Document:

CONFIDENTIAL

 

 

 

________________________________

 

Trademark
License Agreement

 

between

 

Tommy
Bahama Group, Inc.

 

and

 

Boomer
Holdings Inc.

 

_______________________________

    	 

    	 

    

Index

 

		Section 1. 	Definitions 

		Section 2. 	Grant of License

		Section 3. 	Sale of Licensed Products

		Section 4. 	Approval of Licensed Products

		Section
                                         5.

                                                         
	Licensor’s Use of Licensed Product

		Section
                                         6.

                                                         
	Minimum Net Sales

		Section
                                         7. 
	Guaranteed Royalty & Earned Royalty

		Section 8. 	 Sales & Royalty Reports

		Section 9. 	National Advertising & Marketing Support

		Section
                               10.	Advertising,
                                         Marketing, Promotions & Packaging Approval

		Section
                               11.	Media
                                         Approval

		Section
                               12.	Tommy
                                         Bahama Marks

		Section
                               13.	Confidential
                                         & Proprietary Information

		Section
                               14.	Payments

		Section
                               15.	Notices
                                         & Other Communications

		Section
                               16.	Records
                                         & Inspection

		Section
                               17.	Manufacturing,
                                         Compliance & Code of Conduct

		Section
                               18.	Assignment,
                                         Changes of Control

		Section
                               19.	Termination

		Section
                               20.	Indemnity
                                         & Disclaimer

		Section
                               21.	Insurance
                                         & Loss

		Section
                               22.	Joint
                                         Venture

		Section
                               23.	Force
                                         Majeure

		Section
                               24.	Choice
                                         of Law & Forum

		Section
                               25.	Waiver

		Section
                               26.	Validity

		Section
                               27.	Entire
                                         Agreement 

		Section
                               28.	Reservation
                                         of Rights

		Section
                               29.	Exhibits

		Section
                               30.	Survival

		Section
                               31.	Intentionally
                                         Omitted 

		Section
                               32.	Interpretation

 

    	 

    	 

    

Exhibits

 

		A.	Authorized
                                         Licensed Trademarks

		B.	Authorized
                                         Licensed Products and Territory

		C.	Contract
                                         Term

		D.	Sales
                                         of Licensed Products to TB Retail Stores and TB E-Commerce

		E.	Minimum
                                         Net Sales

		F.	Guaranteed
                                         Royalty

		G.	Earned
                                         Royalty

		H.	Advertising
                                         & Marketing

		I.	Approved
                                         Additional Licensors, Brands and Logos of Licensee

		J.	Approved
                                         Retailers of Licensee

		K.	Quarterly
                                         Statements

		L.	Statement
                                         of Estimated Monthly Net Sales

		M.	Advertising
                                         Policy

		N.	Tommy
                                         Bahama Quality Control and Brand Compliance Standards

		O.	Notice
                                         to Third Parties

		P.	Supplier
                                         Agreement and Certification

		Q.	Intentionally
                                         Omitted

		R.	Licensee
                                         Targeted Events

 

 

    	 

    	 

    

Trademark
License Agreement

 

This
Trademark License Agreement (“Agreement”) made and entered into this _____ day of ____________, 2019 (“Effective
Date”), by and between Tommy Bahama Group, Inc., with offices at 4 Bryant Park, 11th Floor, New York, New York
10018 (“Licensor”), and Boomer Holdings Inc., a Nevada corporation registered under the Securities Act of 1934 with
the United States Securities and Exchange Commission with its principal place of business at 8670 West Cheyenne Avenue, Las Vegas,
NV 89129 (“Licensee”).

 

RECITALS

 

A.       Licensor
is the owner of the well-known TOMMY BAHAMA® trademark and related intellectual property rights. It has the
exclusive right to grant to any third party the right to use the TOMMY BAHAMA trademark and related intellectual property rights
in various countries.

 

B.
       Licensee is an innovative health and wellness company and owner of a proprietary formulation
they have designated as CB5.

 

C.       Licensee
desires to obtain the right to use the trademark TOMMY BAHAMA, and other trademarks and service marks attached to this Agreement
as “Exhibit A” and rights pertaining to each of them (the “TOMMY BAHAMA Marks”), within the Territory
(as defined in “Exhibit B”) in connection with the manufacture, sale, distribution, advertisement and promotion of
high-quality products.

 

D.
       Licensor is willing to grant such a license to Licensee, upon the terms and conditions
set forth in this Agreement.

 

In
consideration of the mutual promises and conditions contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

		1.	Definitions

 

		1.1.	“Affiliate”
                                         shall mean, for any party, any officer or director or any other corporation, partnership,
                                         joint venture, entity or person that directly, or indirectly through one or more intermediaries,
                                         controls, is controlled by, or is under common control with, the party specified. For
                                         purposes of this definition, “control”, when used with respect to any party,
                                         shall mean the power to direct or cause the direction of the management and policies
                                         of such party, directly or indirectly, whether through ownership of voting securities,
                                         by contract or otherwise. 

 

		1.2.	“Approved
                                         Channels of Distribution” shall have the meaning ascribed to such term in Section
                                         3.1.

 

		1.3.	“Code
                                         of Conduct” shall mean Licensor’s stated policy governing issues related
                                         to employment, working conditions, the environment and human dignity and other issues.
                                         The Code of Conduct is attached hereto as “Addendum 1 to Exhibit P” and by
                                         this reference incorporated herein. 

 

		1.4.	“Competing
                                         Event” shall mean any event by which: (i) Licensee or any Affiliate of Licensee
                                         shall become the licensee or affiliate of any direct lifestyle competitor of Licensor
                                         or any Affiliate of Licensor, including without limitation and solely for purposes
of example, the following companies or brands: (a) Maui Jim; (b) Caribbean Joe; (c) Cubavera; (d) Reyn Spooner; (e) Tori Richard;
(f) Jimmy Buffet; or (g) Margaritaville; or (ii) Licensee shall become a competitor as to the “island lifestyle” genre
of Licensed Products, whether by acquisition, internal development or otherwise. Licensee agrees that if there is a dispute over
whether an event is a Competing Event, the dispute will be resolved subject to Licensor’s decision in Licensor’s sole
discretion.

    	 

    	 

    

 

		1.5.	“Confidential
                                         Information” shall mean secret or proprietary information of, or data maintained
                                         as confidential by, Licensor. It shall include, without limitation, the terms and conditions
                                         of this Agreement, Licensor Designs, Design Rights, information concerning products,
                                         techniques, developments, product plans, equipment, inventions, patent applications,
                                         ideas, designs, processes, methods, research, sales, licensing, customers, operations
                                         and work product of Licensor or its Affiliates. Nothing shall be considered Confidential
                                         Information which (i) Licensee learns from other sources which have a right to disclose
                                         that information free from confidentiality restrictions; (ii) is available to the public
                                         or readily discernible from information available to the public; (iii) enters the public
                                         domain other than through the actions or inactions of Licensee; or (iv) is independently
                                         developed by Licensee without reference to, or reliance on, the Confidential Information.
                                         

 

		1.6.	“Contract
                                         Quarter” shall mean (i) with respect to the first Contract Quarter, the period
                                         commencing on the Effective Date and continuing until January 31, 2020, (ii) with respect
                                         to any Contract Quarter after the first Contract Quarter, any three (3) successive month
                                         period commencing on the day immediately following the last day of the preceding Contract
                                         Quarter and continuing until the earliest of the next succeeding January 31, April 30,
                                         July 31, or October 31, and (iii) with respect to the last Contract Quarter, the period
                                         ending on the earlier of the Expiration Date or the Termination Date and commencing on
                                         the day immediately following the last day of the preceding Contract Quarter.

 

		1.7.	“Contract
                                         Term” shall mean the term of this Agreement, as set forth on “Exhibit C,”
                                         unless sooner terminated under this Agreement. Any renewal or extension that may be granted
                                         in the future, in Licensor’s sole discretion, is deemed included in the Contract
                                         Term. 

 

		1.8.	“Contract
                                         Year” shall mean a period of twelve (12) successive months commencing on any first
                                         day of February during the Contract Term, except that the first Contract Year shall commence
                                         on the Effective Date and shall continue until January 31, 2020. 

 

		1.9.	“Design
                                         Documentation” shall mean color strike-offs, photographs or drawings of sample
                                         Licensed Products, together with line plans, all other artwork, specifications, sketches,
                                         renderings, samples, marketing and pricing information, cost analyses and similar materials
                                         relating to the proposed Licensed Products.

 

		1.10.	“Design
                                         Rights” shall mean any and all patent, design patent, trademark, trade dress, copyright
                                         and other proprietary rights in and to all Licensee-developed pictorial, graphic,
                                         visual, textual, logotype, verbal or audio elements or material, including (but not limited
                                         to) all artwork, sketches, patterns, designs, formulas, prints, prototypes, specifications,
                                         spec sheets, molds and tooling, incorporated in or related to any Licensed Product or
                                         to any related advertising or promotional material; packaging and packaging designs (including
                                         with respect to containers), contours, and shapes; labels
and hangtags, or any component of any such elements and material. Design Rights do not include (a) Licensee-owned trademarks,
trade names, service marks or logos existing as of the Effective Date and used in connection with Licensed Products in a manner
permitted under the terms of this Agreement or (b) Licensee-developed product formulas (any such rights pursuant to clause (a)
or (b), the “Licensee Rights”).

    	 

    	 

    

 

		1.11.	“Earned
                                         Royalty” shall mean, for each Contract Year, the royalty amount payable to Licensor
                                         calculated as the relevant percentage of Net Sales specified in “Exhibit G.”
                                         

 

		1.12.	“Expiration
                                         Date” shall mean the date upon which the Agreement ends because of the end of the
                                         Contract Term.

 

		1.13.	“Guaranteed
                                         Royalty” shall mean, for each Contract Year, the minimum royalty payment to be
                                         made to Licensor by Licensee, as specified in “Exhibit
                                         F,” regardless of actual Net Sales, paid as a non-refundable advance
                                         towards the amount due as an Earned Royalty for Licensed Products.

 

		1.14.	“Licensed
                                         Product” shall mean any Product, as specified in “Exhibit B,” for which
                                         rights are granted to Licensee under this Agreement, and which bears or displays any
                                         of the TOMMY BAHAMA Marks or incorporates Licensor Designs or Design Rights. 

 

		1.15.	“Licensor
                                         Designs” shall mean styles, designs, patterns, color combinations, packaging and
                                         packaging designs, design and marketing directions and seasonal concepts supplied by
                                         Licensor.

 

		1.16.	“Marketing
                                         Support” shall mean costs of showroom displays, tradeshows and all other branded
                                         marketing and promotional materials, including advertisements, brochures, catalogs and
                                         similar marketing materials, created and developed by or on behalf of Licensee to be
                                         used to promote the distribution and sale of Licensed Products to the trade. By way of
                                         example, subject to the other terms and conditions of this Agreement, Marketing Support
                                         and/or National Advertising and out-of-pocket third party expenditures relating thereto
                                         may include the following: samples, concept boards, literature, swatch cards, and showroom
                                         vignettes; website development; blogs; search engine optimizations; website advertising;
                                         email marketing strategizing; social media; and/or analytics reporting.

 

		1.17.	“Minimum
                                         Net Sales” shall mean, for any Contract Year, the minimum Net Sales Licensee must
                                         generate, as set forth on “Exhibit E.”
                                         

 

		1.18.	“National
                                         Advertising” shall mean advertisements, brochures, catalogs and similar marketing
                                         materials designed or intended to promote the sale of Licensed Products, including point-of-purchase
                                         displays for use by retailers and marketing and promotional pieces provided to retailers
                                         for use in sales promotions to consumers, that Licensee will have (a) published and distributed
                                         to consumers; (b) included in publications intended for consumers; or (c) broadcast through
                                         television, the Internet, radio or other media. National Advertising does not include
                                         cooperative advertising or charitable donations, nor does it include expenditures that
                                         are related to cost of sales (meaning necessary or incidental expenses).

 

		1.19.	“Net
                                         Sales” shall mean the invoiced billing price of all Licensed Products sold/and
                                         or shipped by Licensee to its customers, excluding only federal and state taxes, freights,
                                         returns, and trade discounts evidenced by credit memoranda and normal sales allowances
all of which shall not exceed fifteen percent (15%) of annual gross sales of Licensed Products. No deductions shall be made for
early payments and bad debt, advertising allowances or special promotions of any kind or for costs incurred in manufacture, sales,
advertising or promotion.

    	 

    	 

    

 

		1.20.	“Prime
                                         Rate” shall mean the prime rate of interest announced from time to time by SunTrust
                                         Bank, Atlanta, Georgia or any successor institution for the applicable period.

 

		1.21.	“Quarterly
                                         Statement” shall mean a combination sales and royalty statement issued by Licensee
                                         to Licensor with respect to each Contract Quarter during the Contract Term. If the initial
                                         or last Quarterly Statement shall be for a period less than three (3) successive months,
                                         it shall be issued with respect to that shorter period.

 

		1.22.	A
                                         “Sale” shall occur upon the earlier of when Licensed Products are invoiced
                                         or shipped by Licensee to its customers.

 

		1.23.	“Sell-Off
                                         Period” shall mean the first ninety (90) days following the Expiration Date or
                                         Termination Date, as the case may be, subject to the conditions set forth in this Agreement.

 

		1.24.	“TB
                                         E-Commerce” shall have the meaning attributed to such term in Section
                                         2.6.

 

		1.25.	“TB
                                         Stores” shall have the meaning attributed to such term in Section
                                         2.6.

 

		1.26.	“Termination
                                         Date” shall mean the date upon which the Agreement ends due to any cause other
                                         than expiration of the Contract Term.

 

		2.	Grant
                                         of License

 

		2.1.	Licensor
                                         hereby grants to Licensee a nontransferable, non-assignable, non-divisible, and exclusive
                                         (as limited by the other provisions of this Agreement, including “Exhibit
                                         B”) license, without the right to grant sublicenses, to use the TOMMY
                                         BAHAMA Marks, solely in the Territory and solely on or in connection with the manufacture,
                                         advertising, promotion, sale, offering for sale, and distribution of Licensed Products
                                         and related promotional and packaging material during the Contract Term of this Agreement
                                         or until this Agreement is sooner terminated as hereinafter set forth. Notwithstanding
                                         the previous sentence, the license shall be non-exclusive for the last six months of
                                         the Contract Term. 

 

		2.2.	This
                                         grant of license shall be exclusive as to third parties, except as otherwise provided
                                         in this Agreement, during the Contract Term and in the Territory; however, nothing contained
                                         in this Agreement shall prevent Licensor or any Affiliate of Licensor from exercising
                                         any rights similar to those granted to Licensee either directly or through other Affiliates
                                         of Licensor, at any time, in the Territory or elsewhere. Licensor agrees that it shall
                                         not utilize any information furnished by Licensee pursuant to this Agreement to engage
                                         any of Licensee’s manufacturers or research and development partners for the purposes
                                         of producing or developing products substantially similar to the Licensed Products manufactured
                                         and sold by Licensee (i.e., containing any of Licensee’s proprietary formulations).
                                         

 

		2.3.	All
                                         Licensed Products shall bear at least one of the TOMMY BAHAMA Marks and no Licensed Products
                                         shall be sold or otherwise distributed under any marks other than the
TOMMY BAHAMA Marks. Licensor reserves all rights to the TOMMY BAHAMA Marks except as specifically granted herein to Licensee,
and Licensor may exercise such rights at any time.

    	 

    	 

    

 

		2.4.	Licensee
                                         shall use its best efforts to maximize the economic benefits intended to be realized
                                         by Licensor pursuant to this Agreement while maintaining the high standard, quality,
                                         image and prestige represented by the TOMMY BAHAMA Marks and consistent with the channels
                                         of distribution specified in “Exhibit J” (as may be supplemented pursuant
                                         to an Authorized Retailer Request Form from
                                         time to time).

 

		2.5.	Licensee
                                         agrees that Licensee shall present the Licensed Products throughout the Territory to
                                         the trade in the number of categories, styles or lines reasonably anticipated under this
                                         Agreement.

 

		2.6.	The
                                         parties acknowledge that it may be in their mutual best interest to maintain inventory
                                         and periodically refresh attractive displays of Licensed Products at the TOMMY BAHAMA-branded
                                         retail locations maintained by or on behalf of Licensor or an Affiliate of Licensor,
                                         both within and outside of the Territory as the same may exist from time to time (“TB
                                         Stores”), and to facilitate display of Licensed Products on the TOMMY BAHAMA-branded
                                         e-Commerce website business(es) maintained by or on behalf of Licensor and/or an Affiliate
                                         of Licensor, both within and outside of the Territory (“TB E-Commerce”).
                                         The terms and conditions for sales of Licensed Products to TB Stores and TB E-Commerce
                                         are set forth on “Exhibit D.” Licensee agrees that Licensed Products will
                                         be made available throughout the Contract Term for purchase by TB Stores and TB E-Commerce,
                                         whether or not within the Territory, in accordance with Licensee’s standard dealer
                                         terms and conditions, the terms of which shall not be inconsistent with this Agreement
                                         (including those terms of sale set forth on “Exhibit D”); provided, that,
                                         nothing contained herein shall represent a commitment or obligation by Licensor to purchase
                                         any Licensed Products from Licensee. 

 

		2.7.	Licensee
                                         acknowledges that due to the nature of the marketplace, the definition of Licensed Products
                                         may change or may not be amenable to precise delineation. Licensee agrees that if there
                                         is a dispute over the definition of Licensed Products, the dispute will be resolved by
                                         Licensor in Licensor’s sole discretion.

 

		2.8.	During
                                         the Contract Term, neither Licensee nor any Affiliate of Licensee may engage in any Competing
                                         Event without the prior written approval of Licensor. Attached to this Agreement as “Exhibit
                                         I” is a list of licensors, brands and logos, of Licensee or its Affiliates; each
                                         of those licensors, brands and logos is deemed approved by Licensor regardless of any
                                         existing Competing Event. During the Contract Term, Licensee shall annually provide an
                                         update to “Exhibit I” at the commencement of each Contract Year and in all
                                         events shall provide notice, pursuant to the notice provisions in this Agreement, to
                                         Licensor of any proposed Competing Event. Licensor shall have fifteen (15) business days
                                         in which to approve or disapprove any such potential Competing Event. If Licensor shall
                                         not approve any proposed Competing Event in the aforesaid fifteen (15) business day period,
                                         it shall be deemed to have disapproved the proposed event. Licensor may require that
                                         Licensee provide Licensor with such additional documentation as shall be reasonably necessary
                                         to facilitate Licensor’s analysis of the proposed Competing Event. Without limitation
                                         of the foregoing, Licensor shall have the sole discretion to determine if it will approve
                                         or disapprove any proposed Competing Event. 

    	 

    	 

    

 

		2.9.	Licensee
                                         shall at all times employ one full-time National Sales/Brand Manager who shall be dedicated
                                         to the sale of Licensed Product. Said National Sales/Brand Manager must be approved by
                                         Licensor and have significant experience in selling products similar to the Licensed
                                         Products. Additionally, Licensee shall at all times employ at least one full-time Designer/Merchandiser
                                         (plus as many other designers and merchandisers as needed) who is dedicated to the design
                                         and merchandising of Licensed Product. Said Designer/Merchandiser must be approved by
                                         Licensor and have significant experience in designing and merchandising products similar
                                         to the Licensed Products. Licensor acknowledges that the aforementioned employees may
                                         have additional duties outside of the design and merchandising of Licensed Product until
                                         management of the relationship with Licensor requires full-time attention.

 

		2.10.	Licensor
                                         and its Affiliates may, but shall not be obligated to, supply Licensee with Licensor
                                         Designs. Licensee agrees that Licensor Designs shall be utilized by Licensee only in
                                         the production, advertisement, marketing, promotion, distribution and sale of Licensed
                                         Products. If Licensee shall retain or employ any subcontract manufacturer, each such
                                         manufacturer shall be provided with a written notice in the form set forth in “Exhibit
                                         O,” notifying that manufacturer that Licensor Designs may be used only in compliance
                                         with the requirements of this Agreement, and that any violation by the manufacturer of
                                         these restrictions shall be grounds for immediate termination of the manufacturer’s
                                         services for Licensee relating to Licensed Products, in addition to Licensor’s
                                         right to seek damages from each subcontract manufacturer for the use of Licensor Designs
                                         not in conformance with the terms of this Agreement. Licensee shall monitor the completion
                                         of and subcontract manufacturer’s signing of, and be accountable to Licensor for,
                                         the subcontract manufacturers’ notices; copies of each shall be supplied to Licensor
                                         within ten (10) days of its receipt by Licensee.

 

		3.	Sale
                                         of Licensed Products

 

		3.1.	Licensee
                                         agrees that Licensed Products shall be distributed for retail sale (direct to consumers)
                                         only through channels of distribution approved by Licensor and which are appropriate
                                         for the superior reputation, quality control standards and public image of the TOMMY
                                         BAHAMA Marks (“Approved Channels of Distribution”). Before
                                         any order from a prospective customer not set forth on “Exhibit
                                         J” or previously approved in accordance with this Section
                                         3.1 is accepted, Licensee shall submit an Authorized Retailer Request Form
                                         (set forth on “Addendum 1 to Exhibit J”),
                                         to notify Licensor of the identity of the customer (and all applicable retail doors of
                                         such customer to which Licensed Products are proposed to be sold) and provide sufficient
                                         information to enable Licensor to determine whether it is acceptable. Approval
                                         of any customer or retail account (or retail door of an approved retail account) may
                                         be withdrawn by Licensor, pursuant to the notice requirements set forth in this Agreement,
                                         at any time if Licensor determines, in its sole discretion, that advertising, marketing,
                                         promotion or sales to or by that customer or retail account (or door) shall have been,
                                         or shall have become, inconsistent with the reputation, quality control standards and/or
                                         public image of the TOMMY BAHAMA Marks.

 

		3.2.	Licensee
                                         agrees that under no circumstances shall Licensed Products be sold if they are or may
                                         be contaminated or adulterated, which are or may pose a health risk or which are not
                                         or may not be in compliance with applicable federal, state, international or local laws
                                         or regulations. All such Licensed Products shall be destroyed in accordance with applicable
                                         federal, state, international and local laws and regulations. 

    	 

    	 

    

 

		4.	Approval
                                         of Licensed Products

 

		4.1.	Licensee
                                         shall ensure that at all times the Licensed Products maintain the distinctiveness of
                                         the TOMMY BAHAMA Marks and the image and high quality of goods and merchandise bearing
                                         the TOMMY BAHAMA Marks that are being manufactured and sold by or on behalf of Licensor
                                         and its other licensees. Licensee agrees that with respect to all Licensed Products manufactured
                                         or sold by it, such Licensed Products will be of high quality workmanship, materials
                                         and ingredients consistent with maintaining the image of the TOMMY BAHAMA Marks and shall
                                         be at least equal in quality and materials as the design documentation and samples of
                                         Licensed Products submitted by Licensee and approved by Licensor pursuant to this Agreement.

 

		4.2.	Licensor
                                         shall have the right, in its sole discretion, to approve or disapprove in advance of
                                         sale all Licensed Products (including without limitation the design, quality, style,
                                         colors, appearance, material and workmanship of Licensed Products and related packaging),
                                         and to approve or disapprove in advance any brands, endorsements, trademarks, service
                                         marks, trade names, designs and logotypes (whether included in the TOMMY BAHAMA Marks
                                         or not) used in connection with Licensed Products. Licensee shall not show, distribute
                                         or sell any Licensed Product which has not been approved in advance by Licensor or which
                                         is, at any time, disapproved by Licensor in accordance with the terms of this Agreement.
                                         Licensor reserves the right to revoke approval of Licensed Products that were previously
                                         approved, however, Licensor agrees that it will not do so unless Licensor concludes,
                                         in its sole discretion, that such Licensed Products no longer reflect the taste, style,
                                         or quality associated with the TOMMY BAHAMA Marks. 

 

		4.3.	Before
                                         commercial production of any Licensed Product, Licensee shall submit for Licensor’s
                                         review and approval, (a) all concepts, all preliminary and proposed final artwork which
                                         are to appear on or in any Licensed Product; and (b) a list of the proposed technical
                                         specifications of (i) the packaging or container for the Licensed Product and (ii) details
                                         with respect to the Licensed Product, including without limitation, any labeling statements
                                         (e.g., the proposed ingredient list, nutritional declaration and product claims), ingredient
                                         sources, a nutritional analysis, quality and microbiological standards, packaging or
                                         container formats, and attributes of the Licensed Product (e.g., taste, color, shape,
                                         and texture) (collectively, “Product Technical Specifications”). If the preliminary
                                         concept for any Licensed Product is approved by Licensor, in its sole discretion, Licensee
                                         may proceed to the pre-production approval phase set forth in Section
                                         4.4 below. 

 

		4.4.	Licensee
                                         shall submit for Licensor’s review and approval a rendering of a pre-production
                                         sample of each Licensed Product. For the avoidance of doubt, each such rendering shall
                                         include a sensory sample of the Licensed Product made in conditions that simulate a full
                                         production run. Licensee shall further submit with each rendering, and before commercial
                                         production, the following materials: (a) final and completed Product Technical Specifications;
                                         and (b) analytical results and other appropriate evidence, including, as applicable to
                                         consumable Licensed Products, an independent nutritional analysis of the Licensed Product
                                         from a testing laboratory accredited under ISO/IEC 17025 ("Qualified Laboratory"),
                                         confirming that all statements on the ingredient list, the nutritional declaration and
                                         any nutrition-related claims (the “Descriptors”) and the Licensed Product
                                         comply with the final Product Technical Specifications
and applicable laws. If the Licensed Product and final Product Technical Specifications are approved by Licensor, Licensee may
proceed to the production phase set forth in Section 4.5 below.

