      Licensee.

    

    7.7 Plan
      to expand the distribution system

    The
      Licensee will apply its best efforts to gradually extend the distribution system
      of the Products within the Territory, by geographical areas and according to
      the
      priority order as proposed in Appendix
      5
      hereto.

    

    The
      introduction of an expansion plan pursuant to Appendix
      5
      requires
      first, for each country concerned, the registration by the Licensor and in
      its
      name of the Mark or Marks Granted, or at least the prior written consent of
      the
      Licensor, for example, if the registration of the Mark or Marks Granted is
      not
      yet announced, but if there is no serious risk identified by the Licensor for
      the exploitation of the Mark or Marks Granted in the country.

    

    

    

    ARTICLE
      8 - PROMOTIONAL ITEMS

    

    The
      Licensee may exploit (by sale or free delivery), under the Marks Granted,
      promotional items or products of any kind (outside the domain of the Products)
      only on condition that:

    

    	a)  	
            the
              Licensor, which is free to refuse, has first authorised in writing
              the
              manufacture and distribution of the items at issue, of which the Licensee
              will have sent it a sample or a mock-up;

          

    

    	b)  	
            the
              exploitation of these items remains ancillary to that of the Products
              of
              the Agreement, and 

          

    

    	c)  	
            the
              promotional items or products, where they promote the ROXY branded
              Products are labelled "ROXY (BY) QUIKSILVER PARFUMS" or "ROXY (BY)
              QUIKSILVER PERFUMES" and that no confusion can be made with the products
              marketed by the Licensor or its other
              licensees.

          

    

    	d)  	
            By
              "Promotional Products" the parties mean items other than the Products,
              that serve to promote the sale of the Products, as for instance, cases,
              travel bags, bath sheets, umbrellas, etc., which in any case must
              consistently be put to the Licensor for its prior written
              approval.

          

     

    
      
12 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:12.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    ARTICLE
      9 - FEE - GUARANTEED MINIMUM -

    FORECAST
      REVENUE

    

    	9.1  	
            Fee

          

    The
      Licensee undertakes to pay an annual fee, net of all withholding at source
      or
      other tax deduction of any kind whatsoever, of [___________]13 of
      the
      World-wide Net Sales, and which may not be less than the guaranteed minimum
      set
      at Article 9.6, below. This fee will be paid in four instalments by the Licensee
      to the Licensor within [___________]14 days
      following respectively the end of each calendar quarter, on the basis of a
      detailed report of sales along with the calculation of the fee. The Licensee
      will provide the Licensor within [___________]15
      of
      he end
      of every month with a written report on the sales achieved, broken down by
      country, mark and product category, and showing the fee payable.

    

    9.2 Each
      year
      by [___________]16 at
      the
      latest, the Licensee will provide the Licensor with a detailed report of the
      annual sales of the year just passed, certified by its auditor. This report
      will
      serve as the basis for calculation of the annual fee for the year just passed.
      In the event of any adjustment that may occur between the total of the quarterly
      fees paid for a particular year elapsed and the value of the annual fee
      calculated in this way for that same year, such adjustment will be charged
      upwards or downwards on the amount of the instalment of the first quarter of
      the
      following year.

    

    9.3 The
      Licensor will at all times have a right to have the Licensee's declarations,
      and
      in particular the detailed reports on annual sales of Products audited, by
      a
      third party expert of its choice, and by providing reasonable advance notice.
      This audit may concern the last [___________]17 calendar
      years. The Licensee undertakes to retain the archives required for the time
      intended for this purpose, and to cooperate fully in the audit. In the event
      of
      an adjustment to the fees payable for one calendar year of an amount in excess
      of [___________]18 in
      favour
      of the Licensor, the Licensee, in addition to the cost of regularising the
      fees,
      will also pay the entire cost of the audit. Payment of theadditional fee and
      of
      the cost of the audit will take place, if applicable, within [___________]19 after
      the
      presentation of the result of the audit of the Licensee by the
      Licensor.

    

    9.4 For
      the
      calculation of the quarterly fee, the values of World-wide Net Sales done in
      a
      currency other than the euro will be converted into that currency on the basis
      of the average exchange rate over that quarter.

    

    9.5 The
      Licensee will keep the reports and accurate accounts of the expenses relating
      to
      the Activities of Advertising and Promoting the Products and to the promotional
      items distributed under the Marks Granted and will allow it to be audited once
      a
      year, with reasonable advance notice, at the Licensor's expense, by a chartered
      accountant authorised by the Licensor and sworn to professional
      secrecy.

     

     

    
      

    

    13 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:13.

    14 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:14.

    15 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:15.

    16 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:16.

    17 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:17.

    18 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:18.

    19 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:19.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    9.6 Guaranteed
      Minimum 

    

    The
      Licensee undertakes to pay the Licensor, over the entire term of this Agreement,
      the minimum annual fees (referred to as "Guaranteed Minima") determined in
      accordance with the table below, it being specified that the first annual
      Guaranteed Minimum will not be due for the contractual period of 1 April 2006
      to
      31 December 2007, since this period is devoted to the design and development
      of
      the first line of Products.

    

    
      	
              PERIOD

            	
              GUARANTEED
                MINIMA (pre-VAT) in euros

            
	
              From
                1 April 2006 to 31 December 2006

            	
              [___________]20 

            
	
              From
                1 January 2007 to 31 December 2007

            
	
              From
                1 January 2008 to 31 December 2008

            
	
              From
                1 January 2009 to 31 December 2009

            
	
              From
                1 January 2010 to 31 December 2010

            
	
              From
                1 January 2011 to 31 December 2011

            
	
              From
                1 January 2012 to 31 December 2012

            
	
              From
                1 January 2013 to 31 December 2013

            
	
              From
                1 January 2014 to 31 December 2014

            
	
              From
                1 January 2015 to 31 December 2015

            
	
              From
                1 January 2016 to 31 December 2016

            
	
              From
                1 January 2017 to 31 December 2017

            

    

    

    

    

    ARTICLE
      10 - NON-COMPETE AND LOYALTY

    

    10.1  The
      Licensor shall refrain from exploiting or causing to be exploited in the
      Territory, over the entire term of this Agreement, the Marks Granted in the
      field of the Products, or from undertaking any actions that may cause harm
      to
      the exploitation of the Products of the Agreement by the Licensee, it being
      specified that the Licensor remains free to design, manufacture, sell,
      distribute and market any other product and to supply any other service under
      the Granted Marks or any product and any service, whether or not of a same
      or
      similar nature to the Products, under any other trademark, name or logo, whether
      directly or by granting any licence to any third party, throughout the rest
      of
      the world.

    

    10.2  The
      parties undertake to perform this Agreement loyally and not to take measures,
      whether directly and/or indirectly, though cause harm to the Licensor or the
      Licensee and/or to the sale, distribution or image of the Products.

    

    The
      Licensor has been informed by the Licensee of the marks other than the Marks
      Granted of which it is presently the owner or the licensee.

