Document:

EXCISED VERSION OF EXHIBIT
10.139

      

      EXHIBIT
10.139: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.139 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

      

      LICENSE
AGREEMENT

      

      BETWEEN

      

      MONTBLANC-SIMPLO
GMBH

      

      AND

      

      INTER
PARFUMS SA

      
        
           

        

        
          Page 1 of
52

          
            

          

        

        
           

        

      

      

      
        
          
            	
                    CONTENTS

                  	 
      	
                    PAGE

                  
	 
      	 
      	 
      
	
                    1.

                  	 
      	
                    DEFINITIONS

                  	 
      	
                    4

                  
	
                    2.

                  	 
      	
                    LICENSE

                  	 
      	
                    6

                  
	
                    3.

                  	 
      	
                    COMPENSATION
      TO LICENSOR

                  	 
      	
                    7

                  
	
                    4.

                  	 
      	
                    PRODUCTS
      AND QUALITY CONTROL

                  	 
      	
                    10

                  
	
                    5.

                  	 
      	
                    ADVERTISING,
      MARKETING AND SALES PROMOTION

                  	 
      	
                    13

                  
	
                    6.

                  	 
      	
                    DISTRIBUTION

                  	 
      	
                    16

                  
	
                    7.

                  	 
      	
                    TERM
      AND TERMINATION

                  	 
      	
                    18

                  
	
                    8.

                  	 
      	
                    TRADEMARKS
      AND OTHER INTELLECTUAL PROPERTY RIGHTS

                  	 
      	
                    21

                  
	
                    9.

                  	 
      	
                    EXCLUSIVITY

                  	 
      	
                    25

                  
	
                    10.

                  	 
      	
                    PRODUCT
      LIABILITY

                  	 
      	
                    26

                  
	
                    11.

                  	 
      	
                    CONFIDENTIALITY

                  	 
      	
                    26

                  
	
                    12.

                  	 
      	
                    NOTICES

                  	 
      	
                    28

                  
	
                    13.

                  	 
      	
                    ASSIGNMENT

                  	 
      	
                    29

                  
	
                    14.

                  	 
      	
                    ENTIRE
      AGREEMENT, MODIFICATION

                  	 
      	
                    29

                  
	
                    15.

                  	 
      	
                    APPLICABLE
      LAW, JURISDICTION

                  	 
      	
                    29

                  
	
                    16.

                  	 
      	
                    REMEDIES,
      NO WAIVER

                  	 
      	
                    30

                  
	
                    17.

                  	 
      	
                    SEVERABILITY

                  	 
      	
                    30

                  
	
                    18.

                  	 
      	
                    SECTION
      HEADINGS

                  	 
      	
                    30

                  
	
                    19.

                  	
                      

                  	
                    FORCE
      MAJEURE

                  	
                      

                  	
                    30

                  

          

        

      

      

      
        
          
            	
                    Annex
      A

                  	 
      	
                    Trademarks

                  
	
                    Annex
      B

                  	 
      	
                    Quality
      Criteria

                  
	
                    Annex
      C

                  	 
      	
                    Form
      of Royalty Report

                  
	
                    Annex
      D

                  	 
      	
                    Selective
      Distribution Criteria

                  
	
                    Annex
      E

                  	 
      	
                    Annual
      Marketing Plan

                  
	
                    Annex
      F

                  	 
      	
                    KEY
      MARKETS

                  
	
                    Annex
      G

                  	 
      	
                    CSR
      Code and Code of Ethics

                  
	
                    Annex
      H

                  	 
      	
                    A&P
      expenses report

                  
	
                    Annex
      I

                  	
                      

                  	
                    Draft
      Termination
Agreement

                  

          

        

      

      
        
           

        

        
          Page 2 of
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      LICENSE
AGREEMENT

      

      BETWEEN

      

      MONTBLANC-SIMPLO
GMBH

      a company
incorporated under the laws of Germany, having its registered office at
Hellgrundweg 100, 22525 Hamburg, Germany

      

      represented
by Mr. Lutz BETHGE, its Managing Director, and Mr. Roland A. HOEKZEMA, its EVP
Finance & Services - CFO, each duly empowered

      

      hereinafter
referred to as “LICENSOR”

      

      AND

      

      INTER
PARFUMS SA

      a company
incorporated under the laws of France, registered under RCS Paris B
350 219 382, having its registered offices at 4 Rond-point des
Champs-Elysées 75008 Paris, France,

      

      Represented
by Mr. Philippe BENACIN, Président Directeur Général, duly
empowered.

      

      hereafter
referred to as “LICENSEE”

      

      PREAMBLE

      

      
        	
                A.

              	
                WHEREAS,
      LICENSOR and/or its RELATED COMPANIES (as hereinafter defined) are the
      owners of the TRADEMARKS (as hereinafter defined) and), the tradename
      “Montblanc” (hereinafter “TRADENAME”), and the goodwill and reputation
      associated with them and designs, manufactures, distributes and sells
      under the TRADEMARKS luxury goods, in particular high quality watches,
      jewellery, writing instruments leather goods and
    accessories.

              

      

      

      
        	
                B.

              	
                WHEREAS,
      LICENSOR has the right to grant the exclusive right to use the TRADEMARKS
      and the TRADENAME in connection with the marketing of luxury fragrance and
      cosmetic products throughout the world in accordance with the terms and
      conditions of this AGREEMENT and to grant a license for the use of the
      TRADEMARKS as provided herein.

              

      

      

      
        	
                C.

              	
                WHEREAS,
      LICENSEE desires to obtain the right to use the TRADEMARKS and the
      TRADENAME on and in connection with the development, manufacture and sale
      of the PRODUCTS (as hereinafter defined) throughout the world in
      accordance with the terms and conditions of this
  AGREEMENT.

              

      

      

      
        	
                D.

              	
                WHEREAS,
      LICENSOR is willing to grant LICENSEE the right to use the TRADEMARKS and
      the TRADENAME on and/or in connection with the manufacture and sale of the
      PRODUCTS (as hereinafter defined) throughout the TERRITORY on the terms
      and conditions hereinafter
provided.

              

      

      
        
           

        

        
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                E.

              	
                LICENSEE
      is informed of the current licence agreement for Products under the
      Trademarks (both as hereinafter defined) with Cosmopolitan Cosmetics GmbH
      and the parties agree that this Agreement shall only enter into force if
      and when the current licence agreement with Cosmopolitan Cosmetics GmbH
      will have been terminated. It is further agreed by the
      parties that this Agreement shall not enter into force and be null and
      void if no Termination Agreement (based substantially on the template
      attached as Annex
      I) is reached with
      the current licensee by [_________________]1 with effect as per June 30,
      2010.

              

      

      

      THEREFORE,
IN CONSIDERATION OF THE SAID PREMISES AND THE MUTUAL PROMISES AND COVENANTS
CONTAINED HEREIN, THE PARTIES AGREE AS FOLLOWS:

      

      
        	
                1.

              	
                DEFINITIONS

              

      

      

      Unless
the context otherwise requires, the following terms shall have the following
meanings:

      

      
        	
                1.1

              	
                “AGREEMENT”
      shall mean this License Agreement including all Annexes and Exhibits
      hereto, as the same may be amended, supplemented or modified in accordance
      with Section
      14 hereof;

              

      

      

      
        	
                1.2

              	
                “COMMENCEMENT
      DATE” shall mean 1 July 2010;

              

      

      

      
        	
                1.3

              	
                “CONTRACTUAL
      YEAR” shall mean the period commencing on the COMMENCEMENT DATE and ending
      December 31, 2010 and thereafter any subsequent period of twelve months
      commencing on January 1st,
      and ending on the following December 31st;

              

      

      

      
        	
                1.4

              	
                “TRADEMARKS”
      shall mean the trademarks “Montblanc” and/or other trademarks [including
      logo / star device], as represented and listed in Annex A Part 1 and
      2 hereto, together with any further names, symbols or marks which
      the parties may agree to introduce in accordance with the provisions of
      this AGREEMENT for the purpose of applying to the PRODUCTS, and shall
      include (but not be limited to) the various registrations thereof which
      have been obtained, which are pending, or which may be obtained, as are
      relevant to the PRODUCTS;

              

      

      

      
        	
                1.5

              	
                “BOTTLES”
      shall mean the bottles or other containers (including, but without
      limitation, tubes, vials, jars, caps, etc.) for the PRODUCTS in which the
      PRODUCTS are sold;

              

      

      

      
        	
                1.6

              	
                “FORMULAE”
      shall mean the formulae relevant to the PRODUCTS, including but not
      limited the formula of the scent of the
  PRODUCTS;

              

      

      

      
        	
                1.7

              	
                “PRESENTATION”
      shall mean all trademarks, get-up, designs, advertising, merchandising,
      point of sale, promotional and packaging (including labelling) material
      appearing upon or used in relation to the
  PRODUCTS;

              

      

      

        
          

        

      

      
        1
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.1.

      

      
        
           

        

        
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                1.8

              	
                “PRODUCTS”
      shall mean such luxury fragrance for men and women as well as shower gel,
      body lotion and aftershave ancillaries, to the exclusion of any other
      products, such as but not limited to home fragrances, make-up and/or any
      other cosmetic products as shall be launched in accordance with the
      provisions of this AGREEMENT, that LICENSEE may market, distribute and
      sell in connection with the TRADEMARKS and/or the TRADENAME pursuant to
      the terms and conditions of this
AGREEMENT;

              

      

      

      "EXISTING
PRODUCTS" shall mean such fragrance products, which are manufactured and
distributed by LICENSOR's prior licensee (Cosmopolitan Cosmetics GmbH),
i.e.:

      

      Women
Fragrances:

      
        	
                 
      

              	
                -

              	
                FEMME
      DE MONTBLANC

              

      

      
        	
                 
      

              	
                -

              	
                FEMME
      INDIVIDUELLE

              

      

      
        	
                 
      

              	
                -

              	
                FEMME
      INDIVIDUELLE SOUL AND SENSES

              

      

      
        	
                 
      

              	
                -

              	
                PRESENCE
      D’UNE FEMME

              

      

      
        	
                 
      

              	
                -

              	
                PRESENCE
      D'UNE FEMME INTENSE

              

      

      

      Men
Fragrances:

      
        	
                 
      

              	
                -

              	
                PRESENCE

              

      

      
        	
                 
      

              	
                -

              	
                PRESENCE
      COOL

              

      

      
        	
                 
      

              	
                -

              	
                INDIVIDUEL

              

      

      
        	
                 
      

              	
                -

              	
                STARWALKER

              

      

      
        	
                 
      

              	
                -

              	
                HOMME
      EXCEPTIONNEL

              

      

      

      
        	
                1.9

              	
                “TECHNICAL
      INFORMATION” shall mean any and all know-how and retail information in
      connection with, for example, creative and technical input with respect to
      design, image, corporate identity, brand direction, advertising, marketing
      and promotion (including LICENSOR’S global marketing policy) relating to
      the PRODUCTS;

              

      

      

      
        	
                1.10

              	
                “QUALITY
      CRITERIA” shall mean the quality criteria as outlined in Annex B
      attached hereto which may be amended with both parties’ written agreement
      (Section 14.2 below) and shall be consistent with the prestige of the
      TRADEMARKS, the TRADENAME and the goodwill and reputation associated with
      them;

              

      

      

      
        	
                1.11

              	
                “BEST
      LOCAL WHOLESALE PRICE” shall, for the purpose of Section 6.5
      below mean the lowest price of the first sale of the PRODUCTS from
      LICENSEE or a RELATED COMPANY of LICENSEE to any third party which is not
      a RELATED COMPANY of LICENSEE, may that be a distributor or a retailer, in
      each relevant market;

              

      

      

      
        	
                1.12

              	
                “LICENSOR’S
      OUTLETS” shall mean those shop-in-shops, corners, concessions and free
      standing boutiques (including in duty free zones) which are owned,
      operated or managed by LICENSOR, by any of its RELATED COMPANIES and/or by
      a third party under the TRADENAME;

              

      

      

      
        	
                1.13

              	
                “TERRITORY”
      shall mean all countries and territories throughout the world, including
      duty free zones;

              

      

      
        
           

        

        
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                1.14

              	
                “NET
      SALES” shall mean the prices invoiced by LICENSEE and any of its RELATED
      COMPANIES on the first sale of PRODUCTS in the ordinary course of business
      to a non-RELATED COMPANY, after deduction of any sales taxes imposed on
      LICENSEE directly in respect of the PRODUCTS, credits, product returns,
      trade or cash discounts (including year-end discounts), provided that the
      aggregate of such deductions shall not exceed such amount as would be
      normal business practice in relation to the sale of luxury fragrance and
      grooming products of comparable prestige and price to the PRODUCTS. For
      the avoidance of any doubt, NET SALES shall not include sales of point of
      sale material and/or promotional materials, including but not limited to
      testers, minis, samples, show cards and
windows.

              

      

      

      
        	
                1.15

              	
                “RELATED
      COMPANIES” shall mean any parent or subsidiary of any of the parties or
      any company affiliated with or related to any of them or a party or any
      company under common control with any of
them;

              

      

      

      
        	
                1.16

              	
                “KEY
      MARKETS” shall mean the territories listed in Annex
      F.

              

      

      

      
        	
                1.17

              	
                “PROJECTED
      NET SALES” shall mean the projected net sales figure for the PRODUCTS in
      any calendar year as contained in the annual marketing plan relevant for
      that calendar year (Annex
      E);

              

      

      

      
        	
                1.18

              	
                “MATERIAL
      CHANGE” shall mean any change which will be perceptible by the
      consumer.

              

      

      

      
        	
                2.

              	
                LICENSE

              

      

      

      
        	
                2.1

              	
                LICENSOR
      hereby grants LICENSEE an exclusive license to use the TRADEMARKS and/or
      the TRADENAME in connection with the development, manufacture, sale,
      distribution, advertising, merchandising, promotion and marketing of the
      PRODUCTS in the TERRITORY for the term of the AGREEMENT in accordance with
      the conditions set out below. LICENSEE shall be entitled to use the
      TRADEMARKS set forth in Annex A Part 1
      hereto and/or the TRADENAME in connection with other trademarks and/or
      other distinctive or descriptive attributes (words, logos, devices, etc.)
      but only as LICENSOR shall first approve in accordance with Section 4.2 (in
      particular Section 4.2.2)
      and as set forth below. The goodwill generated through the sale of the
      PRODUCTS shall vest exclusively in
LICENSOR.

              

      

      

      
        	
                2.2

              	
                During
      the term of this AGREEMENT, LICENSEE shall not be authorised to use the
      TRADENAME as a company, branch or division name, nor on stationery,
      business cards etc., unless LICENSOR expressly authorized such use of the
      TRADENAME in writing and in
advance.

              

      

      

      
        	
                2.3

              	
                Subject
      to section 2.2 above, LICENSEE will inform LICENSOR about the planned
      incorporation of the TRADENAME into the company name of a RELATED COMPANY
      in good time at the latest four weeks before the respective entry in the
      Commercial Register.

              

      

      

      
        	
                2.4

              	
                Subject
      to section 2.2 above, LICENSOR will, at the request of LICENSEE,
      co-operate as required in the incorporation of the TRADENAME into the
      company name of a RELATED COMPANY of LICENSEE, and supply all necessary
      declarations or take the necessary actions, the costs of such declarations
      or actions to be reimbursed by
LICENSEE.

              

      

      
        
           

        

        
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                2.5

              	
                Promptly
      after the expiration or termination of the AGREEMENT, or if there is a
      sell-off period (Section 7.5
      below) promptly after the end of such sell-off period, LICENSEE
      agrees to procure the change of the name of a branch, division or RELATED
      COMPANY referred to in Sections 2.2 to 2.4
      by deleting the TRADENAME and ceasing to use and destroying all
      relevant headed stationary, correspondence or other printed material
      bearing the TRADENAME.

              

      

      

      
        	
                2.6

              	
                LICENSEE
      warrants that any use of the TRADENAME by a branch, division or RELATED
      COMPANY in accordance with the provisions of Section 2.2
      above will only be permitted in order to enable LICENSEE to perform its
      obligations in relation to the marketing, sale, development and
      manufacturing of the PRODUCTS under this AGREEMENT, to the exclusion of
      any other activities, and will be subject to that branch, division or
      RELATED COMPANY complying in all other respects with the terms of this
      AGREEMENT and all applicable local legal requirements relating to its
      incorporation and the conduct of its
business.

              

      

      

      
        	
                2.7

              	
                Subject
      to obtaining LICENSOR’S prior written approval and subject to the
      warranties given in Sections 10.2 to
      10.4, LICENSEE will be entitled to sell other products which are
      not PRODUCTS together with PRODUCTS, especially in combination packages,
      marketed under the TRADEMARK, or to give away other products as “gift with
      purchase” together with the PRODUCTS (hereinafter collectively called
      “OTHER PRODUCTS”). LICENSEE accepts that LICENSOR may withheld its
      approval based on considerations in relation to the image and reputation
      of the TRADEMARKS and/or the TRADENAME and/or based on limitations with
      respect to the TRADEMARKS and/or the TRADENAME and/or should the OTHER
      PRODUCT be of a company which is in competition with LICENSOR’S activity
      (that is the product category writing instruments, leather goods, watches,
      jewellery, eyewear products).

              

      

      

      
        	
                3.

              	
                COMPENSATION
      TO LICENSOR

              

      

      

      
        	
                3.1

              	
                In
      consideration of the rights granted and the services to be performed by
      LICENSOR hereunder, LICENSEE shall pay to LICENSOR during each CONTRACTUAL
      YEAR or part thereof in accordance with this Section 3 a
      royalty of [————-]2 of the NET SALES of
      all PRODUCTS sold in such CONTRACTUAL YEAR. In any event, LICENSEE
      undertakes to pay to LICENSOR the MINIMUM GUARANTEED ROYALTIES set forth
      under section 3.2 hereunder. For the avoidance of doubt, it is expressly
      accepted and confirmed by the LICENSEE that the aforesaid royalty shall
      also be paid on the NET SALES of PRODUCTS sold to
  LICENSOR.

              

      

      

        

      

      
        2
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.2.

      

      
        
           

        

        
          Page 7 of
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                3.2

              	
                LICENSEE
      agrees to pay the following guaranteed minimum royalties to LICENSOR to be
      paid in (4) equal instalments in each CONTRACTUAL YEAR (“CY”) in
      accordance with Section 3.3
      below:

              

      

      

      MINIMUM
GUARANTEED ROYALTIES

      

      
        
          
            
              	
                      Contractual Year

                    	 
      	
                      Minimum Guaranteed Royalty

                    
	
                      CY
      1 Commencement Date to Dec 31 2010

                    	 
      	
                      EUR
      [———]3

                    
	
                      CY
      2 Jan 1 to Dec 31 2011

                    	 
      	
                      EUR
      [———]4

                    
	
                      CY
      3 Jan 1 to Dec 31 2012

                    	 
      	
                      EUR
      [———]5

                    
	
                      CY
      4 Jan 1 to Dec 31 2013

                    	 
      	
                      EUR
      [———]6

                    
	
                      CY
      5 Jan 1 to Dec 31 2014

                    	 
      	
                      EUR
      [———]7

                    
	
                      CY
      6 Jan 1 to Dec 31 2015

                    	 
      	
                      EUR
      [———]8

                    
	
                      CY
      7 Jan 1 to Dec 31 2016

                    	 
      	
                      EUR
      [———]9

                    
	
                      CY
      8 Jan 1 to Dec 31 2017

                    	 
      	
                      EUR
      [———]10

                    
	
                      CY
      9 Jan 1 to Dec 31 2018

                    	 
      	
                      EUR
      [———]11

                    
	
                      CY
      10 Jan 1 to Dec 31 2019

                    	 
      	
                      EUR
      [———]12

                    
	
                      CY
      11 Jan 1 to Dec 31 2020

                    	
                        

                    	
                      EUR
      [———]13

                    

            

          

        

      

      

      For the
avoidance of doubt, the parties confirm that the minimum guaranteed royalties
shall be non-cumulative on a year-to-year (CONTRACTUAL YEARS)
basis.