    	 

    	 

    

 

		4.5.	Before
                                         selling a Licensed Product to any customer, Licensee agrees to furnish to Licensor, from
                                         the first production run of each supplier of each Licensed Product, five samples of each
                                         different style and design of each Licensed Product along with the packaging or container
                                         for such Licensed Product, all of which Licensee shall ensure conform to the approved
                                         concepts, pre-production sample, and final Product Technical Specifications. Licensor
                                         may approve or disapprove such production sample based on non-compliance of the production
                                         sample to the approved concepts, pre-production sample, or final Product Technical Specifications
                                         or unacceptable quality of the Licensed Product as manufactured, as determined by Licensor.
                                         Any Licensed Product not approved by Licensor in writing shall be deemed disapproved
                                         and shall not be manufactured or sold and, unless otherwise agreed to by Licensor in
                                         writing, shall be destroyed. In the event there is any change to the recipe or method
                                         of manufacture that affects the Licensed Product, including any change necessitated by
                                         applicable laws, then such change must be agreed to by Licensor in writing, the final
                                         Product Technical Specifications must be amended accordingly, and analytical results
                                         and other appropriate evidence (including, as applicable to consumables, an independent
                                         nutritional analysis of the Licensed Product from a Qualified Laboratory) confirming
                                         compliance with the amended final Product Technical Specifications must be resubmitted
                                         to Licensor. No test runs, seconds or irregulars may be sold without Licensor’s
                                         prior written approval and, unless approved for sale by Licensor, Licensee must destroy
                                         all such test runs, seconds or irregulars.

 

		4.6.	Licensor
                                         agrees that it will use commercially reasonable efforts to respond to any submission
                                         of concepts, samples, Product Technical Specifications or other Design Documentation
                                         submitted in accordance with this Article 4,
                                         including any submissions pursuant to Section 4.3
                                         above, within fifteen (15) business days of confirmed
                                         receipt of the applicable materials. If any item is disapproved, in each case, Licensee
                                         will be advised of the specific reasons. Upon request, Licensee shall reimburse Licensor
                                         for any import duties, shipping charges or other costs or expenses incurred in connection
                                         with delivery of samples to Licensor.

 

		4.7.	In
                                         the event of a dispute between Licensor and Licensee regarding any Licensed Product,
                                         Licensor will have final control and approval with respect, as applicable, to the taste,
                                         style, overall design, packaging, packaging materials and components, decorative details,
                                         ingredients, ingredient sourcing and similar matters. Notwithstanding the foregoing,
                                         Licensor acknowledges that Licensee has considerable expertise in health and wellness
                                         and that barring any safety, quality or regulatory concerns, Licensor shall generally
                                         defer to Licensee with respect to decisions regarding ingredients.

 

		4.8.	Licensee
                                         assigns to Licensor all of Licensee’s right, title and interest (including without
                                         limitation copyrights) in each design developed and used by Licensee in connection with
                                         any of the Licensed Products, and all rights associated with them, including, without
                                         limitation, all Design Rights. Licensee shall promptly execute and deliver all forms
                                         of assignment and other documents as may be reasonably required to transfer to Licensor
                                         any of Licensee’s rights of ownership in the Design Rights or to obtain, protect,
                                         or perfect Licensor’s rights in the Design Rights. In addition, during the Contract
                                         Term, and at any time thereafter, Licensee (a) shall not contest, raise any objections
to the validity of, or attack Licensor’s title to, or rights in, the Design Rights, (b) shall not file any application for,
or obtain or attempt to obtain ownership of, any Design Rights, (c) shall promptly notify Licensor if Licensee becomes aware of
any attempts to do so by, or any use, of any material covered by Design Rights by any third party, and (d) shall take all appropriate
actions, and all actions reasonably requested by Licensor to prevent or avoid any misuse of the material covered by Design Rights
or Licensed Products by any of its customers, contractors, sublicensees, suppliers or other resources.

    	 

    	 

    

 

		5.	Licensor’s
                                         Use of Licensed Product

 

Without
limitation of Licensee’s obligations pursuant to Article 4, for each style, model,
variation or flavor of Licensed Product, during the Contract Term, Licensee shall supply Licensor, at no charge and at no cost
or expense, with up to five (5) Licensed Products per Contract Year, as Licensor may reasonably request for the marketing or promotional
use of Licensor (not for resale), including, but not limited to, use in Licensor’s showrooms and trade-show exhibits.
In addition, Licensor may purchase Licensed Products from Licensee (at Licensee’s manufacturer’s cost) for the marketing
or promotional use of Licensor (not for resale), including, but not limited to, use in Licensor’s showrooms and trade-show
exhibits. Upon request by Licensor, Licensee shall promptly provide one sample of all finished products, including packaging or
labels, as applicable, using the TOMMY BAHAMA Marks for intellectual property purposes.

 

		6.	Minimum
                                         Net Sales

 

With
respect to each Contract Year during the Contract Term, Licensee must generate the Minimum Net Sales, as set forth on “Exhibit
E.” Without limitation of any other rights or remedies, if Licensee does not generate the Minimum Net Sales during any Contract
Year, Licensor may terminate this Agreement upon thirty (30) days’ notice to Licensee or, in Licensor’s sole discretion
upon notice to Licensee, declare that all rights granted by Licensor to Licensee are non-exclusive.

 

		7.	Guaranteed
                                         Royalty and Earned Royalty

 

		7.1.	In
                                         consideration for the license granted by the Licensor hereunder, Licensee shall pay to
                                         Licensor the Guaranteed Royalty set forth on “Exhibit F” hereto. The Guaranteed
                                         Royalty for each Contract Year during the Contract Term, if applicable, shall be paid
                                         in four (4) equal installments on or before the first day of each Contract Quarter commencing
                                         during that Contract Year. Within each Contract Year, the Guaranteed Royalty is paid
                                         as a non-refundable advance towards amounts due as Earned Royalty for sales of Licensed
                                         Products during such Contract Year. No part of any Guaranteed Royalty may be carried
                                         forward or backward as a credit from one Contract Year to any other, or to any applicable
                                         Sell-Off Period. 

 

		7.2.	Licensee
                                         shall pay to Licensor an Earned Royalty on Net Sales for all Licensed Products sold by
                                         Licensee during each Contract Year during the Contract Term as set forth on “Exhibit
                                         G” hereto. To the extent that such Earned Royalty for Licensed Products in a given
                                         Contract Quarter exceeds the Guaranteed Royalty previously paid for such Contract Quarter,
                                         such amount shall be payable to Licensor within thirty (30) days following the conclusion
                                         of each Contract Quarter. Past due payments shall bear interest at a per annum rate of
                                         interest equal to (a) the Prime Rate plus two percent (2%) per annum, or (b) the maximum
                                         interest rate permissible under law, whichever is
less. All Earned Royalties due Licensor shall accrue upon the Sale of the Licensed Products regardless of time of collection by
Licensee (subject to credits for returned Licensed Products).

    	 

    	 

    

 

		7.3.	Licensee
                                         may reconcile the amounts owed for Guaranteed and Earned Royalties every Contract Year
                                         on August 1 and February 1. For example, if during a Contract Year, Licensee’s
                                         Net Sales were much higher during one Contract Quarter than the Minimum Sales requirement
                                         would anticipate (resulting in a payment of Earned Royalties), but then much lower in
                                         the subsequent Contract Quarter, it would be possible that Licensee would need to reconcile
                                         an overpayment of Earned Royalties when compared to the actual Net Sales and royalties
                                         due for such period. In such a case, Licensee may reduce the Guaranteed Royalty amount
                                         due on August 1 and/or February 1, as applicable, to reconcile any previous overpayment.
                                         This allowance for reconciliation does not, under any circumstances, allow Licensee to
                                         reduce its Guaranteed Royalty for any reason other than for reconciling excess Earned
                                         Royalty payments already made. Furthermore, this paragraph does not in any way diminish
                                         the requirement that Licensee pay Earned Royalties every Contract Quarter of the Contract
                                         Term if such amounts are due pursuant to the terms of this Agreement.

 

		8.	Sales
                                         & Royalty Reports

 

		8.1.	Immediately
                                         following the execution of this Agreement, and at least three (3) months in advance of
                                         the beginning of every subsequent Contract Year during the Contract Term, Licensee will
                                         send Licensor its sales projection for that next Contract Year, broken out by month,
                                         along with a detailed list of all media placements for National Advertising and Marketing
                                         Support and other advertising of the Licensed Products. 

 

		8.2.	Licensee
                                         shall supply Licensor with a Quarterly Statement, as shown on “Exhibit K,”
                                         with respect to all Sales of Licensed Products sold during each Contract Quarter. Each
                                         Quarterly Statement shall be delivered to Licensor within thirty (30) days following
                                         the conclusion of the applicable Contract Quarter for the first three Contract Quarters
                                         of each Contract Year. For the fourth Contract Quarter of each Contract Year, Licensee
                                         shall submit such Quarterly Statement no later than five (5) days following the end of
                                         such Contract Quarter. 

 

		8.3.	In
                                         addition, Quarterly Statements for the final Contract Quarter of each Contract Year shall
                                         include, without limitation, an annual report of the foregoing for the entire Contract
                                         Year. The Licensee’s Chief Financial Officer shall indicate by signature that s/he
                                         has reviewed and agrees with such annual report, and if Licensee is a publicly traded
                                         company, then Licensee’s independent auditors must also sign-off on such annual
                                         report. On request by Licensor, Licensee shall provide backup and support materials with
                                         respect to any item contained in any Quarterly Statement so that Licensor shall have
                                         sufficient information to evaluate the sources for any item contained in the Quarterly
                                         Statement and to track Licensee’s performance under this Agreement. 

 

		8.4.	Within
                                         ten (10) days following the end of each of the calendar months from February to December
                                         of each Contract Year and within five (5) days following the end of the calendar month
                                         for January for each Contract Year, Licensee shall deliver to Licensor a Statement of
                                         Estimated Monthly Net Sales as detailed on “Exhibit L.” This report shall
                                         contain:

 

    	 

    	 

    

		a)	An
                                         estimate of the monthly Net Sales for the previous month, which should as accurately
                                         as possible reflect all of the Net Sales of Licensed Products for that month; and

 

		b)	A
                                         re-forecasted estimate of the monthly Net Sales of Licensed Products for the remainder
                                         of the Licensor’s “Fiscal Year” (currently February 1 through January
                                         31).

 

		8.5.	All
                                         sales and royalty reports required pursuant to this Agreement shall be delivered to Licensor
                                         electronically to licensing@tommybahama.com (or by such other electronic method of delivery
                                         specified by Licensor from time to time) and separately in accordance with the notice
                                         and delivery requirements of Section 15. Upon Licensor’s request, Licensee agrees
                                         to provide detailed information relating to its Net Sales by customer, account and/or
                                         retail door.

 

		8.6.	It
                                         is the responsibility of the Licensee to submit the information required by this Agreement
                                         on a timely basis as required herein, and in a businesslike manner. It shall not be the
                                         responsibility of the Licensor to call, fax, write or otherwise attempt to obtain the
                                         required information from Licensee.

 

		9.	Advertising
                                         and Marketing Support

 

		9.1.	Licensee
                                         shall use good faith reasonable efforts to promote the sale of Licensed Products throughout
                                         the Territory in a manner consistent with the goals and aspirations of the Tommy Bahama
                                         brand. To qualify towards the Marketing Support and National Advertising spending requirements
                                         set forth on “Exhibit H,” the items
                                         and costs must be approved in writing by Licensor prior to any expenditures having been
                                         made on them. Within fifteen (15) business days of confirmed receipt of the foregoing
                                         Marketing Support and/or National Advertising items and costs, Licensor agrees that it
                                         will examine and either approve or disapprove the relevant Marketing Support and/or National
                                         Advertising expenditures and notify Licensee of its approval or disapproval in writing.
                                         If approval is given by Licensor, all such Marketing Support and National Advertising
                                         items and costs shall conform in all material respects to the sample, and within reason,
                                         the estimated costs. Within thirty (30) days following the end of each Contract Quarter,
                                         Licensee shall submit to Licensor a quarterly marketing summary of all of the approved
                                         expenditures for such Contract Quarter as set forth on “Addendum
                                         1 of Exhibit H.” Licensee must also comply with the Marketing Materials
                                         approval standards set forth in Section 10 of
                                         this Agreement. 

 

		9.2.	Licensee
                                         may show Licensed Products at industry trade shows subject to Licensor’s prior
                                         written approval, which Licensor may withhold in its reasonable discretion. All signage
                                         and décor of Licensee’s display space at any such trade show is subject
                                         to Licensor’s prior written approval. Subject to the foregoing, Licensor hereby
                                         approves Licensee’s participation in those Licensee Targeted Events specified as
                                         such under “Exhibit R”.

 

		9.3.	During
                                         each Contract Year, Licensee shall spend no less than the applicable sum for Marketing
                                         Support and National Advertising, as set forth in “Exhibit H.” If the Licensee
                                         fails to spend the required sum during any Contract Year, an amount equal to such deficiency
                                         shall promptly be paid to Licensor as an additional royalty, not creditable against Guaranteed
                                         Royalties, unless otherwise agreed to by Licensor. 

 

    	 

    	 

    

		9.4.	Immediately
                                         following the execution of this Agreement, and at least thirty (30) days prior to the
                                         beginning of each Contract Year, Licensee shall submit for approval by Licensor a written
                                         production, sales and marketing plan for the Contract Year. Such plans shall be sent
                                         in accordance with the notice provisions provided under this Agreement. Licensor shall
                                         have fifteen (15) business days in which to approve or disapprove any such plans. In
                                         the event that Licensor shall disapprove any plan so submitted, Licensee shall have ten
                                         (10) business days in which to submit a revised written plan. At the written request
                                         of Licensee, however, Licensor and Licensee shall discuss in good faith the reasons for
                                         that disapproval. The failure to submit a revised written plan in a form satisfactory
                                         to Licensor within the above period shall constitute a default under this Agreement,
                                         subject to the cure provisions set forth in this Agreement.

 

		10.	Advertising,
                                         Marketing, Promotions & Packaging Approval

 

		10.1.	Before
                                         producing, publishing or distributing any National Advertising, market advertising, packaging,
                                         or press releases (collectively, “Marketing Materials”) related to the transactions
                                         contemplated by this Agreement or Licensed Products, Licensee shall submit to Licensor
                                         for its examination and approval or disapproval, a sample of the Marketing Materials,
                                         including text, coloring and a copy of any photograph proposed to be used. Licensor agrees
                                         that it will promptly examine and either approve or disapprove such sample Marketing
                                         Materials, and that Licensor will promptly notify Licensee of such approval or disapproval.
                                         Within fifteen (15) business days of confirmed receipt of the foregoing materials, Licensor
                                         agrees that it will examine and either approve or disapprove the relevant Marketing Materials
                                         and notify Licensee of its approval or disapproval in writing. Licensee agrees to consult
                                         with Licensor regarding its objections and any changes or modifications proposed by Licensor.
                                         Licensee shall then make mutually agreeable modifications or adjustments. Licensor reserves
                                         the right to resolve any dispute about the appropriate changes, in its sole discretion.
                                         Licensee shall not make material changes to any approved piece of Marketing Material
                                         bearing the TOMMY BAHAMA Marks without prior approval of Licensor; however, once approval
                                         is obtained for any particular piece of Marketing Material, it shall not be necessary
                                         to obtain approval for each separate, substantially similar use of the TOMMY BAHAMA Marks
                                         in substantially similar Marketing Materials subject to Section
                                         10.7.

 

		10.2.	All
                                         Marketing Materials, and all packaging, labels, and other materials used in connection
                                         with the advertising, marketing and sale of Licensed Products, or otherwise used in connection
                                         with the transactions under this Agreement, shall make reference only to the TOMMY BAHAMA
                                         Marks and shall not include any brands, endorsements, trademarks, service marks, trade
                                         names or logotypes other than Licensee’s own corporate identifiers, as reasonably
                                         appropriate to identify Licensee as either manufacturer or distributor, as the case may
                                         be. For the avoidance of doubt, co-branding is not permitted without Licensor’s
                                         prior written approval.

 

		10.3.	Licensee
                                         may retain a reputable advertising agency for the development, sourcing and placement
                                         of Marketing Materials. If Licensee retains an advertising agency for the development,
                                         sourcing and placement of the Marketing Materials, such agency must be approved in writing
                                         by Licensor prior to such retention. Licensor must also review and approve in writing
                                         as detailed in this Agreement all Marketing Materials developed by such retained agency
                                         for Licensee prior to any media placement or distribution of such Marketing Materials.
                                         Within fifteen (15) business days of Licensor’s
confirmed receipt of Licensee’s request for retention of said agency and/or Marketing Materials, Licensor agrees that it
will examine and either approve or disapprove the same and notify Licensee of its approval or disapproval in writing.

    	 

    	 

    

 

		10.4.	Licensed
                                         Products shall not be sold or given away by Licensee free of charge or sold or exchanged
                                         for nominal value, or authorized by Licensee to be so given away, sold or exchanged,
                                         unless written approval is granted by Licensor for a specific amount. If Licensee desires
                                         to distribute or sell Licensed Products for use in such a commercial tie-in or premium
                                         manner, Licensee may submit such a request to Licensor in writing, setting forth all
                                         of the details of such proposed commercial tie-in or premium use, and Licensor shall
                                         have complete discretion in deciding whether or not to waive the foregoing prohibition.
                                         Licensee shall obtain Licensor’s written approval prior to any such arrangement,
                                         and such approval shall not be unreasonably withheld. Notwithstanding the foregoing,
                                         a nominal amount of Licensed Products, not to exceed forty (40) per SKU per year may
                                         be given away as gifts free of charge to Licensee’s investors or high level strategic
                                         partners (e.g., Senior Level Executives at Madison Square Garden and Troon Golf).

 

		10.5.	Licensee
                                         agrees to consult with Licensor with respect to the price positioning for Licensed Products,
                                         including relative to the price positioning for other goods and merchandise bearing the
                                         TOMMY BAHAMA Marks sold by Licensor and its other licensees, and acknowledges that it
                                         is the intention of the parties that Licensee will not price the Licensed Products in
                                         such a manner likely to detract from or negatively impact the TOMMY BAHAMA Marks’
                                         premium positioning or overall brand positions. Without limitation of the foregoing,
                                         Licensee agrees not to designate sales prices so low or discounts so high as to adversely
                                         affect the image, reputation and/or prestige of the TOMMY BAHAMA Marks and the consistency
                                         of the Licensor’s worldwide marketing efforts. Licensee shall set its wholesale
                                         prices and suggested retail prices for Licensed Products at levels that would encourage
                                         the development of sales thereof while maintaining the image and prestige of the TOMMY
                                         BAHAMA Marks and the quality of the Licensed Products and shall submit to Licensor final
                                         line sheets setting forth, among other things, the wholesale list price of Licensed Products
                                         prior to solicitation of sales of the Licensed Products to the Approved Retailer. Notwithstanding
                                         anything to the contrary, Licensor shall not be empowered to fix or regulate the prices
                                         for which the Licensed Products are to be sold, either at the wholesale or retail level.

 

		10.6.	Licensee
                                         shall adhere, and shall use commercially reasonable efforts to procure that those Authorized
                                         Retailers set forth in “Exhibit J” (as may be supplemented pursuant to an
                                         Authorized Retailer Request Form from time
                                         to time) adhere, to the Advertising Policy set forth in “Exhibit M.”

 

		10.7.	Licensee
                                         shall cease producing, publishing and/or distributing any Marketing Materials under this
                                         Agreement after a period of twelve (12) months after the approval thereof by Licensor,
                                         subject to earlier withdrawal pursuant to the terms of any other section of this Agreement
                                         or if Licensor advises Licensee that certain rights of Licensor to use of the Marketing
                                         Materials has expired. Any continuation of any approval beyond that period must be requested
                                         in writing no later than thirty (30) days prior to the expiration of such twelve (12)
                                         month period.

 

		11.	Media
                                         Approval

 

    	 

    	 

    

		11.1.	Licensee
                                         agrees that Licensor shall have the right to approve or disapprove, in advance, each
                                         medium of advertising through which Licensee may desire to advertise and promote Licensed
                                         Products, and to approve or disapprove, in advance, each individual media vehicle through
                                         which Licensee proposes to publish or distribute Marketing Materials relating to Licensed
                                         Products. All advertising media and advertising placements shall be consistent with the
                                         high quality and prestige of the TOMMY BAHAMA Marks and no less than consistent with
                                         the manner in which Licensee markets its own products.

 

		11.2.	Licensee
                                         shall submit to Licensor, in advance, written notification of the particular media vehicle
                                         in which the Marketing Material would be placed. Within fifteen (15) business days of
                                         confirmed receipt of the foregoing materials, Licensor agrees that it will examine and
                                         either approve or disapprove the relevant media vehicle and notify Licensee of its approval
                                         or disapproval in writing. If any media vehicle is disapproved, Licensee will be advised
                                         of the specific reasons in each case. Once a particular media vehicle has been approved
                                         in accordance with this provision, it shall not be necessary to obtain approval for each
                                         separate but substantially similar use of that media vehicle subject to Section
                                         11.3. However, if any previously approved media vehicle undergoes a significant
                                         change following the date it shall have been approved by Licensor, Licensee shall re-submit
                                         that media vehicle to Licensor for its approval pursuant to the approval procedures set
                                         forth in this provision.

 

		11.3.	All
                                         approvals by Licensor related to media placements and vehicles under this Agreement shall
                                         have a duration of twelve (12) months unless sooner withdrawn pursuant to the terms of
                                         any other section of this Agreement. Any continuation of any approval beyond that period
                                         must be requested in writing no later than thirty (30) days prior to the expiration of
                                         such twelve (12) month period.

 

		11.4.	Licensor
                                         and Licensee shall coordinate a joint press release announcing the existence of the relationship
                                         set forth hereunder, which the parties will target issuing within thirty (30) days following
                                         the execution of this Agreement. Any such press release shall be subject to each party’s
                                         prior written approval.

 

		12.	TOMMY
                                         BAHAMA Marks

 

		12.1.	During
                                         the Contract Term, Licensor shall not grant or sanction any third party to use any mark
                                         identical with, or substantially similar to, the TOMMY BAHAMA Marks in a manner which
                                         is in conflict with the rights granted to Licensee under this Agreement.

 

		12.2.	Licensee
                                         shall have no right, title or interest in the TOMMY BAHAMA Marks except the licensed
                                         rights in accordance with this Agreement. Each and every part of the TOMMY BAHAMA Marks
                                         is, and shall remain, the sole property of Licensor. Any use by Licensee of any part
                                         of the TOMMY BAHAMA Marks, and the goodwill arising therefrom, shall inure to the benefit
                                         of Licensor. This Agreement grants Licensor no rights related to the Licensee Rights.

 

		12.3.	During
                                         the Contract Term, and at any time thereafter, Licensee shall not contest, raise any
                                         objections to the validity of, or attack Licensor’s title to, or rights in, the
                                         TOMMY BAHAMA Marks.

 

		12.4.	During
                                         the Contract Term, and at any time thereafter, Licensee shall not file any application
                                         for any mark, or obtain or attempt to obtain ownership of any mark, trade name
or domain name, in any country of the world, which refers to, or is substantially similar to, any of the TOMMY BAHAMA Marks, and
shall promptly notify Licensor if Licensee becomes aware of any attempts to do so by third parties.

    	 

    	 

    

 

		12.5.	Licensee
                                         shall, at its own expense, take such anti-counterfeiting measures as may be reasonably
                                         requested by Licensor from time to time to protect the TOMMY BAHAMA Marks. In
                                         order to monitor and trace the source of any diversion activities, Licensee shall code
                                         Licensed Products using state-of-the-art computer or other indelible codes or markings
                                         (such as bar codes) consistent with industry standards and acceptable to Licensor. 

 

		12.6.	In
                                         the event a third party asserts that the TOMMY BAHAMA Marks or the sale of Licensed Products
                                         (collectively, the “Rights”) infringe upon such third party’s rights
                                         in the Territory, the Licensor, at its sole expense, shall take commercially reasonable
                                         actions to protect and validate the Rights including, without limitation, arbitration,
                                         mediation and litigation. Licensor shall have the right at any time, and in its sole
                                         discretion, to reach a settlement in any action to protect and validate the Rights. If
                                         a settlement is reached, or it is determined that the Rights do infringe on such third
                                         party’s rights, then Licensor, in its sole discretion, shall have the option to
                                         procure for the Licensee, at the Licensor’s expense, the right to continue the
                                         manufacturing, marketing, sale and distribution of the Licensed Products in the Territory
                                         as contemplated by this Agreement or refund all royalties paid by Licensee over the prior
                                         twelve (12) month period and terminate this Agreement without further penalty or liability.

 

		12.7.	Each
                                         party shall promptly notify the other party in writing of any learned use in the Territory
                                         that may be an infringement or imitation of the TOMMY BAHAMA Marks on articles similar
                                         to the Licensed Products, and of any use which may be an infringement or imitation of
                                         the related designs, design patents and copyrights in the Territory. In the event a third
                                         party is allegedly infringing or threatens to infringe the Rights in the Territory, as
                                         determined by the Licensor or the Licensee, the Licensor shall have the right, but not
                                         the obligation, to bring an infringement action against any actual or alleged infringer
                                         with respect to the TOMMY BAHAMA Marks. Licensor may, in its sole judgment and at its
                                         own expense, institute, control, settle, and defend such action and recover any damages,
                                         awards, or settlements resulting therefrom. Licensee shall reasonably cooperate and use
                                         commercially reasonable efforts to assist Licensor in any such litigation. Licensor shall
                                         reimburse Licensee for its reasonable out-of-pocket expenses incurred as a result of
                                         such cooperation. Any damages, award, or settlement recovered by Licensor shall be paid
                                         to Licensor and Licensee shall have no right, title or interest therein.

 

		12.8.	Licensee
                                         shall take all appropriate actions, and all actions reasonably requested by Licensor
                                         to prevent or avoid any misuse of the TOMMY BAHAMA Marks or Licensed Products by any
                                         of its customers, contractors, sublicensees, suppliers or other resources. 

