Document:

Exhibit
        10.133: Certain confidential information in this Exhibit 10.133 was omitted
        and
        filed separately with the Securities and Exchange Commission (“SEC”) with a
        request for confidential treatment by Inter Parfums,
        Inc.

    

     

    License
      Agreement

    

    License
      Agreement effective
      as of July 1, 2007, by and among The Gap, Inc., Banana Republic LLC, Gap
      (Apparel) LLC, Gap (ITM), Inc., Banana Republic (Apparel) LLC, and Banana
      Republic (ITM), Inc. (collectively, the “Company”) on the one hand and Inter
      Parfums, Inc. and its wholly-owned subsidiary Inter Parfums USA, LLC.
      (individually or collectively, “Vendor”) on the other hand.

    

    W
      i t n e
      s s e t h:

    

    Whereas,
      Company
      and Vendor have entered into an agreement dated as of July 14, 2005, as amended
      (the “Master Agreement”); and

     

    Whereas,
      Company
      and Vendor desire to enter into this License Agreement to permit Vendor to
      sell
      and distribute Approved Company Products outside the Territory, as such term
      is
      defined in the Master Agreement, upon the terms and subject to the conditions
      contained herein;

     

    Now,
      Therefore,
      in
      consideration of the mutual covenants, conditions and promises contained herein,
      the parties hereby agree as follows:

     

    ARTICLE
      I

     

    INCORPORATION
      BY REFERENCE AND DEFINITIONS

     

    Incorporation
      by Reference. Sections
      1, 5, 10.1, 11, 12, 13, 14.5, 14.6 and 15 of the
      Master Agreement are incorporated by reference herein and made a part of this
      License Agreement, with the same force and effect as if fully set forth herein,
      except to the extent the provisions of this License Agreement provide otherwise.
      In the event of any conflict between the two agreements regarding the subject
      matter hereof, the terms of this License Agreement shall control.

    

    Defined
      Terms in Master Agreement. Capitalized
      terms not defined in this License Agreement shall have the meanings ascribed
      to
      them in the Master Agreement. 

    

    Advertising.
      “Advertising”
shall
      have the meaning set forth in Section
      3.6
      of this
      License Agreement.

    

    Annual
      Period. The
      first
“Annual Period” shall commence on January 1, 2008 and continue until December
      31, 2008, and thereafter, each succeeding twelve (12) month period commencing
      on
      each January 1st during the Term of this License Agreement shall be a new Annual
      Period.

    

    Approved
      Country. “Approved
      Country” shall mean a country within the New Territory where Licensed Products
      are to be sold and distributed that has been Approved by
      Company.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Approved
      Distributors.“Approved
      Distributors” shall be distributors (other than Vendor or Vendor
      Affiliates) in the New Territory whose primary or core business is distribution
      of upscale or designer Personal Care Products that have been Approved by
      Company.

     

    Approved
      Retailers. “Approved
      Retailers” shall mean those better department stores and better specialty stores
      in the New Territory that have been Approved by Company and whose location,
      merchandising and overall operations are consistent with the high quality of
      Company Products, the reputation, image and prestige of the Company, the Company
      Marks, and Company owned, franchised or licensed retail stores. Approved
      Retailers shall not include any online retailer or e-commerce site unless
      specifically Approved by Company.

    

    Authorized
      Channels of Distribution. The
      term
“Authorized Channels of Distribution” shall mean (1) Company International
      Stores as Approved by Company; (2) Company Franchise Stores as Approved by
      Company; (3) those Approved Distributors and Approved Retailers anywhere in
      the
      New Territory; and (4) those Approved Duty-Free Channels of Distribution and
      United States Military Bases.

     

    Business
      Plan.
      “Business Plan” shall have the meaning set forth in Section
      3.2
      of this
      License Agreement.

    

    Company
      Franchise Stores.
      “Company Franchise Stores” shall mean stores, concessions, or other retail
      establishments in the New Territory, operated by third parties under the names
      Gap, GapKids, babyGap, GapBody and Banana Republic, under license from
      Company.

    

    Company
      International Stores.“Company
      International Stores” shall mean Gap, GapKids, babyGap, GapBody and Banana
      Republic stores, concessions, or other retail establishments in the New
      Territory owned and/or operated by Company. 

     

    Duty-Free
      Channels of Distribution. “Duty-Free
      Channels of Distribution” shall mean duty-free, in-flight and cruise ship
      channels of distribution within and outside the United States.

     

    Effective
      Date.“Effective
      Date” shall mean July 1, 2007. 

     

    Initial
      Term.“Initial
      Term” shall have the meaning set forth in Section
      9.1
      of this
      License Agreement.

    

    Licensed
      Products.“Licensed
      Products” shall mean the Approved Company Products and Approved
      Existing Products developed and manufactured in accordance with the Master
      Agreement to be sold and distributed under the terms of this License
      Agreement.

     

    Minimum
      Annual Royalty.
      “Minimum Annual Royalty” shall have the meaning set forth in Section
      6.2
      of this
      License Agreement.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    Minimum
      Net Sales. “Minimum
      Net Sales” shall mean for each Annual Period the minimum Net Sales set forth in
      the Business Plans Approved by Company.

     

    Net
      Sales.
“Net
      Sales” shall mean the invoiced amount of Licensed Products shipped or sold by
      Vendor or any of its Affiliates to non-Affiliate Approved Distributors and
      Approved Retailers anywhere in the New Territory, less only the following
      deductions: (i) Returns as specifically permitted hereunder and in Approved
      Business Plans; (ii) Trade Discounts; (iii) customs, duties or
taxes
      (other than with respect to income) to
      the
      extent separately stated on the invoice;
      and
      (iv)
      freight not to exceed actual cost thereof to the extent separately stated on
      the
      invoice.
      Net
      Sales shall not include testers, samples or miniatures of Licensed Products
      or
      other promotional material and non-retail items sold to Approved Distributors
      or
      Approved Retailers.

     

    New
      Territory.
      The
      term “New Territory” shall mean the world excluding the Territory as defined in
      the Master Agreement. For purposes of this License Agreement, United States
      Military Bases and Duty-Free Channels of Distribution shall be included within
      the New Territory.

     

    Recommended
      Retail Price.“Recommended
      Retail Price” shall mean (1) the recommended retail price, if any,
      of each Licensed Product applicable in each jurisdiction in the New Territory,
      or (2) where, in any particular jurisdiction, recommended retail prices are
      not
      permissible under local law, the wholesale price for that jurisdiction together
      with the mark-up customarily used in the relevant jurisdiction to arrive at
      the
      retail price.

    

    Returns.
      “Returns”
      shall mean Licensed Products actually returned to Vendor by customers,
      multiplied by the unit price actually credited to the customer. The total
      Returns shall not exceed [-----------]1 
      of Net
      Sales per Annual Period.

    

    Sales
      Royalty.
“Sales
      Royalty” shall have the meaning set forth in Section
      6.1
      of this
      License Agreement.

    

    Term.“Term”
      shall mean the Initial Term plus any extended term pursuant to Section
      9.2
      of this
      License Agreement.

    

    Trade
      Discounts.
“Trade
      Discounts” shall mean discounts from the wholesale prices of the Licensed
      Products that are customary in the trade and that are actually given by Vendor
      or its Affiliate. 

    

    United
      States Military Bases.
“United
      States Military Bases” shall mean restricted-access retail locations located on
      or adjacent to United States military bases, wherever located, including those
      owned or operated by the Army and Air Force Exchange Service (AAFES), the Navy
      Exchange Service Command (Nexcom), the Marine Corps Exchange, Coast Guard
      Exchange System (CGES), and the Veterans Canteen Service.

     

    
      

    

    1Confidential
      information omitted and filed separately with the SEC with a request for
      confidential treatment by Inter Parfums, Inc. No.
      10.133.1.
 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    ARTICLE
      II

     

    GRANTS
      

     

    2.1 Grant
      of Rights.
      Subject
      to the terms and conditions of this License Agreement and the Master Agreement,
      Company expands the Scope as defined in Section 2.1 of the Master Agreement
      as
      follows: Company hereby grants to Vendor the exclusive and non-assignable right
      to develop, produce, manufacture, sell
      and
      distribute Licensed Products, including all Creative for such products, in
      Authorized Channels of Distribution in the New Territory during the Term. Except
      for Company’s own rights to sell the Licensed Products through Company
      International Stores and Company Franchise Stores, which are expressly reserved,
      the rights granted to Vendor in this License Agreement are exclusive with
      respect to Personal Care Products and have not been granted to any third party.
      The Company reserves all other rights not specifically granted hereunder or
      under the Master Agreement.

     

    2.2 Distribution.
      Subject
      to the terms and conditions of this License Agreement, Vendor shall have the
      right to enter into distribution agreements with Approved Distributors for
      the
      distribution (but not the manufacture) of the Licensed Products in the New
      Territory. 

     

    2.3 Best
      Efforts.
      Vendor
      shall use its best efforts to exploit the rights granted herein in Authorized
      Channels of Distribution in all Approved Countries and to sell an amount greater
      than the Minimum Net Sales for every Annual Period. For the avoidance of doubt,
      Vendor’s obligation to use its best efforts does not in any way relieve Vendor
      of its obligations to meet the Minimum Net Sales and to pay the Minimum
      Royalty.

     

    2.4 Company
      International Stores. Notwithstanding
      any provision herein, nothing in this License Agreement shall prevent Company
      from entering any market for the purpose of owning, operating, franchising,
      or
      licensing Company International Stores or Company Franchise Stores.