      

      
        	
                3.3

              	
                LICENSEE
      shall, for each quarter of each CONTRACTUAL YEAR, pay to LICENSOR the
      greater of the cumulative amount of royalties payable under Section 3.1
      above or the cumulative minimum royalties due in that CONTRACTUAL YEAR up
      to that date less any royalties, whether payable under Section 3.1 or
      guaranteed minimum royalty payments, already paid in that CONTRACTUAL
      YEAR. These payments will be made within [———-]14 after the end of
      each calendar quarter, such quarters ending on 31 March, 30 June, 30
      September and 31 December in each CONTRACTUAL YEAR. Each payment shall be
      accompanied by a quarterly royalty report in the form as attached as Annex
      C.

              

      

      

        

      

      
        3
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.3. 

      

      
        4
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.4. 

      

      
        5
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.5. 

      

      
        6
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.6. 

      

      
        7
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.7. 

      

      
        8
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.8. 

      

      
        9
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.9. 

      

      
        10
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.10. 

      

      
        11
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.11. 

      

      
        12
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.12. 

      

      
        13
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.13. 

      

      
        14
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.14.

      

      
        
           

        

        
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                3.4

              	
                In
      addition to the quarterly royalty reports referred to in Section 3.3
      above, LICENSEE shall – if requested by LICENSOR promptly after the end of
      a calendar year – provide to LICENSOR within [———-]15 of the end of each
      calendar year a global certificate from its internal auditors certifying
      that the volume and value of sales of the PRODUCTS for that calendar year
      and that the figures contained in the quarterly royalty reports for the
      same calendar year correspond with the entries in the books of LICENSEE
      and where appropriate, any RELATED COMPANY of LICENSEE or any other entity
      under its control and certifying the global deductions from gross sales
      made to calculate the NET SALES figure for the relevant calendar year. The
      certificate shall also certify that the figures set out in the year-end
      rebate referred to in Section 6.5 are
      true and accurate. Within [———-]16 from the end of
      each calendar year, LICENSEE will nonetheless provide the LICENSOR with
      non certified sales reports. Additionally, upon request from LICENSOR,
      LICENSEE shall provide a certificate from its external auditors confirming
      that the volume and value of sales of the PRODUCTS for that calendar year
      and that the figures contained in the quarterly royalty reports reflect
      the entries in the books of LICENSEE and, where appropriate, any RELATED
      COMPANY of LICENSEE or any other entity under its control and certifying
      the global deductions from gross sales made to calculate the NET SALES
      figure for the relevant calendar.

              

      

      

      
        	
                3.5

              	
                Failure
      by LICENSEE to make payment of any royalties within [———-]17 after
      their due date shall thereafter incur accrued interest at the basic bank
      interest rate of Deutsche Bank (Hamburg) plus [———-]18 per annum. Payment
      shall be applied first against any interest which may have been accrued to
      the date of the payment and any balance against the amount of royalties
      outstanding.

              

      

      

      
        	
                3.6

              	
                All
      taxes required by law to be withheld or assessed on or with respect to the
      remittance of royalties by LICENSEE or any RELATED COMPANY hereunder
      shall, if paid by LICENSEE or any related party, be deducted from the
      amount of royalties payable to LICENSOR. LICENSEE shall furnish LICENSOR
      with documentation reflecting the amount and proof of such tax
      payments.

              

      

      

      
        	
                3.7

              	
                All
      royalties shall be paid in Euro (EUR). The exchange rate of the royalties
      from foreign currencies to Euro shall be calculated according to the
      average rate of exchange during the last month of the quarter being
      reported as published in the Financial Times under the heading “Exchange
      Cross Rate” or, in the event that the relevant calculations cannot be made
      as aforesaid, by such other exchange rate calculation formula as may be
      agreed by the parties.

              

      

      

      
        	
                3.8

              	
                LICENSEE
      shall not be obliged to pay royalties on any compensation received from
      its customers as participation on advertising and sales promotion, such as
      payments for decoration, testers and
samples.

              

      

      

        

      

      
        15
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.15. 

      

      
        16
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.16. 

      

      
        17
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.17. 

      

      
        18
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.18.

      

      
        
           

        

        
          Page 9 of
52

          
            

          

        

        
           

        

      

      

      
        	
                3.9

              	
                LICENSEE
      agrees to keep full and accurate books and records relating to the
      marketing and the sale of the PRODUCTS. LICENSEE agrees that LICENSOR
      shall have the right to inspect, audit or make copies of the books and
      records of LICENSEE and/or any RELATED COMPANIES of LICENSEE relating to
      the computation and the payment of the royalties due and owing to LICENSOR
      within [-[-[———-19 after the quarter
      in question up to [———]20 times a year at
      reasonable times and upon no less than [————]21 prior notice. This
      right terminates [———-]22 after the
      expiration or termination of this AGREEMENT for
      whatever reason.

              

      

      

      
        	
                3.10

              	
                If
      a shortfall in the ROYALTIES paid is verified, LICENSEE shall promptly pay
      to LICENSOR all additional ROYALTIES due. If the shortfall is greater than
      [———-]23 of
      the cumulative amount of ROYALTIES paid by LICENSEE for the relevant
      period, then the LICENSEE shall also pay to LICENSOR an amount equal to
      the reasonable costs and expenses of LICENSOR’S examination together with
      interest calculated in accordance with Section 3.5
      above.

              

      

      

      
        	
                4.

              	
                PRODUCTS
      AND QUALITY CONTROL

              

      

      

      
        	
                4.1

              	
                The
      parties shall collaborate in the development process of the PRODUCTS so
      that the PRODUCTS brought to the market will be consistent with the image
      of LICENSOR and the TRADEMARKS, and in conformity with the QUALITY
      CRITERIA.

              

      

      

      LICENSEE
expressly agrees to take LICENSOR’S image and reputation into consideration in
the development and the manufacturing of the PRODUCTS and ensure that the
PRODUCTS will be in accordance with LICENSOR’S image and reputation and will not
harm or diminish LICENSOR’S image and reputation and the goodwill LICENSOR has
built up with its other products.

      

      
        	
                4.2

              	
                The
      parties agree that LICENSOR shall have approval rights with regard to the
      PRODUCTS over:

              

      

      

      the
concept

      the
scent

      the
name

      the inner
and outer packaging (including but not limited to the bottles, the folding
boxes, any other packaging, tubes, vials and jars)

      

      and any
changes made thereto.

      

        

      

      
        19
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.19 

      

      
        20
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.20. 

      

      
        21
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.21. 

      

      
        22
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.22. 

      

      
        23
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.23.

      

      
        
           

        

        
          Page 10
of 52

          
            

          

        

        
           

        

      

      

      
        	
              	
                4.2.1

              	
                If
      LICENSOR does not give its approval of any of LICENSEE’S proposals with
      regard to the concept, the scent or the packaging, it shall give its
      reasons for such withholding and agrees to submit its ideas, input,
      advice, and suggestions with regard thereto to LICENSEE within [———-]24 business days
      after having received such
proposal.

              

      

      

      
        	
              	
                4.2.2

              	
                Within
      [———-]25 business days of
      receipt of LICENSEE’S request for approval of any name in accordance with
      this Section
      4.2, or any trademark and/or any other attribute in accordance with
      Section
      2.1 as well as the submission of a completed availability search by
      LICENSEE in accordance with Section 8.16
      below, LICENSOR shall notify LICENSEE which names, trademarks or
      attributes it approves or disapproves and shall give its reason for any
      disapproval.

              

      

      

      
        	
              	
                4.2.3

              	
                In
      the event of non-approval pursuant to Sub-Sections 4.2.1
      and/or 4.2.2 above, LICENSEE agrees to take LICENSOR’S comments,
      ideas, input and advice into consideration and to amend or revise its
      proposal and/or implement LICENSOR’S suggestions and submit the revised
      proposal to LICENSOR for its approval, it being understood that LICENSOR
      and LICENSEE shall use their best endeavours to closely cooperate in order
      to reach an agreement on the
PRODUCTS.

              

      

      

      
        	
              	
                4.2.4

              	
                Any
      proposal submitted to LICENSOR for approval and not disapproved within
      [———-]26 business days
      after LICENSOR having received such proposal shall be deemed to have been
      approved.

              

      

      

      
        	
                4.3

              	
                LICENSEE
      shall be responsible for ensuring that the PRODUCTS, the BOTTLES, the
      FORMULAE and the PRESENTATION comply with the agreed designs, models and
      prototypes and with all relevant laws, regulations, specifications and
      standards in force with respect thereto (in particular US and EU
      import/product regulations) and with all LICENSOR’S reasonable
      instructions relating to the PRODUCTS, in particular, their quality and
      presentation. LICENSEE will withdraw from the course of manufacture and/or
      storage and not place upon the market any PRODUCTS, which do not comply
      with the QUALITY CRITERIA, whether fully or partly
      manufactured.

              

      

      

      
        	
                 
      

              	
                LICENSEE
      further agrees and undertakes to maintain the quality of the EXISTING
      PRODUCTS at their current level.

              

      

      

      
        	
                4.4

              	
                LICENSEE
      agrees to use commercially reasonable efforts to develop the sales of the
      PRODUCTS and to launch new PRODUCT lines in the Territory at least in KEY
      MARKETS, as follows:

              

      

      

      
        	
                 
      

              	
                ·

              	
                [———-]27: new masculine
      launch

              

      

      
        	
                 
      

              	
                ·

              	
                [———-]28: New feminine
      initiative

              

      

      

        

      

      
        24
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.24. 

      

      
        25
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.25. 

      

      
        26
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.26. 

      

      
        27
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.27. 

      

      
        28
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.28.

      

      
        
           

        

        
          Page 11
of 52

          
            

          

        

        
           

        

      

      

      
        	
                 
      

              	
                ·

              	
                Between the [———-]29 new
  launch

              

      

      

      
        	
                4.5

              	
                LICENSOR
      agrees to use its best efforts to ensure that the reputation, image and
      the goodwill of the TRADEMARKS as represented in Annex A Part 1
      and/or of the TRADENAME shall retain its present standing (as of signing
      of this AGREEMENT), particularly in connection with other products
      manufactured and/or distributed under the TRADEMARKS and/or the TRADENAME
      by LICENSOR, RELATED COMPANIES of LICENSOR or other licensees,
      sub-licensees and franchisees of
LICENSOR.

              

      

      

      
        	
                4.6

              	
                LICENSEE
      will permit LICENSOR or its authorised representative at all reasonable
      times to enter the LICENSEE’S premises where the PRODUCTS are made,
      stored, distributed or sold, for the purpose of inspection thereof. In
      order to enable LICENSOR to control the quality of the PRODUCTS, LICENSEE
      agrees to submit to LICENSOR after reasonable request random samples (up
      to [———-]30 items per range of
      PRODUCTS) free of cost for
inspection.

              

      

      

      
        	
                4.7

              	
                If
      LICENSEE uses sub-manufacturers or sub-licensees, in accordance with the
      terms of this AGREEMENT for the manufacture of the PRODUCTS, LICENSEE
      shall remain liable for ensuring that the quality of the PRODUCTS remains
      in accordance with the QUALITY CRITERIA. LICENSEE shall permit or procure
      that the sub-manufacturer or sub-licensee shall permit the LICENSOR or its
      representative during normal business hours to enter any place of
      manufacture or storage occupied by or used by the sub-manufacturer or the
      sub-licensee for the purpose of inspection of the PRODUCTS and to ensure
      that the QUALITY CRITERIA are being adhered to. Provisions for this
      purpose shall be incorporated into any sub-manufacturing contract or
      sub-license granted hereunder. LICENSEE undertakes to have executed by any
      of such sub-manufacturer and sub-licensees a statement acknowledging
      LICENSOR’s intellectual property rights as provided by
      LICENSOR.

              

      

      

      LICENSEE
will use its best efforts to ensure that such suppliers which are branding any
of the components of the PRODUCTS with any of the TRADEMARKS permit the LICENSOR
or its representative either alone or together with LICENSEE or its
representative within reasonable intervals and after reasonable notice during
normal business hours to enter any place of manufacture or storage occupied or
used by such suppliers for the purpose of inspection of the PRODUCTS and to
ensure that the QUALITY CRITERIA are being adhered to.

      

      
        	
                4.8

              	
                The
      Parties agree that it is essential that the Products be able to be legally
      marked with the country of origin “Made in France”. For that purpose,
      LICENSEE undertakes that any and all Products shall be manufactured in
      such a manner as to permit such marking in accordance with country of
      origin markings and regulations and any other relevant regulation in force
      during the term of this AGREEMENT in the
  Territory.

              

      

      

      
        	
                4.9

              	
                LICENSEE
      is informed that LICENSOR and the Richemont Group have committed to comply
      with a Corporate Responsibility Code and an Ethics Code, which are
      attached hereto as Annex G.
      LICENSEE undertakes to perform its duties under this Agreement in
      compliance with the aforesaid codes at all
  times.

              

      

      

      
        

      

      
        29
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.29. 

      

      
        30
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.30.

      

      
        
           

        

        
          Page 12
of 52

          
            

          

        

        
           

        

      

      

      
        	
                5.

              	
                ADVERTISING,
      MARKETING AND SALES PROMOTION

              

      

      

      
        	
                5.1

              	
                LICENSEE
      shall, by no later than [———-]31 in
      each calendar year, communicate in writing to LICENSOR and follow such
      communication within [———-]32, or within such
      other period as the parties may agree, with a presentation for discussion
      purposes at LICENSOR’S premises, or at such other location as may be
      agreed, the following:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                its
      marketing plan for the following calendar year to include the information
      set out in Annex
      E hereto, in particular the Projected Net
  Sales;

              

      

      

      
        	
                 
      

              	
                (b)

              	
                its
      indicative Strategic Plan for the following [———-]33,
      such Strategic Plan to include a market overview, the Projected Net Sales,
      LICENSEE’S strategy and marketing objectives, a marketing calendar and
      summary of planned advertising and promotional expenditure, brand
      positioning and pricing; and

              

      

      

      
        	
                 
      

              	
                (c)

              	
                any
      new PRODUCT launch plans, if relevant, in accordance with Section 5.3
      below.

              

      

      

      LICENSEE
undertakes to grow the business (i.e. to increase Net Sales) on yearly basis by
at least [———-]34.

      

      
        	
                5.2

              	
                At
      the time LICENSEE presents its marketing plan in accordance with Section 5.1 (a)
      above, LICENSOR shall present its product marketing plan for the following
      calendar year.

              

      

      

      
        	
                5.3

              	
                The
      launch plan for each new line of PRODUCTS shall be presented at the
      relevant marketing proposal presentation referred to in Section 5.1
      above, or at a separate presentation if agreed by the
    parties.

              

      

      

      The
parties agree that the launch of the first line of PRODUCTS is scheduled for
[———-]35 and should not occur
later than [———-]36.
Both parties will undertake their best efforts to ensure that aforesaid planned
launch dates may be met.

      

      For any
new PRODUCT, LICENSEE agrees to provide LICENSOR upon launch time with [———-]37 PRODUCTS
free of charge. These PRODUCTS shall be delivered in accordance with LICENSOR's
instructions.

      

        

      

      
        31
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.31. 

      

      
        32
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.32. 

      

      
        33
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.33. 

      

      
        34
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.34. 

      

      
        35
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.35. 

      

      
        36
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.36. 

      

      
        37
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.37.

      

      
        
           

        

        
          Page 13
of 52

          
            

          

        

        
           

        

      

      

      
        	
                 
      

              	
                Furthemore,
      LICENSOR shall be entitled to receive [———-]38 free samples
      (vials) for each of LICENSOR's OUTLETS. In the event that LICENSOR
      requires additional samples, LICENSOR shall be entitled to purchase them
      at cost price.

              

      

      

      
        	
                5.4

              	
                LICENSEE
      shall be responsible for producing and circulating all advertising and
      promotional materials in the TERRITORY at its costs. LICENSEE agrees to
      take LICENSOR’S image into consideration in its advertising and promotion
      for the PRODUCTS and to ensure that the advertising and promotion for the
      PRODUCTS will be in accordance with LICENSOR’S image and reputation and
      will not harm or diminish LICENSOR’S image and reputation and the goodwill
      LICENSOR has built up with its other products. LICENSEE further agrees to
      consult with LICENSOR with regard to advertising and sales promotion and
      to take LICENSOR’S advice into due consideration in order to develop
      advertising which is consistent with the image and reputation of
      LICENSOR.

              

      

      

      
        	
                5.5

              	
                The
      parties agree that LICENSOR shall have approval rights with regard to the
      advertising and marketing for the PRODUCTS
over:

              

      

      

      the
“central” marketing materials

      the
“central” PR releases

      the
“central” advertising material

      major
public relation events

      the
"central promotion material including Gift with purchase"

      

      (“central”
means the initial core materials that will be sent by LICENSEE to international
markets for translation and adaptation to local markets. It is thereby
understood that there will be no “local” marketing, PR and advertising material
other than the translated or to the local needs adapted “central” marketing, PR
and advertising material).

      

      If
LICENSOR does not consent to any of LICENSEE’S proposals with regard to the
advertising and marketing for the PRODUCTS, it shall give its reasons for such
withholding and agrees to submit its ideas, input and advice with regard thereto
to LICENSEE within [———-]39 after having received
such proposal. LICENSEE agrees to take LICENSOR’S comments, ideas, input and
advice into consideration and amend or revise its proposal and/or implement
LICENSOR’S suggestions and submit the revised proposal to LICENSOR for approval.
LICENSOR and LICENSEE shall use their best efforts to reach a final agreement on
any advertising and promotion materials in order to be able to efficiently
support the sales of the PRODUCTS.

      

      
        	
                5.6

              	
                LICENSEE
      undertakes to spend jointly with its distributors in each calendar year a
      minimum percentage of its PROJECTED NET SALES on advertising and marketing
      of the PRODUCTS (hereinafter called “Advertising and Marketing
      Expenditure”) as follows:

              

      

      

      
        	
                 
      

              	
                -

              	
                First
      Contractual Year (or part thereof)

              	
                [———]40

              

      

      
        	
                 
      

              	
                -

              	
                Second
      Contractual Year

              	
                [———]41

              

      

      

        

      

      
        38
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.38. 

      

      
        39
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.39. 

      

      
        40
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.40. 

      

      
        41
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.41.

      

      
        
           

        

        
          Page 14
of 52

          
            

          

        

        
           

        

      

      

      
        	
                 
      

              	
                -

              	
                Third
      and any subsequent Contractual Year

              	
                [__________]42

              

      

      

      LICENSEE
and LICENSOR already agree at the date of signature hereof that the PROJECTED
NET SALES for the First Contractual Year (July 1st 2010 to
December 31st, 2010)
shall amount to [EUR
———-]43. For
the Second Contractual Year, the PROJECTED NET SALES shall amount to [EUR
———-]44.
LICENSOR and LICENSEE agree that the Advertising and Marketing Expenditure shall
increase by at least [5%]
45per
year.

      

      It is
expressly agreed and acknowledged by the LICENSEE that "Above the Line"
expenditures as well as "Below the Line" expenditures shall count towards the
Advertising and Marketing Expenditure agreed upon by LICENSEE. "Above the line"
expenditures shall include all advertising through mass media (magazines, radio,
press/print, TV, billboards, web and internet banner ads, cinema) as well as
direct production costs (agency costs, photographer, buyouts, usage rights,
modelling costs); "Below the Line" expenditures shall include cooperative
advertising (advertising related to the PRODUCTS in magazines and store
catalogues produced by or on behalf of retailers (such as Marionnaud, Sephora,
Saks), show cards, windows, dummies, POS displays, testers, demonstration, gift
with purchases, other sell-through (direct mail, consumer meetings (including
costs of independent beauty consultant incurred in respect of selling or
presenting the PRODUCTS in the point of sale), stand in department stores,
public relations (including trade shows).

      

      LICENSEE
and LICENSOR agree that the difference between the agreed upon Advertising and
Marketing Expenditure during any Contractual Year and the amounts effectively
spent by LICENSEE in such Contractual Year shall be refunded to LICENSOR within
30 calendar days of the end of the relevant Contractual Year, unless otherwise
agreed upon in writing between the Parties.

      

      Subject
to compliance with the provisions of this AGREEMENT, LICENSEE shall be free to
decide whether and to what extent the advertising and marketing activities and
methods specified in this section are to be employed.

      

      
        	
                5.7

              	
                Any
      use by LICENSEE of LICENSOR's name, trademarks, logos, OUTLETS in any
      advertising and/or promotional material shall be subject to LICENSOR’S
      prior written approval.