    

    The
      Licensee's marks other than the Marks Granted, specified in the paragraph below,
      are stated in Appendix
      8,
      below.
      The parties explicitly agree that the Licensee is authorised to exploit such
      marks only on condition that they do not concern any "outdoor" sport and only
      after prior written agreement by the Licensor, which may not refuse such
      agreement in unreasonable fashion, as long as these marks are not marketed
      in
      relation with any outdoor sport whatsoever.

    

    The
      Licensee also hereby undertakes not to manufacture, market, distribute or sell
      products intended for or associated with any outdoor sport or any brand of
      outdoor sport, the expression "outdoor sport" including any individual and/or
      non-individual sport practiced in an enclosure such as surfing, snow, street,
      sea, mountain, and winter sport, and country sports, boarding sports, cycling,
      mountain biking, motocross, extreme sports, diving, beach sports (including,
      but
      not limited to, sea swimming, surf life saving, beach volley ball), triathlon,
      sail-boarding, country sports and adventure sports (including, but not limited
      to, trekking, hiking, camping and climbing), fishing, sailing, boating,
      kayaking, canoeing, rafting, sailing outriggers, and golf.

     

     

      
        

      

    

    20 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:20.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    ARTICLE
      11 - TERM OF THE AGREEMENT

    

    11.1 This
      Agreement takes effect as of 1 April 2006 and will continue in effect till
      31
      December 2017, i.e., for a term of 11 years and eight months.

    

    11.2 [___________]21 prior
      to
      the expiration of this Agreement at its initial term, the parties will discuss
      in good faith whether they are interested in renewing this Agreement, provided
      that any such renewal is subject to the execution of a further written agreement
      between the parties. If both parties are interested in discussing a renewal,
      they will cooperate to set the terms and conditions of any renewal, it being
      agreed that the factors that may serve as the basis for discussion will include
      without limitation the results actually obtained by the Licensee in the scope
      of
      the performance of this Agreement .

    

    11.3 It
      is
      explicitly specified that in all circumstances, including in the event that
      this
      Agreement is not renewed for any reason whatsoever, the Licensee undertakes
      to
      comply until the term of this Agreement with all the provisions of this
      Agreement, in particular to continue according to the typical practices the
      promotion of the Products and by paying the fee specified herein for the last
      year remaining to run. 

    

    11.4 The
      Licensor may terminate this Agreement unilaterally and without notice at any
      time by simple notification sent to the Licensee by recorded-delivery mail
      n the
      event that:

    	-  	
            The
              Licensee would not have launched the New Products in conformity with
              the
              expansion plan discussed at Appendix 5 hereto in countries in which
              the
              Granted Marks are registered or in which the written consent of the
              Licensor is given in a accordance with the article 7.7, unless the
              lack of
              New Product launch is solely due to an act of God, i.e., if such lack
              is
              due to any outside event, such as war, uprising, insurrection civil
              war,
              sabotage, strike or other interruption of work, accident, fire, flood,
              earthquake, explosion destroying the premises, government measure or
              any
              other circumstance that is unpredictable and outside the wishes of
              the
              Licensee, on condition that once the cause of the act of God has
              disappeared, the Licensee has quickly performed its contractual
              obligations, and is not due to a fault or negligence of any kind of
              the
              Licensee;

          

    	-  	
            The
              Licensee would have breached its obligation exploit its best efforts
              to
              promote, develop and expand sales of the Products in the Territory,
              so as
              to be able to ensure continuous and growing knowledge of and demand
              for
              the Products in and through each country in the
              Territory;

          

    	-  	
            The
              Licensee, regardless of the reasons, has sold any Product that had
              not
              received the prior written acceptance of the Licensor, or that is of
              a
              standard or quality that is lower than the standard and quality approved
              by the Licensor;

          

    	-  	
            The
              Licensee would have neglected its obligation arising out of this Agreement
              to manufacture, market and sell the Products so that the name and
              reputation of the Marks Granted would be or could be
              damaged;

          

    	-  	
            The
              Licensee ceases to manufacture, distribute or sell the
              Products;

          

    	-  	
            The
              Licensee should commit any act or action that is calculated for or
              potentially able to cause harm to the validity of the Marks Granted
              or to
              their owner, or should somehow challenge their validity or
              ownership;

          

    	-  	
            The
              Licensee or its sub-contractors fail to comply with the QUEST Code
              and any
              related guidelines;

          

     

     

      
        

      

    

    21 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:21.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    	-  	
            The
              Licensee is placed under the "control" of any person, entity, company
              or
              business that operates in the field of the manufacture, supply or
              distribution of clothing, accessories or sport equipment that is meant
              for, has a connection with or is marketed by reference to any outdoor
              sport (as defined above). "Control" means direct or indirect control
              of
              the management or of the policy, including the control exercised as
              the
              result of or by means of arrangements or practices, whether or not
              based
              on legal or equitable rights; or

          

    	-  	
            The
              Licensee should become insolvent, should be declared in bankruptcy,
              placed
              under protection from creditors, into court-ordered or voluntary
              liquidation, should assign its assets to its creditors, or should require
              the appointment of an administrator.

          

    

    11.5 In
      addition to the cases specified in paragraph 11.4, each of the parties may
      terminate this Agreement in the event that the other party fails to comply
      with
      any one of the provisions of this Agreement which cannot be cured or, if it
      can
      be cured, if the defaulting party has not cured it within [___________]22 following
      official notice sent to it to do so by recorded-delivery letter. The termination
      will be notified by the same means no later than within [___________]23 after
      the
      official notice was sent, and no action was taken.

    

    11.6 In
      any
      case, the Licensee may not make contractual commitments of a term in excess
      of
      this Agreement in its relationships with third parties that arise out of its
      rights and obligations as they appear herein.

    

    

    

    ARTICLE
      12 - REPRESENTATIONS BY THE PARTIES

    

    12.1 The
      Licensee represents and guarantees that as of today's date, it and all the
      companies it controls, which might be involved in the performance of the purpose
      of this Agreement, have been duly and lawfully formed in accordance with the
      legal provisions applicable to them. The Licensee and its companies have, since
      they were formed, been in compliance with the law on corporations and the
      associated application measures, as applicable. 

    

    12.2 The
      Licensor warrants that it has not to date had knowledge of any circumstance
      that
      might hinder the marketing of the Products in the countries that it has listed
      in Appendix 1, in which the Granted Marks have been registered, as concerns
      exclusively the products concerned for which each Granted Mark has been
      registered in such countries.

    

    

    

    ARTICLE
      13 - RIGHTS
      AND OBLIGATIONS AT EXPIRATION OF THE AGREEMENT

    

    13.1 At
      the
      expiration or termination of this Agreement, for any reason
      whatsoever:

    

    	-  	
            unless
              it is specified otherwise in this Article, the Licensee will have no
              right
              to use the Marks Granted and the Licensee will not manufacture and
              will no
              longer manufacture any Product.

          

     

     

      
        

      

    

    22 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:22.

