Document:

INDEMNITY AGREEMENT

         This  Indemnity  Agreement  ("Agreement")  is made as of September  19,
2000,  by and between  Cavalcade of Sports  Media,  Inc.,  a Nevada  corporation
("Company"),  and Edwin Rue  ("Indemnitee"),  a director  and/or  officer or key
executive,  employee or  consultant of the Company,  or a person  serving at the
request of the  Company as a  director,  officer,  employee  or agent of another
enterprise.
                                    RECITALS

         A. The  Indemnitee  is  currently  serving  or has agreed to serve as a
director  and/or officer of the Company and in such capacity has rendered and/or
will render valuable services to the Company.

         B. The Company has  investigated  the  availability  and sufficiency of
liability  insurance  and  applicable  statutory  indemnification  provisions to
provide its  directors and officers with  adequate  protection  against  various
legal risks and potential  liabilities to which such individuals are subject due
to their positions with the Company and has concluded that such insurance may be
unavailable  or too  costly,  and  even  if  purchased  it,  and  the  statutory
provisions,  may  provide  inadequate  and  unacceptable  protection  to certain
individuals requested to serve as its directors and/or officers.

         C. It is  essential  to the  Company  that it  attract  and  retain  as
officers and directors the most capable persons available and in order to induce
and encourage  highly  experienced and capable persons such as the Indemnitee to
serve or  continue to serve as a director  and/or  officer of the  Company,  the
Board of Directors has determined,  after due consideration and investigation of
the  terms  and  provisions  of the  Agreement  and the  various  other  options
available to the Company and the Indemnitee in lieu hereof,  that this Agreement
is not only  reasonable and prudent but necessary to promote and ensure the best
interests of the Company and its stockholders.

         NOW, THEREFORE,  in consideration of the services or continued services
of the  Indemnitee and in order to induce the Indemnitee to serve or continue to
serve as director and/or officer, the Company and the Indemnitee do hereby agree
as follows:

         1.       Definitions. As used in this Agreement:

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                  (a)  The  term  "Proceeding"  shall  include  any  threatened,
pending or completed inquiry, hearing, investigation,  action, suit, arbitration
or other  alternative  dispute  resolution  mechanism or  proceeding,  formal or
informal, whether brought in the name of the Company or otherwise and whether of
a civil,  criminal or administrative  or investigative  nature, by reason of the
fact that the Indemnitee is or was a director and/or officer of the Company,  or
is or was serving at the request of the Company as a director, officer, employee
or agent of  another  enterprise,  whether  or not  he/she  is  serving  in such
capacity  at  the  time  any   liability   or  expense  is  incurred  for  which
indemnification or reimbursement is to be provided under this Agreement.

                  (b)  The  term  "Expenses"   includes,   without   limitation:
attorneys'  fees,  costs,  disbursements  and retainers;  accounting and witness
fees; fees of experts;  travel and deposition costs;  transcript  costs,  filing
fees, telephone charges, postage, copying costs, delivery service fees and other
expenses and obligations of any nature whatsoever paid or incurred in connection
with any  investigations,  judicial or  administrative  proceedings and appeals,
amounts paid in  settlement by or on behalf of  Indemnitee,  and any expenses of
establishing  a  right  to  indemnification,   pursuant  to  this  Agreement  or
otherwise, including reasonable compensation for time spent by the Indemnitee in
connection with the  investigation,  defense or appeal of a Proceeding or action
for indemnification for which he/she is not otherwise compensated by the Company
or any  third  party.  The  term  "Expenses"  does not  include  the  amount  of
judgments,  fines,  penalties or ERISA excise taxes actually  levied against the
Indemnitee.

         2. Agreement to Serve. The Indemnitee agrees to serve or to continue to
serve as a director  and/or officer of the Company for so long as he/she is duly
elected or appointed or until such time as he/she tenders his/her resignation in
writing or is removed as a director and/or officer.  However,  nothing contained
in this  Agreement  shall be  construed  as  giving  Indemnitee  any right to be
retained in the employ of the Company, any subsidiary or any other person.

         3.  Indemnification in Third Party Actions. The Company shall indemnify
the  Indemnitee if the Indemnitee is a party to or threatened to be made a party
to or is otherwise  involved in any Proceeding (other that a Proceeding by or in
the name of the Company to procure a judgment  in its  favor),  by reason of the
fact that the Indemnitee is or was a director and/or officer of the Company,  or
is or was serving at the request of the Company as a director,

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officer,  employee  or  agent  of  another  enterprise,  against  all  Expenses,
judgments,  fines,  penalties  and ERISA  excise taxes  actually and  reasonably
incurred by the Indemnitee in connection  with the defense or settlement of such
a Proceeding,  to the fullest extent  permitted by applicable  corporate law and
the  Company's  Articles of  Incorporation;  provided  that any  settlement of a
Proceeding be approved in writing by the Company.