    

     

    ARTICLE
      III

     

    CONTINENTAL
      STRATEGY;

     

    BUSINESS
      PLAN APPROVALS; APPROVED DISTRIBUTORS; AUTHORIZED CHANNELS OF DISTRIBUTION;
      MARKETING
      AND ADVERTISING

     

    3.1 Continental
      Strategy; Annual Planning. 

     

    (a) The
      parties shall develop and agree in writing upon a Continental Strategy Outline
      for the Banana Republic Brand and for the Gap Brand for each region of the
      New
      Territory, which will serve as a guideline for the preparation and Approval
      of
      Business Plans as set forth below in Section
      3.2
      of this
      License Agreement. The Continental Strategy Outline shall be non-binding but
      will reflect the agreed-upon business strategy of both parties for the
      exploration and development of business opportunities in such region. In
      exploring and developing such potential business opportunities, Vendor shall
      (i)
      inform itself on the applicable laws concerning the appointment of agents and
      distributors and shall not make any representation or take any action with
      respect to third parties that in any way binds or commits Company prior to
      Approval of the relevant Business Plan; and (ii) use best efforts, including
      without limitation written non-disclosure agreements, to ensure that all parties
      with whom Vendor discusses distribution opportunities maintain such discussions
      in confidence and make no statements or take any actions to disclose to the
      public or to the industry Company’s intention to begin the sale of Licensed
      Products in the relevant jurisdiction. Company agrees to notify Vendor promptly
      in the event of a material change to its business strategy or any Continental
      Strategy Outline. 

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (b) Vendor
      will include the then-current Continental Strategy Outlines and any proposed
      changes thereto in the Annual Plan pursuant to Section 4.5 of the Master
      Agreement.

    

    3.2 Approval
      of Business Plan.
      

    

    (a) Vendor
      shall provide to Company for Approval a business plan for the sale and
      distribution of Licensed Products in one or more countries aligned to the
      applicable Continental Strategy Outline (each a “Business Plan”). Each Business
      Plan shall include the following elements over a three-year period:

    

    
      	 	
              ·

            	
              Country
                strategy (including which countries to enter and
                when)

            

    

    
      	 	
              ·

            	
              Distribution
                strategy (including which distributor(s) and a profile of
                each)

            

    

    
      	 	
              ·

            	
              Retailer
                strategy (including which retailer(s) and number/type of
                doors)

            

    

    
      	 	
              ·

            	
              Projected
                and Minimum Net Sales 

            

    

    
      	 	
              ·

            	
              Marketing
                and promotional strategy

            

    

    
      	 	
              ·

            	
              Product
                strategy (including Clearance Measures taken and recommended trademark
                applications to be filed, if any, for New Marks and/or Company Marks,
                taking into account any trademark information provided by Company
                pursuant
                to Section
                5.1)
                

            

    

    
      	 	
              ·

            	
              Staffing
                and training strategy (organization plan to execute country strategy
                including minimum team size and store staffing
                plan)

            

    

    
      	 	
              ·

            	
              Launch
                strategy (including calendar of
                events)

            

    

    
      	 	
              ·

            	
              Brand
                assets required to market the assortment
                locally

            

    

    

    (b) A
      Business Plan is not Approved unless and until Vendor receives from Company
      the
      completed and signed Business Plan Approval Form, attached hereto as Exhibit
      A.
      Company shall Approve or disapprove each Business Plan, including without
      limitation each of the following elements: (i) Approved Country or Countries;
      (ii) Approved Distributors; (iii) Approved Retailers; and (iv) the
      specific Licensed Products to be distributed, including the assortment of
      Licensed Products specific to each Approved Retailer. Company may Approve the
      Business Plan in whole or in part. With respect to any element of the Business
      Plan that is not Approved, the parties may agree to revise the non-Approved
      element(s) of the Business Plan in order for Company to Approve the Business
      Plan as revised, or Vendor may resubmit a new Business Plan for Approval at
      a
      later time.

    

    (c) Company
      shall not unreasonably withhold its Approval of a distributor identified in
      a
      Business Plan that has previously been Approved by Company in connection with
      a
      different Business Plan. 

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    3.3 Approved
      Distributors. 

    

    (a) Approved
      Distributors are authorized to resell Licensed Products only to Approved
      Retailers in accordance with the applicable Business Plan. Vendor shall enter
      a
      written distribution agreement with each Approved Distributor that requires
      the
      Approved Distributor, among other things, to comply with all relevant provisions
      of this License Agreement (including territorial, quality and distribution
      restrictions contained herein) and with applicable law, and shall furnish
      Company with copies of all distribution agreements (which may be redacted to
      remove financial terms). All such agreements shall clearly provide that the
      rights of the Approved Distributor are subordinate to the rights and obligations
      between Company and Vendor, such that a termination or non-renewal of this
      License Agreement will automatically cause termination of the agreement between
      the Approved Distributor and Vendor, and the Approved Distributor will have
      no
      claim against Company for such termination or failure to renew. Under no
      circumstances may Vendor grant distribution rights in a jurisdiction that
      imposes a penalty, indemnification, liquidated damages or any other form of
      compensation to a distributor whose distribution rights are terminated or not
      renewed in the absence of material cause therefor. 

    

    (b) At
      Company’s request, Vendor shall cease supplying Licensed Products to any
      Approved Distributor that violates the terms of this License Agreement or of
      the
      distribution agreement, and shall take all actions necessary to enforce this
      License Agreement vis-a-vis the Approved Distributor, up to and including
      termination of the distribution agreement. Moreover, if Company in good faith
      and with reasonable cause requests that Vendor cease utilizing any Approved
      Distributor for the Licensed Products, Vendor shall do so, subject only to
      legal
      and contractual restrictions.

    

    3.4 Authorized
      Channels of Distribution; Termination.
      

    

    (a) Vendor
      and Vendor’s Affiliates shall distribute the Licensed Products only through the
      Authorized Channels of Distribution. Vendor shall use best efforts to ensure
      that Approved Distributors distribute the Licensed Products only through the
      Authorized Channels of Distribution by, inter
      alia,
      monitoring the sales activities of Approved Distributors and by making Approved
      Distributors aware of the fact that sales outside of the Authorized Channels
      of
      Distribution will result in the termination of their distributorship agreements.
      

    

    (b) Vendor
      recognizes that the reputation, image and prestige of the Company, the Company
      Marks, and the Licensed Products (the “Image”) depend upon the selection of
      Authorized Channels of Distribution consistent with the Image and the high
      quality of the Licensed Products. If Vendor (or any Vendor Affiliate) discovers
      that an Approved Distributor or Retailer conducts its business in violation
      of
      this License Agreement or in a manner that does or is likely to damage the
      Image
      or that otherwise is inconsistent with the Image, Vendor shall cease selling
      the
      Licensed Products, or take steps to ensure the Licensed Products are not sold,
      to such Approved Distributor or Retailer, except if prohibited by law, in which
      case Vendor shall inform Company of the relevant provision of law that prohibits
      such action. 

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    3.5 Vendor
      Funding of Two Trips.
      Vendor
      shall, at its sole cost and expense, make flight and hotel arrangements and
      pay
      for or reimburse Company for all travel expenses (including business class
      airfare, agreed-upon hotel accommodations, meals and incidental expenses) for
      one Company representative of each Brand to (i) the Cannes international trade
      show for perfumes and cosmetics or (ii) one other venue for purposes of
      viewing current or potential markets. 

     

    3.6 Marketing,
      Advertising and Promotion.

    

    (a) Company
      shall provide for each of the Gap Brand and Banana Republic Brand one (1)
      media-ready advertisement (including usage rights) annually to support
      Advertising, as hereinafter defined, and in-store marketing by Approved
      Retailers in any and all Approved Countries. Vendor or its Approved Distributors
      shall at their sole expense produce marketing, advertising and promotion for
      the
      Licensed Products in Approved Retailers based upon the media-ready advertisement
      provided by Company (collectively “Advertising”). All Advertising shall be
      subject to Approval of Company.

    

    (b) Subject
      to the provisions of Section
      3.6(c) of
      this
      License Agreement, Vendor together with its Approved Distributors shall in
      the
      aggregate spend on Advertising of Licensed Products during each Annual Period
      fifteen [--------------]2 
      of the
      greater of (i) Minimum Net Sales and (ii) Net Sales of Licensed Products
      during such Annual Period. 

     

    (c) Company
      shall have the right to Approve the form and content of all aspects of
      Advertising. Company shall have [------------]3
      from
      the
      date of Company’s receipt of the submission by Vendor of a matter for Approval
      required in this Section
      3.6
      to
      either Approve or reject such matter, and Company agrees to use its best efforts
      to Approve or reject the matter within that time. Company acknowledges that
      in
      connection with the marketing of the Licensed Products, time deadlines are
      extremely important at each stage of a marketing program. If Company fails
      to
      respond within the aforementioned Approval period, then such submission for
      approval will be deemed not to be Approved, and Vendor shall resubmit such
      submission to Company. Once the form and content of Advertising and the media
      vehicle for such Advertising has been Approved, the actual placement of such
      Approved Advertising within the media vehicle shall not require
      Approval.

     

    3.7 Gifts
      With Purchase Promotions.
      In
      connection with its marketing of the Products, Vendor may develop gift with
      purchase promotions, wherein the items used as the gift components of the
      promotions shall be other Licensed Product(s). If Vendor seeks to use as the
      gift component any item other than a Licensed Product, such item shall be
      subject to Gap Inc.’s vendor compliance, product integrity, and/or social
      responsibility requirements in addition to being subject to Company’s Approval.
      All gift with purchase promotions shall be subject to the Approval of Company.
      Vendor
      shall be solely responsible for all legal requirements and clearances in
      connection with the gift with purchase promotions in accordance with Section
      4.9
      of the Master Agreement.

     

    
      

    

    
      
        2
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.2.

