Document:

Exhibit 10.25

 

2nd
AMENDED AND RESTATED 

SHAREHOLDERS’
AGREEMENT 

Of

Trademark
License Agreement

 

Date:
March 29, 2021.

 

Parties:

(1)
Yoshitsu Co., Ltd. (“Licensor”)

(2)
Tokyo Lifestyle Ltd. (“Licensee”)

 

Operative
Provisions:

 

Article
1 Definitions

 

	1.1	“License”
                                            shall mean the license of Trademarks (as defined below) granted by Licensor to Licensee under
                                            Article 2 of this Agreement.
	 	 
	1.2	“Products”
                                            shall mean the products sold by Licensor to Licensee under Sales Agreement (as defined below).
	 	 
	1.3	“Sales
                                            Agreement” shall mean the Basic Sales and Purchase Agreement entered into by and between
                                            the parties hereto as of March 29, 2021.
	 	 
	1.4	“Territory” shall mean Hong Kong.
	 	 
	1.5	“Trademarks” shall mean Licensor’s trademark(s)
as described in Exhibit.

 

Article
2 Grant of License

 

	2.1	During
                                            the term of this Agreement and subject to the terms and conditions stated herein, Licensor
                                            grants to Licensee a revocable license and non-exclusive right to use the Trademarks in the
                                            Territory solely for the purpose of selling, promoting sales of, and performing post-sale
                                            and other support relating to, the Products, provided that any use of the Trademarks must
                                            be, in the absolute opinion of the Licensor, considered to be appropriate. This grant of
                                            License shall be treated as Licensor’s permission under Article 11.1 of Sales Agreement.
	 	 
	2.2	Must
                                            purchase 75% of the products in Yoshitsu Co., Ltd. or more than 75% of the products as the
                                            standard.
	 	 
	2.3	Provide
                                            company financial statements every quarter for both parties to know.

 

Article
3 Exclusion of Trademark Right Infringement

 

	3.1	When
                                            you become aware that a third party without legitimate authority infringes or may infringe
                                            the Trademark Right, you immediately eliminate or eliminate the infringement. You must prevent
                                            it and notify us to that effect.

 

Article
4 Obligation to Cooperate

 

	4.1	First
                                            Party shall cooperate in good faith with Second Party regarding matters arising from the
                                            permission of the normal use right by Second Party.

 

Article
5 Notice of Usage Mode and Change of Usage Mode

 

	5.1	When
                                            using this trademark right, you will notify us in advance of the mode of the trademark used.
                                            Notify when the usage mode is changed.
	 	 

	5.2	Whenever
                                            you sell a new product that should use the registered trademark of this trademark right,
                                            you will notify us to that effect.

 

    

     

    

 

Article
6 Transfer of Trademark Right

 

		6.1	If
                                            we transfer this trademark right to a third party other than you, we will notify you in advance.

 

Article
7 Prohibition of Transfer of Normal use Right to a Third Party and Permission of use

 

	7.1	Second
                                            Party shall not transfer the normal usage right to a third party.
	 	 
	7.2	Second
                                            Party shall not permit a third party to use a registered trademark for which a normal license
                                            has been granted.

 

Article
8 Cancellation of This Contract

 

	8.1	If
                                            one of the parties to this Agreement fails to meet the obligations set forth in this Agreement,
                                            the other party may urge them to do so and may terminate this Agreement if they do not perform
                                            within one month after the notification.
	 	 
	8.2	If
                                            the party who canceled this contract in the preceding paragraph suffers damages, it does
                                            not prevent the other party from claiming damages.

 

Article
9 Dispute Resolution With a Third Party

 

		9.1	If
                                            a dispute arises between you and a third party in connection with the license of this trademark
                                            right, you will immediately report it to us and cooperate with us to resolve the dispute.

 

Article
10 Request for Trial of Trademark Right

 

		10.1	Second
                                            Party will not take any action that is disadvantageous to us, such as a request for a trial
                                            for cancellation of trademark right registration or a request for a trial for invalidation
                                            of trademark registration, regardless of whether the Trademark is direct or indirect.