 

		12.9.	Licensee
                                         shall reasonably assist and cooperate with Licensor, at Licensor’s expense, in
                                         any other efforts to obtain, perfect and protect its rights to the TOMMY BAHAMA Marks
                                         in the Territory. Licensee shall execute any documents reasonably required by Licensor
                                         in connection with the foregoing.

 

    	 

    	 

    

		12.10.	Licensee
                                         shall cause to be imprinted legibly on each Licensed Product manufactured, distributed
                                         or sold under this Agreement, and on all Marketing Materials, labels and tags used in
                                         connection with Licensed Products, and any other such materials in which the TOMMY BAHAMA
                                         Marks appear, the designation ®, TM or © as Licensor shall advise as being
                                         appropriate and approved by Licensor. 

 

		12.11.	Following
                                         the termination of the rights granted under this Agreement with respect to the TOMMY
                                         BAHAMA Marks, Licensee shall, except as provided in Section 19.3, cease absolutely using
                                         the TOMMY BAHAMA Marks, and Licensee shall not thereafter manufacture or sell, or have
                                         manufactured or sold, any item branded under, or making reference to, the TOMMY BAHAMA
                                         Marks, nor shall Licensee publish or display, or authorize or permit the publication
                                         or display of, further or additional quantities of any advertising or marketing materials
                                         which incorporate the TOMMY BAHAMA Marks.

 

		13.	Confidential
                                         & Proprietary Information

 

		13.1.	During
                                         the Contract Term, Licensor may provide Licensee with access to and/or allow it to become
                                         familiar with various aspects of Licensor’s Confidential Information. Licensee
                                         shall hold all revealed Confidential Information which has been provided in strict confidence,
                                         shall not disclose any Confidential Information directly or indirectly to any other party
                                         and such information shall be used by Licensee only in those facilities where Licensed
                                         Products are manufactured and only in connection with the manufacture, use and sale of
                                         Licensed Products. All records, files, documents, information, data and other similar
                                         items relating to Licensor’s business operations, regardless of who prepared them
                                         and which are not otherwise in the public domain, shall remain the exclusive property
                                         of Licensor.

 

		13.2.	Apart
                                         from the license granted herein to use the TOMMY BAHAMA Marks in connection with the
                                         manufacture and sale of Licensed Products, this Agreement does not grant Licensee any
                                         rights whatsoever in the Confidential Information under any of Licensor’s patent(s),
                                         patent application(s), trademark(s), trademark applications(s), copyrights, copyright
                                         application(s), servicemark(s) or proprietary technology or any other rights in the TOMMY
                                         BAHAMA Marks not granted herein. The use of any proprietary information outside the scope
                                         of this grant of license is considered a material breach of this Agreement. 

 

		13.3.	In
                                         the event any item of Licensor’s Confidential Information is subject to required
                                         disclosure pursuant to any order, judgment, ruling or decree, despite the terms of this
                                         Agreement, Licensee shall immediately notify Licensor, which shall have the right to
                                         seek a protective order or similar relief, and Licensee shall reasonably cooperate with
                                         Licensor in its efforts to seek such relief.

 

		13.4.	In
                                         addition to obligations set forth in Section 17
                                         of this Agreement, Licensee shall cause every third party manufacturer, subcontractor,
                                         supplier, distributor, transporter, or other similar relationship, that has access to
                                         any Confidential Information, or the Licensed Products themselves, to acknowledge by
                                         signature the statements set forth upon “Exhibit O.” Within thirty (30) days
                                         of establishing a new relationship with such a third party, Licensee shall provide Licensor
                                         this properly executed document along with any agreements, such as a Supplier Agreement,
                                         that may be necessary at that time. 

 

    	 

    	 

    

		14.	Payments

 

		14.1.	All
                                         royalty payments required under the provisions of this Agreement are payable by wire
                                         transfer as follows:

 

SunTrust Bank

25 Park Place

Atlanta Georgia

Swift: SNTRUS3AXXX

ABA number: 061000104

Account Name: Oxford Industries,
Inc

Account Number: 1000004189469

 

The parties agree that
Licensor may change these instructions from time to time by providing written notice to Licensee in accordance with Section
15.

 

		14.2.	All
                                         references to dollars in this Agreement shall, except as otherwise expressly provided
                                         herein, mean U.S. dollars. All royalties due hereunder shall be paid in U.S. dollars.
                                         Licensee shall deduct any required withholding taxes from all royalties due to Licensor
                                         pursuant to this Agreement and shall promptly provide Licensor with such documentation
                                         as may be necessary to reflect all taxes withheld or otherwise paid on Licensor’s
                                         behalf so as to enable Licensor to claim any tax credit for income tax purposes it may
                                         be entitled to in respect of any tax paid in the Territory upon Licensor’s royalties,
                                         whether imposed by withholding or otherwise.

 

		15.	Notices
                                         & Other Communications

 

All
reports, approvals, requests, demands, notices and other communications required or permitted by this Agreement shall be in writing
and signed by a duly authorized officer or employee of such party. Except as otherwise specifically required herein, communications
shall be duly given if delivered personally, if mailed (by certified or registered mail, return receipt requested) or if delivered
by nationally-recognized overnight courier or mail service that requires the addressee to acknowledge, in writing, the receipt
thereof, to the party concerned. Notice may be sent by facsimile transmission, provided receipt is confirmed and prompt hard-copy
follow-up is sent in the manner described above (for which the date of delivery shall be deemed to be the date of facsimile transmission).

 

Except
as otherwise specifically required herein, all communications to Licensor shall be sent to:

 

Tommy
Bahama Group, Inc.

Attn:
Vice President of Licensing

4
Bryant Park

11th
Floor

New
York, New York 10018

 

with
a copy to: 

 

Tommy
Bahama Group, Inc.

Attn:
Legal Department

999
Peachtree Street, N.E.

Ste.
688

Atlanta,
Georgia 30309

 

(Copies
are not necessary for standard reports, approvals or requests, but are 

required
for all demands, notices or other communications).

    	 

    	 

    

 

All
communications to Licensee shall be sent to:

 

Boomer
Holdings Inc.

8670
West Cheyenne Avenue

Las
Vegas, Nevada 89129

Attn: Mike Quaid,
Chief Operating Officer

 

with a copy to:

 

Rinato Law Firm P.C.

300 Park Avenue

14th Floor

New York, NY 10022

 

(Copies are not necessary
for standard reports, approvals or requests, but are

required for all demands,
notices or other communications).

 

Either
Party may change the address to which notice shall be given to such Party by providing written notice of such address change in
accordance with this Section 15, provided, that, Licensee shall in all events designate
a physical location within the United States to which notice may be delivered pursuant to this Agreement.

 

		16.	Records
                                         & Inspection

 

		16.1.	Licensee
                                         shall maintain all third party testing results and certifications that are required by
                                         local, state or federal laws or by this Agreement and invoices and books of account for
                                         the sale of Licensed Products relating to this Agreement during the Contract Term and
                                         for a period of five (5) years following the Contract Term. Such books of account shall
                                         be complete and accurate in accordance with generally accepted accounting principles
                                         in the United States of America, consistently applied. Licensor, through its representatives,
                                         including its internal and external auditors, shall have the right upon reasonable prior
                                         notice to reasonable inspection of books and records of Licensee relating to such testing
                                         results and certifications and to the sales of all Licensed Products subject to this
                                         Agreement. Licensor hereby agrees that any financial information regarding sales furnished
                                         by Licensee is to be held in confidence. Acceptance by Licensor of any statement furnished
                                         or royalty paid shall not preclude the Licensor from questioning its correctness and,
                                         in the event such mistakes are discovered, they shall be immediately rectified.

 

		16.2.	If,
                                         upon any examination of Licensee’s books and records pursuant to Section 16.1 hereof,
                                         Licensor shall discover any royalty underpayment by Licensee, Licensee will make all
                                         payments required to be made to correct and eliminate such underpayment within ten (10)
                                         days of Licensor’s demand. In addition, if said examination reveals a royalty underpayment
                                         of two percent (2%) or more for any royalty period, Licensee will reimburse Licensor
                                         for the cost of said examination within ten (10) days of Licensor’s demand.

 

    	 

    	 

    

		16.3.	In
                                         addition to any other remedy available to Licensor, if any payment due under this Agreement
                                         is delayed for any reason, interest shall accrue and be payable on such unpaid principal
                                         amounts from and after the date on which the same became due, at a per annum rate equal
                                         to (a) the Prime Rate plus two percent (2%) per annum, or (b) the maximum interest rate
                                         permissible under law, whichever is less.

 

		17.	Manufacturing,
                                         Compliance and Code of Conduct

 

		17.1.	Licensee
                                         shall not, in any manner, authorize or purport to authorize another to use the TOMMY
                                         BAHAMA Marks, except to the extent specifically provided herein. Notwithstanding the
                                         foregoing, Licensee may have the TOMMY BAHAMA Marks affixed to Licensed Products being
                                         manufactured outside the Territory in which sales are authorized to be made, provided
                                         Licensee takes all necessary precautions to prevent labels, tags and other indicia of
                                         the TOMMY BAHAMA Marks from being used otherwise than in connection with the Licensed
                                         Products. Under no circumstances may Licensee manufacture or have manufactured Licensed
                                         Products in Myanmar and such countries as Licensor shall advise Licensee are prohibited
                                         based on scandals or publicity relating to contaminated products, or their noncompliance
                                         with applicable labor laws and/or Licensor’s Code of Conduct, as required in the
                                         manufacturing agreement (“Supplier Agreement”), attached hereto as “Exhibit
                                         P,” and made a part of this Agreement, or such other reasons as Licensor shall
                                         in its sole discretion determine.

 

		17.2.	Licensor’s
                                         Code of Conduct shall apply to any entity manufacturing, or otherwise in the line of
                                         production of Licensed Products (including the components thereof) and it is attached
                                         hereto as “Addendum 1 to Exhibit P.” Licensee must ensure that Licensee and
                                         all third party manufacturers, subcontractors and suppliers (“Suppliers”)
                                         comply with the terms of the Code of Conduct as if they were Licensor’s Business
                                         Partners and will evidence such compliance by:

 

		(a)	Prior
                                         to the commencement of the manufacturing of Licensed Products, Licensee executing, and
                                         having all Suppliers execute, the Code of Conduct in the form attached hereto, retaining
                                         such documents in a safe place and providing such documents immediately to Licensor at
                                         its request; and

 

		(b)	Displaying
                                         and having all Suppliers display the Code of Conduct in the language of the applicable
                                         country, in a clearly visible location in Licensee’s manufacturing facilities (if
                                         applicable) and in the manufacturing facilities of Licensee’s Suppliers, at all
                                         times during the Contract Term.

 

		17.3.	Licensee
                                         agrees that prior to the commencement of the manufacturing of Licensed Products, it will
                                         have in effect, to the satisfaction of Licensor, a program of monitoring manufacturing
                                         facilities, whether operated by Licensee or by Suppliers, that is sufficient to ensure
                                         their compliance with the Code of Conduct and all applicable laws and regulations pertaining
                                         to wages, overtime compensation, benefits, hours, hiring and employment, workplace conditions
                                         and safety, the environment, collective bargaining, and freedom of association, and that
                                         the other products manufactured by a Supplier and the components thereof are made without
                                         the use of child (persons under the age of 15 or younger than the age for completing
                                         compulsory education, if that age is younger than 15), prison, indentured, exploited,
                                         bonded, forced or slave labor. Such compliance will be evidenced by Licensee, upon execution
                                         of this Agreement, by executing and abiding by the Certification in the form presented
                                         on “Addendum
2 to Exhibit P“ to the Supplier Agreement, as may be amended from time to time, and executing and abiding by any such other
form as may be provided by Licensor from time to time. If Licensee uses an agent for monitoring Suppliers, then such agent(s)
shall be approved in writing by Licensor. If Licensee already has in place such agent(s) pursuant to a preexisting contract, then
Licensor shall be authorized to engage its own agent to monitor Licensee’s Suppliers on an as needed basis, but at least
once quarterly, at Licensee’s expense. Additionally, without notice, Licensor, or its authorized agents, shall have the
right to audit all manufacturing facilities.

    	 

    	 

    

 

		17.4.	Without
                                         limitation of any other requirements pursuant to this Article 17, Licensee shall comply
                                         with all domestic and applicable international laws, rules, regulations and requirements
                                         of any governmental body governing or otherwise pertaining to the operations of Licensee
                                         contemplated under this Agreement, including, without limitation, as they relate to the
                                         manufacture, import, export, distribution, sale, advertising, marketing or promotion
                                         of Licensed Products. Licensee shall ensure that all Licensed Products shall comply strictly
                                         with all federal, state, local and foreign laws and regulations (including, without limitation,
                                         those of jurisdictions outside of the United States of America where the applicable Licensed
                                         Products are contemplated to be sold) which pertain to the manufacture, sale and ultimate
                                         resale of such products and items, including, without limitation, all testing, certification,
                                         identification, packaging, content, tagging, labeling, invoicing, safety, wage and hour,
                                         and non-discrimination requirements of applicable laws or regulations. Licensee agrees
                                         to execute and furnish appropriate written guaranties to protect Licensor as permitted
                                         by any such laws, rules and regulations. Prior to production of any Licensed Products,
                                         Licensee shall submit lab test reports confirming that all products and items comply
                                         with applicable product safety standards and testing requirements (including without
                                         limitation the Consumer Product Safety Improvement Act (known as “CPSIA”),
                                         the Federal Trade Commission requirements, the standards set forth by ASTM international
                                         and California’s Safe Drinking Water and Toxic Enforcement Act of 1986 (known as
                                         “Proposition 65”) and other state “right to know” laws). As to
                                         CPSIA, Licensee further and specifically will comply with all mandated third party testing
                                         and certifications, flammability standards and labeling requirements. As to Proposition
                                         65, Licensee further and specifically certifies that the Licensed Products will be compliant
                                         with Proposition 65 and that its products shall not contain chemicals (including without
                                         limitation lead or cadmium) or other components that would prohibit or make unlawful
                                         the sale or offer for sale of those products under Proposition 65 or otherwise. In addition,
                                         Licensee covenants and agrees that the Licensed Products will not require any warning
                                         labels other than those affixed to the Licensed Products. Licensee shall comply with
                                         maintaining all of the necessary records required by any and all laws that relate to
                                         the manufacture, import, export, distribution, sale, advertising, marketing or promotion
                                         of Licensed Products as required under Article 16. 

 

		17.5.	Licensee
                                         represents and warrants that any Licensed Product introduced or delivered for introduction
                                         into commerce shall be safe for human consumption or application, if applicable, prepared
                                         under sanitary conditions, not adulterated, and shall comply with all applicable federal,
                                         state, international and local laws and regulations (including, without limitation, those
                                         of jurisdictions outside of the United States of America where the applicable Licensed
                                         Products are contemplated to be sold at retail) governing the introduction or delivery
                                         for introduction into commerce of food or wellness products, including, without limitation,
                                         the Federal Food, Drug and Cosmetic Act
and the FDA Food Safety Modernization Act. Licensee shall maintain sufficient records to substantiate its full compliance with
the representations and warranties set forth in this Section 17.5. At Licensor’s
request, Licensee shall provide to Licensor copies of any such records.

    	 

    	 

    

 

		17.6.	Licensee
                                         covenants that each Licensed Product, and each ingredient and component of each Licensed
                                         Product, (a) shall comply strictly with all applicable international, federal, state,
                                         local and foreign laws and regulations (including, without limitation, those of jurisdictions
                                         outside of the United States of America where the applicable Licensed Products are contemplated
                                         to be sold at retail), including those of the U.S. Department of Agriculture and the
                                         U.S. Food and Drug Administration, (b) shall comply strictly with all international,
                                         federal, state, local and foreign laws and regulations (including, without limitation,
                                         those of jurisdictions outside of the United States of America where the applicable Licensed
                                         Products are contemplated to be sold at retail) which pertain to the manufacture, import,
                                         export, distribution, advertising, marketing, promotion, sale and ultimate resale of
                                         such products and items, including, without limitation, all testing, certification, identification,
                                         packaging, content, tagging, labeling, invoicing, safety, wage and hour, and non-discrimination
                                         requirements of applicable laws or regulations, and (c) shall conform to the samples
                                         approved by Licensor. 

 

		17.7.	Both
                                         before and after Licensee introduces or delivers for introduction the Licensed Products
                                         into commerce, Licensee shall follow reasonable and proper procedures for testing the
                                         Licensed Products to ensure that each Licensed Product complies with all applicable federal,
                                         state, international and local laws and regulations, including but not limited to food
                                         and health safety laws and the final Product Technical Specifications, including, without
                                         limitation, using outside testing agencies as may be requested by Licensor, and providing
                                         testing reports to Licensor as requested. Licensee shall permit Licensor, or its authorized
                                         representative, to (a) inspect each facility for the Licensed Products not less than
                                         once per Contract Year, (b) inspect testing, manufacturing, and quality control records
                                         and procedures for the Licensed Products, and (c) test the Licensed Products for compliance
                                         with food safety and other applicable federal, state, international and local laws and
                                         regulations; provided, however, that Licensor shall not be required to conduct any such
                                         testing. Licensee agrees to promptly reimburse Licensor for the actual costs of such
                                         testing if the testing yields results that confirm or suggest, in Licensor’s discretion,
                                         that the product is not acceptable for food or health safety or quality reasons. Licensed
                                         Products not manufactured, packaged or distributed in accordance with applicable federal,
                                         state, international and local laws and regulations or the final Product Technical Specifications
                                         shall be deemed unapproved, even if previously approved by Licensor, and shall not be
                                         shipped unless and until they have been brought into full compliance.

 

		17.8.	Without
                                         limiting the other provisions of this Article 17,
                                         Licensee covenants that all Licensed Products shall comply with all applicable food and
                                         health safety standards, including, as applicable and by way of example, Good Manufacturing
                                         Practices (“GMPs”), Sanitation Standard Operating Procedures (“SSOPs”),
                                         and Good Agricultural Practices. Licensee acknowledges that Licensor is relying on Licensee’s
                                         commitment to enforce the GMPs and other applicable food and health safety standards
                                         with respect to its facilities. Licensee agrees to investigate any claimed or observed
                                         violations of such standards, and if it finds there have been violations of such standards,
                                         or failures in process or raw material control that may impact on the safety, integrity,
                                         legality or quality of the Licensed Product, Licensee agrees to give immediate
written notice to Licensor. If requested by Licensor, Licensee shall advise the public and others that Licensee’s facilities
are contractually responsible to Licensee for adherence to the GMPs (including an audit program measured against the GMPs) and
other applicable food safety standards and individual product management via the Product Technical Specifications, and that Licensor
has, in good faith, relied upon Licensee to assure compliance with such food and health safety and quality standards.

    	 

    	 

    

 

		17.9.	Notwithstanding
                                         anything in this Agreement to the contrary, Licensee is solely responsible for ensuring
                                         that the Licensed Products comply with all federal, state, international and local laws
                                         and regulations and the final Product Technical Specifications, are safe for human consumption
                                         or application, are prepared under sanitary conditions, are not adulterated or misbranded,
                                         and that proper testing, inspection, and quality control procedures have been undertaken
                                         by Licensee and/or its facilities to ensure compliance with each of the foregoing. Approvals
                                         given by Licensor under this Agreement, whether creative or of the final Product Technical
                                         Specifications, shall in no way lessen or mitigate Licensee’s full and complete
                                         responsibility for the quality and safety of the Licensed Products, nor shall such approvals
                                         constitute or imply any opinion by Licensor that the approved Licensed Product(s) comply
                                         with applicable federal, state, international and local laws and regulations.

 

		17.10.	Licensee
                                         covenants that the Licensed Products shall not be misbranded and that all statements
                                         made in labeling, including the product identity statement, the net quantity of contents
                                         statement, the ingredient list, the nutritional declaration, any Descriptors, and any
                                         country of origin statement, shall comply with all applicable federal, state, international
                                         and local laws and regulations (including, without limitation, those of jurisdictions
                                         outside of the United States of America where the applicable Licensed Products are contemplated
                                         to be sold at retail). Without limitation of the foregoing, Licensee shall be solely
                                         responsible for ensuring that the Licensed Products are properly labeled and that any
                                         Descriptors (explicit or implied) are (a) not in any way false or misleading, (b) comply
                                         with claim criteria as established by applicable federal, state, international and local
                                         laws and regulations (including, without limitation, those of jurisdictions outside of
                                         the United States of America where the applicable Licensed Products are contemplated
                                         to be sold at retail), and (c) are accompanied by any disclosure or explanatory statements
                                         required by applicable federal, state, international and local laws and regulations.
                                         Licensee shall maintain sufficient records to substantiate all labeling statements on
                                         the Licensed Product packaging or containers. At Licensor’s request, Licensee shall
                                         provide to Licensor, or its authorized representative, copies of any such records.

 

		17.11.	All
                                         Licensed Products packaged by Licensee shall be code dated to permit the calculation
                                         of the date when the Licensed Product should be removed from retail stores due to age.
                                         Without limitation of the foregoing, Licensee shall list, on all Licensed Product packaging
                                         or containers, the “best before” (or equivalent language) date, the name,
                                         place of business and, whenever possible, a toll-free telephone number of the manufacturer,
                                         packer or distributor of the Licensed Product so that the consumer can identify an appropriate
                                         contact for the Licensed Product. If the name of the entity given is not the actual manufacturer
                                         of the Licensed Product, then the entity name must be accompanied by a qualifying phrase
                                         which states the entity’s relationship to the Licensed Product. Licensor shall
                                         not be listed as the manufacturer, packer or distributor of any of the Licensed Products.

    	 

    	 

    

 

		17.12.	Licensee
                                         shall immediately notify Licensor if at any time Licensee reasonably determines or knows
                                         or should know that any Licensed Products are or may be contaminated or adulterated,
                                         misbranded, defective, pose a health risk or are not or may not be in compliance with
                                         applicable federal, state, international or local laws or regulations (any such products,
                                         “Defective Products”). In addition, each of Licensee and Licensor shall promptly
                                         notify the other party in the event of any governmental or regulatory inquiry, investigation
                                         or action with respect to any Licensed Products. In the event of a Defective Product,
                                         Licensee shall immediately stop distribution of such Defective Product and any other
                                         Licensed Products manufactured in the same facility as the Defective Product. Licensee
                                         shall also take such action as is required by applicable federal, state, international
                                         and local laws and regulations or as may be otherwise deemed appropriate by Licensor,
                                         including without limitation, notifying the appropriate regulatory agency in the country
                                         in which the Defective Product is being manufactured or sold to consumers (any such regulatory
                                         agency, a “Regulatory Agency”). Licensee shall take such actions as the notified
                                         Regulatory Agency shall require, including without limitation, (a) notifying the public
                                         of such Defective Product through recall notice, safety alert or other means, (b) retrieving,
                                         recalling or withdrawing the Defective Product from retailers and consumers, (c) destroying
                                         and/or replacing the Defective Product, and (d) refunding sums paid and expenses incurred
                                         by consumers and others by reason of the notification, recall or market withdrawal (all
                                         such actions being referred to collectively as the “Corrective Action”).
                                         In the event Licensee is not required to notify the Regulatory Authority or, in the event
                                         notification has taken place, but there is no direction given by the Regulatory Authority,
                                         Licensee shall discuss in good faith with Licensor the steps to be taken, and shall take
                                         such steps as Licensor, in its reasonable discretion, shall direct. Except as otherwise
                                         required by applicable laws and regulations, Licensee shall not issue any public statement,
                                         communication or notification regarding a Defective Product, or any Corrective Action
                                         undertaken in relation thereto, without Licensor’s prior written approval. Furthermore,
                                         if any such public statements, communications or notifications are approved and made,
                                         Licensee shall provide Licensor with contemporaneous copies of any correspondence and
                                         communications related thereto (e.g. responses, third party replies or comments, follow
                                         up communications, emails, etc.). Licensee shall provide Licensor with regular and timely
                                         information regarding the Defective Product, including without limitation, the status
                                         of any investigations and contemporaneous copies of any correspondence and/or communications
                                         with the Regulatory Agency. Notwithstanding anything to the contrary, Licensor reserves
                                         the right to notify the relevant Regulatory Agency about the Defective Product itself
                                         in the event Licensor deems it prudent to do so. Licensee shall promptly reimburse Licensor
                                         for all reasonable expenses paid or incurred by Licensor by reason of, or in connection
                                         with, such notification, including, without limitation, all Corrective Action expenses.
                                         If Licensee does not have the capability or resources to implement and manage the Corrective
                                         Action in an effective and legally compliant manner, Licensee shall, at its sole cost
                                         and expense, retain a third party with the requisite capability and resources to do so.
                                         Licensee shall consult with Licensor on a regular and frequent basis and otherwise cooperate
                                         in good faith with Licensor in connection with any Defective Product situation. The costs
                                         and expense of any recall or withdrawal of Licensed Products shall be paid by Licensee.
                                         

 

		17.13.	During
                                         the Contract Term, upon request, Licensee shall provide Licensor with a written monthly
                                         report (e.g. a “trend report”) detailing all trends of consumer complaints
received within the previous month either (a) relating to the health or safety of Licensed Products or (b) being of the type that
a prudent company in Licensee’s line of business would normally investigate with respect to any other similar consumer products
produced and/or sold. Without limiting the foregoing, Licensee shall also notify the Licensor by telephone (with prompt
hard-copy follow-up in accordance with Article 15) as soon as reasonably possible,
and in all circumstances within twenty-four (24) hours, upon receipt of any (i) consumer complaint alleging that a Licensed Product
is connected to any illness, injury or death of a human being or animal; (ii) product liability claim made or legal action filed;
or (iii) communication from Licensee to, or received by Licensee from, any Regulatory Agency regarding an actual or potential
issue of non-compliance with applicable food regulatory laws or regulations or if Licensee has any reason (other than as specified
in clauses (i) through (iii) above) to believe that a Licensed Product may be a Defective Product, including but not limited to
a situation in which Licensed Products are manufactured in the same facility as products (other than Licensed Products) that are
subject to a recall. In all such cases, Licensee agrees to immediately discuss in good faith with Licensor the nature of the complaint
and what additional steps are necessary to further investigate the matter. 

