Document:

<PAGE>
                                                          (BANK OF AMERICA LOGO)

                                                             as of June 19, 2005

Movado Group, Inc.
650 From Road,
Paramus, NJ 07652

Dear Sir or Madam:

We are pleased to advise you that Bank of America, successor by merger to Fleet
National Bank, (the "Bank") hereby agrees to consider requests from Movado
Group, Inc. (the "Company") from time to time, for short-term loans ("Loans")
and documentary letters of credit for the importation of merchandise inventory
("Letters of Credit"). Any extension of credit hereunder (whether a Loan or a
Letter of Credit) shall be made available at the sole discretion of the Bank but
in any event subject to the following: (a) the Bank shall have determined that
money market conditions are favorable for it to acquire loan assets, (b) the
Bank shall continue to be satisfied with the Borrower's business, financial
condition and prospects and the condition and prospects of the industry in which
the Borrower is engaged, (c) the Bank shall have received Company's most current
quarterly and annual financial statements and any other financial information
regarding the Company which the Bank shall reasonable request from time to time,
and (d) the Company shall have maintained and be maintaining a satisfactory
relationship with the Bank.

Loan and Letters of Credit Requests: Each request for a Loan and/or Letter of
Credit will be, at the Bank's option, reviewed by the Bank and an independent
credit analysis and assessment will be made each time a request is received. In
the event that the Bank agrees to lend pursuant to any such request by the
company, any such Loan shall be evidenced by the promissory note enclosed with
this letter (the "Note") and be subject to the conditions therein contained and
in any other documentation in form and substance satisfactory to the Bank. The
Bank may respond to any request for a Loan or Letter of Credit for a stated
amount with a Loan or Letter of Credit for a different amount, date or maturity,
or may decline to respond entirely.

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Maximum Amount of Loans and Letters of Credit: The aggregate amount of Loans and
Letters of Credit at any time outstanding shall not exceed $12,000,000 and the
maximum amount of Letters of Credit at any time outstanding shall not exceed
$2,000,000.

Expiration and Maturity Date: Requests for extensions of credit must be made on
or before June 16, 2006. All Loans will be payable on June 16, 2006. All Letters
of Credit shall expire no later than 180 days from issuance.

Interest Rate: Loans shall bear interest, at the Company's election, at a rate
per annum equal to either (i) a fluctuating rate equal to the Prime Rate, or
(ii) such other fixed rate as may be agreed upon between the Company and the
Bank for an interest period which is also then agreed upon (a Loan bearing
interest at this rate is sometimes called an "Agreed Rate Loan"). The term
"Prime Rate" shall be as defined in the Note, Interest shall be payable monthly
in arrears based on a 360-day year and, for Agreed Rate Loans, on the last day
of the applicable Interest Period.

Letter of Credit Fees: Letters of Credit shall be issued at the Bank's standard
fees and charges in effect from time to time therefor.

Additional provisions:

The Company shall not grant a security interest in, pledge, assign or otherwise
encumber any of its accounts receivable.

All obligations of the Company owing to the Bank shall continue to be
unconditionally guaranteed by all active domestic subsidiaries of the Company
(collectively, the "Guarantors") pursuant to the Bank's standard form of
guarantee (collectively, the "Guarantees").

The Company shall continue to provide the following to the Bank:

-     The consolidated and consolidating balance sheet for the Company and its
      subsidiaries, consolidated and consolidating statement of income and
      consolidated statement of cash flow: (i) audited and certified without
      qualification by accountants satisfactory to the Bank, within 120 days of
      fiscal year end and (ii) certified by the Company's chief financial
      officer, within 75 days of the last day of each fiscal quarter.

-     Notices of defaults.

-     Accounts receivable aging reports and such additional information relating
      thereto as is currently reported.

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-     Such other statements and reports as shall be reasonably requested by the
      Bank.

This letter agreement replaces, supersedes, amends and restates in its entirety
the letter agreement from the Bank to the Company dated June 20, 2004, as
amended.

If the terms of this letter are acceptable to you, please indicate your
acceptance by signing and returning the enclosed copy of this letter and
documentation to the Bank on or before June 19, 2005. This letter shall be
unenforceable against the Bank unless so signed and returned on or before such
date.

Please contact us if you have any questions. We look forward to continuing our
relationship.

                                      Very truly yours,

                                      BANK OF AMERICA,
                                      Successor by merger to Fleet National Bank

                                      By: /s/ Rich Williams
                                         -------------------------------------
                                      Name:  Rich Williams
                                      Title: Credit Products Officer

ACCEPTED AND AGREED
ON JUNE 19, 2005

MOVADO GROUP, INC.

By:/s/ Frank V. Kimick
Name: Frank V. Kimick
Title: VP & Treasurer

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Each of the guarantors indicated below hereby consents to this letter agreement
and reaffirms its continuing liability under its respective guarantees in
respect of the above letter agreement and all the documents, instruments and
agreements executed pursuant thereto or in connection therewith, without offset,
defense or counterclaim (any such offset, defense or counterclaim as may exist
being hereby irrevocably waived by each such guarantor).

                                        MOVADO RETAIL GROUP, INC.,
                                        a New Jersey Corporation

                                        By: /s/ Frank V. Kimick
                                        Name: Frank V. Kimick
                                        Title: VP & Treasurer

                                        MOVADO LLC,
                                        a Delaware Limited Liability Company

                                        By: /s/ Timothy F. Michno
                                        Name: Timothy F. Michno
                                        Title: Secretary & General Counsel

                                     - 4 -
<PAGE>
                                BANK OF AMERICA,
                             SUCCESSOR BY MERGER TO
                               FLEET NATIONAL BANK

                              AMENDED AND RESTATED
                                 PROMISSORY NOTE

$12,000,000.00                                               As of June 19, 2005

      No later than June 16, 2006 (the "Maturity Date"), for value received,
MOVADO GROUP, INC., having its principal office at 650 From Road, Paramus, New
Jersey 07652 (the "Borrower"), promises to pay to the order of BANK OF AMERICA,
SUCCESSOR BY MERGER TO FLEET NATIONAL BANK, having an office at 1185 Avenue of
the Americas, New York, New York, 10036 (the "Bank"), at such office of the Bank
or at such other place as the holder hereof may from time to time appoint in
writing, in lawful money of the United States of America in immediately
available funds, the principal sum of TWELVE MILLION and 00/100 ($12,000,000.00)
Dollars or such lesser amount as may then be the aggregate unpaid principal
balance of all loans made by the Bank to the Borrower hereunder (each a "Loan"
and collectively the "Loans"). The Borrower also promises to pay interest
(computed on the basis of a 360 day year for actual days elapsed) at said office
in like money on the unpaid principal amount of each Loan from time to time
outstanding at a rate per annum, to be elected by the Borrower at the time each
Loan is made, equal to either (i) a fluctuating rate equal to the Prime Rate,
which rate will change when and as the Prime Rate changes and which such changes
in the rate of interest resulting from changes in the Prime Rate shall take
effect immediately without notice or demand of any kind (a Loan bearing interest
at this rate is sometimes hereinafter called a "Prime Loan"), or (ii) a fixed
rate as may be agreed upon between the Borrower and the Bank (an "Agreed Rate")
for an Interest Period which is also then agreed upon (a Loan bearing interest
at this rate is sometimes hereinafter called an "Agreed Rate Loan"); provided,
however, that (a) no Interest Period with respect to an Agreed Rate Loan shall
extend beyond the Maturity Date, (b) if any Interest Period would otherwise end
on a day which is not a Business Day, that Interest Period shall be extended to
the next succeeding Business Day and (c) if prior to the end of any such
Interest Period of an Agreed Rate Loan the Borrower and the Bank fail to agree
upon a new Interest Period therefor so as to maintain such Loan as an Agreed
Rate Loan within the pertinent time set forth in Section 1 hereof, such Agreed
Rate Loan shall automatically be converted into a Prime Loan at the end of such
Interest Period and shall be maintained as such until a new Interest Period
therefor is agreed upon. Interest on each Loan shall be payable monthly on the
first day of each month commencing the first such day to occur after a Loan is
made hereunder and, together with principal, on the Maturity Date. Interest on
Agreed Rate Loans shall also be payable on the last day of each Interest Period
applicable thereto. The Borrower further agrees that upon and following an Event
of Default and/or after any stated or any accelerated maturity of Loans
hereunder, all Loans shall bear interest (computed daily) at,
<PAGE>
(i) with respect to Agreed Rate Loans, a rate equal to the greater of 4% per
annum in excess of the rate then applicable to Agreed Rate Loans and 4% per
annum in excess of the rate then applicable to Prime Loans, payable no later
than the Maturity Date, and (ii) with respect to Prime Loans, a rate equal to 4%
per annum in excess of the rate then applicable to Prime Loans, payable no later
than the Maturity Date. Furthermore, if the entire amount of any principal
and/or interest required to be paid pursuant to this Note is not paid in full
within ten (10) days after the same is due, the Borrower shall further pay to
the Bank a late fee equal to five percent (5%) of the required payment. In no
event shall interest payable hereunder be in excess of the maximum rate of
interest permitted under applicable law. If any payment to be so made hereunder
becomes due and payable on a day other than a Business Day, such payment shall
be extended to the next succeeding Business Day and, to the extent permitted by
applicable law, interest thereon shall be payable at the then applicable rate
during such extension.

      All payments made in connection with this Note shall be in lawful money of
the United States in immediately available funds without counterclaim or setoff
and free and clear of and without any deduction or withholding for, any taxes or
other payments. All such payments shall be applied first to the payment of all
fees, expenses and other amounts due to the Bank (excluding principal and
interest), then to accrued interest, and the balance on account of outstanding
principal; provided, however, that after the occurrence of an Event of Default,
payments will be applied to the obligations of the Borrower to the Bank as the
Bank determines in its sole discretion. The Borrower hereby expressly authorizes
the Bank to record on the attached schedule the amount and date of each Loan,
the rate of interest thereon, Interest Period thereof and the date and amount of
each payment of principal. All such notations shall be presumptive as to the
correctness thereof; provided, however, the failure of the Bank to make any such
notation shall not limit or otherwise affect the obligations of the Borrower
under this Note.

      In consideration of the granting of the Loans evidenced by this Note, the
Borrower hereby agrees as follows:

      1.    Loan Requests. Requests for Prime Loans and Agreed Rate Loans may be
made up until 1 p.m. on the date the Loan is to be made. Any request for a Loan
must be written. The Bank shall have no obligation to make any Loan hereunder.

      2.    Prepayment. The Borrower may prepay any Prime Loan at any time in
whole or in part without premium or penalty. Each such prepayment shall be made
together with interest accrued thereon to and including the date of prepayment.
The Borrower may prepay an Agreed Rate Loan only upon at least three (3)
Business Days prior written notice to the Bank (which notice shall be
irrevocable) and any such prepayment shall occur only on the last day of the
Interest Period for such Agreed Rate Loan.