         4. Indemnification in Proceedings by or In the Name of the Company. The
Company  shall  indemnify  the  Indemnitee  if the  Indemnitee  is a party to or
threatened to be made a party to or is otherwise  involved in any  Proceeding by
or in the name of the  Company to  procure a judgment  in its favor by reason of
the fact that the Indemnitee was or is a director and/or officer of the Company,
or is or was  serving at the  request of the  Company  as a  director,  officer,
employee or agent of another enterprise,  against all Expenses, judgments, fines
penalties  and ERISA  excise  taxes  actually  and  reasonably  incurred  by the
Indemnitee in connection with the defense or settlement of such a Proceeding, to
the fullest  extent  permitted by  applicable  corporate  law and the  Company's
Articles of Incorporation.

         5.  Conclusive   Presumption   Regarding  Standards  of  Conduct.   The
Indemnitee shall be conclusively  presumed to have met the relevant standards of
conduct,  if any, as defined by applicable  corporate  law, for  indemnification
pursuant to this Agreement,  unless a determination  is made that the Indemnitee
has not met such standards (i) by the Board of Directors by a majority vote of a
quorum  thereof  consisting of directors who were not parties to the  Proceeding
due to which a claim is made under this Agreement,  (ii) by the  shareholders of
the Company by majority vote of a quorum thereof  consisting of shareholders who
are not  parties  to the  Proceeding  due to  which a claim is made  under  this
Agreement,  (iii) in a written opinion by independent counsel, selection of whom
has been approved by the Indemnitee in writing,  or (iv) by a court of competent
jurisdiction.

         6. Indemnification of Expenses of Successful Party. Notwithstanding any
other  provision of the  Agreement,  to the extent that the  Indemnitee has been
successful  in defense of any  Proceeding  or in defense of any claim,  issue or
matter  therein,  on the  merits or  otherwise,  including  the  dismissal  of a
Proceeding without prejudice or the settlement of a Proceeding

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without an admission of liability,  the Indemnitee shall be indemnified  against
all Expenses incurred in connection therewith to the fullest extent permitted by
applicable corporate law.

         7. Advances of Expenses. The Expenses incurred by the Indemnitee in any
Proceeding  shall be paid  promptly  by the  Company  in  advance  of the  final
disposition  of the  Proceeding at the written  request of the Indemnitee to the
fullest  extent  permitted  by  applicable  corporate  law;  provided  that  the
Indemnitee  shall undertake in writing to repay any advances if it is ultimately
determined that the Indemnitee is not entitled to indemnification.

         8. Partial  Indemnification.  If the  Indemnitee is entitled  under any
provision of the  Agreement to  indemnification  by the Company for a portion of
the Expenses,  judgments,  fines,  penalties or ERISA excise taxes  actually and
reasonably  incurred  by  him/her  in  the  investigation,  defense,  appeal  or
settlement of any Proceeding but not,  however,  for the total amount of his/her
Expenses,  judgments,  fines, penalties or ERISA excise taxes, the Company shall
nevertheless  indemnify the Indemnitee  for the portion of Expenses,  judgments,
fines, penalties or ERISA excise taxes to which the Indemnitee is entitled.

         9.    Indemnification    Procedure;    Determination    of   Right   to
Indemnification.

                   (a) Promptly after receipt by the Indemnitee of notice of the
commencement  of any  Proceeding,  the Indemnitee  shall,  if a claim in respect
thereof is to be made  against  the  Company  under this  Agreement,  notify the
Company of the  commencement  thereof in writing.  The omission to so notify the
Company,  however,  shall not relieve it from any liability which it may have to
the  Indemnitee  otherwise  than  under  this  Agreement.

                   (b) If a claim for  indemnification  or  advances  under this
Agreement  is not paid by the  Company  within  thirty  (30) days of  receipt of
written  notice,  the rights  provided by this Agreement shall be enforceable by
the Indemnitee in any court of competent jurisdiction.  The burden of proving by
clear  and  convincing  evidence  that   indemnification  or  advances  are  not
appropriate  shall be on the  Company.  Neither the failure of the  directors or
stockholders  of the  Company or its  independent  legal  counsel to have made a
determination  prior to the commencement of such action that  indemnification or
advances  are proper in the  circumstances  because the  Indemnitee  has met the
applicable standard of conduct, if any, nor an actual

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determination  by the directors or  shareholders  of the Company or  independent
legal  counsel  that  the  Indemnitee  has not met the  applicable  standard  of
conduct,  shall be a  defense  to the  action or  create a  presumption  for the
purpose of an action that the Indemnitee has not been the applicable standard of
conduct.

                  (c) The Indemnitee's  Expenses incurred in connection with any
Proceeding  concerning  his/her right to indemnification or advances in whole or
part  pursuant  to this  Agreement  shall  also be  indemnified  by the  Company
regardless of the outcome of such Proceeding.