              

      

      

      
        	
                5.8

              	
                In
      case LICENSOR and LICENSEE intend to arrange for public relation
      statements referring to their co-operation they will beforehand consult
      with each other and harmonise words, pictures and further details of the
      public relation actions and each shall confirm in writing to the other its
      approval of the final format of such statement prior to public
      release.

              

      

      

        

      

      
        42
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.42. 

      

      
        43
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.43. 

      

      
        44
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.44. 

      

      
        45
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.45.

      

      
        
           

        

        
          Page 15
of 52

          
            

          

        

        
           

        

      

      

      
        	
                5.9

              	
                LICENSOR
      undertakes to provide LICENSEE with information about and reasonable
      quantities of representative samples of advertising and promotional
      material used by LICENSOR.

              

      

      

      
        	
                5.10

              	
                If
      requested by LICENSEE, LICENSOR agrees to inform LICENSEE about its actual
      marketing strategies and communication concepts by providing LICENSOR with
      the relevant Information. LICENSEE shall take these strategies into
      reasonable consideration for the development of the advertising and
      promotion for the PRODUCTS.

              

      

      

      
        	
                5.11

              	
                If
      requested by either party, the parties shall consult with each other from
      time to time on advertising and promotion activities to be implemented
      jointly and/or together with other licensees, sub-licensees or franchisees
      of LICENSOR.

              

      

      

      
        	
                5.12

              	
                LICENSEE
      shall make available to LICENSOR:

              

      

      

      a
quarterly report on the status of its expenditure for advertising, merchandising
and promotions, including Advertising and Marketing Expenditure;
and

      

      regular
evidence of expenditure in relation to advertising, merchandising and promotion
for the PRODUCTS by providing representative samples of its advertising, public
relation releases, etc.

      

      in the format agreed upon which is
attached as Annex
H hereto.

      

      
        	
                5.13

              	
                LICENSOR
      shall be free to use for LICENSOR’S OUTLETS LICENSEE’S advertising and
      marketing materials for the PRODUCTS, subject to the limitations of rights
      granted by third parties in relation to such advertising and marketing
      materials for the PRODUCTS. To this end, LICENSEE will supply to LICENSOR
      reasonable quantities of aforesaid material, upon request by LICENSOR at
      BEST WHOLESALE PRICE.

              

      

      

      
        	
                6.

              	
                DISTRIBUTION

              

      

      

      
        	
                6.1

              	
                LICENSEE
      agrees to distribute the PRODUCTS or have them distributed by its RELATED
      COMPANIES or third party distributors only through selected distribution
      channels (speciality department stores, qualified independent perfumeries,
      select perfumery chains and travel retail outlets) of high standing and
      compatible with the high quality and high luxury image of the PRODUCTS and
      the TRADEMARKS. Upon request of LICENSOR, LICENSEE will provide LICENSOR
      with information about the names and addresses of its distributors and
      authorised outlets, and in particular with confirmation (respectively,
      information) in the case of individual outlets that they are
      (respectively, whether they are) supplied by LICENSEE or its authorised
      distributors.

              

      

      

      
        	
                6.2

              	
                LICENSEE
      shall use its best efforts to ensure that such outlets conform with
      LICENSOR’S selective distribution criteria as set out in Annex D hereto.
      LICENSOR reserves the right for its representatives to visit all outlets
      supplied by LICENSEE or its authorised distributors in order to ensure
      that they do so conform and, in the event they do not and after being
      requested by LICENSOR, LICENSEE shall, subject to compliance with local
      laws, use its best efforts that such outlets will no longer be supplied
      with the PRODUCTS.

              

      

      
        
           

        

        
          Page 16
of 52

          
            

          

        

        
           

        

      

      

      
        	
                6.3

              	
                LICENSEE
      agrees to use its best endeavours that all material of whatever nature
      relevant to the TRADENAME or the TRADEMARKS will be promptly removed from
      any outlet which ceases to sell the PRODUCTS. Upon request of LICENSOR,
      LICENSEE will use its best endeavours to identify the source of any
      material which is still on display in an outlet which is no longer
      authorized to distribute the
PRODUCTS.

              

      

      

      Furthermore,
LICENSEE undertakes proactively and/or upon request from LICENSOR, to identify
the source of supplying an unauthorized outlet with PRODUCTS and/or promotional
material. In the event that such source is identified twice as supplying
PRODUCTS and/or promotional material to an unauthorized outlet, LICENSEE
undertakes not to supply such source any longer with PRODUCTS.

      

      
        	
                6.4

              	
                LICENSEE
      agrees not to distribute or sell the PRODUCTS though mail order or
      catalogue sales without first obtaining LICENSOR’S prior written consent.
      LICENSEE further agrees that the marketing, distribution or sale of the
      PRODUCTS through any electronic means such as the Internet shall only be
      authorised for approved retailers which operate a brick-and-mortar outlet
      fulfilling the criteria as set out in Section 6.2 and Annex D hereto,
      and provided that the use of the Internet is consistent with the high
      quality and high luxury image of the PRODUCTS and any other criteria as
      LICENSOR may reasonably communicate to LICENSEE from time to
      time.

              

      

      

      
        	
                6.5

              	
                LICENSOR
      shall be free, in its exclusive discretion, to market and sell the
      PRODUCTS through LICENSOR’S OUTLETS in the TERRITORY, including Franchised
      Outlets.

              

      

      

      
        	
                6.6

              	
                It
      is agreed that LICENSOR, and any of its RELATED COMPANIES or franchisees,
      shall order the PRODUCTS from LICENSEE, and LICENSEE shall accept, or
      procure the acceptance of such orders, and shall deliver the PRODUCTS to
      LICENSOR at BEST LOCAL WHOLESALE PRICE minus [———-]46. LICENSEE shall
      deliver and invoice LICENSOR's OULETS on a local basis. Royalties shall be
      paid in accordance with the provisions of Section 3 above
      on sales to LICENSOR, any of its RELATED COMPANIES or franchisees in
      accordance with this Section.

              

      

      

      LICENSOR
shall remain free in the TERRITORY to distribute the PRODUCTS in reasonable
quantities for sales of personnel of the Richemont Group, for business gift
purposes (free of charge), and/or for promotional purposes.

      

      Further,
LICENSOR shall remain free in the Territory to distribute PRODUCTS in connection
with its Corporate Gift Business Activities. It is agreed that the term
"Corporate Gift Business Activities" shall mean sale of MONTBLANC products by
LICENSOR, any of its RELATED COMPANIES and/or LICENSOR's OUTLETS, whereby the
MONTBLANC products are sold to companies and/or legal entities which exclusively
wish to give the MONTBLANC products as corporate gift or business gift to its
employees and/or clients, and to the exclusion of any resale by such companies
and/or legal entities.

      

      
        	
                6.7

              	
                LICENSEE
      undertakes to supply PRODUCTS to LICENSOR by such dates as LICENSOR shall
      reasonably notify to LICENSEE in order to meet LICENSOR’S requirements in
      terms of supply, time-table for preparation of brochures, promotional
      activities, etc.

              

      

      

      
        

      

      
        46
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.46.

      

      
        
           

        

        
          Page 17
of 52

          
            

          

        

        
           

        

      

      

      
        	
                7.

              	
                TERM
      AND TERMINATION

              

      

      

      
        	
                7.1

              	
                Subject to recital E of the
      Preamble above, the initial term of this AGREEMENT shall commence
      on the COMMENCEMENT DATE and shall expire on December 31, 2020 (Initial
      Term), unless renewed or sooner terminated as provided
    below.

              

      

      

      
        	
                7.2

              	
                Each
      party shall be entitled to terminate the AGREEMENT upon written notice to
      the other, such notice to be given on or before [———-]47 with termination
      to take effect on [———-]48 in the event
      LICENSEE’S NET SALES for the calendar year of [———-]49 were
      not sufficient to generate royalties in excess of the MINIMUM GUARANTEED
      ROYALTIES for that period as set out in Section 3.2
      above.

              

      

      

      The
parties agree that they will consult with each other, in good faith, during the
period of [———-]50, in order to decide
whether either or both of them wish to terminate the AGREEMENT as aforesaid. In
the event that either party should give notice of termination in accordance with
this Section
7.2, it is acknowledged that LICENSEE shall not be entitled to any
sell-out period in accordance with Section 7.7.2 below
after [———-]51. LICENSEE shall in all
other respects, comply with the terms of this AGREEMENT until [———-]52. During this period,
LICENSOR shall be entitled to appoint a new licensee, such appointment to take
effect after [———-]53, and that new licensee
shall, for transitional purposes only, be permitted to make itself known as
LICENSOR’S future licensee able to do business and to take customer orders for
the PRODUCTS for delivery after [———-]54.

      

      
        	
                 
      

              	
                In
      any event, the parties agree that after expiration of the Initial Term
      (Section
      7.1 above), this AGREEMENT shall automatically be renewed for
      successive periods of [———-]55, unless terminated
      by either party with [———-]56 prior notice to
      the end of a CONTRACTUAL YEAR served to the other
  party.

              

      

      

        

      

      
        47
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.47. 

      

      
        48
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.48. 

      

      
        49
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.49. 

      

      
        50
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.50. 

      

      
        51
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.51. 

      

      
        52
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.52. 

      

      
        53
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.53. 

      

      
        54
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.54. 

      

      
        55
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.55. 

      

      
        56
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.56.

      

      
        
           

        

        
          Page 18
of 52

          
            

          

        

        
           

        

      

      

      The
parties expressly agree and confirm that the effectiveness of this Agreement and
its entry into force shall be subject to the license agreement between LICENSOR
and Cosmopolitan Cosmetics GmbH being terminated by mutual understanding between
the parties thereto (with effect no later than the day prior to the COMMENCEMENT
DATE of this Agreement) and that an agreement between LICENSOR, LICENSEE and
Cosmopolitan Cosmetics GmbH regarding the termination of the current license,
the transition period and the assignment of the intellectual property rights
relating to the EXISTING PRODUCTS has been signed by all parties thereto no
later than [———-]57, based substantially on
the draft attached hereto as Annex I.

      

      
        	
                7.3

              	
                Each
      party shall be entitled to terminate the AGREEMENT upon written notice to
      the other party upon the occurrence of any of the following
      events:

              

      

      

      
        	
              	
                7.3.1

              	
                the
      other party shall default or fail to make when due any payment due
      hereunder, and such default or failure shall continue for a period of
      [———-]58 after receipt of
      notice thereof from the other
party;

              

      

      

      
        	
              	
                7.3.2

              	
                a
      material breach of any provision of this AGREEMENT which is not remedied
      within [———-]59 of written notice
      thereof;

              

      

      

      
        	
              	
                7.3.3

              	
                liquidation,
      insolvency or bankruptcy, suspension of payments, heavy indebtedness or
      discontinuance of business of the other
party;

              

      

      

      
        	
              	
                7.3.4

              	
                any
      of the circumstances referred to in Section 19
      below persist for a period of at least [———-]60.

              

      

      

      
        	
                7.4

              	
                Each
      party shall be entitled to terminate the AGREEMENT with [———-]61 written
      notice in the event of the other party coming under the direct or indirect
      control (control means to control more than fifty per cent of the voting
      rights which enables this party to exercise effective control) of a direct
      competitor of the party becoming entitled to terminate. For the purpose of
      the AGREEMENT, competitor of LICENSOR shall mean [———-]62 and/or any company
      within one of the aforesaid group of companies from time to time. For the
      avoidance of doubt, in the event of termination pursuant to this Section,
      LICENSEE shall not be entitled to any sell-out period after the expiration
      of the [————]63 notice
      period.

              

      

      

      This
right of termination has to be executed by a party within [———-]64 after that party having
been informed about any of the aforementioned events.

      

        

      

      
        57
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.57. 

      

      
        58
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.58. 

      

      
        59
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.59. 

      

      
        60
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.60. 

      

      
        61
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.61. 

      

      
        62
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.62. 

      

      
        63
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.63. 

      

      
        64
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.64.

      

      
        
           

        

        
          Page 19
of 52

          
            

          

        

        
           

        

      

      

      
        	
                7.5

              	
                Any
      notice of termination must be given by means of a registered letter sent
      to the relevant party’s address in accordance with the provisions of Section 12
      below.

              

      

      

      
        	
                7.6

              	
                Upon
      the expiration or termination of the
AGREEMENT:

              

      

      

      
        	
              	
                7.6.1

              	
                LICENSEE
      shall cease to manufacture the PRODUCTS, the BOTTLES and the
      PRESENTATION;

              

      

      

      
        	
              	
                7.7.2

              	
                provided
      the termination has not been a result of default of LICENSEE or of notice
      having been given by either party under Sections 7.2 or
      7.5 above, LICENSEE shall be entitled to sell off the existing
      stock of PRODUCTS for a period up to [———-]65 following
      the date of termination and to use up the existing materials for the
      manufacture of the PRODUCTS and to sell off the so-produced PRODUCTS
      within the sell-off period. During the sell-off period LICENSEE shall
      continue to provide quarterly reports and pay royalties on NET SALES, but
      shall not be obliged to pay any minimum royalties. PRODUCTS will not be
      sold at a discount (other than ordinary discounts in the normal course of
      business) unless LICENSOR’S prior written approval has been
      obtained;

              

      

      

      
        	
              	
                7.7.3

              	
                LICENSEE
      shall either at the end of the sell-off period referred to in Section
      7.7.2 above or, if there is no sell-off period, upon expiration or
      termination of the AGREEMENT, promptly supply to LICENSOR an inventory of
      the PRODUCTS, BOTTLES and PRESENTATION and all other materials relevant to
      manufacture, marketing and distribution of the PRODUCTS, including but not
      limited to bottles, folding-boxes or other containers then in stock, and
      an inventory of all relevant tooling. LICENSOR shall have the right to
      purchase the inventory at production cost or, in case of tooling, at its
      depreciated value (based on depreciation over five years in accordance
      with normal accounting principles) within [———-]66 after receipt of
      the inventory; If not otherwise agreed between the parties, LICENSOR, if
      using its option, has to acquire any and all of the PRODUCTS, bottles,
      packaging, semi-finished PRODUCTS and materials, unless obsolete, damaged
      or otherwise un-sellable;

              

      

      

      
        	
              	
                7.7.4

              	
                LICENSEE
      will return all material relating to the PRODUCTS which is the property of
      LICENSOR promptly following termination or, if relevant, at the end of the
      sell-off period;

              

      

      

      
        	
              	
                7.7.5

              	
                all
      rights granted to LICENSEE to use the TRADEMARKS, the TRADENAME, the
      BOTTLES, the PRESENTATION and the FORMULAE shall
  cease.

              

      

      

      
        	
                7.8

              	
                Stocks
      of PRODUCTS, BOTTLES and PRESENTATION which display the TRADEMARKS and any
      relevant tooling not purchased by LICENSOR and not disposed of during the
      sell-off period may be disposed of in such manner as shall be mutually
      agreed by the parties or, failing agreement shall be destroyed under the
      supervision of LICENSOR.

              

      

      

        

      

      
        65
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.65. 

      

      
        66
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.66.

      

      
        
           

        

        
          Page 20
of 52

          
            

          

        

        
           

        

      

      

      
        	
                7.9

              	
                Expiration
      or termination of this AGREEMENT for any reason shall not affect the
      rights and obligations of the parties accrued up to the date of expiration
      or termination, but the LICENSEE shall have no right to any compensation
      for the cessation of its rights on expiration or termination hereof in
      accordance with the terms of this AGREEMENT and LICENSEE shall hold the
      LICENSOR harmless from any such claims for compensation or damages which
      may be made by any distributors or agents or persons, firms or companies
      performing a similar function.

              

      

      

      
        	
                8. 

              	
                TRADEMARKS
      AND OTHER INTELLECTUAL PROPERTY
RIGHTS

              

      

      

      
        	
                8.1

              	
                LICENSOR
      guarantees and warrants that it is authorised to use the TRADEMARKS set forth in Annex A
      Part 1 hereto and the TRADENAME for the PRODUCTS and to grant this
      exclusive license to use the TRADEMARKS set forth in Annex A
      Part 1 hereto and the TRADENAME for the PRODUCTS for the purpose of
      this AGREEMENT.

              

      

      

      
        	
                8.2

              	
                Subject
      to this Section 8 and in general information with respect to the
      TRADEMARKS supplied to LICENSEE during the term of this AGREEMENT,
      LICENSOR undertakes to (i) defend LICENSEE against any and all claims by
      third parties based on the use by LICENSEE in accordance with this
      AGREEMENT of the TRADEMARKS and/or the TRADENAME and (ii) to indemnify,
      reimburse and hold LICENSEE harmless from any and all liability, damages,
      cost and expenses, including reasonable attorneys’ fees incurred by
      LICENSEE, arising from any such claims made by third parties against
      LICENSEE with respect to LICENSEE’S use of the TRADEMARKS and/or the
      TRADENAME in accordance with this
AGREEMENT.

              

      

      

      LICENSOR
represents and warrants that attached hereto as Annex A Part 2 is a
true and accurate list updated as of May 1, 2010 which indicates with respect to
each of the TRADEMARKS set forth in Part 1 of Annex A the
existing and/or pending applications and/or registration for a specific country
or territory. LICENSEE acknowledges that it has received a copy of such
trademark list and that it is aware of the status of registration of the
TRADEMARKS as it appears on such trademark list (Annex A Part
2).

      

      LICENSEE
acknowledges and accepts that Part 3 of Annex A
lists those countries and/or territories in which, to LICENSOR’S best knowledge
at the date of signing of this Agreement, the marketing and distribution of the
PRODUCTS may only be commenced upon written authorisation by
LICENSOR.

      
        
           

        

        
          Page 21
of 52

          
            

          

        

        
           

        

      

      

      
        	
                8.3

              	
                LICENSEE
      acknowledges that LICENSOR and/or its RELATED COMPANIES are the exclusive
      owners of all rights, title and interests in the TRADEMARKS and/or the
      TRADENAME and any part thereof and any other element, whether or not
      capable of being registered as a trademark together with all rights in the
      designs, copyright, including sketches and technical drawings or other
      intellectual property or materials relating to the PRODUCTS, the
      PRESENTATION, the BOTTLES, the FORMULAE, whether produced by LICENSOR or
      by LICENSEE or by any sub-contractor or third party appointed by LICENSEE,
      and of all goodwill attached thereto and agrees not to attack these rights
      or to induce or support any such attacks. The parties agree that any
      rights in the TRADEMARKS and the TRADENAME arising from the use of the
      TRADEMARKS and/or the TRADENAME or any part thereof by LICENSEE shall
      inure solely to the benefit of LICENSOR and/or its RELATED COMPANIES.
      LICENSEE irrevocably agrees that any rights which it and/or any of its
      RELATED COMPANIES may acquire by virtue of this AGREEMENT in respect of
      the TRADEMARKS, the TRADENAME, the PRESENTATION, the BOTTLES and the
      FORMULAE shall vest in and promptly upon request be assigned for nominal
      consideration to the LICENSOR and/or its RELATED COMPANIES
      absolutely.

              

      

      

      
        	
                8.4.1

              	
                If
      reasonably requested by LICENSEE, LICENSOR agrees, in its reasonable
      business discretion, to use commercially reasonable efforts at its own
      cost and expenses to apply for the registration of the TRADEMARKS set
      forth in Part 1
      of Annex A in respect of the PRODUCTS in countries where aforesaid
      TRADEMARKS are not already protected and in which LICENSEE markets the
      PRODUCTS by reference to aforesaid TRADEMARKS. LICENSOR in any event
      agrees to apply for the registration of aforesaid TRADEMARKS in those
      countries listed in Annex F to this
      AGREEMENT.

              

      

      

      
        	
                8.4.2

              	
                In
      addition, LICENSOR agrees, according to its reasonable business
      discretion, at its own cost and expenses, to use commercially reasonable
      efforts to apply at the reasonable request of LICENSEE for the
      registration of the TRADEMARKS in combination with other descriptive or
      distinctive elements and/or for other trademarks to be used in conjunction
      with the TRADEMARKS and/or the TRADENAME on the PRODUCTS by LICENSEE in
      accordance with the terms of this Agreement. LICENSOR agrees to discuss in
      good faith and to take LICENSEE’S recommendations into account in deciding
      whether or not to apply to register in accordance with this Sub-Section
      8.4.2.

