Document:

Exhibit
10.24

 

BOLLORE
TECHNOLOGIES S.A.

KM 4 Route de Thuir

B.P. 424

66004 PERPIGNAN

   France

 

North
Atlantic Trading Company, Inc.

c/o Drake, Goodwin & Graham

Suite 1440

230 Park Avenue

NEW YORK, 10169

 

As
of, September   , 1996

 

Gentlemen,

 

Reference
is made to the three Amended and Restated Distribution and License Agreements (collectively, the « Distribution
Agreements ») each dated as of November 30, 1992 between us relating to the distribution of Zig Zag cigarette paper
booklets in the United States (the « U.S. Agreement »), in Canada (the « Canadian Agreement ») and in Hong
Kong and certain other territories (the « Asian Agreement »), as amended by agreements dated March 31, 1993 and June 10,
1996. This will confirm our agreement to amend the Distribution Agreements further, as follows:

 

1.   The
last sentence of Section 3 (b) of each
of the U.S. Agreement and the Asian Agreement shall be deleted in its entirety and the following shall be inserted in lieu thereof:

 

«
From January 1, 1995 through December 31, 2001, the price set forth on Schedule A shall be adjusted as of the first day of each
year by a percentage equal to the percentage increase in the United States Consumer Price Index of the Northeast urban region
during the 12 month period ended August 31 of the immediately preceding year. The foregoing percentage increase shall also apply
to the amount of the Price Reduction referred to in Schedule A. »

 

2.   The
last sentence of Section 3 (b) of the Canadian Agreement shall be deleted in its
entirety and the following shall be inserted in lieu thereof:

 

«
From
January 1, 1995 through December 31, 2001, the price set forth on Schedule A shall be adjusted as of the first day of each year
by a percentage equal to the percentage increase in the Canadian Consumer Price Index during the 12 month period ended August 31 of the immediately preceding
year. The foregoing percentage increase shall also apply to the amount of the Price Reduction referred to on Schedule A. »

 

    	 

    	 

    

 

2

 

3.   The
paragraph beneath the caption « INITIAL PRICE FOR ALL PRODUCTS » set forth
on Schedule A to the U.S. Agreement shall be deleted in its entirety and the following
shall be inserted in lieu thereof:

 

«
FF 72.50 per 100 booklets
for the first 75,000,000 booklets (« Base
Amount ») shipped and paid for within each calendar year; thereafter there shall be a FF 10.00 purchase price reduction (the
« Price Reduction ») per 100 booklets in excess of the Base Amount shipped and paid for within that calendar year (subject
to the annual maximum referred to in (ii) below); provided, that for purposes of the foregoing calculations (and
the annual maximum referred to in (ii) below), if any booklets are shipped in one calendar year but are paid for in the next subsequent
calendar year, then such booklets shall be deemed to have been both shipped and paid for in such subsequent calendar year; provided,
further, that for purposes of the foregoing calculations (and the annual maximum referred to in (ii) below), if any booklets are
paid for in one calendar year but are shipped in the next subsequent calendar year, then such booklets shall be deemed to have
been both shipped and paid for in such subsequent calendar year. Notwithstanding the foregoing, (i) no booklets for which the
purchase price has been reduced by the Price Reduction shall be entitled to a cash or early payment discount and (ii) commencing
with the calendar year ending December 31, 1997, and for each calendar year thereafter, the maximum number of booklets which may
receive a Price Reduction in any calendar year shall not exceed the difference between (a) 110% of the total number of booklets
shipped and paid for in the immediately preceding calendar year and (b) the Base Amount. For example, if during a calendar year,
the total number of booklets shipped and paid for aggregate 80,000,000 booklets, the Distributor would be entitled to receive
the Price Reduction for the next subsequent calendar year for up to 13,000,000 booklets shipped and paid for within such next
subsequent calendar year in excess of the Base Amount. This calculation is based on determining 110% of 80,000,000 booklets (88,000,000
booklets) and subtracting the Base Amount (75,000,000 booklets), yielding 13,000,000 booklets. »