                  (d) With respect to any Proceeding  for which  indemnification
is  requested,  the Company will be entitled to  participate  therein at its own
expense and, except as otherwise provided below, to the extent that it may wish,
the Company may assume the defense  thereof,  with counsel  satisfactory  to the
Indemnitee.  After notice from the Company to the  Indemnitee of its election to
assume  the  defense  of a  Proceeding,  the  Company  will not be liable to the
Indemnitee  for  any  Expenses   subsequently  incurred  by  the  Indemnitee  in
connection with the defense  thereof,  other than as provided below. The Company
shall not settle any  Proceeding in any manner which would impose any penalty or
limitation on the  Indemnitee  without the  Indemnitee's  written  consent.  The
Indemnitee  shall have the right to employee  his/her counsel in any Proceeding,
but the fees and expenses of such counsel incurred after notice from the Company
of its  assumption of the defense of the  Proceeding  shall be at the expense of
the Indemnitee,  unless (i) the employment of counsel by the Indemnitee has been
authorized by the Company,  (ii) the Indemnitee shall have reasonably  concluded
that there may be a conflict of interest  between the Company and the Indemnitee
in the conduct of the defense of a  Proceeding,  in each of which cases the fees
and expenses of the Indemnitee's  counsel shall be advances by the Company.  The
Company shall not be entitled to assume the defense of any Proceeding brought by
or on behalf of the Company or as to which the  Indemnitee  has  concluded  that
there may be a conflict of interest between the Company and the Indemnitee.

         10.  Limitations  on  Indemnification.  No  payments  pursuant  to this
Agreement shall be made by the Company: (a) To indemnify or advance funds to the
Indemnitee expenses with respect to Proceeding  initiated or brought voluntarily
by the Indemnitee and not by way of defense, except

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with  respect  to  Proceedings  brought  to  establish  or  enforce  a right  to
indemnification under this Agreement or any other statute or law or otherwise as
required under applicable corporate law, but such indemnification or advancement
of expenses  may be  provided  by the Company in specific  cases if the Board of
Directors finds it to be appropriate;

                  (b) To indemnify the  Indemnitee  for any Expenses,  judgment,
fines,  penalties or ERISA excise taxes  sustained in any  Proceeding  for which
payment  is  actually  made to the  Indemnitee  under a  valid  and  collectible
insurance  policy,  except in respect of any excess beyond the amount of payment
under such insurance;

                  (c) To indemnify the  Indemnitee  for any Expenses,  judgment,
fines, and/or penalties sustained in any Proceeding for an accounting of profits
made from the purchase or sale by the  Indemnitee  of  securities of the Company
pursuant to the  provisions of Section 16(b) of the  Securities  Exchange Act of
1934, the rules and regulations promulgated thereunder and amendments thereto or
similar provisions of any federal, state or local statutory law; and

                  (d) If a court of competent  jurisdiction  finally  determines
that any indemnification hereunder is unlawful.

         11. Maintenance of Liability Insurance.

                  (a) The Company  hereby  covenants and agrees that, as long as
the  Indemnitee  continues to serve as a director  and/or officer of the Company
and  thereafter  as  long  as the  Indemnitee  may be  subject  to any  possible
Proceeding,  the Company,  subject to subsection  (c), shall promptly obtain and
maintain in full force and effect directors' and officers'  liability  insurance
("D&O Insurance") in reasonable amounts from established and reputable insurers.
                  (b) In all D&O insurance  policies,  the  Indemnitee  shall be
named as an  insured  in such a manner as to  provide  the  Indemnitee  the same
rights  and  benefits  as are  accorded  to the most  favorably  insured  of the
Company's directors and/or officers.
                  (c) Notwithstanding  the foregoing,  the Company shall have no
obligation to obtain or maintain D&O Insurance if the Company determines, in its
sole discretion,  that such insurance is not reasonably  available,  the premium
costs for such  insurance  is so  limited  by  exclusions  that it  provides  an
insufficient  benefit,  or  the  Indemnitee  is  covered  by  similar  insurance
maintained by a subsidiary of the Company.

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         12.  Indemnification   Hereunder  Not  Exclusive.  The  indemnification
provided by this Agreement shall not be deemed  exclusive of any other rights to
which the  Indemnitee  may be  entitled  under the  Articles  of  Incorporation,
Bylaws,  any  agreement,   vote  of  shareholders  or  disinterested  directors,
provision  of  applicable  corporate  law,  or  otherwise,  both as to action in
his/her official  capacity and as to action in another capacity on behalf of the
Company while holding such office.

         13.  Successors and Assigns.  This Agreement shall be binding upon, and
shall  inure to the benefit of the  Indemnitee  and  his/her  heirs,  executors,
administrators  and  assigns,  whether  or not  Indemnitee  has  ceased  to be a
director or officer, and the Company and its successors and assigns.

         14.  Severability.   Each  and  every  paragraph,  sentence,  term  and
provision  hereof is separate and distinct so that if any  paragraph,  sentence,
term or provision  hereof shall be held to be invalid or  unenforceable  for any
reason,  such  invalidity or  unenforceability  shall not affect the validity or
enforceability  of any other paragraph,  sentence,  term or provision hereof. To
the  extent  required,  any  paragraph,  sentence,  term  or  provision  of this
Agreement shall be modified by a court of competent jurisdiction to preserve its
validity   and  to  provide   the   Indemnitee   with  the   broadest   possible
indemnification permitted under applicable corporate law.