              

      

      

      
        	
                8.4.3

              	
                If
      after being requested by LICENSEE in accordance with Section 8.4.2
      above, LICENSOR fails to apply for the registrations of other trademarks
      to be used in conjunction with the TRADEMARKS under the terms of this
      AGREEMENT within [———]67 of such written
      request, LICENSEE may apply to register those other trademarks anywhere in
      the world, provided these are not colourable imitations of, or include any
      element of the TRADEMARKS.

              

      

      

      
        	
                 
      

              	
                LICENSEE
      agrees that in such a case of registration by it, LICENSOR will not have
      to defend, indemnify, reimburse and hold harmless the LICENSEE as provided
      in Section 8.2 above.

              

      

      

        

      

      
        67
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.67.

      

      
        
           

        

        
          Page 22
of 52

          
            

          

        

        
           

        

      

      
        	
                8.4.4

              	
                LICENSOR
      shall have the right, to be exercised within [———]68 after the
      expiration or termination of the AGREEMENT, to purchase from LICENSEE all
      right and title in any other trademarks to be used in conjunction with the
      TRADEMARKS under the terms of this AGREEMENT that may have been registered
      by LICENSEE during the term of this AGREEMENT, upon reimbursement of
      LICENSEE’S out-of-pocket expenses incurred in registering or otherwise
      acquiring and maintaining the said trademarks. Alternatively, LICENSOR may
      elect not to purchase as aforesaid, but to get granted a license by
      LICENSEE for the use of the other trademarks to be used in conjunction
      with the TRADEMARKS on the PRODUCTS that may have been registered by
      LICENSEE, for so long as LICENSOR will carry such PRODUCTS in its
      collection. Such license will be without restriction and without
      compensation to be paid by
LICENSOR.

              

      

      

      
        	
                8.5

              	
                The
      parties agree to inform each other about any and each substantial
      violation or infringement of the TRADEMARKS in relation to the PRODUCTS,
      the PRESENTATION, the BOTTLES and other trademarks to be used in
      conjunction with the TRADEMARKS  and/or the TRADENAME by third
      parties which come to their
knowledge.

              

      

      

      
        	
                8.6

              	
                LICENSOR
      agrees to use its best endeavours to keep the registrations of the
      TRADEMARKS and other trademarks to be used in conjunction with the
      TRADEMARKS (in accordance with this AGREEMENT) in full force and effect
      for the term of this AGREEMENT and to keep LICENSEE informed on the legal
      status of the applications and registrations of the TRADEMARKS and the
      other trademarks to be used in conjunction with the TRADEMARKS in
      international class of goods 3. LICENSOR agrees to provide LICENSEE with a
      report in January of each year, including all applications and
      registrations of the TRADEMARKS relating to the PRODUCTS and the other
      trademarks to be used in conjunction with the TRADEMARKS and containing at
      least the application and/or registration number as well as the
      application and/or registration dates and the goods these applications
      and/or registrations have been applied or registered
  for.

              

      

      

      
        	
                8.7

              	
                LICENSOR
      shall at its reasonable business discretion defend the TRADEMARKS, the
      TRADENAME and the PRODUCTS as well as any other trademarks used in
      relation to the PRODUCTS in accordance with the terms of this AGREEMENT,
      at its own cost and in co-ordination with LICENSEE against any and all
      violations or infringements which, according to LICENSOR’S reasonable
      business discretion, may have a materially adverse impact on this
      AGREEMENT, especially against confusingly similar trademarks, trademark
      applications or use by third parties for any goods and/or services
      identical with or similar to the PRODUCTS. If requested by LICENSOR,
      LICENSEE undertakes to assist or support LICENSOR in its measures of
      defence within its ability.

              

      

      

      
        	
                8.8

              	
                Any
      cost and expenses reasonably and properly incurred arising from a
      necessary or requested participation of LICENSEE in the measures of
      defence of the TRADEMARKS will be refunded by
  LICENSOR.

              

      

      

      
        	
                8.9

              	
                If
      LICENSEE, in its reasonable business discretion, identifies a violation or
      infringement of the TRADEMARKS and/or the TRADENAME which in its
      reasonable opinion may have a materially adverse impact on this AGREEMENT,
      it shall promptly inform LICENSOR and LICENSOR agrees to enter into
      discussions with LICENSEE as to the best course of action to adopt to deal
      with such violation / infringement.

              

      

      

        

      

      
        68
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.68.

      

      
        
           

        

        
          Page 23
of 52

          
            

          

        

        
           

        

      

      

      LICENSOR
undertakes to take full account of LICENSEE’S recommendations but shall not be
bound to institute legal proceedings in respect of such violation /
infringement. LICENSEE acknowledges that it will not take any action on its own
account to defend the TRADEMARKS and/or the TRADENAME.

      

      
        	
                8.10

              	
                The
      parties agree that if it is mandatory to register this AGREEMENT and/or
      the LICENSEE as official licensee for the TRADEMARKS in the International
      Class of Goods no 3, each Party will inform the other Party thereof in
      writing and in advance. LICENSEE agrees to take at its own cost and
      expenses all action necessary for the registration of the AGREEMENT or of
      LICENSEE as Registered User in those countries. LICENSOR agrees to
      reimburse LICENSEE the direct costs and expenses reasonably and properly
      incurred by LICENSEE in connection with the registration of the AGREEMENT
      or of LICENSEE as “Registered
User”.

              

      

      

      
        	
                8.11

              	
                LICENSEE
      undertakes at the request of LICENSOR to sign any document necessary for
      the registration and/or maintenance of the validity of the TRADEMARKS
      including the recordal (and cancellation of such recordal upon
      termination) of this AGREEMENT and of LICENSEE as a Registered User or
      licensee. In addition, to the extend that LICENSOR should deem it
      advisable to protect the TRADEMARKS, LICENSEE agrees to provide a
      statement to the effect that LICENSEE is producing, selling and promoting
      the PRODUCTS under LICENSOR’S control, together with such other assistance
      (at LICENSOR’S cost) as LICENSOR reasonably deems necessary for this
      purpose.

              

      

      

      
        	
                8.12

              	
                LICENSEE
      agrees that it shall not, at any time, directly or indirectly contest the
      validity of the registration of the TRADEMARKS or LICENSOR’S other
      intellectual property rights (including those in the PRESENTATION, the
      FORMULAE and the BOTTLES) to the extent that such rights relate to the
      subject matter of this AGREEMENT, or their ownership by LICENSOR, its
      RELATED COMPANIES, successors and/or
assignees.

              

      

      

      
        	
                8.13

              	
                LICENSEE
      agrees not to use the TRADEMARKS or LICENSOR’S other intellectual property
      rights in respect of the PRESENTATION, the FORMULAE and the BOTTLES in
      connection with the sale of any products other than the PRODUCTS, nor to
      use, other than under the terms of this AGREEMENT, the TRADEMARKS and/or
      the TRADENAME as a part of its trading name and shall not use in its
      business any other trade or service mark, other than under the terms of
      this AGREEMENT, so resembling the TRADEMARKS as to be likely to cause
      confusion.

              

      

      

      
        	
                8.14

              	
                LICENSEE
      shall use the TRADEMARKS and all designs, sketches, models, prototypes,
      maquettes and other material directly related to the PRODUCTS as well as
      the PRESENTATION, the FORMULAE and the BOTTLES, solely in connection with
      the production, marketing, merchandising, distribution, advertising,
      promotion, and sale in the TERRITORY of the PRODUCTS and any OTHER
      PRODUCTS which LICENSOR has agreed may be sold or given away with the
      PRODUCTS.

              

      

      

      
        	
                8.15

              	
                LICENSEE
      shall, upon LICENSOR’S reasonable request, mark all labels, cartons, price
      lists, promotional and advertising, merchandising and promotional material
      and other printed or duplicated material for or relating to the PRODUCTS
      with a notice in a form as is normal practice in the industry to the
      effect that the TRADEMARKS are registered trademarks and/or the property
      of LICENSOR.

              

      

      
        
           

        

        
          Page 24
of 52

          
            

          

        

        
           

        

      

      

      
        	
                8.16

              	
                LICENSEE
      agrees to use the TRADEMARKS set forth in Annex A Part 1
      only in the form as represented in Annex A Part 1
      or as may be provided by LICENSOR from time to time on the PRODUCTS and
      for the advertising and promotion for the PRODUCTS. This obligation shall
      not apply where a TRADEMARK is used within continuous, flowing text (e. g.
      in press releases and descriptive texts) where it could be impracticable
      to use the TRADEMARKS in the form represented in Annex A Part 1,
      provided that such representation of the TRADEMARKS shall be as close to
      the form represented in Annex A Part 1
      as is practicable in the
circumstances.

              

      

      

      
        	
                8.17

              	
                LICENSEE
      shall be responsible for identifying appropriate names for all new ranges
      of the PRODUCTS, together with, if appropriate, new BOTTLES and
      PRESENTATION for such new ranges and, to that end, LICENSEE agrees
      that:

              

      

      

      
        	
                 
      

              	
                (i)

              	
                it
      shall use reasonable endeavours to ensure the availability of all proposed
      names, designs for new BOTTLES and PRESENTATION;
  and

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                it
      shall assist LICENSOR, at LICENSOR’S reasonable request and cost, in
      applying to register, registering or otherwise protecting in LICENSOR’S
      name any new names, BOTTLE design and/or PRESENTATION approved by LICENSOR
      in accordance with this AGREEMENT.

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                LICENSOR
      shall have the right to file, to register and/or to use the name with
      respect to any other category of products it (and/or its RELATED
      COMPANIES) presently markets and distributes under the
      TRADENAME.

              

      

      

      
        	
                9.

              	
                EXCLUSIVITY

              

      

      

      
        	
                9.1 

              	
                LICENSEE
      agrees, during the term of this
AGREEMENT:

              

      

      

      
        	
              	
                9.1.1

              	
                not
      to enter into a similar agreement to this Agreement with a diversified
      luxury brand operating its business in the writing instruments market.
      LICENSEE undertakes to obtain LICENSOR's prior written approval before
      entering into a similar agreement with a diversified luxury brand
      competing with LICENSOR;

              

      

      

      
        	
              	
                9.1.2

              	
                not
      to manufacture, advertise or promote, distribute or in any other way
      market products, which are identical to the PRODUCTS except as may be
      permitted in this AGREEMENT;

              

      

      

      
        	
              	
                9.1.3

              	
                not
      to use the TRADEMARKS and/or the TRADENAME in combination with the
      services of a hairdresser or a beauty parlour and not to consent to such a
      use by third parties;

              

      

      

      
        	
              	
                9.1.4

              	
                not
      to consent to the use of the TRADEMARKS and/or the TRADENAME in connection
      with the manufacture, distribution, marketing and/or advertising of
      products which are identical to the PRODUCTS, alone or in conjunction with
      any additions;

              

      

      

      
        	
              	
                9.1.5

              	
                to
      maintain the reputation and image of the TRADEMARKS set forth in Annex A hereto
      and/or the TRADENAME as well as the reputation and image of other products
      under the TRADEMARKS set forth in Annex A hereto
      and/or the TRADENAME and to desist from any measures which could harm or
      diminish the reputation and the image and/or the prestige of the
      TRADEMARKS set forth in Annex A hereto
      and/or the TRADENAME and/or the
PRODUCTS.

              

      

      
        
           

        

        
          Page 25
of 52

          
            

          

        

        
           

        

      

      

      
        	
                10.

              	
                PRODUCT
      LIABILITY

              

      

      

      
        	
                10.1

              	
                LICENSEE
      shall manufacture or have manufactured the PRODUCTS at its own
      responsibility and shall enter into or maintain an adequate product
      liability insurance, such insurance to cover the costs and damages related
      to the undertaking a product recall on a worldwide
  basis.

              

      

      

      
        	
                10.2

              	
                LICENSEE
      agrees that the manufacture, marketing and distribution of the PRODUCTS,
      and any OTHER PRODUCTS (Section 2.7
      above) distributed or sold with the PRODUCTS will be in compliance with
      all applicable health and safety laws or regulations and with any relevant
      national and international cosmetic labelling, packaging, recycling or
      other relevant regulations in the countries of manufacture and
      distribution.

              

      

      

      
        	
                10.3

              	
                LICENSEE
      further agrees that it will organise and effect, at its own expense, all
      tests and registrations as are necessary for compliance with local product
      import/registration and health or similar registration requirements.
      LICENSOR agrees to assist LICENSEE with regard to such registrations
      within its best abilities. LICENSEE agrees to reimburse LICENSOR any costs
      and expenses reasonably and properly incurred by LICENSOR in connection
      with such registrations.

              

      

      

      
        	
                10.4

              	
                LICENSEE
      agrees to defend, indemnify and hold LICENSOR harmless from and against
      any and all liability, damages, reasonable legal fees, reasonable costs
      and expenses incurred by LICENSOR in connection with any claims or legal
      actions made by third parties against LICENSOR arising out of a breach of
      the provisions of Section 10.2 and/or
      10.3 above, or arising out of the use of the TRADENAME by LICENSEE
      in accordance with Sections 2.2 to
      2.6 above or arising out of any damage or injury caused by any
      OTHER PRODUCT
      (Section 2.7 above) sold with the PRODUCTS, the infringement of the
      intellectual property rights or other similar rights of any third party or
      any applicable national or international laws or regulations or any other
      acts or omissions of LICENSEE or any of its agents, employees or
      sub-contractors in connection with the performance of its obligations
      hereunder. This indemnity shall not extend to claims for compensation
      against LICENSOR which are due to LICENSOR’S own action or failure to
      act.

              

      

      

      
        	
                11.

              	
                CONFIDENTIALITY

              

      

      

      
        	
                11.1

              	
                The
      parties agree to keep confidential and secret the provisions of this
      AGREEMENT and all non-public information and knowledge each party may
      acquire about the other including, without limitation, information
      concerning the marketing of their products, even if such information and
      knowledge have not expressly been referred to as secret or confidential.
      Such information and knowledge may only be used for the purpose of this
      AGREEMENT.

              

      

      

      
        	
                11.2

              	
                Notwithstanding
      anything to the contrary, the information and knowledge as identified
      hereinabove shall not be deemed confidential
if:

              

      

      

      
        
          	
                	
                  11.2.1

                	
                  at
      the time of disclosure such information is in the public
      domain;

                

        

      

      
        
           

        

        
          Page 26
of 52

          
            

          

        

        
           

        

      

      

      
        
          	
                	
                  11.2.2

                	
                  after
      disclosure such information becomes a part of the public domain, except by
      breach of this AGREEMENT;

                

        

      

      

      
        
          	
                	
                  11.2.3

                	
                  such
      information must be disclosed as required by applicable law;
      or

                

        

      

      

      
        
          	
                	
                  11.2.4

                	
                  such
      information is known to the other party at the time of
      disclosure.

                

        

      

      

      
        	
                11.3

              	
                The
      confidentiality provision will remain in force after the termination of
      the AGREEMENT for whatever reason, and upon termination, the parties agree
      to return to each other, or to destroy, as the other may request, all
      materials containing confidential and non-public information and
      knowledge.

              

      

      

      
        	
                11.4

              	
                The
      parties agree to impose this obligation of confidentiality upon all
      persons acting on their behalf, including but not limited to their
      employees, agents, consultants, sub-contractors, sub-licensees, managers
      and representatives.

              

      

      

      
        	
                11.5

              	
                Notwithstanding
      anything to the contrary contained in this
  AGREEMENT,

              

      

      

      LICENSOR
acknowledges that LICENSEE, has its ordinary shares traded on Euronext, and is
subject to various reporting obligations as a public company. LICENSOR further
acknowledges that Inter Parfums, Inc., the parent company of LICENSEE (the
“PARENT COMPANY”), is a publicly held company with its Common Stock traded on
The Nasdaq Stock Market, National Market System and is subject to reporting
requirements of the United States federal securities laws. Nothing in the
AGREEMENT shall prohibit the disclosure as may be required of either PARENT
COMPANY or LICENSEE under such securities laws. LICENSEE agrees to discuss in
advance with LICENSOR any such public disclosure that may be required by of
either PARENT COMPANY or LICENSEE.

      

      LICENSOR
acknowledges that, upon satisfaction of the condition precedent to set forth in
Section 7.1 of this AGREEMENT, PARENT COMPANY is required by the United States
securities laws to file

       

      
        	
                 
      

              	
                (a)

              	
                a
      description of this AGREEMENT with the United States Securities and
      Exchange Commission within four (4) business days of the satisfaction of
      such condition; accordingly, PARENT COMPANY shall provide LICENSOR the
      opportunity to review and comment on that description at least two (2)
      business days prior to filing; and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                a
      copy of this AGREEMENT with the United States Securities and Exchange
      Commission with the next periodic report due to be
  filed.

              

      

       

      In
connection with the filing of this AGREEMENT with the United States Securities
and Exchange Commission, PARENT COMPANY shall seek confidential treatment of
financial and commercial terms to the extent permitted by the applicable
securities laws. At least [———-]69 prior to filing this
AGREEMENT, PARENT COMPANY shall deliver to LICENSOR a copy of the filing that it
plans to submit to the Securities and Exchange Commission, together with any
requests for confidential treatment, for LICENSOR’s review.

       

      
        

      

      
        69
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.69.

      

      
        
           

        

        
          Page 27
of 52

          
            

          

        

        
           

        

      

       

      PARENT
COMPANY shall provide LICENSOR with a copy of the final filing within [———-]70 after filing. If the
United States Securities and Exchange Commission indicates it may not grant
confidential treatment as requested in the filing, PARENT COMPANY shall promptly
notify LICENSOR and shall consult with LICENSOR through the process of obtaining
whatever confidential treatment is available.  PARENT COMPANY shall
notify LICENSOR promptly upon notification to PARENT COMPANY that anyone has
sought under the Freedom of Information Act to obtain Confidential Information
or the provisions of this AGREEMENT redacted in the confidential treatment
filing with the Securities and Exchange Commission and shall cooperate with
LICENSOR in any effort by LICENSOR to contest the disclosure.

      

      
        	
                12. 

              	
                NOTICES

              

      

      

      
        	
                12.1

              	
                All
      reports, communications, requests, approvals and notices required or
      permitted by this AGREEMENT to be given to a party shall be in writing and
      shall be deemed to be duly given when sent by certified or registered
      mail, return receipt requested, addressed to the party concerned or by
      facsimile where the sender is able to demonstrate successful transmission
      by producing a properly addressed fax transmission report, as
      follows:

              

      

      

      To
LICENSOR:

      

      Montblanc-Simplo
GmbH

      Hellgrundweg
100

      22525
Hamburg

      

      Attention
to Mr. Lutz BETHGE, CEO

      Fax No.
+49 40 844 01 390

      

      Copy
to:

      

      Richemont
International SA

      50 chemin
de la Chênaie

      1293
Bellevue

      

      Attn to
the Legal Department, Mr. Albert Kaufmann, General Counsel

      Fax No.
+41 22 721 34 76

      

      To
LICENSEE

      

      Inter
Parfums SA

      4
rond-point des Champs Elysées

      75008
PARIS

      

      Att to Mr
Philippe Benacin, CEO

      Fax No. +
33 1.45.61.16.34

      

      or any
other address a party may communicate to the other party in
writing.

      

        

      

      
        70
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.70.

      

      
        
           

        

        
          Page 28
of 52

          
            

          

        

        
           

        

      

      

      
        	
                13.

              	
                ASSIGNMENT

              

      

      

      
        	
                13.1

              	
                Except
      as otherwise provided for in accordance with the terms of this AGREEMENT,
      neither party shall be entitled to assign its rights or obligations
      hereunder without the prior written consent of the other. Notwithstanding
      the foregoing, LICENSOR may assign this Agreement and/or any right and
      obligation hereunder to any (current and/or future) entity within the
      Richemont Group without LICENSEE’s prior
  consent.

              

      

      

      
        	
                13.2

              	
                LICENSEE
      shall have the right to assign the rights under the AGREEMENT to any
      RELATED COMPANY without LICENSOR’S consent. LICENSEE further will be
      entitled to grant sub-licenses to RELATED COMPANIES, provided LICENSEE
      inform LICENSOR thereof in writing 30 calendar days in
      advance.

              

      

      

      
        	
                13.3

              	
                Any
      such assignment or sub-license under Section 13.1 or
      13.2 does in no way affect any of the assignor’s obligations under
      the AGREEMENT. The assignor agrees to remain liable for and guarantees the
      full performance of this AGREEMENT by the
  assignee.

              

      

      

      
        	
                14.

