Document:

parl_ex1081.htm

EXHIBIT 10.81

ACKNOWLEDGMENT OF ASSIGNMENT

This Acknowledgment of Assignment (the “Agreement”) is made as of the 31st day of January, 2009 (the “Effective Date”), by and among TARRAGON SOUTH DEVELOPMENT CORP., a Nevada corporation (the “Debtor”), TARRAGON CORPORATION, a Nevada corporation (“Tarragon”), TRICONY CFC, L.L.C., a Delaware limited liability company (the “Landlord”), and PARLUX FRAGRANCES, INC., a Delaware corporation (the “Tenant”).

RECITALS

WHEREAS, FBEC-Cypress Financial Center, L.P., predecessor-in-interest to the Landlord, and the Debtor entered into that certain Office Lease Agreement dated August 24, 2005 (the “Lease”) concerning Suite 500, consisting of 19,072 rentable square feet located at 5900 North Andrews Avenue, Fort Lauderdale, Florida 33309 (the “Premises”); and

WHEREAS, Tarragon guaranteed all of the Debtor’s obligations under the Lease with the Landlord pursuant to a Guaranty dated August 25, 2005 (the “Guaranty”); and

WHEREAS, Debtor and Tenant entered into a Sublease Agreement dated November 30, 2007 (“Sublease”), whereby the Debtor subleased the Premises to the Tenant; and

WHEREAS, Landlord, Debtor and Tenant entered into a Consent to Sublease dated December 6, 2007 (“Consent”), whereby Landlord consented to Debtor subletting the Premises to Tenant in accordance with the terms and conditions of the Sublease; and

WHEREAS, on January 12, 2009 (the “Filing Date”), the Debtor and certain of its affiliated entities each filed voluntary petitions for relief pursuant to Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”), which cases are jointly administered under Tarragon Corporation, et al. Case No. 09-10555 (DHS); and

WHEREAS, on or about January 5, 2009, the Tenant paid the Debtor the rent amount due in accordance with the terms of the Sublease, but that Debtor failed to pay the Landlord the rent due in accordance with the terms of the Lease; and

WHEREAS, on or about January 30, 2009, the Debtor filed a motion with the Bankruptcy Court seeking to assume and assign the Lease to the Tenant and to reject the Sublease with the Tenant pursuant to Bankruptcy Code Section 365(the “Motion”), which the Bankruptcy Court approved by Order dated February ___, 2009 (the “Assignment Order”).  A true copy of the Motion and Assignment Order is attached hereto as Exhibit “A”; and

WHEREAS, Tenant seeks to acknowledge to the Landlord that Tenant is the assignee of all of the right, title, and interest, of the Debtor under Lease, and assumes the obligations of the Debtor under the Lease accruing from and after the Effective Date.

 

 

  

  

  

NOW THEREFORE, in consideration of the foregoing, the mutual covenants and conditions contained in this Agreement, and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement, intending to be legally bound, agree as follows:

1.           Incorporation of Recitals.  The parties represent and warrant that the recitals to this Agreement are accurate and correct and incorporate them in this Agreement. Capitalized terms used but not defined in this Agreement shall have the same definitions given to them in the Lease unless the context clearly indicates a contrary intent.

2.           Consent to Assignment.  Landlord consents to the assignment of the Lease by the Debtor to the Tenant pursuant to Bankruptcy Code Section 365 as provided in the Assignment Order.  Nothing contained in this Agreement shall be construed as amending the Lease in any respect.

3.           Acknowledgment of Assignment.  Pursuant to the Assignment Order, Debtor hereby assigns to Tenant all of the right, title and interest of Debtor in, to and under the Lease, as of February 1, 2009.  Tenant acknowledges to Landlord that Tenant is the assignee of all of the right, title, interest of the Debtor under Lease pursuant to the Assignment Order.  Tenant confirms that it has read and is fully familiar with the terms of the Lease.  Tenant assumes all of the obligations of the Debtor under the Lease accruing from and after the Effective Date and shall fully comply with all terms and conditions of the Lease to be performed by the Tenant under the Lease from and after the Effective Date.