 

4.   The
paragraph beneath the caption « INITIAL PRICE FOR ALL PRODUCTS » set forth on SCHEDULE A to the Canadian Agreement
shall be deleted in its entirety and the
following shall be inserted in lieu thereof:

 

«
FF 101 per 100 booklets for the first 6,500,000 booklets (« Base Amount ») shipped and paid for
within each calendar year; thereafter there shall be a FF 10.10 purchase price reduction (the « Price Reduction »)
per 100 booklets in excess of the Base Amount shipped and paid for within that calendar year (subject to the annual maximum referred
to in (ii) below); provided, that for purposes of the foregoing calculations (and the annual maximum referred to in (ii) below),
if any booklets are shipped in one calendar year but are paid for in the next subsequent calendar year, then such booklets shall
be deemed to have been both shipped and paid for in such subsequent calendar year; provided, further, that for purposes of the
foregoing calculations (and the annual maximum referred to in (ii) below), if any booklets are paid for in one calendar year but
are shipped in the next subsequent calendar year, then such booklets shall be deemed to have been both shipped and paid for in
such subsequent calendar year.

 

Notwithstanding
the foregoing (i) no booklets for which the purchase price has been reduced by the Price Reduction shall be entitled to a
cash or early payment discount and (ii) commencing with the calendar year ending December 31, 1997, and for each calendar
year thereafter, the maximum number of booklets which may receive a Price Reduction in any calendar year shall not exceed the
difference between (a) 110% of the total number of booklets shipped and paid for in the immediately preceding calendar year
and (b) the Base Amount. For example, if during a calendar year, the total number of booklets shipped and paid for aggregate
8,000,000 booklets, the Distributor would be entitled to receive the Price Reduction for the next subsequent calendar year
for up to 2,300,000 booklets shipped and paid for within such next subsequent calendar year in excess of the Base Amount.
This calculation is based on determining 110% of 8,000,000 booklets (8,800,000 booklets) and subtracting the Base Amount
(6,500,000 booklets), yielding 2,300,000 booklets. »

 

    	 

    	 

    

 

3

 

5.   (The
paragraph beneath the caption « INITIAL PRICE FOR ALL PRODUCTS » set forth on Schedule A to the Asian Agreement shall
be deleted in its entirety and the
following shall be inserted in lieu thereof:

 

«
FF 72.50 per 100 booklets for the first 75,000,000 booklets (« Base Amount ») shipped and paid for within each calendar
year, thereafter there shall be a FF 10.00 purchase price reduction (the « Price Reduction ») per 100 booklets in
excess of the Base Amount shipped and paid for within that calendar year (subject to the annual maximum referred to in (ii) below); provided, that for purposes of the foregoing calculations (and the annual maximum referred to in (ii) below), if any booklets
are shipped in one calendar year but are paid for in the subsequent calendar year, then such booklets shall be deemed to have
been both shipped and paid for in such subsequent calendar year; provided, further, that for purposes of the foregoing calculations
(and the annual maximum referred to in (ii) below), if any booklets are paid for in one calendar year but are shipped in the next
subsequent calendar year, then such booklets shall be deemed to have been both shipped and paid for in such subsequent calendar
year. Notwithstanding the foregoing, (i) no booklets for which the purchase price has been reduced by the Price Reduction shall
be entitled to a cash or early payment discount and (ii) commencing with the calendar year ending December 31, 1997, and for
each calendar year thereafter, the maximum number of booklets which may receive a Price Reduction in any calendar year shall not
exceed the difference between (a) 110% of the total number of booklets shipped and paid for in the immediately preceding calendar
year and (b) the Base Amount. For example, if during a calendar year; the total number of booklets shipped and paid for aggregate
80,000,000 booklets, the Distributor would be entitled to receive the Price Reduction for the next subsequent calendar year for
up to 13,000,000 booklets shipped and paid for within such next subsequent calendar year in excess of the Base Amount. This calculation
is based on determining 110% of 80,000,000 booklets (88,000,000 booklets) and subtracting the Base Amount (75,000,000 booklets),
yielding 13,000,000 booklets. »

