Document:

EX-4.5

 Exhibit 4.5 
 

 
  
 

 
 THIS AGREEMENT (hereinafter the “Agreement”) made on the
25th day of August, 2021. 

Between 
 Tata Motors Limited, a Company incorporated
under Indian Companies Act, 1913 and ctemed to be registered under the Companies Act, 2013, having its Registered Office at Bombay House, 24 Homi Mody Street. Mumbai 400 001 (hereinafter called “the Company’’, which expression shall
unless repugnant to the context include its successors and assigns) of the One Part. 
 And 

Mr. Girish Wagh, Executive Director, (hereinafter called “Mr Wagh” or the “Executive Director” as the case may be), residing at Flat
No. 3, Pradnya Kiran Apartments, Prayanda Park, Paud Road, Near Mahatma Society, Kothrud, Pune 411038 of the Other Part. 

  

			
	1	  	

 

 

 WHEREAS the Board of Directors of the Company (hereinafter called the “Board”) has at its
meeting held on June 23, 2021 appointed Mr. Girish Wagh as the Executive Director of the Company for a period of 5 years (“Term”) with effect from July 1, 2021 (“Date of Appointment”) and Mr. Girish Wagh has
agreed to serve the Company upon the terms and conditions contained in the resolution passed by the Board at its meeting held on June 23, 2021 and in the agreement to be executed between the Company and the Executive Director, subject to the
approval of the shareholders of the Company. 
 AND WHEREAS the said appointment has been approved by the shareholders at their meeting held on July 30,
2021. 
 AND WHEREAS the Parties hereto are desirous of entering into an agreement, being these presents, to record the terms and conditions aforesaid. 

NOW THESE PRESENTS WITNESSETH AND IT IS HEREBY AGREED as follows: 
  

	1.	 Definitions and interpretation 

 

	1.1	 Definitions 

  

	1.1.1	 ‘Act’ means the Companies Act, 2013, as amended, modified or
re-enacted from time to time. 

  

	1.1.2	 ‘Confidential Information’ includes information relating to the business, products, affairs
and finances of the Company or any of its associated companies or subsidiaries for the time being confidential to it or to them and trade secrets (including without limitation technical data and know-how)
relating to the business of the Company, its subsidiaries or of any of its associated companies or of any of its or their suppliers, clients or customers. 

  

	1.1.3	 ‘Intellectual Property’ includes patents, trademarks whether registered or unregistered,
registered or unregistered designs, utility models, copyrights including design copyrights, applications for any of the foregoing and the right to apply for them in any part of the world, discoveries, creations, inventions or improvements upon or
additions to an invention, Confidential Information, know-how and any research effort relating to any of the above mentioned business, names whether registrable or not, moral rights and any similar rights in any country of the Company or any of its
associated companies or subsidiaries. 

  

	1.1.4	 ‘Parties’ means collectively the Company and the Executive Director and
“Party” means individually each of the Parties. 

  

			
	2	  	

	1.2	 Interpretation 

In this Agreement, unless the context otherwise requires: 
  

	1.2.1	 Any reference herein to any clause is to such Clause. The Recitals and Clauses to this Agreement including this
Interpretation Clause shall be deemed to form part of this Agreement; 

  

	1.2.2	 The headings are inserted for convenience only and shall not affect the construction of this Agreement;

  

	1.2.3	 Words importing the singular include the plural and vice versa, and words importing a gender include each of
the masculine, feminine and neuter gender; 

  

	2.	 Term and Termination 

 

	2.1	 Subject as hereinafter provided, this Agreement shall remain in force up to June 30, 2026, unless
terminated earlier. 

  

	2.2	 This appointment may be terminated by either Party by giving to the other Party six months’ notice of such
termination or the Company paying six months’ remuneration which shall be limited to provision of Salary, Benefits, Perquisites, Allowances and any Incentive Remuneration, including Stock Option plans, Performance Share plans (paid at the
discretion of the Board), in lieu of such notice. 