      3.    Indemnity; Yield Protection. The Borrower shall pay to the Bank,
upon request of the Bank, such amount or amounts as shall be sufficient (in the
reasonable opinion of the Bank) to compensate it for any loss, cost, or expense
incurred as a result of:

                                     - 2 -
<PAGE>
(i) any payment of an Agreed Rate Loan on a date other than the last day of the
Interest Period for such Loan; (ii) any failure by Borrower to borrow an Agreed
Rate Loan on the date specified by Borrower's written notice; (iii) any failure
of Borrower to pay an Agreed Rate Loan on the date for payment specified in
Borrower's written notice. Without limiting the foregoing, Borrower shall pay to
Bank a "yield maintenance fee" in an amount computed as follows: The current
rate for United States Treasury securities (bills on a discounted basis shall be
converted to a bond equivalent) with a maturity date closest to the term chosen
pursuant to the Fixed Rate Election as to which the prepayment is made, shall be
subtracted from Cost of Funds in effect at the time of prepayment. If the result
is zero or a negative number, there shall be no yield maintenance fee. If the
result is a positive number, then the resulting percentage shall be multiplied
by the amount of the principal balance being prepaid. The resulting amount shall
be divided by 360 and multiplied by the number of days remaining in the term
chosen pursuant to the Fixed Rate Election as to which the prepayment is made.
Said amount shall be reduced to present value calculated by using the above
referenced United States Treasury securities rate and the number of days
remaining in the term chosen pursuant to the Fixed Rate Election as to which
prepayment is made. The resulting amount shall be the yield maintenance fee due
to Bank upon the payment of an Agreed Rate Loan. Each reference in this
paragraph to "Fixed Rate Election" shall mean the election by Borrower of Loan
to bear interest based on an Agreed Rate. If by reason of an Event of Default,
the Bank elects to declare the Loans and/or the Note to be immediately due and
payable, then any yield maintenance fee with respect to an Agreed Rate Loan
shall become due and payable in the same manner as though the Borrower has
exercised such right of prepayment.

      For the purpose of this Section 3 the determination by the Bank of such
losses and reasonable expenses shall be conclusive if made reasonably and in
good faith.

      4.    Increased Costs. If the Bank determines that the effect of any
applicable law or government regulation, guideline or order or the
interpretation thereof by any governmental authority charged with the
administration thereof (such as, for example, a change in official reserve
requirements which the Bank is required to maintain in respect of loans or
deposits or other funds procured for funding such loans) is to increase the cost
to the Bank of making or continuing Agreed Rate Loans hereunder or to reduce the
amount of any payment of principal or interest receivable by the Bank thereon,
then the Borrower will pay to the Bank such additional amounts as the Bank may
determine to be required to compensate the Bank for such additional costs or
reduction. Any additional payment under this section will be computed from the
effective date at which such additional costs have to be borne by the Bank. A
certificate as to any additional amounts payable pursuant to this Section 4
setting forth the basis and method of determining such amounts shall be
conclusive, absent manifest error, as to the determination by the Bank set forth
therein if made reasonably and in good faith. The Borrower shall pay any amounts
so certified to it by the Bank within 10 days of receipt of any such
certificate.

      5.    Warranties and Representations. The Borrower represents and warrants
that: a) it is a corporation duly organized, validly existing and in good
standing under the laws of

                                     - 3 -
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the state of its incorporation and is qualified to do business and is in good
standing under the laws of every state where its failure to so qualify would
have a material and adverse effect on the business, operations, property or
other condition of the Borrower; b) the execution, issuance and delivery of this
Note by the Borrower are within its corporate powers and have been duly
authorized, and the Note is valid, binding and enforceable in accordance with
its terms, and is not in violation of law or of the terms of the Borrower's
Certificate of Incorporation or By-Laws and does not result in the breach of or
constitute a default under any indenture, agreement or undertaking to which the
Borrower is a party or by which it or its property may be bound or affected; c)
no authorization or approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body is required for the due
execution, delivery and performance by the Borrower of this Note, except those
as have been obtained; d) the financial statements of the Borrower heretofore
furnished to the Bank are complete and correct and fairly represent the
financial condition of the Borrower and its subsidiaries as at the dates thereof
and for the periods covered thereby, which financial condition has not
materially, adversely, changed since the date of the most recently dated balance
sheet heretofore furnished to the Bank; e) no Event of Default (as hereinafter
defined) has occurred and no event has occurred which with the giving of notice
or the lapse of time or both would constitute an Event of Default; f) the
Borrower shall not use any part of the proceeds of any Loan to purchase or carry
any margin stock within the meaning of Regulation U of the Board of Governors of
the Federal Reserve System or to extend credit to others for the purpose of
purchasing or carrying any margin stock; g) there is no pending or, to the
knowledge of the Borrower, threatened action or proceeding affecting the
Borrower before any court, governmental agency or arbitrator which, if
determined adversely to the Borrower would have a materially adverse effect on
the financial condition or operations of the Borrower except as described in the
financial statements of the Borrower heretofore furnished to the Bank; and h) on
the occasion of the granting of each Loan all representations and warranties
contained herein shall be true and correct and with the same force and effect as
though such representations and warranties had been made on and as of the date
of the making of each such Loan.

      6.    Events of Default. Upon the occurrence of any of the following
specified events of default (each an "Event of Default"): a) default in making
any payment of principal, interest, or any other sum payable under this Note
when due; or b) default by the Borrower or any Guarantor (i) of any other
obligation hereunder or (ii) in the due payment of any other obligation owing to
the Bank or (iii) under any other document, instrument and/or agreement with or
in favor of the Bank; or c) default by Borrower or any Guarantor in the due
payment of any other indebtedness for borrowed money or default in the
observance or performance of any covenant or condition contained in any
agreement or instrument evidencing, securing, or relating to any such
indebtedness, which causes or permits the acceleration of the maturity thereof;
or d) any representation or warranty made by the Borrower herein or in any
certificate furnished by the Borrower in connection with the Loans evidenced
hereby or pursuant to the provisions hereof, proves untrue in any material
respect; or e) the Borrower or any Guarantor becomes insolvent or bankrupt, is
generally not paying its debts as they become due, or makes an assignment for
the benefit of creditors, or a trustee or receiver is appointed for the Borrower
or any Guarantor or for

                                     - 4 -
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the greater part of the properties of the Borrower or any Guarantor with the
consent of the Borrower or any such Guarantor, or if appointed without the
consent of the Borrower or any such Guarantor, such trustee or receiver is not
discharged within 30 days, or bankruptcy, reorganization, liquidation or similar
proceedings are instituted by or against the Borrower or any Guarantor under the
laws of any jurisdiction, and if instituted against the Borrower or any such
Guarantor are consented to by it or remain undismissed for 30 days, or a writ or
warrant of attachment or similar process shall be issued against a substantial
part of the property of the Borrower or any Guarantor not in the possession of
the Bank and same shall not be released or bonded within 30 days after levy; or
f) any garnishment, levy, writ or warrant of attachment or similar process shall
be issued and served against the Bank, which garnishment, levy, writ or warrant
of attachment or similar process relates to property of the Borrower or any
Guarantor in the possession of the Bank; or g) mortgage or pledge of, creation
of a security interest in, any assets of the Borrower, other than security
interests in favor of the Bank; or h) the incurrence by the Borrower of any
indebtedness for borrowed money, other than obligations owing to the Bank; i)
the Bank shall have determined, in its sole discretion, that one or more
conditions exist or events have occurred which have resulted or may result in a
material adverse change in the business, properties or financial condition of
the Borrower or any Guarantor as determined in the sole discretion of the Bank
or one or more other conditions exist or events have occurred with respect to
the Borrower or any Guarantor which the Bank deems materially adverse; then, in
any such event, and at any time thereafter, if any Event of Default shall then
be continuing, the Bank may declare the principal and the accrued interest in
respect of all Loans under this Note to be, whereupon the Note shall become,
immediately due and payable without presentment, protest or other notice of any
kind, all of which are expressly waived by the Borrower.

      7.    Set off. At any time, without demand or notice (any such notice
being expressly waived by the Borrower), the Bank may setoff any and all
deposits, credits, collateral and property, now or hereafter in the possession,
custody, safekeeping or control of the Bank or any entity under the control of
Bank of America Corporation and its successors or assigns, or in transit to any
of them, or any part thereof and apply same to any of the Liabilities or
obligations of the Borrower or any Guarantor even though unmatured and
regardless of the adequacy of any other collateral securing the Liabilities. ANY
AND ALL RIGHTS TO REQUIRE THE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH
RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LIABILITIES, PRIOR TO
EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER
PROPERTY OF THE BORROWER OR ANY GUARANTOR ARE HEREBY KNOWINGLY, VOLUNTARILY AND
IRREVOCABLY WAIVED. The term "Liabilities" shall include this Note and all other
indebtedness and obligations and liabilities of any kind of the Borrower to the
Bank, now or hereafter existing, arising directly between the Borrower and the
Bank or acquired by assignment, conditionally or as collateral security by the
Bank, absolute or contingent, joint and/or several, secure or unsecured, due or
not due, contractual or tortious, liquidated or unliquidated, arising by
operation of law or otherwise, direct or indirect, including, but without
limiting the generality of the foregoing, indebtedness, obligations or
liabilities to the Bank of the Borrower as a

                                     - 5 -
<PAGE>
member of any partnership, syndicate, association or other group, and whether
incurred by the Borrower as principal, surety, endorser, guarantor,
accommodation party or otherwise.

      8.    Definitions. As used herein:

            (a)   "Business Day" means a day other than a Saturday, Sunday or
other day on which commercial banks in the State of New York are authorized or
required to close under the laws of the State of New York and to the extent
"Business Day" is used in the context of any other specific city it shall mean
any date on which commercial banks are open for business in that city.

            (b)   "Cost of Funds" means the per annum rate of interest which the
Bank is required to pay, or is offering to pay, for wholesale liabilities,
adjusted for reserve requirements and such other requirements as may be imposed
by federal, state or local government and regulatory agencies, as determined by
the Bank.

            (c)   "Guarantors" shall mean all active domestic subsidiaries of
the Borrower.

            (d)   "Interest Period" means that period selected by the Borrower,
within the limitations of the first paragraph of this Note, during which an
Agreed Rate Loan may bear interest at an Agreed Rate.

            (e)   "Loan Documents" means this Note, and each document,
instrument or agreement executed pursuant hereto or thereto or in connection
herewith or therewith, together with each other document, instrument or
agreement made with or in favor of the Bank.

            (f)   "Prime Rate" means the variable per annum rate of interest so
designated from time to time by the Bank as its prime rate. The Prime Rate is a
reference rate and does not necessarily represent the lowest or best rate being
charged to any customer.