    	 

    	 

    

 

		17.14.	All
                                         of Licensee’s third party manufacturing agreements must conform with the Supplier
                                         Agreement, attached hereto as “Exhibit P“ and made a part hereof, as may
                                         be amended from time to time by Licensor. Within thirty (30) days after establishing
                                         a new arrangement with a Supplier, Licensee must inspect each Supplier and provide approval,
                                         signed by an authorized employee or agent of Licensee that such Supplier is in compliance
                                         with Section 17.1, and will obtain and immediately provide to Licensor, the properly
                                         executed Supplier Agreement from each Supplier, and/or such other forms as may be provided
                                         by Licensor from time to time. Within thirty (30) days after establishing a new arrangement
                                         with a Supplier, Licensee shall obtain and provide to Licensor, the signature of an authorized
                                         representative from each Supplier on a Certification in the form set forth in “Addendum
                                         2 to Exhibit P“ or such other form as may be provided by Licensor from time to
                                         time. In the event Licensee has knowledge of, has reason to believe, or should have reason
                                         to know that any Supplier is in breach of the Supplier Agreement and/or Certification,
                                         as the case may be, Licensee must immediately notify Licensor and Licensee shall, at
                                         its sole expense, take immediate action to rectify such breach, including, where Licensor
                                         deems it necessary, immediate termination of its relationship with such Supplier. If
                                         Licensee fails to take immediate action or such action is not successful, Licensee will
                                         assign its rights to proceed against any such Supplier to Licensor and Licensor will,
                                         at Licensee’s sole expense, have the right to pursue all available remedies to
                                         protect its rights. Notwithstanding the foregoing, Licensee acknowledges that it will
                                         remain primarily liable and completely obligated under all of the provisions of this
                                         Agreement in respect of the production of Licensed Products hereunder. Further, such
                                         Licensee failure shall be grounds for termination of this Agreement.

 

		17.15.	Without
                                         limitation of the other requirements pursuant to this Article
                                         17, with respect to all Licensed Products manufactured, produced and/or sold
                                         by or on behalf of Licensee, Licensee shall, and shall use all commercially reasonable
                                         efforts to ensure that all of its Suppliers, comply with the terms of the “Tommy
                                         Bahama Quality Control and Brand Compliance Standards,” attached hereto as “Exhibit
                                         N” and made a part hereof, and, with respect to sales of Licensed Products sold
                                         to TB Stores and/or TB E-Commerce, such other compliance standards and guidelines communicated
from time to time by Licensor applicable to vendors or suppliers to TB Stores and/or TB E-Commerce.

    	 

    	 

    

 

		17.16.	In
                                         addition to all other reports required by this Agreement, in order to maintain Licensor’s
                                         high standard of quality control and to ensure that appropriate measures are taken against
                                         counterfeiting, Licensee shall provide a report to Licensor upon request with all of
                                         the following information:

 

		a.	The
                                         name and address of each Supplier, including a contact person’s name;

		b.	The
                                         type of Licensed Products manufactured by each Supplier;

		c.	The
                                         quantity of Licensed Products to be manufactured by each Supplier;

		d.	The
                                         type of components provided by each Supplier; and

		e.	Any
                                         other relevant information regarding all such entities, as requested by Licensor.

 

		18.	Assignment,
                                         Changes of Control

 

		18.1.	The
                                         license and rights granted to Licensee hereunder are personal in nature, and Licensee
                                         may not and shall not sell, transfer, lease, pledge, sublicense or assign this Agreement
                                         or its rights and/or interest hereunder, or any part hereof, whether by operation of
                                         law or otherwise, including without limitation the granting of any security interest
                                         or lien on the Licensed Products, without the prior written consent of Licensor, which
                                         consent may be withheld by Licensor in its sole discretion. Any such attempted sale,
                                         transfer, lease, sublicense or assignment shall, in Licensor’s sole discretion,
                                         result in the immediate termination of this Agreement. 

 

		18.2.	A(n)
                                         (i) sale, assignment or other transfer, in a single transaction or a series of related
                                         transactions, of more than twenty-five percent (25%) of the assets of Licensee (other
                                         than sales of inventory in the ordinary course of business), as determined by the fair
                                         market value of Licensee’s assets as of any date of such sale, assignment or transfer,
                                         (ii) change in the control of Licensee (meaning any transaction or series of transactions
                                         pursuant to which the ultimate holders of the outstanding voting stock of Licensee immediately
                                         prior to such transaction(s) ultimately hold less than seventy-five percent (75%) of
                                         the voting stock of Licensee), (iii) merger or consolidation of Licensee with one or
                                         more corporations or other entities as a result of which the ultimate holders of the
                                         outstanding voting stock of Licensee immediately prior to such merger or consolidation
                                         ultimately hold less than seventy-five percent (75%) of the voting stock of the surviving
                                         or resulting corporation or other entity (any transaction contemplated pursuant to clauses
                                         (i) through (iii) above, a “Change of Control”), or (iv) approval by the
                                         holders of the outstanding voting stock of Licensee to liquidate or dissolve Licensee
                                         shall, in each instance, be deemed an assignment of Licensee’s rights and interests
                                         under this Agreement..

 

		18.3.	Licensor
                                         shall have a complete and unrestricted right to sell, transfer, lease or assign its rights
                                         and interests in this Agreement or any portion hereof to any domestic or foreign corporation
                                         or other business entity, provided, that such transferee agrees to be bound by all of
                                         the terms hereof. In the event that Licensor shall sell, transfer, lease or assign its
                                         rights and interests in this Agreement, Licensor shall notify Licensee of such event.
                                         

 

		19.	Termination

 

    	 

    	 

    

		19.1.	This
                                         Agreement may be terminated by Licensor immediately upon the occurrence of any of the
                                         following events: 

 

		(a)	If
                                         Licensee fails to pay any royalty or other amount due hereunder to Licensor and such
                                         breach continues for a period of five (5) days following written notice thereof;

 

		(b)	If
                                         Licensee makes any unauthorized assertion of rights in the TOMMY BAHAMA Marks which is
                                         inconsistent with the Licensee’s interest in the TOMMY BAHAMA Marks;

 

		(c)	If
                                         Licensee attempts to or actually sells, transfers, leases, pledges, sublicenses, assigns
                                         (including, without limitation, a deemed assignment under Section
                                         18.2 above) or otherwise encumbers or disposes of this Agreement or any of
                                         Licensee’s rights or obligations hereunder;

 

		(d)	If
                                         Licensor or any Affiliate of Licensor terminates any other agreement to which Licensor
                                         or such Licensor Affiliate, on the one hand, and Licensee or any Affiliate of Licensee,
                                         on the other hand, are parties due to a breach thereof by Licensee or such Licensee Affiliate;

 

		(e)	If
                                         there is any other change in the control or the management of Licensee other than as
                                         listed in Section 18.2 above;

 

		(f)	If
                                         Licensee is dissolved or merged into another entity, whereby Licensee is not the surviving
                                         entity; 

 

		(g)	If
                                         Licensee fails to offer Licensed Products for sale for a period of twenty (20) consecutive
                                         days;

 

		(h)	If
                                         Licensee exceeds the percentage of allowable deductions, allowances, or credits under
                                         the definition of Net Sales (provided, however, that Licensee is allowed a one-time excess
                                         of the percentages of allowable deductions, allowances, or credits as defined in Net
                                         Sales, which must be cured within five (5) days from the date of discovery of the breach);

 

		(i)	If
                                         the insurance coverage required by this Agreement should lapse, is canceled or diminished
                                         for any reason and Licensee fails to cure same within ten (10) days after the insurer’s
                                         notice thereof to Licensee or Licensor;

 

		(j)	If
                                         Licensee ceases to engage in its business; or

 

		(k)	If
                                         Licensee fails to perform or fulfill any other material obligation required to be performed
                                         or fulfilled by it, in the time and manner herein provided, and if such default shall
                                         continue for thirty (30) days after receipt of written notice thereof.

 

In
addition to and not in limitation of any of Licensor’s remedies for any event of default set forth in this section, after
one breach by Licensee of the same provision of this Agreement occurring within a ninety (90) day period, for which Licensee has
been given notice and an opportunity to cure (if any) as provided herein, Licensor may also immediately terminate this Agreement
upon any subsequent breach of the same
provision within such ninety (90) day period without providing notice of breach or opportunity to cure.

    	 

    	 

    

 

Licensor’s
rights to terminate this Agreement pursuant to this Section 19.1 shall be in addition
to, and shall not be prejudicial to, any right or remedies, at law or in equity, which Licensor may have on account of Licensee’s
breach of this Agreement.

 

		19.2.	This
                                         Agreement may be terminated by Licensee if Licensor fails to perform or fulfill any material
                                         obligation required to be performed or fulfilled by it, in the time and manner herein
                                         provided, and if such default shall continue for thirty (30) days after receipt of written
                                         notice thereof.

 

		19.3.	Upon
                                         expiration or termination of this Agreement, Licensee shall immediately cease the manufacture
                                         of Licensed Products, with the understanding that work in process may be completed, and
                                         shall not thereafter use TOMMY BAHAMA Marks on the Licensed Products or on any promotional
                                         and packaging materials, labels, literature, stationary or other items bearing the TOMMY
                                         BAHAMA Marks; provided, however, in the event of the expiration or termination of this
                                         Agreement, Licensee shall have the Sell-Off Period to dispose of its inventory of Licensed
                                         Products in stock as of the Termination Date or Expiration Date, whichever applies, and
                                         any finished goods resulting from the completion of work in process (to the extent consistent
                                         with the information supplied to Licensor pursuant to clauses (a) and (b) below) that
                                         exist at the Termination Date or Expiration Date, whichever applies, on a non-exclusive
                                         basis, provided: 

 

		(a)	Six
                                         months prior to the Expiration Date, Licensee shall furnish Licensor with (i) a written
                                         statement stating the quantity of on hand and in process inventory of Licensed Product
                                         it has in stock, (ii) copies of all unfulfilled purchase orders placed with Suppliers
                                         for Licensed Products, including with respect to any in process inventory, (iii) a schedule
                                         listing all customer orders for Licensed Products to be fulfilled for the duration of
                                         the Contract Term, including the Sell-Off Period, setting forth the customer, style,
                                         quantity and proposed sales price of the Licensed Products, (iv) copies of all unfulfilled
                                         customer purchase orders for Licensed Products, and (v) such other information as Licensor
                                         may reasonably request;

 

		(b)	Not
                                         later than sixty (60) days before the Expiration Date or within ten (10) days after the
                                         Termination Date of this Agreement, Licensee shall provide Licensor with (i) a statement
                                         indicating the number and description of Licensed Products which it has on hand, or is
                                         in the process of manufacturing, as of the date of expiration or termination, (ii) a
                                         schedule listing all customer orders for Licensed Products proposed to be fulfilled,
                                         subject to Licensor’s rights pursuant to Section
                                         19.3(c) below, during the Sell-Off Period, setting forth the customer, style,
                                         quantity and proposed sales price of the Licensed Products, and (iii) such other information
                                         as Licensor may reasonably request;

 

		(c)	Licensor
                                         shall have the option of conducting a physical inventory in order to ascertain or verify
                                         such inventory and/or statement and Licensor shall have the right in its sole discretion
                                         to purchase all or any portion of such inventory at the cost of the inventory or its
                                         market value, whichever is lower. In the event Licensor purchases all of such inventory,
                                         Licensee shall forfeit its rights hereunder to dispose of such inventory during the Sell-Off
                                         Period;

    	 

    	 

    

 

		(d)	Licensee
                                         shall provide Licensor with a monthly inventory report during the Sell-Off Period;

 

		(e)	The
                                         quantity of Licensed Products in stock on the Termination Date or Expiration Date is
                                         not in excess of a reasonable quantity based upon Licensee’s selling history of
                                         Licensed Products during the prior six months; 

 

		(f)	Such
                                         Licensed Products conform to the samples previously approved in accordance with this
                                         Agreement;

 

		(g)	Licensee
                                         shall not then be in breach of any payment obligations or other provisions of this Agreement;

 

		(h)	All
                                         royalties, with respect to such Sell-Off Period, shall be reported and paid on a monthly
                                         basis on a form substantially similar to the Quarterly Royalty Statements on “Exhibit
                                         K,” and shall be paid monthly based on Licensee’s actual sales of Licensed
                                         Product during the Sell-Off Period and said royalties shall not be credited against any
                                         Guaranteed Royalty obligations; 

 

		(i)	All
                                         sales of Licensed Products during the Sell-Off Period are subject to the provisions of
                                         this Agreement; 

 

		(j)	Licensee
                                         shall not sell Licensed Products to jobbers, wholesalers, or any entity which does not
                                         resell directly to consumers; 

 

		(k)	The
                                         Licensor may itself use or license the use of TOMMY BAHAMA Marks in any manner; and

 

		(l)	Licensee
                                         does not expressly refuse to partake in the Sell-Off Period at the time that such Sell-Off
                                         Period is granted; which, if such is the case, means that Licensee is deemed to be in
                                         Sell-Off Period for the full period granted hereunder

 

		19.4.	Notwithstanding
                                         anything to the contrary, upon the occurrence of any Change of Control or offering of
                                         equity securities registered under the Securities Act of 1933, Licensee agrees to pay
                                         to Licensor an amount equal to two percent (2%) of the transaction enterprise value of
                                         Licensee and all other Affiliates of Licensee whose equity and/or assets are affected
                                         by the transaction resulting in the Change of Control or offering (the “Change
                                         of Control Fee”). For purposes of this Section 19.4,
                                         “transaction enterprise value” shall mean the gross market value of Licensee
                                         and all applicable Affiliates (inclusive of debt and equity) based on the purchase price
                                         paid or payable (including assumed liabilities and fair value of contingent considerations)
                                         in respect of the Change of Control transaction or offering. The Change of Control Fee
                                         shall be fully earned and due and payable in full upon the occurrence of a Change of
                                         Control and shall not be refundable in whole or in part. In no event shall the Change
                                         of Control or payment of, or obligation to pay, the Change of Control Fee affect or otherwise
                                         reduce Licensee’s obligations pursuant to this Agreement, all of which shall remain
                                         in full force and effect.

 

		19.5.	Licensee
                                         shall remove and return to Licensor all TOMMY BAHAMA Marks including labels and promotional
                                         and packaging material from any Licensed Product remaining in its inventory six (6) months
                                         after the date of termination or expiration of this Agreement.
In the event following the termination or expiration of this Agreement any Licensed Products do not conform to the samples submitted
in accordance with Section 4, Licensee shall immediately remove all TOMMY BAHAMA Marks,
including labels and promotional and packaging materials from the Licensed Products.

    	 

    	 

    

 

		19.6.	Upon
                                         expiration or termination of this Agreement, Licensor shall be entitled to all royalties
                                         due as of the date of expiration or termination.

 

		19.7.	Within
                                         ten (10) days after expiration or termination, Licensee shall deliver and return to Licensor
                                         any and all documents embodying Licensor’s Confidential Information.

 

		19.8.	Neither
                                         the expiration nor earlier termination of this Agreement due to causes imputable to Licensee
                                         shall relieve Licensee from its duty of nondisclosure provided herein, or from obligations
                                         for payments then due or accrued hereunder, or for any damage caused to Licensor.

 

		19.9.	Upon
                                         termination or expiration of this Agreement, all rights granted herein shall revert to
                                         Licensor, which may license others to use the TOMMY BAHAMA Marks in any way whatsoever.
                                         Licensee shall, thereafter, refrain from all further use of TOMMY BAHAMA Marks other
                                         than to sell-off remaining inventory during the Sell-Off Period, to the extent permitted
                                         by, and in accordance with, this Agreement.

 

		19.10.	In
                                         the event of termination or, upon the occurrence of a breach by Licensee, Licensee shall
                                         pay to Licensor any royalties then owed to it pursuant to this Agreement, the total Guaranteed
                                         Royalty amounts remaining unpaid for the balance of the Contract Term, as well as an
                                         amount equal to any other actual damages Licensor may have suffered on account of such
                                         termination or the acts or omissions from which termination resulted. 

 

		19.11.	Licensor
                                         shall have and hereby reserves all rights and remedies which it has, or which are granted
                                         to it by operation of law, to enjoin the unlawful or unauthorized use of the TOMMY BAHAMA
                                         Marks, to collect royalties payable by Licensee pursuant to this Agreement and to be
                                         compensated for damages for breach of this Agreement.

 

		19.12.	Bankruptcy.
                                         

 

		(a)	If
                                         Licensee shall become insolvent, as such term is commonly understood under either the
                                         U.S. Bankruptcy Code or the Uniform Commercial Code of the State of New York, or shall
                                         make an assignment for the benefit of creditors, or files for any relief under any bankruptcy
                                         law or regulation in any jurisdiction or place, including, without limitation, the Bankruptcy
                                         Code, or shall make an assignment for the benefit of creditors, or if Licensee shall
                                         be made a defendant in any proceeding under bankruptcy, insolvency, reorganization or
                                         receivership law, other than an involuntary bankruptcy which is not stayed or discharged
                                         within ninety (90) days, or if Licensee shall be adjudged bankrupt, or if a receiver
                                         or trustee for the property of Licensee shall be appointed, this Agreement shall hereupon
                                         terminate at the option of Licensor. 

 

		(b)	The
                                         parties hereby agree and intend that this Agreement is an executory contract governed
                                         by Section 365 of the Bankruptcy Code.

 

    	 

    	 

    

		(c)	In
                                         the event of Licensee’s bankruptcy, the parties intend that all royalties payable
                                         under this Agreement following the commencement of a bankruptcy case shall be deemed
                                         administrative priority claims under the Bankruptcy Code because the parties recognize
                                         and agree that the bankruptcy estate’s enjoyment of this Agreement will (i) provide
                                         a material benefit to the bankruptcy estate during its reorganization and (ii) deny Licensor
                                         the benefit of the exploitation of the rights through alternate means during the bankruptcy
                                         reorganization.

 

		(d)	The
                                         parties acknowledge and agree that any delay in the decision of a debtor-in-possession
                                         or trustee of the bankruptcy estate to assume or reject this Agreement (the “Decision
                                         Period”) materially harms Licensor by interfering with Licensor’s ability
                                         to alternatively exploit the rights granted under this Agreement during a Decision Period
                                         of uncertain duration. The parties recognize that arranging appropriate alternative exploitation
                                         of the TOMMY BAHAMA Marks is a time consuming and expensive process and that it is unreasonable
                                         for Licensor to endure a Decision Period of extended uncertainty. Therefore, the parties
                                         agree that the Decision Period shall not exceed sixty (60) days.

 

		(e)	Licensor,
                                         in its interest to safeguard its valuable interests (including, without limitation, its
                                         intellectual property rights in the TOMMY BAHAMA Marks), has relied on the particular
                                         skill and knowledge base of Licensee. Therefore, the parties acknowledge and agree that
                                         in a bankruptcy context this Agreement is a license of the type described by Section
                                         365(c)(1) of the Bankruptcy Code and may not be assigned without the prior written consent
                                         of Licensor.

 

		20.	Indemnity
                                         and Disclaimer

 

		20.1.	Licensor
                                         hereby agrees to defend, indemnify and hold the Licensee and/or any of its Affiliates,
                                         officers, directors, employees, and/or agents (“Indemnitees”) harmless against
                                         any and all legitimate bona fide claims, demands, causes of action and judgments of any
                                         third parties arising solely out of the use of the TOMMY BAHAMA Marks by the Licensee
                                         in accordance with this Agreement, or any material breach of any representation or warranty
                                         made by Licensor hereunder, provided that the Licensee shall give notice to the Licensor
                                         within ten (10) days after notification of each such claim, demand, cause of action or
                                         judgment. With respect to the foregoing indemnity, the Licensor agrees to defend and
                                         hold the Licensee harmless including, but not limited to, reasonable attorney’s
                                         fees, expert fees and court costs. The Licensor shall have the right to undertake and
                                         conduct the defense of any cause of action so brought and handle any such claim or demand
                                         with attorneys of its own selection. Notwithstanding anything stated in this paragraph,
                                         Licensor has no duty to defend, indemnify or otherwise hold harmless Indemnitees in the
                                         event the claims, demands, causes of action and judgments of any third parties are caused
                                         by Licensee’s breach of this Agreement or any negligence on the part of the Licensee
                                         and/or any of the Indemnitees. The provisions of this section and Licensor’s obligations
                                         hereunder shall survive the expiration or termination of this Agreement.

 

		20.2.	Licensee
                                         hereby agrees to defend, indemnify and hold the Licensor and/or any of its Affiliates,
                                         officers, directors, employees and/or agents harmless against any and all claims, demands,
                                         causes of action and judgments arising out of Licensee’s manufacture, distribution,
                                         shipment, advertising, promotion, offering for sale and/or sale of Licensed Products,
                                         including without limitation any costs or expenses incurred by
Licensor in connection with a Corrective Action or Defective Product or a retrieval, recall or withdrawal of any Licensed Products,
and/or the promotional and packaging material depicting such TOMMY BAHAMA Marks or relating to any breach by Licensee of this
Agreement (or a claimant’s allegation of facts that, if true, would constitute such a breach) provided that the Licensor
shall give notice to the Licensee within ten (10) days after notification of each such claim, demand, cause of action or judgment
(provided that Licensor’s failure to timely provide such notice will relieve Licensee of its indemnification obligations
only if and to the extent that such failure prejudices the Licensee’s ability to defend the claims). With respect to the
foregoing indemnity, the Licensee agrees to defend and hold the Licensor harmless at no cost or expense to the Licensor whatsoever
including, but not limited to, reasonable attorney’s fees, expert fees and court costs. The provisions of this section and
Licensee’s obligations hereunder shall survive the expiration or termination of this Agreement.

    	 

    	 

    

 

		20.3.	Any
                                         indemnified party pursuant to this Article 20
                                         may employ counsel at its own expense to assist it with respect to any such claim for
                                         which indemnification is sought; provided, however, that if such counsel is necessary
                                         because the indemnifying party does not assume control, the indemnifying party will bear
                                         the expense of such counsel. The indemnified party shall have no authority to settle
                                         any claim on behalf of the indemnifying party. The indemnifying party may not enter into
                                         any compromise or settlement without the prior written consent of the indemnified party
                                         except where such compromise or settlement provides solely for the payment of money that
                                         the indemnifying party will fully fund.

 

		20.4.	The
                                         expressed warranties of Licensor, if any, contained in this Agreement are in lieu of
                                         all other warranties, guarantees, promises, affirmations or representations, express
                                         or implied, which could be deemed applicable to this license and to the Licensed Products
                                         manufactured, used or sold hereunder. Licensor makes no expressed warranties and no implied
                                         warranties as to the merchantability, fitness for any particular purpose or use or otherwise,
                                         of the Licensed Products other than those which may be expressly set forth in this Agreement.
                                         Licensee hereby waives all other warranties, guarantees, conditions and liabilities,
                                         expressed or implied, arising by law or otherwise.

 

		21.	Insurance
                                         & Loss

 

		21.1.	Licensee
                                         shall maintain, at its sole expense, the following insurance coverage, with a financially
                                         sound insurance company having an A.M. Best Rating of A-(VI) or better, throughout the
                                         Contract Term and for a period of three (3) years after its expiration or termination:
                                         (i) worker’s compensation, occupational disease, employer’s liability (with
                                         limits of not less than $1 million for bodily injury by accident for each accident, and
                                         $1 million for bodily injury by disease for each employee), disability benefit and other
                                         similar insurance required under laws of the state that apply to the activities to be
                                         performed by Licensee under this Agreement; (ii) commercial general liability insurance
                                         including products liability, blanket contractual liability, personal injury and advertising
                                         liability coverage with a combined single limit of $5 million per occurrence for bodily
                                         injury, including death and property damage; (iii) comprehensive automotive liability
                                         insurance for both owned and non-owned vehicles used by Licensee either on or away from
                                         premises with a combined single limit of $1 million per occurrence for bodily injury,
                                         including death and property damage; and (iv) umbrella excess liability insurance, with
                                         a combined single limit of $2 million per occurrence for bodily injury, including death
                                         and property damage.

    	 

    	 

    

 

		21.2.	Licensee
                                         shall ensure that OXFORD INDUSTRIES, INC., its subsidiaries (including TOMMY BAHAMA GROUP,
                                         INC.), divisions, joint ventures, directors, officers, employees, agents and assigns,
                                         shall be named as additional insureds with respect to the insurance described in clause
                                         (ii) through (iv) of Section 21.1. Licensee shall, within ten (10) days after execution
                                         of this Agreement, deliver to Licensor a certificate of such insurance from the insurance
                                         carriers, describing the scope of coverage and the limits of liability, naming the additional
                                         insureds required by this Section 21 and providing
                                         that the policy may not be canceled or amended without at least thirty (30) days prior
                                         written notice to Licensor.

 

		21.3.	Regardless
                                         of any limited liability associated with Section 23
                                         of this Agreement, in the event of partial loss or destruction of any Licensed Products
                                         due to an unanticipated event such as, but not limited to, fire, water damage, vandalism,
                                         or transport mishap, Licensee must gain approval from Licensor, in writing, before any
                                         methods of salvage or destruction of the Licensed Products are used. Under no circumstances
                                         will Licensee’s insurance carrier be in a position to control the disposition or
                                         disposal of such products. Any salvage activity that could diminish the reputation or
                                         integrity of the TOMMY BAHAMA Marks and/or the Licensor’s reputation for superior
                                         quality shall be prohibited. 

 

		22.	Joint
                                         Venture

 

This
Agreement does not create an agency, partnership, franchise, or joint venture. Nothing herein contained shall be so construed
as constituting Licensee an agent of or authorizing Licensee to incur financial obligations on Licensor’s behalf without
Licensor’s authorization in writing, except as specifically stated herein.

