Document:

<PAGE>

                                                                     EXHIBIT 4.5

                                                                  EXECUTION COPY
                                                                  EXECUTION COPY

                                  AMENDMENT TO
                                NOTE PURCHASE AND
                             PRIVATE SHELF AGREEMENT

     THIS AMENDMENT (this "Amendment") TO THAT CERTAIN Note Purchase and Private
Shelf Agreement, dated as of March 21, 2001 (herein called the "Note
Agreement"), between The Prudential Insurance Company of America ("Prudential")
and Movado Group, Inc., a New York corporation (the "Company"), IS ENTERED INTO
as of March 21, 2004, by the Purchasers (as defined in the Note Agreement) and
the Company.

     WHEREAS, the Company and the Purchasers party thereto have executed and
delivered the Note Agreement;

     WHEREAS, Movado Retail Group, Inc., a New Jersey corporation and successor
by merger with SwissAm, Inc. ("MRG"), and Movado LLC, a Delaware limited
liability company ("Movado LLC", and together, with MRG, the "Guarantors"), have
each guaranteed the obligations of the Company under the Note Agreement;

     WHEREAS, capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Note Agreement; and

     WHEREAS, the Company has requested the amendment of certain provisions of
the Note Agreement, and the Purchasers have indicated their willingness to agree
to such amendments subject to certain limitations and conditions, as provided
for herein;

     NOW, THEREFORE, in consideration of the foregoing premises, the mutual
covenants and agreements contained herein, and other good and valuable
consideration, the parties hereto agree as follows:

1.  Amendments to Note Agreement. The Purchasers and the Company hereby agree
as follows:

     (a) The Note Agreement is hereby amended by deleting the text in clause (i)
of Paragraph 2A(2) which reads "the third anniversary of the date of this
Agreement (or if such anniversary is not a Business Day, the Business Day next
preceding such anniversary" and replacing it with the following text in its
entirety: "March 21, 2007".

     (b) The Note Agreement is hereby amended by deleting the heading of
Paragraph 6C which reads "Limitations on Debt" and replacing it with
"Limitations on the Incurrence of Debt."

     (c) The Note Agreement is hereby amended by amending and restating
Paragraph 6D as follows:

     "6D Limitations on Debt. The Company covenants that it will not permit, at
any time,

     (i) Priority Debt to exceed 20% of Consolidated Total Capitalization; and
<PAGE>

     (ii) the sum of aggregate amount of Consolidated Funded Debt and Excess
Current Debt to exceed 55% of the sum of Consolidated --- Total Capitalization
and Excess Current Debt."

     (d) The Note Agreement is hereby amended by amending and restating clause
(i) of the definition of "Reinvestment Yield" set forth in Paragraph 10A thereof
and as follows:

          "(i) the yield(s) reported as of 10:00 A.M. (New York City time) on
          the Business Day preceding the Settlement Date with respect to such
          Called Principal, on the display designated as "PX1" on the Bloomberg
          Financial Markets Services Screen (or such other display as may
          replace page "PX1" on the Bloomberg Financial Markets Services Screen)
          for actively traded U.S. Treasury securities having a maturity equal
          to the Remaining Average Life of such Called Principal as of such
          Settlement Date,"

2. Representations and Warranties of the Company. The Company hereby:
   ----------------------------------------------

     (a) Repeats (and confirms as true and correct) as of the date hereof, for
the Purchasers' benefit, each of the representations and warranties set forth in
Paragraphs 8A, 8C, 8E, 8G, 8H, 8I, 8J, 8K, 8L, 8M, 8N, 8O, 8P, 8Q, 8R, 8S and 8T
of the Note Agreement, and further agrees that by this reference such
representations and warranties are hereby incorporated herein (as though set
forth herein) in their entirety;

     (b) Further represents and warrants as of the date hereof that:

          (i) no Default or Event of Default has occurred and is continuing;

          (ii) the Company and the Guarantors have the corporate or equivalent
     power to execute and deliver this Amendment, and to perform the provisions
     hereof, and this Amendment has been duly authorized by all necessary
     corporate or equivalent action on the part of each such Person;