 

Article
11 Consultation Clause

 

	11.1	If there is any doubt about the operation or interpretation
of this contract or matters not stipulated in this contract, First Party and Second Party shall discuss and handle it in good faith.

 

[Signatures
in the following page]

 

    2

     

    

 

YOSHITSU
CO., LTD.

 

	/s/ Kanayama Mei 	 
	Name: 	Kanayama Mei	 
	Title:	Representative Director	 

 

Tokyo
Lifestyle Ltd.

 

	/s/ Kanayama Mei 	 
	Name: 	Kanayama Mei	 
	Title:	Director	 

 

Exhibit

 

    3

     

    

 

Trademarks

 

	 	Country
    	Trademark	Class
    	Registration
    No.	Registration
    Date
	1	Japan	Tokyo
    Lifestyle	3,
    5, 35, 44	6264856	1/7/2020

    

	2	Hong
    Kong	Tokyo
    Lifestyle	35	304969081	21/2/2020
	3	Japan	東京生活館	3,5,
    44	5855378

    5855379
	7/8/2015
	4	Hong
    Kong	東京生活館	3,
    5, 35, 44	304300073	24/4/2018
	5	Japan	東京生活館	35	5865658

    5868655
	8/7/2016

 

 

4Exhibit 10.26

 

Trademark License Agreement

 

Date: March 17, 2021

 

Parties:

 

	(1)	Yoshitsu Co., Ltd. (“Licensor”)
	 	 
	(2)	Fancy Lifestyle Ltd (“Licensee”)

 

Operative Provisions:

 

Article 1Definitions

 

	1.1	“License” shall mean the license of Trademarks (as defined below) granted by Licensor to Licensee
under Article 2 of this Agreement.
	 	 
	1.2	“Products” shall mean the products sold by Licensor to Licensee under Sales Agreement (as
defined below).
	 	 
	1.3	“Sales Agreement” shall mean the Basic Sales and Purchase Agreement entered into by and between
the parties hereto as of March 17, 2021.
	 	 
	1.4	“Territory” shall mean United Kingdom.
	 	 
	1.5	“Trademarks” shall mean Licensor’s trademark(s)
as described in Exhibit.

 

Article 2Grant of License

 

	2.1	During the term of this Agreement and subject to the terms and conditions
stated herein, Licensor grants to Licensee a revocable license and non-exclusive right to use the Trademarks in the Territory solely
for the purpose of selling, promoting sales of, and performing post-sale and other support relating to, the Products, provided that any
use of the Trademarks must be, in the absolute opinion of the Licensor, considered to be appropriate.i
This grant of License shall be treated as Licensor’s permission under Article 12.2 of Sales Agreement.
	 	 
	2.2	As a condition of the License, Licensee shall: (i) operate its business in compliance with all applicable
laws and regulations and in a manner designed to protect and enhance the reputation and goodwill associated with the Trademarks;
and (ii) comply with Licensor’s instructions given from time to time.
	 	 
	2.3	The Licensor may, at its sole and absolute discretion and upon unilateral written notice to the Licensee,
withdraw any License.
	 	 
	2.4	Licensee shall not have the right to sublicense any of the rights granted hereunder.
	 	 
	2.5	The scope of the License is strictly limited to its terms of grant. No other license or right is hereby
granted to the Licensee by implication or otherwise with respect to the Trademarks not specifically stated in this Agreement.
	 	 
	2.6	For the avoidance of doubt, the Licensor shall be at liberty to use or grant to any third parties any
license to use the Trademarks anywhere in the Territory.

 

     

     

    

 

Article 3Royalty

 

	3.1	In consideration for the License granted by Licensor hereunder, Licensee shall, within thirty (30) days
after the execution date hereof, pay Licensor a one-time royalty of ¥60,000 Japan Yen per month.
	 	 