      

      
        3
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.4.

      

    
 

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    3.8 Post-Launch
      Reports.
      For each
      Approved Country in an Approved Business Plan, Vendor shall use its best efforts
      to provide a report within [----------]4 
      following launch and shall in any event provide such report no later than
      [------------]5 
      following launch, of sample pictures of all creative elements (including
      in-store displays and media placements), editorial coverage, and an overall
      launch summary.

    

    3.9 Recommended
      Retail Price. 

    

    (a) By
      no
      later than the commencement of the sale of Licensed Products to Approved
      Distributors for each Annual Period by Vendor, Vendor shall provide details
      of
      and discuss in good faith with Company the Recommended Retail Price for each
      Licensed Product in each Annual Period in each Approved Country and/or
      Authorized Channel of Distribution.

    

    (b) Vendor
      shall at all times ensure that all Approved Retailers that are supplied with
      any
      Licensed Products are aware at all times of the Recommended Retail Price in
      respect thereof.

    

    (c) For
      the
      avoidance of doubt, nothing in this Section
      3.9 shall
      prohibit Vendor from selling any Licensed Products at any price as Vendor freely
      determines, or prohibit any Approved Retailer or Approved Distributor from
      selling any Licensed Products at any price as that Approved Retailer or Approved
      Distributor freely determines.

    

    

    ARTICLE
      IV

     

    SALES
      TO COMPANY INTERNATIONAL STORES 

    AND
      COMPANY FRANCHISE STORES

    

    4.1 Sales
      to Company International Stores and Company Franchise Stores.
      Vendor
      and Approved Distributors shall sell Licensed Products to Company International
      Stores and Company Franchise Stores at a price to be negotiated by the parties
      but which shall not exceed the most favorable price that Vendor sells to
      Approved Retailers and Approved Distributors (including any Trade Discount(s)
      or
      other discounts or gross margin percentage equivalent benefit).

    

    4.2 Company
      Resales.
      Company
      shall only purchase Licensed Products directly from Vendor. Company may purchase
      Licensed Products for resale through any and all Company International Stores
      and Company Franchise Stores. With respect to Company Franchise Stores, Company
      agrees not to resell Licensed Products to any Company Franchise Store located
      within a territory or geographic location allocated to an Approved Distributor
      under an Approved Business Plan unless the Approved Distributor is unable or
      unwilling to sell to such Company Franchise Store. Notwithstanding the
      foregoing, Company may provide any and all Company Franchise Stores with
      non-saleable Licensed Products for promotional purposes, promotional testers,
      samples, and miniatures of Licensed Products.

     

    
      

    

    
      
        4
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.4.

      

      
        5
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.5.

      

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    4.3 No
      Royalties on Sales to Company International Stores.
      Notwithstanding anything contained in this License Agreement, Vendor shall
      not
      pay Sales Royalty on Licensed Products sold or shipped directly by Vendor from
      the United States to Company International Stores. Vendor shall pay Sales
      Royalty on Licensed Products sold or shipped directly by Vendor from the United
      States to Company Franchise Stores. 

    

    4.4 Inventory.

    

    (a) Without
      limitation to its obligation to comply with VMI Service Levels under the Master
      Agreement, Vendor shall use commercially reasonable efforts in order to maintain
      sufficient inventory in order to support the Approved Business Plan in each
      Approved Country.

    

    (b) In
      the
      event Vendor is unable to fulfill all inventory requirements of Company Stores,
      Company International Stores, Company Franchise Stores and Approved
      Distributors, then Vendor shall give priority first to Company Stores to the
      extent provided in Article 8 of the Master Agreement, then to Company
      International Stores, then to Company Franchise Stores, and finally to Approved
      Distributors. Vendor may not use inventory supporting the Target Weeks of Supply
      at Company Stores to fill orders placed by Approved Distributors without the
      prior Approval of the Authorized Representative of the brand associated with
      the
      relevant Licensed Product. Notwithstanding anything to the contrary contained
      herein, Vendor shall not be obligated to provide promotional goods to Company
      that have previously been allocated to Company International Stores, Company
      Franchise Stores, Approved Distributors or Approved Retailers.

    

    (c) Except
      as
      may be required under Section
      4.4(b)
      above,
      Vendor shall maintain inventory for Company International Stores separate and
      apart from inventory for Company Stores.

    

    (d) Vendor
      shall make available to Company upon request information regarding inventory
      levels of Licensed Products by product and SKU.

    

    4.5 Quality;
      Legal Clearances. Except
      as
      otherwise Approved by the Company, each Licensed Product shall be identical
      in
      quality, appearance and formulation (except where changes are required to comply
      with applicable law), and the subject of identical representations and
      warranties, to the comparable Company Product sold to the Company under the
      Master Agreement so as to protect and enhance, and in no manner reflect
      adversely upon, the prestige of the Company and the Company Marks. For the
      avoidance of doubt, (i) all such Licensed Products shall be developed and
      manufactured in accordance with the procedures of the Master Agreement and
      using
      only Approved Contractors; and (ii) Vendor is responsible at Vendor’s sole
      expense for all legal compliance and Clearance Measures pursuant to Section
      4.9
      of the Master Agreement for all Licensed Products for all Approved Countries,
      United States Military Bases, Duty-Free Channels of Distribution, and any other
      jurisdictions in the New Territory where Vendor is Approved to distribute the
      Licensed Products.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    4.6 Compliance
      with Law. Each
      Licensed Product shall be manufactured, packaged, labeled, sold and distributed
      in accordance with all applicable national, state, provincial, local or other
      laws and in accordance with Vendor’s obligations under the Master
      Agreement.

     

    4.7 Additional
      Foreign Compliance Expense.
      Vendor
      agrees to make an independent contractor available to Company on a full-time
      basis during the first Annual Period at Vendor’s sole expense to assist with
      oversight of international operations in connection with this License Agreement.
      For each Annual Period thereafter, Vendor agrees to reimburse Company for
      Company’s incurred expenses for oversight of international operations in
      connection with this License Agreement in a minimum amount of [----------]6 
      up to a
      maximum of [---------------]7 
      per
      Annual Period. Such reimbursement shall be provided to Company in the form
      of a
      credit memorandum against purchases of Licensed Products.

     

    ARTICLE
      V 

     

    INTELLECTUAL
      PROPERTY

     

    5.1 Ownership
      of Company Intellectual Property.
      In
      connection with Vendor’s Clearance Measures for each country or territory, upon
      the request of Vendor, Company shall promptly provide Vendor with an exhibit
      summarizing all registrations and applications of the Company Marks, if any,
      for
      such countries and territories, including for each application or registration
      the mark, classes and goods, application or registration number, and status
      (registered, pending, or opposed). Vendor acknowledges that all rights, titles
      and interests in and to the Company Intellectual Property, including the Company
      Marks and Creative, shall be vested solely in Company. Vendor shall provide
      reasonable assistance and cooperation to Company to acquire, transfer, maintain,
      perfect and enforce Company’s rights, titles and interests in the Company
      Intellectual Property, including providing retail sales documentation (which
      may
      include sales reports, photographs, etc.) sufficient to show use for trademark
      purposes with respect to Licensed Products for each country or territory at
      least annually or as requested by Company. At Company’s request, Vendor shall
      execute any documents, including registered user agreements, required by Company
      to confirm Company’s ownership of all rights in and to the Company Marks and the
      Creative in each jurisdiction in the New Territory. Vendor shall not at any
      time
      do or cause to be done, or fail to do or fail to cause to be done, any act
      or
      thing, directly or indirectly, contesting or in any way impairing those rights,
      titles or interests of Company. If such reasonable assistance and cooperation
      involves more than administrative acts, then the cost and expense of such
      reasonable assistance and cooperation shall be borne by Company.

     

    
      
6
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No. 10.133.6.
      
        7
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.7.

         

      

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    5.2 Grant
      of License to Distribute.
      During
      the Term, Company hereby grants to Vendor, subject to the terms and conditions
      of this License Agreement, a personal, non-transferable, non-sublicensable
      and
      non-exclusive license to use, reproduce, have reproduced and display Company
      Intellectual Property to the extent necessary for Vendor to sell and distribute
      Approved Company Products in Authorized Channels of Distribution in the New
      Territory. Nothing in this license is meant to preclude Company from using
      Company Intellectual Property in connection with its Gap Brand and Banana
      Republic Brand businesses, or any of its other brands or channels of
      distribution, or otherwise. Vendor acknowledges and agrees that (a) its use
      of
      the Company Intellectual Property shall inure exclusively to benefit Company;
      (b) use of the Company Intellectual Property by Vendor does not convey to Vendor
      any right, title or interest in or to any of the Company Intellectual Property
      or related goodwill; (c) Vendor shall not contest, oppose, challenge or do
      anything to impair the validity, ownership or enforceability of any of the
      Company Intellectual Property or the exclusive ownership of Company in, or
      the
      exclusive right of Company to control the use of, the Company Intellectual
      Property, or attempt to register any Company Mark or any confusingly similar
      trademark, service mark, trade name or domain name; (d) Vendor will not directly
      or indirectly depreciate or attempt to depreciate the value of the goodwill
      or
      reputation of any of the Company Intellectual Property, or use any of the
      Company Intellectual Property in any manner that is inconsistent with the terms
      of this Agreement; and (e) Vendor agrees not to copy, use, imitate or employ
      any
      of Company’s trademarks, service marks or names, trade dress, copyrights or
      properties of Company or any formulae, fragrances, scents or colors developed
      for use or used in Company products.