4.           Landlord’s Bankruptcy Claim.  Landlord will not seek payment from Tenant for the unpaid amounts due under the term of the Lease for the month of January 2009, or on account of any reconciliation of the amounts due under the Lease for the period prior to the Effective Date through such date.  Landlord will file a proof of claim in Debtor’s bankruptcy case claiming a pre-petition unsecured claim for the base rent, additional rent and any other amount due under the Lease for January 2009, plus on account of any reconciliation of the amounts due under the Lease for the period prior to the Effective Date through such date.  Other than the pre-petition unsecured claim for January 2009 rent, Landlord waives and releases the Debtor and Tarragon from any other known or unknown claims, including, but not limited to: (a) any claim for cure of arrearages under Bankruptcy Code Section 365(b), and (b) any administrative expense claims, for use and occupancy or otherwise, relating to the periods after the Filing Date.

5.           Tenant’s Waiver of Any and All Bankruptcy Claims.  Tenant waives any and all claims it may have against the Debtor and/or Tarragon for lease rejection damages in connection with the rejection of the Sublease.  In addition, Tenant waives any and all rights it may have pursuant to Bankruptcy Code Section 365(h) with respect to the Debtor’s rejection of the Sublease, and Tenant will not seek to enforce such rights against the Debtor and/or Tarragon.

6.           Tenant’s Notice Address.  After the Effective Date, all notices to the Tenant under the Lease shall be sent to Tenant at the Premises.

7.           Warranties and Representations.  Tenant warrants and represents to Landlord the following:

	
  

	
(a)

	
A true and correct copy of the Lease is attached to this Agreement as Exhibit “B.”

	
  

	
(b)

	
To the best of the knowledge of Tenant, Landlord is in full and complete compliance with all of its obligations under the Lease.

	
  

	
(c)

	
The Lease has not been amended or modified, either orally or in writing and represents the entire agreement between Landlord and Tenant as to the Premises.

 

 

 

  

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(d)

	
Tenant acknowledges that, to the best of its knowledge, Landlord is not in default under the Lease and knows of no facts which, given the passage of time, would constitute a default by Landlord under the Lease. Tenant is not entitled to any credit, offset or reduction in rent or other charges due or to become due under the Lease for any reason whatsoever. Tenant has no defenses to the enforcement of the Lease by Landlord, and there exist no claims or potential claims by Tenant against Landlord.  Tenant hereby waives, releases and discharges Landlord from any and all claims which Tenant ever had, now has or hereinafter can, shall or may have against Landlord arising out of or in connection with the Lease or Landlord’s obligations thereto occurring prior to the Effective Date.

	
  

	
(e)

	
The Premises have not been sublet by Tenant. No person or entity other than Tenant is entitled to possess, use or occupy the Premises under any license, concession or other agreement, whether oral or written, to which Tenant is a party.

 

 

8.           General Releases.  The parties hereby provide mutual general releases as follows:

	
  

	
(a)

	
Tenant hereby waives, releases and discharges each of the Debtor and Tarragon from any and all claims which Tenant ever had, now has or hereinafter can, shall or may have against either the Debtor or Tarragon arising out of or in connection with the Sublease and the Lease, Debtor’s and/or Tarragon’s obligations thereto occurring prior to the Effective Date, and in connection with Debtor’s rejection of the Sublease.

	
  

	
(b)

	
Other than the pre-petition unsecured claim for January 2009 rent as set forth in Paragraph 4 above, Landlord hereby waives, releases and discharges each of the Debtor and Tarragon from any and all claims which Landlord ever had, now has or hereinafter can, shall or may have against either the Debtor or Tarragon arising out of or in connection with the Lease or the Guaranty, Debtor’s and/or Tarragon’s obligations thereto occurring prior to the Effective Date, including, but not limited to: (a) any claim for cure of arrearages under Bankruptcy Code Section 365(b), and (b) any administrative expense claims, for use and occupancy or otherwise, relating to the periods after the filing date.