          (iii) this Amendment has been duly executed and delivered by the
     Company and the Guarantors and constitutes such Person's legal, valid and
     binding obligation, enforceable in accordance with its terms, except as
     such enforceability may be limited (x) by general principles of equity and
     conflicts of laws or (y) by bankruptcy, reorganization, insolvency,
     moratorium or other laws of general application relating to or affecting
     the enforcement, of creditors' rights;

          (iv) no consent, approval, authorization or order of, or filing,
     registration or qualification with, any court or administrative or
     governmental body or third party is required in connection with the
     execution, delivery or performance by such Person of this Amendment;

          (v) the Company has furnished Prudential with the audited consolidated
     and consolidating balance sheets of the Company and its Subsidiaries at
     January 31, 2001, January 31, 2002 and January 31, 2003 and the related
     consolidated and consolidating statements of income and cash flows and
     changes in shareholders' equity for each of the years in the three-year
     period ended January 31, 2003, all reported on by

                                                                               2
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 PriceWaterhouseCoopers LLP; and the unaudited consolidated balance sheets of
     the Company and its Subsidiaries at October 31, 2003 and the related
     consolidated and consolidating statements of income and cash flows and
     changes in shareholders' equity for the nine months ended October 31, 2002
     and October 31, 2003. All of such financial statements (including any
     related schedules and/or notes) are true and correct in all material
     respects (subject, as to interim statements, to changes resulting from
     audits and year-end adjustments) and fairly present the consolidated
     financial position and the consolidated results of the operations and
     consolidated cash flows of the corporations described therein at the dates
     and for the periods shown, all in conformity with generally accepted
     accounting principles applied on a consistent basis (except as otherwise
     stated therein or in the notes thereto stated) throughout the periods
     involved. None of the Company and its Subsidiaries has any contingent
     liabilities, liabilities for taxes, unusual forward or long-term
     commitments or unrealized or anticipated losses from any unfavorable
     commitments which are substantial and material in amount in relation to the
     consolidated financial condition of the Company, except as referred to or
     reflected or provided for in the financial statements. Since January 31,
     2003, (i) there has been no change in the assets, liabilities or condition
     (financial or otherwise) of the Company or any of its Subsidiaries, other
     than changes which have not been, either in any case or in the aggregate,
     materially adverse to the Company and its Subsidiaries taken as a whole and
     (ii) neither the business, operations, affairs nor any of the properties or
     assets of the Company or any of its Subsidiaries have been affected by any
     occurrence or development (whether or not insured against) which has been,
     either in any case or in the aggregate, materially adverse to the Company
     and its Subsidiaries taken as a whole.

          (vi) Schedule 8A to this Amendment sets forth a complete and correct
     list as to each of the Company's Subsidiaries as of the date hereof.

          (vii) except as described therein, Schedule 8D to this Amendment sets
     forth a complete and correct list of all outstanding Debt of the Company
     and its Subsidiaries as of January 31, 2004. There exists no default or
     temporary waiver or default under the provisions of any instrument evidence
     such Debt or of any agreement relating thereto;

          (viii) (A) the Company and each of its Subsidiaries has (to the extent
     material to the Company and its Subsidiaries taken as a whole) good and
     indefeasible title to its respective real properties (other than properties
     which it leases) and good title to all of its other respective properties
     and assets, including the properties and assets reflected in the balance
     sheet as at October 31, 2003 (other than properties and assets disposed of
     in the ordinary course of business), subject to no Lien of any kind except
     Liens permitted by Paragraph 6B of the Note Agreement, and (B) all leases
     necessary in any material respect for the conduct of the respective
     businesses of the Company and its Subsidiaries are valid and subsisting and
     are in full force and effect;

          (ix) neither the Company nor any of its Subsidiaries (A) is listed on
     the Specially Designated Nationals and Blocked Persons List (the "SDN
     List") maintained by the Office of Foreign Assets Control, Department of
     the Treasury ("OFAC"), or on any other list of terrorists or terrorist
     organizations maintained pursuant to any of the rules and regulations of
     OFAC or pursuant to any other applicable Executive Order (such other lists
     are referred to herein, collectively, as the "Other Lists"; the SDN List
     and the Other Lists are referred to herein, collectively, as the "Lists"),
     (B) has been determined by competent authority to be