         15. Savings Clause. If this Agreement or any paragraph,  sentence, term
or  provision  hereof is  invalidated  on any  ground by any court of  competent
jurisdiction,  the Company shall nevertheless indemnify the Indemnitee as to any
Expenses,  judgments,  fines,  penalties  for ERISA excise taxes  incurred  with
respect  to any  Proceeding  to the  full  extent  permitted  by any  applicable
paragraph,  sentence,  term or  provision  of this  Agreement  that has not been
invalidated or by any other applicable provision of applicable corporate law.

         16. Interpretation; Governing Law. This Agreement shall be construed as
a whole and in accordance  with its fair meaning.  Headings are for  convenience
only and  shall  not be used in  construing  meaning.  This  Agreement  shall be
governed and interpreted in accordance with the laws of the State of Delaware.

         17.  Amendments.  No amendment,  waiver,  modification,  termination or
cancellation of this

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Agreement shall be effective  unless in writing signed by the party against whom
enforcement is sought.  The  indemnification  rights  afforded to the Indemnitee
hereby are contract  rights and may not be  diminished,  eliminated or otherwise
affected by amendments  to the Articles of  Incorporation,  Bylaws,  or by other
agreements, including D&O Insurance policies.

         18.  Counterparts.  This  Agreement  may be  executed  in  one or  more
counterparts,  all of which shall be considered  one and the same  agreement and
shall become  effective when one or more  counterparts  have been signed by each
party and delivered to the other.

         19. Notices. Any notice required to be given under this Agreement shall
be directed:

         TO:      Cavalcade of Sports Media, Inc.
                  12868 Via Latina, 17th Floor
                  Del Mar, California 92014

With a copy to:
                           Andrea Cataneo, Esq.
                           81 Meadowbrook Road
                           Randolph, NJ 07869

         TO:      Edwin Rue
                  4 Crawford Street, Suite 8
                  Cambridge, MA 01239l

                  or to such other address as either shall designate in writing.

         IN WITNESS WHEREOF,  the parties have executed this Indemnity Agreement
as of the date first written above.

                                INDEMNITEE:

                                 /s/ Edwin Rue
                                 ----------------------------------
                                 Edwin Rue

      By: /s/ Ed Litwak
          ---------------------------------------
          President

                                        8LICENSE AGREEMENT

         AGREEMENT, dated as of March 15, 1997, by and among JENNICOR, LLC, a
New York limited liability company with its principal office located at 1230
Baptist Church Road, Yorktown Heights, New York 10598 ("Jennicor"), and Gemma
Global, Inc., a Nevada corporation with its principal office at 12868 Via
Latina, Del Mar, California 92014 (the "Licensee").

                                    PREAMBLE

         By an Agreement dated December 6, 1995, Jennicor became the holder of,
and holds the exclusive right to use the name and likeness of Ms. Jennifer
Puddefoot Gucci (The "Jennifer Gucci Name") and the name and likeness of Gemma
Gucci (The "Gemma Gucci Name") in connection with the manufacture, marketing,
sale and distribution of certain goods.

         Licensee Desires to Obtain from Jennicor the Right to Use the Jennifer
Gucci Name and Certain Trademarks in Connection with the Manufacture, Sale and
Distribution of Certain Goods in the U.S. And Canada, and Jennicor desires to
grant such right upon the terms and conditions set forth herein. Therefore, the
parties agree as follows:

1. License and Grant.

         (a) Jennicor and the Licensee agree to develop one or more trademarks
to designate the goods sold under the Jennifer Gucci Name, which marks are to be
owned by Jennicor (the 'Jennicor Marks").

         (b) Jennicor hereby grants to the Licensee, upon the terms and subject
to the conditions of -this Agreement, the exclusive right to use the Jennifer
Gucci Name and the Jennicor Marks upon, and in connection with, the manufacture
of ladies' shoes (collectively, the "Products") in the United States, its
territories and possessions, and (collectively, the "Territory"), and the
marketing, sale and distribution of the Products under such name and marks (i)
for resale to mass market, middle tier stores and specialty stores, department
stores in the Territory; and (ii) directly to consumers through direct response
television programming and other electronic media, including but not limited to
the Internet.

         (c) The Licensee shall manufacture and sell under the Jennifer Gucci
Name and the Jennicor Marks using only those designs selected or approved by
Jennicor. The Licensee shall not manufacture or sell products conforming to such
designs except under the Jennifer Gucci Name and the Jennicor Marks in
accordance herewith, nor shall the Licensee manufacture or sell such products
outside the Territory or use the Jennifer Gucci Name or the Jennicor Marks in
any manner outside the Territory.