     

    5.3 Intellectual
      Property Protection.
      Vendor
      shall have the right, for purposes of selling and distributing Licensed Products
      in Authorized Channels of Distribution in the New Territory, ,
      at
      Vendor’s sole expense, to file and prosecute trademark applications in Company’s
      name for the New Marks (“Applications”), subject to the following:

     

    (i) All
      right, title and interest in and to Applications shall be owned exclusively
      by
      Company;

     

    (ii) Applications
      shall be filed on behalf of and in the name of Company (or in the name of any
      of
      Company’s current or future divisions, subsidiaries or affiliated companies, as
      directed by Company); 

     

    (iii) Vendor
      shall use Company’s designated local counsel to file and prosecute such
      Applications;

     

    (iv) Vendor
      shall provide Company with prior notice of its intention to file or not file
      Applications, together with Vendor’s justification therefor, and shall provide
      Company a reasonable opportunity to comment or object before such Applications
      are filed or not filed. Vendor shall consider in good faith any comment or
      objection raised by Company;

    

    (v) Vendor
      shall provide Company with regular reports on the status of all Applications
      and
      shall immediately inform Company of any circumstance that could affect the
      ability to distribute Licensed Products within a particular country or
      jurisdiction; 

    

    (vi) Vendor
      shall not file any Application for any Company Mark or for any mark containing
      any Company Mark or for any mark that is confusingly similar to any Company
      Mark
      without prior written approval by Company’s Legal Department;

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (vii) In
      the
      event of an opposition, cancellation, or other legal proceeding that blocks
      or
      otherwise prevents, or seeks to block or otherwise prevent, registration of
      an
      Application, Company shall have the option, but not the obligation, to take
      control of the defense of such proceeding at its own expense, and Vendor shall
      provide full cooperation to Company in defending such proceeding;
      and

    

    (viii) Company
      may, at any time and in its sole discretion, revoke its authorization hereunder
      and assume responsibility and control for filing and prosecuting Applications
      at
      Company’s sole expense. In such event, Vendor shall provide full cooperation to
      Company in transitioning all pending Applications to Company’s direction, and
      Company agrees to consider any request by Vendor to file an Application that
      Vendor reasonably believes is necessary in order to distribute Licensed Products
      in a particular country.

    

    Nothing
      in this section shall be deemed to limit or alter (i) Company’s rights in and to
      the New Marks and Creative or (ii) Company’s rights to file and prosecute
      Applications at its own expense.

     

    (b) Company
      reserves the sole and exclusive right at its discretion to assert claims against
      third parties for infringement or misuse of Company Intellectual Property.
      Company shall fund the costs of prosecuting such claims against third parties
      for infringement or misuse of Company Intellectual Property. Vendor shall
      promptly notify Company of any such infringement or misuse of which it becomes
      aware and provide full cooperation to Company in any such claims asserted by
      Company.

     

    5.4 Legal
      Clearance. With
      respect to each Licensed Product, Vendor shall be solely responsible for and
      shall perform all Clearance Measures, at its sole expense, in each Approved
      Country and in any other country in the New Territory in which distribution
      of
      Licensed Products is anticipated to occur or that Company reasonably requests,
      for all aspects of the proposed Licensed Products, including any and all
      Creative (but excluding media-ready advertisements provided by Company under
      Section
      3.6(a)
      of this
      License Agreement), to ensure that: (a) Company, Company International
      Stores, Company Franchise Stores, Approved Distributors, and Approved Retailers
      can market, use, reuse, publish and republish, sell and distribute, and
      authorize others to market, use, reuse, publish, republish, sell and distribute,
      the Approved Company Product and Creative, including Third-Party Materials,
      and
      (b) Company may own all rights and interests in such Creative (except for
      any Third-Party Materials Approved by Company) including, without limitation,
      the New Marks. Vendor shall complete all necessary Clearance Measures before
      presenting a Business Plan to Company for Approval under Section
      3.2
      of this
      License Agreement and will advise Company of any recommended Applications
      pursuant to Section
      5.3.
      Notwithstanding anything to the contrary, Vendor shall have no obligation to
      apply for or to prosecute any Applications. Vendor warrants that it uses an
      outside law firm with expertise in trademark clearance to perform the Clearance
      Measures and that it maintains documentation, including written opinions from
      counsel, regarding those searches for eleven (11) years. Vendor shall notify
      Company of any change in its clearance process. 

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    ARTICLE
      VI

     

    ROYALTIES
      AND TAX MATTERS

     

    6.1 Sales
      Royalty.
      Vendor
      shall pay to Company royalties equal to [---------]8 
      on all
      Net Sales (the “Sales Royalty”).
      

     

    6.2 Minimum
      Annual Royalty. Vendor
      shall pay to Company for each Annual Period a Minimum Annual Royalty as
      follows:

     

    (a) For
      the
      first Annual Period, the Minimum Annual Royalty shall be [-----------]9 ,
      consisting of [----------]10 
      for the
      Gap Brand and [----------]11 
      for the
      Banana Republic Brand.

    

    (b) For
      each
      Annual Period after the first, Vendor and Company shall use reasonable
      commercial efforts to negotiate and agree upon the Minimum Annual Royalty for
      each such Annual Period, based upon Minimum Net Sales as set forth in the
      Business Plan(s) Approved by Company; provided,
      however, that
      the
      parties agree that any future Minimum Annual Royalty shall be no less than
      the
      Minimum Annual Royalty for the first Annual Period. 

    

    6.3 Payment
      of Royalties. 

     

    (a) All
      royalty payments hereunder shall be made to the trademark owner as follows:
      (i)
      For Gap Brand, to Gap (ITM) Inc. (unless otherwise directed by Company); and
      (ii) for Banana Republic Brand, to Banana Republic (ITM) Inc. 

     

    (b) Payments
      required of Vendor hereunder shall be made to Company in United States Dollars.
      The Sales Royalty payable with respect to Net Sales in currencies other than
      United States Dollars during any quarterly accounting period shall be computed
      on the basis of the conversion rate of the applicable currencies into United
      States Dollars quoted in The Wall Street Journal as of the close of business
      on
      the last business day of the applicable quarter.

     

    (c) (i) With
      respect to each Annual Period, the Sales Royalty hereunder shall be accounted
      for, and the Sales Royalty and/or Minimum Annual Royalty hereunder shall be
      paid, quarterly, within [----------]12 
      after
      the close of each calendar quarter of each Annual Period. The Minimum Annual
      Royalty shall be payable in four (4) equal installments. 

     

    
      
8
      Confidential information omitted and filed separately with the SEC with a
      request for confidential treatment by Inter Parfums, Inc. No. 10.133.8.
      
        9
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.9.

      

      
        10
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.10.

      

      
        11
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.11.

      

      
        12
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.12.

      

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    (ii) The
      Sales
      Royalty payable for each quarter during each Annual Period shall be computed
      on
      the basis of Net Sales during the elapsed portion of the Annual Period, and
      credited against the Minimum Annual Royalties due. 

     

    (d) No
      Sales
      Royalty paid for any Annual Period in excess of the Minimum Annual Royalty
      for
      any such Annual Period shall be credited against the Minimum Annual Royalty
      due
      any other Annual Period. 

     

    6.4 Withholding.
      In the
      event that any payments are subject to withholding or other taxes, after
      applying the relevant tax treaty, that Vendor is required to deduct from such
      payments, Vendor shall remit the tax to the appropriate governmental agency
      and
      shall provide Company a copy of each withholding tax remittance notice that
      it
      files with such agency, together with original receipts of applicable
      governmental authorities or other tax forms for all such taxes withheld or
      paid
      within [----------]13 
      of
      Vendor’s filing or receipt of such notices, receipts or related tax forms.
      Vendor shall be responsible for and shall indemnify and hold Company harmless
      against any penalties, interest and expenses incurred by or assessed against
      Company as a result of Vendor’s failure to withhold such taxes or to remit them
      to the appropriate taxing authority. Vendor shall fully and promptly cooperate
      with Company and provide to Company, within [----------]14 
      of
      Company’s request, such information and records as Company may request in
      connection with any application by Company to any taxing authority for tax
      credits, exemptions or refunds available for any withholding or other taxes
      paid
      or payable by Vendor. In the event Company is required to refund to Vendor
      any
      amounts paid hereunder pursuant to the terms and conditions of this License
      Agreement, Company shall not be required to refund that portion of those amounts
      that were withheld by Vendor in order to comply with any applicable tax law
      unless and until Company receives a refund of such amounts from the applicable
      government and/or agency thereof or utilizes a foreign tax credit that is
      directly attributable to such amounts on its United States federal income tax
      return that is accepted by the United States Treasury or with respect to which
      the period within which such credit may be reduced or is allowed has
      expired.

     

    6.5 Value
      Added, Sales, Use and Similar Taxes.
      All
      amounts set forth in this License Agreement are exclusive of any applicable
      sales, use, goods and services, transfer, excise, utility, gross receipts,
      services, consumption, value added, and other analogous taxes. Company and
      Vendor will cooperate with each other to minimize taxes, tax assessments and
      tax
      back-billing to the extent legally permissible and administratively reasonable.
      Each party will make available to the other party any existing resale
      certificates, exemption certificates, or other existing information reasonably
      requested by the other party provided, however, that neither party shall be
      required to create information that does not already exist at the time of the
      request. If a party requests the other party to challenge the imposition of
      any
      tax and the other party agrees to do so, the party making such request shall
      reimburse the other party for the reasonable expenses it incurs. The other
      party
      shall not unreasonably withhold agreement to challenge the imposition of a
      tax.
      Under these circumstances, the party so requesting the challenge shall be
      entitled to any tax refunds or rebates granted to the extent that the refunds
      or
      rebates are of taxes that were paid by such party.

     

    
      

    

    
      13
        Confidential information omitted and filed separately with the SEC with a
        request for confidential treatment by Inter Parfums, Inc. No.
        10.133.13.