 

6.   Notwithstanding
the above amendments, the parties acknowledge that the price for all booklets shipped in 1994 (regardless of when paid) shall
be calculated based on the terms of the Distribution Agreements in effect prior to this amendment and that accordingly the Distributor
shall not be entitled to any Price Reduction for 1994.

 

7.   Bolloré
Technologies S.A. confirms that it no longer requires the Letter of Credit referred to in Section 3 (h) of the U.S. Agreement.

 

8.   Each
of us represents and warrants to the other that this amendment has been duly authorized by all necessary corporate action and
that any consents required by either party in connection with this amendment have been obtained by such party.

 

9.   Except
as modified by this amendment, the terms and provisions of each of the Distribution Agreements shall remain in full force and
effect.

 

    	 

    	 

    

 

4

 

If the
foregoing accurately reflects our understanding, please countersign where indicated below.

 

Very
truly yours,

 

	 	BOLLORE TECHNOLOGIES S.A.
	 	 	 
	 	By:	/s/ Vincent Bollore 

	 	 
	 	Name : Vincent BOLLORE
	 	 
	 	Title    : Président
    Directeur Général

	 	 	 
	Agreed :
	 
	NORTH ATLANTIC TRADING COMPANY Inc.
	 
	By :	 	 	 
	 
	Name  :	 
	 	 
	Title    :Exhibit 10.25

	 	 	 	 	 	 	 
	007 FOURTEENTH STREET,
    N.W.

    WASHINGTON, D. C. 20005-2018

    TELEPHONE (202) 434-0700

    FACSIMILE (202) 434-0800	Rogers
                    & Wells

                    Two Hundred Park Avenue

                    New York, N.Y. 10166-0153

         

        TELEPHONE
        (212) 878-8000

        FACSIMILE (212) 878-8375

         
	40 BASINGHALL STREET

    LONDON EC2Y 506, ENGLAND

    TELEPHONE 44-171-628-0101

    FACSIMILE 44-171-828-8111
	 	 	 	 	 	 
	 	 
	444 SOUTH FLOWER STREET

    LOS ANGELES, CA 90071-2901

    TELEPHONE (213) 689-2900

    FACSIMILE (213) 689-2999	WESTENDSTRASSE
    16-22

    60326 FRANKFURT/MAIN

    FEDERAL REPUBLIC OF GERMANY

    TELEPHONE 49-69-97-14-78-0

    FACSIMILE 49-69-97-14-78-33
	 	 	 	 	 	 
	 	 	 	 	 	 
	47 AVENUE HOCHE

    75008 PARIS, FRANCE

    TELEPHONE 33-1-44-09-48-00

    FACSIMILE 33-1-44-09-46-01

                         33-1-42-67-50-81	ONE EXCHANGE
    SQUARE

    B CONNAUGHT PLACE

    CENTRAL, HONG KONG

    TELEPHONE (852) 2844-3500

    FACSIMILE (852)2844-3555

 

MEMORANDUM

 

	TO:	Thomas D. Wright, Jr.	DATE:	April 2, 1997
	 	 	 	 
	FROM: 	Howard M. Endelman	CC:	Steven A. Hobbs
	 	 	 	 
	RE:	NATC/NTC	 	 

 

Attached for your files
please find a copy of the Trademark Consent Agreement dated March 26, 1997 by and between North Atlantic Trading Company, Inc.
and Bolloré Technologies, S.A.

 

Best regards.

 

H.M.E.