	
  

	
(c)

	
The Debtor hereby waives, releases and discharges each of the Tenant and the Landlord from any and all claims which the Debtor ever had, now has or hereinafter can, shall or may have against either the Tenant or the Landlord arising out of or in connection with the Lease, the Guaranty or the Sublease, and Tenant’s and/or Landlord’s obligations thereunder occurring prior to the Effective Date.

	
  

	
(d)

	
Tarragon hereby waives, releases and discharges each of the Tenant and the Landlord from any and all claims which Tarragon ever had, now has or hereinafter can, shall or may have against either the Tenant or the Landlord arising out of or in connection with the Lease, the Guaranty or the Sublease, and Tenant’s and/or Landlord’s obligations thereunder occurring prior to the Effective Date.

9.           Further Assignment or Subletting.  This Agreement shall not be construed as permitting any further assignment of the Lease or subletting of the Premises except in strict accordance with the terms of the Lease.

 

 

 

  

3

  

9.           Integration.  This Agreement constitutes the entire agreement of the parties concerning the transactions contemplated by this Agreement. All prior understandings and agreements between the parties concerning these matters are merged into this Agreement, which alone fully and completely expresses their understanding.

10.           Enforcement Costs.  If any party commences, engages in or threatens to commence or engage in any suit, action or other proceeding, including arbitration or bankruptcy, against any other party, arising out of or in any manner relating to this Agreement, including, without limitation, (i) the enforcement or interpretation of any party's rights or obligations under this Agreement (whether in contract, tort or both) or (ii) the declaration of any rights or obligations under this Agreement, the successful or prevailing party, as determined by the court or arbitrator, shall be entitled to recover from the losing party, as determined by the court or arbitrator, reasonable attorneys' fees and disbursements (including disbursements which would not otherwise be taxable as costs in the proceeding) and expert witness fees. All references in this Agreement to attorneys' fees shall be deemed to include all legal assistants', paralegals' and law clerks’ fees and shall include all fees incurred through all post judgment and appellate levels and in connection with collection, arbitration and bankruptcy proceedings.

11.           Severability.  If any provision of this Agreement or the application of a provision to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of the invalid or unenforceable provision to persons or circumstances other than those as to which it is invalid or unenforceable shall not be affected, and the remainder of this Agreement shall otherwise remain in full force and effect. Moreover, the invalid or unenforceable provision shall be reformed, if possible, so as to accomplish most closely the intent of the parties consistent with applicable law.

12.           Governing Law, Venue and Waiver.

	
  

	
(a)

	
Governing Law.  This Agreement shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of Florida, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Florida or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Florida.

	
  

	
(b)

	
Waivers.  To the extent permitted by law, each party hereby waives trial by jury, any objections based on forum non conveniens and any objections to venue of any action arising out of, connected with, related to or incidental to this Agreement.

	
  

	
(c)

	
Jurisdiction.  All disputes between the parties arising out of, connected with, related to or incidental to this Agreement and whether arising in contract, tort, equity or otherwise, shall be resolved by the Bankruptcy Court and each Party hereby consents and submits to the jurisdiction of the Bankruptcy Court.  It is understood that this Section 12(c) shall not apply to any dispute that may arise between the Landlord and Tenant under or in relation to the Lease.

13.           Benefit and Binding Effect.  All of the terms and provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties to this Agreement and their respective heirs, successors, legal representatives and permitted assigns.

 

 

 

  

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    14.           Amendment.  This Agreement may not be amended except by a further agreement in writing duly executed by each of the parties to this Agreement.

15.           Counterparts. This Agreement may be executed by the parties signing different counterparts of this Agreement, which counterparts together shall constitute the agreement of the parties.  Facsimile signatures will be treated and will have the same effect as originals.

SIGNATURES ON THE FOLLOWING PAGE

 

 

 

  

5

  

IN WITNESS WHEREOF, the parties to this Agreement have duly executed this Agreement as of the date executed by the last of the parties to do so.