  

	3.	 Duties & Powers 

 

	3.1	 The Executive Director shall devote his whole time and attention to the business of the Company and carry out
such duties as may be entrusted to him by the Board from time to time and separately communicated to him and exercise such powers as may be assigned to him, subject to the superintendence, control and directions of the Board in connection with and
in the best interests of the business of the Company and the business of one or more of its associated companies and / or subsidiaries, including performing duties as assigned to the Executive Director from time to time by serving on the boards of
such associated companies and / or subsidiaries or any other executive body or any committee of such a company. 

  

	3.2	 The Executive Director shall not exceed the powers so delegated by the Board pursuant to clause 3.1 above.

  

	3.3	 The Executive Director undertakes to employ the best of his skill and ability and to make his utmost endeavours
to promote the interests and welfare of the Company and to conform to and comply with the policies and regulations of the Company and all such orders and directions as may be given to him from time to time by the Board. 

  

			
	3	  	

	3.4	 Mr. Wagh shall undertake his duties from such location as may be directed by the Board.

  

	4.	 Remuneration 

  

	4.1	 So long as the Executive Director performs his duties and conforms to the terms and conditions contained in
this Agreement, he shall, subject to such approvals as may be required, be entitled to the following remuneration subject to deduction at source of all applicable taxes in accordance with the laws for the time being in force. 

 

	a.	 Basic Salary:
₹7,50,000/- per month; upto a maximum of ₹15,00,000/- per month.

 The annual increment which will be effective 1st April each year, will be decided by the Board based on the recommendation of the Nomination and Remuneration Committee
(“NRC”) in consonance with individual performance and the performance of the Company, within the aforementioned maximum Basic Salary limit. The annual increment that would be effective on 1st April every year, would be limited upto an amount not exceeding 20% of the
Basic Salary as may be decided by the Board in the above manner. 
  

	b.	 Benefits, Perquisites and Allowances: 

Details of Benefits, Perquisites and Allowances as per rules of the Company, as follows: 

 

	 	•	 	 House Rent and Maintenance Allowance of 50% of Basic Salary; Medical insurance cover and domiciliary expenses;
Life insurance cover; Car facility; Telecommunication facility; Club Membership; Leave and encashment of unavailed leaves. 

  

	 	•	 	 Other perquisites and allowances given below: 

 

					
	 a)  Leave Travel Concession/Allowance
	  	 	8.00% of Basic Salary	 
		
	 b)  Other Allowances
	  	 	100.00% of Basic Salary	 

  

	 	•	 	 Retirement benefits: Contribution to Provident Fund, Superannuation Fund or Annuity Fund and Gratuity Fund.

  

	c.	 Performance Linked Bonus: The target performance linked bonus will be 150% of Basic Salary per annum
upto a maximum of 225% of Basic Salary per annum. This performance linked bonus would be payable subject to the achievement of certain performance criteria and such other parameters as may be considered appropriate from time to time by the Board
which will be payable annually after the Annual Accounts have been approved. 

  

			
	4	  	

 An indicative list of factors that may be considered for determining the extent of performance
linked bonus by the Board (recommended by the NRC) are: 
  

	 	•	 	 Company performance on certain defined qualitative and quantitative parameters as may be decided by the Board
from time to time. 

  

	 	•	 	 Industry benchmarks of remuneration. 

 

	 	•	 	 Performance of the individual. 

 

	d.	 Employees Stock Option Plan (ESOP), Performance Share Award Plan (PSP) and such other Long Term
Incentive Plan (LTIP) as per rules of the Company. 

  

	4.2.	 MINIMUM REMUNERATION 

Notwithstanding anything to the contrary herein contained, wherein any financial year during the currency of the tenure of the Executive
Director, the Company has no profits or its profits are inadequate, the Company will pay remuneration by way of basic salary, benefits, perquisites and allowances, performance bonus (not exceeding 187.5% of Basic Salary) and Long-Term incentive plan
and retirement benefits, as specified above. 
  

	5.	 Variation 

The terms and conditions of the appointment of the Executive Director and / or this Agreement may be altered and varied from time to time by
the Board as it may, in its discretion deem fit, irrespective of the limits stipulated under Schedule V to the Act or any amendments made hereafter in this regard in such manner as may be agreed to between the Board and the Executive Director,
subject to such approvals as may be required. 
  