 

		23.	Force
                                         Majeure

 

Neither
party shall be liable to the other for any loss, injury, delay or damage whatsoever suffered or incurred by the other party due
to causes beyond such party’s control, including but not limited to, acts of God, strikes or other labor disturbances or
third parties, war, sabotage, and any other cause or causes, whether similar or dissimilar to those herein specified, which cannot
be controlled by such party. Notwithstanding the foregoing, the provisions of this Section 23
shall at no time operate to excuse Licensee from any payment obligations required by the terms of this Agreement when the same
are due.

 

		24.	Choice
                                         of Law & Forum

 

		24.1.	This
                                         Agreement has been negotiated, prepared, executed and delivered in several jurisdictions,
                                         including the State of New York, United States of America. Accordingly, in order to establish
                                         with certainty that this Agreement will be governed by one body of well-developed commercial
                                         law, the parties hereto have expressly agreed that this Agreement shall be governed by,
                                         and construed in accordance with, the laws of the State of New York, applicable to contracts
                                         executed and fully to be performed therein, to the exclusion of any other applicable
                                         body of governing law including, without limitation, the United Nations Convention on
                                         Contracts for the International Sale of Goods. 

 

		24.2.	The
                                         parties hereby consent to the exclusive jurisdiction of the United States District Court
                                         for the Southern District of New York and of any of the courts of the State of New
York in any dispute arising under this Agreement. Licensee further agrees that service of process in any action, suit or proceeding
brought by Licensor shall be effective if in writing and delivered in person or sent as provided in Section
15.

    	 

    	 

    

 

		25.	Waiver

 

		25.1.	The
                                         failure of either party at any time or times to demand strict performance by the other
                                         of any of the terms, covenants or conditions set forth herein shall not be construed
                                         as a continuing waiver or relinquishment of said rights or of any other right hereunder,
                                         and each party may at any time demand strict and complete performance by the other of
                                         any of the terms, covenants or conditions set forth herein. 

 

		25.2.	In
                                         the event that Licensee shall seek the approval by, or consent of, Licensor and Licensor
                                         shall fail to give such consent or approval, Licensee shall not be entitled to any damages
                                         for withholding or delay of such approval or consent by Licensor, it being intended that
                                         Licensee’s sole remedy shall be an action for injunction or specific performance.
                                         

 

		26.	Validity

 

In
the event that any one or more provisions or terms contained in this Agreement are found invalid or unenforceable, the validity
or enforceability of this Agreement as a whole or of any remaining provisions or terms contained herein shall not in any way be
affected or impaired.

 

		27.	Entire
                                         Agreement

 

		27.1.	This
                                         Agreement is the entire agreement between the parties hereto with respect to the subject
                                         matter hereof. This Agreement and the license granted herein shall be binding upon and
                                         inure to the benefit of the parties and their respective successors, permitted assignees,
                                         heirs, executors and personal representatives. 

 

		27.2.	The
                                         making, execution, and delivery of this Agreement has not been induced by any representations,
                                         statements or warranties, other than those expressly set forth herein. All the terms
                                         of this Agreement are herein set forth and neither this Agreement or any part hereof
                                         may be waived, modified, supplemented, or otherwise altered, unless by a writing signed
                                         by an officer of each party.

 

		28.	Reservation
                                         of Rights

 

Any
right not specifically granted herein to Licensee is expressly reserved by Licensor.

 

		29.	Exhibits

 

All
Exhibits are incorporated into this Agreement and may be revised by Licensor at any time, subject to the consent of Licensee to
any substantive change in the performance required from Licensee.

 

		30.	Survival

 

The
obligations contained in Sections 12, 13, 16,
19, 20, and 21
herein shall survive any termination or expiration of this Agreement.

 

		31.	Intentionally
                                         Omitted. 

 

		32.	Interpretation

 

The
headings of the sections of this Agreement are for convenience only and in no way limit or affect the terms or conditions of this
Agreement.

 

 

 

[SIGNATURES
ON FOLLOWING PAGE]

    	 

    	 

    

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above.

 

	TOMMY
    BAHAMA GROUP, INC.
	 
	 

        By:______________________

	 

        Name:___________________

	 

        Title:_____________________

	 

         

	BOOMER
                                         HOLDINGS INC.

         

	 

        By:_____________________

	 

        Name:__________________

	 

        Title:___________________

 

    	 

    	 

    

Exhibit
A

 

Authorized
Licensed Trademarks

 

 

 

 

	Trademark	Type
	Tommy
    Bahama®	Word
                                         Mark

         

         

		Logo

    	 

    	 

    

Exhibit
B

 

Authorized
Licensed Products and Territory 

 

 

Products**:

 

tinctures,
gummies (am energy, daytime & nighttime), oil extract capsules, pain roll-on’s, freeze rub, sun screen, sun burn gel,
mist sprays, lip balm, massage oils†, and pet treats, all of which contains a compound comprised of hemp seed
oil extract and/or other natural ingredients*

 

†Notwithstanding
anything to the contrary, it is understood and agreed that Licensee’s rights with respect to the manufacture, distribution,
marketing and/or sale of massage oils under the TOMMY BAHAMA Marks shall be on a non-exclusive basis.

 

*Notwithstanding
anything to the contrary, in no event shall Licensee manufacture, produce, distribute, market or sell any Licensed Products containing
or purporting to contain any CBD, THC, CBN or other cannabis- or marijuana-related extracts or components.

 

 

Territory**:

 

United States
of America, including its territories and possessions

 

 

 

 

**Subject
to Section 2.6, Licensee may, from time to time, propose to expand the categories of Licensed Products and/or jurisdictions within
the Territory for Licensor’s consideration. Any such proposal shall be accompanied by a business plan setting forth the
proposed endeavor, including details and timing. In no event shall Licensee manufacture, produce, distribute, market or sell any
products bearing the TOMMY BAHAMA Marks not expressly included in the categories of “Products” described above nor
shall Licensee sell any products bearing the TOMMY BAHAMA Marks outside the jurisdictions set forth under “Territory”
above, without the prior written approval of Licensor. Licensor agrees to consider any such proposal in good faith, it being understood,
agreed and acknowledged that any Licensor’s consideration of any proposal pursuant to this paragraph may take into consideration
any relevant intellectual property protection considerations that Licensor deems to be relevant.

 

    	 

    	 

    

Exhibit
C

 

Contract
Term

 

 

Effective Date
through January 31, 2023

 

Year 1: Effective
Date through January 31, 2020

Year 2: February
1, 2020 through January 31, 2021

Year 3: February
1, 2021 through January 31, 2022

Year 4: February
1, 2022 through January 31, 2023

 

 

At least one
(1) year, but no more than 18 months, before the expiration of the Contract Term, Licensee may request renewal of this Agreement,
and such renewal may be granted by Licensor in its sole discretion.

 

 

    	 

    	 

    

 

Exhibit
D

 

Sales
of Licensed Products to TB Stores and TB E-Commerce

 

General terms
and conditions:

 

	Licensed
Products will be made available throughout the Contract Term and the Sell-Off Period for purchase by Licensor or any of its Affiliates
for sale at TB Stores and/or TB E-Commerce at such prices as may be agreed to from time to time, but in no event more than Licensee’s
lowest then-applicable wholesale list price (after giving effect to any and all discounts and allowances given to Licensee’s
customers), in accordance with Licensee’s standard dealer terms and conditions.

 

	Licensee
shall not pay Earned Royalty on Sales to TB Stores and TB E-Commerce.

 

	Sales to
TB Stores and TB E-Commerce shall not be credited towards any Minimum Net Sales requirements.

 

 

    	 

    	 

    

Exhibit
E

 

Minimum
Net Sales 

 

 

With respect
to each Contract Year during the Contract Term, Licensee must generate the greater of (i) the Minimum Net Sales of Licensed Products
as set forth in the table below, or (ii) the previous Contract Year’s Net Sales.

 

 

	Contract
    Year	Minimum
    Net Sales
	Year
    1	N/A
	Year
    2	$1,000,000
	Year
    3	$5,000,000
	Year
    4	$10,000,000

 

 

 

 

    	 

    	 

    

Exhibit
F

 

Guaranteed
Royalty 

 

 

With respect
to each Contract Year during the Contract Term, Licensee shall pay to Licensor an amount equal to the Guaranteed Royalty amount
set forth in the table below. Guaranteed Royalty payments are nonrefundable, and applicable towards the Earned Royalty amounts
for Licensed Products due under this Agreement.

 

 

	Contract
    Year	Guaranteed
    Royalty
	Year
    1	N/A
    
	Year
    2	$70,000
	Year
    3	$400,000
	Year
    4	$1,000,000

 

    	 

    	 

    

 

Exhibit
G

 

Earned
Royalty 

 

 

 

Licensee shall
pay to Licensor an Earned Royalty on Net Sales of all Licensed Products generated via a transactional e-commerce website operated
by Licensee, which is made directly to the retail consumer by Licensee and fulfilled by or on behalf of Licensee (“Retail
E-Commerce Sales”), during each Contract Year during the Contract Term as follows:

 

	Contract
    Year	Earned
    Royalty
	Year
    1	3.5%
	Year
    2	3.5%
	Year
    3	4%
	Year
    4	5%

 

     

Licensee shall
pay to Licensor an Earned Royalty on Net Sales of all Licensed Products (other than Retail E-Commerce Sales) sold by Licensee
during each Contract Year during the Contract Term as follows:

 

	Contract
    Year	Earned
    Royalty
	Year
    1	7%
	Year
    2	7%
	Year
    3	8%
	Year
    4	10%

 

 

 

    	 

    	 

    

Exhibit
H

 

Advertising
& Marketing

 

 

During each
of the Contract Years set forth in Column A of the following table, Licensee shall spend for Marketing Support and National Advertising
no less than the greater of (i) the applicable monetary sum set forth in Column B in the table below, or (ii) the percentage of
Net Sales set forth in Column C of the table below.

 

	Column
                                         A

        Contract
        Year
	Column
                                         B

        National
        Advertising and Marketing Support
	Column
                                         C

        Percentage
        of Net Sales

	Year
    1	N/A	2%
	Year
    2	$20,000	2%
	Year
    3	$100,000	2%
	Year
    4	$200,000	2%

 

 

 

 

 

    	 

    	 

    

ADDENDUM
1 TO EXHIBIT H

ADVERTISING
AND MARKETING SUMMARY

    	 

    	 

    

Exhibit
I

 

Approved
Additional Licensors, Brands and Logos of Licensee

 

 

Additional Licensors:

 

[Note: Licensee
to provide, if applicable.]

 

Brands and Logos:

 

[Note: Licensee
to provide, if applicable.]

 

 

    	 

    	 

    

Exhibit
J

 

Approved
Retailers of Licensee

 

Approved
Channels of Distribution:

 

CVS

Whole Foods

GNC

Kroger

Jet.com

Albertsons

Costco

Vitamin Shoppe

Vitamin World

Neiman Marcus

Wegmans

Trader Joe’s

Sprouts

Walgreens

Bergdorf Goodman

Nordstrom

Saks Fifth
Avenue

Bloomingdales

Licensee operated
and/or licensed retail stores and/or e-commerce website doing business under the trade name “Boomer Naturals” or “Boomer
Natural Wellness”

Macy’s

Troon Golf

BJ’s
Wholesale Club

 

Sales of
Licensed Product To The Following Are Not Authorized And Are Specifically Prohibited and Excluded From This Agreement:

 

Jobbers and
wholesale distributors

Sam’s
Club

 

Sales on the
Internet or on television (other than specifically approved Internet retailers)

 

    	 

    	 

    

 

ADDENDUM
1 TO EXHIBIT J

 

Authorized
Retailer Request Form

 

Requested
By:____________Date: _____________________

 

Company Name:_____________________

 

Doing Business As:_________________

 

Address:_________________

 

 

Telephone:________________

 

Facsimile:_________________

 

Principal / Owner:_________________

 

Number of Stores:________________

 

Locations:______________________

 

Wholesale Volume: _______________

 

Other Brands Carried

(Comparable to TB):_______________

 

Other TB Products

Carried (w/ Acct #):_______________

 

 

Consumer Profile:_________________

 

 

Other Information:________________

 

 

NOTE: Please Attach Pictures of
the Inside and Outside of Store.

 

Approved By:____________ Date:
_______________

 

    	 

    	 

    

Exhibit
L

 

Statement
of Estimated Monthly Net Sales

 

Statement of Estimated Monthly
Net Sales Prepared For: Tommy Bahama Group, Inc.

 

Licensee:Boomer Naturals
Inc.

 

Mark(s): Tommy Bahama®
and Design Logos

 

For Month Ending: __________________

 

Estimated Net Sales:__________________

 

Estimated
Net Sales of Licensed Products for the remainder of Contract Year ending January 31, 20__, broken out by month and type:

 

	Month	Licensed
    Products 	Total
    Net Sales
	February	 	 
	March	 	 
	April	 	 
	May	 	 
	June	 	 
	July	 	 
	August	 	 
	September
    	 	 
	October	 	 
	November	 	 
	December	 	 
	January	 	 
	TOTAL	 	 

    	 

    	 

    

Exhibit
M

 

Advertising
Policy

 

 

ADVERTISING
POLICY FOR TOMMY BAHAMA

 

Thank you
in advance for helping make Tommy Bahama one of the fastest growing and cleanest brands in our industry today!

 

Our goal is
to maintain that brand integrity, by always presenting Tommy Bahama in an upscale manner that sets us apart in the marketplace
as the prestigious island lifestyle brand. We ask that you follow these advertising and marketing guidelines, so that a successful,
strong and consistent brand message is ensured.

 

IMAGE USAGE

 

Each season
we will offer images that can be used for your advertising needs. These visuals may be used for print, outdoor, brochures and
PR materials; however these visuals are not authorized for broadcast video use or use in off-price selling. Please note the following
parameters:

 

Tommy Bahama
images cannot be used without the brand logo present. We highly recommend using the approved Tommy Bahama ad template for all
of your advertising needs. If you are not using the Tommy Bahama template, then the Tommy Bahama position, image and logo must
be the main focus of the ad, in order to maintain the premiere status of the brand.

 

PRICING POLICY IN AN ADVERTISEMENT

 

In accordance
with our license agreement with Tommy Bahama Brand, the Tommy Bahama name may not be used in clearance, discount or off-price
advertising of any kind, nor in connection with a sale. This has long been a policy of the Tommy Bahama brand in all of its other
product categories as well. For those retailers who price products within the store with both the suggested and the actual prices,
that practice can be used within the store only.

 

All advertising
of the Tommy Bahama brand can include a single price for the products featured or shown. However, there can be no mention of a
sale price, sale percentage off, regular price/sale price, old price/new price in the ad itself. This policy must be followed
if the name Tommy Bahama and/or any photo, sketch or other depictions of the brand or its products are present in the ad. This
applies to all communication media vehicles.

 

The following
are examples of advertising practices that are not allowed by the policy. Failure to adhere to this policy can and will result
in the elimination of the account as a Tommy Bahama approved retailer:

 

	Percentage
discounts of any amount are not permitted in any ads; no percent off reference is acceptable.
	Comparative
price advertising such as regular price/new price is not acceptable. Example: bed "Regular Price: $3000, Now $1800"
is not acceptable.
	Was/is pricing
in advertising is not acceptable. Example: "Watch was $595, now is $495."
	Tommy Bahama
brand name, logos or any company identifiers cannot be in an ad that features off price or discount advertising of other lines/brands.
	No depiction
of any Tommy Bahama products can be present in any ad that contains any version of off price or discount advertising.
	Tommy Bahama
images cannot be used without the brand name present, and therefore cannot appear in any off price ads.
	In the case
of a storewide sale, there can be no reference in the advertising communication that the sale applies to Tommy Bahama, even if
the product is discounted within the store.
	In the case
of floor sample clearance events, the Tommy Bahama product can be included in the sale but not in the advertising and communication
that takes place outside the store.

 

    	 

    	 

    

In addition,
we ask that you refrain from advertising and/or pricing Tommy Bahama products with a '99 ending, as this implies that we are a
price driven brand or that the product is being cleared. Example: watch price is "179.99."

 

BRAND IDENTITY

 

It is essential
that the identity of the Tommy Bahama brand is maintained and communicated properly through marketing and advertising. It is very
important to distinguish between your corporate name and the Tommy Bahama brand name. Only the brand name Tommy Bahama should
be used directly in connection with the products.

 

Correct
Usage (Retailer & Tommy Bahama)

	"Joe's
Tropical Store presents Tommy Bahama Outdoor Furnishings"
	"Joe's
Tropical Store presents Tommy Bahama Outdoor Furniture's Indochine Collection"
	"Joe's
Tropical Store presents the Indochine Collection by Tommy Bahama Outdoor Furniture"

 

Incorrect
Usage (co-branding of manufacturer and Tommy Bahama)

	"Joe's
Tropical Store presents Tommy Bahama Outdoor Furniture by XYZ, Inc. Manufacturing"
	"Joe's
Tropical Store presents XYZ, Inc.'s Tommy Bahama Outdoor Furniture"

 

 

LOGO USAGE

 

Corporate
name recognition will only be acceptable through logo use. The Tommy Bahama logo has been uniquely modified and should avoid being
set as type.

 

It is critical
to all Tommy Bahama retailers that this policy is strictly followed. If you are unsure of your compliance with this policy, please
call us at 212-391-8688 and request to speak with the Director of Licensing for clarification of what you are considering before
the ads are placed and run.

 

 

Thank You.

 

 

 

    	 

    	 

    

 

Exhibit
N

 

Tommy
Bahama Quality Control and Brand Compliance Standards

 

Tommy Bahama
Group, Inc. and its affiliates (collectively “Tommy Bahama”) count the Tommy Bahama® brand among their most valuable
corporate assets. Brand attributes define Tommy Bahama, and proper and consistent use of Tommy Bahama trademarks and production
of product bearing any of the Tommy Bahama trademarks is vital to protect the Tommy Bahama brand.

 

Proper presentation
of the Tommy Bahama brand, as may be reflected by usage of the Tommy Bahama trademarks and product quality, is ultimately determined
by customer satisfaction. Quality in production increases the value of a product or service, enhances the Tommy Bahama brand name,
and builds a good reputation. The perceived quality of a product takes into consideration a number of aspects, which together
help achieve the desired level of satisfaction for the customer. Therefore, quality control in terms of production, pre-sale service,
post-sale service, delivery, pricing, etc. is essential for all companies utilizing the Tommy Bahama trademarks.

 

If you are
a licensee, you must consult your agreement with Tommy Bahama for any additional or different requirements applicable to your
use of Tommy Bahama trademarks and production of products bearing any Tommy Bahama trademarks. In the event of a conflict, the
terms of your agreement control.

 

Introduction

Tommy Bahama
only licenses its trademarks or authorizes usage of its trademarks for use with goods and services that meet Tommy Bahama’s
high quality standards. Tommy Bahama reserves the right to object at any time to any use of its marks in connection with goods
or services that, in Tommy Bahama’s sole opinion, fail to meet Tommy Bahama’s standards of quality.

 

Quality
Assurances

All products
produced for Tommy Bahama or bearing the Tommy Bahama trademarks must adhere to Tommy Bahama’s highest quality, construction,
and workmanship requirements. In order to ensure that Tommy Bahama products in the marketplace are of the highest quality, all
production is subject to a 4.0 AQL inspection, including goods sold to Tommy Bahama.

 

The following
is a non-comprehensive list of basic defects that, if found during various stages of inspecting Tommy Bahama products, would be
deemed unacceptable:

 

		•	Labeling/Packaging

		•	Color

		•	Dirt/oil/smell

		•	Fabric/components

		•	Sizing/L&R

		•	Construction/workmanship

 

For footwear
products, suppliers are requested to provide nested sole grades for fit confirmation.

 

Any goods
that fail inspection due to inferior quality, incorrect construction, or damages in transit due to packaging errors, will be subject
to a chargeback and/or return of goods. In and outbound freight expenses will be included in each defective claim. If defective
units are returned, Tommy Bahama must
approve any liquidation of that returned merchandise. In addition, you are responsible for 100% of the full cost of any inspection
that fails a 4.0 AQL audit.

    	 

    	 

    

 

If merchandise
is identified to be defective after entering Tommy Bahama inventory, either from sales directly to Tommy Bahama or via notification
from a third party retailer, you will be responsible for a subsequent defective return authorization and/or merchandise claim.
Tommy Bahama reserves the right to request a return authorization on defective merchandise for up to one year after product receipt.

 

At Tommy Bahama,
we take great pride in our reputation for high product quality and expect you to maintain this same level of standard.

 

Warranties,
Laws and Regulations

In addition
to the guarantees and warranties provided by law and without limitation of any implied warranties or guarantees otherwise arising
in favor of Tommy Bahama, you expressly guarantee and warrant that all products bearing the Tommy Bahama trademarks will be new
and in full conformity with the specifications or with the approved sample submitted, merchantable of good quality and free from
defects in design, material or workmanship or otherwise, and agree that this warranty shall survive acceptance of delivery and
payment for such goods.

 

You will ensure
that all products and items bearing the Tommy Bahama trademarks will comply strictly with all federal, state and local laws and
regulations which pertain to the manufacture and sale of such products and items, including, without limitation, all testing,
certification, packaging, content, tagging, labeling, and invoicing requirements of applicable laws or regulations. You agree
to execute and furnish appropriate written guaranties to protect Tommy Bahama as permitted by any such laws, rules and regulations.
Prior to production of any products or items, you will be required to submit lab test reports confirming that all products and
items comply with applicable product safety standards and testing requirements.

 

Policing

In the U.S.
and other jurisdictions, trademark owners may have a duty to police the use of their marks. Therefore, if you become aware of
any improper use of Tommy Bahama trademarks, including infringement or counterfeiting by third parties, report them to Tommy Bahama’s
legal department immediately. Report as much detail as possible about the misuse, including the name of the party, contact information,
and copies or photographs of the potential misuse.

 

Appearance

You should
ensure that any presentation of the Tommy Bahama trademarks is consistent with Tommy Bahama’s own use of its trademarks
in comparable media. From time to time, Tommy Bahama may provide you with guidelines for the size, typeface, colors and other
graphic characteristics of the Tommy Bahama trademarks, which, upon delivery to you, shall be deemed to be incorporated into these
standards and any agreements between you and Tommy Bahama.

 

Use of
Tommy Bahama Trademarks in Third Party Product Names

Tommy Bahama
trademarks may not be used by a third party as part of that party’s product, service or trade name without an express written
agreement from Tommy Bahama permitting such use. Licensees must consult their agreements with Tommy Bahama to determine whether
and under what circumstances they can use Tommy Bahama trademarks.

 

Terms of
Use

The following
terms of use shall apply to your use of any of the Tommy Bahama trademarks, including usage on products and/or in advertising
materials:

    	 

    	 

    

 

		•	Trademarks
                                         are adjectives and should be followed by approved nouns. Because trademarks are not nouns,
                                         they should never be pluralized, and they should never be used in the possessive form.

		•	Tommy
                                         Bahama may request at any time that an entity using Tommy Bahama trademarks substitute
                                         new or different trademarks for future product production, in which case prompt compliance
                                         is required.

		•	Entities
                                         using Tommy Bahama trademarks must not take any action inconsistent with or challenge
                                         Tommy Bahama’s ownership of its trademarks.

		•	Tommy
                                         Bahama owns and is entitled to claim any benefits accruing from use of the Tommy Bahama
                                         trademarks.

		•	Title
                                         to and ownership of the Tommy Bahama trademarks and all goodwill associated with the
                                         Tommy Bahama trademarks shall at all times remain with Tommy Bahama.

 

Indemnification

You will be
liable for any and all damage of any nature whatsoever and whether in contract or in tort, whether direct or indirect or incidental
or consequential sustained by Tommy Bahama or any third party arising out of or connected with any breach of warranty, or any
defect in or non-conformance of any products or items. You will indemnify, defend and hold harmless Tommy Bahama and its directors,
officers, employees, agents and affiliates from and against any claim, damage, loss, action, cost and/or expense (including, without
limitation, attorneys’ fees and expenses) related thereto.

 

Additional
Information

For additional
information regarding Tommy Bahama’s trademarks and Tommy Bahama’s quality control standards, you may contact Tommy
Bahama’s legal department.

 

Conclusion

These standards
are not a definitive statement of proper trademark use or product production. Tommy Bahama reserves the right to oppose any use
of its trademarks that Tommy Bahama, in its sole discretion, deems unlawful or improper. Tommy Bahama further reserves the right
to revise these standards at any time, without notice. It is your responsibility to comply with the most current version of these
standards.

 

Consistent
failure of quality compliance may severely damage the Tommy Bahama brand. Therefore, any failure to comply with these standards
will, in Tommy Bahama’s sole discretion, result in termination of your relationship with Tommy Bahama, including termination
of any license or other agreement to which you may be a party.

 

 

 

    	 

    	 

    

Exhibit
O

 

Notice
to Third Parties

 

NOTICE TO MANUFACTURERS,
SUBCONTRACTORS, SUPPLIERS, DISTRIBUTORS, TRANSPORTERS, AND OTHER THIRD PARTIES

 

Name:

 

____________________________________________________________________

 

Address:

 

____________________________________________________________________

 

 

This
is to serve as notice to the above-named Third Party that TOMMY BAHAMA GROUP, INC. (“TBG”) has licensed ______________________
to use certain preferred selections of fabric, material, styles, designs, patterns or color combinations created by TBG (“Licensed
Designs”) in connection with the production of _________________ to be sold by _______________________ under the TOMMY BAHAMA
name and trademarks (“Licensed Products”).

 

TBG
has granted ___________________the right to utilize the services of the above-named Third Party on the condition that such Third
Party will utilize those Licensed Designs solely in connection with Licensed Products. It will NOT make use of those Licensed
Designs in the production, distribution or sale of any other items of merchandise that may be produced, distributed or sold by
the above-named Third Party on its own behalf or on behalf of any other party. Any violation by the Third Party of these restrictions
shall be grounds for immediate termination of the Third Party’s services relating to Licensed Products, and may be the basis
for a legal infringement action by TBG against the Third Party.