         (d) Jennicor shall remain free, but shall not be required, to grant to
other parties the right to use the Jennifer Gucci Name and the Jennicor Marks:
(i) for any purpose within or outside the Territory other than the manufacture
and sale of the Products; and (ii) upon and in connection with the manufacture
and sale of the Products outside of the Territory.

<PAGE>

2. Designs

         (a) The Licensee and Jennicor shall work together in developing
products for sale by the Licensee in the Territory; provided, however, that the
final decision shall be made by Jennicor in all cases.

         (b) All rights in designs developed by the Licensee for use in
conjunction with the Jennifer Gucci Name and the Jennicor Marks and approved by
Jennicor shall belong exclusively to Jennicor. The Licensee hereby assigns all
such rights to Jennicor until termination.

         (c) The Licensee shall submit to Jennicor all proposed Product designs,
sketches, color schemes, materials and the like for approval before any new
Product is launched.

         (d) Before selling, marketing or distributing any new Product, the
Licensee shall deliver to Jennicor for its inspection and approval, free of
charge, two samples of each model or style of each new Product and tow fair
samples of each type of label, ticket, packaging, advertising and promotional
material, of the purpose of quality control and approval by Jennicor.

         (e) Jennicor shall not unreasonably disapprove of any samples. If
Jennicor does disapprove of any sample, the Licensee shall not manufacture,
advertise, promote, distribute or sell any disapproved Product until the
Licensee makes such modification in the manufacturing process, methods of
manufacture and materials and components used, as Jennicor shall reasonably
request.

3. Product Identification.

         (a) The Licensee will use the Jennifer Gucci Name and the Jennicor
Marks only in such manner a Jennicor may from time to time require or
specifically approve, and only in conjunction with such legend, used in such
manner, as Jennicor may require or specifically approve. All such approvals must
be in writing and may be withheld by Jennicor in its discretion.

         (b) The Products and their packaging shall not bear any legend or any
trademark, trade name, corporate or other name or designation of any kind other
than the one required by Jennicor pursuant to Section 3 (a), except with the
prior written approval of Jennicor.

         (c) The Licensee shall use only such labels, packages, stickers,
catalogs, photographs and other materials as shall haven been approved, prior to
such use, by Jennicor.

         (d) The Licensee shall have the right to use the Jennifer Gucci Name
and the Jennicor Marks solely for the sale of the Products in the markets
described in Section 1(b) and for no other purpose. The Products shall be of
high quality and designed, manufactured, promoted, advertised, marketed and sold
in accordance with such high standards. The Licensee shall not use the trade or
company name of Jennicor, LLC, except as specifically permitted pursuant hereto.

         (e) The Licensee shall use the Jennifer Gucci Name and the

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Jennicor Marks only in connection with the Products produced from designs
furnished by Jennicor or selected to approved by Jennicor. No articles made, in
whole or in part, in accordance with any unique design aspect furnished by
Jennicor or which the parties otherwise agree is unique to the Products shall be
sold or distributed by the Licensee under any name, label, trademark,
designation, or symbol other than Jennifer Gucci Name or the Jennicor Marks.

         (f) All uses of the Jennifer Gucci Name in advertising, or promotional
material shall be accompanied by a disclaimer, prominently, displayed,
unambiguously stating that Jennifer Gucci is not affiliated or associated with
Gucci America, Inc., Guccio Gucci SpA, Gucci shops, Inc., or " GUCCI" Products.

         (g) Any disclaimer described in Section 3(f) may be located on the
reverse side of a hang tang only if prominently displayed.

4. Manufacture and Quality Control.

         (a) The Licensee, and riot Jennicor, shall - be solely responsible for
the manufacture, production, marketing, sale and delivery of the Products.
Jennicor shall not be liable or otherwise responsible for any problems
encountered by the Licensee in manufacturing, producing, marketing or selling
the Products.

         (b) The Licensee shall manufacture the Products for sale under the
Jennifer Gucci Name and the Jennicor Marks in strict accordance with designs,
patterns, specifications, directions and high quality standards selected or
approved by Jennicor Marks and any products not so manufactured.

5. Marketing and Sales.

         (a) The Licensee, will have lines of shoes ready for commercial sale
under Jennifer Gucci Name and the Jennicor Marks on or before 6 months from
signing and will begin such commercial sale on or before such date.

         (b) The Licensee shall use its best efforts to sell, promote and
develop the sale of the Products under the Jennifer Gucci Name and the Jennicor
Marks throughout the Territory.

         (c) In order to assist in the promotion of the Products, Jennicor shall
arrange to have Jennifer Gucci make a reasonable number of personal appearances
from time to time at the request of the Licensee given in each case upon at
least thirty days' prior notice. The Licensee will reimburse Jennifer Gucci for
first class travel for two individuals, hotel and incidental expenses relating
to such appearances.