    23 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:23.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

    	-  	
            The
              Licensee will have the right for the [___________]24after
              the expiration of the Agreement to sell its existing stocks of Products
              and of POS advertising material at
              the normal commercial prices, subject to the application of Article
              4.8,
              para. 2 hereof. All such sales will be subject to the fee according
              to the
              provisions of Article 9, above. Beyond that term of [___________]25,
              the Licensee shall cease completely to exploit the Marks Granted and
              the
              Products. Beyond the above-cited term of [___________]26,
              the Licensee waives any entitlement whatsoever arising out of this
              Agreement and concerning the intellectual property rights associated
              with
              the Product, whether or not created at the initiative of the Licensee
              and
              Marks Granted;

          

    

    	  	
            the
              Licensee shall inform the Licensor of all contracts in process, entered
              into with third parties, and the Licensor reserves the right to take
              over
              these contracts or to require the Licensee to terminate them at the
              Licensee's cost and expense.

          

    

    13.2  The
      Licensor may at its sole discretion oppose the exercise by the Licensee of
      the
      right stated in the above paragraph, on condition that (a) it buys back from
      the
      Licensee its stock of Products and of POS advertising material, and the raw
      materials making up the composition of them and the sales supports, that it
      has
      in its possession or on order as of the date of cessation of this Agreement,
      at
      their cost price, depreciated as appropriate according to the typical commercial
      principles depending on the type of stock concerned, and (b) it personally
      deals
      with the delivery of the orders in process at the expiration of the
      Agreement.

    

    13.3  At
      the
      expiration of the [___________]27period
      specified in Article 13.1 above, the Licensee undertakes, at the choice of
      the
      Licensor, which must have been notified in advance thereof and shall decide
      on
      the option, and in any case, at the cost of the Licensee, either to destroy
      all
      the stocks of Products and POS material that remain in its possession or to
      send
      them back to the Licensor or to any affiliated company of which it will be
      notified for that purpose, including all packaging, advertising material, POS
      material and promotional items. The Licensee shall also return to the Licensor
      or to any affiliated company, or even destroy, at the Licensor's choice, all
      items, illustrations, moulds, reproductions and other items or articles used
      by
      the Licensee or any manufacturer or sub-contractor in connection with the
      manufacture of the Products over the entire term of this Agreement.

    

    At
      the
      Licensor's request, the Licensee shall supply to the Licensor, at the cost
      and
      expense of the Licensee, all certificates in good form, made by a Manager or
      Legal Representative of the Licensee or by any manufacture of the Licensee,
      relating to the destruction of the stocks under this Article.

    

    

    

    ARTICLE
      14 - AMENDMENTS TO THE AGREEMENT

    

    14.1 It
      will
      be necessary for any agreement providing an exception to this Agreement or
      supplementing this Agreement and any rider hereto to be drawn up in writing
      and
      signed by the parties and appended to the Agreement. Any amendment in this
      connection will be limited to the specific point for which it will be
      agreed.

     

     

    
      

    

    24 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:24.
25 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:25.

    26 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:26.

    27 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:27.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    14.2 If,
      in
      the event of an act of God, one of the parties finds itself unable to honour
      its
      comments in respect of this Agreement, it will notify its fellow contracting
      party thereof, so that the parties can jointly agree on equitable adjustments
      to
      this Agreement in their mutual interest.

    

    14.3 If
      one or
      more of the clauses of this Agreement prove to be deprived of effect, this
      circumstance will not affect in any way the validity of the other provisions
      of
      the Agreement nor the validity of the Agreement overall. The same shall apply
      in
      the event that this Agreement should contain omissions. The clause that needs
      to
      be deleted, or which is missing, will be replaced by a provision that is legally
      valid and in line with the purpose of this Agreement.

    

    

    

    ARTICLE
      15 - CONFIDENTIALITY

    

    15.1 The
      parties undertake to consider as strictly confidential and to treat as such
      all
      information, regardless of its type or medium, gathered from the other party
      during the performance of this Agreement, including the provisions of this
      Agreement (hereinafter, the "Confidential Information").

    

    15.2 The
      Licensor and the Licensee shall be authorised, due to their status as listed
      companies, to disclose such Confidential Information solely pursuant to a
      requirement of a regulation that is in effect, in particular a stock-market
      related regulation, or on injunction from a court or administrative authority,
      though subject to the explicit reservation that it inform the other party in
      advance, that it work with the other party on the procedures for the disclosure
      of the Information in this connection, in particular, that the parties agree
      in
      advance and in writing on the procedures for drafting the announcements and
      press releases, and that it has obtained the prior total written consent of
      the
      other party.

    

    15.3 All
      information known to the public is deemed to be not confidential, unless it
      is
      complied in a form that is not known to the public. 

    

    15.4 The
      parties undertake not to disclose or allow to be disclosed, whether directly
      or
      through an intermediary, whether in whole or in part, the Confidential
      Information of which it may have become aware, to any third party whatsoever,
      with the exception of the employees and/or sub-contractors that need the
      information to perform their obligations.

    

    15.5 In
      this
      connection, the parties undertake to take all necessary measures with respect
      to
      their employees and/or service providers to ensure that they are subject to
      this
      same confidentiality obligation.

    

    15.6 The
      parties undertake not to use the Confidential Information in a context other
      than that of this Agreement. 

    

    15.7 Each
      party undertakes to return to the other party at first request any documents
      or
      other media containing Confidential Information that the other party may have
      given it in the context of the performance of this Agreement, as well as any
      reproductions thereof. 

    

    

    

    ARTICLE
      16 - NOTIFICATIONS

    

    Any
      notification performed by either party in the context of the performance of
      the
      provisions of this Agreement shall be sent by recorded-delivery mail or by
      fax
      to the address of its registered office, to the attention of its legal
      representative or of any other person duly designated by that party to the
      party
      that is making the notification. 

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    

    All
      notifications will be deemed to have been served as of either the signature
      of
      the receipt with reference to sending by record-delivery mail or the
      confirmation of good transmission of the fax to the recipient, generated by
      the
      sender's fax machine. If the notification occurs on a Saturday or Sunday, or
      on
      a holiday observed by the recipient, the notification will be deemed to have
      been served on the day following which is not a Saturday or Sunday, or a holiday
      observed by the recipient.

    

    

    

    ARTICLE
      17 - CONCILIATION / DISPUTES

    

    In
      the
      event of disagreement between the Parties concerning the validity,
      interpretation, performance and/or resolution of one of the provisions of this
      Agreement, the parties undertake - prior to initiating any formal dispute
      process - to follow the following conciliation procedure:

     

    	-  	
            Initially,
              a meeting will be held concerning the disagreement between the competent
              operational managers of each of the parties, at the initiative of the
              first party to call such meeting, and as soon as possible after the
              occurrence of the disagreement. The goal of this meeting will be to
              find a
              friendly solution to the disagreement at issue. The parties will produce
              a
              report of the meeting, approved by both
              parties.

          

    

    	-  	
            Secondly,
              if the meeting between the operational managers does not result in
              a
              friendly solution, the executives that are officers of each of the
              parties
              will meet and apply their best efforts to resolve this disagreement
              without resorting to the courts. This meeting shall occur as soon as
              possible and no later than [___________]28as
              of the meeting held by the operational
              managers.