 

 

	 	DEBTORS:	 
	 	 	 
	 	
TARRAGON SOUTH DEVELOPMENT CORP.,

a Nevada corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ Marcy H. Kammerman	 
	 	Name:	Marcy H. Kammerman	 
	 	Title:	Executive Vice President	 
	 	 	 	 

	 	
TARRAGON CORPORATION,

a Nevada corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ Marcy H. Kammerman	 
	 	Name:	Marcy H. Kammerman	 
	 	Title:	Executive Vice President	 
	 	 	 	 

	 	LANDLORD:	 
	 	 	 
	 	
TRICONY CFC, L.L.C.,

a Delaware limited liability company

	 
	 	 	 	 
	
 

	
By: 

	/s/ Rick Torres	 
	 	Name:	Rick Torres	 
	 	Title:	President	 
	 	 	 	 

	 	TENANT:	 
	 	 	 
	 	
PARLUX FRAGRANCES, INC.,

a Delaware corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ Neil J. Katz	 
	 	Name:	Neil J. Katz	 
	 	Title:	Chairman and CEO	 
	 	 	 	 

 

6parl_ex1092.htm

EXHIBIT 10.92

CONSULTING AGREEMENT

This Consulting Agreement (hereinafter “Agreement”) dated as of April 1st, 2010 between PARLUX FRAGRANCES, INC., a corporation organized and existing under the laws of the State of Delaware (hereinafter “Corporation”) and CAMBRIDGE  DEVELOPMENT CORP. 74 Summit Road, Port Washington, New York 11050 (hereinafter “Consultant”), and Albert F. Vercillo (hereinafter “Vercillo”), the President of Consultant residing at [home address]. Collectively hereinafter referred to as “Parties”.

WHEREAS, Corporation, Consultant and Vercillo are parties to a Consulting Agreement with a term beginning June 1, 2005 extending through March 31, 2010 which is hereby terminated by the parties without liability to either party effective immediately upon the execution of this Agreement.

WHEREAS, the parties wish to enter into a new Consulting Agreement under revised terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the mutual understanding set forth herein, the Parties agree as follows:

1.  Consultant’s Duties: The Corporation hereby engages the Consultant as its business and financial consultant. Subject at all times to the control and direction of the Corporation’s Chief Executive Officer, Chief perating Officer and Chief Financial Officer (hereinafter Management) and the Board of Directors (hereinafter Board), the Consultant shall have the duties as the general advisor and consultant to Management and the Board on all matters pertaining to the business and to render all other services relevant thereto. The Consultant, by Vercillo, shall perform all other duties that may be reasonably assigned to it by Management or Board provided said duties be consistent with the prestige and responsibility of Vercillo’s position. The Consultant shall, through its agents, servants and employees, devote its best efforts at all times necessary to perform its duties and to advance the Corporation’s best interests, subject to reasonable vacations. The Consultant and the Corporation acknowledge that the Consultant and its agents, servants and employees have other business interests and shall not be required to devote its exclusive time and attention to the performance of its duties hereunder.

2.  Term: Unless sooner terminated as provided in Section 7 below, this Agreement shall be for a term of one (1) year commencing as of  April 1st, 2010 and ending on March 31, 2011; provided however, that the term of this Agreement shall be automatically extended on  the same terms and conditions for a one year period and from year to year thereafter unless either the Corporation or the Consultant shall give written notice of the termination of this Agreement to the other at least three (3) months prior to the expiration of said term or extended term.

 

  

  

  

CONSULTING AGREEMENT

Page 2 of  8

3.  Compensation: For all services rendered by the Consultant under this Agreement,the Corporation shall pay to Consultant as compensation the sum of $125,000 per annum, payable in 26 equal bi-weekly installments of $4,807.69.

4.  Health and Life Insurance: The Corporation shall, at no cost to the Consultant or Vercillo, provide Vercillo with the group health, dental, disability, and life insurance benefit plans of the Corporation to the extent and as set forth on Exhibit A, as such plans may exist from time to time.The Corporation acknowledges that an increase in the Consultant 's term life insurance benefit to $150,000 has been applied for, and if accepted by the insurance carrier, the Corporation will pay the increased premium during the term of this Agreement. Unless the Consultant is terminated for Cause or material breach of this Agreement.