 

ACCEPTED AND
AGREED:

 

TOMMY BAHAMA GROUP, INC.BOOMER
HOLDINGS INC.

 

 

By: ____________________________By:
__________________________

 

Title: ___________________________Title:
_________________________

 

    	 

    	 

    

Exhibit
P

 

Supplier
Agreement and Certification

MANUFACTURING
AGREEMENT

 

 

THIS AGREEMENT
is made as of the _________day of ________ , 2019, by and between ____[Licensee]_______________, having an office at ________________________
(hereinafter referred to as the “Company”), and _________________________ having an office at ________________________________
(hereinafter referred to as the “Manufacturer”).

 

WITNESSETH:

 

WHEREAS, Manufacturer
is engaged in the manufacture of garments and/or other items of merchandise:

 

WHEREAS, Company
wishes to contract with Manufacturer for manufacture of certain products from time to time (“Products”), which will
bear the trademark TOMMY BAHAMA, and any related logos, crests, emblems or symbols, and all combinations, forms and derivatives
thereof as are from time to time used by Company or any of its affiliates, whether registered or unregistered (the “Trademarks”);
and

 

WHEREAS, Company
has been licensed by Tommy Bahama Group, Inc. (“TBG”), the owner of all rights, title and interests in and to the
Trademarks, to use the Trademarks.

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the parties hereby agree as follows:

 

1. THE
PRODUCTS.

 

Company and
TBG have created certain designs and patterns from which Manufacturer will create three-dimensional samples. Company shall advise
Manufacturer if the samples meet Company’s quality requirements within fifteen (15) days of receipt. Manufacturer shall
make any modifications to the samples as required by Company. Samples accepted by Company shall be designated as prototypes for
the purposes of this Agreement.

 

2. TERM.

 

(a) The term
of this Agreement shall commence as of the date hereof and continue through ____________ __, __________.

 

(b) In the
event the Manufacturer shall have faithfully performed each and every obligation of this Agreement during the term referred to
in Paragraph 2(a) above, then this Agreement shall automatically renew from month to month commencing immediately upon expiration
of the term, unless either party has given the other thirty (30) days written notice of its intention to terminate the Agreement.

 

3. MANUFACTURE.

 

(a) Manufacturer
shall only manufacture the specific number of Licensed Products as requested by Company and at no time shall manufacture excess
goods or overruns. Manufacturer shall not sell any Licensed
Products bearing the Trademarks to any third parties without the express written consent of the Company.

    	 

    	 

    

 

(b) Manufacturer
shall manufacture the Licensed Products and packaging to conform in quality and specifications to the prototypes.

 

(c) All Licensed
Products and packaging manufactured by Manufacturer shall be delivered to locations specified by Company or directly to the Company,
whichever Company may direct.

 

4. COMPLIANCE
WITH CODE; APPLICABLE LAWS.

 

(a) Attached
hereto as Addendum A is TBG’s Supplier Code of Conduct (the “Code”) which applies to any entity manufacturing
merchandise under any of the trademarks owned by or licensed to TBG (including the components therefore). As a condition to manufacturing
Licensed Products hereunder, the Manufacturer shall comply with the terms of the Code and evidence such compliance by, (1) upon
execution of this Agreement, executing the Code in the form as attached or such other form as provided by TBG, and returning such
document to TBG, and (2) publicly displaying the Code in the language of the applicable country, in a clearly visible location
in Manufacturer’s facility at all times while this Agreement is in effect.

 

(b) In order
to ensure compliance with the Code, Company has developed a program of monitoring its manufacturers and such manufacturers’
subcontractors (hereinafter the “Supplier Monitoring Program”). As a condition to manufacturing Licensed Product hereunder,
Manufacturer hereby agrees that it shall cooperate fully with the Supplier Monitoring Program, which cooperation includes but
is not limited to Company’s inspections in accordance with Paragraph 5, below.

 

(c) For purposes
of this Agreement a “Subcontractor” means an entity or an individual that or whom Manufacturer either hires or pays
to perform the manufacturing tasks that Manufacturer could otherwise perform itself at its own facility or through its own employees
and staff. A “Supplier” means an entity or individual that produces components bearing the Trademarks or fabric for
the Licensed Products and provides such components to the Manufacturer in order to assemble the finished merchandise. Prior to
utilizing any Subcontractor or Supplier, Manufacturer shall provide written notice to Company of: (i) the name and address of
each such Subcontractor and Supplier; (ii) the nature and type of work performed or product supplied to Manufacturer; and (iii)
the duration of the Subcontractor or Supplier relationship.

 

(d)
Within thirty (30) days from executing this Agreement for any existing Subcontractor and Suppliers, and within thirty (30)
days after establishing a new arrangement with a Subcontractor or Supplier, Manufacturer shall obtain and provide to Company
the signature of an authorized representative from each of its Subcontractors (if any) on a Manufacturing Agreement in the
same form as this Agreement. Manufacturer shall further obtain and provide to Company the signature of an authorized
representative from each of Manufacturer’s Suppliers on a Certification in the same form as that which is attached
hereto and hereafter referred to as Addendum B, and provided by Company from time to time, or such other form as provided by
Company. In the event Manufacturer has knowledge of, has reason to believe, or should have reason to know that any Supplier
or Subcontractor used by Manufacturer is in breach of the Certification or Manufacturing Agreement, as the case may be,
Manufacturer shall immediately notify Company and Manufacturer shall, at its sole expense, take immediate action to require
the breaching party to rectify such breach, including, where Company deems it necessary, immediate termination of its
relationship with such Supplier or Subcontractor. If Manufacturer fails to take immediate action, Company shall have the
right, at Manufacturer’s sole expense, to pursue all available remedies to protect its rights. Notwithstanding the
foregoing, Manufacturer acknowledges that it will remain primarily liable and completely
obligated under all of the provisions of this Agreement with respect to the production of Products hereunder. Further, such Manufacturer
failure shall be grounds for termination of this Agreement.

    	 

    	 

    

 

(e) Manufacturer
certifies that it has in effect a program of monitoring its Subcontractors and Suppliers which manufacture TBG brand merchandise
which is sufficient to ensure their compliance with the Code and all applicable state, local and foreign laws and regulations
pertaining to wages, overtime compensation, benefits, hours, hiring and employment, workplace conditions and safety, the environment,
collective bargaining, freedom of association and that their products and/or the components thereof are made without the use of
child (persons under the age of 15 or younger than the age for completing compulsory education, if that age is younger than 15),
prison, indentured, exploited bonded, forced or slave labor.

 

(f) Manufacturer
shall ensure that all merchandise manufactured hereunder shall be manufactured in compliance with all federal, state and local
laws which pertain to the manufacture of clothing, apparel, and other merchandise including the Flammable Fabrics Act, as amended,
and regulations thereunder and Manufacturing guarantees, that with regard to all products, fabrics or related materials used in
the manufacture of the Licensed Products, for which flammability standards have been issued, amended or continued in effect under
the Flammable Fabrics Act, as amended, reasonable and representative tests, as prescribed by the Consumer Product Safety Commission,
have been performed which show that the Licensed Products at the time of their shipment or delivery conform to the above-referenced
flammability standards as are applicable.

 

(g) Manufacturer
shall ensure that all Licensed Products shall comply strictly with all federal, state and local laws and regulations which pertain
to the manufacture and sale of such products and items, including, without limitation, all testing, certification, identification,
packaging, content, tagging, labeling, invoicing, safety, wage and hour, and non-discrimination requirements of applicable laws
or regulations. Manufacturer agrees to execute and furnish appropriate written guaranties to protect Company and TBG as permitted
by any such laws, rules and regulations. Prior to production of any products or items, Manufacturer will be required to submit
lab test reports confirming that all products and items comply with applicable product safety standards and testing requirements,
(including without limitation the Consumer Product Safety Improvement Act and California’s Safe Drinking Water and Toxic
Enforcement Act of 1986 [known as Proposition 65]). As to Proposition 65, Manufacturer hereby further and specifically certifies
that its products are compliant with Proposition 65 and that its products do not contain chemicals (including without limitation
lead or cadmium) or other components that would prohibit or make unlawful the sale or offer for sale of those products under Proposition
65. In additional Manufacturer certifies that its products do not require any warning labels other than those affixed to the products.

 

(h) Manufacturer
shall manufacture or cause to manufacture all Licensed Products (including components thereof) manufactured in the United States,
in compliance with all applicable requirements of Sections 6, 7, and 12 of the Fair Labor Standards Act, as amended, and all regulations
and orders of the United States Department of Labor under Section 14 thereof, and applicable state and local laws pertaining to
child labor, minimum wage and overtime compensation, and, if the Licensed Products are manufactured outside the United States,
in compliance with all applicable laws, including but not limited to, wage, overtime compensation, benefits, hours, hiring and
employment, workplace conditions and safety, environmental, collective bargaining, freedom of association laws of the country
of manufacture and without the use of child (persons under the age of 15 or younger than the age for completing compulsory education,
if that age is younger than 15), prison, indentured, exploited bonded, forced or slave labor.

 

    	 

    	 

    

(i) Manufacturer
acknowledges that it has read and understands Company’s policy with regard to the manufacture of Licensed Products for Company.
Manufacturer further agrees that it shall, simultaneous to executing this Agreement, execute and abide by the Certification attached
as Addendum B, and shall execute and abide by all Certifications provided by Company from time to time. Failure by Manufacturer
to execute and abide by such Certification shall be grounds for immediate termination of this Agreement by Company.

 

(j) Manufacturer
shall not utilize or permit any Subcontractors or Suppliers to utilize in the manufacture or treatment of any of the Licensed
Products (including the components thereof) manufactured hereunder any Azo dyes that can be split into any of the following amines:

 

CAS
#

4-Aminobiphenlyl92-67-1

Benzidine92-87-5

4-Chloro-o-toluidine95-69-2

2-Naphthylamine91-59-8

o-Aminoazotoluene97-56-3

2-amino-4-nitrotoluene       99-55-8

p-Cresidine120-71-8

p-Chloroaniline106-47-8

4,4-Diamino101-77-9

2,4-Diaminoanisole615-05-4

4,4’-Diaminodiphenylmethane101-77-9

3,3’-Dichlorbenzidine119-90-4

4-Amino
anabenzane91-94-1

3,3’-Dimethoxybenzidine119-90-4

3,3’Dimethylbenzadine119-93-7

3,3’-Dimethyl-838-88-0

4,4’diaminodiphenylmethane

p-Kresidin120-71-8

4,4’Methaylen-bis-(2-chloranilin)101-14-4

4,4’Oxydianiline101-80-4

4,4’Thiodianiline139-65-1

2,4-Toluenediamine95-80-7

o-Toluidine95-53-4

2,4-Toluylenediamine95-80-7

2,4,5-Trimethylaniline137-17-7

o-Anisidine137-17-7

2,4-Xylidine
(China only)95-68-1

2,6-Xylidine
(China only)87-62-7

 

(k) Manufacturer’s
use or any of Manufacturer’s Subcontractors or Suppliers use of the following chemicals in connection with the manufacture
or treatment of any of the Licensed Products (including the components thereof) manufactured hereunder, shall be in accordance
with the following standards or such other standards Company may designate from time to time:

 

		(i)	Formaldehyde:
                                         Must be less than 300 p.p.m. when tested in by the Acetylacetone method in accordance
                                         with Japanese law 112.

 

		(ii)	Pentachlorophenol
                                         (Pesticides): Must be less than 5 p.p.m.

 

    	 

    	 

    

		(iii)	Nickel:
                                         In the event any metal parts of a garment or other merchandise coming into contact with
                                         the skin, contain nickel in excess of 0.5 micrograms per square centimeter/week, Company
                                         must be so notified and special warning labels need to be attached to the garment.

 

		(iv)	Lead
                                         (Pb): Must be less than 100 p.p.m. for each component in children’s products
                                         (12 year and under).

 

		(v)	Perflurooctane
                                         sulfonate (Canada Only): Canada prohibits the manufacture, use, sale, offer for sale
                                         and import of this chemical.

 

5. INSPECTION.

 

(a) With or
without notice from Company or TBG, Manufacturer shall arrange for and provide access to Company’s and/or TBG’s representative(s),
including, but not limited to, any independent entity designated by Company or TBG’s legal representative(s), to: (i) Manufacturer’s
manufacturing facility, residential facilities (if any) and any manufacturing and/or residential facility operated by and of Manufacturer’s
Subcontractors; (ii) Manufacturer’s books, records and documents necessary to evidence Manufacturer’s compliance with
the Code and all applicable laws, rules and regulations, including, but not limited to, employee wages, employee timecards, withholding
rates and deductions, worker’s contracts and/or agreements, any company policies affecting employees, evidence of employee
age, shipping documents, cutting reports and other documentation relating to the manufacture and shipment of the Licensed Products;
and (iii) Manufacturer’s books, records and documents relating to the use of chemicals and dyestuffs in the fabrics, trims,
garments and other merchandise manufactured hereunder. For purposes of this Paragraph, all such books, records and Manufacturer
shall maintain documents in a secure and readily accessible location for a period of three (3) years from their creation.

 

(b) The access
provided by Manufacturer as set forth in Paragraph 5(a), above, shall include Company’s and TBG’s right to inspect,
test, and take samples of the Licensed Products, whether finished or semi-finished, at any time during the manufacturing process
to ensure that the manufacture of the Licensed Products is in accordance with the terms and restrictions herein contained.

 

(c) Company
shall have the right to reject any Licensed Products or packaging not meeting the standards described in Paragraph 1, above. Manufacturer
shall not have the right to sell or otherwise distribute any rejected Licensed Products or packaging. All such products shall
be destroyed according to methods and procedures provided by Company.

 

6. SHIPPING LEGEND.

 

All commercial
invoices (bills of lading) which accompany all Licensed Products must include the following language (either pre-printed or “stamped”):

 

“We
hereby certify that the merchandise (including components thereof) covered by this shipment was manufactured in compliance with
the TBG Supplier Code of Conduct and: (1) if the merchandise was manufactured in the United States, it was manufactured in compliance
with (a) section 6, 7, and 12 of the Fair Labor Standards Act, as amended and all regulations and orders of the United States
Department of Labor under section 14 thereof, and (b) state and local laws pertaining to child labor, minimum wage and overtime
compensation; or (2) if the merchandise was manufactured outside the United States, it was manufactured in compliance
with the wage and hour laws of the country of manufacture and without the use of child (persons under the age of 15 or younger
than the age of completing compulsory education, if that age is younger than 15), prison, indentured, exploited bonded, forced
or slave labor. We further certify that we have in effect a program of monitoring our Subcontractors and Suppliers, which manufacture
TOMMY BAHAMA brand merchandise for compliance with the foregoing. We also certify that the merchandise is in compliance with all
laws governing the designation of country of origin and, if applicable, is being shipped under legally issued and valid export
license or visa.”

    	 

    	 

    

 

Any merchandise
shipped that is not accompanied by a commercial invoice bearing the required language will be subject to rejection and returned
at Manufacturer’s expense and Manufacturer may be charged for any and all costs that are incurred by Company due to the
rejection, including, but not limited to, damages sustained as a result of Company’s liability to customers, any resulting
fines and penalties and attorneys’ fees for said rejected goods. Such rejected goods may not be sold or distributed by Manufacturer
to any entity other than Company.

 

7. USE
OF TRADEMARKS.

 

(a) Except
in connection with the manufacture of Licensed Products, Manufacturer shall not use the Trademarks, in any manner whatsoever (including,
without limitation, for advertising, promotion and publicity purposes), without obtaining the prior written approval of TBG, which
may be withheld in TBG’s sole discretion. In any event, Manufacturer shall not at any time use, promote, advertise, display
or otherwise commercialize the Trademarks or any material utilizing or reproducing the Trademarks in any manner. Manufacturer
shall not make any reference in its business materials, advertising or in any of its business activities to the fact that Manufacturer
is being contracted by Company to manufacture merchandise under any Trademarks owned by or licensed to TBG

 

(b) The Trademarks
will appear on all of the Licensed Products and all packaging in the manner provided by Company.

 

(c) No other
trademarks or notices shall appear on Licensed Products or packaging without Company’s and TBG’s prior written consent
in each instance.

 

(d) Manufacturer’s
use of the Trademarks shall inure to the benefit of TBG. Manufacturer shall take any and all steps required by TBG and the law
to perfect TBG’s rights therein.

 

8. PROPERTY
OF OWNER.

 

(a) Manufacturer
recognizes the great value of the goodwill associated with the Trademarks and the identification of the Licensed Products with
the Trademarks and acknowledges that the Trademarks and all rights therein and goodwill pertaining thereto belong exclusively
to TBG. Manufacturer further recognized and acknowledges that a breach by Manufacturer of any of its covenants, agreements or
other undertakings hereunder will cause TBG irreparable damage, which cannot be adequately remedied in damages in an action at
law, and may, in addition thereto, constitute an infringement of TBG’s rights in the Trademarks, thereby entitling TBG to
equitable remedies, costs and reasonable attorney’s fees.

 

(b) To the
extent any rights in and to the Trademarks are deemed to accrue to Manufacturer, Manufacturer hereby assigns any and all such
rights, at such time as they may be deemed to accrue, including the related goodwill, to TBG.

    	 

    	 

    

 

(c) Manufacturer
shall (i) never challenge the validity of TBG’s ownership in and to the Trademarks or any application for registration thereof,
or any trademark registration thereof and (ii) never contest the fact that Manufacturer’s rights under this Agreement are
solely those of a manufacturer and terminate upon expiration of this Agreement. Manufacturer shall, at any time, whether during
or after the term of the Agreement, execute any documents reasonably requested by TBG to confirm TBG’s ownership rights.
All rights in the Trademarks other than those specifically granted herein are reserved by TBG for its own use and benefit.

 

(d) Without
limiting the generality of any other provision of this Agreement, Manufacturer shall not (i) use the Trademarks, in whole or in
part, as a corporate or trade name or (ii) join any name or names with the Trademarks so as to form a new trademark. Manufacturer
agrees not to register, or attempt to register, the Trademarks in its own name or any other name, anywhere in the world.

 

(e) All provisions
of this paragraph shall survive the expiration or termination of this Agreement.

 

9. TRADEMARK
PROTECTION.

 

(a) In the
event that Manufacturer learns of any infringement or imitation of the Trademarks or of any use by any person or entity of a trademark
similar to the Trademarks, it shall promptly notify Company and thereupon, Company shall so notify TBG. TBG shall take such actions
as it deems advisable for the protection of its rights in and to the Trademark and, if requested to do so by TBG, Manufacturer
shall cooperate with TBG in all respects. In no event, however, shall TBG be required to take any action if it deems it inadvisable
to do so.

 

(b) TBG shall
defend, at its cost and expense, and with counsel of its own choice, any action or proceeding brought against Manufacturer for
alleged trademark infringement arising out of Manufacturer’s use of the Trademarks in accordance with the provisions of
this Agreement.

 

(c) Manufacturer
shall cooperate with TBG in the execution, filing and prosecution of any trademark, copyright or design patent applications that
TBG may desire to file and for that purpose Manufacturer shall supply to TBG from time to time such samples as may be reasonably
required.

 

(d) All provisions
of this paragraph shall survive the expiration or termination of this Agreement.

 

10. TRANSSHIPMENT.
Transshipment is an illegal practice of falsely documenting the country of origin of the raw materials used to manufacture the
Licensed Products and the finished Licensed Products shipped to the United States in order to evade quota restraints on the country
of actual production and the shipment of products under counterfeit export licenses or visas. Manufacturer acknowledges that transshipment,
in any form, violates U.S. federal law, that Company and TBG will review all documents received from Manufacturer to assure the
veracity and the authenticity of the sources of Products and that, upon indication of transshipment of the Products by Manufacturer,
Company or TBG reserves the right to immediately terminate this Agreement and pursue available remedies against Manufacturer.

 

11. SECONDS,
THIRDS OR EXCESS GOODS. Manufacturer shall not have the right to sell any Licensed Products or packaging which are determined
to be seconds, thirds or are in excess of the amount of the Licensed Products requested by Company. Company shall purchase all
seconds, thirds, or excess products, including trim, at a reasonable fair market price. Company shall have the right to inspect
any seconds, thirds or excess Licensed Products to ensure that they comply with the terms of this Agreement.

 

    	 

    	 

    

12. STOLEN
GOODS OR DAMAGED GOODS. Manufacturer will provide Company with immediate notice of any stolen Licensed Products or damaged
Licensed Products including Licensed Products that were then in production. With regard to damaged Licensed Products, Manufacturer
shall not have the right to sell any damaged Licensed Products. With regard to stolen Licensed Products, Manufacturer shall cooperate
with Company with respect to any action regarding the stolen Licensed Products.

 

13. DESIGN
OWNERSHIP. All rights, including without limitation, copyright, trade secret and design patent, to designs for the Licensed
Products including, without limitation, artwork, prints, patterns, package designs, labels, advertising or promotional materials
or any other designs using or used on or affixed thereto, and to any package design, bearing the Trademarks shall, as between
the parties hereto be the property of TBG. All Licensed Products manufactured from designs submitted by Manufacturer and approved
by TBG shall bear the Trademarks.

 

14. CONFIDENTIALITY.
During the term of this Agreement and thereafter, each party shall keep strictly secret and confidential any and all information
acquired from the other party hereto or its designee and shall take all necessary precautions to prevent unauthorized disclosure
of such information. Manufacturer acknowledges that it will receive from Company prints, designs, ideas, sketches, and other materials
which Company and TBG intend to use on or in connection with lines of merchandise which have not yet been put into the channels
of distribution. The parties recognize that these materials are valuable property of TBG. Manufacturer acknowledges the need to
preserve the confidentiality and secrecy of these materials and agrees to take all necessary steps to ensure that use by it or
by its employees and/or agents will in all respects preserve such confidentiality and secrecy. Manufacturer shall take all reasonable
precautions to protect the secrecy of the materials, samples, and designs prior to their commercial distribution or the showing
of samples for sale, and shall not manufacture any merchandise employing or adapted from any of said designs except for Company,
TBG or its affiliates or designees.

 

15. FORCE
MAJEURE.

 

(a) No failure
or omission by either of the parties to perform any of its obligations under this Agreement shall be deemed a breach of this Agreement
if such failure or omission is the result of acts of God, war, riot, accidents, compliance with any action or restriction of any
government or agency thereof, strikes or labor disputes, inability to obtain suitable raw materials, fuel power or transportation,
or any other factor or circumstance beyond the control of the party, which is not attributable to the negligence of such party.

 

(b) Any suspension
of performance by reason of this paragraph shall be limited to the period during which such cause of failure exists, but such
suspension shall not affect the running of the term of this Agreement. However, if the suspension of performance by reason of
this paragraph exceeds six months, either party may give written notice of termination of this Agreement.

 

16. MANUFACTURER’S
WARRANTIES AND REPRESENTATIONS.

 

Manufacturer
warrants and represents that:

 

(a) It has
and will have throughout the term of this Agreement, the full power, authority and legal right to execute and deliver, and to
perform fully and in accordance with all of the terms of this Agreement.

 

(b) The entering
of this Agreement by Manufacturer does not violate any agreements, rights or obligations existing between Manufacturer and any
other person, entity, or corporation.

    	 

    	 

    

 

(c) It is
not engaged in and will not engage in any activities which are in violation of any applicable domestic foreign or international
laws, rules or regulations, including without limitation laws, rules or regulations governing labor, the environment, the manufacture
and sale of goods, U.S. Customs laws or illegal transshipment. Company maintains a policy against engaging in any illegal activities
and will not buy or sell products provided throughout the use of any unlawful or unethical practices.

 

(d) It accurately
states the country of origin on all products, that it does not and will not transship, and it will act to stop or prevent any
known illegal transshipment activity.

 

(e) It shall
not utilize, nor permit any of its subcontractors or suppliers to utilize in the manufacture or treatment of any of the Licensed
Products (including the components thereof) manufactured hereunder any AZO dyes that can be split into any of the amines set forth
in Paragraph 3(i), above.

 

(f) Its use
or any of its subcontractors or suppliers use of the chemicals set forth in Paragraph 3(i) above, in connection with the manufacture
or treatment of any of the Licensed Products (including the components thereof) manufactured hereunder, shall be in accordance
with the standards set forth in Paragraph 3(i) or such other standards as Company may designate from time to time.

 

17. COMPANY’S
WARRANTIES AND REPRESENTATIONS.

 

Company warrants
and represents that:

 

(a) it has,
and will have throughout the term of this Agreement, the right to authorize use of the Trademarks to Manufacturer in accordance
with the terms and provisions of this Agreement; and

 

(b) the entering
of this Agreement by Company does not violate any agreements, rights or obligations existing between Company and any other person,
entity, or corporation.

 

18. INDEMNIFICATIONS.

 

(a) Company
hereby indemnifies Manufacturer and shall hold it harmless from any loss, liability, damage, cost or expense (including reasonable
attorney’s fees) arising out of any claims or suits which may be brought against Manufacturer by reason of the breach by
Company of the warranties or representations as set forth in Paragraph 17, above, provided that Manufacturer gives prompt written
notice, and full cooperation and assistance to Company relative to any such claim or suit, and that Company shall have the option
to undertake and conduct the defense of any suit so brought. Manufacturer shall cooperate fully in the respect with Company in
the conduct and defense of said suit and/or proceedings.

 

(b) Manufacturer
indemnifies and agrees to hold Company harmless from any loss, liability, damage, cost or expense (including reasonable attorney’s
fees), arising out of (i) any breach of the terms herein contained; (ii) any claims or suits by reason of any unauthorized use
by Manufacturer in connection with the Licensed Products or Trademarks covered by this Agreement; (iii) Manufacturer’s noncompliance
with any applicable federal, state, or local law or with any other applicable governmental units or agency’s rules, regulations;
and (iv) any alleged defects and/or inherent dangers in Licensed Products or use thereof.