          

    

    If,
      despite the conciliation process, a dispute continues on the validity,
      interpretation, performance and/or resolution of this Agreement, or if one
      of
      the parties refuses to perform the process described above diligently and in
      good faith, this dispute will be referred solely to the courts of law that
      come
      under the geographical jurisdiction of the Paris Court of Appeal.

    

    

    ARTICLE
      18 - APPLICABLE LAW

    

    This
      agreement shall be construed according to French law.

    

    

    ARTICLE
      19 - GENERAL PROVISIONS

    

    	19.1         
             	
            Independent
              contracting party

          

    For
      the
      entire term of this Agreement, the Licensee undertakes to remain an independent
      contracting party and never, without the explicit prior consent of the Licensor,
      under this Agreement, in relation with or in the name of the Licensor or of
      its
      products or services:

    

    	(a)  	
            to
              be or to act as though it is an agent, employee, associated or affiliated
              in any way whatsoever of or with the
              Licensor;

          

    	(b)  	
            to
              have or to attribute to itself the power to extend the Licensor's credit;
              or

          

    	(c)  	
            to
              accept orders, associate itself in any other way or contract in any
              way
              whatsoever in the name of the Licensor.

          

     

     

      
        

      

    

    28 
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:28.

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

    	19.2        
              	
            No
              waiver

          

    The
      fact
      that either party may delay in requiring or may fail to require the other party
      to perform the provisions of this Agreement strictly shall not be considered
      to
      be a waiver of its ability to take action against harm to or breach of this
      Agreement. The acceptance by the Licensor of any sum of money in respect of
      this
      Agreement after any delay or breach by the Licensee in the performance of all
      or
      part of its contractual obligations, prior to or after notification or official
      notice of cause by the Licensor, will also not be considered to be a waiver
      of
      its ability to take action against harm to or breach of this
      Agreement.

    

    	19.3         
             	
            Copies
              of the Agreement

          

    

    This
      Agreement may be drawn up in three copies, each of them being considered to
      be
      an original, but all copies, considered jointly, constitute a single
      instrument.

    

    

    Executed
      on 23 March 2006

    At
      Paris

    In
      three
      (3) original copies

    

     

    
      	QS HOLDINGS
              /s/
                Peter Bloxham

              The
                Licensor      

            	
              INTER
                PARFUMS

              /s/
                Philippe Benacin

              The
                Licensee

            

    

    
 

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    

    Appendix
      1: List of the Marks Granted

    

    

    

    

    	§  	
            QUIKSILVER

          

    

    	§  	 

    

    

    	§  	
            ROXY

          

    

    

    	§  	 

    

    

    

    

    

    

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    

    Appendix
      2: List of the Products

    

    

    

    Feminine-line
      Products using the name "ROXY " 

    

    	1.  	
            Perfume
              extract

          

    	2.  	
            "Eau
              de Parfum"

          

    	3.  	
            "Eau
              de Toilette"

          

    	4.  	
            "Eau
              de Cologne"

          

    	5.  	
            Handbag
              vaporiser

          

    	6.  	
            Handbag
              roll-on pen

          

    	7.  	
            Body
              lotion

          

    	8.  	
            Body
              milk

          

    	9.  	
            Flaky
              body milk

          

    	10.  	
            Body
              oil

          

    	11.  	
            Perfumed
              body powder

          

    	12.  	
            Bath
              / shower gel

          

    	13.  	
            Shower
              foam

          

    	14.  	
            Body
              rub

          

    	15.  	
            Spray
              deodorant

          

    	16.  	
            Face-care
              and body-care products

          

    	17.  	
            Sun
              care products

          

    	18.  	
            Roll-on
              deodorant

          

    	19.  	
            Hair
              mist

          

    	20.  	
            Flaky
              hair mist

          

    	21.  	
            Perfumed
              shampoo

          

    	22.  	
            Soap

          

    	23.  	
            Perfumed
              house candle

          

    

    

    

    Masculine-line
      Products using the name "QUIKSILVER"

    

    	24.  	
            "Eau
              de Toilette" (*)

          

    	25.  	
            "Eau
              de Parfum" (*)

          

    	26.  	
            Aftershave
              lotion - bottle (*)

          

    	27.  	
            Aftershave
              balm - bottle (*)

          

    	28.  	
            Shaving
              gel

          

    	29.  	
            Total
              shower gel

          

    	30.  	
            Total
              shampoo

          

    	31.  	
            Spray
              deodorant(*)

          

    	32.  	
            Stick
              deodorant(*)

          

    	33.  	
            Soap

          

    	34.  	
            Body-care
              and face-care products

          

    	35.  	
            Sun
              care products

          

    

    

    (*)
      The products marked with an asterisk are granted only subject to the prior
      written consent of the Licensor in accordance with the provisions of Article
      2.3.

    .
      

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    Appendix
      3: Launch of New Products

    

    The
      following operations must be done for a new Product launch:

    	1.  	
            Consumer
              target defined and set up (age ranges);

          

    	2.  	
            the
              concept of the products must be defined and set up (new fragrance defined,
              new bottle, new packaging, colour-coding, the new name,
              etc.);

          

    	3.  	
            the
              communication policy must be defined and set up (choice of communication
              channels, choice of media, etc.);

          

    	4.  	
            the
              distribution policy must be defined and set up (choice of distribution
              channels: selective perfumeries, strategy for price positioning in
              relation to the competition, etc.)

          

    	5.  	
            the
              new Products must be manufactured, distributed and
              marketed;

          

    	6.  	
            The
              new Product must be classified into
              one or more of the following
              products:

          

    

    Feminine-line
      Products

    	-  	
            Perfume
              extract

          

    	-  	
            "Eau
              de Parfum"

          

    	-  	
            "Eau
              de Toilette"

          

    	-  	
            "Eau
              de Cologne"

          

    	-  	
            Handbag
              roll-on pen

          

    	-  	
            Body
              lotion

          

    	-  	
            Body
              milk

          

    	-  	
            Flaky
              body milk

          

    	-  	
            Body
              oil

          

    	-  	
            Perfumed
              body powder

          

    	-  	
            Bath
              / shower gel

          

    	-  	
            Shower
              foam

          

    	-  	
            Body
              rub

          

    	-  	
            Spray
              deodorant

          

    	-  	
            Roll-on
              deodorant

          

    	-  	
            Hair
              mist

          

    	-  	
            Perfumed
              shampoo

          

    	-  	
            Soap

          

    	-  	
            Face-care
              and/or body-care products

          

    	-  	
            Sun
              care products

          

    

    Masculine-line
      Products

    	-  	
            "Eau
              de Toilette" (*)

          

    	-  	
            "Eau
              de Parfum" (*)

          

    	-  	
            Aftershave
              lotion - bottle (*)

          

    	-  	
            Aftershave
              balm - bottle (*)

          

    	-  	
            Shaving
              gel

          

    	-  	
            Total
              shower gel

          

    	-  	
            Total
              shampoo

          

    	-  	
            Spray
              deodorant(*)

          

    	-  	
            Stick
              deodorant(*)

          

    	-  	
            Soap

          

    	-  	
            Body-care
              and face-care products

          

    	-  	
            Sun
              care products

          

    

    

    (*)
      The products marked with an asterisk are granted only subject to the prior
      written consent of the Licensor in accordance with the provisions of Article
      2.3.

