Document:

ex1020to1012g07663_02072011.htm

Exhibit 10.20

 

[Letterhead of I.C. Issacs & Co., LP]

 

April 8, 2009

 

Latitude Licensing

22 Carpenter Plaza

Suite #217

Wilmington, DE 19810

 

Gentlemen;

 

This letter is to confirm that Latitude has waived the balance of royalty and advertising payments due Latitude from IC Isaacs for the calendar year 2008. This is in response to the economic and business conditions that existed in the US during this period.

 

There is no amount due or accrual required in conjunction with this waiver. All other existing terms and conditions of the licensing agreement remain in place at this time.

 

	
Latitude Licensing Corp.

	  	
I.C. Isaacs & Company, Inc.

	  	  	  
	  	  	  
	

/s/ Serge Massat

	  	

/s/ Robert S. Stec

	
Serge Massat

	  	
Robert S. Stec

CEO

	  	  	  
	

4/10/09

	  	

4/9/09

	
Date

	  	
Date

 

 

 

  

  

  

 

 

[Letterhead of I.C. Issacs & Co., LP]

 

May 7, 2009

 

Latitude Licensing

22 Carpenter Plaza

Suite #217

Wilmington, DE 19810

 

Gentlemen;

 

This latter is to confirm that Latitude has waived the balance of royalty and advertising payments due Latitude from IC Isaacs for the 1st quarter on the 2009 calendar year. This is in response to the economic and business conditions that existed in the US during this period.

 

There is no amount due or accrual required in conjunction with this waiver. All other existing terms and conditions of the licensing agreement remain in place at this time.

 

	
Latitude Licensing Corp.

	  	
I.C. Isaacs & Company, Inc.

	  	  	  
	  	  	  
	

/s/ Serge Massat

	  	

/s/ Robert S. Stec

	
Serge Massat

	  	
Robert S. Stec

CEO

	  	  	  
	

5/10/09

	  	

5/7/09

	
Date

	  	
Dateex1021to1012g07663_02072011.htm

Exhibit 10.21

 

AMENDMENT NO. 11 to TRADEMARK LICENSE AND TECHNICAL ASSISTANCE AGREEMENT FOR WOMEN’S COLLECTIONS

 

This amendment N 11, dated as of June 1st, 2009, is to Trademark License and Technical Assistance Agreement, dated March 4, 1998, by and between Latitude Licensing Corp. (“Licensor”) and IC ISAACS & Company L.P.(“Licensee”) and its further amendments up to Amendment N 10 dated October 24, 2007. Capitalized terms used herein have the meaning ascribed to them in the Agreement unless otherwise indicated.

 

Whereas, the Parities have started discussion in December 2008 in order to operate strategy changes in the Territory, specific activity commercial focus and financial restructuring to balance some monetary responsibilities between Licensor and Licensee, and to amend the Agreement so that it reflects the current conditions of the business developed by the Licensee in the Territory, and also corresponds to the strategy of both Parties.

 

The Parties herewith confirm that Licensee is exclusively running a Men’s collection activity, and that both Parties agree that the Agreement is suspended in all its terms from the date of the current Amendment.

 

The Parties shall meet regularly in order to review possibilities to reactivate the Agreement, nevertheless, Licensor has full right to enter in negotiation and agree with the company of its choice a License agreement for women collections for the Territory; Licensor shall inform Licensee in the case such agreement is signed with another company; licensee will not be entitled to claim any prejudice not indemnity should such agreement be signed by Licensor; The Agreement been then considered terminated by common agreement by the Parties;

 

Now, Therefore, for good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Parties agree to suspend the Agreement

 

1-  Effective date

 

This Amendment is effective as of the date first written above

 

IN WITNESS WHEREOF, the parties, by their duly authorized representatives, have executed this Amendment 11 as of the -dates indicated below.

 

	
LATITUDE LICENSING CORP.

	  	
I.C. ISAACS & COMPANY L.P.