	6.	 Intellectual Property 

 

	6.1	 The Parties acknowledge that the Executive Director may make, discover or create Intellectual Property (IP) in
the course of his employment and agree that in this respect the Executive Director has a special obligation to protect such IP and use it to further the interests of the Company, or any of its associated companies or subsidiaries.

  

			
	5	  	

	6.2	 Subject to the provisions of the laws relating to intellectual property for the time being in force in India,
if at any time during his employment, the Executive Director makes or discovers or participates in the making or discovery of any IP relating to or capable of being used in the business for the time being carried on by the Company or any of its
subsidiaries or associated companies, full details of the Intellectual Property shall immediately be communicated by him to the Company and such IP shall be the absolute property of the Company. At the request and expense of the Company, the
Executive Director shall give and supply all such information, data, drawings and assistance as may be required to enable the Company to exploit the IP to its best advantage and the Executive Director shall execute all documents and do all things
which may be necessary or desirable for obtaining patent or other protection for the Intellectual Property in such parts of the world as may be specified by the Company and for vesting the same in the Company or as it may direct.

  

	6.3	 The Executive Director hereby irrevocably appoints the Company as his attorney in his name and on his behalf to
sign or execute any such instrument or do any such thing and generally to use his name for the purpose of giving to the Company or its nominee the full advantage of the provisions of this clause 6 and if in favour of any third Party, a certificate
in writing signed by any director or the secretary of the Company that any instrument or act falls within the authority conferred by this clause shall be conclusive evidence that such is the case. 

 

	6.4	 If the IP is not the property of the Company, the Company shall, subject to the provisions of the applicable
laws for the time being in force, have the right to acquire for itself or its nominee, the Executive Director’s rights in the IP within 3 months after disclosure pursuant to clause 6.2 above on fair and reasonable terms. 

 

	6.5	 The rights and obligations under this clause shall continue in force after termination of the Agreement in
respect of IP relating to the period of the Executive Director’s employment under the Agreement and shall be binding upon his heirs and legal representatives. 

 

	7.	 Confidentiality 

 

	7.1	 The Executive Director is aware that in the course of his employment he will have access to and be entrusted
with information in respect of the business and finances of the Company including intellectual property, processes and product specifications, etc. and relating to its dealings, transactions and affairs and likewise in relation to its subsidiaries,
associated companies, customers or clients all of which information is or may be of a confidential nature. 

  

			
	6	  	

	7.2	 The Executive Director shall not except in the proper course of performance of his duties during or at any time
after the period of his employment or as may be required by law divulge to any person whatever or otherwise make use of and shall use his best endeavours to prevent the publication or disclosure of any Confidential Information of the Company or any
of its subsidiaries or associated companies or any of its or their suppliers, agents, distributors or customers. 

  

	7.3	 All notes, memoranda, documents and Confidential Information concerning the business of the Company and its
subsidiaries or associated companies or any of its or their suppliers, agents, distributors or customers which shall be acquired, received or made by the Executive Director during the course of his employment shall be the property of the Company and
shall be surrendered by the Executive Director to the Company upon the termination of his employment or at the request of the Board at any time during the course of his employment. 

 

	8.	 Non-competition 

The Executive Director covenants with the Company that he will not, during the continuance of his employment with the Company, without the
prior written consent of the Board, carry on or be engaged, directly or indirectly, either on his own behalf or on behalf of any person, or as manager, agent, consultant or employee of any person, firm or company, in any activity or business, in
India or overseas, which shall directly or indirectly be in competition with the business of the Company or its holding company or its subsidiaries or associated companies. The application of this clause needs to be read in conjunction with the
relevant clauses in the Tata Code of Conduct, referred to in Clause 10 below. 
  

	9.	 Selling Agency 

The Executive Director, so long as he functions as such, undertakes not to become interested or otherwise concerned, directly or through his
spouse and / or children, in any selling agency of the Company. 
  

	10.	 Tata Code of Conduct 

The provisions of the Tata Code of Conduct shall be deemed to have been incorporated into this Agreement by reference. The Executive Director
shall during his term, abide by the provisions of the Tata Code of Conduct in spirit and in letter and commit to assure its implementation. 