      9.    Miscellaneous.

      (a)   The Borrower shall pay on demand all expenses of the Bank in
connection with the preparation, administration, default, collection, waiver or
amendment of this Note or any of the other Loan Documents, and/or in connection
with Bank's exercise, preservation or enforcement of any of its rights, remedies
or options hereunder and/or thereunder, including, without limitation, fees of
outside legal counsel or the allocated costs of in-house legal counsel,
accounting, consulting, brokerage or other similar professional fees or
expenses, and any fees or expenses associated with travel or other costs
relating to any appraisals or examinations conducted in connection with the
Liabilities or any collateral therefor, and the amount of all such expenses
shall, until paid, bear interest at the rate applicable to principal hereunder
(including any default rate) and be an obligation secured by any collateral.

                                     - 6 -
<PAGE>
      (b)   No modification or waiver of any provision of this Note shall be
effective unless such modification or waiver shall be in writing and signed by a
duly authorized officer of the Bank, and the same shall then be effective only
for the period and on the conditions and for the specific instances specified in
such writing. No failure or delay by the Bank in exercising any right, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any rights, power or privilege.

      (c)   Borrower hereby waives presentment, notice of protest, notice of
dishonor, and any and all other notices or demands except as otherwise expressly
provided for herein.

      (d)   This Note and the other Loan Documents shall be construed in
accordance with and governed by the laws of the State of New York (excluding the
laws applicable to conflicts or choice of law). The Borrower agrees that any
suit for the enforcement of this Note or any of the other Loan Documents may be
brought in the courts of the State of New York or any Federal court sitting
therein and consents to the nonexclusive jurisdiction of such court and service
of process in any such suit being made upon the Borrower by mail at the address
set forth in the first paragraph of this Note. The Borrower hereby waives any
objection that it may now or hereafter have to the venue of any such suit or any
such court or that such suit is brought in an inconvenient forum.

      (e)   The Bank may at any time pledge all or any portion of its rights
under this Note and the other Loan Documents to any of the twelve (12) Federal
Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C.
Section 341. No such pledge or enforcement thereof shall release the Bank from
its obligations under any of such loan documents.

      (f)   All agreements between the Borrower (and each Guarantor and each
other party obligated for payment on this Note) and the Bank are hereby
expressly limited so that in no contingency or event whatsoever, whether by
reason of acceleration of maturity of the indebtedness evidenced hereby or
otherwise, shall the amount paid or agreed to be paid to the Bank for the use or
the forbearance of the indebtedness evidenced hereby exceed the maximum
permissible under applicable law. As used herein, the term "applicable law"
shall mean the law in effect as of the date hereof provided, however, that in
the event there is a change in the law which results in a higher permissible
rate of interest, then this Note shall be governed by such new law as of its
effective date. In this regard, it is expressly agreed that it is the intent of
the Borrower and the Bank in the execution, delivery and acceptance of this Note
to contract in strict compliance with the laws of the State of New York from
time to time in effect. If, under or from any circumstances whatsoever,
fulfillment of any provision hereof or of any of the Loan Documents at the time
of performance of such provision shall be due, shall involve transcending the
limit of such validity prescribed by applicable law, then the obligation to be
fulfilled shall automatically be reduced to the limits of such validity, and if
under or from circumstances whatsoever the Bank should ever receive as interest
an amount which would exceed the highest lawful rate, such amount which would be
excessive

                                     - 7 -
<PAGE>
interest shall be applied to the reduction of the principal balance evidenced
hereby and not to the payment of interest. This provision shall control every
other provision of all agreements between the Borrower, each Guarantor, each
other party obligated on this Note and the Bank.

      (g)   ARBITRATION AND WAIVER OF JURY TRIAL

      (i)   THIS PARAGRAPH CONCERNS THE RESOLUTION OF ANY CONTROVERSIES OR
CLAIMS BETWEEN THE PARTIES, WHETHER ARISING IN CONTRACT, TORT OR BY STATUTE,
INCLUDING BUT NOT LIMITED TO CONTROVERSIES OR CLAIMS THAT ARISE OUT OF OR RELATE
TO: (i) THIS NOTE LOAN DOCUMENTS (INCLUDING ANY RENEWALS, EXTENSIONS OR
MODIFICATIONS); OR (ii) ANY DOCUMENT RELATED TO THE NOTE ("COLLECTIVELY A
"CLAIM"). FOR THE PURPOSES OF THIS ARBITRATION PROVISION ONLY, THE TERM
"PARTIES" SHALL INCLUDE ANY PARENT CORPORATION, SUBSIDIARY OR AFFILIATE OF THE
BANK INVOLVED IN THE SERVICING, MANAGEMENT OR ADMINISTRATION OF ANY OBLIGATION
DESCRIBED OR EVIDENCED BY THE LOAN DOCUMENT.

      (ii)  At THE REQUEST OF ANY PARTY TO THE NOTE LOAN DOCUMENTS, ANY CLAIM
SHALL BE RESOLVED BY BINDING ARBITRATION IN ACCORDANCE WITH THE FEDERAL
ARBITRATION ACT (TITLE 9, U.S. CODE) (THE "ACT"). THE ACT WILL APPLY EVEN THOUGH
THE LOAN DOCUMENTS PROVIDES THAT IT IS GOVERNED BY THE LAW OF A SPECIFIED STATE.
THE ARBITRATION WILL TAKE PLACE ON AN INDIVIDUAL BASIS WITHOUT RESORT TO ANY
FORM OF CLASS ACTION.

      (iii) ARBITRATION PROCEEDINGS WILL BE DETERMINED IN ACCORDANCE WITH THE
ACT, THE THEN-CURRENT RULES AND PROCEDURES FOR THE ARBITRATION OF FINANCIAL
SERVICES DISPUTES OF THE AMERICAN ARBITRATION ASSOCIATION OR ANY SUCCESSOR
THEREOF ("AAA"), AND THE TERMS OF THIS PARAGRAPH. IN THE EVENT OF ANY
INCONSISTENCY, THE TERMS OF THIS PARAGRAPH SHALL CONTROL. IF AAA IS UNWILLING OR
UNABLE TO (i) SERVE AS THE PROVIDER OF ARBITRATION OR (ii) ENFORCE ANY PROVISION
OF THIS ARBITRATION CLAUSE, ANY PARTY TO THE LOAN DOCUMENTS MAY SUBSTITUTE
ANOTHER ARBITRATION ORGANIZATION WITH SIMILAR PROCEDURES TO SERVE AS THE
PROVIDER OF ARBITRATION.

      (iv)  THE ARBITRATION SHALL BE ADMINISTERED BY AAA AND CONDUCTED, UNLESS
OTHERWISE REQUIRED BY LAW, IN ANY U.S. STATE WHERE REAL OR TANGIBLE PERSONAL
PROPERTY COLLATERAL FOR THIS CREDIT IS LOCATED OR IF THERE IS NO SUCH
COLLATERAL, IN THE STATE SPECIFIED IN THE GOVERNING LAW SECTION OF THE LOAN
DOCUMENTS. ALL CLAIMS SHALL BE DETERMINED BY ONE ARBITRATOR; HOWEVER, IF CLAIMS
EXCEED FIVE MILLION DOLLARS ($5,000,000), UPON THE REQUEST

                                     - 8 -
<PAGE>
OF ANY PARTY, THE CLAIMS SHALL BE DECIDED BY THREE ARBITRATORS. ALL ARBITRATION
HEARINGS SHALL COMMENCE WITHIN NINETY (90) DAYS OF THE DEMAND FOR ARBITRATION
AND CLOSE WITHIN NINETY (90) DAYS OF COMMENCEMENT AND THE AWARD OF THE
ARBITRATOR(S) SHALL BE ISSUED WITHIN THIRTY (30) DAYS OF THE CLOSE OF THE
HEARING. HOWEVER, THE ARBITRATOR(S), UPON A SHOWING OF GOOD CAUSE, MAY EXTEND
THE COMMENCEMENT OF THE HEARING FOR UP TO AN ADDITIONAL SIXTY (60) DAYS. THE
ARBITRATOR(S) SHALL PROVIDE A CONCISE WRITTEN STATEMENT OF REASONS FOR THE
AWARD. THE ARBITRATION AWARD MAY BE SUBMITTED TO ANY COURT HAVING JURISDICTION
TO BE CONFIRMED, JUDGMENT ENTERED AND ENFORCED.

      (v)   THE ARBITRATOR(S) WILL GIVE EFFECT TO STATUTES OF LIMITATION IN
DETERMINING ANY CLAIM AND MAY DISMISS THE ARBITRATION ON THE BASIS THAT THE
CLAIM IS BARRED. FOR PURPOSES OF THE APPLICATION OF THE STATUTE OF LIMITATIONS,
THE SERVICE ON AAA UNDER APPLICABLE AAA RULES OF A NOTICE OF CLAIM IS THE
EQUIVALENT OF THE FILING OF A LAWSUIT. ANY DISPUTE CONCERNING THIS ARBITRATION
PROVISION OR WHETHER A CLAIM IS ARBITRABLE SHALL BE DETERMINED BY THE
ARBITRATOR(S). THE ARBITRATOR(S) SHALL HAVE THE POWER TO AWARD LEGAL FEES
PURSUANT TO THE TERMS OF THE LOAN DOCUMENTS.

      (vi)  THIS PARAGRAPH DOES NOT LIMIT THE RIGHT OF ANY PARTY TO: (I)
EXERCISE SELF-HELP REMEDIES, SUCH AS BUT NOT LIMITED TO, SETOFF; (II) INITIATE
JUDICIAL OR NON-JUDICIAL FORECLOSURE AGAINST ANY REAL OR PERSONAL PROPERTY
COLLATERAL; (III) EXERCISE ANY JUDICIAL OR POWER OF SALE RIGHTS, OR (IV) ACT IN
A COURT OF LAW TO OBTAIN AN INTERIM REMEDY, SUCH AS BUT NOT LIMITED TO,
INJUNCTIVE RELIEF, WRIT OF POSSESSION OR APPOINTMENT OF A RECEIVER, OR
ADDITIONAL OR SUPPLEMENTARY REMEDIES.

      (vii) THE FILING OF A COURT ACTION IS NOT INTENDED TO CONSTITUTE A WAIVER
OF THE RIGHT OF ANY PARTY, INCLUDING THE SUING PARTY, THEREAFTER TO REQUIRE
SUBMITTAL OF THE CLAIM TO ARBITRATION.

      (viii) BY AGREEING TO BINDING ARBITRATION, THE PARTIES IRREVOCABLY AND
VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
CLAIM. FURTHERMORE, WITHOUT INTENDING IN ANY WAY TO LIMIT THE LOAN DOCUMENTS TO
ARBITRATE, TO THE EXTENT ANY CLAIM IS NOT ARBITRATED, THE PARTIES IRREVOCABLY
AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
SUCH CLAIM. THIS PROVISION IS A

                                     - 9 -
<PAGE>
MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THE LOAN DOCUMENTS.