              	
                ENTIRE
      AGREEMENT, MODIFICATION

              

      

      

      
        	
                14.1

              	
                This
      AGREEMENT and its Annexes contain a complete statement of all arrangements
      between the parties with respect to the subject matter and supersede all
      existing arrangements between them concerning this subject
      matter.

              

      

      

      
        	
                14.2

              	
                Modifications
      and/or supplements to this AGREEMENT are only valid if made in writing.
      This shall also apply to the modification or cancellation of this
      in-writing cause.

              

      

      

      
        	
                15.

              	
                APPLICABLE
      LAW, JURISDICTION

              

      

      

      
        	
                15.1

              	
                This
      Agreement shall be governed and interpreted in accordance with the Laws of
      Switzerland, to the exclusion of the United Nations Convention on
      Contracts for the International Sale of Goods
  (CISG).

              

      

      

      
        	
                15.2

              	
                Any
      dispute, controversy or claim arising out of or in relation to this
      Agreement, including the validity, invalidity, breach or termination
      thereof, shall be resolved by arbitration in accordance with the Swiss
      Rules of International Arbitration of the Swiss Chambers of Commerce (“the
      Rules”) in force on the date when the notice of arbitration is submitted
      in accordance with these Rules.

              

      

      

      
        	
                15.3

              	
                The
      arbitration will take place in Geneva, Switzerland and the language of the
      procedure shall be English. The arbitral tribunal will be composed of one
      (1) arbitrator who will be designated in accordance with the
      Rules.

              

      

      

      
        	
                15.4

              	
                The
      expenses and fees of arbitration shall be determined in accordance with
      the Rules.

              

      

      

      
        	
                15.5

              	
                The
      arbitration award shall be final and binding upon the parties, the parties
      renouncing to appeal against the arbitration award by any ordinary or
      extraordinary means, whatever the subject of the arbitration award is. The
      arbitration award may be enforced by action before any court of competent
      jurisdiction.

              

      

      
        
           

        

        
          Page 29
of 52

          
            

          

        

        
           

        

      

      

      
        	
                15.6

              	
                In
      accordance with Art. 26 of the Rules, each party is hereby expressly
      authorized and entitled to initiate any judicial action seeking any kind
      of interim relief before any competent jurisdiction. The initiation or
      pursuit of any action to seek such interim relief shall not be deemed to
      waive or preclude the right of such party to require arbitration as
      contemplated by the section above nor to seek such interim relief before
      the arbitral tribunal.

              

      

      

      
        	
                16.

              	
                REMEDIES,
      NO WAIVER

              

      

      

      The
specific remedies to which either party may resort under the terms hereof are
cumulative and are not intended to be exclusive of the remedies to which either
party is entitled. No waiver by either party, whether express or implied, of any
provision of this AGREEMENT or any breach or default of any one or more
instances, nor any delay by either party in exercising its rights hereunder,
except as provided for in this AGREEMENT, shall constitute or be deemed a
continuing waiver of such provision or of any other provision of this
AGREEMENT.

      

      
        	
                17.

              	
                SEVERABILITY

              

      

      

      The
provisions of this AGREEMENT are independent of and severable from each other
and no provision shall be affected or rendered invalid or unenforceable by
virtue of the fact that for any reason any other provision or provisions may be
in whole or in part invalid or unenforceable. The parties hereby agree to
substitute any invalid provision by another valid provision in such a way that
the purpose of the invalid provision is reached as far as possible. The same
shall apply accordingly in case of an omission or an indefinite
provision.

      

      
        	
                18.

              	
                SECTION
      HEADINGS

              

      

      

      Section
headings as used herein are for identification purposes only, and shall not
affect the meaning or construction of this AGREEMENT.

      

      
        	
                19.

              	
                FORCE
      MAJEURE

              

      

      

      The
parties hereto shall not be responsible for any loss, damage, consequential or
otherwise, detention or delay caused by fire, law, regulation, civil or military
authority, insurrection or riot, national labour strike or wartime embargoes,
tempest, act of God, shortages or by any other cause whatsoever, which is
unavoidable or beyond the relevant party’s reasonable control; provided however,
that any such force majeure shall not release LICENSEE from its obligations to
make payment of amounts due and owing to LICENSOR in accordance with the terms
of this AGREEMENT. It is agreed that LICENSEE’S obligations to make payments of
amounts due and owing up to, and during, an event of such force majeure shall
not apply during the continuance of that force majeure in the event that the
force majeure itself renders LICENSEE unable to make such payments. In such
circumstances, LICENSEE undertakes to make payment of amounts owing to and
accrued to LICENSOR before and during such force majeure, promptly upon its
cessation.

      
        
           

        

        
          Page 30
of 52

          
            

          

        

        
           

        

      

      

      IN
WITNESS whereof the parties have executed this AGREEMENT on 24 July 2009.

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      
        
           

        

        
          Page 31
of 52

          
            

          

        

        
           

        

      

      ANNEX
A

      

      THE
TRADEMARKS

      

      PART
1

      

      
        (Section
1.4)

        
          

        

         

      

      The
trademarks in use:

      

      
        	
                ·

              	
                Montblanc

              

      

      
        	
                ·

              	
                Design
      mark : Star logo

              

      

      
        	
                ·

              	
                Femme
      de Montblanc

              

      

      
        	
                ·

              	
                Femme
      Individuelle

              

      

      
        	
                ·

              	
                Presence
      d’une Femme

              

      

      
        	
                ·

              	
                Presence

              

      

      
        	
                ·

              	
                Presence
      Cool

              

      

      
        	
                ·

              	
                Starwalker

              

      

      
        	
                ·

              	
                Homme
      Exceptionnel

              

      

      
        	
                ·

              	
                Individuel

              

      

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      
        
           

        

        
          Page 32
of 52

          
            

          

        

        
           

        

      

      ANNEX
A

      

      THE
TRADEMARKS

      

      PART
2 AND PART 3

      

      Trademark
list

      

      
        (Clause
1.4)

        
          

        

         

        PART
2

      

      

      A list of
all current registrations and pending applications for registrations of the
TRADEMARKS pursuant to Part 1 above in the TERRITORY is attached.

      

      Licensee
understands and acknowledges that the list attached hereto does not include the
trademarks registered by Cosmopolitan Cosmetics GmbH and/or its affiliates,
which the latter shall assign to LICENSOR upon termination of the license
agreement entered into with the latter. Furthermore, the list does not include
the trademarks with respect to which Cosmopolitan Cosmetics GmbH will provide
LICENSOR with a co-existence agreement.

      

      PART
3

      

      Countries
and/or territories in which, to LICENSOR’S best knowledge at the date of signing
of this Agreement, the marketing and distribution of the PRODUCTS may only be
commenced upon written authorisation by LICENSOR:

      

      The
Parties agree that this Part 3 shall be completed by LICENSOR in due
course.

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      
        
           

        

        
          Page 33
of 52

          
            

          

        

        
           

        

      

      ANNEX
B

      

      
        QUALITY
CRITERIA

      

      

      
        (Clause
1.10)

        
          
   

      

      
        	
                1.

              	
                The
      PRODUCTS (including the BOTTLES and the PRESENTATION) shall be
      manufactured to the highest high standards of quality, using only high
      quality ingredients and materials, in order to ensure that the standard of
      quality of the finished PRODUCTS and PRESENTATION thereof meets the
      prestige and reputation of LICENSOR. THE PRODUCTS shall in no event be of
      an inferior quality than the EXISTING
PRODUCTS.

              

      

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      
        
           

        

        
          Page 34
of 52

          
            

          

        

        
           

        

      

      ANNEX
C

      

      FORM
OF ROYALTY REPORT

      

      
        (Clause
3.3)

        
          
   

      

      The
royalty form report agreed upon is attached hereto.

      

      At the
end of each quarter LICENSEE will provide the following reports, which have been
approved by LICENSOR:

      

      
        	
                 
      

              	
                -

              	
                Quarterly
      sales by zone, country and client

              

      

      

      
        	
                 
      

              	
                -

              	
                Quarterly
      Statement allowing to isolate any sales being excluded from the NET SALES
      definition as per Clause 1.14

              

      

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      
        
           

        

        
          Page 35
of 52

          
            

          

        

        
           

        

      

      

      ANNEX
D

      

      SELECTIVE
DISTRIBUTION CRITERIA

      

      
        (Clause
6.2)

        
          
   

      

      Products
may only be sold in outlets, which exude an aura of luxury and
exclusivity.

      

      Such
outlets must, at a minimum have:

      

      
        	
                 
      

              	
                -

              	
                A
      solid reputation for selling luxury
perfumes

              

      

      
        	
                 
      

              	
                -

              	
                A
      reputation and image compatible with the high quality and reputation of
      the Montblanc Trademarks

              

      

      
        	
                 
      

              	
                -

              	
                Clean,
      well maintained shop fittings

              

      

      
        	
                 
      

              	
                -

              	
                Appropriate
      space devoted to luxury perfumes

              

      

      
        	
                 
      

              	
                -

              	
                Staff
      knowledgeable about luxury
fragrances.

              

      

      

      The
Parties agree that LICENSEE shall aim at distributing the PRODUCTS in the
following indicative number of outlets per country::

         

      
        [________________]71

      

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      

        

      

      
        71
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.71.

      

      
        
           

        

        
          Page 36
of 52

          
            

          

        

        
           

        

      

      

      ANNEX
E

      

      ANNUAL
MARKETING PLAN

      

      Information
to be included in each Annual Marketing Plan

      

      
        (Clause
5.1 (a))

        
          
  

      

      
        	
                (a)

              	
                Calendar
      of Main Activities

              

      

      

      
        	
                (b)

              	
                Conceptual
      Approach – by Product and
Communication

              

      

      

      
        	
                (c)

              	
                Target
      Group

              

      

      

      
        	
                (d)

              	
                Brand
      Name (or code name)

              

      

      

      
        	
                (e)

              	
                Price
      Positioning

              

      

      

      
        	
                (f)

              	
                Distribution:
      sales and distribution plan by countries, and authorised points of sale by
      countries.

              

      

      

      
        	
                (g)

              	
                Assortment

              

      

      
        	   	
                - 

              	
                SKU

              

      

      
        	 	
                - 

              	
                GWP

              

      

      
        	 	
                - 

              	
                Promo

              

      

      
        	 	
                - 

              	
                Display

              

      

      
        	 	
                - 

              	
                Tester

              

      

      
        	 	
                - 

              	
                Samples

              

      

      

      
        	
                (h)

              	
                Projected
      Net Sales Targets – by Product line and
  countries

              

      

      

      
        	
                (i)

              	
                Communication

              

      

      
        	
                 
      

              	
                -

              	
                advertising
      and marketing as detailed in Annex D,
      presented in summary form

              

      

      

      
        	
                (j) 

              	
                New
      Product Launch Plan

              

      

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      
        
           

        

        
          Page 37
of 52

          
            

          

        

        
           

        

      

      

      ANNEX
F

      

      KEY
MARKETS

      

      
        (Clause
1.16)

        
          
  

      

      
        	
                 
      

              	
                ·

              	
                [———————————-]72

              

      

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      

        

      

      
        72
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.139.72.

      

      
        
           

        

        
          Page 38
of 52

          
            

          

        

        
           

        

      

      

      ANNEX
G

      

      CORPORATE
SOCIAL RESPONSIBILITY AND ETHICS

      
        
  

      As
attached hereto.

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      
        
           

        

        
          Page 39
of 52

          
            

          

        

        
           

        

      

      

      Montblanc

      

      Company
of the Richemont Group

       

      Supplier
Code of Conduct

      
        
           

        

        
          Page 40
of 52

          
            

          

        

        
           

        

      

      Model Supplier Code of
Conduct

      

      Montblanc
and all companies of the Richemont Group relationships with all business
partners - suppliers, sub-contractors and business allies - are based on fair,
honest and mutually rewarding dealings contributing to high quality standards of
products and services.

      

      Montblanc
and all companies of the Richemont Group therefore requires that all their
business partners adhere to basic ethical values and ensure the compliance of
their own operations with the principles and practices outlined below. Wherever
feasible, suppliers should seek to ensure that these principles are communicated
to sub-contractors and suppliers of suppliers.

      

      Labour relationships and employment
practices

      

      General
principle

      

      Suppliers
should adopt and apply fair and ethical labour practices respecting
internationally recognised fundamental human rights standards, including the
Universal Declaration of Human Rights, all international covenants and
International Labour Organisation conventions.

      

      Healthy
and safe working conditions

      

      Suppliers
will provide a safe and healthy working environment for their employees in
accordance with applicable local laws and any specific regulations within
industries in which they operate. Appropriate procedures should be in place to
prevent accidents and injury to health arising from, linked to, or occurring
during work activities or as a result of the operations of manufacturing
facilities. Suppliers shall be encouraged to have a nominated health and safety
representative who monitors their facilities' compliance with these
requirements.

      

      Wages and
Working Hours

      

      Suppliers
should comply with local laws relative to minimum wages, standard working hours
and employee benefits. Overtime hours will be voluntary and fully compensated at
regular or premium rates, according to local legal requirements.

      

      In
special circumstances employees may be expected to work longer than standard
hours for limited periods of time. Where this occurs, additional working hours
and consecutive working days will be in compliance with the local regulations
and planned in a way to ensure safe and humane working conditions.

      

      Freedom
of Association

      

      Suppliers
should not prevent employees from associating freely with any lawful and
peaceful workers' or collective bargaining association. In the case where the
local labour laws restrict these freedoms, the supplier is encouraged to
facilitate parallel means of independent and free association and bargaining for
the personnel.

      

      No
Discrimination

      

      Suppliers
should not subject any person to discrimination in employment; including hiring,
wages, benefits, advancement, discipline, termination or retirement, on the
basis of: race, colour, caste, origin, nationality, religion, disability,
gender, sexual orientation, union membership, political affiliation or
age.

      

      No Child
Labour

      

      Suppliers
will not employ persons younger than 15 years of age or younger than the age for
completing compulsory education where this is more than 15 in the relevant
country.

      
        
           

        

        
          Page 41
of 52

          
            

          

        

        
           

        

      

      

      Suppliers
must comply with all their local legal requirements for young workers,
particularly those pertaining to hours of work, wages, health, safety and
general working conditions. A young worker is defined as any worker over the age
of 15 and under the age of 18.

      

      No Forced
Employment

      

      Suppliers
will not use any forced labour, whether in the form of prison labour, indentured
labour, bonded labour or otherwise. Forced labour should be considered to
include any work or service, which is imposed under the threat of penalty for
non-performance or for which overall terms of employment are not
voluntary.

      

      No
Disciplinary treatment

      

      Suppliers
should not subject any person to harassment, corporal punishment, and/or threat
of violence and will prohibit the use of monetary fines or any forms of mental
or physical abuse, coercion, or intimidation.

      

      Responsible
environmental management

      

      Suppliers
will fully comply with local legislation and industrial regulations and should
endeavour to comply with the principles outlined in the Richemont Environmental Code of
Conduct.

      

      Industry
specific issues

      

      Endangered
or protected species

      

      Suppliers
should fully comply with special international and local regulations, for
example the Convention on
International Trade of Endangered Species (CITES), related to the
procurement, import, usage and export of raw materials sourced from endangered
or protected species.

      
        
           

        

        
          Page 42
of 52

          
            

          

        

        
           

        

      

      

      Leather
finished products manufacturing

      

      Suppliers
involved in the leather tanning and finishing sector should apply within their
operations the European
Leather Association (COTANCE) policies that relate to labour rights,
worker health and safety, environmental impacts and customer health and
safety.

      

      Perfumes
and Cosmetic products

      

      Suppliers
involved in the perfumes and cosmetics industry will comply with the European Council Directive
76/768/EEC, which seeks to ensure that no harmful substances are used in
such products.

      

      Animal
testing

      

      Suppliers
should adhere to the principles of Corporate Standards of Compassion
for Animals ensuring that no animal testing is conducted or commissioned
during any stage of product development or manufacture.

      

      Product
information and labelling

      

      Suppliers
will communicate honestly regarding the nature of the products they supply
including raw materials, handling and disposal. All product related matters,
especially regarding chemicals, GMOs or hazardous materials, will be accurately
disclosed as required by local and international laws and/or commonly used
standards in the industry in which they operate.

      

      Country
of origin of product components

      

      Suppliers
may be asked to provide Montblanc with information as to the country of origin
and the name of the sources of components and raw materials included in the
products being delivered.

      

      There
will be no change to the source of components or raw materials or the location
of component production without Montblanc’s prior written
agreement.

      

      Conflict
- free diamonds procurement

      

      The
companies of the Richemont Group adheres to responsible diamond procurement
practices as a member of the diamond industry and requires all its Suppliers to
fully adhere to the principles of the World Diamond Council Resolution on
Industry Self-Regulation supporting the Kimberley Process.

      

      The World Federation of Diamond
Bourses (WFDB)
and the International
Diamond Manufacturers Association (IDMA), together with their constituent
and affiliated members, have created a voluntary system of diamond industry self
- regulation in order to comply and support government undertakings of the Kimberley Process Certification
Scheme (KPCS)
for rough diamonds.

      

      The
principles of the diamond industry self-regulation initiatives are based on the
voluntary creation of a chain of written warranties from invoice to invoice of
all transactions involving the purchase and sale of diamonds and their cutting
and polishing. Montblanc requires all suppliers to comply the
Kimberley-Process.

      

      Ethical
business principles

      

      General
principles

      

      Suppliers
should act according to a “spirit of trust” regarding ethical business
principles. They thus acknowledge that basic business principles related to
trade secrets, respect for intellectual property, sincerity, truthfulness,
transparency and maintaining promises contribute to credible, stable and
sustainable business relationships with Richemont and its
Maisons.

      
        
           

        

        
          Page 43
of 52

          
            

          

        

        
           

        

      

      

      Gifts and
Gratuities

      

      Suppliers
should not offer to their contacts within the Group any inducements, kickbacks,
bribes or other payments that may compromise the making of objective and fair
business decisions.

      

      Special
regulations

      

      Suppliers
will ensure that any production, delivery or other action subject to obtaining
specific governmental, legal or regulatory permissions may only be undertaken
when those permissions have been granted.

      

      Application
and Compliance

      

      General
principle

      

      Montblanc
expects its suppliers to communicate the principles of the Model Supplier Code
of Conduct to their employees, sub-contractors and any other third parties with
whom they do business so as to ensure the principles are integrated into their
operations.

      

      Operating
principles

      

      Suppliers
should report all existing or potential discrepancies between their current
operations and the requirements set out in this Code and provide recovery and
remedial action plans for evaluation by Richemont.

      

      Montblanc
purchasing staff will be trained to assess whether best practices are being
implemented in terms of the procurement of raw materials and semi-finished and
finished goods in accordance with this Code and may involve colleagues and third
parties to assist in determining whether this code is being complied
with.

      

      Evaluation

      

      Montblanc
shall be entitled to request information from its Suppliers as to their
compliance with the terms of this Model Supplier Code of Conduct.

      

      Where
necessary, Montblanc may require a Supplier to provide evidence of its
compliance by way of independent certification.

      

      Montblanc
shall have the right to have products and materials independently tested to
establish whether the Suppliers are in compliance with the terms of this Model
Supplier Code of Conduct.

      

      Montblanc
shall be entitled to visit suppliers’ production facilities and the facilities
of their sub-contractors and suppliers to establish whether the terms of this
Model Supplier Code of Conduct are being complied with.

      

      Non
compliance and penalties

      

      With the
handoff this Model Supplier Code of Conduct will be part of the Manufacturing
Agreement (Framework Agreement) between the supplier and Montblanc.

      

      Montblanc
reserves the right to terminate business relationships with any supplier who
violates this Code of Conduct or whose suppliers or subcontractors violate this
Code of Conduct. As well the terms of this Model Supplier Code of Conduct shall
be included in all standard supply agreements in order to enter into the
business relationships with Montblanc and the other companies of the Richemont
Group.

      
        
           

        

        
          Page 44
of 52

          
            

          

        

        
           

        

      

      

      ACKNOWLEDGMENT
OF TERMS

      

      
        
          
            
              
                	
                        Montblanc Model Supplier Code of

                        Conduct

                      	 	 
      
	 
      	 	 
      
	
                        Company
      name

                      	 	 
      
	 
      	 	 
      
	
                        Address

                      	 	 
      
	 
      	 	 
      
	
                        Contact
      name

                      	 	 
      
	 
      	 	 
      
	
                        Position

                      	 	 
      
	 
      	 	 
      
	
                        Phone
      number, Fax number, E-mail

                      	 	 
      
	 
      	 	 
      
	
                        Name
      of your contact at Montblanc

                      	 	 
      
	
                        Does
      your company have an individual  responsible for implementation
      of the Montblanc Supplier Code of Conduct ?