  

			
	7	  	

	11.	 Personnel Policies 

All Personnel Policies of the Company and the related Rules which are applicable to other employees of the Company shall also be applicable to
the Executive Director, unless specifically provided otherwise. 
  

	12.	 Summary termination of employment 

The employment of the Executive Director may be terminated by the Company without notice or payment in lieu of notice: 

 

	 	a.	 if the Executive Director is found guilty of any gross negligence, default or misconduct in connection with or
affecting the business of the Company or any subsidiary or associated company to which he is required by the Agreement to render services; or 

  

	 	b.	 in the event of any serious or repeated or continuing breach (after prior warning) or non-observance by the Executive Director of any of the stipulations contained in the Agreement; or 

  

	 	c.	 in the event the Board expresses its loss of confidence in the Executive Director. 

 

	13.	 Termination due to physical / mental incapacity 

In the event the Executive Director is not in a position to discharge his official duties due to any physical or mental incapacity, the Board
shall be entitled to terminate his contract on such terms as the Board may consider appropriate in the circumstances. 
  

	14.	 Resignation from directorships 

Upon the termination by whatever means of his employment under the Agreement: 

 

	 	a.	 the Executive Director shall immediately cease to hold offices held by him in any holding company, subsidiaries
or associate companies without claim for compensation for loss of office by virtue of Section 167 (1)(h) of the Act and shall resign as trustee of any trusts connected with the Company. 

 

	 	b.	 the Executive Director shall not without the consent of the Board at any time thereafter represent himself as
connected with the Company or any of its subsidiaries and associated companies. 

  

			
	8	  	

	15.	 Agreement co-terminus with employment/ directorship

 If and when this Agreement expires or is terminated for any reason whatsoever, Mr Wagh will cease to be the
Executive Director and also cease to be a Director of the Company. If at any time, the Executive Director ceases to be a Director of the Company for any reason whatsoever, he shall cease to be the Executive Director and this Agreement shall
forthwith terminate. If at any time, the Executive Director ceases to be in the employment of the Company for any reason whatsoever, he shall cease to be a Director and Executive Director of the Company. 

 

	16.	 Other Directorships 

The Executive Director covenants with the Company that he will not during the continuance of his employment with the Company accept any other
directorships in any company or body corporate without the prior written consent of the Board. 
  

	17.	 Non-Solicitation 

The Executive Director covenants with the Company that he will not for a period of 1 year immediately following the termination of his
employment under this Agreement, without the prior written consent of the Board endeavor or entice away from the Company any (define level or grade of employee) who has at any time during the (specify period) immediately preceding such termination
been employed or engaged by the Company or any subsidiaries or associated companies at any time during the (specify period) immediately preceding termination. 
  

	18.	 Notices 

Notices may be given by either Party by letter addressed to the other Party at, in the case of the Company, its registered office for the time
being and in the case of the Executive Director his last known address and any notice given by letter shall be deemed to have been given at the time at which the letter would be delivered in the ordinary course of post or if delivered by hand upon
delivery and in proving service by post it shall be sufficient to prove that the notice was properly addressed and posted by hand or by electronic mail. 
  

	19.	 Miscellaneous 

 

	19.1	 Governing Law 

This Agreement shall be governed by and construed in accordance with the laws of India. 

 

	19.2	 Jurisdiction 

The Parties have agreed to the exclusive jurisdiction of the Indian courts. 

  

			
	9	  	

	19.3	 Entire Agreement 

This Agreement contains the entire understanding between the Parties and supersedes all previous written or oral agreements, arrangements,
representations, and understandings (if any) relating to the subject matter hereof. The Parties confirm that they have not entered into this Agreement upon the basis of any representations that are not expressly incorporated into this Agreement.
Neither oral explanation nor oral information given by any Party shall alter or affect the interpretation of this Agreement. 
  

	19.4	 Waiver 

A waiver by either Party of a breach of the provision(s) of this Agreement shall not constitute a general waiver, or prejudice the other
Party’s right otherwise to demand strict compliance with that provision or any other provisions in this Agreement. 
  