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    (Cont'd)
      Appendix 3: Launch of New Products

    

    

    

    Launch
      plan

    

    

    	·  	
            September
              2007 :Launch
              of a first line of women's perfume of "ROXY" (Women
              I)

          

    

    

    	·  	
            [___________]29:Elaboration
              of the "ROXY" (Women 1) perfume into bath lines and a body line to
              be
              defined jointly 

          

    

    

    	·  	
            [___________]30:Launch
              of the "QUIKSILVER SUN CARE" (Sun Care 1)
              line

          

    

    

    	·  	
            [___________]31:Launch
              of a second line of women's perfume of "ROXY" (Women
              II)

          

    

    

    	·  	
            [___________]32:Launch
              of a first line of men's perfume from "QUIKSILVER" (Men I), after approval
              by the Licensor

          

     

     

      
        

      

    

    29
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:29.
30
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:30.

    31
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:31.

    32
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:32.

    

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

    Appendix
      4: ROAD MAP (forecast sales), Art. 7-6

    

    

    

    

    
      	
              YEAR

            	
              WORLD-WIDE
                NET SALES (sales by Licensee)

            	
              LOCAL
                GROSS SALES

              (sales
                by distributors)

            
	
              2007

            	
              [

               

               

               

               

               

               

               

               

              ________________________________________________________________]33

            
	
              2008

            
	
              2009

            
	
              2010

            
	
              2011

            
	
              2012

            
	
              2013

            
	
              2014

            
	
              2015

            
	
              2016

            
	
              2017

            

    

     

    

      
        

      

    
33
    Confidential information omitted and filed separately with the SEC with a
    request for confidential treatment by Inter Parfums, Inc. No.
    10.126.1:33.

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    Appendix
      5: Plan to expand the distribution system (Art. 7-7)

    

    

    

    

    	-  	
            [___________]34:

          

    

    The
      priority countries are the following:

    

    	§  	
            Western
              Europe: France, Spain, Italy, United Kingdom, Germany, Austria, Portugal,
              Belgium, Netherlands, Scandinavia (Sweden, Denmark, Norway, Finland)
              

          

    	§  	
            Middle
              East: Saudi Arabia, Kuwait,
              Qatar

          

    	§  	
            North
              America: United States and
              Canada

          

    

    

    

    	-  	
            [___________]35:

          

    

    The
      priority countries are the following:

    

    	§  	
            South
              America: Brazil, Argentina, Uruguay,
              Mexico

          

    	§  	
            Eastern
              Europe: Russia, Poland, Hungary, Czech Republic, Baltic Countries
              (Lithuania, Latvia, Estonia),
              Slovenia

          

    	§  	
            Asia:
              Australia, Japan, Singapore,
              Korea

          

     

    
      
        
          

        
34
        Confidential information omitted and filed separately with the SEC with a
        request for confidential treatment by Inter Parfums, Inc. No.
        10.126.1:34.

    

    35
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:35.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    

    Appendix
      6: List of the competing marks serving as a reference for positioning the Marks
      in the distribution channels (Articles 4.6, 7.2)

    

    

    

    

    

    Perfumes

    

    [___________]36 

    

    

    

    Skin
      care products

    

    [___________]37 

    

    

    

    
      
36
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:36.

    37
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No.
      10.126.1:37.

    

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    

    Appendix
      7: Quiksilver Ethical Standard of Trade (Quest Code)

    

    

     

    

    CODE
      DE CONDUITE DES FOURNISSEURS

    

    Quiksilver
      souhaite avoir des relations d’affaires dans le monde avec des tiers qui
      respectent la loi, leur culture et les travailleurs qui fabriquent les produits
      et vêtements Quiksilver.

    

    Quiksilver
      a développé ce Code de Conduite des Fournisseurs (« Code »), élaboré à
partir des standards de base internationaux auxquels Quiksilver demande à ses
      Fournisseurs de se conformer.

    

    Outre
      les
      dispositions spécifiques de ce Code, Quiksilver attend de ses Fournisseurs
      d’agir raisonnablement à tous points de vue et de faire leurs meilleurs efforts
      pour s’assurer de la totale absence de conditions abusives, d’exploitation ou
      illégales sur leur lieu de travail.

    

    I.  Engagement
      des Fournisseurs

    

    Un
      Fournisseur de Quiksilver s’engage à : 

    

    	·  	
            Se
              conformer au présent Code.

          

    

    	·  	
            Divulguer
              à Quiksilver le nom et l’adresse de tout Fournisseur de matériaux,
              composants ou parties de produits, soit revêtus des noms ou logo
              Quiksilver, soit conçus exclusivement pour être incorporés à des produits
              Quiksilver, et le nom et l’adresse de tout sous-traitant utilisé par lui
              dans le cadre de la production de vêtements et produits
              Quiksilver.

          

    

    	·  	
            Autoriser
              Quiksilver et ses représentants à inspecter ses ateliers pour s’assurer du
              respect du présent Code.

          

    

    	·  	
            Traiter
              uniquement avec des Fournisseurs et sous-traitants qui se conforment
              au
              présent Code et qui ont signé une copie du présent Code et qui se sont
              expressément engagés à permettre à Quiksilver et ses représentants
              d’inspecter leurs ateliers et documents pour s’assurer du respect du
              présent Code.

          

    

    Quiksilver
      entend faire appliquer le présent Code à chaque ordre d’achat soumis aux
      Fournisseurs de Quiksilver.

    

    II.  Respect
      de la Loi

    

    Les
      Fournisseurs de Quiksilver doivent, à tous points de vue, se conformer aux
      exigences légales en vigueur du pays dans lequel ils opèrent. Cela inclut
      l’ensemble des législations sur le travail et sur l’environnement.

    

    III.  Standards
      de Travail

    

    	A.  	
            Salaires
              et Bénéfices : Les Fournisseurs doivent verser à tous les employés
              qui fabriquent des vêtements, produits ou composants Quiksilver, les
              salaires et bénéfices minimums requis par la loi
              locale.

          

    

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    	B.  	
            Heures
              supplémentaires : Les Fournisseurs n’exigeront pas de leurs employés
              de travailler au-delà du nombre d’heures journalières ou hebdomadaires
              autorisées par la loi du pays de fabrication. Lorsque les heures
              supplémentaires sont autorisées par la loi locale, elles doivent être
              compensées au meilleur taux, s’il y en a, requis par la loi
              applicable.

          

    

    	C.  	
            Travail
              des Enfants : Aucun Fournisseur ne peut employer de personnes de
              moins de 14 ans, ou de moins de l’âge limite stipulé par la loi du pays de
              fabrication, même s’il est plus élevé.