      
        14
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.14.

         

      

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    ARTICLE
      VII 

     

    BOOKS,
      RECORDS AND REPORTS

     

    7.1 Statements.

     

    (a) Vendor
      shall deliver to Company at the time each Sales Royalty payment is due, a
      statement signed by Vendor (“Royalty Statement”). The Royalty Statement shall
      indicate by quarter Annual Period: (i) the invoice price of Licensed
      Products shipped or sold during the period itemized by style number covered
      by
      such Sales Royalty payment; (ii) the Returns and Trade Discounts which
      properly may be deducted from gross sales; (iii) Net Sales; and (iv) a
      computation of the amount of Sales Royalty payable hereunder for the quarter
      Annual Period. The Royalty Statement shall be furnished to Company irrespective
      of the quantity of Licensed Products that have been sold during the period
      for
      which such statement is due. 

     

    (b) Vendor
      shall deliver to Company, not later than [----------]15 
      after
      the close of each Annual Period during the Term of this Agreement (or portion
      thereof in the event of prior termination for any reason), a statement signed
      and certified as accurate in all material respects by its chief financial
      officer relating to such Annual Period, setting forth the information required
      to be submitted by Vendor in accordance with Section
      7.1(a)
      above,
      in such form and including any additional information as may reasonably be
      requested by Company, and the aggregate amount expended by Vendor and its
      Approved Distributors for Advertising during such Annual Period.

     

    (c) Vendor
      shall also deliver to Company within [----------]16 
      after
      the end of each of the [----------]17 
      of each
      quarter Annual Period, a monthly sales report by Brand and by plan in such
      form
      as reasonably requested by Company.

     

    7.2 Books
      and Records. Vendor
      shall prepare and maintain complete and accurate books of account and records
      covering all transactions arising out of or relating to this Agreement. Company
      and its duly authorized representatives shall have the right, exercisable not
      more than once every Annual Period during regular business hours, for the
      duration of this Agreement and for [----------]18 
      thereafter, to audit said books of account and records
      and examine and make copies of all documents and material in the possession
      or
      under the control of Vendor with respect to the subject matter and the terms
      of
      this Agreement, including, without limitation, invoices, credits and shipping
      documents, provided
      that,
      such
      auditing, examining and copying shall not unduly interfere with the normal
      business operations of Vendor. All such books of account, records and documents
      shall be kept available by Vendor for [----------]19 
      after
      the end of the Annual Period to which they relate. 

     

    
      

    

    
      
        

        
15
        Confidential information omitted and filed separately with the SEC with a
        request for confidential treatment by Inter Parfums, Inc. No.
        10.133.15.

      
        16
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.16.

      

      
        17
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.17.

      

      
        18
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.18.

        19
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.19.

         

      

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    7.3 Audits.
      If
      Vendor's payment or aggregate of payments for any period covered by an audit
      of
      Vendor's books and records was less than the amount which should have been
      paid
      by a sum equal to [----------]20 
      or more
      of the amount of payment(s) actually made with respect to such period, or in
      the
      event that the books and records referred to herein have not been maintained
      or
      retained by Vendor and made available to Company in accordance with Section
      7.2,
      then
      Vendor shall within [----------]21 
      after
      Company's demand therefor (a) reimburse Company for the cost of such audit
      and (b) make all payments required to be made to eliminate any discrepancy
      revealed by said audit, together with interest in an amount calculated from
      the
      date the delinquency arose at a rate per annum equal to the prime rate quoted
      in
The
      Wall Street Journal
      at the
      time of such delinquency, [----------]22 
      per
      annum, if allowed by applicable law, otherwise the maximum rate of interest
      allowed by applicable law shall be applied.

     

    

    ARTICLE
      VIII

    

    UNITED
      STATES MILITARY BASES, 

    DUTY-FREE
      CHANNELS, AND UK SALES

    

    8.1 Sales
      to United States Military Bases.
      

    

    (a) Notwithstanding
      anything to the contrary contained in this License Agreement, and solely with
      respect to sales of Licensed Products to United States Military Bases,
      (i) the Sales Royalty shall be [----------]23 
      in lieu
      of the [----------]24 
      set
      forth in Section
      6.1 and
      (ii)
      Vendor and Approved Distributors shall not be under any obligation for
      Advertising expenditures as set forth in Section
      3.6.
      

    

    (b) Vendor
      may sell and distribute those Licensed Products that have been Approved in
      writing by the Authorized Representative of each Brand for sale and distribution
      to United States Military Bases for the period from July 1, 2007 through (i)
      termination or expiration of this License Agreement or (ii) withdrawal of
      Company’s Approval, whichever occurs first.

     

    
      

      
        20
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.20.

      

      
        21
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.21.

      

      
        22
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.22.

      

      
        23
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.23.

      

      
        24
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.24.

         

      

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    8.2 Duty-Free
      Sales.
      

    

    (a) Notwithstanding
      anything to the contrary contained in this License Agreement, Vendor and
      Approved Distributors shall not be under any obligation for Advertising
      expenditures as set forth in Section
      3.6 for
      sales
      of Licensed Products in Duty-Free Channels of Distribution. 

    

    (b) The
      following Duty-Free Channels of Distribution are Approved by Company: (i)
      Dallas-Fort Worth Airport Duty-Free Shops; (ii) in-flight magazines for Delta
      and American Airlines; and (iii) Montego Bay, Jamaica Duty-Free
      Shops.

    

    (c) Vendor
      may sell and distribute those Licensed Products that have been Approved in
      writing by the Authorized Representative of each Brand for sale and distribution
      to Approved Duty-Free Channels of Distribution for the period from September
      1,
      2007 through (i) termination or expiration of this License Agreement or
      (ii) withdrawal of Company’s Approval, whichever occurs first.

    

    8.3
      Sales in the United Kingdom. 

    

    (a) Notwithstanding
      anything to the contrary contained in this License Agreement, and solely with
      respect to sales of Licensed Products to the Approved Distributor for the United
      Kingdom (“UK”), Fragrance Factory Ltd. (“Fragrance Factory”), during the period
      from July 1, 2007 through and including December 31, 2007, the Sales Royalty
      shall be [----------]25 
      in lieu
      of the [----------]26 
      set
      forth in Section
      6.1;
      for
      sales after December 31, 2007, the Sales Royalty shall be [----------]27 .
      

    

    (b) Fragrance
      Factory has been Approved by Company as an Approved Distributor for sales in
      the
      UK. Vendor may authorize Fragrance Factory to sell and distribute through the
      following Approved Retailers: (i) Harrods, (ii) John Lewis, and (iii)
      House of Fraser, provided
      that Approved
      Retailers shall carry Licensed Products only in their retail locations in the
      top 23 UK metropolitan areas. Requests by an Approved Retailer to carry Licensed
      Products in its shops located outside of the top 23 UK metropolitan areas shall
      be subject to Company’s Approval. 

    

    (c) Vendor
      may sell and distribute those Licensed Products that have been Approved in
      writing by the Authorized Representative of each Brand for sale and distribution
      through Fragrance Factory to Approved Retailers in the UK for the period from
      July 1, 2007 through (i) termination or expiration of this License
      Agreement or (ii) withdrawal of Company’s Approval, whichever occurs
      first.

     

    
      

      
        
          

          
25
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.25.

      

      
        26
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.26.

      

      
        27
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.27.

         

      

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    ARTICLE
      IX

     

    TERM
      AND TERMINATION

     

    9.1 Initial Term.
      The
      initial term hereof (the “Initial Term”) shall commence on the Effective Date
      and, unless sooner terminated as hereinafter provided, shall continue until
      December 31, 2011.

     

    9.2 Extended
      Term. If
      the
      term of the Master Agreement is extended pursuant to Section 14.2(b), then
      the
      Term of this License Agreement shall also be extended to run coterminous with
      the term of the Master Agreement.

     

    9.3 Termination. 

     

    (a) Termination
      or expiration of the Master Agreement shall result in termination of this
      License Agreement. Notwithstanding the foregoing, this License Agreement shall
      not terminate in the event the Master Agreement expires on August 31, 2009
      after
      its Initial Term as set forth in Section 14.1 of the Master Agreement.

     

    (b) Vendor
      agrees that a material breach of this License Agreement shall constitute a
      material breach of the Master Agreement and an Event of Default under Section
      14.5 of the Master Agreement.

     

    (c) If
      (i)
      Vendor or a Vendor Affiliate knowingly sells Licensed Products outside of the
      Authorized Channels of Distribution, or (ii) Vendor fails to use best efforts
      to
      ensure that Approved Distributors sell only through the Authorized Channels
      of
      Distribution and fails to fully cure such failure within [----------]28 
      after
      notice thereof, Company may elect, at its discretion, to terminate this License
      Agreement immediately upon notice to Vendor.

     

    (d) If
      (i)
      Vendor intentionally underreports its Net Sales figures, or (ii) Vendor engages
      directly or indirectly in any misuse of Company Intellectual Property and fails
      to fully cure such failure within [----------]29 
      after
      notice thereof, or (iii) Vendor otherwise engages in conduct that impairs the
      Image, Company may elect, at its discretion, to terminate this License Agreement
      immediately upon notice to Vendor.

     

    (e) If
      Net
      Sales for any [----------]30 
      Annual
      Periods do not meet or exceed the Minimum Net Sales for such Annual Periods,
      then Company may elect, at its discretion, to terminate this License Agreement
      upon [----------]31 
      notice
      to Vendor.

     

    
      

    

    
      
        28
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.28.

      

      
        29
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.29.

      

      
        30
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.30.

      

      
        31
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.31.

      

    
 

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    9.4 Rights
      on Expiration or Termination.