5.  Expenses: Consultant will be reimbursed by the Corporation for all reasonable business expenses incurred by the Consultant in the performance of its duties.Said reimbursement shall be made no less frequently than monthly upon submission by the Consultant of a written request for same.

6.  Stock Options (Warrants): As additional consideration for Vercillo’s services  hereunder, the Company shall grant Vercillo 15,000 Parlux Fragrances,Inc. stock options pursuant to the Corporation’s 2007 Stock Incentive Plan (the “Plan”) regulated by the Securities and Exchange Commission ( S.E.C.). The Plan was adopted on June 20, 2007 by the Board of Directors of the Company, and on October 11, 2007, was approved by the Corporation’s stockholders at the 2007 Annual Meeting of Stockholders.

	
(i)

	
The exercise price of the stock option will be based on the closing price of the stock on April 1, 2010 indicated as the start date of this contract, as quoted by NASDAQ, in accordance with the procedures outlined in the Company’s proxy Statement for the 2007 Annual Meeting of Stockholders.

	
(ii)

	
Subject to the provision of the Plan, the stock option vests immediately.

	
(iii)

	
The Common Stock underlying the stock option has been registered pursuant to a Registration Statement on Form S-8 with the Securities and Exchange Commission

 

  

  

  

 

CONSULTING AGREEMENT

Page 3 of  8

	
(iv)

	
Vercillo shall have five years from April 1st, 2010 to exercise part or all of the options granted to Vercillo.

The rights of Vercillo with respect to any stock option (warrant) previously granted to Vercillo shall be determined exclusively by the plans and agreements relating to the options (warrants) and this Agreement shall not affect, in any way the rights and obligations of the plans and agreements.

7.  Early Termination: The Corporation may terminate the Consultant’s relationship under this Agreement prior to the expiration of the term set forth in Section 2 above only under the following circumstances:

 

	
(i)

	Death. Upon the death of Vercillo.

 

	
(ii)

	
Disability. If, as a result of Vercillo’s incapacity due to physical or mental illness, Vercillo having been unable to perform his duties under this Agreement for a period of three (3) consecutive calendar onths, then thirty (30) days after written notice of termination is given to Consultant (which may only be given after the end of the three (3) consecutive calendar month period) provided that Vercillo has not returned to his duties under this Agreement.

 

	
(iii)

	Cause. For Cause The Corporation shall have “Cause” to terminate this Agreement upon 

 

(a) the willful and continued failure by Consultant to substantially perform its duties under this Agreement (other than any failure resulting from Vercillo’s incapacity due to physical or mental illness) for thirty (30) days after written demand for substantial performance is delivered by the Corporation specifically identifying the manner in which the Corporation believes Consultant has not substantially performed its duties, or (b) the willful engaging by Consultant or Vercillo in misconduct (including embezzlement and criminal fraud) which is materially injurious to the Corporation, or (c) the conviction of Vercillo of a felony. For purposes of this paragraph, no act, or failure to act, by the Consultant shall be considered “willful” unless done or omitted to be done, by Consultant not in good faith and without reasonable belief that its action or omission was in the interest of the Corporation. Consultant shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to Consultant a copy of a resolution, duly adopted by the affirmative vote of a majority of the entire membership of the Board of Directors (Board) at a meeting of the Board called and held for such purpose (after a reasonable notice to the Consultant and an pportunity for Consultant, together with its counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Consultant was guilty of conduct set forth above and specifying the particulars of the conduct in detail.