 

    	 

    	 

    

 

TRADEMARK
CONSENT AGREEMENT

 

This agreement,
made this 26th day of March, 1997, by and between North Atlantic Trading Company, Inc. (hereinafter referred to
as “NATC”), a Delaware Corporation, whose address is 3200 Beechleaf Court Suite 920, Raleigh USA and Bolloré Technologies, S.A.,
a French Corporation whose address is Odet 29500 Commune d’Ergué-Gabéric France (hereinafter referred
to as “Bolloré”);

 

WHEREAS, NATC is
the owner of, inter alia, the marks shown on Schedules Al and A2, and where applicable the registrations and applications
relating thereto (“NATC Marks”) attached hereto; and

 

WHEREAS, Bolloré
is the owner of, inter alia, the marks shown on Schedules B1 and B2, and where applicable the registrations and
applications relating thereto (“Balloré Marks”) attached hereto;

 

WHEREAS, NATC desires
to use and register the NATC Marks set forth in Schedule A2, for the goods specified therein; and

 

WHEREAS, Bolloré
desires to use and register the Bolloré Marks set forth in Schedule B2, for the goods recited therein; and

 

WHEREAS, NATC and
Bolloré mutually recognize the validity of each other’s marks as set forth in the attached Schedules,

 

NOW, THEREFORE, for
good and valuable consideration, the parties hereby agree and state as follows:

 

1.          NATC
believes there is no likelihood of confusion or conflict between its NATC Marks shown on Schedules A1 and A2, and the Bolloré Marks,
shown on Schedules B1 and B2;

 

2.          Bolloré
believes there is no likelihood of confusion or conflict between its Bolloré Marks shown on Schedules B1 and B2, and the NATC Marks
shown on Schedules A1 and A2.

 

3.          NATC
will take no action to interfere with the use and/or registration of the Bolloré Marks shown on Schedules B1 and B2.

 

4.          Bolloré
will take no action to interfere with the use and/or registration of the NATC Marks shown on Schedules A1 and A2.

 

5.          Bolloré
is a specialist in the manufacture of cigarette papers. Bolloré manufactures cigarette paper bobbins and those bobbins are converted
into booklets in accordance with specific instructions of Bolloré. Hence, Bolloré strictly controls the quality of its cigarette
paper bobbins and the converting thereof into booklets, and therefore the quality of the cigarette papers which arc sold to the
public under the Bolloré Marks.

 

    	1

    	 

    

 

6.          NATC
is a specialist in the field of tobacco products. NATC strictly controls the processing and packaging of its tobacco products and
therefore the quality of the tobacco products which are sold to the public under the NATC Marks.

 

7.          Pursuant
to an agreement between the parties, NATC is the exclusive United State distributor of cigarette paper sold under the Bolloré
Marks. Each booklet bears a statement identifying NATC simply as distributor.

 

8.          NATC
and Bolloré acknowledge that the purchasing public is not and will not be harmed by the relationship between the parties. The parties
acknowledge that their respective marks have been used in the United States on their respective products, for more than 20 years,
without any known confusion of the purchasing public.

 

9.          Except
as otherwise agreed between the parties, in order to avoid any potential confusion, NATC agrees not to use the NATC Marks within
the United States on cigarette papers, and Bolloré agrees not to use the Bolloré Marks on any tobacco products within the United
States.

 

10.        In
the unlikely event that any consumers are confused as to the source of origin of either party’s goods, the parties agree
to take such further steps as are reasonable and necessary under the circumstances to correct such confusion.

 

11.        NATC
consents to the use and registration by Bolloré of the Bolloré Marks which are shown on Schedule B2, for the
goods recited therein.

 

12.        Bolloré
consents to the use and registration by NATC of the NATC Marks which are shown on Schedule A2, for the goods recited therein.