                      	 	
                        If
      Yes, Please provide contact information

                      
	
                        Does
      your company have procedures in place to meet the requirements set out in
      the Supplier Code of Conduct?

                      	 	
                        If
      Yes, Please provide a copy

                      
	
                        Did
      your company identify any discrepancies between your current operations
      and requirements set out in the Supplier Code of Conduct?

                      	 	
                        If
      Yes, Please provide a copy

                      
	
                        Does
      your company have a code of conduct or similar standards to which your
      suppliers adhere?

                      	 	
                        If
      Yes, Please provide a copy

                      
	
                        The
      terms of the Montblanc Supplier Code of Conduct are hereby accepted and
      agreed to on behalf of:

                      	 	 
      
	 
      	 	
                        _________________________________,

                      
	
                        Name
      and function

                      	 	 
      
	 
      	 	 
      
	
                        Signature :

                      	 	 
      
	 
      	 	 
      
	
                        Date :

                      	 	 
      

              

            

          

        

      

      
        
           

        

        
          Page 45
of 52

          
            

          

        

        
           

        

      

      

      Richemont

      

      Environmental
Code of Conduct

      
        
           

        

        
          Page 46
of 52

          
            

          

        

        
           

        

      

      Richemont
Environmental Code of Conduct

      

      As a
member of the global community, Richemont strives to act as a responsible
corporate citizen carrying out its business activities in a manner that is
consistent with the protection of the environment and the sustainable
utilisation of natural resources.

      Through
the nature of Richemont’s products and services, the Group is not directly
involved in sectors considered as having a highly significant impact on the
environment. Nevertheless, the various Maisons make extensive use of renewable
and non-renewable raw materials, such as precious and gem stones, gold, leather,
woods and natural resins and Richemont therefore seeks to address environment
related issues throughout its global supply chain and business
operations.

      

      The
principles outlined in this Environmental Code of Conduct confirm Richemont’s
commitment to environmental stewardship in line with national and international
norms and standards for environmental management. Richemont therefore requires
all its employees, to contribute to its environmental performance by adopting
the principles and practices outlined below.

      

      The
responsibility for the implementation of the Environmental Code of Conduct
within the Group worldwide will be assigned to the general manager of each
facility.

      

      Awareness
and training

      

      As part
of the implementation of the Environmental Code of Conduct, Richemont will
communicate its environmental policy to all employees, suppliers and other
stakeholders.

      

      Facilities
and operations

      

      Richemont
will develop, design and operate facilities and conduct activities taking into
consideration the environmental issues in order to minimise the adverse impacts
on the environment.

      

      Facilities

      

      Richemont
will ensure that construction, conversion, modernisation and other building work
at each facility will be performed in compliance with local environmental
legislation, norms and regulations and executed in harmony with the
environmental surroundings.

      

      Energy
and water use

      

      Richemont
will monitor the consumption of water, energy, oil, natural resources and other
materials used in its operations with a view to optimise their usage and
minimising waste. This includes heating, lighting, ventilation and
air-cooling.

      

      Management
and employees responsible for the packing and transport of goods will adopt,
wherever possible, an “efficient energy use” strategy by careful planning,
organisation and grouping of the shipments.

      
        
           

        

        
          Page 47
of 52

          
            

          

        

        
           

        

      

      Emissions,
effluents

      

      Facilities
will ensure strict compliance with legal environmental norms and specific
industrial regulations relative to pollution control by installing appropriate
retention and filter systems

      

      Facilities
will monitor and control greenhouse gas emissions, ozone-depleting substance
emissions, waste water discharges and any other relevant emissions resulting
from the manufacturing operations in accordance with local regulation and
industry best practice.

      

      Waste
recycling

      

      Richemont
will monitor waste collection and recycling by type with special attention being
paid to the treatment of hazardous materials. Wherever feasible, materials will
be recycled.

      

      Endangered
or protected species

      

      Richemont
will fully comply with special international and local regulations such as the
Convention on International
Trade in Endangered Species (CITES) related to the procurement, import,
usage and export of raw materials issued from endangered or protected
species.

      

      Leather
products manufacturing

      

      Richemont
entities will adhere to the principles established by the European Leather
Association in terms of the production of leather goods (COTANCE) regarding employee
and customer health and safety and aim at minimising the adverse environmental
Impact of the production processes.

      

      Perfumes
and cosmetic products

      

      Group
companies will comply with EU legislation in terms of the production of perfumes
and cosmetics products. (European Council Directive
76/768/EEC)

      

      Animal
testing

      

      The Group
will adhere to the principles of Corporate Standards of Compassion for Animals,
seeking to ensure that no materials used in its products have been tested or
caused harm to animals.

      

      Conflict-free
diamonds

      

      Richemont
adheres to the principles of the  “World Diamond Council Resolution on
Industry self-regulation” by the introduction of written warranties throughout
the whole supply chain from the supplier until the final customer. Richemont
will explicitly state the “conflict-free diamond” warranty statement on its
internal invoices and will require it from all suppliers as soon as
possible.

      
        
           

        

        
          Page 48
of 52

          
            

          

        

        
           

        

      

      

      No
“dirty gold”

      

      Richemont
adheres to the principles of responsible gold procurement. To the extent
feasible under prevailing industry practices, Richemont will request that its
suppliers provide assurance as far as that gold being supplied has been mined in
a manner which respects human and labour rights and does not inflict
environmental damage, either directly or through the subsequent pollution
through seepage of chemicals.

      

      With
respect to internal manufacturing operations involving gold and other precious
metals, Richemont facilities will operate in full compliance with local laws and
regulations and seek to apply industry-wide best practice in the handling of
such materials.

      

      Product
stewardship

      

      Richemont
Maisons aim to reach technically and economically viable objectives and apply,
wherever appropriate, a “design for environment” approach in order to optimise
the environmental performance of their products through the product
lifecycle.

      

      The
nature of Richemont Maison’s products – watches, jewellery, leather goods,
writing instruments, apparel and other high range accessories - requires high
packaging quality standards. However, possible, recyclable and renewable raw
materials will be used for packaging.

      

      Materials
used for storage and transportation will be made, wherever possible, of recycled
and recyclable materials and re-used wherever possible.

      

      As part
of after-sales maintenance and repair services mainly related to watch products,
Richemont customer services worldwide will secure the replacement, storage and
appropriate disposal of any components, including for electronic circuits and
batteries, which may have an adverse impact on the environment.

      

      Precautionary
approach

      

      Richemont
Maisons will seek to make all necessary adjustments to design, manufacturing or
use of products or services, consistent with the latest scientific and technical
knowledge, to prevent any adverse impact on health, safety or the environment
arising from the production process or from products themselves.

      

      Richemont
will develop and maintain, where significant hazard related risks exist,
emergency preparedness plans in conjunction with the relevant services and
authorities.

      

      Suppliers
and other stakeholders

      

      Richemont
will encourage its Suppliers to adhere to principles outlined in this Model
Environmental Code of Conduct and promote, where appropriate, necessary
improvements in their practices to make them consistent with those of the
Group.

      

      As part
of open dialogue with the Stakeholders; any potential concern or proposal for
improvement with respect to the environmentally responsible practices should be
reported to directly to senior management.

      

      Monitoring,
evaluation and compliance

      

      The Group
will regularly monitor the performance of its manufacturing facilities in terms
of compliance with this Code.

      
        
           

        

        
          Page 49
of 52

          
            

          

        

        
           

        

      

      

      All
existing or potential discrepancies between current operations and requirements
set out in Model Environmental Code of Conduct should be evaluated and reported
along with appropriate recovery action plans.

      

      Any
material non-compliance with these guidelines may be reported on an anonymous
basis to the Head of Internal Audit at GroupAudit.Director@richemont.com.
Internal Audit will then assess the problem and review appropriate corrective
action in conjunction with the management of the facility
concerned.

      

      Regular
updates

      

      This
Model Environmental Code of Conduct will be revised and updated on an ad hoc
basis to address continuing requirements of responsible environmental management
as they arise.

      
        
           

        

        
          Page 50
of 52

          
            

          

        

        
           

        

      

      ANNEX
H

      

      A&P
EXPENSES REPORT

         

        
          

        

      

        

      The
A&P Expenses Report form is attached hereto.

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      
        
           

        

        
          Page 51
of 52

          
            

          

        

        
           

        

      

      ANNEX
I

      

      TERMINATION
AGREEMENT

        

      
        
    

      The
current draft of the termination agreement negotiated between LICENSOR, LICENSEE
and the current licensee is attached hereto. LICENSEE confirms being
substantially in agreement with the terms thereof and acknowledges the
restrictions existing with respect to the trademarks to be assigned by the
current licensee to LICENSOR or with respect to which a co-existence agreement
will be executed.

      

      
        
          	
                  For
      and on behalf of

                	 
      	
                  For
      and on behalf of

                
	
                  MONTBLANC-SIMPLO
      GMBH

                	 
      	
                  INTER
      PARFUMS SA

                
	 
      	 
      	 
      
	
                  /s/ Lutz BETHGE

                	 
      	
                  /s/ Philippe BENACIN

                
	
                  Lutz
      BETHGE

                	 
      	
                  Philippe
      BENACIN

                
	
                  CEO

                	 
      	
                  Président
      Directeur Général

                
	 
      	 
      	 
      
	
                  /s/ Roland A. HOEKZEMA

                	 
      	 
      
	
                  Roland
      A. HOEKZEMA

                	 
      	 
      
	
                  EVP
      Finance & Services - CFO

                	
                    

                	 
      

        

      

      
        
           

        

        
          Page 52
of 52EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    PERSONAL
CARE AGREEMENT

     

    This
agreement for the development, production, manufacturing, and supply of personal
care and home fragrance products (the “Agreement”) by and between The Gap, Inc.,
Banana Republic, LLC, Gap (Apparel), LLC, Gap (ITM) Inc., Banana Republic
(Apparel), LLC, Banana Republic (ITM) Inc., Gap (Canada), Inc., and Gap (Puerto
Rico), Inc. (collectively, the “Company”), on the one hand, and Inter Parfums,
Inc. and its wholly-owned subsidiary Inter Parfums USA, LLC (individually or
collectively, “Vendor”), on the other hand, is entered into as of March 1, 2010
(the “Effective Date”).  The parties’ agreement dated as of July 14,
2005, together with the amendments thereto, is hereby deemed terminated and is
replaced and superseded in its entirety by this Agreement.  For the
avoidance of doubt, the License Agreement dated as of July 1, 2007 (the “License
Agreement”) shall not be replaced and superseded by this Agreement but shall
remain in full force and effect.

     

    This
Agreement supplements the terms, requirements and conditions of the Vendor
Compliance Agreement and Vendor Handbook, including the Commitment and Purchase
Order Terms and Conditions and the Code of Vendor Conduct, and the Personal Care
Vendor Handbook (also referred to as the Personal Care Manual) (collectively
referred to herein as the “VCA”), which are hereby incorporated by reference and
made a part of this Agreement.  To the extent that any term,
requirement or provision contained in this Agreement is deemed to be
inconsistent or conflicts with any term, requirement or provision contained in
the VCA, then this Agreement shall control.

     

    In
consideration of the mutual covenants and conditions contained herein, Company
and Vendor agree as follows:

     

    
      	
              1.

            	
              DEFINITIONS

            

    

     

    In this
Agreement, capitalized terms shall have the meanings ascribed to them in the
VCA, unless otherwise defined herein.  The following capitalized terms
shall have the following meanings:

     

    
      	
              1.1

            	
              “Approval,”
      “Approve,” and
      “Approved” shall
      mean prior written approval given on behalf of Company by an Authorized
      Representative.

            

    

     

    
      	
              1.2

            	
              “Authorized
      Representative” shall mean a representative designated by Company
      to be the primary point of contact with Vendor with respect to this
      Agreement for the Gap Brand, the Banana Republic Brand, or the Outlet
      Brands.

            

    

     

    
      	
              1.3

            	
              “Clearance
      Measures” shall mean trademark, patent or other searches useful in
      assessing freedom to sell and ability to protect, as well as all other
      methods necessary or useful to ensure that intellectual property rights of
      third parties are not infringed and that where appropriate intellectual
      property protection may be secured, including, without limitation,
      online.

            

    

     

    
      	
              1.4

            	
              “Company
      Products” shall mean those Personal Care Products and Home
      Fragrance Products that are developed for Company by Vendor pursuant to
      this Agreement.

            

    

     

    
      	
              1.5

            	
              “Company Stores”
      shall mean Gap, GapKids, babyGap, GapBody, Gap Outlet, Gap Factory Store,
      Gap Generation, Banana Republic, and Banana Republic Factory stores,
      concessions, or other retail establishments, including online stores, that
      are owned and/or operated by Company or its affiliates in the United
      States (including Puerto Rico) and
Canada.

            

    

     

    
      	
              1.6

            	
              “Creative” shall
      mean product fragrances (or formula combinations), concepts, Formulae,
      product names, product line names, formula/ingredient descriptions,
      instructions, packaging, labels, tags, taglines, slogans, copy, scent
      strip designs, images, artwork, drawings, sketches, plans, designs,
      displays, illustrations, models, tooling, Packaging Materials and all
      other forms of identification affixed to or connected with Company
      Products whether or not Approved by Company, including, without
      limitation, any New Marks.

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              1.7

            	
              “Formula(e)”
      shall mean any and all of the formulae, lists of ingredients, fragrances,
      technical information, recipes, processes and instructions (held in
      whatever form) reasonably necessary to enable the Company Products to be
      produced.

            

    

     

    
      	
              1.8

            	
              “Home Fragrance
      Product(s)” shall mean candles, potpourri, incense, room spray, and
      any other products listed as home fragrance products on Appendix 1,
      attached hereto, but no other
products.

            

    

     

    
      	
              1.9

            	
              “Initial Retail
      Price” shall mean the price established by Company as the retail
      price to be marked on the relevant Company
  Products.

            

    

     

    
      	
              1.10

            	
              “Initial Retail
      Value” shall mean the number of units of Company Products purchased
      by Company multiplied by the Initial Retail Price for the relevant Company
      Products.

            

    

     

    
      	
              1.11

            	
              “New Marks”
      shall mean any names, trademarks, service marks, trade names, domain
      names, taglines, slogans, logos or trade dress developed under this
      Agreement or used or proposed to be used on Company Products, and any
      other names, trademarks, service marks, taglines, slogans or trade dress
      displayed on or in connection with Company Products or the packaging for
      Company Products.

            

    

     

    
      	
              1.12

            	
              “Packaging
      Materials” shall mean bottles and containers, labels and packaging
      materials.

            

    

     

    
      	
              1.13

            	
              “Personal Care
      Product(s)” shall mean fragrances, skincare products, bath
      products, body care products, and cosmetics, as set forth in those
      categories on Appendix 1, attached hereto, and shall not include Home
      Fragrance Products or any other products not specifically listed in those
      categories on Appendix 1.

            

    

     

    
      	
              1.14

            	
              “Third-Party
      Materials” shall mean any designs, concepts, formulae, names,
      packaging, materials, designs, or other items, or parts thereof, which
      belong or may belong to a party other than Company or
    Vendor.

            

    

     

    
      	
              2.

            	
              EXCLUSIVITY
      AND GRANT OF RIGHTS

            

    

     

    
      	
              2.1

            	
              Exclusive
      Right.  Subject to the terms and conditions of this
      Agreement, Company hereby grants to Vendor the exclusive and
      non-transferable right to develop, produce, manufacture, and supply to
      Company Stores, at Vendor’s sole cost and expense, Approved Company
      Products, including Creative for such products, for the Gap and Banana
      Republic brands, including the Outlet division (each a “Brand”),
      provided that for the Banana Republic Brand such exclusivity shall apply
      only to Fragrances as defined in Appendix 1.  Company reserves
      all other rights not specifically granted hereunder, including the right
      to contract with other parties for the development, production,
      manufacture and distribution of any Company Products or other Personal
      Care Products or Home Fragrance Products for Company’s other divisions,
      subsidiaries, affiliated companies or brands (including without limitation
      Old Navy, Piperlime, and Athleta) and for any territories or channels of
      distribution not covered by this Agreement.  Company shall be
      solely responsible, at its sole cost and expense, for marketing,
      promoting, pricing and selling all Company Products and for in-store
      operations, including supplying appropriate fixtures, real estate,
      staffing and marketing.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              2.2

            	
              Loss of
      Exclusivity.  In the event that Vendor becomes liable to
      Company for lost sales margins pursuant to Section 6.4 on [———-1]
      or more occasions during a [———-]2 period, in addition
      to whatever other rights and remedies Company may have for such breach,
      the rights granted to Vendor hereunder shall, at Company’s option,
      immediately become non-exclusive.  In addition, if following a
      Brand’s request to develop a Personal Care Product or Home Fragrance
      Product category, Vendor does not develop commercially reasonable Concepts
      within [———-3]
      and/or a line of Approved Company Products in such category within [———-]4, Vendor’s exclusive
      rights to such Personal Care Product or Home Fragrance Product category
      may be revoked at Company’s sole option and upon such revocation shall
      become non-exclusive.

            

    

     

    
      	
              3.

            	
              PRODUCT
      DEVELOPMENT

            

    

     

    
      	
              3.1

            	
              Scope.  At
      the direction of and in collaboration with each Brand, Vendor shall
      develop Personal Care Products and Home Fragrance Products in those
      categories set forth in Appendix 1 hereto (“Development
      Services”).  Vendor shall be responsible, at its sole
      cost and expense, for development of product concepts, Formulae, Packaging
      Materials, other Creative and all other aspects of actual or proposed
      Company Products, for making all samples and all aspects of the
      manufacture of Company Products.

            

    

     

    
      	
              3.2

            	
              Product
      Development.  At the direction of and in collaboration
      with each Brand, Vendor shall create a product development plan, subject
      to the Brand’s Approval, setting forth key milestones for the launch of
      new Company Products that Vendor must meet for development, production,
      manufacturing, and delivery (“Key
      Milestones”).  Subject to the provisions of Section 4.4
      hereof, Vendor’s failure to meet the Key Milestones shall constitute a
      breach of this Agreement unless and to the extent that (i) such failure is
      due to a failure on the part of the Brand in meeting its obligations to
      respond to requests for Approval of Company Products after advance notice
      from Vendor that such failure to respond may result in Vendor’s failure to
      meet a Key Milestone, or (ii) the Brand’s Authorized Representative and
      Vendor agree in writing in advance to extend the Key
      Milestone.

            

    

     

    
      	
              3.3

            	
              Pre-manufacturing
      Final Approval.  All proposed new Company Products must
      be Approved by the Brand prior to their manufacture and sale
      hereunder.  Each Brand shall have the right to Approve all
      aspects of each Company Product to be manufactured by Vendor, including,
      without limitation, the aroma, concepts, Formulae, Creative, Packaging
      Materials, quality, materials, naming and other trademarks and service
      marks, all elements of Company branding and any relevant promotional
      materials.  The parties understand and agree that no orders
      shall be placed or accepted without such prior Approval by
      Company.

            

    

     

    
      
        

      

    

    
      1
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.1.

    

     

      2
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.2.

    

     

      3
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.3.

    

     

      4
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.4.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              3.4

            	
              Legal
      Clearance.  Vendor shall be solely responsible for and
      shall perform all Clearance Measures for all aspects of the proposed
      Company Products and their respective Creative (including New Marks), to
      ensure that:  (i) Company can manufacture, produce, market,
      use, reuse, publish and republish, distribute, and authorize others to
      manufacture, produce, market, use, reuse, publish, republish and
      distribute, the Approved Company Product and Creative, including
      Third-Party Materials, and (ii) Company may own all rights and
      interests in such Creative (except for any Third-Party Materials Approved
      by Company) including, without limitation, the New Marks.  For
      each new Company Product, Vendor shall be obligated to present no more
      than [———-]5 product names that
      are clear for Company’s use and ownership as set forth
      herein.  If Company rejects all [———-]6 cleared product
      names for the new Company Product and requires additional Clearance
      Measures, such Clearance Measures shall be at Company’s sole cost and
      expense.  Vendor shall ensure that any agent, subcontractor or
      other person or entity acting on Vendor’s behalf that is involved in the
      development or production of Company Products or Creative shall, prior to
      such involvement, sign an intellectual property assignment agreement in
      form and substance acceptable to Company assigning to Company all rights
      to any Company Products and Creative.  Vendor shall not use any
      Third-Party Materials in or as part of any Creative or Company Product
      without Company’s Approval.  Vendor shall complete all Clearance
      Measures before Vendor presents the Company Product to Company for
      Approval.  Vendor warrants that it uses an outside law firm with
      expertise in legal clearance to perform the Clearance Measures and that it
      maintains documentation, including written opinions from counsel,
      regarding those searches for [———-]7.