	3.2	Royalty payment from Licensee to Licensor hereunder shall be made by telegraphic transfer to a bank account
designated by Licensor. Licensee shall be responsible for all the fees charged by banks in connection with such telegraphic transfers.
	 	 
	3.3	If Licensee fails to pay any amounts in full when due, Licensee shall pay default interest on the outstanding
amount at the rate of 14.6% per annum from the date following the due date to the date on which the outstanding amount is paid in full
together with accrued interest.
	 	 
	3.4	In case where this Agreement is terminated or expires for any reason, the royalty payment having been
made under Article 3 shall not be refundable.
	 	 
	3.5	All sales, consumption, value-added, or similar taxes assessed on the royalty payments shall be borne
by Licensee. If relevant laws or regulations require Licensee to withhold from the royalty payments any income taxes imposed on Licensor,
Licensee shall comply with such requirement and provide Licensor with the related tax withholding certificates.

 

Article 4Ownership

 

	4.1	Notwithstanding Licensor's grant to Licensee of the License under this Agreement, it is expressly agreed
by the parties hereto that Licensor is and will continue to be the holder of any and all Trademarks and the Licensee shall not acquire
any title, interest, right or other benefits in the Trademarks or goodwill as a result of this Agreement and/or the Licensee’s use
of them. Any goodwill derived from the use by the Licensee of the Trademarks shall vest in and accrue to the Licensor.
	 	 
	4.2	Licensee shall neither, during the term and after the expiration or termination hereof, register or assist
any third party to register the Trademarks in any jurisdiction nor institute or maintain or assist any third party to institute or maintain
any action or proceeding to dispute the validity of any of the Trademarks or other proprietary rights relating to any of the Trademarks
or the Products.

 

    2

     

    

 

	4.3	Licensee shall immediately notify Licensor in writing if Licensee receives notice, or is informed, of
any legal proceeding, demand, etc. in relation to the Trademarks from or by any third party, or is aware of (i) any actual, suspected
or threatened infringement of any of the Trademarks, (ii) any actual or threatened claim that any of the Trademarks is invalid, (iii)
any actual or threatened opposition to any of the Trademarks, (iv) any claim made or threatened that use of any of the Trademarks infringes
the rights of any third party, (v) any person applying for, or is granted, a registered trademark by reason of which that person may be,
or has been, granted rights which conflict with any of the rights granted to the Licensee under this Agreement, (vi) or any other form
of attack, charge or claim to which any of the Trademarks may be subject. The Licensor shall decide, in its sole discretion, what action
should be taken. The Licensee shall not make any admissions other than to the Licensor and shall cooperate fully with Licensor and execute
such documents and perform such actions as may, in Licensor’s judgment, be necessary, appropriate or advisable in the defense of
such legal proceeding, demand, etc., and/or in order to protect and maintain Licensor’s rights in the Trademarks. The Licensor shall
be entitled to retain all sums recovered in any action for its own account.

 

Article 5Liability and Indemnification

 

	5.1	Licensor shall not be liable to Licensee, its affiliates or clients, or their respective shareholders,
officers, directors, representatives, employees, agents, successors or assigns for any damages (including but not limited to direct, indirect,
consequential, incidental, or special damages) arising from or related to Licensee’s use of the Trademarks or any other matter related
to this Agreement.
	 	 
	5.2	Licensee shall indemnify, keep fully indemnified on demand and hold harmless Licensor, its affiliates
and clients, and their respective shareholders, officers, directors, representatives, employees, agents, successors and assigns, from
any claims brought against, losses, liabilities, damages, payments, costs, charges, expenses and taxation (including any direct, indirect
or consequential losses, loss of profit and loss of reputation) and all other reasonable professional costs and expenses which any of
them may suffer from time to time on account of the use of the Trademarks or any other act or omission of or by Licensee, its affiliates
or clients, and their respective shareholders, officers, directors, representatives, employees or agents.