 

13.        Each
party shall reasonably cooperate with the other in obtaining and preserving registrations for the Marks shown on the Schedules
by providing the other with Letters of Consent or any other such documents which may be reasonably required in order to overcome
any official actions or objections which may be made by the trademark office in any country or territory. Any expenses associated
with the preparation and filing of any such letters or documents will be borne by the requesting party.

 

14.        Each
party shall have the right, but nor the obligation, to terminate all of the rights granted hereunder if the other party is in material
breach of any of its obligations hereunder.

 

    	2

    	 

    

 

15.        This
Agreement and the provisions herein will be binding at all times upon and inure to the benefit of the parties hereto, their successors
and assigns. This Agreement constitutes the entire agreement between the parties and may not be changed, modified, amended or supplemented,
except in a writing signed by the parties.

 

IN WITNESS WHEREOF,
the parties have executed this Agreement on the day and year first above written.

	 	 	 	 
	 	NORTH ATLANTIC TRADING COMPANY, INC.
	 	 
	 	 
	 	 	JACK AFRICK	 
	Dated: 26th March 1997	By:	/s/ Jack Africk 

	 
	 	 	Name:	 
	 	 	Title: Director and Chief Executive Officer

	 	 	 	 
	 	BOLLORÉ TECHNOLOGIES, S.A.
	 	 
	 	 	 	 
	Dated: 26th March 1997	By:	/s/ Cedric Bollore

	 
	 	 	Name: CEDRIC BOLLORÉ	 
	 	 	Title: Marketing Director
    

Industrial Divisions

 

    	3

    	 

    

 

SCHEDULE A1

 

	Mark/Goods	 	Reg.
    No.	 	Date Registered
	 	 	 	 	 
	ZIG-ZAG
    

    for cigars	 	1,133,291	 	April 15, 1980
	 	 	 	 	 
	ZIG-ZAG and Design 

for cigarette tobacco	 	1,512,985	 	November 15, 1988
	 	 	 	 	 
	ZIG-ZAG

for cigarette tobacco	 	1,472,580	 	January 12, 1988
	 	 	 	 	 
	ZIG-ZAG CANADIAN BLEND 

for smoking tobacco	 	1,756,211	 	March 2, 1993
	 	 	 	 	 
	ZIG-ZAG CANADIAN ROYAL BLEND 

for smoking tobacco	 	1,753,378	 	February 15, 1993
	 	 	 	 	 
	ZIG-ZAG And Design

for smoking tobacco	 	1,775,416	 	June 8, 1993

 

SCHEDULE A2

 

	Mark/Goods	 	Appln. No.	 	Filing Date
	 	 	 	 	 
	ZIG-ZAG (stylized)

for cigars	 	74/562,128	 	April 17, 1995
	DESIGN of a band

for cigars	 	74/562,143	 	April 17, 1995
	ZIG-ZAG Add Design 

for cigars	 	74/691,043	 	June 20, 1995
	ZIG-ZAG COLD STANDARD

for cigarette tobacco	 	71/573,369	 	May 11, 1995

 

    	 

    	 

    

 

Schedule B1

 

Bollore Technologies

Registered Trademarks

 

	Trademark	Registration
    

    Date	Registration
    

    No.	Goods
	MAN’S HEAD DESIGN	March 25, 

1983	Canadian

Registration

278058	Cigarette papers.
	MAN’S HEAD DESIGN	August 9, 

1983	U.S.

Registration 

1247856	Cigarette papers.
	ZIG-ZAG	August 16, 

1955	U.S.

Registration 

610530	Cigarette papers.
	ZIG-ZAG	December 18, 

1979	U.S.

Registration

1127946	Cigarette papers.

 

    	 

    	 

    

 

Schedule B2

 

Bollore Technologies

Marks to Be Registered

 

	Trademark	Filing Date	Goods
	SMOKING MAN 

DESIGN	April 17,1995	Cigarette papers.
	SMOKING MAN IN 

CIRCLE DESIGN	June 16, 1995	Cigarette papers.

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