      (ix)  EXCEPT AS PROHIBITED BY LAW, THE BORROWER HEREBY WAIVES ANY RIGHT IT
MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE
OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL
DAMAGES. THE BORROWER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE
BANK HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE BANK WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER
CONSTITUTES A MATERIAL INDUCEMENT FOR THE BANK TO ACCEPT THIS NOTE AND MAKE THE
LOANS.

      (h)   Upon receipt of an affidavit of an officer of the Bank as to the
loss, theft, destruction or mutilation of this Note or any other Loan Document
which is not of public record, and, in the case of any such loss, theft,
destruction or mutilation, upon surrender and cancellation of such Note or other
security document, the Borrower will issue, in lieu thereof, a replacement Note
or other security document in the same principal amount thereof and otherwise of
like tenor.

      (i)   The Bank shall have the unrestricted right at any time and from time
to time, and without the consent of or notice to the Borrower or any other party
obligated on this Note, to grant to one or more banks or other financial
institutions (each, a "Participant") participating interests in any obligation
of the Bank to extend credit to the Borrower and/or any or all of the
Liabilities held by the Bank. In the event of any such grant by the Bank of a
participating interest to a Participant, whether or not upon notice to the
Borrower, the Bank shall remain responsible for the performance of its
obligations hereunder and the Borrower shall continue to deal solely and
directly with the Bank in connection with the Bank's rights and obligations
hereunder. The Bank may furnish any information concerning the Borrower in its
possession from time to time to prospective assignees and Participants, provided
that the Bank shall require any such prospective assignee or Participant to
agree in writing to maintain the confidentiality of such information.

      (j)   This Note shall be binding upon and inure to the benefit of the
Borrower, the Bank, all future holders of this Note and their respective
successors and assigns, except that the Borrower may not assign or transfer any
of its rights under this Note without the prior written consent of the Bank. The
term "Bank" as used herein shall be deemed to include the Bank and its
successors, endorsees and assigns. The Bank shall have the unrestricted right at
any time or from time to time, and without the Borrower's consent, to assign all
or any portion of its rights and obligations hereunder and/or under any of the
other Loan Documents to one or more banks or other financial institutions (each,
an "Assignee"), and the Borrower agrees that it shall execute, or cause to be
executed, such documents, including without limitation, amendments to this Note
and to any other documents, instruments and agreements executed in connection
herewith as the Bank shall deem necessary to effect the

                                     - 10 -
<PAGE>
foregoing. In addition, at the request of the Bank and any such Assignee, the
Borrower shall issue one or more new promissory notes, as applicable, to any
such Assignee and, if the Bank has retained any of its rights and obligations
hereunder following such assignment, to the Bank, which new promissory notes
shall be issued in replacement of, but not in discharge of, the liability
evidenced by the promissory note held by the Bank prior to such assignment and
shall reflect the amount of Loans held by such Assignee and the Bank after
giving effect to such assignment. Upon the execution and delivery of appropriate
assignment documentation, amendments and any other documentation required by the
Bank in connection with such assignment, and the payment by Assignee of the
purchase price agreed to by the Bank, and such Assignee, such Assignee shall be
a party to this Agreement and shall have all of the rights and obligations of
the Bank hereunder and under each other assigned Loan Document (and under any
and all other guaranties, documents, instruments and agreements executed in
connection herewith) to the extent that such rights and obligations have been
assigned by the Bank pursuant to the assignment documentation between the Bank
and such Assignee, and the Bank shall be released from its obligations hereunder
and thereunder to a corresponding extent.

      (k)   This Note and the other Loan Documents are intended by the parties
as the final, complete and exclusive statement of the transactions evidenced
thereby. All prior or contemporaneous promises, agreements and understandings,
whether oral or written, are deemed to be superceded by this Note and such other
Loan Documents, and no party is relying on any promise, agreement or
understanding not set forth in this Note or such other Loan Documents. Neither
this Note nor any of such other Loan Documents may be amended or modified except
by a written instrument describing such amendment or modification executed by
the Borrower and the Bank.

      (l)   This Note shall replace and supersede the Amended and Restated
Promissory Note made by the Borrower to the order of the Bank dated as of June
20, 2004 (the "Prior Note"); provided, however, that the execution and delivery
of this Note shall not in any circumstance be deemed to have terminated,
extinguished or discharged the Borrower's indebtedness under such Prior Note,
all of which indebtedness shall continue under and be governed by this Note and
the documents, instruments and agreements executed pursuant hereto or in
connection herewith. This Note is a replacement, consolidation, amendment and
restatement of the Prior Note and IS NOT A NOVATION. The Borrower shall also pay
and this Note shall also evidence any and all unpaid interest on all Loans made
by the Bank to the Borrower pursuant to Prior Note, and at the interest rate
specified therein, for which this Note has been issued as replacement therefor.

                                        MOVADO GROUP, INC.

                                        By: /s/ Frank V. Kimick
                                            Name: Frank V. Kimick
                                            Title: VP & Treasurer

                                     - 11 -<PAGE>
                                                                    Exhibit 10.1

                                                            BLAKE DAWSON WALDRON
                                                                   LAWYERS

                              AMENDED AND RE-STATED
                               TECHNOLOGY LICENCE
                                    AGREEMENT

                          NOVOGEN RESEARCH PTY LIMITED

                                 GLYCOTEX, INC.

            Level 35, Grosvenor Place
                    225 George Street
                      SYDNEY NSW 2000
                 Telephone: 9258 6000
                       Fax: 9258 6999   REF: BLM SJH 02 1389 1453

                          (C) BLAKE DAWSON WALDRON 2005
<PAGE>
                                    CONTENTS

<TABLE>
<S>                                                                           <C>
1.   INTERPRETATION                                                            1

   1.1     Definitions                                                         1
   1.2     Rules for interpreting this document                                5
   1.3     Business Days                                                       6

2.   LICENCE                                                                   6

   2.1     Grant of licence                                                    6
   2.2     Rights included                                                     6
   2.3     No sub-licence                                                      6
   2.4     Sub-contractors                                                     6

3.   RESEARCH AND DEVELOPMENT                                                  7

   3.1     Research and development                                            7
   3.2     Glucan Material                                                     7
   3.3     Conduct of research                                                 7
   3.4     Facilities and personnel                                            7
   3.5     Records                                                             7
   3.6     Inspection                                                          7

4.   DEVELOPMENTS                                                              7

   4.1     Novogen Developments                                                7
   4.2     Glycotex Developments                                               8

5.   MARKETING AND COMMERCIALISATION                                           8

   5.1     Marketing and Exploitation                                          8
   5.2     Exploitation obligations                                            8
   5.3     Compliance with laws                                                8
   5.4     Commercialisation Income                                            8
   5.5     Books and records                                                   9
   5.6     Auditors' certificates                                              9
   5.7     Inspection                                                          9
   5.8     Assistance                                                          9

6.   ROYALTIES                                                                 9

   6.1     Royalties                                                           9
   6.2     Payment                                                            10
   6.3     Statements                                                         10
   6.4     Disputed statements                                                10
   6.5     Certification                                                      10
   6.6     Adjustments                                                        11

7.   DEDUCTIONS AND WITHHOLDINGS                                              11
</TABLE>

                                                                              1.
<PAGE>
<TABLE>
<S>                                                                           <C>
8.   PATENTS                                                                  11

   8.1     Maintenance of patents                                             11
   8.2     Patent costs                                                       11
   8.3     Glycotex's option                                                  11

9.   INTELLECTUAL PROPERTY RIGHTS                                             12

   9.1     Acknowledgment                                                     12
   9.2     Notification                                                       12
   9.3     Proceedings involving Glycotex                                     12
   9.4     Directions by Novogen Research                                     12
   9.5     Joinder of Novogen Research                                        13
   9.6     Proceedings involving Novogen Research                             13
   9.7     Joinder of Glycotex                                                13

10.  CONFIDENTIAL INFORMATION                                                 13

   10.1    Confidentiality                                                    13
   10.2    Security                                                           13
   10.3    Exceptions                                                         14

11.  REPRESENTATIONS AND WARRANTIES                                           14

   11.1    Warranties by Novogen Research                                     14
   11.2    Warranties by Glycotex                                             14
   11.3    Reliance on representations and warranties                         15
   11.4    Acknowledgement by Glycotex                                        15
   11.5    Exclusion of warranties and other terms                            15

12.  INDEMNITY AND INSURANCE                                                  16

   12.1    Indemnity                                                          16
   12.2    Insurance policies                                                 16
   12.3    Novogen Research's name                                            16
   12.4    Certificates of currency                                           16
   12.5    Default                                                            17
   12.6    Expiry                                                             17

13.  LIMITATION OF LIABILITY                                                  17

   13.1    No liability                                                       17
   13.2    Other claims                                                       17

14.  TERM AND TERMINATION                                                     18

   14.1    Term                                                               18
   14.2    Expiration of patents                                              18
   14.3    Termination by Novogen Research                                    18
   14.4    Consequences of termination                                        18
   14.5    Survival and accrued rights                                        18

15.  DISPUTE RESOLUTION                                                       19
</TABLE>

                                                                              2.
<PAGE>
<TABLE>
<S>                                                                           <C>
   15.1    Disputes                                                           19
   15.2    Notice of Dispute                                                  19
   15.3    Parties to attempt to resolve Dispute                              19
   15.4    Mediation                                                          19

16.  NOTICES                                                                  19

17.  AMENDMENT AND ASSIGNMENT                                                 20

   17.1    Amendment                                                          20
   17.2    Assignment                                                         20

18.  GENERAL                                                                  20

   18.1    Governing law                                                      20
   18.2    Liability for expenses                                             20
   18.3    Relationship of the parties                                        21
   18.4    Giving effect to this document                                     21
   18.5    Waiver of rights                                                   21
   18.6    Operation of this document                                         21
   18.7    Operation of indemnities                                           21
   18.8    Consents                                                           22
   18.9    Exclusion of contrary legislation                                  22
   18.10   Counterparts                                                       22

SCHEDULE A                                                                    23
</TABLE>

                                                                              3.
<PAGE>
               AMENDED AND RE-STATED TECHNOLOGY LICENCE AGREEMENT

DATE SEPTEMBER 2005

PARTIES

     NOVOGEN RESEARCH PTY LIMITED (ACN 060 202 931) of 140 Wicks Road North
     Ryde, New South Wales 2113 (NOVOGEN RESEARCH)

     GLYCOTEX, INC., a company incorporated under the laws of the United States
     of America, of One Landmark Square, Level 2, Stamford CT 09601 (GLYCOTEX)

RECITALS

A.   Novogen Research is the owner of certain patent applications and know how
     relating to a process of production of glucan and the use of glucan for the
     treatment of skin ulceration, bone fracture or the enhancement of fixation
     of implanted orthopaedic devices or the prevention/treatment of ultraviolet
     light-induced skin damage.