                                                                               3
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     subject to the prohibitions contained in Executive Order No. 13224 (Sept.
     23, 2001) or any other similar prohibitions contained in the rules and
     regulations of OFAC or in any enabling legislation or other Executive
     Orders in respect thereof, (C) is owned or controlled by, or acts for or on
     behalf of, any person on the Lists or any other person who has been
     determined by competent authority to be subject to the prohibitions
     contained in Executive Order No. 13224 (Sept. 23, 2001) or similar
     prohibitions contained in the rules and regulations of OFAC or any enabling
     legislation or other Executive Orders in respect thereof, and (D) is
     failing to comply in any material way with the requirements of Executive
     Order No. 13224 (Sept. 23, 2001) and other similar requirements contained
     in the rules and regulations of OFAC and in any enabling legislation or
     other Executive Orders in respect thereof; and

          (x) neither the Company nor any Guarantor has any defenses, offsets or
     counterclaims against any of their obligations under or in respect of the
     Note Agreement or the Subsidiary Guarantee.

3. Acknowledgement and Consent of Guarantors. Each Guarantor hereby acknowledges
that it has reviewed the terms and provisions of the Note Agreement, the Notes,
the Subsidiary Guarantee and this Amendment and consents to the amendment to the
Note Agreement effected pursuant to this Amendment. Each Guarantor confirms that
its Subsidiary Guarantee will continue to guarantee to the fullest extent
possible the payment and performance of all guaranteed Obligations (as defined
in each Subsidiary Guarantee). Each Guarantor acknowledges and agrees that (a)
its Subsidiary Guarantee shall continue in full force and effect and that its
obligations thereunder shall be valid and enforceable and shall not be impaired
or limited by the execution or effectiveness of this Amendment, and (b) (i)
notwithstanding the conditions to effectiveness hereof, such Guarantor is not
required by the terms of the Note Agreement, the Notes or the Subsidiary
Guarantee to consent to the amendments to the Note Agreement effected pursuant
to this Amendment, and (ii) nothing in the Note Agreement, the Notes or the
Subsidiary Guarantee shall be deemed to require the consent of any such
Guarantor to any future amendments to the Note Agreement.

4. Effectiveness of Amendment. This Amendment shall become effective upon the
date each of the following conditions thereto is satisfied:

     (a)  receipt by the Purchasers of counterparts of this Amendment, executed
          and delivered by each of the parties hereto,

     (b)  receipt by the Purchasers of:

          (i) Certified copies of the resolutions of the Board of Directors of
          the Company and each Guarantor, authorizing the execution and delivery
          of this Amendment, and of all documents evidencing other necessary
          corporate action and governmental approvals, if any, with respect to
          this Amendment;

          (ii) a certificate dated the date hereof of the Secretary or an
          Assistant Secretary and one other officer of the Company (together
          with such evidence thereof as may be reasonably requested by the
          Purchasers) certifying that (A) the certificate of such Person
          previously delivered pursuant to Paragraph 3A(iii)(a) of the Note
          Agreement continues to be true, current and correct and (B) the
          Certificate of Incorporation and

                                                                               4
<PAGE>

          By-laws of such Person previously delivered pursuant to Paragraph
          3A(iv)(a) of the Note Agreement continue to be in full force and
          effect and have not been modified or amended in any respect (in each
          case, except as specifically set forth therein, which modifications or
          amendments shall be in form and substance acceptable to the
          Purchasers);

          (iii) a corporate good standing certificate for the Company from the
          Secretary of State of New York dated of a recent date;

          (iv) favorable opinion of Timothy F. Michno, Esq., General Counsel of
          the Company, dated the date hereof, satisfactory to the Purchasers and
          in form and substance substantially identical to Exhibit E-1 to the
          Note Agreement. The Company hereby directs such counsel to deliver
          such opinion(s) and agrees that each Purchaser receiving such an
          opinion will and is hereby authorized to rely on such opinion; and

          (v) such additional documents or certificates with respect to legal
          matters or corporate or other proceedings related to the transactions
          contemplated hereby as may be reasonably requested by the Purchasers.