            

    

     

    
      	
              3.5

            	
              In
      the event that a Company Product cannot be distributed, marketed and/or
      sold in Company Stores due to Vendor’s negligence in the performance of
      the Clearance Measures, or Vendor’s failure to disclose to Company the
      risks with respect to such Company Product or its Creative, Vendor shall
      be liable to Company for any lost sales margin in Company Stores based on
      Average Initial Retail (“AIR”) associated with any and all affected units
      of such Company Product until such time as the Clearance Measures are
      performed and the affected Company Product can be distributed, marketed,
      and/or sold in the applicable
location.

            

    

     

    
      	
              4.

            	
              APPROVALS

            

    

     

    
      	
              4.1

            	
              Standard for
      Approval.  Approvals may be based solely on Company’s
      subjective standards and may be withheld or limited, reserved or made
      subject to conditions in Company’s sole
      discretion.  Notwithstanding the foregoing, Approvals, once
      given, shall not be withdrawn absent a good faith, commercially reasonable
      basis.  Company’s failure to approve, disapprove or otherwise
      comment shall not be deemed to constitute approval and shall be deemed to
      constitute disapproval.  Approvals related to the production,
      manufacture or shipment of Company Products, including Forecasts, shall
      not be effective unless made by a Company Vice President or
      higher.

            

    

     

    
      	
              4.2

            	
              No Effect on Vendor’s
      Liability.  No Approval given by Company shall limit,
      reduce or exclude Vendor’s obligations or liability under this
      Agreement.

            

    

     

    
      

    

    
      5
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.5.

    

     

      6
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.6.

    

     

      7
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.7.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              4.3

            	
              Product Change
      Following Approval.

            

    

     

    
      	
               
      

            	
              (a)

            	
              Changes Initiated by
      Vendor.  Vendor must submit to Company for its prior
      Approval a complete description of a requested change to any aspect of the
      development, manufacture, production or delivery of an Approved Company
      Product (including Creative therefor) and the reason for the requested
      change.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Changes Requested by
      Company.  Subject to the provisions of Section 4.4
      hereof, Company reserves the right, at any time and for any commercially
      reasonable basis, to request changes to Approved Company
      Products.  Vendor shall comply with the request and have
      developed, produced, manufactured and delivered conforming Approved
      Company Product within [———-]8 of Company’s
      request unless compliance cannot be accomplished using commercially
      reasonable efforts, or unless otherwise Approved by Company, which
      Approval shall not be unreasonably
withheld.

            

    

     

    
      	
              4.4

            	
              Consequences for
      Company Withdrawal of Approval or Change in
      Plan.  Notwithstanding anything to the contrary contained
      in this Agreement, if an Approval is withdrawn in respect of an Approved
      Company Product (a) in production, then such Company Product shall be
      deemed to be a Discontinued Product, as hereinafter defined, and governed
      by the inventory clearance measures in Section 5 hereof; or (b) not in
      production, then any and all deadlines and timetables relating to
      production, manufacture and shipment of such Company Product for which
      Approval has been withdrawn shall be revised, and any and all new
      deadlines and timetables relating to production, manufacture and shipment
      of such Company Product for which Approval has been withdrawn shall be
      subject to confirmation by Vendor.  Further, if Company
      withdraws an Approval or makes any change in plan as to a Company Product,
      then revised Key Milestones will be subject to written confirmation by
      Vendor before becoming the basis for any performance-related
      penalties.  Under no circumstance shall Vendor be held liable
      for the failure to meet any of the previous Key Milestones, including
      without limitation lost sales margin under Section 6.4 as to such Company
      Product.

            

    

     

    
      	
              5.

            	
              INVENTORY
      CLEARANCE

            

    

     

    
      	
              5.1

            	
              Discontinuation of
      Approved Company Products Without Cause.  At any time and
      for any reason Company may choose to discontinue the manufacture and sale
      of any Company Product (each a “Discontinued Product”), and Company’s
      liability to Vendor shall be limited to the Commitment Period as set forth
      in the previous month’s Forecast, as defined in Section
    6.1.

            

    

     

    
      	
              5.2

            	
              Discontinued Product
      Clearance.

            

    

     

    
      	
               
      

            	
              (a)

            	
              Company,
      in its sole discretion, may offset its liability for Commitment Period
      inventory by (i) purchasing some or all remaining Commitment Period
      inventory of Discontinued Product at the Purchase Price not later than
      [———-]9 from the date a
      Company Product became a Discontinued Product; and/or (ii) demanding
      destruction of some or all remaining Commitment Period inventory of
      Discontinued Product and compensating Vendor in an amount equal to
      Vendor’s cost of raw materials and production plus reasonable, documented
      overhead expenses.

            

    

     

    
      

    

    
      8
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.8.

    

     

      9
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.9.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
               
      

            	
              (b)

            	
              Vendor
      shall have the right to sell all inventory of Discontinued Product in
      excess of the Commitment Period inventory for a period of [———-]10 from the date the
      Company Product became a Discontinued Product, internationally to
      “Authorized Channels of Distribution” as such term is defined in the
      License Agreement and, at Company’s sole discretion, to other Approved
      close-out retailers, including (i) a commercially reasonable “run-out” of
      finished goods inventory in order to maximize the use of components, and
      (ii) work-in-progress at hand at the time Company Products became
      Discontinued Products that are completed by Vendor within a commercially
      reasonable time thereafter (each a “Discontinued Product
      Inventory”).

            

    

     

    
      	
               
      

            	
              (c)

            	
              All
      remaining Discontinued Product Inventory and components not sold by Vendor
      in accordance with Section 5.2(b) above shall be lawfully destroyed at
      Vendor’s sole expense within [———-]11 after the end of
      the [———-]12 period, unless
      Company, in its sole discretion, Approves in advance Vendor’s further
      clearance of such remaining Discontinued Product Inventory and components,
      including Approval of the specific Company Products, quantities, channels
      of distribution, and markets or
territories.

            

    

     

    
      	
              5.3

            	
              Clearance of Current
      Excess Inventory.  Within [———-]13 of execution of
      this Agreement, Vendor shall provide Company a complete listing by
      quantity and SKU of the entire current inventory of Discontinued Products
      within the custody or control of Vendor and Vendor Affiliates, wherever
      located (“Excess Inventory”).  All Excess Inventory must be
      lawfully destroyed at Vendor’s sole expense on or before [———-]14 from the execution
      and delivery of this Agreement, unless Company, in its sole discretion,
      Approves in advance Vendor’s clearance of some or all of the Excess
      Inventory, including Approval of the specific Company Products,
      quantities, channels of distribution, and markets or territories, and the
      deadline by which such Excess Inventory must be sold and after which any
      remaining Excess Inventory must be lawfully destroyed at Vendor’s sole
      expense.  Vendor shall certify to Company, in writing signed by
      its Chairman, President, Chief Executive Officer or Chief Financial
      Officer, that all remaining Excess Inventory has been
      destroyed.  Vendor’s failure to destroy or sell through the
      Excess Inventory per Company’s Approval as provided herein will constitute
      a breach of the Agreement.

            

    

     

    
      

    

    
      10
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.10.

    

     

      11
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.11.

    

     

      12
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.12.

    

     

      13
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.13.

    

     

      14
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.14.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              6.

            	
              DISTRIBUTION/DELIVERY
      TO COMPANY STORES

            

    

     

    
      	
              6.1

            	
              Forecasting.  Each
      Brand will collaborate with Vendor to develop monthly forecasts for orders
      of Company Products, which are subject to the agreement of Vendor and
      which shall be submitted by each Brand to Vendor on a [———-]15 basis
      (“Forecasts”).  Each Forecast will stipulate first a Commitment
      Period and then a Planning Period on a rolling ———-]16
      basis.  Company will be liable to Vendor for Commitment Period
      inventory notwithstanding any change or plan or product discontinuation,
      but in no event will Company have any liability for Planning Period
      inventory.  Vendor agrees to abide by the terms and conditions
      of the EDI Addendum attached hereto as Appendix 2 in transmitting
      electronic documents to Company.

            

    

     

    
      	
              6.2

            	
              Vendor Freight
      Charges.  Vendor shall be solely responsible for all
      freight charges and all other costs in relation to delivery of Company
      Products to poolers. Vendor shall not be obligated to ship any order for
      Company Products unless the purchase price of each order to be shipped is
      not less than [———-]17per order;
      provided, however, that the minimum freight order of [
      ———-]18
      shall not apply in the following circumstances:  (a) new
      product rollout (excluding single CCs of lip balm); (b) one all-store
      replenishment allocation per quarter; and (c) replenishment of any
      Company Products that have been out of stock in Vendor’s warehouse for
      more than [———-]19.  Alternatively,
      at the sole option of Company, Company may submit purchase orders for
      Company Products FOB Vendor’s distribution center, Dayton, New Jersey,
      with no minimum purchase price.

            

    

     

    
      	
              6.3

            	
              Store Support and
      Return Process.  Vendor shall provide a staff member with
      responsibility relating to inventory and return issues.  Vendor
      shall also support a return process at Vendor’s sole cost and expense for
      Company Stores to return to Vendor any product improperly delivered and
      any damaged or defective Company Products, except that any leaking product
      shall be destroyed by Company at Vendor’s
  expense.

            

    

     

    
      	
              6.4

            	
              Failure to Satisfy
      Commitment Period Forecasts.  Subject in all respects to
      the provisions of Section 3.2, and 4.4 hereof, in the event of Vendor’s
      failure to satisfy Commitment Period Forecasts, including without
      limitation failure to deliver the correct quantity of Company Products,
      failure to deliver on time, or delivery of damaged or otherwise
      non-conforming products, then in such event, Company may exercise any and
      all available remedies as set forth in the
VCA.

            

    

     

    
      

    

    
      15
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.15.

    

     

      16
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.16.

    

     

      17
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.17.

    

     

      18
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.18.

    

     

      19
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.19.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              6.5

            	
              Purchase
      Price.  For all Approved Company Products developed,
      produced, manufactured and supplied by Vendor to Company, Company shall
      pay Vendor [———-]20 of the Initial
      Retail Value of all Company Products received at the Company Stores or
      other locations Approved by Company (the “Purchase
      Price”).  However, for gift packs and other promotional items
      developed, produced, manufactured and supplied by Vendor to Company, a
      negotiated rate of compensation to the Vendor shall be agreed in
      advance.

            

    

     

    
      	
              7.

            	
              INTELLECTUAL
      PROPERTY

            

    

     

    
      	
              7.1

            	
              Ownership of Company
      Intellectual Property.  Vendor acknowledges that all
      rights, titles and interests in and to the Gap, Banana Republic and other
      Company names, trademarks, service marks and logos (“Company Marks”) and
      Creative and Company Products (collectively, “Company Intellectual
      Property”) shall be vested solely in Company, except Approved Third-Party
      Materials where Company has Approved the third party’s retention of
      ownership and the terms on which the Third-Party Materials will be
      licensed to Company.  Vendor shall provide reasonable assistance
      and cooperation to Company to acquire, transfer, maintain, perfect and
      enforce Company’s rights, titles and interests in the Company Intellectual
      Property, and shall not at any time do or cause to be done, or fail to do
      or fail to cause to be done, any act or thing, directly or indirectly,
      contesting or in any way impairing those rights, titles or interests of
      Company.  If such reasonable assistance and cooperation involves
      more than administrative acts, then the cost and expense of such
      reasonable assistance and cooperation shall be borne by
      Company.  Vendor acknowledges and agrees that (a) its use of the
      Company Intellectual Property shall inure exclusively to benefit Company;
      (b) use of the Company Intellectual Property by Vendor does not convey to
      Vendor any right, title or interest in or to any of the Company
      Intellectual Property or related goodwill; (c) Vendor shall not contest,
      oppose, challenge or do anything to impair the validity, ownership or
      enforceability of any of the Company Intellectual Property or the
      exclusive ownership of Company in, or the exclusive right of Company to
      control the use of, the Company Intellectual Property, or attempt to
      register any Company Mark or any confusingly similar trademark, service
      mark, trade name or domain name; (d) Vendor will not directly or
      indirectly depreciate or attempt to depreciate the value of the goodwill
      or reputation of any of the Company Intellectual Property, or use any of
      the Company Intellectual Property in any manner that is inconsistent with
      the terms of this Agreement.

            

    

     

    
      	
              7.2

            	
              Assignment.  Vendor
      hereby assigns to Company all of Vendor’s worldwide right, title and
      interest in and to all rights, title and interest in the Company
      Intellectual Property for the full term of protection of such rights,
      including any renewals and extensions, and agrees that such assignment
      shall be effective as soon as is possible under any applicable law,
      statute or regulation.  Vendor hereby further assigns to Company
      all rights with respect to Third-Party Materials that Vendor may have such
      that Company has exclusive rights with respect to such Third-Party
      Materials.

            

    

     

    
      	
              7.3

            	
              Moral
      Rights.  Vendor also hereby irrevocably transfers and
      assigns to Company, and waives and agrees never to assert, any and all
      “Moral Rights” (as defined below) Vendor may have in or with respect to
      any Company Intellectual Property, even after termination of Vendor's work
      on behalf of Company.  Vendor shall use its best efforts to
      obtain waivers of any and all “Moral Rights” from all of its employees,
      officers, agents, and/or contractors (and their employees, officers and/or
      agents).  “Moral Rights” means any rights to claim authorship of
      the Company Intellectual Property, to object to or prevent any
      modification of the Company Intellectual Property, to withdraw from
      circulation or control the publication or distribution of any Company
      Intellectual Property, and any similar right, existing under judicial or
      statutory law of any country in the world, or under any treaty, regardless
      of whether or not such right is called or generally referred to as a
      “Moral Right.”

            

    

    

      

    

    
      20
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.20.

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              8.

            	
              CONFIDENTIALITY

            

    

     

    
      	
              8.1

            	
              Confidentiality.
      For the avoidance of doubt, the following categories of confidential and
      proprietary information are subject to the confidentiality obligations set
      forth in the VCA: All products, concepts, Formulae, scents, fragrances,
      colors, packaging, prices, costs, financial information, product concepts,
      strategic or other plans, sales, sourcing, lists of dealers and customers
      and prospective dealers and customers, and any proposals made to or
      received from prospective dealers or suppliers related to Company
      Products. Confidentiality shall not apply to: (a) information that at the
      time of receipt by Vendor was already known to Vendor; (b) information
      that at any time is received in good faith by Vendor or any of its
      Affiliates from a third party, which was lawfully in the possession of the
      third party and the third party had the right to disclose; (c) information
      that as of the date of receipt by Vendor is in the public domain or
      subsequently enters the public domain without fault on the part of Vendor;
      (d) is disclosed pursuant to compulsory process or governmental
      requirement after Vendor has promptly notified Company of such compulsory
      process or governmental requirement, and Company has had the opportunity
      to obtain a protective order or confidential treatment agreement with
      provisions equivalent to the provisions of this Agreement, it being
      expressly understood that the burden of proof to establish any and all of
      the aforementioned exceptions from confidential treatment shall be upon
      Vendor and shall be evidenced solely by the written records of
      Vendor.

            

    

     

    
      	
              8.2

            	
              Legally Required
      Disclosures. Nothing in this Section shall prohibit disclosure of
      information that Vendor believes in good faith is required to be disclosed
      by law, including without limitation the applicable rules and regulations
      of the Securities and Exchange Commission (“SEC”), the Nasdaq Stock
      Market, any other exchange where Vendor’s securities may be listed for
      trading, or any court decision that is binding on Vendor (“Applicable
      Securities Laws”), but any such disclosure must be reviewed by Company in
      advance and must be submitted to Company with reasonable advance notice
      and in no event less than one (1) full business day, or twenty-four (24)
      hours, whichever is longer, prior to disclosure. Company understands that
      this Agreement is a material contract to be filed by Vendor with the SEC.
      Vendor will file a confidential treatment request for the financial and
      commercial information contained in the Agreement to the extent permitted
      by the applicable Federal securities laws and will provide Company with
      reasonable advance notice and in no event less than one (1) full business
      day, or twenty-four (24) hours, whichever is longer, prior to such
      filing.

            

    

     

    
      	
              9.

            	
              INDEMNIFICATION

            

    

     

    
      	
              9.1

            	
              Indemnification by
      Vendor. In addition to Vendor’s indemnification obligations under
      the VCA, Vendor agrees to defend, indemnify and hold Company, its
      officers, directors, agents and employees free and harmless from and
      against any and all liabilities, losses, demands, causes of action, costs,
      injuries, damages and expenses, including attorneys’ fees, which Company
      may suffer or incur as a result of any claims made in connection with or
      arising from any Creative (except to the extent Company has to pay the
      owner of the Formulae for removal of the Formulae for subsequent use with
      a third party filler after termination or expiration of this Agreement) or
      Company Products provided to, for, or on behalf of Company by Vendor, any
      Vendor Affiliate or Vendor’s subcontractor, agent, or representative,
      including but not limited to any claims based on: Vendor’s failure to
      comply with any applicable domestic or foreign law, statute or regulation;
      personal injuries; the negligence, acts or omissions of Vendor, any Vendor
      Affiliate, or any of Vendor’s representatives, agents, contractors or
      assigns; the breach of or failure to perform under any term, obligation,
      requirement or provision of this Agreement; any unauthorized use of any
      Company Intellectual Property; any infringement or alleged infringement by
      Vendor or any Vendor Affiliate of the rights of any third party relating
      to the Creative or any Company Product; and/or the breach of any
      representation or warranty set forth herein. If Vendor does not promptly
      assume the defense of any claim tendered for indemnification hereunder,
      then Company may defend the claim itself, with counsel of the Company’s
      choosing, at the expense of
Vendor.

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              9.2

            	
              Indemnification by
      Company.  Company agrees to defend, indemnify and hold
      Vendor, Vendor Affiliates, and their several officers, directors, agents
      and employees free and harmless from and against any and all liabilities,
      losses, demands, causes of action, costs, injuries, damages and expenses,
      including attorneys’ fees, which Vendor or Vendor Affiliates may suffer or
      incur as a result of any claims made in connection with or arising from
      any claims made by third parties against Vendor for Company’s breach of
      this Agreement or infringement of intellectual property rights arising out
      of the Approved use of any materials provided by Company to Vendor for use
      in the development, production, manufacture or distribution of Company
      Product.  If Company does not promptly assume the defense of any
      claim tendered for indemnification hereunder, then Vendor, Vendor
      Affiliates, and the other persons entitled to indemnification under this
      Agreement may defend the claim themselves, with counsel of their choosing,
      at the expense of Company.

            

    

     

    
      	
              10.

            	
              TERM
      AND TERMINATION

            

    

     

    
      	
              10.1

            	
              Term.  This
      Agreement shall be effective on the Effective Date and, unless terminated
      earlier as provided in this Agreement, shall continue in full force and
      effect until December 31, 2011 (the
“Term”).

            

    

     

    
      	
              10.2

            	
              Product Launch
      Expenditures.  Vendor may submit for Approval by each
      Brand’s CFO or his or her designee, written estimates for any new tooling
      or capital investment expenditures that are reasonably necessary for
      Vendor to support new product launches scheduled to occur within the
      period from [———-]21.  In the
      event that the parties do not reach agreement to renew this Agreement upon
      expiration, Company agrees to reimburse Vendor for the unamortized costs
      of any Approved tooling and/or capital investment expenditure(s) actually
      incurred during such period, in an amount not to exceed [———-]22 total for all
      Brands, payable within [———-]23 of receipt of
      Vendor’s invoice for such expenditures with supporting
      documentation.