B.   Novogen Research granted a licence to Glycotex to conduct further research
     and development and to commercialise this technology for certain human
     therapeutic uses on the terms and conditions of the Technology Licence
     Agreement dated 1999.

C.   The parties now amend and re-state the Technology Licence Agreement in
     accordance with this document.

OPERATIVE PROVISIONS

1.   INTERPRETATION

1.1  DEFINITIONS

     The following definitions apply in this document.

     BUSINESS DAY means a day that is not a Saturday, Sunday or public holiday
     in Sydney, Australia.

     CHANGE IN CONTROL, in relation to Glycotex means:

     (a)  the acquisition by any Person or Group other than Novogen Limited of
          more than 50% of the combined voting power of the then outstanding
          securities entitled to vote generally in the election of directors of
          Glycotex; or

     (b)  any merger, consolidation, reorganization, recapitalization, tender or
          exchange offer or any other transaction with or effecting Glycotex as
          a result of which a Person or Group other than the stockholders of
          Glycotex immediately before the transaction owns after the transaction
          more than 50% of the combined voting power of the then outstanding
          securities entitled to vote generally in the election of the directors
          of Glycotex,

                                                                              1.
<PAGE>
     but does not include any acquisition as a result of, or transaction
     involving, an initial public offering of Glycotex's common stock.

     COMMENCEMENT DATE means the date this document is executed by the last of
     the parties to execute it.

     COMMERCIALISATION INCOME means all gross income received by or on behalf of
     Glycotex as a result of or in connection with the sale, distribution,
     production, licensing, marketing or other commercialisation of Licensed
     Products or licensing, sub-licensing or other exploitation of the Glucan
     Technology.

     CONFIDENTIAL INFORMATION means the Glucan Know How, Glycotex Developments,
     Novogen Developments and any other written or oral information disclosed to
     Glycotex which Novogen Research considers confidential and informs Glycotex
     is confidential, other than information which Glycotex can establish:

     (a)  was in the public domain when it was given to Glycotex;

     (b)  becomes, after being given to Glycotex, part of the public domain,
          except through disclosure contrary to this document;

     (c)  was in Glycotex's possession when it was given to Glycotex and was not
          otherwise acquired from Novogen Research directly or indirectly; or

     (d)  was lawfully received by Glycotex from another person having the
          unrestricted legal right to disclose that information without
          requiring the maintenance of confidentiality.

     CORPORATIONS ACT means the Corporations Act 2001 (Cth).

     DILIGENT EFFORTS, in relation to an obligation of a party, means the level
     of efforts required to carry out the obligations in a sustained manner
     consistent with the efforts a reasonable person in the same position as
     that party devotes to a product of high market potential, profit potential
     or strategic value based on conditions then prevailing. Diligent Efforts
     requires that a party:

     (a)  promptly assign responsibility for obligations to specific employees
          who are held accountable for progress and monitor such progress on an
          on-going basis;

     (b)  set and consistently seek to achieve specific and meaningful
          objectives for carrying out such obligations; and

     (c)  consistently make and implement decisions and allocate resources
          designed to advance progress in order to fulfil such obligations.

     DISPUTE has the meaning given to that term in clause 15.1.

     DISPUTE NOTICE has the meaning given to that term in clause 15.2.

                                                                              2.
<PAGE>
     EXPLOIT, in relation to an invention, means:

     (a)  where the invention is a product - make, hire, sell or otherwise
          dispose of the product, offer to make, sell, hire or otherwise dispose
          of it, use or import it or keep it for the purpose of doing any of
          those things; and

     (b)  where the invention is a method or process - use the method or process
          or do any act mentioned in paragraph (a) in respect of a product
          resulting from such use.

     FIELD means the fields of:

     (a)  therapeutic treatment of skin ulceration (including pressure sores,
          bed sores, venous ulcers, diabetic ulcers and burns) in humans;

     (b)  treatment of bone fracture and the enhancement of fixation of
          implanted orthopaedic devices (including pins, screws and artificial
          joints) in humans;

     (c)  prevention/treatment of ultraviolet light induced skin damage in
          humans;

     (d)  treatment of injured connective tissues (including injuries to tendons
          and ligaments, such as sporting injuries, inflammation and surgical
          injury) in humans;

     (e)  joint repair (particularly with artificial joints) in humans; and

     (f)  treatment of poorly healing surgically dissected or transected tissue
          in humans.

     GLUCAN KNOW HOW means the Know How set out in Schedule A, any Know How in
     any Novogen Developments disclosed in accordance with clause 4.1 and any
     Glycotex Developments assigned to Novogen Research in accordance with
     clause 4.2, and all other Know How in the Field concerning or relating to
     the Glucan Patent Rights.

     GLUCAN MATERIAL means documents, records, biological and chemical
     substances containing, referring to or embodying the Glucan Technology
     (including any micro-organisms, cell samples, carbohydrate materials and
     solvents) in the possession or control of Novogen Research which Novogen
     Research is free to provide or disclose to Glycotex.

     GLUCAN PATENT RIGHTS means the Patent Rights set out in Schedule A, any
     Patent Rights in any Novogen Developments disclosed in accordance with
     clause 4.1 and any Glycotex Developments assigned to Novogen Research in
     accordance with clause 4.2, and any other Patent Rights in relation to
     inventions claimed in those Patent Rights.

     GLUCAN TECHNOLOGY means the Glucan Patent Rights, the Glucan Know How, any
     Novogen Developments disclosed in accordance with clause 4.1 and any
     Glycotex Developments in the Field assigned to Novogen Research in
     accordance with clause 4.2.

     GLYCOTEX DEVELOPMENTS means all developments, improvements, enhancements,
     adaptations and new discoveries, inventions, applications and further Know
     How, whether patentable or otherwise, in relation to the Glucan Patent
     Rights or the Glucan Know How, which during the Term are made or acquired
     by Glycotex, its employees, agents or sub-contractors, which Glycotex is
     able to assign.

                                                                              3.
<PAGE>
     GOVERNMENT AGENCY means:

     (a)  a government or government department or other body;

     (b)  a governmental, semi-governmental or judicial person; or

     (c)  a person (whether autonomous or not) who is charged with the
          administration of a law.

     GROUP means two or more Persons acting as a partnership, limited
     partnership, syndicate, or other group for the purpose of acquiring,
     holding, or disposing of any securities.

     INSOLVENCY EVENT means, for a person, being in liquidation or provisional
     liquidation or under administration, having a controller or analogous
     person appointed to it or any of its property, being taken to have failed
     to comply with a statutory demand, being unable to pay its debts or
     otherwise insolvent, dying, ceasing to be of full legal capacity or
     otherwise becoming incapable of managing its own affairs for any reason,
     taking any step that could result in the person becoming an insolvent under
     administration, entering into a compromise or arrangement with, or
     assignment for the benefit of, any of its members or creditors, or any
     analogous event.

     INTELLECTUAL PROPERTY RIGHTS means all existing and future intellectual and
     industrial property rights throughout the world, including rights in
     relation to any copyright, trade marks, designs, circuit layouts, trade
     secrets and know how (including the right to apply for registration of any
     such rights) and Patent Rights.

     KNOW HOW means unpatented technical and other information which is not in
     the public domain including inventions, discoveries, concepts, data,
     formulae, ideas, specifications, procedures for experiments and tests and
     results of experiments, experimentation and testing, results of research
     and development including laboratory records, clinical trial data, case
     reports, data analysis and summaries and information in submissions to and
     information from ethics committees and regulatory authorities.

     LICENSED PRODUCT means a preparation in final form for sale, administration
     or delivery for use in the Field which, or the process of production of
     which, falls within the claims of the Glucan Patent Rights or otherwise
     embodies any Glucan Know How, Novogen Developments or Glycotex
     Developments.

     NOVOGEN DEVELOPMENTS means all developments, improvements, enhancements,
     adaptations and new discoveries, inventions, applications and further Know
     How, whether patentable or otherwise, in the Field in relation to the
     Glucan Patent Rights or the Glucan Know How, which during the Term are made
     or acquired by Novogen Research, its employees or agents, which Novogen
     Research is free to licence.

     PATENT RIGHTS means patents (including any divisions, continuations,
     continuations in part, renewals, reissues, extensions, supplementary
     protection certificates, utility models and foreign equivalents thereof)
     and rights with respect to patent applications and patentable inventions,
     including the right to apply for registration of any such rights.

                                                                              4.
<PAGE>
     PERSON means a natural person, company, government, or political
     subdivision, agency, or instrumentality of a government.

     TAX means a tax, levy, duty, charge, deduction or withholding, however it
     is described, that is imposed by a Government Agency, together with any
     related interest, penalty, fine or other charge other than one that is
     imposed on net income.

     TERM means the term of this document in accordance with clause 14.

     TERRITORY means the world.

1.2  RULES FOR INTERPRETING THIS DOCUMENT

     Headings are for convenience only, and do not affect interpretation. The
     following rules also apply in interpreting this document, except where the
     context makes it clear that a rule is not intended to apply.

     (a)  A reference to:

          (i)  legislation (including subordinate legislation) is to that
               legislation as amended, re-enacted or replaced, and includes any
               subordinate legislation issued under it;

          (ii) a document or agreement, or a provision of a document or
               agreement, is to that document, agreement or provision as
               amended, supplemented, replaced or novated;

          (iii) a party to this document or to any other document or agreement
               includes a permitted substitute or a permitted assign of that
               party;

          (iv) a person includes any type of entity or body of persons, whether
               or not it is incorporated or has a separate legal identity, and
               any executor, administrator or successor in law of the person;
               and

          (v)  anything (including a right, obligation or concept) includes each
               part of it.

     (b)  A singular word includes the plural, and vice versa.

     (c)  A word which suggests one gender includes the other genders.

     (d)  If a word is defined, another part of speech has a corresponding
          meaning.

     (e)  If an example is given of anything (including a right, obligation or
          concept), such as by saying it includes something else, the example
          does not limit the scope of that thing.

     (f)  The word AGREEMENT includes an undertaking or other binding
          arrangement or understanding, whether or not in writing.

     (g)  The words SUBSIDIARY, HOLDING COMPANY and RELATED BODY CORPORATE have
          the same meanings as in the Corporations Act.

                                                                              5.
<PAGE>
1.3  BUSINESS DAYS

     If the day on or by which a person must do something under this document is
     not a Business Day:

     (a)  if the act involves a payment that is due on demand, the person must
          do it on or by the next Business Day; and

     (b)  in any other case, the person must do it on or by the previous
          Business Day.

2.   LICENCE

2.1  GRANT OF LICENCE

     Novogen Research grants to Glycotex an exclusive, non-transferable licence
     to use and Exploit the Glucan Technology for the Term in the Territory,
     solely in the Field.