     (c) the representations and warranties contained in Section 2 above shall
be true on and as of the date hereof, and there shall exist on the date hereof
no Event of Default or Default;

     (d) the Company shall have paid Prudential Investment Management, Inc. (and
Prudential Investment Management, Inc. shall have received) on the date hereof a
facility fee in the amount of $15,000;

     (e) all corporate and other proceedings taken or to be taken in connection
with the transactions contemplated hereby and all documents incident thereto
shall be satisfactory in substance and form to the Purchasers, the Purchasers
shall have received all such counterpart originals or certified or other copies
of such documents as it may reasonably request;

     (f) the execution and delivery of this Amendment shall (i) not violate any
applicable law or governmental regulation (including, without limitation,
Section 5 of the Securities Act or Regulation T, U or X of the Board of
Governors of the Federal Reserve System) and (ii) shall not subject any
Purchaser to any tax, penalty, liability or other onerous condition under or
pursuant to any applicable law or governmental regulation;

     (g) counsel for the Purchasers shall be satisfied as to all legal matters
relating to this Amendment, and the Purchasers shall have received from such
counsel favorable opinions as to such legal matters as they may request; and

     (h) the Company shall have made all requests, filings and registrations
with, and obtained all consents and approvals from, the relevant national,
state, local or foreign jurisdiction(s), or any administrative, legal or
regulatory body or agency thereof, that are necessary in connection with this
Amendment and any and all other documents relating hereto, and the transactions
contemplated hereby.

                                                                              5

<PAGE>

6. Miscellaneous.
   -------------

     (a) This Amendment may be executed in any number of counterparts and by any
combination of the parties hereto in separate counterparts, each of which
counterparts shall be an original and all of which taken together shall
constitute one and the same agreement.

     (b) This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York.

                                                                               6
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
and delivered by their respective officers thereunto duly authorized as of the
date first above written.

                                    MOVADO GROUP, INC.

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

                                    THE PRUDENTIAL INSURANCE
                                    COMPANY OF AMERICA

                                    By: /s/ Yvonne Guajardo
                                        -------------------
                                    Name: Yvonne Guajardo
                                          ---------------
                                    Title: Vice President
                                           --------------

                    CONSENT AND ACKNOWLEDGEMENT OF GUARANTORS
                    -----------------------------------------

                                    MOVADO RETAIL GROUP, INC., (as
                                    successor by merger with SwissAm, Inc.)

                                    By: /s/ Ray Stuart
                                        --------------
                                    Name: Ray Stuart
                                          ----------
                                    Title: President
                                           ---------

                                    MOVADO LLC

                                    By: /s/ Eugene J. Karpovich
                                        -----------------------
                                    Name: Eugene J. Karpovich
                                          -------------------
                                    Title: Sr. V.P. CFO
                                           ------------

                                                                               7<PAGE>

                                                                  EXHIBIT 10.28

                              WAIVER AND AMENDMENT

                  THIS WAIVER AND AMENDMENT, dated as of the 27th day of
February, 2004, among MOVADO GROUP, INC., a New York corporation (the "Parent");
CONCORD WATCH COMPANY S.A., Swiss corporation ("Concord"); MOVADO WATCH COMPANY
SA, Swiss corporation ("MWC"); each of She Lenders which is a signatory to the
Credit Agreement referred to below; and JPMORGAN CHASE BANK, as Administrative
Agent, as Swingline Bank and as Issuing Bank.

                              Preliminary Statement

                  A.       Reference is made to the Credit Agreement dated as of
June 17, 2003 among the Parent, Concord, MWC, the Lenders thereto and JPMorgan
Chase Bank, as Administrative Agent, as Swingline Bank and as Issuing Bank (the
"Existing Credit Agreement"), All capitalized terms used In this Waiver and
Amendment and not defined herein shall have the respective meanings ascribed to
them in the Existing Credit Agreement.

                  B.       In connection with the acquisition by Concord of Ebel
SA and the acquisition by the Parent and certain Subsidiaries of in connection
with the worldwide business Related exclusively to the Ebel brand, all as set
forth in that certain Share Purchase and Transfer of Assets and Liabilities
Agreement dated as of December 22, 2003 between Sofidiv SAS and Concord (the
"Acquisition Agreement"), the Borrowers have requested a waiver of a certain
provision of the Existing Credit Agreement and certain amendments to the
Existing Credit Agreement.