         (d) All advertising and promotional policies and other matters with
respect to the sale of the Products including, but not limited to, content and
layout of any advertisements or advertising campaigns, point of sale material
and sales promotion and exhibition material, shall require Jennicor's prior
written approval to the extent to which such policies and matters are under
control of the Licensee. The Licensee shall submit to Jennicor for its
inspection and approval, free of charge, specimens of all advertising, public
relations and promotional

                                     - 3 -

<PAGE>

material proposed to be used for the Products. The Licensee shall also furnish
to Jennicor, free of charge, specimens of all advertising, public relations and
promotional material relating to the Products promptly following their first use
or appearance.

         (e) The Licensee shall consult with Jennicor before distributing any
Products without charge. No such distribution shall take place without the prior
written approval of Jennicor. 6. Protection of the Jennifer Gucci Name and the
Jennicor Marks.

         (a) The Licensee shall do nothing that, in the reasonable opinion of
Jennicor, tends to discredit the Jennifer Gucci Name or the Jennicor Marks or to
bring then into disrepute, or that might diminish or affect adversely Jennicor's
reputation or goodwill or that of Jennifer Gucci in the Territory or elsewhere.

         (b) The Licensee shall take all reasonable steps to protect the
Jennicor Marks. To that end, the Licensee shall not question the validity of
the Jennicor Marks, shall not either during or after the term of this Agreement
do anything that may impair the rights of Jennicor in the Jennicor Marks, shall
give prompt notice in writing to Jennicor of any infringement or possible
infringement of the Jennicor Marks which may come to its attention: shall not at
any time claim any right, title or interest in or to the Jennicor Marks other
than the right to use the same under all. the terms and conditions hereof; shall
assign to Jennicor any right it may acquire through use or otherwise in or to
the Jennicor Marks; and, upon the expiration or termination of this Agreement
for any reason, shall cease to use and shall not thereafter use the Jennicor
marks or any designs approved hereunder for use in connection therewith, for
any purpose whatsoever other than to sell off the remaining stock of the
Products in accordance with Section 11 (f) below.

         (c) The Licensee shall give Jennicor prompt notice of any claim for
infringement made by third parties which may come to the Licensee's attention.

7. Confidentiality.

         Both during the term and after the termination of this Agreement, the
Licensee shall refrain from disclosing to any person, firm or corporation, any
non-public designs, patterns, specifications, know-how, technical knowledge,
business plans, or any other information pertaining to any aspect of Jennicor's
business, products and plans which may come to the Licensee's attention as a
result of the performance of the Agreement or otherwise, except for any
disclosure compelled by law, in which event the Licensee shall give notice to
Jennicor of the disclosure to be made. The Licensee shall make every reasonable
effort to prevent all of its employees who may receive or have access to such
confidential information from disclosing such information.

8. Records and Reports.

         (a) The Licensee shall keep and maintain complete and accurate books
and records relating to the manufacture and sale of Products

                                      -4-

<PAGE>

hereunder. The Licensee shall preserve and keep available all such books and
records for at lease three years after the year to which they relate.

         (b) The Licensee shall, within thirty days after the period commencing
on the date hereof and ending September 30, 1996, and within thirty days after
the end of each calendar quarter thereafter, render to Jennicor, in a form
reasonably acceptable to Jennicor, a written statement for each period, signed
by a duly authorized officer of the Licensee, setting forth separately for each
month during such period the numbers and types of Products manufactured and sold
hereunder, the net price at which each article was sold, the Net Sales during
such calendar quarter, and the Royalty due to Jennicor pursuant to Section 9
below.

         (c) Within thirty days after the end of each calendar year during the
term and any renewal hereof, the Licensee shall deliver to Jennicor a statement
in a form approved by Jennicor and certified by the Licensee's independent
public accounts, showing the quantity and total net price of Products sold by
the Licensee under the Jennifer Gucci - Name and the Jennicor Marks during the
year just ended, the amount of royalties payable to Jennicor for such year, the
total sales of goods sold hereunder during such year at a discount because of
defects or imperfections, and the Licensee's total revenues for such year from
all. sources.

         (d) Jennicor, by its duly appointed representatives, shall have the
right, during the term of this Agreement and for three years thereafter, at
reasonable intervals and upon reasonable notice to inspect the books and records
of the Licensee relating to the Licensee's business hereunder and to take
excerpts therefrom.

         (e) If, as a result of any examination of the Licensee's books and
records, it appears that the Licensee's royalty payments were less than the
amount which should have been paid, the Licensee shall promptly pay the amount
of discrepancy or shortage, which shall bear interest from the date such royalty
payments were sue at the rate of 1% per month, and if the amount of such
discrepancy or shortage shall be greater then 3% of the Royalty payable for the
period in question, the amount of discrepancy or shortage sha17L bear interest
at the rat of 1.5$ per month and the Licensee shall be subject to arbitration
pursuant to Section 22 hereof and if the Licensee prevails, it shall be entitled
to out-of-pocket costs.

9. Royalties.

         (a) The Licensee sha11L pay to Jennicor a royalty in an amount equal to
six% of Net Sales (as hereinafter defined) of all Products sold hereunder (the
"Royalty").