2.2  RIGHTS INCLUDED

     The licence in clause 2.1 includes the right, for the Term, in the
     Territory and in the Field, to:

     (a)  make, use, reproduce, market, distribute, sell, hire or otherwise
          dispose of Licensed Products and inventions the subject of the Glucan
          Patent Rights;

     (b)  modify, enhance, create derivative works based on and further develop
          the Glucan Technology; and

     (c)  keep, use, reproduce and make adaptations of the Glucan Material
          provided by Novogen Research under clause 3.2; and

     (d)  use any methods or processes forming part of the Glucan Technology to
          do any of the things in paragraphs (a) to (c).

2.3  NO SUB-LICENCE

     Glycotex must not grant sub-licences of any of the rights granted to it
     under this clause 2 without the prior written consent of Novogen Research.

2.4  SUB-CONTRACTORS

     Glycotex may engage agents and sub-contractors to exercise the rights and
     perform its obligations under this document in Glycotex's reasonable
     discretion, provided Glycotex shall first cause all such agents and
     sub-contractors to agree in writing:

     (a)  to comply with the confidentiality obligations of Glycotex under this
          document; and

     (b)  to assign to Glycotex all Intellectual Property Rights in the Field
          accrued or accruing to them in the course of their engagement.

                                                                              6.
<PAGE>
3.   RESEARCH AND DEVELOPMENT

3.1  RESEARCH AND DEVELOPMENT

     Novogen Research appoints Glycotex as its independent contractor to
     undertake further research and development in relation to the Glucan
     Technology in the Field and subject to clauses 3.3, 3.4 and 3.5 in such
     manner as it thinks fit in the Territory.

3.2  GLUCAN MATERIAL

     Within 28 days of the Commencement Date and from time to time during the
     Term, Novogen Research shall provide to Glycotex copies and samples of such
     Glucan Material as in Novogen's reasonable opinion is necessary or useful
     to enable Glycotex to have the full benefit of the licence granted under
     clause 2 and to conduct research, development and commercialisation in
     accordance with the provisions of this clause 3.

3.3  CONDUCT OF RESEARCH

     Glycotex must conduct any further research and development diligently, in
     good scientific manner and in compliance with any applicable laws, rules
     and regulations of any Government Agency and consistently with the
     requirements of any applicable good laboratory practices.

3.4  FACILITIES AND PERSONNEL

     In order to comply with its obligations under this clause 3, Glycotex shall
     engage personnel with appropriate skill and experience and use appropriate
     equipment and facilities.

3.5  RECORDS

     Glycotex shall maintain complete and accurate records in good scientific
     manner, which shall fully reflect all work done and results achieved in the
     course of research and development under this clause 3. Glycotex shall
     maintain such records in confidence and must not use such records or
     information other than in accordance with the provisions of this document.

3.6  INSPECTION

     Novogen Research shall have the right, during normal business hours and
     upon reasonable notice, to inspect and copy all records maintained by
     Glycotex under clause 3.5 and Novogen Research may retain such copies as it
     thinks fit.

4.   DEVELOPMENTS

4.1  NOVOGEN DEVELOPMENTS

     Novogen Research shall disclose to Glycotex all Novogen Developments as
     soon as is reasonably practicable after becoming aware of them.

                                                                              7.
<PAGE>
4.2  GLYCOTEX DEVELOPMENTS

     Glycotex must disclose to Novogen Research all Glycotex Developments
     immediately upon becoming aware of them and by this document Glycotex
     assigns to Novogen Research absolutely its entire right, title and interest
     in all Intellectual Property Rights in any Glycotex Developments.

5.   MARKETING AND COMMERCIALISATION

5.1  MARKETING AND EXPLOITATION

     Subject to clause 5.2 and 5.3, Glycotex may use, market and Exploit the
     Glucan Technology and any Licensed Product in the Field in such manner as
     it thinks fit in the Territory and at its sole cost and expense.

5.2  EXPLOITATION OBLIGATIONS

     Glycotex must use Diligent Efforts to:

     (a)  identify major markets for commercial Exploitation of Licensed
          Products;

     (b)  further develop Licensed Products towards commercial Exploitation;

     (c)  pursue opportunities in major markets for commercial Exploitation of
          Licensed Products;

     (d)  promote, market and Exploit Licensed Products in major markets in the
          Territory; and

     (e)  otherwise maximise Commercialisation Income.

5.3  COMPLIANCE WITH LAWS

     Glycotex must conduct any marketing and Exploitation activities under this
     clause 5 on a commercially reasonable basis, in compliance with any
     applicable laws and requirements of any Government Agency.

5.4  COMMERCIALISATION INCOME

     Glycotex shall be responsible for negotiation and collection of
     Commercialisation Income and shall apply any Commercialisation Income
     received by it in cleared funds net of Taxes:

     (a)  firstly by way of reimbursement in full of all costs and expenses
          incurred by Glycotex in the course of marketing and Exploitation of
          the Glucan Technology and any Licensed Products;

     (b)  secondly by way of reimbursement in full of all costs and expenses
          incurred by Glycotex in research and development of the Glucan
          Technology and any Licensed Products;

                                                                              8.
<PAGE>
     (c)  thirdly by way of reimbursement in full of all costs and expenses
          incurred by Glycotex of and incidental to its business to the extent
          that business relates to research, development, marketing or
          Exploitation of the Glucan Technology and any Licensed Products; and

     (d)  fourthly in accordance with the provisions of clause 6.

5.5  BOOKS AND RECORDS

     Glycotex must keep and maintain separate and complete records and books of
     account relating to the sale, distribution, production, licensing,
     marketing or other Exploitation of Licensed Products and any licensing,
     sub-licensing or other Exploitation of the Glucan Technology, which must
     depict the application of any Commercialisation Income in accordance with
     clause 5.4 and must contain clear particulars sufficient to enable the
     calculation of the royalties payable to Novogen Research under clause 6.1.

5.6  AUDITORS' CERTIFICATES

     Glycotex must within 28 days of a request by Novogen Research at any time
     during the Term, produce a certificate by the auditors or accountants of
     Glycotex as to the accuracy and completeness of the records and books of
     account maintained under clause 5.5.

5.7  INSPECTION

     Novogen Research shall have the right during normal business hours and upon
     reasonable notice by its authorised representatives (including accountants
     and auditors) to inspect the records and books of account referred to in
     clause 5.5. In the course of inspection, Novogen Research's authorised
     representatives may take and retain such copies and extracts of the records
     and books of account of Glycotex as they think fit.

5.8  ASSISTANCE

     Glycotex shall give Novogen Research's authorised representatives such
     assistance as they may require, including by providing access to
     facilities, hardware, software and documents, to enable them to perform an
     inspection under clause 5.6 and to enable the Commercialisation Income and
     royalties payable to Novogen Research to be ascertained and verified.

6.   ROYALTIES

6.1  ROYALTIES

     (a)  Subject to paragraph (b), in consideration of the licence granted in
          clause 2, Glycotex must pay to Novogen Research a royalty of 2% of any
          Commercialisation Income remaining after the deductions referred to in
          sub-clauses 5.4(a), (b) and (c) in accordance with this clause 6.

     (b)  If the Amended and Re-stated Manufacturing Licence and Supply
          Agreement between Glycotex and Novogen Laboratories Pty Limited dated
          on or about the date of this document is terminated under clause
          15.2(e) of that document, then from the date of termination, Glycotex
          must pay to Novogen Research a royalty of

                                                                              9.
<PAGE>
          4% of any Commercialisation Income remaining after the deductions
          referred to in sub-clauses 5.4(a), (b) and (c) in accordance with this
          clause 6.

6.2  PAYMENT

     All royalties payable by Glycotex to Novogen Research under clause 6.1 must
     be calculated in United States Dollars and must be paid:

     (a)  by bank cheque or electronic transfer to an account notified by
          Novogen Research to Glycotex in writing;

     (b)  six monthly in arrears, within 28 days of 30 June and 31 December of
          each year during the Term; and

     (c)  without any set-off or counterclaim and (to the maximum extent
          permitted by the law) free and clear of, and without deduction or
          withholding for or on account of, any Taxes.

6.3  STATEMENTS

     Glycotex must prepare statements as at 30 June and 31 December each year
     during the Term, showing:

     (a)  the details and progress of research, development, marketing and
          commercial Exploitation of the Glucan Technology and any Licensed
          Products;

     (b)  details of any Commercialisation Income in the period to which the
          statement relates and the manner in which that Commercialisation
          Income is applicable in accordance with clause 5.4; and

     (c)  the calculation of the royalty (if any) payable to Novogen Research,

     and must submit such statements to Novogen Research within 28 days of the
     end of the period to which they relate, together with payment of any
     royalties due to Novogen Research under this clause 6.

6.4  DISPUTED STATEMENTS

     If Novogen Research disputes any statement submitted by Glycotex under
     clause 6.3, Novogen Research may have that statement certified in
     accordance with clause 6.5.

6.5  CERTIFICATION

     If Novogen Research wishes to exercise its rights under clause 6.4, Novogen
     Research shall give notice to Glycotex that it wishes to do so, and may, by
     its authorised representations, have the statement certified at Novogen
     Research's cost, and in order to do so, may inspect Glycotex's records and
     books of account in accordance with the provisions of clauses 5.5 and 5.7.

                                                                             10.
<PAGE>
6.6  ADJUSTMENTS

     The certification by Novogen Research of any statement under clause 6.5
     shall be final and binding on the parties and the parties shall make such
     adjustments (including adjustments for interest) required as a result of
     the certification within 14 days of the certification. In the event the
     certification reveals the royalty paid to Novogen Research was
     underestimated by 5% or more, Glycotex must also reimburse Novogen Research
     for the cost of certification.

7.   DEDUCTIONS AND WITHHOLDINGS

     If at any time any applicable law obliges Glycotex to make a deduction or
     withholding in respect of any Tax from any payment by Glycotex to Novogen
     Research under this document, Glycotex must:

     (a)  notify Novogen Research of the obligation promptly after Glycotex
          becomes aware of it;

     (b)  ensure that the deduction or withholding does not exceed the minimum
          amount required by law;

     (c)  pay to the relevant Government Agency on time the full amount of the
          deduction or withholding and promptly deliver to Novogen Research a
          copy of any receipt, certificate or other proof of payment; and

     (d)  indemnify Novogen Research against the deduction or withholding, by
          paying to Novogen Research, at the time that the payment is due, an
          additional amount that ensures that after the deduction or withholding
          is made, Novogen Research receives a net sum equal to the sum that it
          would have received if the deduction or withholding had not been made.

8.   PATENTS

8.1  MAINTENANCE OF PATENTS

     Subject to clause 8.2, Novogen Research shall be responsible for filing,
     prosecution and maintenance in the Territory of the Glucan Patent Rights
     and may file, prosecute and maintain the Glucan Patent Rights in its sole
     discretion.