          

    

    	D.  	
            Travail
              Forcé : Aucun Fournisseur ne peut utiliser le travail forcé, sous
              quelque forme que ce soit, que ce soit le travail des prisonniers,
              le
              travail des apprentis, le travail en esclavage ou
              autre.

          

    

    	E.  	
            Discrimination
              et Harcèlement : Aucun employé ne pourra être soumis à de quelconque
              discrimination, harcèlement ou abus illégaux sur le lieux de
              travail.

          

    

    	F.  	
            Santé
              et Sécurité : Le lieux de travail doit être sûr et sain, et les
              Fournisseurs doivent se conformer à tous points de vue à toutes les lois
              applicables concernant la fourniture d’un environnement de travail sûr,
              hygiénique et sain. Les Fournisseurs doivent entreprendre toutes les
              démarches pour prévenir les accidents et maladies du travail, et doivent
              former les employés à utiliser des pratiques de travail
              sûres.

          

    

    	G.  	
            Chaînes
              de Sécurité de l’approvisionnement : Nous exigeons des pratiques de
              sécurité raisonnables pour éliminer la vulnérabilité de notre chaîne
              globale d’approvisionnement contre le terrorisme, les transbordements, la
              contrebande et toutes autres activités illégales associées à
              l’importation.

          

    

    IV.  Conformité

    

    Quiksilver
      requiert de ses Fournisseurs qu’ils aident et coopèrent à la diffusion de ce
      Code.

    

    Quiksilver,
      par l’intermédiaire de ses représentants, peut inspecter les ateliers de tout
      Fournisseur, et les ateliers de tout sous-traitant qui devra coopérer pleinement
      et faciliter l’accès de tous ateliers et documents permettant de s’assurer du
      respect du présent Code.

    

    Quiksilver
      peut fournir des conseils à ses Fournisseurs et leurs propres Fournisseurs et
      sous-traitants pour leur permettre de se conformer au présent Code, mais
      Quiksilver se réserve en tout état de cause le droit de refuser de continuer à
faire du commerce avec un Fournisseur qui ne respecte pas le présent Code, et
      d’exiger de ses Fournisseurs de ne pas faire d’affaires avec des Fournisseurs ou
      sous-traitants qui ne se conformeraient pas au présent Code.

    

    V.  « Quiksilver »

    

    Dans
      le
      présent document « Quiksilver » comprend Quiksilver, Inc., toute
      filiale et toute personne ayant reçu licence de sa part d’utiliser ses marques,
      et toute personne ayant reçu licence de Quiksilver International Pty Ltd
      d’utiliser ses marques.

    

    

    

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    Appendix
      8 : Licencee’s brand names under Licence

    

    

    

    

    

    	·  	
            BURBERRY

          

    

    	·  	
            LANVIN

          

    

    	·  	
            PAUL
              SMITH

          

    

    	·  	
            ST
              DUPONT

          

    

    	·  	
            CHRISTIAN
              LACROIX

          

    

    	·  	
            CELINE

          

    

    	·  	
            NICKEL

          

    

     

    
      
         

      

      
        31Unassociated Document

    Exhibit
      10.127.1: Certain confidential information in this Exhibit 10.127.1 was omitted
      and filed separately with the Securities and Exchange Commission (“SEC”) with a
      request for confidential treatment by Inter Parfums, Inc.

    

    

    AMENDMENT
      No. 1

    TO
      THE EXCLUSIVE LICENSE AGREEMENT

    DATED
      JUNE 20, 1997

    

    

    

    BY
      AND BETWEEN

    

    

    S.T.
      DUPONT S.A., a Swiss corporation, registered at Fribourg Commercial Registry,
      with its principal office located at rue de Lausanne 91, 1700 Fribourg,
      Switzerland, represented by Mr. Eric Sampré, CEO,

    

    (hereinafter
      referred to as “STD”),

    

    

    AND

    

    

    Inter
      Parfums, a French corporation, registered under RCS n° B 350 219 382, with its
      principal office located at 4, Rond Point des Champs Elysées, 75008 Paris,
      France, represented by Mr. Philippe Benacin, CEO,

    

    (hereinafter
      referred to as “Inter Parfums”), 

    

     

    

    In
      accordance with the provisions of Article 4.2 of the exclusive trademark License
      Agreement signed by the parties on June 20, 1997, Inter Parfums and STD agreed
      to conduct negotiations 36 months prior to the expiration date of the License
      Agreement, on June 30, 2008, in order to discuss its renewal.

    

    Following
      a dispute involving the performance of the Agreement, and pursuant to a
      settlement agreement and this amendment, signed on the same day and deemed
      to
      constitute an indivisible whole, Inter Parfums and STD have agreed to renew
      the
      Agreement in advance and to amend certain terms and conditions thereof as
      follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      1
        - Term of the Agreement

    

    

    Article
      4
      of the June 20, 1997 agreement is deleted as of January 1, 2006, and replaced
      as
      follows:

    

    “4- Term
      of the Agreement

    This
      Agreement is renewed as of January 1, 2006 for a term of 5.5 years (five and
      one-half years). It shall expire on June 30, 2011.”

    

    

    2
      - Definitions

    

    2.1

    The
      last
      paragraph of Article 1 of the June 20, 1997 agreement is deleted and replaced
      as
      follows:

    

    “The
      term “Contractual Year” means the period from January 1 through December 31, of
      the same calendar year”.

    

    2.2

    The
      following is added as the last paragraph of Article 1 of the
      Agreement:

    

    “Beginning
      January 1, 2006, the term “Agreement” shall mean the June 20, 1997 exclusive
      license agreement, as amended by Amendment No. 1 dated March 20,
      2006”.

    

    3
      - Royalties

    

      3.1 

      Upon
        signature hereof, Inter Parfums shall pay STD, an additional amount of
        [___________
        ]1
        for
        the
        extension of the Agreement, within the same conditions as provided for in
        Article 6.1 of the June 20, 1997 Agreement concerning the lump-sum of
___________]2 [___________]3 paid
        in
        1997 by Inter Parfums upon signature of the agreement.

       

      3.2 

    

    Article
      6.2 of the Agreement is deleted and replaced as follows:

     

    
      
        

      

      1
        Confidential information omitted and filed separately with the SEC with a
        request for confidential treatment by Inter Parfums, Inc. No.
        10.127.1:1.

      2 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:2.

      3 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:3.

    

     

    
      
        
        

      

      
        2/10

        
          

        

      

      
        
        

      

    

     

    “6.2 As
      consideration for the rights that are granted thereto under this Agreement,
      Inter Parfums shall pay STD, effective January 1, 2006, license fees of
[___________]4
      of
      the Inter Parfums’ annual Product sales.

    

    The
      base amount used will be the total net invoices of Inter Parfums (parent and
      subsidiaries) to its customers, including any invoicing based on orders
      submitted by STD, excluding POS products and promotional gifts (said products
      and gifts shall in no event exceed [___________
      ]5
      of
      total sales), excluding taxes on sales or income and shipping costs, and after
      deducting documented unsold returns. Payments shall be made in euros, after
      deducting any tax withholding at source.”