	19.5	 Severability 

Each term, condition, covenant or provision of this Agreement shall be viewed as separate and distinct, and in the event that any such term,
covenant or provision shall be held by a court of competent jurisdiction to be invalid, the remaining provisions shall continue to operate. 
  

	19.6	 Counterparts 

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute
the same agreement. 
 IN WITNESS WHEREOF these presents have been executed by the Parties hereto on the day and year first above written. 

 

							
	The Common Seal of Tata Motors Limited was hereunto affixed in the presence of	  		  	

	Mr. N Chandrasekaran	  	
	and	  	
	Mr. Om Prakash Bhatt	  	
	two Directors of the Company Witnesses:	  	
	 Mr. Vispi S Patel
 Mr. Rozario
Paul
	  	

	

  
 10 

							
	SIGNED, SEALED AND DELIVERED
by the said Mr. Girish Wagh in the presence of:	  	    	  	

	     
	  	
	Witnesses:	  	
	Mr. Ashok Kumar Koyari - ABKoyari	  	

  
 11icnb_ex1038.htm

EXHIBIT 10.38
  
 AMENDMENT NO. 2
  
 TO
  
 LICENSE AGREEMENT
  
 This AMENDMENT NO. 2, dated as of April 22, 2022, (the “Amendment”) to License Agreement (defined below), between Christie Brinkley, Inc., a New York corporation (“Licensor”), Bellissima Spirits LLC, a Nevada limited liability company (“Licensee”), Iconic Brands, Inc., a Nevada corporation (“Iconic”), and, for limited purposes only, Christie Brinkley, individually (“Brinkley”).
  
 WHEREAS, Licensor, Licensee, Iconic and Brinkley are parties to that certain License Agreement, dated as of November 12, 2015, as amended by that certain Amendment No. 1 effective as of June 30, 2017 (collectively, the “License Agreement”). Capitalized terms used and not defined herein shall have the respective meanings ascribed to them in the License Agreement; and
  
 WHEREAS, the parties desire to amend the License Agreement as hereinafter set forth.
  
 NOW, THEREFORE, in consideration of the premises and mutual agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
  
 	  
	 1.
	 The License Agreement is hereby amended by deleting the “Grant of License” paragraph of Section 1 in its entirety and replacing it with the following:

	  
	  
	  

	  
	  
	 “1. (a) Grant of License. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, during the term of this Agreement, the worldwide right and license to use the LP, in the form set forth in Exhibit “A,” in connection with the sale of organic Prosecco, zero-sugar sparkling and still wine, ice pops, and associated products as the parties may agree to by mutual written consent from time to time, under the Bellissima Brand authorized by Licensor pursuant to Section 7.1 of this Agreement (the “Authorized Products”). If Licensee desires to use any other aspect of the IP and Licensor provides its express written consent, the Parties shall amend Exhibit A from time to time to reflect the additional LP. If Licensee wishes to expand the Bellissima Brand beyond the Authorized Products to other products and use the LP in connection with those products, it must obtain Licensor’s prior written approval pursuant to Section 7.1 of this Agreement.
  
 (b) Combined Mark. (i) Licensor acknowledges, agrees, and consents to Licensee, at Licensee’s sole cost and expense, initiating and along with Licensor, jointly filing, prosecuting and maintaining one (1) word mark application for the mark “BELLISSIMA CON AMORE, BY CHRISTIE BRINKLEY” (the “Combined Mark”), solely in connection with Authorized Products in the beverage category, and solely within Australia (the “CM Australia Application”). Licensor agrees to cooperate with Licensee in connection therewith, including executing (and/or causing Brinkley to execute, as applicable) any necessary documents reasonably requested by Licensee in furtherance thereof. Licensor shall have approval rights over any filings and prosecution of the Combined Mark, and any enforcement activities related thereto. Licensee shall reimburse Licensor its attorney’s fees and costs incurred in connection with the prosecution, maintenance, and enforcement activities relating to the Combined Mark, if any (and for the avoidance of doubt, Licensor shall be and remain responsible for all of its attorney’s fees and costs related to this Amendment). Except with respect to the CM Australia Application, Licensee shall not file, prosecute or register the Combined Mark in any jurisdiction without Licensor’s prior written approval in each instance. The parties acknowledge and agree that any application or resulting registration for the Combined Mark shall be expressly abandoned or withdrawn at the end of the Term.