 

(c) If reasonably
available in the country in which Manufacturer operates it factory, Manufacturer agrees to obtain, at its own expense, product
liability insurance providing adequate protection for Company and Manufacturer against any claims or suits in an amount no less
than US$3,000,000. If applicable,
within thirty (30) days from the date thereof, Manufacturer undertakes to submit to Company a fully paid policy or Certificate
of Insurance naming Company as an insured party and, requiring that the insurer shall not terminate or materially modify such
without written notice to Company of at least twenty (20) days.

    	 

    	 

    

 

19. TERMINATION.

 

(a) Company
shall have the right to terminate this Agreement immediately upon written notice to Manufacturer if Manufacturer breaches any
of its obligations under this Agreement or such other occurrences as outlined below, and such breach remains uncured or cannot
be cured by Manufacturer within ten (10) days from receipt of notice;

 

(b) Company
shall have the right to terminate this Agreement immediately upon written notice to Manufacturer, if Manufacturer is found at
any time to be in breach of the representation made in Paragraph 16(e) or if any governmental agency or other body or office or
official vested with appropriate authority deems the Licensed Products to be harmful or defective in any way, manner or form,
or are being sold distributed in contravention of applicable laws and regulations or in a manner likely to cause harm;

 

(c) Company
shall have the right to terminate this Agreement immediately upon written notice to Manufacturer, if Manufacturer manufactures
the Licensed Products without the prior written approval of Company as provided herein;

 

(d) Company
shall have the right to terminate this Agreement upon ten (10) days written notice to Manufacturer, if Manufacturer is unable
to pay its debts when due, or makes any assignments for the benefit of creditors, or files any petition under the bankruptcy or
insolvency laws of any jurisdiction, country or place, or has or suffers as a receiver or trustee to be appointed for its business
or property, or is adjudicated a bankrupted or an insolvent;

 

(e) Company
shall have the right to terminate this Agreement upon ten (10) days written notice to Manufacturer, if Manufacturer fails to make
timely delivery of the Licensed Products; or

 

(f) Notwithstanding
the foregoing provisions, Company shall have the right to terminate this Agreement, with or without cause, upon thirty (30) days
notice to Manufacturer, providing however, that, upon written approval by Company, Manufacturer shall have the right to complete
any work then in progress.

 

20. ACTS
UPON EXPIRATION OR TERMINATION OF THIS AGREEMENT.

 

(a) Upon and
after the expiration or termination of this Agreement, Manufacturer agrees not to make reference in its advertising or its business
materials to having been formerly associated with Company or the Trademarks.

 

(b) Upon and
after the expiration or termination of this Agreement, Manufacturer will refrain from further use of the Trademarks or of anything
confusingly similar thereto, in connection with the manufacture of any products. Additionally, Manufacturer shall immediately
return all originals and copies of all sketches, patterns, prototypes, samples or other materials relating to the Licensed Products
to Company.

 

(c) In the
event of expiration or termination of this Agreement, as herein provided, with the exception of the Licensed Products which Manufacturer
may, with Company’s consent, ship to satisfy any unfilled, confirmed orders for the current season it had received prior
to said expiration or termination,
Company shall have the prior right and option to purchase any or all of the Licensed Products and packaging materials, as then
in Manufacturer’s possession or carried on its books of account. Upon such termination or expiration, Manufacturer shall
immediately cause physical inventories to be taken of (i) Licensed Products on hand; (ii) Licensed Products in the process of
manufacture; and (iii) all packaging materials, which inventories shall be reduced to writing and a copy thereof shall be delivered
to Company not later than fifteen (15) days from termination or expiration. Written notice of the taking of each inventory shall
be given to Company at least forty-eight (48) hours prior thereto. Company shall have the right to be present at such physical
inventory or to take its own inventory, and to exercise all rights it has available with respect to the examination of Manufacturer’s
books and records. If Manufacturer does not allow Company to take such inventory, it shall have not right to sell the remaining
Licensed Products without Company’s prior approval.

    	 

    	 

    

 

(d) Manufacturer
recognizes that any sale of the Licensed Products upon termination or expiration, would cause irreparable damage to the prestige
of the Company and to the Trademarks, and to the goodwill pertaining thereto.

 

(e) Upon expiration
or termination of this Agreement, Manufacturer shall cease the manufacture of Licensed Products. All the Licensed Products set
forth on the inventories referred to in subdivision (i) and (ii) of Paragraph 20(c) which are not purchased by Company pursuant
to such paragraph may be sold subject to Company’s prior right to approve the customers in writing and the terms and conditions
of each sale. Such sale shall otherwise be strictly in accordance with the terms, covenants and conditions of this Agreement as
though the Agreement had not expired or terminated. In no event shall Manufacturer sell any Licensed Products to any Third Party
without the prior written approval of Company.

 

21. NOTICES.

 

All notices
which either party hereto is required or may desire to give shall be given by addressing the same to the address hereinafter in
this paragraph, or as such other address as may be designated in writing by any party in a notice to the other given in the manner
prescribed in this paragraph. All such notices shall be deemed to be sufficiently given five (5) days after the mailing by registered
or certified mail, or in the date of electronic facsimile for which the sender obtains a confirmation of successful transmission.
The addresses to which any such notices, shall be given are the following:

 

TO COMPANY:TO
MANUFACTURER:

 

 

 

22. NO
PARTNERSHIP.

 

This Agreement
does not constitute and shall not be construed as a partnership or joint venture between Company and Manufacturer. Neither party
shall have any right to obligate or bind the other party in any manner whatsoever, and nothing herein contained shall give, or
is intended to give, any rights of any kind to any third persons.

 

 

23. NON-ASSIGNABILITY.

 

This Agreement
shall bind and inure to the benefit of Company and its successors and assigns. This Agreement is personal to Manufacturer, and
Manufacturer shall not transfer or sublicense its rights hereunder
and neither this Agreement nor any of the rights of Manufacturer hereunder shall be sold, transferred or assigned by Manufacturer
and no rights hereunder shall devolve by operation of law or otherwise upon any receiver, liquidator, trustee or other party.

    	 

    	 

    

 

24. SEVERABILITY.

 

If any provision
or any portion of this Agreement shall be construed to be illegal, invalid, or unenforceable, such shall be deemed stricken and
deleted from this Agreement to the same extent and effect as if never incorporated herein, but all other provisions of this Agreement
and remaining portion of any provision which is illegal, invalid or unenforceable in part shall continue in full force and effect.

 

25. HEADINGS.

 

The headings
of the Paragraphs of this Agreement are for convenience only and shall in no way limit or affect the term or conditions of this
Agreement.

 

26. COUNTERPARTS.

 

This Agreement
may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

27. CONSTRUCTION.

 

This Agreement
shall be construed in accordance with the laws of the State of New York of the United States of America with the same force and
effect as if fully executed and to be performed therein.

 

28. JURISDICTION.

 

The parties
hereby consent to the exclusive jurisdiction of the United States District Court for the Southern District of New York and of
any of the courts of the State of New York in any dispute arising under this Agreement and agree further that service of process
or notice in any such action, suit or proceeding shall be effective if in writing and delivered in person or sent as provided
in Paragraph 21 hereof.

 

29. WAIVER,
MODIFICATION, ETC.

 

No waiver,
modification or cancellation of any term or condition of this Agreement shall be effective unless executed in writing by the party
charged therewith. No written waiver shall excuse the performance of any acts other than those specifically referred to herein.
The fact that Company has not previously insisted upon Manufacturer expressly complying with any provision of this Agreement shall
not be deemed to be a waiver of Company’s future right to require compliance in respect thereof and Manufacturer specifically
acknowledges and agrees that the prior forbearance in respect of any act, term or condition shall not prevent Company from subsequently
requiring full and complete compliance thereafter.

 

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

 

___________________________________________________________

[LICENSEE
NAME][MANUFACTURER NAME]

By: ___________________________By:
__________________________

Name: ________________________Name:
_______________________

Title: _________________________Title:
________________________

 

    	 

    	 

    

Addendum
1 to

Exhibit
P

 

Tommy
Bahama Group, Inc.

CODE
OF CONDUCT

 

 

These Standards
apply to all of the Tommy Bahama (“TBG”) Business Partners. TBG strongly encourages Business Partners to exceed these
Standards and promote best practices and compliance by Business Partners with the Standards.

 

While TBG
recognizes that there are different legal and cultural environments in which Business Partners operate throughout the world, these
Standards set forth the basic minimum requirements Business Partners must meet in order to do business with TBG. The Standards
also provide the foundation for TBG’s ongoing evaluation of compliance by Business Partners with the Standards.

 

Business Partners
are defined as vendors, manufacturers, contractors, subcontractors and other suppliers, sources and agents who provide TBG with
goods or services ordered pursuant to any purchase order, contract or agreement issued directly by TBG or ordered on TBG’s
behalf.

 

LAWS &
REGULATIONS

All TBG Business
Partners must operate in full compliance with all applicable local and national laws, rules and regulations pertaining to all
aspects of factory operations in the jurisdiction of which they conduct business.

 

EMPLOYMENT
PRACTICES

TBG will only
do business with Business Partners whose workers are treated fairly and who in all cases are present voluntarily, not put at risk
of physical harm, fairly compensated, and allowed the right of free association and not exploited in any way. Business Partners
shall ensure procedures are in place by which workers, alleging violations of these Standards, may do so without fear of negative
repercussions.

 

In addition,
TBG Business Partners must adhere to the following:

 

Wage
and Benefits: TBG Business Partners must pay workers wages and legally mandated benefits that comply with any applicable law.
In addition to their compensation for regular hours of work, workers shall be compensated for overtime hours at such premium rates
as are legally required, or in those countries where such laws do not exist, at least equal to their regular hourly wage rate.

 

Working
Hours: TBG expects its Business Partners to operate based on prevailing local work hours. Except in extraordinary circumstances,
Business Partners shall limit the number of hours that workers may work on a regularly scheduled basis to the legal limit on regular
and overtime hours established by local laws and regulations in the jurisdiction in which they manufacture. subject to the requirements
of local law, a regularly scheduled workweek of no more than sixty (60) hours and one day off in every seven (7) day period is
encouraged. Partners will comply with applicable laws that entitle workers to vacation time, leave periods and holidays. Business
Partners must regularly provide reasonable rest periods and one day off within a seven-day period. Any time worked over the norm
for the area should be compensated as prescribed by the local labor laws.

    	 

    	 

    

 

Child
Labor: Use of child labor is strictly prohibited. Business Partners must observe all legal requirements for the work of authorized
minors, particularly those relating to hours of work, wages, minimum education and working conditions. TBG supports the development
of legitimate, workplace apprenticeship programs and Business Partners will be expected to comply with all laws and regulations
applicable to such apprenticeship programs. “Child” is defined as a person who is younger than 15 (or 14 where the
law of that country permits) or younger than the age for completing compulsory education in the country where such age is higher
than 15. TBG will not utilize Business Partners who use or permit the use of child labor in any of their facilities.

 

Prison
Labor/Forced Labor: Business Partners will not use or permit the use of bonded labor, indentured labor, prison labor or forced
labor in the manufacture or finishing of products ordered by TBG. Nor will TBG knowingly purchase materials from a Business Partner
utilizing bonded labor, indentured labor, prison labor or forced labor. “Forced labor” is defined as any work or service
which is extracted from any person under the threat of penalty for its non-performance and for which the worker does not offer
himself voluntarily.

 

Discrimination:
While TBG recognizes and respects cultural differences, employment (hiring, wages, benefits, advancement, termination, and retirement)
shall be based on the worker’s ability and not on personal characteristics. TBG believes that workers should be employed
on the basis of their ability to do the job, rather than on the basis of gender, age, disability, racial characteristics, cultural
or religious beliefs or similar factors. TBG will not utilize Business Partners who discriminate against workers on the basis
of gender, age, disability, racial characteristics, cultural or religious beliefs or similar factors.

 

Free
Association: Workers must be free to join organizations of their own choice. Business Partners shall recognize and respect
the rights of workers to freedom of association and collective bargaining. Workers shall not be subject to intimidation or harassment
in the peaceful exercise of their legal right to join or to refrain from joining an organization.

 

Disciplinary
Practices: All Business Partners must treat all workers with respect and dignity. TBG will not utilize Business Partners who
use, or permit the use of corporal punishment, physical, sexual, psychological or verbal harassment or other forms of mental or
physical coercion, abuse or intimidation. Business Partners shall not use, or permit the use of fines as a disciplinary practice.

 

Women’s
Rights: All Business Partners will ensure that workers who are women receive equal treatment in all aspects of employment.
Pregnancy tests will not be a condition of employment or continuation thereof and pregnancy testing, to the extent it is provided,
will be voluntary and at the option of the worker. Workers will not be exposed to hazards that may endanger their reproductive
health and Business Partners will not force workers to use contraception.

 

Health
& Safety: TBG will only utilize Business Partners who provide workers with a clean, safe and healthful work environment
designated to prevent accidents and injuries arising out of or occurring while in the course of work or as a result of the operation
of a Business Partner’s facility. All Business Partners must comply with all applicable,
legally mandated standards for workplace health and safety. Where applicable, Business Partners who provide residential facilities
for their workers must provide safe and healthy facilities that comply with legally mandated standards for health and safety.

    	 

    	 

    

 

ETHICAL
STANDARDS

TBG will seek
to identify and work with Business Partners who aspire as individuals and in the conduct of their business to a set of ethical
standards which are compatible with TBG standards. Bribes, kickbacks or other similar unlawful or improper payments are strictly
prohibited to be given to any person or entity to obtain or retain business.

 

ENVIRONMENTAL
REQUIREMENTS

All Business
Partners must comply with environmental rules, regulations and standards applicable to their operations.

 

LEGAL REQUIREMENTS

TBG policy
is to obey the laws of each country in which merchandise is manufactured for TBG. Business Partners will comply with all applicable
local and national laws, rules, and regulations pertaining to all aspects of factory operations. This includes compliance with
these Standards and the terms and conditions of purchase orders issued by TBG or on TBG’s behalf and also requires attention
to U.S. country of origin regulations which govern quota classification and the marking of products.

 

MONITORING
/ COMPLIANCE

TBG takes
affirmative measures to monitor compliance with TBG Standards and TBG’s Purchase Order Terms and Conditions. Such measures
may include prescreening Business Partners, scheduled or random, announced and unannounced on-site inspections of factories by
TBG representatives, or certification by TBG Business Partners that TBG Standards have been complied with.

 

TBG associates
and representatives have been asked to be watchful for violations of TBG Standards on visits to factories or manufacturing facilities
and to report questionable conduct to management for follow up and when appropriate, for corrective action.

 

RECORD
KEEPING

All Business
Partners must maintain in the factories producing merchandise for TBG all documentation necessary to demonstrate compliance with
TBG Standards. Business Partners must furnish TBG representatives reasonable access to production facilities, employment records
and workers for confidential interviews in connection with monitoring factory or inspection visits. Business Partners must promptly
respond to reasonable inquires by TBG representatives concerning the operations of factories with respect to TBG Standards.

 

SUBCONTRACTING

Business Partners
shall not utilize subcontractors for the production of TOMMY BAHAMA branded merchandise, or components thereof, without TBG’s
prior written approval and only after the subcontractor has agreed to comply with TBG’s Standards. Business Partners shall
require each TBG approved subcontractor to abide by the Standards. Business Partners shall be held accountable for a subcontractor’s
failure to abide by TBG’s Standards.

 

CORRECTIVE
ACTION

If a Business
Partner is in violation of TBG’s Standards, TBG will work with the Business Partner to remediate the violation if at all
possible. If this effort is unsuccessful or not possible, TBG shall reevaluate
its business relationship with the Business Partner and shall take appropriate corrective action. Corrective action may include
cancellation of the affected order, prohibition of subsequent use of a factory or termination of TBG business relationship with
any Business Partner found to be in violation of these Standards, or exercising any other rights and remedies to which TBG may
be entitled under Purchase Orders issued by TBG or on behalf of TBG, at law or otherwise.

    	 

    	 

    

 

AGREED AND
UNDERSTOOD:

 

VENDOR:______________________

 

BY:__________________________

 

NAME:_______________________

 

TITLE:________________________

 

    	 

    	 

    

Addendum
2 to

Exhibit
P

 

Supplier
Certification

 

 

In consideration
of the Tommy Bahama Group, Inc. (“TBG”) placing orders for the manufacture of TOMMY BAHAMA brand merchandise with
us in the future, and in compliance with TBG’s Manufacturing Agreement with us (the “Agreement”), we hereby
certify that:

 

I. Any merchandise
(including components thereof) we manufacture or cause to be manufactured under the Agreement will be manufactured in compliance
with: (1) all applicable requirements of Sections 6, 7, and 12 of the Fair Labor Standards Act, as amended, and all regulations
and orders of the United States Department of Labor under Section 14 thereof, and applicable state and local laws pertaining to
child labor, minimum wage and overtime compensation, and, if the merchandise is manufactured outside the United States, it will
be manufactured in compliance with the wage, overtime compensation, benefits, hours, hiring and employment, workplace conditions
and safety, environmental, collective bargaining, freedom of association laws of the country of manufacture and without the use
of child (persons under the age of 15 or younger than the age for completing compulsory education, if that age is younger than
15), prison, indentured, exploited bonded, forced or slave labor; (2) we currently have in effect and will maintain a program
of monitoring all of our suppliers and subcontractors, subcontract sewing shops and other designated contract facilities producing
TOMMY BAHAMA brand merchandise for compliance with (1) above; (3) we will obtain the signature of an authorized representative
of our suppliers, subcontractors, subcontract sewing shops and other designated contract facilities producing TOMMY BAHAMA brand
merchandise on a current supplier agreement, as provided by TBG; (4) within two (2) weeks of the execution of this Certificate,
we will provide to TBG the names and addresses of all of our suppliers, subcontractors, subcontract sewing shops and other designated
contract facilities producing TOMMY BAHAMA brand merchandise under the Agreement and all such merchandise shall be manufactured
solely in factories (whether operated by our suppliers, subcontractors, subcontract sewing shops or designated contract facilities)
that have been inspected and approved in writing by our authorized employee or agent; and (5) all shipping documents which accompany
all TOMMY BAHAMA brand merchandise will include the following language (either pre-printed or “stamped”):

 

“We
hereby certify that the merchandise (including components thereof) covered by this shipment was manufactured in compliance with
(1) all applicable requirements of Sections 6, 7, and 12 of the Fair Labor Standards Act, as amended and all regulations and orders
of the United States Department of Labor under Section 14 thereof, and applicable state and local laws pertaining to child labor,
minimum wage and overtime compensation, and (2) if manufactured outside the United States, was manufactured in compliance with
all applicable requirements of the wage, overtime compensation, benefits, hours, hiring and employment, workplace conditions and
safety, environmental, collective bargaining, freedom of association laws of the country of manufacture and without the use of
child (persons under the age of 15 or younger than the age for completing compulsory education, if that age is younger than 15),
prison, indentured, bonded, forced or slave labor. We further certify that we currently have in effect a program of monitoring
our Suppliers and Subcontractors and other designated contract facilities which manufacture TOMMY BAHAMA brand merchandise to
ensure their compliance with the Fair Labor Standards Act and all state, local and foreign laws pertaining to wages, overtime
compensation, benefits, hours, hiring and employment, workplace conditions and safety,
environmental, collective bargaining, freedom of association and that their products or the components thereof are made without
the use of child (persons under the age of 15 or younger than the age for completing compulsory education, if that age is higher
than 15), prison, indentured, bonded, forced or slave labor. We also certify that upon importation (if applicable) this shipment
is in compliance with all laws applicable to the designation of country of origin and is being shipped under legally issued and
valid export license or visa.”

    	 

    	 

    

 

II. Neither
we, nor any of our subcontractors or suppliers, will in the manufacture or treatment of any of the merchandise and Licensed Products
(including the components thereof) manufactured hereunder use any Azo dyes that can be split into any of the following amines:

 

CAS
#

4-Aminobiphenlyl92-67-1

Benzidine92-87-5

4-Chloro-o-toluidine95-69-2

2-Naphthylamine91-59-8

o-Aminoazotoluene97-56-3

2-amino-4-nitrotoluene       99-55-8

p-Cresidine120-71-8

p-Chloroaniline106-47-8

4,4-Diamino101-77-9

2,4-Diaminoanisole615-05-4

4,4’-Diaminodiphenylmethane101-77-9

3,3’-Dichlorbenzidine119-90-4

4-Amino
anabenzane91-94-1

3,3’-Dimethoxybenzidine119-90-4

3,3’Dimethylbenzadine119-93-7

3,3’-Dimethyl-838-88-0

4,4’diaminodiphenylmethane

p-Kresidin120-71-8

4,4’Methaylen-bis-(2-chloranilin)101-14-4

4,4’Oxydianiline101-80-4

4,4’Thiodianiline139-65-1

2,4-Toluenediamine95-80-7

o-Toluidine95-53-4

2,4-Toluylenediamine95-80-7

2,4,5-Trimethylaniline137-17-7

o-Anisidine137-17-7

2,4-Xylidine
(China only)95-68-1

2,6-Xylidine
(China only)87-62-7

 

and;

 

III. We, and
our subcontractors or suppliers, will only use the following chemicals in connection with the manufacture or treatment of any
of the merchandise and products (including the components thereof) manufactured hereunder, in accordance with the following standards
or any further standards TBG designates from time to time:

 

		(i)	Formaldehyde:
                                         Must be less than 300 p.p.m. when tested in the Acetylacetone method in accordance with
                                         Japanese law 112.

 

		(ii)	Pentachlorophenol
                                         (Pesticides): Must be less than 5 p.p.m.

 

		(iii)	Nickel:
                                         In the event any metal parts of a garment or other merchandise coming into contact with
                                         the skin, contain nickel in excess of 0.5 micrograms per square centimeter/week, Company
                                         must be so notified and special warning labels need to be attached to the garment.

 

		(vi)	Lead
                                         (Pb): Must be less than 100 p.p.m. for each component in children’s products
                                         (12 year and under).

 

		(vii)	Perflurooctane
                                         sulfonate (Canada Only): Canada prohibits the manufacture, use, sale, offer for sale
                                         and import of this chemical.

 

 

 

Date:
____________________________________________________

[Company
Name]

 

By:
________________________________

[Authorized
Signature]

 

Print
Name: _________________________

 

 

 

    	 

    	 

    

Exhibit
Q

 

Intentionally
Omitted

    	 

    	 

    

 

 

 

Exhibit
R

 

Licensee
Targeted Events

 

Natural Products Expo East

 

Natural Products Expo West

 

Body Mind Spirit Expo

 

Las Vegas Health & Fitness
Expo

 

NEWLIFE Expoex_169667.htm

Exhibit 10.1

 

MEDESOLE

 

JOINT VENTURE AGREEMENT

 

 

 

 

 

This Joint Venture Agreement (this “JV Agreement”) is made and entered into this 13th day of January 2020 (the “Effective Date”).

 

BY AND BETWEEN

 

INVO Bioscience, Inc., a company incorporated in the State of Nevada, USA and having its principal office at 5582 Broadcast Court, Sarasota, Florida 34240, USA (hereinafter referred to as “INVO Bioscience”);

 

AND

 

Medesole Healthcare and Trading Private Limited, India (hereinafter referred to as “MEDESOLE”).

 

INVO Bioscience and MEDESOLE are hereinafter individually also referred to as a “Party” and collectively referred to as the “Parties”.

 

WHEREAS

 

INVO Bioscience is a medical device company focused on creating simplified, lower cost treatments for patients diagnosed with infertility, using a patented medical device (the “INVO Procedure”) and a revolutionary in vivo method of vaginal incubation (the “INVO Cell”) that offer patients a more natural and intimate experience. The INVO Procedure, the INVO Cell and related treatments using artificial reproductive technologies pioneered or created by INVO Bioscience are collectively referred to as the “INVO Technologies”.

 

MEDESOLE has represented that it has experience in promoting and distributing innovative healthcare technologies, medical equipment and allied services and trading to hospitals, clinics and primary health care centers in the Middle East region and has represented to INVO Bioscience that it has the knowledge, expertise, skills and resources to promote and distribute the INVO Technologies in India.

 

Based solely on MEDESOLE’s representations, INVO Bioscience desires to establish a exclusive joint venture in India with MEDESOLE to introduce, promote and market the INVO Technologies in India in accordance with the terms and conditions set forth in this JV Agreement.

 

1

 

 

 

NOW THEREFORE, in consideration of the mutual covenants and promises herein contained, the Parties hereto agree as follows:

 

ARTICLE 1. DEFINITIONS

 

1.1     The following words, expressions and terms shall, unless the context otherwise requires, have the meaning given next to such words, expressions and terms:

 

(i)     “Act” means the Indian Companies Act, 2013, and any amendments or subsequent enactments thereto.

 

(ii)     “Affiliate” shall mean any person or entity that directly or indirectly through one or more persons or entities, controls or is controlled by a Party or is under the common control with such Party. Control in case of a person shall mean any direct or indirect family relationship; and in case of an entity shall mean, having not less than49% beneficial ownership in the capital of such entity or the right to control the management or policies of such entity, whether through ownership, management rights, voting rights or in any other manner.

 

(iii)     “AoA” shall mean the Articles of Association of the JV Company, including any future amendments thereto.

 

(iv)     “Applicable Law” means and include all applicable statutes, enactments or acts of any legislative body in India, including all laws, ordinances, rules, bye-laws, regulations, notifications, guidelines, policies, directions and orders of any governmental authority, agency or instrumentality of the Government of India, and any amendments, modifications or enactments thereof.

 

(v)     “Board” shall mean the Board of Directors of the JV Company.

 

(vi)     “Certificate of Incorporation” shall mean the Certificate of Incorporation of the JV Company issued or reissued by the Registrar of Companies and/or the Ministry of Corporate Affairs of the Government of India.