     

    (a) Vendor
      shall, within [----------]32 
      from the
      last day of the month of termination or expiration of this License Agreement,
      deliver to Company a schedule of Vendor’s inventory of Licensed Products,
      including work-in-progress at hand and a good-faith estimate of a commercially
      reasonable run-out of components to complete finished goods within a
      commercially reasonable time thereafter (“Finished Goods”) in the possession of,
      or in transit to, Vendor and its Affiliates and shall also use reasonable
      commercial efforts to obtain a schedule of inventory of Licensed Products from
      its Approved Distributors or Contractors (collectively the “Final Inventory”).

    

    (b) Upon
      expiration or termination of this License Agreement, Vendor shall offer the
      Final Inventory to Company at a price to be negotiated, taking into account
      the
      discounted prices offered by Authorized Channels of Distribution and in no
      event
      to exceed the purchase price set forth in Section 9.1 of the Master Agreement.
      Company shall have the option for [----------]33 after
      Company’s receipt of the Final Inventory from Vendor to purchase all or a
      portion of the Final Inventory. If [----------]34 
      or more
      of the Finished Goods are to be purchased by Company, then Company shall
      purchase such Finished Goods within [----------]35 
      following the expiration of such [----------]36 
      period.
      If less than [----------]37 
      but
[----------]38 or
      more
      of the Finished Goods are to be purchased by Company, then Company shall
      purchase such Finished Goods within [----------]39 
      following the expiration of such [----------]40 
      period.
      If less than [----------]41 
      of the
      Finished Goods are to be purchased by Company, then Company shall purchase
      such
      Final Inventory within [----------]42 
      following the expiration of such [----------]43 
      period.
      Company shall have [----------]44 in
      which
      to purchase all or a portion of the components that are not used to complete
      Finished Goods within a commercially reasonable time.

     

    
      

    

    
      
        32
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.32.

      

      
        33
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.33.

      

      
        34
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.34.

      

      
        35
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.35.

      

      
        36
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.36.

      

      
        37
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.37.

      

      
        38
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.38.

      

      
        39
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.39.

      

      
        40
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.40.

      

      
        41
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.41.

      

      
        42
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.42.

      

      
        43
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.43.

      

      
        44
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.44.

         

      

    

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    (c) For
      a
      period of [----------]45 
      following the expiration of such [----------]46 
      period,
      Vendor shall have right to sell the Final Inventory not purchased or to be
      purchased by Company only in accordance with the following: 

    

    (i) First,
      Vendor shall use best efforts to sell such Final Inventory to one or more
      purchasers in the category of mass discounters outside of the United States,
      provided that the specific purchasers, assortment of Licensed Products, number
      of units, markets, and timing for all such sales must be Approved in advance
      by
      the Authorized Representative of the relevant Brand, which Approval shall not
      be
      unreasonably withheld, delayed, or denied but may take into account the effect
      that sales of Final Inventory through such mass discounters will or are likely
      to have on the Image; 

    

    (ii) Second,
      if after using best efforts to do so Vendor is unable to sell any portion of
      the
      Final Inventory in accordance with Section
      9.4(c)(i)
      above,
      Vendor may sell the remaining Final Inventory, if any, to one or more purchasers
      in the category of mass discounters within the United States (for example only,
      and not for purposes of approval hereunder, TJ Maxx, Marshalls, and Perfumania),
      provided that the specific purchasers, assortment of Licensed Products, number
      of units, markets, and timing for all such sales must be Approved in advance
      by
      the Authorized Representative of the relevant Brand, which Approval shall not
      be
      unreasonably withheld, delayed, or denied but may take into account the effect
      that sales of Final Inventory through such mass discounters will or are likely
      to have on the Image; and

    

    (iii) All
      Final
      Inventory remaining after compliance with Section
      9.4(c)(i)
      and
(ii),
      if any,
      shall be destroyed at Vendor’s sole expense and in compliance with applicable
      law. 

    

    (d) Upon
      expiration or termination of, or election not to renew, this License Agreement,
      all rights granted to Vendor pursuant to this Agreement shall cease to exist,
      and Company shall be free to contract with third parties for the development,
      production, manufacture and distribution of Company Products in all territories
      and all channels of distribution or to conduct such activities
      directly.

    

    (e) Notwithstanding
      expiration or termination of this License Agreement, Approved Distributors
      may
      continue to sell Licensed Products (a) on hand or (b) which Approved
      Distributors are contractually obligated to purchase under the terms of their
      contracts with Approved Retailers or Vendor as of the date of expiration or
      termination of this License Agreement, under the same terms and conditions
      the
      Approved Distributors are allowed to do so herein, but in no event to exceed
      [----------]47 
      after
      the date of expiration or termination of the License Agreement.

     

    
      

    

    
      
        
          

          
45
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.45.

      

      
        46
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.46.

      

      
        47
          Confidential information omitted and filed separately with the SEC with
          a
          request for confidential treatment by Inter Parfums, Inc. No.
          10.133.47.

         

      

    

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

    (f) The
      volume of the Final Inventory shall not exceed the equivalent dollar value
      of
      net sales of Licensed Products by Brand for the [----------]48 
      as of
      the date of expiration or termination of the License Agreement (“Final Inventory
      Cap”). All Final Inventory in excess of the Final Inventory Cap shall be
      destroyed at Vendor’s sole expense.

    

    ARTICLE
      X

     

    INDEMNIFICATION

     

    10.1 Indemnification
      by Vendor.
      In
      addition to its indemnification obligations under Section 13.2 of the Master
      Agreement, Vendor agrees to defend, indemnify and hold Company, its officers,
      directors, agents and employees free and harmless from and against any and
      all
      liabilities, losses, demands, causes of action, costs, injuries, damages and
      expenses, including attorneys’ fees, which Company may suffer or incur as a
      result of any claims made in connection with or arising from (a) Vendor’s
      manufacture, promotion, sale or distribution of Licensed Products; (b) Vendor’s
      failure to comply with any applicable domestic or foreign law, statute or
      regulation with respect to distribution and sale of the Licensed Products;
      (c)
      the negligent acts or omissions of Vendor or any of its representatives, agents,
      Contractors, Distributors or assigns; (d) the breach of or failure to
      perform under any term, obligation, requirement or provision of this License
      Agreement; (e) any unauthorized use of any Company Intellectual Property; (f)
      any infringement or alleged infringement of the rights of any third party
      relating to the Creative, the New Marks, or any Company Product; (g) Clearance
      Measures; and/or (h) the breach of any representation or warranty set forth
      herein. If Vendor does not promptly assume the defense of any claim tendered
      for
      indemnification hereunder or if Company otherwise elects to do so at any time
      in
      Company’s sole discretion, Company may defend the claim itself, with counsel of
      the Company’s choosing, at the expense of Vendor.

     

    10.2 Indemnification
      by Company.
      In
      addition to its indemnification obligations under Section 13.3 of the Master
      Agreement, Company agrees to defend, indemnify and hold Vendor, Vendor’s
      Affiliates, and their several officers, directors, agents and employees free
      and
      harmless from and against any and all liabilities, losses, demands, causes
      of
      action, costs, injuries, damages and expenses, including attorneys’ fees, which
      Vendor or Vendor’s Affiliates may suffer or incur as a result of any claims made
      in connection with or arising from (a) Company’s gross negligence, or willful or
      intentional misconduct, or (b) any trademark infringement claims made by third
      parties against Vendor for use of the Company Marks strictly in accordance
      with
      this License Agreement. If Company does not promptly assume the defense of
      any
      claim tendered for indemnification hereunder, then Vendor or Vendor’s Affiliates
      may defend the claim itself or themselves, with counsel of their choosing,
      at
      the expense of Company.

     

    10.3 Consent
      to Settlement.
      With
      respect to each party’s indemnification obligations hereunder, neither party may
      enter into any settlement or compromise that imposes ongoing obligations or
      restrictions on the indemnified party or adversely affects any right or interest
      of the indemnified party without the indemnified party’s prior written
      consent.

     

    
      

      48
        Confidential information omitted and filed separately with the SEC with a
        request for confidential treatment by Inter Parfums, Inc. No.
        10.133.48.

       

    

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    In
      Witness Whereof,
      the
      parties hereto have executed this License Agreement by signing
      below:

    

    
      	The Gap, Inc.	 	Inter Parfums,
              Inc.
              
	
            	 	 	 	 	 	 
	By:	 	/s/
              Marka
              Hansan	 	By: 	 	/s/
              Jean
              Madar
	 	 	Name: Marka
              Hansan	 	 	 	Name: Jean
              Madar
	 	 	Title:
              President,
              Gap Brand	 	 	 	Title:
              Chief
              Executive Officer 
	 	 	Date: April
              28,
              2008	 	 	 	Date: April
              25,
              2008

    

    
      

      
        	Banana Republic,
                LLC	 	
                Inter
                  Parfums USA, LLC

                Inter
                  Parfums, Inc., Sole Member

              
	
              	 	 	 	 	 	 
	By:	 	/s/
                Jack
                Calhoun	 	By: 	 	/s/
                Jean
                Madar
	 	 	Name:
                Jack
                Calhoun	 	 	 	Name:
                Jean
                Madar
	 	 	Title:
                President
                Banana Republic	 	 	 	Title:
                Chief
                Executive Officer 
	 	 	Date:
                April 29,
                2008	 	 	 	Date:
                April 25,
                2008

      

      
        

        
          	Gap
                  (ITM)
                  Inc.	 	 
	