    

    3.3 

    Article
      6.3 of the Agreement is deleted and replaced as follows:

    

    “6.3 Beginning
      January 1, 2006, Inter Parfums hereby agrees to pay STD the following minimum
      royalties, payable
      on a quarterly basis and no later than April 30, (first quarter of the
      contractual year), July 31, (second quarter of the contractual year), October
      30
      (third quarter of the contractual year) and the January 31 (fourth quarter
      of
      the contractual year):

    

    
      	
              PERIOD

            	
              ANNUAL
                MINIMUM ROYALTIES (in euros)

            
	
              From
                January 1, 2006 to December 31, 2006

            	
              [

            
	
              From
                January 1, 2007 to December 31, 2007

            	 
	
              From
                January 1, 2008 to December 31, 2008

            	
              ___________

            
	
              From
                January 1, 2009 to December 31, 2009

            	 
	
              from
                January 1, 2010 to December 31, 2010

            	 
	
              from
                January 1, 2011 to 30 June 2011

            	
              ]6 

            

    

    

    
      
        

      

      4 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:4.

      5 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:5.

      6 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:6.

    

     

    
      
        
        

      

      
        3/10

        
          

        

      

      
        
        

      

    

     

    The
      parties hereby confirm that the
      calculation of the royalties payable on October 30, 2005 and January 31, 2006
      was based on the previous version of Article 6.3 of the
      Agreement.”

     

    3.4 

    Article
      6.6 of the Agreement is deleted and replaced as follows:

    

    “6.6 Inter
      Parfums hereby agrees to provide annual financial statements, certified by
      its
      auditor, related to the royalties and any information necessary to determine
      the
      base amount for calculating the royalties due for the prior contractual
      year.

    Said
      financial statements must be sent to STD prior to [___________]7
      of
      each year following the related contractual year.

    

    With
      respect to the last contractual year (January 1 through June 30, 2011), Inter
      Parfums hereby agrees to provide said semi-annual financial statements prior
      to
[___________]8 

     

    
       

      4
        - Marketing Plan

    

    

    Article
      7
      of the Agreement is deleted and replaced as follows:

    

    “No
      later than [___________]9 of
      each year, Inter Parfums shall submit a Marketing Plan for the following
      contractual year to STD for approval.

    

    Said
      Plan shall include:

    

    
      	 	
              -

            	
              Inter
                Parfums proposals regarding product lines, prices, discounts, distribution
                policy and communication
                policy,

            

    

    

    
      	 	
              -

            	
              Inter
                Parfums’ wishes regarding new Product line trademarks, if any (in
                accordance with Article 12.2
                below),

            

    

     

    
      
        

      

      7 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:7.

      8 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:8.

      9 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:9.

       

    

    
      
        
        

      

      
        4/10

        
          

        

      

      
        
        

      

    

    

    
      	 	
              -

            	
              An
                updated sales estimate for the following contractual
                year,

            

    

    

    
      	 	
              -

            	
              the
                advertising budget for the following contractual
                year.

            

    

    

    For
      contractual years 2010 and 2011 (first half), Inter Parfums shall submit to
      STD
      a Marketing Plan for 18 (eighteen) months covering the period from January
      1,
      2010 to 30 June 2011.”

    

    

    5
      - Advertising and Advertising Material

    

    5.1

    Article
      10.2 of the Agreement is deleted and replaced as follows:

    

    “Inter
      Parfums hereby agrees to spend at least [___________]10 of
      its Product sales for the current contractual year on Product advertising (as
      defined in Article 6.2 above). The parties hereby agree that Inter Parfums
      may
      choose to bear all of said advertising expenses or have them borne by its
      distributors,
      provided, however, that distributor participation does not exceed
[___________]11
      of
      the total budget. The advertising budget shall cover POS advertising (shop
      windows, visual displays, etc.), media advertising expenses (magazines,
      newspapers, etc.), the cost of samples and testers, and PR
      expenses.

    

    For
      contractual year 2011 (first half), Inter Parfums and STD hereby agree that
      this
      advertising budget shall equal [___________]12
      of
      Product sales (as defined in Article 6.2 above) for contractual year
      2010.”

    

    5.2

    Articles
      10. 3 and 10.4 of the agreement shall be deleted as of the renewal of the
      Agreement, on January 1, 2006.

    

    5.3

    Article
      10.7 of the Agreement is deleted and replaced as follows:

     

    
      
        

      

      
        10
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.127.1:10.

        11 Confidential
          information omitted and filed separately with the SEC with a request for
          confidential treatment by Inter Parfums, Inc. No. 10.127.1:11.

        12 Confidential
          information omitted and filed separately with the SEC with a request for
          confidential treatment by Inter Parfums, Inc. No.
          10.127.1:12.

      

    

    

    
      
        
        

      

      
        5/10

        
          

        

      

      
        
        

      

    

     

    “Inter
      Parfums hereby agrees to provide STD, on an annual basis, before
[___________]13 of
      each year, with a complete report on advertising expenditures made during the
      prior contractual year, country by country, by region, and worldwide, separating
      various advertising expenses by, first, sales location (shop windows, visual
      displays, etc.), various media expenditures (magazines, newspapers, etc.),
      cost
      of samples and testers, and PR expenses, and, second, by indicating whether
      these expenses, broken down into the same categories as above, were incurred
      by
      Inter Parfums or its distributors (who must be named).

    

    Inter
      Parfums shall retain at its premises for STD’s review press clippings and other
      documentation of the expenses thus incurred.

    

    For
      the last contractual year (January 1 to June 30, 2011), Inter Parfums hereby
      agrees to provide said report for the six-month period before [___________]14..

    

    If
      the advertising budget has not been entirely spent, STD shall have the right
      to
      claim from Inter Parfums either a current payment of the shortfall, plus
[___________]15 or
      an
      irrevocable agreement by Inter Parfums, sent by certified mail, return receipt
      requested, to invest, during the following contractual year, in addition to
      the
      contractually agreed-upon expenditures, an amount equal to the shortfall, plus
      [___________]16.

    

    STD
      reserves the right to have an audit of Inter Parfums performed to ensure that
      the advertising and promotional budgets are met. The cost of said audits shall
      be borne by Inter Parfums if it is shown that said advertising expenditures
      were
      more than [___________]17 less
      than the expenditures that should have been made for the corresponding Product
      sales volume under Article 10.2 above”.

     

    
      
        

      

      13 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:13.

      14 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:14.

      15 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:15.

      16 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:16.

      17 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:17.