                  NOW, THEREFORE, for good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the parties hereto
agree as follows:

ARTICLE 1.        PARTICULAR WAIVER AND AMENDMENTS

                  Section 1.1. Capital Contribution to New Subsidiary. The
Lenders hereby waive the restriction contained in Section 8.5 of the Existing
Credit Agreement so as to permit MWC to make capital contributions of up to
76,875,000 Swiss francs in the aggregate to MGI international, Ltd., Provided
that (a) MGI International, Ltd. uses the capital contributions to make loans to
(i) Concord for the purpose of enabling Concord to consummate the transaction
contemplated by the Acquisition Agreement, (ii) other Subsidiaries (other than
the Subsidiary Guarantors) for the purpose of enabling them to consummate the
acquisition of the Ebel Assets as provided under the Acquisition Agreement and
(iii) Subsidiaries in connection with the Core Business; and (b) MGI
International, Ltd. is and remains a wholly-owned Subsidiary of MWC. Such waiver
is limited strictly as written and shall not apply to, or entitle the Borrowers
(or any of them) to any waiver or consent in respect of, any other or further
noncompliance with the same or any other provision of the Existing Credit
Agreement, now or on any future occasion.

                  Section 1.2. Debt Limitation. Section 8.1 (d) of the Existing
Credit Agreement is hereby amended so as to read as follows:

                           (d) Debt of the Parent to any Subsidiary; and Debt of
                  any Subsidiary to the Parent or to another Subsidiary,
                  provided that the aggregate amount at any time outstanding of
                  all Debt of Subsidiaries to the Parent or to other
                  Subsidiaries does not exceed the sum of (i) the outstanding
                  amount of the loan in the amount of 61,500,000 Swiss francs
                  made by MGI international, Ltd. to Concord for the purpose of
                  enabling Concord to consummate the transaction contemplated by
                  the Acquisition Agreement, plus (ii) twenty percent (20%) of
                  Consolidated Tangible Net Worth at the time of determination."

                  Section 1.3. New Defined Term. Section 1.1 of the Existing
Credit Agreement is hereby amended by adding thereto the following defined term:

<PAGE>

                           "Acquisition Agreement' means the Share Purchase and
                  Transfer of Assets and Liabilities Agreement as of December
                  22, 2003 between Sofidiv SAS and Concord,"

                  Section 1.4. List of Subsidiaries. The list of Subsidiaries
of the Parent set forth on Schedule III of the Existing Credit Agreement is
hereby amended by adding thereto the following, each of which is formed under
the of the jurisdiction opposite Its name:

                       Ebel, SA - Switzerland
                       SwissWave Europe SA - France
                       MGI International, Ltd. - Bermuda
                       Ebel Deutsehland gmbh - Germany
                       Swissam UK Limited - United Kingdom
                       SA de l'lmmeuble, rue de la Paix 101 - Switzerland

The last sentence of such Schedule III applies to each of the foregoing
Subsidiaries; provided, however, that the shares of Ebel, SA will not be owned
by the Parent or any of its Subsidiaries until the closing of the acquisition by
Concord of Ebel, SA.

                  Section 1.5. Change in Address. The address of JPMorgan Chase
Bank set forth on its signature page of the Existing Credit Agreement is hereby
amended by changing the phrase "Attention: Mr. Leonard D. Noll" (in the three
places such phrase appears) to "Attention: Mr. Dennis McSherry".

ARTICLE 2. MATTERS GENERALLY

                  Section 2.1. Fee. Contemporaneously with the execution and
delivery of this Waiver and Amendment, the Borrowers shall pay a nonrefundable
waiver fee to the Administrative Agent for the Rateable benefit of the Lenders
in the aggregate amount of $37,500. Such fee shall be in addition to all other
amounts required to be paid by the Borrowers under the Existing Credit Agreement
and this Waiver and Amendment.

                  Section 2.2. Representations and Warranties. Each of the
Borrowers hereby represents and warrants as follows (provided, however, that
such representations and warranties by each Foreign Subsidiary Borrower shall be
as to such Foreign Subsidiary Borrower only):

                           (a)      All the representations and warranties set
                  forth in the Existing Credit Agreement and in the other
                  Facility Documents are true and complete on and as of the date
                  hereof (with the same effect as though made on and as of such
                  date).