 

(vii)     “Confidential Information” shall mean, without limitation, this JV Agreement, the Intellectual Property, the IP License Agreement, any proprietary information, software programs, plans, processes, policies, drawings, specifications, system and user documentation, correspondences, prototypes, trade secrets, know how, design, invention, techniques, business methods, personal or sensitive data of employees, agents, consultants, officers, directors, customers or prospective customers or any other person which might reasonably be presumed to be confidential in nature, financial information, technical information, sales and marketing plans or other business plans; whether recorded, stored or transmitted in any form or medium.

 

(viii)     “Intellectual Property” shall mean without limitation, trademarks, service marks, trade names, design rights, brand names, patents, patent applications, technical know-hows, procedural know-hows, trade secrets, copyrights and all other proprietary rights, including all rights in and to the INVO Technologies, of INVO Bioscience.

 

2

 

 

(ix)     “JV Agreement” means this Joint Venture Agreement and includes any annexure, schedules or exhibits attached hereto and any amendments, modifications or restatements.

 

(x)     “JV Company” shall mean the joint venture company to be incorporated pursuant to this JV Agreement as set forth in Article 2 of this JV Agreement.

 

(xi)     “MoA” shall mean the Memorandum of Association of the JV Company, including any future amendments thereto.

 

(xii)     “Shareholder” shall mean any person or entity listed in the statutory register of members of the JV Company as a shareholder.

 

 

ARTICLE 2. INCORPORATION OF THE JV COMPANY

 

2.1     Within sixty (60) days from the Effective Date, the Parties shall cause to be incorporated and registered in India under the Act, a private company, limited by shares.

 

2.2     The name of the JV Company shall be Medesole INVO Bioscience India Private Limited or such other name as may be mutually agreed between the Parties and approved by the regulatory authorities in India.

 

2.3     The registered office of the JV Company shall be situated in the city of Kozhikode in the State of Kerala, in case of the offices of the outside counsel of INVO Bioscience or at such other place as may be agreed between the Parties.

 

2.4     The Parties shall nominate two or more initial subscribers each to subscribe to the MoA and AoA of the JV Company.

 

2.5     Subject to Applicable Law, the MoA and AoA of the JV Company shall at all times reflect the terms of this JV Agreement. In the event of any inconsistency between the terms of the MoA and AoA and this JV Agreement, this JV Agreement shall prevail and be the sole agreement governing the rights, obligations and liabilities of the Parties and the terms and conditions under which the Parties have agreed to form this joint venture. Consequently, within forty-five (45) days of the incorporation of the JV Company, the Parties shall cause the Board of the JV Company to acknowledge, adopt, confirm and be bound by the terms of this JV Agreement by executing a duplicate copy of this JV Agreement.

 

2.6     Promptly after the JV Company is incorporated and its bank account opened, the Parties shall contribute capital and subscribe to the shares of the JV Company in accordance with the provisions set forth in Article 3 below.

 

2.7     The costs of incorporating the JV Company shall be borne equally by the Parties, and to the extent permitted by Applicable Law, shall be accounted for as pre-incorporation costs in the books of account of the JV Company.

 

3

 

 

 

ARTICLE 3. CAPITALIZATION AND SHAREHOLDING OF THE JV COMPANY

 

3.1     The JV Company shall have an initial authorized share capital of Indian Rupees Ten Million (INR 10,000,000/-) divided into One hundred thousand equity shares of Indian Rupees hundred (INR 100/-) each.

 

3.2     The initial issued, subscribed and paid-up share capital of the JV Company will be Indian Ten Million (INR 10,000,000/-) divided into One hundred thousand equity shares of Indian Rupees hundred (INR 100/-) each.

 

3.3     The share capital of the JV Company shall be subscribed to and held by the Parties in the following ratio or proportion, and upon incorporation of the JV Company, the Parties shall cause the required number of shares to be issued or transferred to the Parties to match this ratio or proportion of shareholding:

 

(i)     INVO Bioscience shall directly or through one or more of its Affiliates or nominees, contribute to and hold fifty percent (50%) of the issued and paid-up equity share capital of the JV Company; and

 

(ii)     MEDESOLE shall directly or through one or more of its nominees, contribute to and hold fifty percent (50%) of the issued and paid-up equity share capital of the JV Company.

 

3.4     The Parties shall contribute additional capital from time to time, as may be required for the business of the JV Company as mutually agreed between the Parties from time to time, provided that all capital contributions shall be in the ratio of fifty percent (50%) by INVO Bioscience and fifty percent (50%) by MEDESOLE.

 

3.5     No Party shall be required to make any capital contribution until and unless the other Party shall simultaneously make a corresponding capital contribution of its share. In the event, any Party is unable or unwilling to contribute its share of additional capital when required, the other Party willing to contribute the additional capital shall be at liberty to contribute the entire required additional capital, and in such event, the ratio of shareholding between the Parties shall stand modified to the extent of the additional capital contribution made by the contributing Party and the shareholding of the non-contributing Party shall stand diluted accordingly.

 

3.6     All capital contributions in the JV Company shall be made solely through normal banking channels strictly in accordance with Applicable Law, and only after obtaining all regulatory approvals that may be necessary or required under Applicable Law.

 

ARTICLE 4. BUSINESS OF THE JV COMPANY

 

4.1     Subject to Applicable Law and all necessary or required regulatory approvals, licenses or registrations, the JV Company shall carry on the business of promoting, marketing and selling the INVO Technologies only in India.

 

4.2     Promptly after incorporation and capitalization as aforesaid, INVO Bioscience shall grant to the JV Company all required licenses for promoting, marketing and selling the INVO Technologies in India on such terms and conditions as may be mutually agreed. All licenses shall be exclusive, for a fixed term and subject to renewal mutual agreement of parties.

 

4

 

 

 

4.3     The Parties agree that the JV Company shall carry on its business to the highest medical and ethical standards as per Applicable Law. Without limiting the generality of the foregoing, the Parties shall ensure that the JV Company in doing its business does not violate any anti-bribery, and anti-corruption rules and regulations of India and USA.

 

4.4     The Parties shall also ensure that the JV Company complies with all applicable data protection, data privacy and data storage laws, rules and regulations of India and USA, including maintaining strict patient confidentiality.

 

4.5     MEDESOLE agrees that during the term of this JV Agreement or any extended or renewed term, it shall not, directly or indirectly, commence, participate in, promote or operate any business similar to the business of the JV Company.

 

ARTICLE 5. MANAGEMENT AND ADMINISTRATION OF THE JV COMPANY

 

5.1     The management of the JV Company shall be vested in its Board of Directors.

 

5.2     The initial Board shall consist of four(4) directors, of which two (2) directors shall be nominated by INVO Bioscience and two (2) directors shall be nominated by MEDESOLE. Any future increase in the Board strength shall always be in the same equal ratio.

 

5.3     The following persons shall serve as the first Board of the JV Company:

 

Steve Shum, as nominee of INVO Bioscience

 

Michael Campbell, as nominee of INVO Bioscience

 

Sameer Kunhikandy, as nominee of MEDESOLE

 

Dhanesh, as nominee of MEDESOLE

 

5.4     In the event of any vacancies in the Board due to resignation, incapacity, disqualification or death of a director, the Party who had originally nominated such director shall have the sole authority to nominate a replacement director.

 

5.5     The Parties shall ensure and cause their nominated directors to be appointed or elected to the Board from time to time. Directors shall not be subject to any fixed term, rotation or retirement, unless the Parties desire to remove and replace their nominee directors.

 

5.6     Directors shall not be remunerated for their appointment as directors or for attending meetings of the Board of the JV Company. The JV Company may however, reimburse directors their reasonably costs for attending Board meetings, subject to any limitations prescribed under Applicable Law.

 

5

 

 

5.7     Within sixty (60) days from the date of incorporation of the JV Company, the Board shall prepare a detailed business plan for the JV Company. The business plan shall set out the objectives and projections for the JV Company in the short term (1 to 3 years) and long term (5, 7 and 10 years). The business plan shall include, but not be limited to cash flow projections, operating budgets, sales forecast, business development and marketing plans and strategy and scale up plans.

 

5.8     The Board shall meet at least once every calendar quarter. Quorum for all Board meetings shall be three directors or one third of the total strength of the Board rounded to the next whole number, whichever is higher; provided however that no meeting of the Board shall be considered to be validly held until and unless at least two directors nominated by INVO Bioscience and one director nominated by MEDESOLE are present.

 

5.9     All Board meetings shall be chaired by a director nominated by Medesole, who shall in addition to his regular vote, also have a casting or tie-breaker vote. Subject to the aforesaid, all decisions of the Board shall be taken by majority vote. Circular resolutions or Actions by Written Consent shall require the affirmative consent of all directors.

 

5.10     In addition to the Board, the Parties shall mutually agree and appoint the following officers (who may or may not be directors of the JV Company) for the day-to-day administration and operations of the JV Company on such terms and conditions as may be mutually agreed, provided however that the Officers shall always be subordinate to the Board and shall function under the overall supervision of the Board:

 

(i)     a Chief Executive Officer;

 

(ii)     a Chief Financial Officer; and

 

(iii)     such other officers as may be required or considered necessary by the Parties.

 

5.11     The Parties shall ensure that the JV Company (i) maintains proper and transparent books of accounts as required by Applicable Law that accurately reflect the true financial position of the JV Company; (ii) appoints reputed statutory auditors to audit the annual financial statements of the JV Company; and (iii) appoints bankers and other professional advisors and consultants as necessary.

 

5.12     The Parties shall have full and unfettered access to inspect the books of account of the JV Company, receive periodic business and financial reports and ask for clarifications or further documentation, from time to time.

 

5.13     The Parties shall ensure that the JV Company remains in full compliance with all Applicable Laws at all times, and for this purpose obtain all necessary and required registrations or licenses to conduct its business.

 

6

 

 

ARTICLE 6. MATTERS RESERVED EXCLUSIVELY FOR SHAREHOLDERS

 

6.1     Notwithstanding anything contained in this JV Agreement or Applicable Law, the Parties agree that the following matters shall be reserved exclusively to be decided by Shareholders:

 

(i)     Any alteration in the capital structure of the JV Company.

 

(ii)     Any alteration of the MoA and AoA of the JV Company.

 

(iii)     Any change in, addition to, supplementation or modification of the business of the JV Company.

 

(iv)     Any change in the total number of directors.

 

(v)     Any declaration of dividends or distribution of profits.

 

(vi)     Any sale, lease or transfer of business assets (other than in the normal course of business).

 

(vii)     Any investment in other companies by way of equity, loan or otherwise.

 

(viii)     Borrowing other than normal credit in the ordinary course of business.

 

(ix)     Loans to directors.

 

(x)     Any liabilities, guarantees or commitments to directors or third parties.

 

(xi)     Appointment and removal of auditors, company secretary, officers, key managerial persons and other professional advisors or consultants.

 

(xii)     Issue of bonus or rights shares or sweat equity.

 

(xiii)     Entering into related party transactions with directors or their family or with Affiliates, other than on proper commercial terms and at arm’s length.

 

(xiv)     Any scheme of arrangement or compromise or restructuring of the JV Company.

 

(xv)      [Reserved]

 

(xvi)     Any decision for winding up of the JV Company voluntarily or initiation of insolvency or liquidation proceedings against the JV Company.

 

7

 

 

 

(xvii)     Any action or resolution inconsistent with this JV Agreement or the MoA and AoA of the JV Company.

 

6.2     Notwithstanding anything contained in this JV Agreement or Applicable Law, no meeting of Shareholders shall be considered to be validly held until and unless (i) at least one representative of each Shareholder is present in the meeting; and (ii) at least seven (7) days’ notice in writing is given setting forth the agenda to be discussed or decided in such meeting, along with sufficient particulars of such matters.

 

6.3     All Shareholder meetings shall be chaired by a nominee of Medesole, who shall have a casting vote in all matters in case of any deadlock.

 

ARTICLE 7. TRANSFER AND SALE OF SHARES

 

7.1     The JV Company is a private limited company closely held by and between INVO Bioscience and MEDESOLE. Consequently, the shares of the JV Company are not freely transferrable and are subject to the restrictions and transfer provisions contained in this Article. In addition, no Party shall transfer, dispose of, assign, pledge, hypothecate or in any manner create any right, title or interest in or otherwise encumber any shares held by it in the JV Company without the consent of the other Party.

 

7.2     Subject to the aforesaid, the shares of the JV Company held by the Parties may be freely transferred to either Party’s Affiliate after giving the other Party ninety (90) days’ notice of the transferring Party’s intention to transfer all or part of the shares held by such Party to its Affiliate.

 

7.3     Any sale of shares by a Party to this JV Agreement to any third party shall always be subject to a thirty (30) days right of first refusal by the other Party to this JV Agreement and shall be done strictly in accordance with the procedure specified below:

 

(i)     The Party desiring to sell the shares (“Offering Party”) to a third party shall only be entitled to sell all of the shares held by such Party;

 

(ii)     The Offering Party shall give notice of its intention to sell the shares to a third party to the other Party (the “Receiving Party”) specifying the identity and details of the third party, the number of shares offered, the price per share being offered and any other terms and conditions attached to such sale;

 

(iii)     The Receiving Party shall have thirty (30) days to either accept the offer or refuse it, in either case by written notice to the Offering Party;

 

(iv)     In the event the Receiving Party timely accepts the offer made by the Offering Party, then the sale shall be completed within sixty (60) days of the date on which the Receiving Party accepted the offer.

 

(v)     In the event the Receiving Party timely refuses the offer made by the Offering Party or does not respond within the stipulated thirty (30) days, then in either such event the Offering Party shall be free to sell the shares only to the original third party and on the same price, terms and conditions as specified in its notice to the Receiving Party within sixty (60) days from the date the Receiving Party refuses the offer or after expiry of the time period within which the Receiving Party was required to communicate its reply to the Offering Party’s offer and if and only if, such third party shall agree to be bound by the terms, conditions, obligations and liabilities set forth in this JV Agreement and prior to any registration of transfer of shares in its name, shall execute a counterpart of this JV Agreement in acknowledgement thereof.

 

8

 

 

(vi)     In the event the original third party does not complete the purchase of the shares as aforesaid, then the Offering Party shall not be able to again offer the same shares for sale for a period of one year from the date the third party failed to complete the purchase.

 

(vii)     Notwithstanding anything contained in this JV Agreement, no Party shall sell the shares to any third party who is in or carries on a business that is directly in competition with the business of the other Party or of the JV Company. 

 

ARTICLE 8. REPRESENTATIONS AND WARRANTIES

 

8.1     Each Party represents and warrants that:

 

(i)     It is a company duly incorporated and validly existing under Applicable Laws; and that the Parties have the necessary authority and resources and capacity to enter into this JV Agreement;

 

(ii)     The execution and delivery of this JV Agreement and the performance of the terms, conditions and obligations set forth therein are duly authorized by each Party’s respective corporate charter and all necessary individual, collective and corporate actions have been adopted to effectuate the same;

 

(iii)     There are no pending actions, suits or proceedings, event or occurrence which, in any case, might reasonably be expected to obstruct the Parties from performing its obligations under this JV Agreement; and

 

(iv)     The execution and delivery of this JV Agreement and the performance of the terms, conditions and obligations set forth therein does not and will not contravene any Applicable Law or any judgment or decree of any court of competent jurisdiction; nor conflict with or result in breach or default of any arrangement, agreement or contract.

 

(v)     It has taken independent legal, financial and tax advice before entering into this JV Agreement and undertaking the obligations set forth in this JV Agreement.

 

ARTICLE 9. CONFIDENTIALITY

 

9.1     The Parties covenant, warrant and undertake to keep and to cause the JV Company to keep all Confidential Information confidential and not use, disclose, divulge, make known, publish, communicate, reproduce or transmit in any manner, any Confidential Information, in whole or in part; directly or indirectly, during the term of or at any time forever after termination of this JV Agreement, either for their own benefit or for the benefit of others.

 

9

 

 

 

9.2     The Parties shall ensure that their and the JV Company’s officers, directors, employees, agents, contractors, sub-contractors, consultants, or any persons acting on any of any of their behalf, shall keep all Confidential Information confidential and not use, disclose, divulge, make known, publish, communicate, reproduce or transmit in any manner any Confidential Information, in whole or in part; directly or indirectly, during the term of or at any time forever after termination of this JV Agreement, either for their own benefit or for the benefit of others.

 

9.3     The obligation for confidentiality set forth above shall not apply if the Confidential Information:

 

(i)     Is lawfully known to a receiving party, at the time of disclosure or prior to the disclosure of the Confidential Information, as evidenced by written records;

 

(ii)     Is publicly known or present in the public domain or becomes publicly known or present in the public domain through no fault, failure, wrongful act or negligence of the receiving party or the receiving party’s officers, directors, employees, agents, contractors, sub-contractors, consultants, partners, or any persons acting on any of their behalf;

 

(iii)     Is received from a third party, who is lawfully entitled to make the disclosure of such information to the receiving party; or

 

(iv)     Is required to be disclosed pursuant to a valid order or direction of a proper court of competent jurisdiction or a government agency; provided however that the receiving party will use its best efforts to minimize the disclosure of such information and prior to disclosing the Confidential Information will notify the owner of the Confidential Information and will consult with and assist the owner of such Confidential Information in obtaining a protective order prior to such disclosure.

 

ARTICLE 10. TERM AND TERMINATION

 

10.1     This JV Agreement shall come into effect on the Effective Date and shall remain valid and subsisting for a period of three (3) years from the Effective Date as outlined in the attached Business Plan in EXHIBIT A, unless sooner terminated in accordance with the termination provisions set forth below.

 

10.2     Upon expiry of this JV Agreement, the parties with mutual consideration and agreement, may renew or extend the JV Agreement for future terms of such duration as outlined in any and all future agreed upon Business Plans.

 

10.3     Notwithstanding the foregoing, either Party may terminate this JV Agreement, after giving one hundred and eighty (180) days prior written notice of termination to the other Party.

 

10.4     Notwithstanding the foregoing, this JV Agreement may be terminated at the option of either Party upon the occurrence of any of the following events (each an “Event of Default”):

 

(i)     Any Party materially defaults in the performance of any of the covenants, terms or conditions of this JV Agreement, and fails to cure such default within thirty (30) days after receipt of notice in writing from the other Party of the default;

 

10

 

 

 

(ii)     If either Party files a voluntary petition for winding up or dissolution; or is being wound up or adjudged bankrupt or insolvent by a court or tribunal of competent jurisdiction or enters into a compromise or arrangement with its creditors as a result of its bankruptcy;

 

(iii)     If the JV Company undergoes a substantial change in management, personnel, or ownership effected without the prior written approval of the either Party;

 

(iv)     Upon the occurrence and continuation of any force majeure events (as hereinafter defined in this JV Agreement) for a period of six (6) months; or

 

(v)     If the JV Company is acquired, either directly or indirectly by any person, firm or entity, whose material business is in competition with the business of JV Company.

 

10.5     Upon expiry or termination of this JV Agreement for any reason whatsoever:

 

(i)     Any IP License Agreement or any other license, approval or consent granted to the JV Company by INVO Bioscience shall automatically stand cancelled;

 

(ii)     All Parties to this JV Agreement and the JV Company, shall promptly return to the owner and/or erase or destroy all Confidential Information, including all copies, notes, drawings, photocopies, written or photographic records or other records in any form, relating to the Confidential Information in their possession or control. This obligation shall not apply to any Confidential Information that is required under Applicable Law to be retained for any period of time; and

 

(iii)     The JV Company shall be wound up in an orderly manner under Applicable Law and any profits or losses and assets shall be apportioned between the Parties, only after all third-party liabilities of the JV Company including all statutory liabilities are satisfied and provided for.

 

ARTICLE 11. MISCELLANEOUS 

 

11.1     Notices:

 

(i)     All notices or other communications under this JV Agreement shall be in writing and given by email followed by a hard copy sent by any internationally recognized courier to the Parties’ at their respective address specified below:

 

If to INVO Bioscience, Inc.:

 

5582 Broadcast Court

Sarasota, Florida 34240

USA

Attention: CEO

Email: steveshum@invobio.com

 

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If to MEDESOLE India Private Limited:

 

City Gate Building, Mini Bypass

Eranhippalam, Kozhikode

Kerala, India

Attention: Sameer Kunhikandy

Email: ceo@medesole.com

 

 

Any change in the aforesaid addresses shall be promptly communicated in writing by the Parties to each other.

 

(ii)     Notices or communications given by email shall only be effective on the third business day after they are sent, provided the sender can prove that (a) the email has been properly transmitted electronically; and (b) the notice or communication has simultaneously been delivered to an internationally recognized courier.

 

(iii)     Notices or communications sent only by courier shall only be effective one business day after delivery by the courier as evidenced by an official proof of delivery receipt from the concerned courier service.

 

(iv)     Notices or communication sent by WhatsApp messages, SMS or any other social media or electronic means shall not be valid or effective.

 

11.2     Assignment:

 

This JV Agreement and the obligations and liabilities of the Parties there under shall not be assigned to any third party without the prior written consent of other Party, which shall not be unreasonably withheld.

 

11.3     Force Majeure:

 

(i)     For the purposes of this JV Agreement, force majeure shall mean, the occurrence of any event (a) not within the reasonable control of a Party; (b) which could not have been reasonably avoided by the Party; and (c) which materially interferes with the ability of a Party to perform its obligations under this JV Agreement, including without limitation, any natural calamities, acts of God, war, civil unrest, terrorist events or change in law.

 

(ii)     No Party shall be deemed to be in default under this JV Agreement or be held liable or responsible for any delay or failure to fulfill any obligation hereunder, so long as and to the extent to which any delay or failure in the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of the occurrence of a force majeure event.

 

(iii)     The occurrence of a force majeure event shall not excuse such Party from its obligations but merely suspend the performance of the obligations under this JV Agreement.

 

(iv)     A Party claiming the benefit of a force majeure event, shall, as soon as reasonably practicable after the occurrence of any such event, provide written notice to the other Party of the nature and extent of any such force majeure event; and use commercially reasonable efforts to resume performance under this JV Agreement as soon as reasonably practicable.

 

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11.4     Modifications and Amendments:

 

This JV Agreement shall not be altered, modified or supplemented except in writing and signed by all the Parties and the JV Company.

 

11.5     Waivers:

 

(i)     No waiver or amendment to this JV Agreement shall be binding upon the Parties unless it is made in writing and duly executed by all of them.

 

(ii)     No failure or delay, with or without intent, of any Party to enforce or exercise at any time any of the provisions of this JV Agreement, or any right in respect thereto, shall be construed to be a waiver of such provisions or rights or affect the validity of this JV Agreement.

 

(iii)     No delay or failure by either Party to exercise any of its powers, rights or remedies under this JV Agreement will operate as a waiver of them, nor will any single or partial exercise of any such powers, rights or remedies preclude or prejudice the said Party from exercising the same or any other or future right it may have under this JV Agreement, irrespective of any previous action or proceeding taken hereunder.

 

11.6     Severability:

 

If any part, term or provision of this JV Agreement is held to be illegal or unenforceable, the validity or enforceability of the remainder of this JV Agreement shall not be affected, if such part, term or provision is severable from the rest of this JV Agreement, without altering the essence of this JV Agreement. If such part, term or provision is not so severable, then the Parties shall renegotiate in good faith in order to agree to the terms of a mutually satisfactory replacement provision, achieving as nearly as possible the same commercial effect, to be substituted for the provision so found to be invalid, illegal or unenforceable.

 

11.7     Entire Agreement:

 

This JV Agreement constitutes the entire agreement and understanding between the Parties hereto with respect to the subject matter hereof and supersedes all prior agreements, letters of intent, negotiations, commitments arrangements, representations, warranties, statements, promises, information and undertakings, whether oral or written, expressed or implied, with respect to the subject matter of this JV Agreement.

 

11.8     Governing Law and Dispute Resolution:

 

(i)     This JV Agreement and all disputes or controversies arising out of or in connection with the interpretation, performance, non-performance, expiry or termination of this JV Agreement, shall be governed by and construed in accordance with the laws of India.

 

(ii)     The Parties agree that any dispute or disagreement in relation to this JV Agreement shall in the first instance be amicably resolved by mutual negotiations between the Parties at their respective highest levels of management. If, despite the aforesaid, the dispute or disagreement remains unresolved for a period of sixty (60) days, then the Parties shall be at liberty to seek recourse of the courts of law in the city of Mumbai, and such courts shall have exclusive jurisdiction to decide all such disputes or disagreements.

 

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11.9     Counterparts:

 

This JV Agreement shall be executed in three counterparts, each of which when executed and delivered, shall be considered an original and which together shall have the same effect as if each Party had executed and delivered the same document.

 

11.12     Additional Documents:

 

Each Party hereto shall promptly execute and deliver such additional documents as are reasonably required by the Parties hereto for the purpose of implementation of this JV Agreement, provided that such documents shall be consistent with the provisions hereof.

 

11.13     Headings:

 

The paragraph headings in the JV Agreement are for the convenience of the Parties hereto and shall not affect the construction of the JV Agreement.

 

11.14     Stamp Duty and Costs:

 

(i)     Any stamp duty payable on this JV Agreement shall be borne equally by the Parties.

 

(ii)     Each Party shall bear its own costs relating to the negotiation and execution of this JV Agreement, including the cost of consulting any legal or financial consultants.

 

11.15     No Agency:

 

This JV Agreement shall not be construed to create agency or partnership or any fiduciary obligation between the Parties; nor grant any power or authority to any Party to represent the other Party hereto.

 

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IN WITNESS WHEREOF, the Parties hereto have caused their duly authorized representatives to execute this JV Agreement the day and year first above written.

 

	For INVO Bioscience, Inc. 	 	For MEDESOLE India Pvt. Ltd.
	 	 	 
	 	 	 
	By: /s/ Steven Shum                          	 	
			By: /s/ Sameer Kunhikandy                 

			
	Name: Steven Shum	 	Name: Sameer Kunhikandy
	Title: Chief Executive Officer 	 	Title: Chief Executive Officer

 

 

 

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