	  	  	  
	
By:

	
/s/ Serge Massat

	  	
By:

	
/s/ Robert S. Stec

	  	  	  	  	  
	
Name:

	
S. Massat

	  	
Name:

	
R.S. Stec

	  	  	  	  	  
	
Title:

	
Secretary

	  	
Title:

	
CEO

	  	  	  	  	  
	
Date:

	
As of June 1st, 2009

	  	
Date:

	
June 28, 2009ex1022to1012g07663_02072011.htm

Exhibit 10.22

 

AMENDMENT NO. 12 to TRADEMARK LICENSE AND TECHNICAL ASSISTANCE-AGREEMENT FOR MEWS COLLECTIONS

 

This amendment N 12, dated as of June 1st, 2009, is to Trademark License and Technical Assistance Agreement, dated March 4, 1998, by and between Latitude Licensing Corp. (“Licensor”) and IC ISAACS & Company LP. (“Licensee”) and its further amendments up to Amendment N 11 dated October 24, 2007. Capitalized terms used herein have the meaning ascribed to them in the Agreement unless otherwise indicated.

 

Whereas, the Parties have started discussion in December 2008 in order to operate strategy changes in the Territory, specific activity commercial focus and financial restructuring to balance some monetary responsibilities between Licensor and Licensee, and to amend the Agreement so that it reflects the current conditions of the business developed by the Licensee in the Territory, and also corresponds to the strategy of both parties.

 

The Parties herewith confirm that no other agreements are executed or valid but only this Agreement end its further Amendments between them, and that Licensee is exclusively running a Men’s collection activity.

 

Now, Therefore, for good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Parties agree to amend the Agreement as follows:

 

1- Article 1. Grant.

 

Section 1.1 (a) is amended:

 

“to manufacture and/or cause to be manufactured anywhere in the world, and to import, promote, distribute and sell within the Territory with exclusivity all men’s tops and bottoms apparel products (excluding non apparel related accessories, underwear, hags, footwear and leather goods, cosmetics, perfumes) under the MARITHE + FRANCOIS GIRBAUD and BLUE LINE (including LAC AGE concept) marks, as created by Licensor or an affiliate thereof. Designs might be recommended by Licensee but must be approved by licensor under the terms of the present Agreement

 

It is agreed between the Parties that LE JEAN DE and LEG END labels are excluded from the Agreement; children’s segment, Active segment (ACT LIVE label) and SPQR labels are also excluded from the Agreement”

 

2- Article 6 Designs and Technical Assistance

 

Section 6.3 is amending by adding the following wording:

 

“The Licensee does not require the Licensor to Produce full samples lines each season; should Licensee express it desire to receive partial of full samples lines, it shall inform Licensor with a prior notice so that Licensor can produce such samples. Prices for such samples shall be agreed by both Parties when Licensee require such production of samples, and shall normally represent the equivalent of the price applied in the industry for samples manufacturing, i-e. cost price x 3.”

 

Section 6.3 following wording is deleted.

 

  

  

  

 

“In order to reimburse Licensor for its costs, and not as a purchase price or with any transfer of ownership, Licensee shall pay to Licensor an amount equal to two and one half (2.5) times the ordinary wholesale price for any samples so ordered, F.O.B., place of shipment, plus shipping costs and duties, of all samples furnished to licensee hereunder. Such amounts shall be paid within thirty (30) days of delivery.”

 

3- Article 3 Advertising and Promotion

 

Section 8.1 is amended as follows:

 

“Throughout the duration of this Agreement, Licensee shall spend upon advertising of the Products throughout the Territory an annual minimum of three percent (3%) of Net Sates per Calendar Year (“The Minimum Advertising Expense”).

 

Such Minimum Advertising Expense shall be calculated for 2010 on Net Sales without any threshold.

 

As from 2011, Minimum Advertising Expense for each Calendar Year shall represent the highest of either 80% of previous Calendar Year Net Sales ( including close out Sales) or 102.5% of the previous Calendar year Minimum Advertising Expense.

 

it is agreed by Parties that Minimum Royalties for 2011 will be calculated and paid on the basis of 80% of 2010 Net Sales ( including close out Sales).”