 

  

  

  

 

CONSULTING AGREEMENT

Page 4 of  8

 

	
(iv)

	
Termination by Consultant or Vercillo Consultant or Vercillo may terminate this Agreement (a) for Good Reason (as defined below) or (b) Vercillo’s health should become impaired to any extent that makes the performance of his duties under this Agreement hazardous to his physical or mental health or his life, provided that Vercillo shall have furnished the Corporation with a written statement from a qualified doctor to that effect and provided further that at the Corporation’s request and expense Vercillo shall submit to an examination by a doctor selected by the Corporation, and the doctor shall have concurred in the conclusion of Vercillo’s doctor. Consultant shall give the Corporation thirty (30) days prior written notice of its intent to terminate this agreement.

 

	 	
“Good Reason” means the Corporation has had a Change in Control. For purposes of this Agreement, a Change in Control means the occurrence of an event or series of events (whether or not approved by the Board) by which any person or other entity or group of persons or other entities acting in concert as determined in accordance with Section 12 (d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not applicable, together with its or their affiliates or associates shall, as a result of a tender offer or exchange offer, open market purchases, privately negotiated purchases, merger or otherwise (including pursuant to receipt of revocable proxies) (a) be or become directly or indirectly the beneficial owner (within the meaning of Rule 13d-3 and Rule 13d-5under the Exchange Act, whether or not applicable, except that a person shall be deemed to have beneficial ownership of all securities that such person has the right to acquire whether such right is exercisable immediately or only after the passage of time) of more than (30) percent of the combined voting power of the then outstanding common stock of the Corporation or (b) otherwise have the ability to elect, directly or indirectly, a majority of the Board.

 

  

  

  

 

CONSULTING AGREEMENT

Page 5 of  8

	
(v)

	
Notice of Termination. Any termination of this Agreement shall communicated by written Notice of Termination to the other party of this Agreement. “Notice of Termination” means a notice which indicates the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for the termination of the Consultant’s retention under the provision so indicated.

 

	
(v)

	
Date of Termination. Date of termination means (a) if the Agreement is terminated by Vercillo’s death, the date of his death, (b) if the Consultant’s retention is terminated pursuant to subsection 7(iii) (a) above,

	
(vi)

	
thirty (30) days after Notice of Termination is given provided that Vercillo shall not have returned to the performance of his duties during the thirty (30) day period, (c) if the Consultant’s retention is terminated pursuant to subsection 7(iii) (c) above, the date specified in the Notice of Termination after the expiration of any cure periods, and (d) if the Consultant’s retention is terminated for any other reason, the date on which Notice of Termination is given.

8.  Compensation Upon Termination or During Disability.

 

	
(i)

	
The Consultant's employment will terminate immediately upon the Executive's death.  If the Consultant becomes physically or mentally disabled so as to become unable for a period of more than three consecutive months to perform the Consultant 's duties hereunder on a substantially full-time basis, the Consultant 's employment will terminate as of the end of such three-month and this shall be considered a "disability" under this Agreement.  The Consultant agrees to submit to reasonable examination by a licensed physician selected by the Corporation to confirm existence or extent of any disability.  Such termination shall not affect the Consultant 's benefits under the Corporation's disability insurance program, if any, then in effect.

 

	
(ii)

	
If the Consultant’s retention is terminated for Cause as defined in subsection 7(iii), the Corporation shall pay the Consultant its compensation through the date of termination at the rate in effect at the time Notice of Termination is delivered and the Corporation shall have no further obligation to Consultant under this Agreement.

 

  

  

  

CONSULTING AGREEMENT

Page 6 of  8

 

	
(iii)

	
If (a) in breach of this Agreement, the Corporation shall terminate the Consulting relationship other than pursuant to Sections 7(iii) (b) or 7 (iii) (c) (it being understood that a purported termination pursuant to Sections 7(iii) (b) or 7(iii) (c) which is disputed and finally determined not to have been proper shall be a termination by the Corporation in breach of this Agreement), or (b) the Consultant shall terminate the relationship for Good Reason, then

 

(1)The Corporation shall pay the Consultant its full compensation through the date of termination at the rate then in effect at the time Notice of Termination is given through the end of the Term;

 

(2)  In the event of a Change in Control as defined in Section 7(iv), the Corporation shall pay Consultant, in a lump sum, an amount equal to the annual compensation.