                           (b)      No Default or Event of Default exists.

                           (c)      No Borrower has any offset or defense with
                  respect to any of its obligations under the Existing Credit
                  Agreement or any of the Notes or any other Facility Document,
                  and no Borrower has any claim or counterclaim against any
                  Lender, the Swingline Bank, the issuing Bank or the
                  Administrative Agent whatsoever (any such offset, defense,
                  claim or counterclaim as may now exist being hereby
                  irrevocably waived by the Borrowers).

                           (d)      This Waiver and Amendment has been duly
                  authorized, executed and delivered by the Borrowers.

                  Section 2.3. Guarantor Consent. The Subsidiary Guarantors
shall execute this Waiver and Amendment in the space provided below to indicate
their consent to the terms of this Waiver and Amendment.

                                       2
<PAGE>

                  Section 2.4. Expenses. The Borrowers shall pay all reasonable
expenses incurred by the Administrative Agent in connection with this Waiver and
Amendment, including (without limitation) the reasonable fees and disbursements
of counsel for the Administrative Agent.

                  Section 2.5. Continuing Effect. Except as otherwise expressly
provided in this Waiver and Amendment, all the terms and conditions of the
Existing Credit Agreement shall continue in full force and effect. All the other
Facility Documents also shall continue in full force and effect.

                  Section 2.6. Entire Agreement. This Waiver and Amendment
constitutes the entire of the parties hereto with respect to a waiver or
amendment of the Existing Credit Agreement pertaining TO the subject matter
hereof, and it supersedes and replaces all prior and contemporaneous
agreements, discussions and understandings (whether written or oral) with
respect to such waiver and amendment.

                  Section 2.7. Counterparts. This Waiver and Amendment may be
executed in two or more counterparts, each of which shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.

                  Section 2.8. Effectiveness. This Waiver and Amendment shall
not become effective unless and until it shall have been executed and delivered
by the Borrowers, the Administrative Agent and the Lenders (which execution and
delivery may be evidenced by telecopies).

                  IN WITNESS WHEREOF, the parties hereto have executed this
Waiver and Amendment as of the day and year first above written.

                                   MOVADO GROUP, INC.

                                   By: /s/ Frank V. Kimick
                                       -----------------------------------------
                                       Name (Print): Frank V. Kimick
                                       Tile: VP & Treasurer

                                   CONCORD WATCH COMPANY S.A.

                                   By: /s/ Kurt Burki
                                       -----------------------------------------
                                       Name (Print): Kurt Burki
                                       Title: President

                                   By: /s/ Emre Kurtoglu
                                       -----------------------------------------
                                       Name (Print): Emre Kurtoglu
                                       Title: Director of Finance

                                   MOVADO WATCH COMPANY SA

                                   By: /s/ Kurt Burki
                                       -----------------------------------------
                                       Name (Print): Kurt Burki
                                       Title: President

                                   By: /s/ Emre Kurtoglu
                                       -----------------------------------------
                                       Name (Print): Emre Kurtoglu
                                       Title: Director of Finance

                                       3
<PAGE>

                                   JPMORGAN CHASE BANK, as Administrative Agent,
                                   as Lender, as Swingline and as Issuing Bank

                                   By: /s/ Dennis Mc Sherry
                                       -----------------------------------------
                                       Dennis Mc Sherry
                                       Vice President

                                   FLEET NATIONAL BANK

                                   By: /s/ John C. Auth
                                       -----------------------------------------
                                       John C. Auth
                                       Vice President

                                   THE BANK OF NEW YORK

                                   By: /s/ Susan M. Graham
                                       -----------------------------------------
                                       Susan M. Graham
                                       Vice President

                                   CITIBANK, N.A.

                                   By: /s/ Anthony V. Pantina
                                       -----------------------------------------
                                       Anthony V. Pantina
                                       Vice President

CONSENTED TO BY SUBSIDIARY GUARANTORS:

MOVADO RETAIL GROUP, INC.

By: /s/ Timothy F. Michno
    ---------------------------------
    Name (Print): Timothy F. Michno
    Title: General Counsel

MOVADO LLC

By: /s/ Timothy F. Michno
    ---------------------------------
    Name (Print): Timothy F. Michno
    Title: General Counsel

                                       4

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