 

4- Effective date

 

This Amendment is effective as of the date first written above

 

5- Full force and effect

 

Except as expressly amended by this Amendment N12, the Agreement shall continue In full force and effect

 

IN WITNESS WHEREOF, the parties, by their duly authorized representatives, have executed this Amendment N12 as of the dates indicated below.

 

	
LATITUDE LICENSING CORP.

	  	
I.C. ISAACS & COMPANY L.P.

	  	  	  
	
By:

	
/s/ Serge Massat

	  	
By:

	
/s/ Robert S. Stec

	  	  	  	  	  
	
Name:

	
S. Massat

	  	
Name:

	
Robert S. Stec

	  	  	  	  	  
	
Title:

	
Secretary

	  	
Title:

	
CEO

	  	  	  	  	  
	
Date:

	
As of 6/1/09

	  	
Date:

	
6/1/09ex1023to1012g07663_02072011.htm

Exhibit 10.23

 

AMENDMENT NO 1. TO LOAN AGREEMENT

 

This Amendment No. 1 to that certain Loan Agreement (the “Amendment”) is dated as of this 3 day of July, 2009, by and among Textile Investment International SA., a company established and existing under the laws of the Grand-Duchy of Luxembourg, whose registered office is 41, avenue de la Dare — BP 2017 L-1020 Luxembourg (the “Lender”), and I.C. Isaacs & Company, Inc., a company incorporated under the laws of the State of Delaware, whose principal place of business is 475 106 Avenue, 9th Floor, New York, New York (the “Borrower”).

 

WHEREAS, the Lender and the Borrower are parties to a certain Loan Agreement dated as of August 15, 2008 (the “Loan Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Loan Agreement; and

 

WHEREAS, in connection with that certain stock purchase agreement to be entered into on July 3, 2009, between the Borrower and Freedom Brands Holdings, LLC, a Delaware limited liability company, the Borrower and Lender have agreed, subject to the terms and conditions of this Amendment, to amend the Loan Agreement;

 

NOW, THEREFORE, In consideration of the premises, mutual promises and covenants contained in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follow:

 

1.           Section 3. Section 3 of the Loan Agreement shall be amended by the addition of the following sentence immediately following the last sentence of such section:

 

“Notwithstanding anything contained in this Section 3 to the contrary, for the period commencing on July 3, 2009 and ending on the Maturity Date, the applicable interest rate applied to the Loan shall be five percent (5%) per annum.”

 

2.           Section 4. Pursuant to Section 4 of the Loan Agreement, the Lender and the Borrower hereby agree to postpone the Maturity Date to February 15, 2014. The shareholder of the Borrower has consented to this postponement of the Maturity Date. This postponement shall be effective as of February 15, 2009.

 

3.           Governing Law. This Amendment and the rights and obligations of the parties hereunder are to be governed and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles.

 

4.           Counterparts. This Amendment may be executed in counterparts, each of which when so executed and delivered shall be an original, but each such counterpart shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[Signature page follows]

 

  

  

  

 

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

 

	
I.C. Isaacs & Company, Inc.

	  
	  
	
By:

	

/s/ Robert S. Stec

	
Name:  Robert S. Stec

	
Title:  CEO

	  
	  
	  
	
Textile Investment International S.A.

	  
	  
	
By:

	/s/ René Faltz                Tom Felgen
	
Name: René Faltz and Tom Felgen

	
Title: Administrators

 

 

 

 

 [Lender and Borrower signature page to Amendment No, 1 to Textile Loan Agreement]

 

  

  

  

 

 

	
Consented to by:

	  
	
Shareholders of the Borrower:

	  
	  
	  
	
FREEDOM BRANDS HOLDINGS, LLC

	  
	

/s/ Ernest K. Jacquet

	
By: Ernest K. Jacquet

	
Title: President

	  
	  
	
JACQUET FAMILY FOUNDATION

	  
	

/s/ Ernest K. Jacquet

	
By: Ernest K. Jacquet

	
Title: Trustee

	  
	  
	

/s/ Ernest K. Jacquet

	
Ernest K. Jacquet, Individually

 

 

[Shareholder consent signature page to Amendment No. I to Textile Loan Agreement]

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