 

	
 

	
The Corporation shall continue to pay the premiums for the Consultant’s benefit plans as indicated on Exhibit A for a period up to 18 months, as compensation for the Consultant’s availability for consulting services as may be reasonably requested by the Company. Thereafter, if the Consultant elects to continue coverage under COBRA guidelines then in effect, the premium shall be paid in full by the Consultant.

 

9. Savings Clause: The determination that any provision of this Agreement is unenforceable shall not terminate this Agreement or otherwise affect the other provisions of this Agreement, it being the intention of the parties hereto that this Agreement shall be construed to permit the equitable reformation of such provision to permit the enforcement thereof; if possible, and otherwise to permit the enforcement of the remaining provisions of this Agreement as if such unenforceable provision were not included herein.

 

10. Notice: Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given and received on the date when personally delivered or deposited in the United States Mail, registered postage prepaid, addressed:

 

	 	
a.

	
    if to the Corporation to: Mr. Federick E. Purches, Parlux Fragrances, Inc. 5900 North Andrews Avenue, Suite 500, Fort Lauderdale, FL 33309

 

	 	
b.

	
    if to the Consultant or Vercillo to: Mr. Albert Vercillo, [home address].

 

or to such other address as the Corporation or the Consultant may  designate in writing.

 

 

  

  

  

CONSULTING AGREEMENT

Page 7 of  8

11. Amendments: This Agreement may be amended or modified only in writing.

12. Governing Law, Dispute Resolution and Venue: This Agreement shall be governed by  and construed under the State of Florida.  If a dispute arises out of or relates to this  Agreement, or breach thereof, and if the dispute cannot be settled through negotiation, the parties agree first to try in good faith to settle the dispute by mediation administered by the American Arbitration Association under its Commercial Mediation Process before resorting to  litigation. In the event any party to this Agreement commences any litigation proceedings or other legal action with respect to any claim arising under this Agreement, the Parties hereby  (a)  agree that any such litigation, proceeding or other legal action shall be brought exclusively in a court of competent jurisdiction located within Broward County, Florida, whether a state or federal court;  (b) agree that in connection with any such court described in clause  (a)  and to service of process upon them in accordance with the rules and statutes governing service of processor in accordance with the notice provisions contained herein; and (c) agree to waive to the full extent permitted by law any objection that they now or hereafter have to the venue of any such litigation, proceeding or action was brought in an inconvenient forum.  The Parties expressly agree that any breach of this Agreement shall be deemed to have occurred in such County. 

 

EACH PARTY HERETO WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY DISPUTE IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR ANY MATTERS DESCRIBES OR COMTEMPLATED HEREIN, AND AGREES TO TAKE ANY AND ALL ACTION NECESSARY OR APPROPRIATE TO EFFECT SUCH WAIVER.

13. Entire Agreement: This Agreement constitutes the entire Agreement between the Consultant, Vercillo and the Corporation. This agreement supersedes any and all other agreements and understandings, written or oral, between the Corporation and the Consultant regarding the subject matter are merged into this Agreement and thus extinguished.

 

14. Survival of Covenants: Any of the provisions in this Agreement which would by their terms continue after the termination of this Agreement shall be deemed to survive such termination.

 

15. Assignability and Binding Effect:  This Agreement shall be binding upon and inure to the benefit of the Corporation and its successors and assigns. This Agreement may not be assigned by either party without the written consent of the other party hereto.

 

  

  

  

CONSULTING AGREEMENT

Page 8 of  8

IN WITNESS WHEREOF, the parties have hereunto set their hands and seals as of thedate first written above.

 

	PARLUX FRAGRANCES, INC.
	 	 
	
By: 

	/s/ Frederick E. Purches
	 	Frederick E. Purches,
	 	Chief Executive Officer and Chairman of The Board
	 	 

 

	
CONSULTANT CAMBRIDGE DEVELOPMENT CORPORATION

	 	 
	
By: 

	/s/ Albert F. Vercillo
	 	Albert F. Vercillo, 
	 	President and Albert F. Vercillo

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