                	 	 	 	 	 	 
	By:	 	/s/
                  Marka
                  Hansan	 	By: 	 	/s/
                  Julie
                  Gruber
	 	 	Name:
                  Marka
                  Hansan	 	 	 	Name:
                  Julie
                  Gruber
	 	 	Title:
                  President,
                  Gap Brand	 	 	 	Title:
                  President
	 	 	Date:
                  April 28,
                  2008	 	 	 	Date:
                  April 29,
                  2008

        

        
          

          
            	Banana
                    Republic (ITM)
                    Inc.	 	 
	
                  	 	 	 	 	 	 
	By:	 	/s/
                    Julie
                    Gruber	 	 	 	 
	 	 	Name:
                    Julie
                    Gruber	 	 	 	 
	 	 	Title:
                    President	 	 	 	 
	 	 	Date:
                    April 29,
                    2008	 	 	 	 

          

          

          
            
              
                 

              

              
                22

                
                  

                

              

              
                 

              

            

          

           

          EXHIBIT
            ALICENSE
      AGREEMENT

     

    This
      Agreement is entered into as of April 21, 2008 between BioGold Fuels
      Corporation, a Nevada corporation (“BioGold” or “Licensee’’) and Energy Dynamics
      Corporation International, a Wyoming corporation (“EDCI” or
“Licensor’’).

     

     

    WHEREAS
      BioGold has licensed certain rights and technologies to certain waste processing
      methods, systems and techniques capable of preparing waste and other feedstock’s
      and organic matter in an autoclave (the “BioGold Rights”);

     

    WHEREAS,
      EDCI has licensed or otherwise has acquired certain rights and technologies
      for
      an advanced commercial thermal distillation system to convert various waste
      materials including coal, municipal solid waste, medical waste, post-consumer
      plastics, tires, bio-solids and biomass to highly valuable commodities of syngas
      and carbon (the “EDCI Rights”);

     

    WHEREAS
      EDCI desires the right to utilize the BioGold Rights, and BioGold desires the
      right to utilize the EDCI Rights.

     

    WHEREFORE,
      the parties agree as follows:

     

    1.  Certain
      Definitions.

     

    1.1  “Disclosing
      Party’’ shall mean a party hereto that discloses its Proprietary
      Information to the other party.

     

    1.2  “EDCI
      Products’’ shall include a gasification system known as the “ACTI Gasification
      System.”

     

    1.3  “BioGold
      Products” shall mean a BioGold autoclave system.

     

    1.4  “Proprietary
      Information’’ of a Disclosing Party shall mean the following, to
      the extent previously, currently or subsequently disclosed to the other party
      hereunder or otherwise: information relating to Products, the properties,
      composition or structure thereof or the manufacture or processing thereof or
      machines therefor or to the Disclosing Party’s business (including, without
      limitation, reagents, computer programs, algorithms, names and expertise of
      employees and consultants, know-how, formulas, processes, ideas, inventions
      (whether patentable or not), schematics and other technical, business,
      financial, customer and product development plans, forecasts, strategies and
      information). In particular, but without limitation, Technology and improvements
      made by Licensor thereto shall be considered Proprietary Information of
      Licensor.

     

    1.5  “Proprietary
      Rights’’ shall mean patent rights patents, patent applications, copyrights, mask
      work rights, trade secret rights and all other intellectual and industrial
      property rights of any sort.

     

    1.6  “Receiving
      Party’’ shall mean a party hereto that receives Proprietary Information of the
      other party.

     

    
      
         

      

      
        11-1

        
          

        

      

      
         

      

    

    

    LICENSE
      AGREEMENTS

     

     

    1.7  “Technology’’
      shall mean inventions (whether or not patent able), ideas, processes, formulas
      and know-how owned or
      controlled by Licensor and used by it as of the date of this Agreement, or
      hereafter during such portion of the term of this Agreement as Licensor is
      required to provide improvements of Technology to Licensee, for producing
      Products.

     

    1.8  “Territory’’
      shall mean the United States and various potential International
      projects.

     

    2.  License
      Grant.
      Subject
      to all the terms and limitations of this Agreement, Licensor hereby grants
      Licensee a non-exclusive sub-licensable license under all applicable Proprietary
      Rights in the Technology. The license is limited to and may be exercised solely
      for the purpose of having made, using and marketing (including selling and
      offering to sell) the EDCI Products in the Territory. Licensee grants to
      Licensor a non-exclusive sub-licensable license under all applicable Proprietary
      Rights in the Technology.

     

    3.  Improvements.  Any
      Licensor modification or improvement (including those made for Licensor by
      employees or contractors) to or on the Technology licensed to Licensee made
      before the earlier of (i) termination of this Agreement or (ii) 2
      years following the date of this Agreement (except improvements created
      specifically for a third party) shall be included in the license without
      additional charge to Licensee. In addition, Licensee will promptly disclose
      and
      hereby grants back to Licensor a worldwide, royalty-free, sub licensable license
      to fully exploit any modifications or improvements it makes during the same
      period to or on Technology (the foregoing shall be deemed to include, without
      limitation, (A) any patent covering an invention the manufacture, use or
      sale of which would be covered by or within the scope of a claim of a patent
      licensed hereunder and (B) any patent that (alone or together with others)
      tends to define, describe or surround any part of the Technology or any
      invention claimed in a patent licensed hereunder) and Licensee shall not license
      to third parties the modifications or improvements derived from or based on
      any
      Licensor Proprietary Information. The parties agree to promptly disclose
      modifications and improvements. 

     

    4.  Marketing
      Efforts.
      Each
      Party will use reasonable commercial efforts to market and sell the other
      Party’s Products under its license. 

     

    5.  Royalties;
      Payments. No
      specific royalties shall be due under this Agreement for the grant of the
      License; however, the Parties hereby agree to supply the other Party’s
      reasonable requirements of Products for the pre-determined price.  
      The Parties hereby agree that each Party shall maintain the exclusive right
      to
      manufacture its Product, and the Licensee shall purchase all EDCI Products
      exclusively from Licensor. Licensor shall purchase all BGF Products exclusively
      from Licensee. All other equipment required for construction and operation
      of a
      Project utilizing the Technology may be purchased from other vendors.

     

    6.  No
      Restriction on Competition; Nonsolicitation.
      EDCI
      shall not directly or indirectly participate in any business within two hundred
      (200) miles of a BioGold waste to energy project that utilizes the Technology.
      This includes, but is not limited to, licensing the Technology to a business
      in
      that location, selling an EDCI Product in that location, or participating in
      such a business or as a co-owner, investor, director, officer, consultant,
      independent contractor, employee or agent of another business. The Parties
      agree
      that (1) the non-competition clause described above is limited to an autoclave
      process utilizing the same principles of the BioGold Rights, which explicitly
      does not include paralysis and other processes, and (2) the non-competition
      clause described above is limited to a process utilizing the same principles
      of
      the BioGold Rights. 

     

    
      
         

      

      
        11-2

        
          

        

      

      
         

      

    

    

    LICENSE
      AGREEMENTS

     

     

    7.  Confidentiality.
      Each
      party recognizes the importance to the other of the other’s Proprietary
      Information. In particular Licensee recognizes that the Technology and other
      of
      Licensor’s Proprietary Information (and the confidential nature thereof) are
      critical to the business of Licensor and that Licensor would not enter into
      this
      Agreement without assurance that such technology and information and the value
      thereof will be protected as provided in this Section 10 and elsewhere in
      this Agreement.

     

    Accordingly,
      each party agrees as follows:

     

    7.1  The
      Receiving Party agrees (i) to hold the Disclosing Party’s Proprietary
      Information in confidence as a fiduciary and to take reasonable precautions
      to
      protect such Proprietary Information (including, without limitation, all
      precautions the Receiving Party em ploys with respect to its confidential
      materials), (ii) not to divulge (except pursuant to a sublicense expressly
      authorized in this Agreement) any such Proprietary Information or any
      information derived therefrom to any third person, (iii) not to make any
      use whatsoever at any time of such Proprietary Information except as expressly
      authorized in this Agreement, and (iv) not to remove or export from the
      United States or reexport any such Proprietary Information or any direct product
      thereof (e.g., Products by whomever made) except in compliance with and with
      all
      licenses and approvals required under applicable U.S. and foreign export laws
      and regulations, including without limitation, those of the U.S. Department
      of
      Commerce. Any employee given access to any such Proprietary Information must
      have a legitimate “need to know’’ and shall be similarly bound in writing.
      Without granting any right or license, the Disclosing Party agrees that the
      foregoing clauses (i), (ii) and (iii) shall not apply with respect to
      information the Receiving Party can document (i) is in or (through no
      improper action or inaction by the Receiving Party or any Affiliate, agent
      or
      employee) enters the public domain (and is readily available without substantial
      effort), or (ii) was rightfully in its possession or known by it prior to
      receipt from the Disclosing Party, or (iii) was rightfully disclosed to it
      by another person without restriction, or (iv) was independently developed
      by it by persons without access to such information and without use of any
      Proprietary Information of the Disclosing Party. The Receiving Party must
      promptly notify the Disclosing Party of any information it believes comes within
      any circumstance listed in the immediately preceding sentence and will bear
      the
      burden of proving the existence of any such circumstance by clear and convincing
      evidence. Each party’s obligations under this Section 10.1 (except under
      clause (iv) of the first sentence) shall terminate 5 years after the date of
      this Agreement. 

     

    7.2  Immediately
      upon termination of the Receiving Party’s license under Section 13, the
      Receiving Party will turn over to the Disclosing Party all Proprietary
      Information of the Disclosing Party and all documents or media containing any
      such Proprietary Information and any and all copies or extracts
      thereof.