  
 	 
	1
	

	 

  
 	  
	 (ii) With respect to the Combined Mark, each of the parties acknowledge that: (A) Licensor is the owner of all right, title and interest in and to the CHRISTIE BRINKLEY mark and is also the owner of the goodwill attached or which shall become attached to such mark in connection with the sale of Authorized Products utilizing the Combined Mark, and (B) Licensee is the owner of all right, title and interest in and to the BELLISSIMA mark and is also the owner of the goodwill attached or which shall become attached to such mark in connection with the sale of Authorized Products utilizing the Combined Mark. Sales of Authorized Products by Licensee shall be deemed to have been made for purposes of trademark registration for the benefit of Licensor and Licensee for their respective marks, and all uses of the Combined Mark shall inure to the benefit of Licensor and Licensee respectively, as applicable; provided, however, that neither party shall have any ownership right in and to the Combined Mark, such Combined Mark shall not be used by either party other than in connection with sales of Authorized Products during the Term (and any applicable Sell-Off Period), and all use of the Combined Mark shall otherwise be subject to Licensor’s approval and the terms and conditions of this Agreement. Licensee shall not have the right to transfer or assign the Combined Mark to a third party without the prior written consent of Licensor.
  
 (iii) Licensee shall indemnify, protect, defend and hold harmless Licensor, its members, managers, employees, agents, heirs, estate, successors and assigns, and Brinkley against any and all claims, losses, liabilities, damages and expenses (including reasonable attorneys’ fees and costs) which it or they may suffer or incur in connection with any actual or threatened claim, demand, action or other proceeding by any third party (including any governmental authority) arising from or relating to the Combined Mark, and/or the import, sale, marketing or distribution of Authorized Products utilizing the Combined Mark. Licensor shall have the right to participate in the defense of any such claim, with counsel of its own choosing, and Licensee shall reimburse Licensor its reasonable attorney’s fees and costs in connection therewith. Licensee shall not, without Licensor’s written consent, settle or compromise any claim or consent to entry of any judgment.
  
 (iv) Licensee acknowledges that Bonita Drinks Pty Ltd filed in its name, without authorization, Australia Trademark Application No. 2199303 for the mark CHRISTIE BRINKLEY’S BELLISSIMA. By no later than ten (10) business days following the publication of the CM Australia Application, Licensee shall expressly abandon or cause to be abandoned Application No. 2199303 and provide Licensor with written proof of same. In the event the CM Australia Application is not approved for publication, the parties shall discuss in good faith a mutually agreeable resolution with respect to branding in Australia for the Authorized Products.”

  
 	 
	2
	

	 

  
 	  
	 2.
	 For clarity, Sections 1.1, 1.2, 1.3, and 1.4 of the License Agreement shall remain unchanged, and as set forth in the License Agreement.

	  
	  
	  

	  
	 3.
	 The License Agreement is hereby amended by deleting the last sentence of Section 6.2 in its entirety and replacing it with the following:

	  
	  
	  

	  
	  
	 “ Any trade name, domain name or other title or name containing any portion of the name “Christie Brinkley” approved by Licensor for use hereunder, excluding, for the avoidance of doubt, the “Bellissima” mark, shall be owned by Licensor and licensed to Licensee without charge, except as set forth herein, solely for the duration of and use in accordance with this agreement.”

	  
	  
	  

	  
	 4.
	 Immediately upon the first to occur of a Licensee Liquidity Event or an Iconic Liquidity Event as described in Section 17.2, the right of Licensor to participate in any subsequent Licensee Liquidity Event or Iconic Liquidity Event and any other rights of Licensor under Section 17.2, shall terminate, provided that, for the avoidance of doubt, Licensor shall have the right to receive the amounts set forth in Section 17.2 that Licensor is entitled to that result from such first to occur Licensee Liquidity Event or Iconic Liquidity Event.