         (b) The term "Net Sales" shall mean the gross sales price for all
sales, shipments, or transfers of the Products manufactured and sold hereunder
by or for the Licensee or any affiliated or related company (exclusive of sales
tax and/or separately stated shipping, freight or transportation charges) less
actual customary trade discounts (except cash discount) and returns in the
normal course of trade. No other

                                     - 5 -

<PAGE>

deduction shall be made by the Licensee. Sales shall be deemed to have been made
when invoice by the Licensee or when the Products sold have been shipped to the
purchaser, whichever shall first occur. Sales or transfer to other than bona
fide market price paid by bona fide third party purchasers.

         (c) The Licensee shall pay to Jennicor a minimum royalty of $25,000
(the "Minimum Roya7Lty"), which will be payable as follows: $10,000 on October
1st 1997, $10,000 on November 1st and $5,000 on December 1st. The minimum
Royalty will be payable regardless of the actual level of sales and will not be
refundable to the Licensee.

         (d) The Licensee sha171 pay royalties to Jennicor within thirty days
after the end of each calendar quarter with respect to Net Sales during such
calendar quarter- All Royalty payments shall be in the full amount of such
Royalty or in the amount of the Minimum Royalty then due, whichever is greater,
and shall be made at the address of Jennicor indicted above or at such other
place as Jennicor may specify. amounts paid in excess of the Minimum Royalties
due in any calendar quarter will not be carried over to the next quarter as
a credit against Minimum Royalties. Nothing herein will limit the Licensee's
obligation to submit reports as set forth in Section 8 above.

         (e) Except as set forth in Section 8 (e) above, any payment to be made
by the Licensee pursuant to the Agreement which is not received by Jennicor by
the time such payment is due shall bear interest at the rate of 1.5$ per month
from and including the next business day after the due date to and including the
date on which such payment is received by Jennicor.

10. Term.

         (a) This Agreement will be effective on the date hereof and will
continue in effort for a term of three years, unless terminated earlier a
provided in Section 11 below.

         (b) Upon the request of either party made hereto not later than six
months prior to the expiration date, representatives of the parties hereto shall
meet with one another in order to discuss and evaluate in good faith a possible
renewal; provided however that nothing herein contained will be deemed to create
or imply a duty upon wither party hereto to renew this Agreement and that
neither party will be entitled to damages against the other for failure of such
other party to renew the Agreement.

11. Termination.

         (a) Either party may terminate this Agreement upon notice to the other
party with immediate effect in the event that the other party commits a material
breach of this Agreement and fails to cure such breach within sixty days after
receipt of notice thereof the non-breaching party.

(b) Jennicor may terminate this Agreement upon notice to the

                                     - 6 -

<PAGE>

Licensee with immediate effect if: (i) the Licensee fails to make any payment
due hereunder within ten days after it is due; (ii) the Licensee commits any
breach of this Agreement that is not capable of cure; (iii) the Licensee shall
not have lines of shoes under the Jennifer Gucci Name on or before November 30,
1997, if the Licensee shall not have begun such commercial sale on or before
such date; (iv) the Licensee becomes insolvent or a petition in bankruptcy or
reorganization is filed by or against it or any insolvency proceedings are
instituted by or against it any such petition or proceeding is not discharged
within thirty days after the filing or institution thereof, or if the Licensee
makes an assignment for the benefit of its creditors or an arrangement pursuant
to any bankruptcy law; or (v) the Licensee sublicenses or assigns this Agreement
or delegates or subcontracts its duties hereunder in whole or in part in any
manner not permitted under Section 14 hereof.

         (c) On the expiration of this Agreement or its termination for any
reason; (i) all rights granted hereunder to the Licensee shall immediately
terminate; (ii) the Licensee shall pay to Jennicor all Royalties with respect to
sales up to the date the expiration or the effective date of termination; (iii)
except as provided in Section 11 (f) below, the Licensee shall discontinue all
use of the Jennifer Gucci Name and the Jennicor Marks in any way in relation to
any goods or any business whatsoever.

         (d) The expiration of this Agreement or its termination for any reason
will not release the: Licensee from any liability which at the time of
expiration or termination shall already have accrued which may accrue in respect
of any act or omission prior to such expiration or termination.

         (e) Neither party shall be entitled, based on the expiration of this
Agreement or its termination for any reason, to any compensation, damages or
payment for goodwill, notwithstanding any applicable law to the contrary.

         (f) The Licensee sha11 be free to sell off its stock of the Products in
the Territory within 12 months after the expiration or termination hereof. The
Licensee shall pay Royalties and make reports to Jennicor with respect to all
sales made after the expiration or termination of this Agreement as if this
Agreement had not expired or been terminated.