     

    7.3  The
      Receiving Party acknowledges and agrees that due to the unique nature of the
      Disclosing Party’s Proprietary Information, there can be no adequate remedy at
      law for any breach of its obligations hereunder, that any such breach may allow
      the Receiving Party or third parties to unfairly compete with the Disclosing
      Party resulting in irreparable harm to the Disclosing Party, and therefore,
      that
      upon any such breach or any threat thereof, the Disclosing Party shall be
      entitled to appropriate equitable relief (without the posting of any bond)
      in
      addition to whatever remedies it might have at law and to be indemnified by
      the
      Receiving Party from any loss or harm, including, without limitation, lost
      profits and attorney’s fees, in connection with any breach or enforcement of the
      Receiving Party’s obligations hereunder or the unauthorized use or release of
      any such Proprietary Information. The Receiving Party will notify the Disclosing
      Party in writing immediately upon the occurrence of any such unauthorized
      release or other breach. Any breach of this Section 10 will constitute a
      material breach of this Agreement.

     

    
      
         

      

      
        11-3

        
          

        

      

      
         

      

    

    

      LICENSE
        AGREEMENTS

    

     

    8.  Patent
      Matters.

     

    Any
      improvements to Technology (whether or not patentable or copyrightable) that
      either party develops shall be owned solely by such party. Such party shall
      have
      the right, at its own expense and solely in its own name, to apply for,
      prosecute and defend its Proprietary Rights with respect thereto. Licensor’s
      existing relevant patents and patent applications in the Territory are listed
      on
      Exhibit C. Licensee agrees to place on all Products in a proper manner all
      reasonable patent and patent application markings requested by Licensor.

     

    9.  Term
      and Termination.
      

     

    9.1  This
      Agreement will remain in effect for a period of ten (10) years.

     

     If
      a party materially breaches a material provision of this Agreement, the other
      party may terminate this Agreement upon 30 days’ notice unless the breach is
      cured within the notice period.

     

    9.2  In
      the
      event of any termination of this Agreement, the rights and licenses granted
      Licensee under this Agreement and Licensee’s obligation under Section 6 shall
      terminate and Licensor’s obligations to negotiate or provide goods, services,
      facilities, technology or information shall cease but all other provisions
      of
      this Agreement will continue in accordance with their terms (except that if
      the
      termination is on account of a breach by Licensor, the license granted Licensor
      in Section 5 shall also terminate, the license granted Licensee in Section
      2
      will continue for Technology licensed as of the termination date and Section
      6
      will continue and the Agreement will not be considered terminated for purposes
      of Section 8 until Licensee’s royalty obligation terminates). Any licenses
      surviving termination may be terminated by the granting party in the same manner
      as provided in Section 13.2 if the other party materially breaches a material
      surviving provision of this Agreement. 

     

    9.3  Neither
      party shall incur any liability whatsoever for any damage, loss or expenses
      of
      any kind suffered or incurred by the other arising from or incident to any
      termination of this Agreement (or any part thereof) by such party which complies
      with the terms of the Agreement whether or not such party is aware of any such
      damage, loss or expenses.

     

    9.4  Termination
      is not the sole remedy under this Agreement and, whether or not termination
      is
      effected; all other remedies will remain available.

     

    10.  INCIDENTAL
      AND CONSEQUENTIAL DAMAGES.
      EXCEPT
      FOR BODILY INJURY OF A PERSON, NEITHER PARTY WILL BE LIABLE UNDER ANY CONTRACT,
      NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY FOR ANY INCIDENTAL OR CONSEQUENTIAL
      DAMAGES WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT EXCEPT A BREACH
      OF
      SECTION 10.

     

    11.  LIMITATION
      OF OBLIGATIONS AND LIABILITY.
      EXCEPT
      FOR BODILY INJURY OF A PERSON, LICENSOR WILL NOT BE LIABLE WITH RESPECT TO
      ANY
      SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT
      LIABILITY OR OTHER THEORY FOR COST OF PROCUREMENT OF SUBSTITUTE GOODS, SERVICES,
      TECHNOLOGY OR RIGHTS OR FOR ANY AMOUNTS AGGREGATING IN EXCESS OF AMOUNTS PAID
      TO
      IT HEREUNDER. 

     

    12.  Independent
      Contractors.
      The
      parties are independent contractors and not partners, joint venturers or
      otherwise affiliated and neither has any right or authority to bind the other
      in
      any way.

     

    
      
         

      

      
        11-4

        
          

        

      

      
         

      

    

    

    LICENSE
      AGREEMENTS

     

     

    13.  Assignment.
      The
      rights and obligations of the parties under this Agreement may not be assigned
      or transferred (and any attempt to do so will be void) except this Agreement
      and
      the rights and obligations hereunder may be assigned to an acquiror of all
      or
      substantially all the assets, business or stock of a party. 

     

    14.  Miscellaneous.

     

    14.1  Amendment
      and Waiver--Except as otherwise expressly provided herein, any provision of
      this
      Agreement may be amended and the observance of any provision of this Agreement
      may be waived (either generally or any particular instance and either
      retroactively or prospectively) only with the written consent of the
      parties.

     

    14.2  Governing
      Law and Legal Actions--This Agreement shall be governed by and construed under
      the laws of the State of California and the United States without regard to
      conflicts of laws provisions thereof. Subject to Section 18.7 and unless
      otherwise elected by Licensor in writing for the particular instance (which
      Licensor may do at its option), the sole jurisdiction and venue for actions
      related to the subject matter hereof shall be the California state and U.S.
      federal courts having within their jurisdiction the location of Licensor’s
      principal place of business. Both parties consent to the jurisdiction of such
      courts and agree that process may be served in the manner provided herein for
      giving of notices or other wise as allowed by California or federal law. In
      any
      action or proceeding to enforce rights under this Agreement, the prevailing
      party shall be entitled to recover costs and attorneys’ fees. 

     

    14.3  Headings--Headings
      and captions are for convenience only and are not to be used in the
      interpretation of this Agreement.

     

    14.4  Notices--Notices
      under this Agreement shall be sufficient only if personally delivered, delivered
      by a major commercial rapid delivery courier service or mailed by certified
      or
      registered mail, return receipt requested to a party at its addresses set forth
      in the signature block below or as amended by notice pursuant to this
      subsection. If not received sooner, notice by mail shall be deemed received
      5
      days after deposit in the U.S. mails.

     

    14.5  Entire
      Agreement--This Agreement supersedes all proposals, oral or written, all
      negotiations, conversations, or discussions between or among the parties
      relating to the subject matter of this Agreement and all past dealing or
      industry custom.

     

    14.6  WARRANTY
      DISCLAIMER.
      EXCEPT
      FOR THE REPRESENTATION THAT THE LICENSOR OWNS OR OTHERWISE HAS THE RIGHT TO
      LICENSE THE TECHNOLOGY, LICENSOR MAKES NO WARRANTY WITH RESPECT TO ANY
      TECHNOLOGY, GOODS, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT
      AND HEREBY DISCLAIMS WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
      PURPOSE AND NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE
      FOREGOING.

     

    14.7  Arbitration--Except
      that either party may seek equitable or similar relief from a court, any
      dispute, controversy or claim arising out of or in relation to this Agreement
      or
      at law, or the breach, termination or invalidity thereof, that cannot be settled
      amicably by agreement of the parties hereto, shall be finally settled by
      arbitration in accordance with the arbitration rules of the International
      Chamber of Commerce (“ICC’’), Paris, then in force by one or more arbitrators
      appointed in accordance with said rules; provided, however, that arbitration
      proceedings may not be instituted until the party alleging breach of this
      Agreement by the other party has given the other party not less than sixty
      (60)
      days to remedy any alleged breach and the other party has failed to do so.
      The
      appointing authority shall be the ICC Court of Arbitration. The place of
      arbitration shall be Los Angeles. All documents and agreements relative to
      any
      such dispute shall be read, interpreted, and construed from the English versions
      thereof. The award rendered shall be final and binding upon both parties.
      Judgment upon the award may be entered in any court having jurisdiction, or
      application may be made to such court for judicial acceptance of the award
      and/or an order of enforcement as the case may be.

     

    
      
         

      

      
        11-5

        
          

        

      

      
         

      

    

    

      LICENSE
        AGREEMENTS

    

     

    14.8  Force
      Majeure--Neither party hereto shall be responsible for any failure to perform
      its obligations under this Agreement (other than obligations to pay money or
      obligations under Section 10 or 12) if such failure is caused by acts of God,
      war, strikes, revolutions, lack or failure of transportation facilities, laws
      or
      governmental regulations or other causes that are beyond the reasonable control
      of such party. Obligations hereunder, however, shall in no event be excused
      but
      shall be suspended only until the cessation of any cause of such failure.

     

    14.9  Severability--If
      any provision of this Agreement is held illegal, invalid or unenforceable by
      a
      court of competent jurisdiction, that provision will be limited or eliminated
      to
      the minimum extent necessary so that this Agreement shall otherwise remain
      in
      full force and effect and enforceable.

     

    14.10  Basis
      of
      Bargain--Each party recognizes and agrees that the warranty disclaimers and
      liability and remedy limitations in this Agreement are material bargained for
      bases of this Agreement and that they have been taken into account and reflected
      in determining the consideration to be given by each party under this Agreement
      and in the decision by each party to enter into this Agreement. 

    
      	 	 	 
	 	LICENSEE
              (BioGold
              Fuels):
	 	Steve Racoosin
	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	/s/ Steve
              Racoosin 
	 	
            	
              

            
	
               Address:

            	
              
 
              
              

            
	 	
              LICENSOR (Energy Dynamics Corporation
                International):

              Jeff Pryor

            
	 	 	 
	 	 	 
	 	 	 
	 	By:	 [sig]
	 

               Address:

            	 	
              
                

              

              2531 Country Club Drive

              Escondido, CA 92029

            
	 	 	 

    

     

     

    
      
         

      

      
        11-6

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