	  
	  
	  

	  
	 5. 
	 The License Agreement is hereby amended by deleting Exhibit A in its entirety and replacing it with the following:

  
 “EXHIBIT A
  
 APPROVED USES OF BRINKLEY’S NAME AND LIKENESS
  
 	  
	 -’CHRISTIE BRINKLEY’
 -’BY CHRISTIE BRINKLEY’
 -Christie Brinkley’s approved signature
 -Approved likeness and other approved publicity rights of Christie Brinkley
 -use of CHRISTIE BRINKLEY as incorporated within the Combined Mark”

	  
	  
	  

	  
	 6.
	 As soon as reasonably practicable following the date hereof, Iconic shall (a) establish an advisory board or committee (the “Advisory Panel”), (b) prepare and provide to Brinkley for review a copy of all relevant documents related to the formation and operation of the Advisory Panel, including, as applicable, any charter for the Advisory Panel and any advisory agreement Iconic intends to use with members of the Advisory Panel (collectively, the “Advisory Panel Documents”), (c) consider and negotiate in good faith with respect to any comments Brinkley may have to the Advisory Panel Documents, and (d) subject to Brinkley’s execution of any applicable Advisory Panel Documents, appoint Brinkley as a member of the Advisory Panel.

	  
	  
	  

 	 
	3
	

	 

  
 	  
	 7.
	 As soon as reasonably practicable following the date hereof, and in any event within sixty (60) days following the date hereof, Iconic shall grant Brinkley an option (the “Option”) to purchase One Million Five Hundred Thousand (1,500,000) shares of its common stock, par value $.001 per share (the “Option Shares”), subject to approval by the Board of Directors of Iconic, and subject to approval of Iconic’s stock option and grant plan (as may be amended from time to time, the “Plan”) by its stockholders. The exercise price per share of the Option will be equal to the fair market value of Iconic’s common stock on the date the Option is granted, as determined in good faith by its Board of Directors. The Option will be subject to the terms and conditions, including vesting terms (two (2) year vesting in equal quarterly installments), as set forth in a stock option agreement by and between Iconic and Brinkley, in the form attached hereto as Schedule A (the “Option Agreement”), and the Plan then in effect.

	  
	  
	  

	  
	 8.
	 Except as modified by this Amendment, all terms and conditions of the License Agreement shall remain in full force and effect. This Amendment shall not be deemed a waiver of any term of condition of the License Agreement and shall not be deemed to prejudice any rights which Licensor may now have or may have in the future under or in connection with the License Agreement, as the same may be amended from time to time.

	  
	  
	  

	  
	 9.
	 This Amendment may be signed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

	  
	  
	  

	  
	 10.
	 This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and to be performed in the State of New York, without regard to conflicts of law principles.

  
 [signature appears on next page]
  
 	 
	4
	

	 

  
 IN WITNESS WHEREOF, this Amendment has been executed and delivered by the parties hereto as of the date first above written.
  
 	 	 CHRISTIE BRINKLEY, INC.
	
	 	 	 	 
		By:	/s/ Christie Brinkley	
	  
	 Name: 
	Christie Brinkley	 
	 	Title:	President	 
	 	 	 	 
	  
	 BELLISSIMA SPIRITS LLC
	  

	  
	  
	  
	  

	  
	 By:
	 /s/ Richard DeCicco
	  

	  
	 Name:
	 Richard DeCicco
	  

	  
	 Title:
	 President
	  

	  
	  
	  
	  

	  
	 ICONIC BRANDS, INC.
	  

	  
	  
	  
	  

	  
	 By:
	 /s/ Richard DeCicco
	  

	  
	 Name:
	 Richard DeCicco
	  

	  
	 Title:
	 President
	  

	  
	  
	  
	  

	  
	 Accepted to and Agreed:
	  

	  
	  
	  
	  

	  
	  
	 /s/ Christie Brinkley
	  

	  
	  
	 Christie Brinkley
	  

  
 	 
	5
	

	 

  
 Schedule A
  
 Form Stock Option Grant Agreement
  
 	 
	 6

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