8.2  PATENT COSTS

     Glycotex shall be responsible for payment of all costs and expenses
     relating to the filing, prosecution and maintenance of the Glucan Patent
     Rights under clause 8.1 and must reimburse Novogen Research such costs and
     expenses within 28 days of receipt of an invoice from Novogen Research.

8.3  GLYCOTEX'S OPTION

     Novogen Research shall give notice to Glycotex of any intention to cease
     prosecution and/or maintenance of any Glucan Patent Rights and shall permit
     Glycotex to continue

                                                                             11.
<PAGE>
     prosecution or maintenance of any such Glucan Patent Rights on its own
     behalf and at its own cost and expense.

9.   INTELLECTUAL PROPERTY RIGHTS

9.1  ACKNOWLEDGMENT

     Glycotex acknowledges that this document does not effect a transfer to
     Glycotex of any right, title or interest in any Intellectual Property
     Rights in the Glucan Technology and Glycotex must not represent that it has
     any right, title or interest in any Intellectual Property Rights in the
     Glucan Technology other than the rights expressly granted to it under this
     document.

9.2  NOTIFICATION

     Each party must notify the other immediately upon becoming aware of:

     (a)  any actual or apparent infringement by any person of any Intellectual
          Property Rights in the Glucan Technology; or

     (b)  any assertion or claim by any person that the activities of either
          party under this document infringe the Intellectual Property Rights of
          any person.

9.3  PROCEEDINGS INVOLVING GLYCOTEX

     Subject to clause 9.4, Glycotex may in its discretion, for its own benefit
     and at its own cost and expense, enforce and defend in the Territory the
     Intellectual Property Rights in the Glucan Technology and in order to do so
     may take and defend any legal proceedings. In the event Glycotex is
     involved in any such legal proceedings, Glycotex shall have the conduct and
     control of those proceedings subject to clause 9.4.

9.4  DIRECTIONS BY NOVOGEN RESEARCH

     Glycotex must:

     (a)  take and conduct any proceedings in respect of any actual or suspected
          infringement in the Territory of any Intellectual Property Rights in
          the Glucan Technology;

     (b)  defend and conduct the defence of any claim of infringement against
          the parties; and

     (c)  defend and conduct the defence of any claim seeking revocation of the
          Glucan Patent Rights,

     as Novogen Research reasonably directs (having regard to questions of
     prospects of success and commercial feasibility) by notice in writing from
     time to time, at Glycotex's cost and expense.

                                                                             12.
<PAGE>
9.5  JOINDER OF NOVOGEN RESEARCH

     If it is necessary that Novogen Research be a party to any proceedings
     commenced or intended to be commenced by Glycotex, Novogen Research shall
     join such proceedings as a plaintiff and shall provide all reasonable
     assistance in relation to those proceedings, including by executing any
     documents, as Glycotex reasonably requests, at Glycotex's cost.

9.6  PROCEEDINGS INVOLVING NOVOGEN RESEARCH

     In the event Glycotex fails to commence proceedings within 21 days of
     receipt of a notice from Novogen Research under sub-clause 9.4(a), then in
     addition to any other right Novogen Research may have under this document
     or otherwise, Novogen Research may commence those proceedings in its sole
     discretion. In the event it does so, Novogen Research shall have the
     conduct and control of the proceedings including the right to settle them.

9.7  JOINDER OF GLYCOTEX

     If it is necessary that Glycotex be a party to any proceedings commenced or
     intended to be commenced by Novogen Research under clause 9.6, Glycotex
     must join such proceedings as a plaintiff and must provide all assistance
     in relation to those proceedings, including by executing any documents, as
     Novogen Research requests, at Glycotex's cost.

10.  CONFIDENTIAL INFORMATION

10.1 CONFIDENTIALITY

     Glycotex must:

     (a)  keep and maintain all Confidential Information strictly confidential;

     (b)  use Confidential Information only for the purposes for which it is
          disclosed to Glycotex; and

     (c)  not disclose any Confidential Information other than to its employees,
          authorised sub-contractors, legal advisers, auditors or other
          consultants requiring the information for the purposes of this
          document upon those persons undertaking to Glycotex to keep that
          information strictly confidential.

10.2 SECURITY

     For the purposes of clause 10.1, Glycotex must establish and maintain
     effective security measures to safeguard the Confidential Information from
     unauthorised use or access and must notify Novogen Research immediately
     upon becoming aware of any suspected or actual unauthorised use or
     disclosure of Confidential Information.

                                                                             13.
<PAGE>
10.3 EXCEPTIONS

     The obligations in clauses 10.1 and 10.2 do not apply to the extent that:

     (a)  Glycotex is required by law to disclose any Confidential Information,
          promptly gives notice to Novogen Research of that requirement and
          discloses only that portion of Confidential Information which it is
          legally required to disclose; or

     (b)  disclosure of any Confidential Information is required to comply with
          any applicable law or requirement of any Government Agency, Glycotex
          promptly gives notice to and consults with Novogen Research to the
          extent practicable and uses its best endeavours to minimise any such
          disclosure and to ensure that any Confidential Information so
          disclosed will be treated confidentially.

11.  REPRESENTATIONS AND WARRANTIES

11.1 WARRANTIES BY NOVOGEN RESEARCH

     Novogen Research represents and warrants to Glycotex that:

     (a)  (PROPER AUTHORISATION) its execution and delivery of this document has
          been properly authorised by all necessary corporate action;

     (b)  (CORPORATE POWER) it has full corporate power and lawful authority to
          execute and deliver this document and to perform or cause to be
          performed its obligations under this document;

     (c)  (NO BREACH) its execution of this document will not result in the
          breach of or default under any material term or provision of any
          agreement or deed, or any writ, order or injunction, judgment, law,
          rule or regulation to which it is a party or is subject or by which it
          is bound; and

     (d)  (NO ACTIONS) to its knowledge there are no actions, claims,
          proceedings or investigations pending or threatened against it or by,
          against or before any person which may have a material effect on the
          subject matter of this document.

11.2 WARRANTIES BY GLYCOTEX

     Glycotex represents and warrants to Novogen Research that:

     (a)  (PROPER AUTHORISATION) its execution and delivery of this document has
          been properly authorised by all necessary corporate action;

     (b)  (CORPORATE POWER) it has full corporate power and lawful authority to
          execute and deliver this document and to perform or cause to be
          performed its obligations under this document;

     (c)  (BINDING OBLIGATION) this document constitutes a legal, valid and
          binding obligation on it in accordance with the intentions of the
          parties as expressed in its terms;

                                                                             14.
<PAGE>
     (d)  (NO BREACH) its execution of this document will not result in the
          breach of or default under any material term or provision of any
          agreement or deed, or any writ, order or injunction, judgment, law,
          rule or regulation to which it is a party or is subject or by which it
          is bound; and

     (e)  (NO ACTIONS) there are no actions, claims, proceedings or
          investigations pending or threatened against it or by, against or
          before any person which may have a material effect on the subject
          matter of this document.

     (f)  (OWNERSHIP) Glycotex is, and will be immediately before assignment to
          Novogen Research under clause 4.2, the legal and beneficial owner of
          all Intellectual Property Rights in any Glycotex Developments and no
          other person has or shall have any claim of ownership with respect to
          any Glycotex Developments; and

     (g)  (NO DEALINGS) immediately before assignment to Novogen Research under
          clause 4.2, Glycotex has not assigned, transferred or granted any
          interest or licence, or otherwise encumbered or dealt with its right,
          title or interest in any Glycotex Developments.

11.3 RELIANCE ON REPRESENTATIONS AND WARRANTIES

     Each party acknowledges that the other party has executed this document and
     agreed to take part in the transactions that this document contemplates in
     reliance on the representations and warranties that are made in this clause
     11.

11.4 ACKNOWLEDGEMENT BY GLYCOTEX

     Glycotex acknowledges that apart from the warranties in clause 11, Novogen
     Research has not made, and does not in this document make, any
     representation or warranty:

     (a)  regarding the Glucan Technology;

     (b)  as to the validity or enforceability of the Glucan Patent Rights
          anywhere in the world; or

     (c)  to the effect that the exploitation of any Licensed Product anywhere
          in the world will not infringe the Intellectual Property Rights of any
          person.

11.5 EXCLUSION OF WARRANTIES AND OTHER TERMS

     To the extent permitted by law, Novogen Research excludes:

     (a)  all representations, warranties and other terms in or in connection
          with this document and the transactions that it contemplates, other
          than those expressly stated in this document; and

     (b)  all terms that may otherwise be implied into this document.

                                                                             15.
<PAGE>
12.  INDEMNITY AND INSURANCE

12.1 INDEMNITY

     Glycotex must indemnify and keep indemnified Novogen Research and its
     directors, employees and agents against all damages, costs or expenses
     (including legal costs and expenses on an indemnity basis) in respect of
     any claims, demands, actions, proceedings or prosecution which may be
     brought or commenced against Novogen Research as a result of or in relation
     to:

     (a)  the licensing or sub-licensing of the Glucan Technology;

     (b)  the sale, distribution, production, licensing, marketing or other
          Exploitation of Licensed Products;

     (c)  any marketing, advertisement or promotion of Licensed Products or
          Glucan Technology;

     (d)  any breach of any term of this document, including the representations
          and warranties in clause 11.2; or

     (e)  any negligence, wilful misconduct or misleading conduct,

     by Glycotex, its employees, agents and sub-licensees, including any
     warranty claims, product liability claims, product recalls and claims for
     personal injury or property damage.

12.2 INSURANCE POLICIES

     Glycotex must take out and maintain in force in the Territory:

     (a)  a product liability insurance policy;

     (b)  a public liability insurance policy; and

     (c)  a product recall insurance policy,

     in relation to any Licensed Products on terms satisfactory to Novogen
     Research.

12.3 NOVOGEN RESEARCH'S NAME

     If requested by Novogen Research, Glycotex must ensure Novogen Research is
     included on the policies referred to in clause 12.2 as a joint insured or
     loss payee.

12.4 CERTIFICATES OF CURRENCY

     At Novogen Research's request from time to time, Glycotex must provide to
     Novogen Research a certificate of currency evidencing the compliance by
     Glycotex with its obligations under this clause 12.

                                                                             16.
<PAGE>
12.5 DEFAULT

     If within 28 days of a request by Novogen Research under clause 12.4,
     Glycotex does not produce the certificate of currency under clause 12.4, or
     if at any time Novogen Research becomes aware that Glycotex has failed to
     perform its obligations under this clause 12 Novogen Research may (but is
     not obliged to) take out and maintain the insurance and may recover any
     premiums paid as a debt due by Glycotex.

12.6 EXPIRY

     Each insurance policy is to by maintained until the expiry date of the last
     Licensed Product sold, hired or otherwise disposed of by or on behalf of
     Glycotex or its sub-licensees.