       

    

    
      
        
        

      

      
        6/10

        
          

        

      

      
        
        

      

    

    

    6
      - Termination

    

    Article
      13 is deleted and replaced as follows:

    

    “13-
      Termination

    

    13.1 Either
      party may, unilaterally and ipso jure, terminate the Agreement without notice
      in
      any of the following cases:

    

    a) if
      any of the contractual obligations provided for in this Agreement is breached
      by
      either Party and said breach has not been cured within [___________]18
      after
      notice to cure sent by the other party;

    

    b) with
      no obligation to send such notice, if any of the material obligations of this
      Agreement, e.g.,
      unauthorized use of Trademarks or a Product launched without STD’ consent, is
      breached for the second time by the same party;

    

    c) if
      Inter Parfums’ annual Product sales as shown in the annual financial statements
      described in Article 6.6 above are less than [___________]
      19 (however,
      the parties must implement the provisions of this Art. 13.1(c) within one year
      after the submission of said annual financial statements).

    

    13.2 If
      any of the following breaches occur, STD may, inter
      alia,
      unilaterally and ipso jure, terminate the Agreement without notice, if Inter
      Parfums has not cured the breach within [___________]20
      after
      STD
      has
      sent a notice to cure:

    

    

      
        	
                a)

              	
                without
                  prejudice to the application of the provisions of Article 6.8,
                  Inter
                  Parfums has not paid all or part of any contractually due
                  royalty;

              

      

       

      
        
          

        

        
          18 Confidential
            information omitted and filed separately with the SEC with a request
            for
            confidential treatment by Inter Parfums, Inc. No. 10.127.1:18.

          19 Confidential
            information omitted and filed separately with the SEC with a request
            for
            confidential treatment by Inter Parfums, Inc. No. 10.127.1:19.

          20 Confidential
            information omitted and filed separately with the SEC with a request
            for
            confidential treatment by Inter Parfums, Inc. No.
            10.127.1:20.

        

         

        
          
            
            

          

          
            7/10

            
              

            

          

          
            
            

          

        

      

       

      
        	
                b)

              	
                Inter
                  Parfums fails to make a quarterly payment of the remainder, if
                  any, of the
                  contractual royalties exceeding the agreed-upon minima as defined
                  in
                  Article 6.4 of the Agreement;

              
	 	 
	
                c)

              	
                Inter
                  Parfums breaches its advertising expenditure obligation as provided
                  for in
                  Article 10.2 of this Agreement and fails to make, within [___________]21 of
                  the aforementioned notice to cure, the current payment of the shortfall,
                  plus [___________]22,
                  to STD,
                  or, depending on STD’
                  choice in accordance with Art. 10.7, para. 4, does not irrevocably
                  agree
                  by certified letter, return receipt requested, to invest, during
                  the
                  following contractual year, in addition to the contractually agreed-upon
                  expenditures, an amount equal to the shortfall, plus [___________]23 

              
	 	 
	
                d)

              	
                Inter
                  Parfums fails a second time to meet its advertising expenditure
                  obligation
                  as defined in Article 10.2 of this Agreement or fails to fulfill
                  the
                  undertakings it agreed under Article 13.2(c)
                  above;

              
	 	 
	
                e)

              	
                Inter
                  Parfums breaches its contractual obligations to provide the information
                  described in Articles 6, 7 and 10 of this
                  Agreement.

              

      

      

        13.3 The
          termination notice and notices to cure must be sent by certified letter,
          return
          receipt requested.

      

    

    

    13.4 Termination
      of the Agreement after any of the above-listed events occurs shall not in any
      event release the parties from the obligations set forth in this Agreement
      subsequent to termination.

    

    The
      termination of this Agreement by either party, for any whatsoever of the reasons
      listed above, shall not grant the other party any compensation
      rights.

    

    However,
      if Inter Parfums breaches its contractual obligations as provided for
      in
      Article 13.2 above causing
      the
      termination of the Agreement,
      Inter Parfums must pay STD
      [___________)]24
      as a
      penalty, to the exclusion of any other penalty.

     

    
      
        

      

      21 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:21.

      22 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:22.

      23 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:23.

       

    

    
      
        
        

      

      
        8/10

        
          

        

      

      
        
        

      

    

     

    13.5 On
      the date of the expiration or termination of this Agreement, Inter Parfums
      shall
      immediately cease to use the Trademarks and shall remove any reference to said
      Trademarks from its marketing documents, invoices, letterhead, advertising
      material, etc. Inter Parfums shall also cease referring to STD,
      the
      Trademarks, and it prior relationship with STD
      and/or S.T.
      Dupont Paris
      in
      its capacity as commercial partner or licensee, and shall be solely responsible
      to its sub-licensees.

    

    13.6 For
      [___________]25 after
      the expiration or termination of this Agreement, Inter Parfums may market
      Products that have already been manufactured, are being manufactured or being
      distributed as of the termination date of this Agreement.

    

    Within
      [___________]26 after
      the date of the expiration or termination of this Agreement, Inter Parfums
      must
      send to STD an inventory of Products remaining to be sold. Said inventory may
      not represent more than [___________’]27
      .
      Product sales. Said volume shall be calculated using the average production
      for
      the [___________]28 preceding
      termination of the Agreement.

    Products
      that were already manufactured, being manufactured or being distributed as
      of
      the expiration or termination date of this Agreement must be sold in accordance
      with the contractual terms and conditions of sale through the previously used
      commercial networks or similar networks that will not damage the reputation
      of
      the Trademarks.

    Upon
      expiration of the aforementioned [___________]29,
      STD
      may, at its sole discretion, elect to purchase the unsold Products from Inter
      Parfums at their current price. If it does not do so, Inter Parfums must destroy
      said unsold Products at its own expense in the presence of a representative
      of
      STD or a duly authorized court officer (“huissier”)
      at
      Inter Parfums’ expense.

    No
      later than [___________]30 after
      the expiration or termination of the Agreement, Inter Parfums shall prepare
      a
      report of the sales made during the six months following the termination of
      the
      Agreement and shall pay STD the corresponding contractual
      royalties.”

     

    
      

    

    
      24 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:24.

      25 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:25.

      26 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:26.

      27 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:27.

      28 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:28.

      29 Confidential
        information omitted and filed separately with the SEC with a request for
        confidential treatment by Inter Parfums, Inc. No. 10.127.1:29.

      
        30 Confidential
          information omitted and filed separately with the SEC with a request for
          confidential treatment by Inter Parfums, Inc. No.
          10.127.1:30.

      

    

     

    
      
        
        

      

      
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    7
      -
      The
      following provision is added to Article 16.9 of the Agreement:

    

    “Amendment
      No. 1, dated of March 20, 2006 and the June 20, 1997 exclusive License Agreement
      set forth the complete agreement of the parties regarding the subject matter
      thereof and supersede all prior amendments, written or verbal agreements
      regarding the subject matter thereof.”

    

    

    8
      -
      All
      other provisions of the June 20, 1997 agreement shall remain
      unchanged.

    

    

    Executed
      in Paris/Fribourg,

    

    in
      three
      originals,

    

    on
      March
      20, 2006

    

    

    
      	
              S.T.
                Dupont S.A.,

            	
              Inter
                Parfums,

            
	
               

               

               

              Mr.
                Eric Sampré

              CEO

            	
               

               

               

              Philippe
                Bénacin

              CEO

            

    

    

    
      
        
        

      

      
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