12. Indemnification.

         (a) Licensee will indemnify and hold Jennicor and its owners,
affiliates, officers, directors, employees, agents and affiliates, harmless from
any liability, costs, expenses, or claims of infringement or other losses or
damages caused as a result of the following: (i) Licensee's use of the name
Jennifer Gucci or the Jennicor Marks; or (ii) Licensee's use of designs
permitted under this Agreement or otherwise; (iii) Licensee's failure to comply
in any respect with the Licensee's obligations under this Agreement, including
but not limited to its obligations under Section 3 above; (iv) Licensee's
failure to comply with any laws, rules or regulations; (v) Licensee's incurring
of any obligation binding upon Jennicor without the written approval of

                                      -7-

<PAGE>

Jennicor: or (vi) caused directly or indirectly by reason of the manufacture or
sale by the. Licensee of any Product which is not of merchantable quality, or is
defective in any respect or is or may be injurious to the health or safety of
any person for any reasonably foreseeable purpose, regardless of whether
Jennicor had inspected the non-merchantable or defective Product prior to its
sale Jennicor shall have the right to retain a law firm of Jennicor's selection
to defend Jennicor and/or the Licensee in any action or proceeding described in
this Section 12(b).

         (e) Each party will give the other notice of any claim which may
require indemnification hereunder promptly after such party learns of such
claim.

13. Assignment,

         (a) The Licensee will not have the right to grant any sublicenses of
the license granted hereunder, except such sublicenses as may be approved by
Jennicor in writing, which approval Jennicor may withhold in its discretion.

         (b) This Agreement is personal to the Licensee and may not be assigned
or the duties hereunder delegated or subcontracted in whole or in part without
the prior written consent of Jennicor, which consent Jennicor may withhold in
its discretion.

         (c) Notwithstanding for foregoing, the Licensee may assign this
Agreement to, or enter into a or sublicense with, a principal stockholder or
principal officer of the Licensee or an entity controlled by any of them or the
Licensee provided that such person or entity agrees in writing to be bound by
the terms and conditions of this Agreement; provided, however hat any such
assignment shall not relieve the Licensee of any liability hereunder. Any
assignment not in conformity with this Paragraph 13, whether voluntary or by
operation of law, shall be void and of no force or effect and upon any such
attempted assignment, Jennicor shall have the right to immediately terminate
this Agreement.

14. Miscellaneous.

         (a) All notices, requests, approvals, consents and other communications
required or permitted by this Agreement shall be in writing and shall be
delivered by hand, overnight mail, or registered or certified mail with return
receipt requested, to the parties at their respective addresses set forth above,
or such other address as the parties may from time designate in writing with
respect to their own address.

         (b) No delay or omission or failure to exercise any right or remedy
provided for herein shall be deemed to be a waiver thereof or acquiescence in
the event giving rise to such right or remedy, but every such right and remedy
may be exercised from time to time and so often as may be deemed expedient by
the party exercising such right or remedy.

         (c) The relationship :between Jennicor and the Licensee created by this
Agreement is that of a licensor and licensee. The Licensee shall

                                       -8-

<PAGE>

have no power or authority, .and shall not hold itself out as having such power
or authority, to make .any commitment or enter into any contract or agreement
obligating or purporting to obligate Jennicor.

         (d) The Licensee sha11 comply with all applicable laws, rules and
regulations in the performance of its obligations hereunder.

         (e) This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same document.

         (f) The invalidity or unenforceability of any provision of this
Agreement shall not effect the other provisions or parts hereof and this
Agreement shall be construed in all respects as if such invalid or unenforceable
provision or parts thereof were omitted.

         (g) This Agreement constitutes the entire understanding between the
parties relating to the; subject matter hereof and supersedes all prior oral or
written agreements with respect to the subject matter hereof. This Agreement may
not be changed or amended except by an agreement in writing, signed by the
parties hereto, in which specific reference is made to this Agreement.

         (h) This Agreement shall be governed by and construed in accordance
with the laws of the state of New York.

         (i) Any dispute arising under or in connection with this Agreement and
any claim relating to its validity, construction, effect, performance,
termination or breach that the parties cannot settle amicably shall be resolved
exclusively by arbitration before one neutral arbitrator (selected from a panel
of persons who are attorneys) in White Plains and administered by the American
Arbitration Association in accordance with its Commercial Arbitration Rules. The
parties hereby irrevocably consent to the non-exclusive jurisdiction of the
federal and state courts located in Westchester County, New York, in any action
(i) to compel arbitration, (ii) to enforce the award of the arbitrator or (iii)
prior to the appointment and confirmation of the arbitrator, for temporary,
interim or provisional equitable remedies, and hereby waive, to the full extent
permitted by law, defenses based on jurisdiction, venue and forum non
conveniens. The parties further consent to service of process in any such action
by registered mail, return receipt requested, or by any other means provided by
law.

IN WITNESS WHEREOF, the parties have signed this Agreement on the dates set
forth below, with effect as of the date first above written.

JENNICOR, LLC                                     GEMMA GLOBAL, INC.

/s/ Jennifer Puddefoot Gucci                      /s/ Edward E. Litwak
-----------------------------                     -----------------------------
Jennifer Puddefoot Gucci                          Ed Litwak
President

                                      -9-

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