 

    3

     

    

 

Article 6Term and Termination

 

	6.1	This Agreement shall be effective from March 26, 2021 until March 25, 2022
	 	 
	6.2	Licensor may terminate this Agreement at any time without any reason upon no less than five (5) days prior
written notice to Licensee.

 

Licensor may
terminate this Agreement immediately upon delivery of written notice of termination to Licensee if any of the following events occur:

 

		(i)
	termination of the Sales Agreement for whatever reason,
	 	 	 

		(ii)	discontinuation (whether voluntary or not) of business of the
Licensee,
	 	 	 

		(iii)	material change in the shareholding structure of the Licensee which the Licensor shall have the absolute
discretion to determine,
	 	 	 
		(iv)	Licensee’s misuse of the Trademarks, or any other conduct materially impairing the goodwill or reputation
associated with the Trademarks and/or the Licensor which the Licensor shall have the absolute discretion to determine,
	 	 	 
		(v)	Licensee’s violation or threatened violation of this Agreement,
	 	 	 
		(vi)	upon the Licensee assigning or transferring or attempting to assign or transfer its rights under this
Agreement other than with the prior written consent of the Licensor or in accordance with this Agreement
	 	 	 
		(vii)	final judgment against Licensee in any civil, criminal, or administrative action alleging fraud, embezzlement,
unfair trade practices or any other violation of any law or regulation,
	 	 	 
		(viii)	Licensee’s insolvency or general assignment for the benefit of creditors, or appointment of a liquidator,
trustee or similar officer with authority over Licensee’s assets or filing of a petition for any insolvency procedure of Licensee,
or
	 	 	 
		(ix)	any other event similarly showing the deterioration of Licensee’s financial conditions.

 

	6.3	Termination or expiration of this Agreement for any reason shall not relieve Licensee of duties under
provisions that expressly or by their nature survive termination or expiration. Upon termination or expiration, all rights granted to
Licensee hereunder shall immediately and automatically terminate or revert to Licensor. In addition, Licensee shall: (i) immediately pay
any and all outstanding royalty and other amounts owed to Licensor; (ii) permanently cease using, directly or indirectly, in any manner
whatsoever, all Trademarks and any name, mark, logo or other description similar to the Trademarks, and not do anything that may possibly
suggest, indicate or otherwise insinuate that Licensee is, was, or will be, associated with Licensor.
	 	 

	6.4	Articles 3, 4, 5, 6.3, 6.4 and 8 shall survive any termination or expiration of this Agreement.

 

    4

     

    

 

Article 7Assignment

 

	7.1	Licensee shall not assign, transfer, sub-contract or in any other manner make over to any third party
the benefit and/or burden of this Agreement without the prior written consent of the Licensor.
	 	 
	7.2	For the avoidance of doubt, Licensor may at its sole discretion assign, transfer, sub-contract or in any
other manner make over the benefit and/or burden of this Agreement.
	 	 
	7.3	In the event of a permitted assignment of this Agreement, this Agreement shall be binding upon such successor
or assignee and the name of a party appearing herein shall be deemed to include the names of any such successor or assignee.

 

Article 8Dispute Resolution

 

	8.1	This Agreement shall be governed by the laws of Japan.
	 	 
	8.2	Any and all disputes arising in connection with this Agreement shall be subject to the exclusive jurisdiction
of Tokyo District Court of Japan in the first instance.

 

    5

     

    

 

Yoshitsu Co., Ltd.

 

/s/ Kanayama Mei 

 

Name: Kanayama Mei

Title: Representative Director

 

Fancy Lifestyle Ltd

 

/s/ Xiaonan Xie, Shuang Liu 

 

Name: Xiaonan Xie, Shuang Liu

Title: Director

 

Exhibit

 

    6

     

    

 

Trademarks

 

	 	Country 	Trademark	Class 	Registration No.	Registration Date
	1	UK	REIWATAKIYA	35	UK00003441105	
    1/11/2019

 

 

7

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