13.  LIMITATION OF LIABILITY

13.1 NO LIABILITY

     To the fullest extent permitted by law, and notwithstanding any other
     provision of this document, in no circumstances shall Novogen Research be
     liable in contract, tort (including negligence or breach of statutory duty)
     or otherwise, and whatever the cause, to compensate Glycotex for any
     damages, costs or expenses suffered or incurred by Glycotex as a result of
     or in connection with:

     (a)  the licensing or sub-licensing of the Glucan Technology;

     (b)  the sale, distribution, production, licensing, marketing or other
          Exploitation of Licensed Products; or

     (c)  any marketing, advertisement or promotion of Glucan Technology or
          Licensed Products.

13.2 OTHER CLAIMS

     Notwithstanding any other provision of this document, in no circumstances
     is Novogen Research liable in contract, tort (including negligence or
     breach of statutory duty) or otherwise, and whatever the cause, to
     compensate Glycotex for:

     (a)  any increased costs or expenses;

     (b)  any loss of profit, revenue, business, contracts or anticipated
          savings;

     (c)  any special, indirect or consequential loss or damage of any nature
          whatsoever; or

     (d)  in any other case, for an amount which is greater than $AUD 5 million.

                                                                             17.
<PAGE>
14.  TERM AND TERMINATION

14.1 TERM

     The rights and obligations of the parties under this document commence on
     the Commencement Date and subject to clauses 14.3, 14.4 and 14.5 shall
     terminate on the expiration of the last Glucan Patent Right in the
     Territory.

14.2 EXPIRATION OF PATENTS

     If during the Term a Glucan Patent Right in any country in the Territory
     lapses or is held invalid, then subject to clause 14.1, any licence or
     right granted under this document to use and exploit any invention the
     subject of such Glucan Patent Right shall continue in full force and effect
     in that country on the same terms as a licence in respect of the
     Confidential Information only.

14.3 TERMINATION BY NOVOGEN RESEARCH

     Novogen Research may terminate this document immediately at any time if:

     (a)  (BREACH) Glycotex commits any breach of any term of this document
          which is not remedied within 21 days of written notice from Novogen
          Research requiring the breach to be remedied;

     (b)  (INSOLVENCY EVENT) Glycotex is involved in an Insolvency Event; or

     (c)  (CHANGE IN CONTROL) there is a Change in Control of Glycotex without
          Novogen Research's written consent.

14.4 CONSEQUENCES OF TERMINATION

     Upon termination of this document other than by effluxion of time, Glycotex
     shall immediately:

     (a)  cease using and exploiting the Glucan Technology; and

     (b)  return to Novogen Research or destroy at Novogen Research's election,
          all Glucan Material, any copies (including electronic copies) of the
          Glucan Know How, all labelling and packaging materials relating to
          Licensed Products and any other Confidential Information in Glycotex's
          possession, custody or power,

     provided that Glycotex may complete any contracts for sale or supply of
     Licensed Products to which Glycotex became bound prior to the date of
     termination.

14.5 SURVIVAL AND ACCRUED RIGHTS

     Upon termination under this clause 14, this document, other than the
     obligations of the parties under clauses 10, 12.1, 13, 14 and 15 (which
     shall survive termination), is at an end as to its future operation except
     for the enforcement of any right or claim which arises on or has arisen
     before termination.

                                                                             18.
<PAGE>
15.  DISPUTE RESOLUTION

15.1 DISPUTES

     If a dispute arises out of or in relation to this document (including any
     dispute as to breach or termination of the document or as to any claim in
     tort, in equity or pursuant to any statute) (a DISPUTE), a party to this
     document may not commence any court or arbitration proceedings relating to
     the Dispute unless it has complied with this clause 15 except where the
     party seeks urgent interlocutory relief.

15.2 NOTICE OF DISPUTE

     A party claiming that a Dispute has arisen under or in relation to this
     document must give written notice to the other party specifying the nature
     of the Dispute (a DISPUTE NOTICE).

15.3 PARTIES TO ATTEMPT TO RESOLVE DISPUTE

     On receipt of a Dispute Notice, the parties must endeavour to resolve the
     Dispute expeditiously using informal dispute resolution techniques such as
     mediation, expert evaluation or determination or similar techniques agreed
     by the parties.

15.4 MEDIATION

     If the parties do not agree within seven (7) days of receipt of a Dispute
     Notice (or such further period as the parties agree in writing) as to:

     (a)  the dispute resolution technique and procedures to be adopted;

     (b)  the timetable for all steps in those procedures; and

     (c)  the selection and compensation of the independent person required for
          such technique,

     the parties must mediate the Dispute in accordance with the Mediation Rules
     of the Law Society of New South Wales, and the President of the Law Society
     of New South Wales (or the President's nominee) will select the mediator
     and determine the mediator's remuneration.

16.  NOTICES

     (a)  A notice, consent or other communication under this document is only
          effective if it is in writing, signed and either left at the
          addressee's address or sent to the addressee by mail or fax. If it is
          sent by mail, it is taken to have been received 3 working days after
          it is posted. If it is sent by fax, it is taken to have been received
          when the addressee actually receives it in full and in legible form.

     (b)  The parties' addresses and fax numbers are those set out below, or as
          either party notifies the other:

                                                                             19.
<PAGE>
          NOVOGEN RESEARCH
          Address:      140 Wicks Road North Ryde, New South Wales 2113
          Fax number:   Int + 61 2 9878 0055
          Attention:    The Managing Director

          GLYCOTEX
          Address:      One Landmark Square, Level 2, Stamford CT 09601
          Fax number:   Int + 1 203 327 0011
          Attention:    The President

17.  AMENDMENT AND ASSIGNMENT

17.1 AMENDMENT

     This document can only be amended, supplemented, replaced or novated by
     another document signed by the parties.

17.2 ASSIGNMENT

     (a)  Subject to paragraph (b), neither party may dispose of, declare a
          trust over or otherwise create an interest in its rights under this
          document with the written consent of the other party.

     (b)  Novogen Research may dispose of, declare a trust over or otherwise
          create an interest in its rights in the Glucan Intellectual Property
          and its rights under this document to a related body corporate without
          the consent of Glycotex, and may disclose to any related body
          corporate any information relating to this document or any party to
          it.

18.  GENERAL

18.1 GOVERNING LAW

     (a)  This document is governed by the law in force in New South Wales.

     (b)  Each party submits to the non-exclusive jurisdiction of the courts
          exercising jurisdiction in New South Wales, and any court that may
          hear appeals from any of those courts, for any proceedings in
          connection with this document, and waives any right it might have to
          claim that those courts are an inconvenient forum.

18.2 LIABILITY FOR EXPENSES

     (a)  Subject to paragraph (b), each party must pay its own expenses
          incurred in negotiating, executing and registering this document.

     (b)  Glycotex must indemnify Novogen Research against, and must pay Novogen
          Research on demand the amount of, any duty that is payable on or in
          relation to this document.

                                                                             20.
<PAGE>
18.3 RELATIONSHIP OF THE PARTIES

     Nothing in this document creates a relationship of employment, partnership
     or joint venture between the parties under the laws of any applicable
     jurisdiction and neither party may act or has the authority to act as agent
     of or in any way bind or commit the other party to any obligation.

18.4 GIVING EFFECT TO THIS DOCUMENT

     Each party must do anything (including execute any document), and must
     ensure that its employees and agents do anything (including execute any
     document), that the other party may reasonably require to give full effect
     to this document.

18.5 WAIVER OF RIGHTS

     A right may only be waived in writing, signed by the party giving the
     waiver, and:

     (a)  no other conduct of a party (including a failure to exercise, or delay
          in exercising, the right) operates as a waiver of the right or
          otherwise prevents the exercise of the right;

     (b)  a waiver of a right on one or more occasions does not operate as a
          waiver of that right if it arises again; and

     (c)  the exercise of a right does not prevent any further exercise of that
          right or of any other right.

18.6 OPERATION OF THIS DOCUMENT

     (a)  This document contains the entire agreement between the parties about
          its subject matter. Any previous understanding, agreement,
          representation or warranty relating to that subject matter is replaced
          by this document and has no further effect.

     (b)  Any right that a person may have under this document is in addition
          to, and does not replace or limit, any other right that the person may
          have.

     (c)  Any provision of this document which is unenforceable or partly
          unenforceable is, where possible, to be severed to the extent
          necessary to make this document enforceable, unless this would
          materially change the intended effect of this document.

18.7 OPERATION OF INDEMNITIES

     (a)  Each indemnity in this document survives the expiry or termination of
          this document.

     (b)  A party may recover a payment under an indemnity in this document
          before it makes the payment.

                                                                             21.
<PAGE>
18.8 CONSENTS

     Where this document contemplates that either party may agree or consent to
     something (however it is described), that party may:

     (a)  agree or consent, or not agree or consent, in its absolute discretion;
          and

     (b)  agree or consent subject to conditions,

     unless this document expressly contemplates otherwise.

18.9 EXCLUSION OF CONTRARY LEGISLATION

     Any legislation that adversely affects an obligation of a party, or the
     exercise by a party of a right or remedy, under or relating to this
     document is excluded to the full extent permitted by law.

18.10 COUNTERPARTS

     This document may be executed in counterparts.

EXECUTED as an agreement.

EXECUTED by NOVOGEN
RESEARCH PTY LIMITED:

/s/ Christopher Naughton                /s/ Ron Lea Erratt
-------------------------------------   ----------------------------------------
Signature of director                   Signature of director/secretary

CHRISTOPHER NAUGHTON                    RON LEA ERRATT
-------------------------------------   ----------------------------------------
Name                                    Name

EXECUTED by GLYCOTEX, INC.:

/s/ David Seaton                        /s/ David Seaton
-------------------------------------   ----------------------------------------
Signature of director                   Signature of director/secretary

DAVID SEATON                            DAVID SEATON
-------------------------------------   ----------------------------------------
Name                                    Name

                                                                             22.
<PAGE>
                                   SCHEDULE A

GLUCAN PATENT RIGHTS

<TABLE>
<CAPTION>
COUNTRY              NO.              PRIORITY        STATUS
-------              ---              --------        ------
<S>                  <C>              <C>             <C>
PCT                  PCT/AU96/00138   13 March 1995   Filed
Australia            716181           13 March 1995   Granted
Canada               2 214 899        13 March 1995   Under examination
Europe               0815144          13 March 1995   Granted
Japan                08-527114        13 March 1995   Pending
UK                   2331014          13 March 1995   Granted
UK (divisional)      2314850          13 March 1995   Granted
USA                  6242594          13 March 1995   Granted
USA (continuation)   10/421,659       13 March 1995   Under examination
</TABLE>

GLUCAN KNOW HOW

1.   chemical descriptions and manufacturing processes of NG-1, NG-2 and NG-3;

2.   formulation data;

3.   clinical trial data; and

4.   therapeutic opportunities in the Field.

                                                                             23.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]