            

    

     

    
      	
              10.3

            	
              Events of
      Default.  If any of the following events shall occur
      (each, an “Event of Default”):

            

    

     

    
      	
               
      

            	
              (a)

            	
              Vendor
      commits a material breach of this Agreement or the VCA that is not capable
      of remedy, including but not limited to a material breach of Vendor’s
      confidentiality, non-competition or intellectual property
      obligations;

            

    

     

    
      	
               
      

            	
              (b)

            	
              Vendor
      commits a material breach of this Agreement or the VCA that is capable of
      remedy and fails to remedy such breach within [———-]24 of Company’s
      written notice to Vendor of the
breach;

            

    

     

    
      	
               
      

            	
              (c)

            	
              Vendor:

            

    

     

    
      	
               
      

            	
              (i)

            	
              is
      unable to pay its debts or appears to be unable to pay or to have no
      reasonable prospect of being able to pay his debts, or is insolvent within
      the meaning of any applicable law;

            

    

     

    
      

    

    
      21
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.21.

    

     

      22
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.22.

    

     

      23
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.23.

    

     

      24
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.24.

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
               
      

            	
              (ii)

            	
              is
      adjudged by any court insolvent or
bankrupt;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              has
      a petition presented for its winding up or issues a notice convening a
      meeting of shareholders to consider a resolution for winding up or has a
      petition presented for its administration or an application for an
      administration order is made, or has a similar procedure commenced by or
      against it under any applicable law;
or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              suffers
      an encumbrance taking possession of or suffers the appointment of a
      receiver or administrative receiver or administrator or any similar person
      under any applicable law or suffers any sequestration order being made in
      respect of the whole or substantial part of its
  assets;

            

    

     

    
      	
               
      

            	
              (d)

            	
              Vendor
      or any Vendor Affiliate directly or indirectly opposes (or assists any
      third party to oppose) the application, registration or renewal of any
      Company trademark, design and/or patent, including without limitation the
      Company Intellectual Property;

            

    

     

    
      	
               
      

            	
              (e)

            	
              Vendor
      or any Vendor Affiliate itself registers or disputes or directly or
      indirectly assists any third party to dispute the validity of any Company
      trademark, design and/or patent, including without limitation the Company
      Intellectual Property; or

            

    

     

    
      	
               
      

            	
              (f)

            	
              Gary
      McNatton or a substitute Approved by Company (which Approval will not be
      unreasonably withheld) ceases to be substantially involved in the
      Development Services;

            

    

     

    then
Company may, without prejudice to any other rights and remedies it may have and
without penalty, upon written notice to Vendor:

     

    
      	
               
      

            	
              (w)

            	
              immediately
      terminate this Agreement in its entirety;
or

            

    

     

    
      	
               
      

            	
              (x)

            	
              immediately
      terminate the Agreement as to the Banana Republic Brand, the Gap Brand,
      and/or the Outlet Brands, or as to particular Company Product lines or
      categories within one or more Brands;
or

            

    

     

    
      	
               
      

            	
              (y)

            	
              immediately
      terminate only the Development Services or the manufacture of Approved
      Company Products, triggering the need for Company and Vendor to
      renegotiate in good faith the terms and conditions of the existing
      Agreement; or

            

    

     

    
      	
               
      

            	
              (z)

            	
              inform
      Vendor that Company is considering terminating the Agreement (the “Interim Termination
      Notice”) and at any time during the
      [———-]25
      following such notice, give Vendor not fewer than [———-]26 notice
      of the day when the Agreement shall terminate, in whole or in
      part.

            

    

     

    
      

    

    
      25
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.25.

    

     

      26
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.26.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              10.4

            	
              Commitment Period
      Inventory; Wind-Down on Expiration; No Wind-Down on Event of
      Default.

            

    

     

    
      	
               
      

            	
              (a)

            	
              Commitment Period
      Inventory.  Company, in its sole discretion, may offset
      its liability for Commitment Period inventory upon expiration of the
      Agreement by (i) purchasing some or all remaining Commitment Period
      inventory at the Purchase Price and/or (ii) demanding destruction of some
      or all remaining Commitment Period inventory and compensating Vendor in an
      amount equal to Vendor’s cost of raw materials and production plus
      reasonable, documented overhead
expenses.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Wind-Down on
      Expiration.

            

    

    

    
      	
               
      

            	
              (i)

            	
              Within
      [———-]27 of expiration of
      this Agreement, Vendor shall deliver to Company a complete and accurate
      schedule of Vendor's inventory of Company Products on hand in excess of
      the Commitment Period inventory, in process of manufacture and in transit,
      including without limitation, raw materials, bulk materials, ingredients,
      supplies and containers, as of the close of business on the date of
      expiration (the “Final Inventory”).  Company shall have the
      option, exercisable by notice to Vendor within [————]
      28 after its
      receipt of the Final Inventory schedule, or from time to time thereafter
      to the extent Final Inventory is available, to purchase any or all of the
      Final Inventory for an amount equal to the Purchase Price.  If
      such purchase option should be exercised by Company, then Vendor shall
      deliver to Company or its designee all of the Final Inventory purchased by
      Company within [———-]29 after Company's
      said notice of exercise of its option.  Company shall pay Vendor
      for such Final Inventory within [———-]30 after delivery of
      such Final Inventory.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Upon
      expiration of this Agreement and to the extent Company has not exercised
      its option to purchase all or part of the Final Inventory, then Vendor
      shall have a [———-]31 wind-down
      period (the “Wind-Down Period”) to sell the remaining Final Inventory of
      Company Products internationally to “Authorized Channels of Distribution”
      as such term is defined in the License Agreement and, at Company’s sole
      discretion, to other Approved close-out retailers, including (i) a
      commercially reasonable “run-out” of finished goods inventory in order to
      maximize the use of components, and (ii) work-in-progress at hand at
      the expiration of this Agreement that is completed by Vendor within a
      commercially reasonable time thereafter (collectively “the Wind-Down
      Inventory Amount”).  All remaining inventory from the Wind-Down
      Inventory Amount and components not sold by Vendor as set forth above
      shall be lawfully destroyed at Vendor’s sole expense within [———-]32 after the end of
      the Wind-Down Period, unless Company, in its sole discretion, Approves in
      advance Vendor’s further clearance of such remaining Wind-Down Inventory
      Amount and components, including Approval of the specific Company
      Products, quantities, channels of distribution, and markets or
      territories.  Vendor shall certify to Company, in writing signed
      by its Chairman, President, Chief Executive Officer or Chief Financial
      Officer, that all remaining Wind-Down Inventory has been
      destroyed.

            

    

    

      

    

    
      27
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.27.

    

     

      28
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.28.

    

     

      29
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.29.

    

     

      30
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.30.

    

     

      31
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.31.

    

     

      32
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.32.

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
               
      

            	
              (iii)

            	
              Except
      as otherwise specifically provided to the contrary in this Agreement, on
      the expiration or termination of this Agreement, all of the rights of
      Vendor under this Agreement shall terminate forthwith and shall revert
      automatically to Company.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Vendor’s Event of
      Default.  In the event this Agreement is terminated for
      Vendor’s Event of Default as set forth in Section 10.3, Vendor shall have
      no continuing license to develop, manufacture, produce, distribute, sell
      or otherwise use any of the Creative or Company Products created pursuant
      to this Agreement, and Company shall have no liability to Vendor for any
      remaining inventory.  Vendor shall lawfully destroy any
      remaining inventory of Approved Company Product, absent express, written
      agreement with Company to the contrary, and shall certify to Company, in
      writing signed by its Chairman, President, Chief Executive Officer or
      Chief Financial Officer, that the inventory has been
      destroyed.

            

    

     

    
      	
              11.

            	
              GENERAL
      PROVISIONS

            

    

     

    
      	
              11.1

            	
              Non-Competition.  During
      the term of this Agreement, Vendor may not enter into any agreement for
      the development, production, manufacture, distribution or sale of Personal
      Care Products or Home Fragrance Products with [———-]33.

            

    

     

    
      	
              11.2

            	
              No
      Assignment.  Neither party shall assign, transfer or
      delegate its rights or obligations under this Agreement without the prior
      written consent of the other party, which consent shall not be
      unreasonably withheld.  Any purported assignment, transfer,
      delegation or other disposition, except as permitted herein, shall be null
      and void.  Notwithstanding the foregoing, Company may assign the
      Agreement (without obtaining Vendor’s prior written consent) to any of its
      respective current or future worldwide divisions, subsidiaries and/or
      affiliated companies.

            

    

     

    
      	
              11.3

            	
              Notices.  Any
      notice, request, demand or other communication required or permitted
      hereunder shall be in writing, shall reference this Agreement and shall be
      deemed to be properly given:  (a) when delivered personally;
      (b) when sent by facsimile, with written confirmation of receipt by
      the sending facsimile machine; (c) three (3) business days after having
      been sent by registered or certified mail, return receipt requested,
      postage prepaid; or (d) upon delivery by an overnight private industry
      express courier, with written confirmation of receipt.  All
      notices shall be sent to the following addresses (or to such other address
      or person as may be designated by a party by giving written notice to the
      other party pursuant to this
Section):

            

    

     

    
      

    

    
      33
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.33.

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      
        	
                Company:

              	 
      	
                Vendor:

              
	
                General
      Manager, Banana Republic

              	 
      	
                Attn:
      Mr. Jean Madar, CEO

              
	
                Personal
      Care

              	 
      	
                Attn:
      Mr. Russell Greenberg, CFO

              
	
                General
      Manager, Gap Personal Care

              	 
      	
                Inter
      Parfums, Inc.

              
	
                General
      Manager, Outlet Personal Care

              	 
      	
                551
      Fifth Avenue

              
	
                Gap
      Inc.

              	 
      	
                New
      York, NY 10176

              
	
                Two
      Folsom Street

              	 
      	
                Facsimile:  (212)
      983-0654

              
	
                San
      Francisco, CA  94105

              	 
      	 
      
	
                BR
      Facsimile:  (415) 427-5433

              	 
      	 
      
	
                Gap
      Facsimile:  (415) 427-7046

              	 
      	 
      
	 
      	 
      	 
      
	
                With
      a copy to:

              	 
      	 
      
	 
      	 
      	 
      
	
                General
      Counsel

              	 
      	 
      
	
                Gap
      Inc.

              	 
      	 
      
	
                Two
      Folsom Street

              	 
      	 
      
	
                San
      Francisco, CA  94105

              	 
      	 
      
	
                Facsimile:  (415)
      427-6982

              	
                  

              	 
      

      

    

     

    
      	
              11.4

            	
              Entire
      Agreement.  This Agreement, together with the VCA,
      constitutes the entire agreement between Company and Vendor concerning the
      subject matter herein, and supersedes any and all previous oral and/or
      written agreements or understandings between Company and Vendor related
      thereto.  This Agreement may be modified only by a written
      amendment executed by Company and Vendor.  Notwithstanding
      anything to the contrary contained in the VCA, no amendment, modification
      or change to the VCA shall be effective against Vendor if such amendment,
      modification or change shall have an adverse effect upon Vendor or shall
      increase the obligations of Vendor under this Agreement or the
      VCA.

            

    

     

    
      	
              11.5

            	
              Severability;
      Survival.  Any term, requirement or provision of this
      Agreement that is determined to be invalid or unenforceable will be
      ineffective to the extent of such determination without invalidating the
      remaining terms, requirements and provisions of this Agreement or
      affecting the validity or enforceability of such remaining terms,
      requirements and provisions.  The obligations of the parties
      that by their nature would continue beyond the termination or expiration
      of this Agreement shall survive termination or expiration of this
      Agreement for any reason.

            

    

     

    
      	
              11.6

            	
              Force
      Majeure.  If the
      performance of any part of this Agreement by either party (the
      “Interrupted Party”) is prevented or delayed by reason of any flood, riot,
      fire, explosion, war, terrorist act, governmental action or inaction in
      response to, or in contemplation of, a terrorist act, or any other
      casualty or cause beyond the control of the Interrupted Party, which
      cannot be overcome (a “Force Majeure Event”), the Interrupted Party shall
      be excused from such performance to the extent that it is necessarily
      prevented, hindered or delayed thereby, for so long as such event shall
      continue to prevent, hinder or delay such performance.  This
      Agreement shall be deemed suspended so long as and to the extent that any
      such cause shall operate to prevent, hinder or delay the performance by
      the Interrupted Party of its obligations; however, the other party, at its
      sole option, shall have the right to terminate this Agreement immediately
      if the Interrupted Party’s performance is suspended pursuant to this
      Section for more than [———-]34.  Upon
      the occurrence of a Force Majeure Event, the Interrupted Party shall, as
      soon as reasonably practicable thereafter, notify the other party of the
      nature and extent of any such Force Majeure
  Event.

            

    

     

    
      

    

    
      34
Confidential information omitted and filed separately with the SEC with a
request for confidential treatment by Inter Parfums, Inc. No.
10.140.34.

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement by signing
below:

     

    
      
        
          
            	
                    The
      Gap, Inc.

                  	 
      	
                    Inter
      Parfums, Inc.

                  
	 
      	 
      	 
      
	
                    By:

                  	
                       

                  	 
      	
                    By:

                  	
                    /s/ Russell Greenberg

                  
	 
      	
                    Name:

                  	 
      	 
      	
                    Name:
      Russell Greenberg

                  
	 
      	
                    Title:

                  	 
      	 
      	
                    Title:
      Executive Vice President

                  
	 
      	
                    Date:

                  	 
      	 
      	
                    Date:

                  
	 
      	 
      	 
      
	
                    Banana
      Republic, LLC

                  	 
      	
                    Inter
      Parfums USA, LLC

                  
	 
      	 
      	 
      
	 
      	 
      	
                    By:
      Inter Parfums, Inc., Sole Member

                  
	
                    By:

                  	
                       

                  	 
      	 
      
	 
      	
                    Name:

                  	 
      	
                    By:

                  	
                    /s/ Russell Greenberg

                  
	 
      	
                    Title:

                  	 
      	 
      	
                    Name:
      Russell Greenberg

                  
	 
      	
                    Date:

                  	 
      	 
      	
                    Title:
      Executive Vice President

                  
	 	 	 	 	Date: 
	 
      	 
      	 
      
	
                    (continues
      on next page)

                  	 
      	 
      
	 
      	 
      	 
      
	
                    (continues
      from previous page)

                  	 
      	 
      
	 
      	 
      	 
      
	
                    Gap
      (Apparel), LLC

                  	 
      	
                    Gap
      (ITM) Inc.

                  
	 
      	 
      	 
      
	
                    By:

                  	
                       

                  	 
      	
                    By:

                  	
                       

                  
	 
      	
                    Name:

                  	 
      	 
      	
                    Name:

                  
	 
      	
                    Title:

                  	 
      	 
      	
                    Title:

                  
	 
      	
                    Date:

                  	 
      	 
      	
                    Date:

                  

          

        

      

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      
        
          
            
              	
                      Banana
      Republic (Apparel), LLC

                    	 
      	
                      Banana
      Republic (ITM) Inc.

                    
	 
      	 
      	 
      
	
                      By:

                    	 
      	 
      	
                      By:

                    	
                         

                    
	 
      	
                      Name:

                    	 
      	 
      	
                      Name:

                    
	 
      	
                      Title:

                    	 
      	 
      	
                      Title:

                    
	 
      	
                      Date:

                    	 
      	 
      	
                      Date:

                    
	 
      	 
      	 
      
	
                      Gap
      (Canada), Inc.

                    	 
      	
                      Gap
      (Puerto Rico), Inc.

                    
	 
      	 
      	 
      
	
                      By:

                    	
                         

                    	 
      	
                      By:

                    	
                         

                    
	 
      	
                      Name:

                    	 
      	 
      	
                      Name:

                    
	 
      	
                      Title:

                    	 
      	 
      	
                      Title:

                    
	 
      	
                      Date:

                    	 
      	 
      	
                      Date:

                    

            

          

        

      

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    Appendix
1

     

    PERSONAL
CARE AGREEMENT

    PRODUCT
CATEGORIES DESCRIPTIONS

    

    
      
        
          	
                  Exclusive rights

                	 
      	
                  Non-Exclusive rights

                
	 	 	 
	
                  Fragrances (Perfume, Eau
      de Perfume, Eau de toilette, cologne) for men, women, baby and unisex. As
      well as their corresponding ancillaries (shower gel, body lotion, body
      cream, body spray, soap, shaving products, deodorant)

                	 
      	
                  Hair Care (Conditioners,
      shampoo, hair sprays, hair styling products)

                
	 
      	 
      	 
      
	
                  Cosmetics (blushers, eye
      makeup, face powders, lipsticks, colored lip balms and lip glosses, makeup
      bases), nail color (nail polish)

                	 
      	
                  Cosmetics Accessories
      such as cosmetics bags, Dopp kits, tweezers

                
	 
      	 
      	 
      
	
                  Skincare Products (baby
      powders, oils and lotions, bath additives, facial treatments, hand and
      body creams, lotions and treatments, skin care products for women, men and
      children, sun care products, talcum and dusting powders, personal
      cleansing products)

                	 
      	
                  Home Fragrances
      accessories

                
	 
      	 
      	 
      
	
                  Home Fragrances (room
      spray, scented candles, unscented candles, incense sticks, fragrance oils,
      potpourri beads, scented sachets, scented beads, oil
stick)

                	
                    

                	 
      

        

      

    

    

    
      
        
          	
                  No
      rights

                
	 
	
                  Hair Care (Ethnic hair
      products, hair coloring products, hair perming products, brushes, combs,
      hair dryers, specialty hair products...)

                
	 
      
	
                  Oral Care Products
      (denture products, jellies and treatment, mouth wash, toothbrushes, tooth
      paste)

                
	 
      
	
                  Other Toiletries
      (depilatories, waxes and bleaches)

                
	 
      
	
                  Nail Care (artificial
      nails, nail and cuticle treatments, nail polish remover, dryer and
      thinner)

                
	 
      
	
                  Other (fragranced
      fabric, leather or apparel
related-item)

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    Appendix
2

     

    EDI
ADDENDUM

     

    NOTICE
TO VENDOR:  COMPLIANCE WITH ALL TERMS, REQUIREMENTS AND PROVISIONS OF
THIS EDI ADDENDUM IS A CONDITION OF DOING BUSINESS WITH
COMPANY.  VENDOR’S FAILURE TO EXECUTE THIS ADDENDUM SHALL NOT
CONSTITUTE A WAIVER OF ANY TERM, REQUIREMENT OR PROVISION HEREIN BY COMPANY OR A
WAIVER OF COMPANY’S RIGHT TO ENFORCE THIS ADDENDUM OR INSIST ON VENDOR’S STRICT
ADHERENCE TO ITS TERMS, REQUIREMENTS AND PROVISIONS.  UNLESS OTHERWISE
EXPRESSLY AGREED IN WRITING BY COMPANY, VENDOR’S PERFORMANCE OR UNDERTAKING OF
ANY OBLIGATION TO COMPANY SHALL BE DEEMED AN ACCEPTANCE OF THIS AGREEMENT BY
VENDOR.

     

    This EDI
Addendum is a legally binding agreement between The Gap, Inc., Banana Republic
LLC, Gap (Apparel) LLC, Gap (ITM), Inc., Banana Republic (Apparel) LLC, Banana
Republic (ITM), Inc. and Gap (Canada) Inc., together with their subsidiaries who
operate stores (collectively, the “Company”) on the one hand and Inter Parfums,
Inc. and its subsidiary Inter Parfums, S.A. and their its subsidiary and
affiliated companies and representatives (“Vendor”).

     

    
      	
              1.

            	
              Incorporation.

            

    

     

    This
document is an addendum to the Agreement in place between Company and Vendor
dated __________, 2005 (the “Agreement”), and is also subject to the EDI
implementation and operational requirements contained in the Personal Care
Vendor Handbook. Your signature below will constitute acceptance of the terms
and conditions set forth of each of the aforementioned documents.

     

    Company
shall have the right to revise or modify the terms, conditions and/or
requirements contained in any of the above from time to time on written or
electronic notice to Vendor.

     

    
      	
              2.

            	
              Documents.

            

    

     

    Each
party shall electronically transmit to or receive from the other the transaction
sets specified in the Agreement (“Documents”) as well as such additional
Documents as Company may from time to time specify upon written or electronic
notice to Vendor by amendment to the Agreement.

     

    
      	
              3.

            	
              Standards.

            

    

     

    Unless
otherwise specified by Company in writing, all Documents shall be transmitted in
accordance with the American National Standards Institute (“ANSI”) X.12
Standards; however, to the extent modified or clarified by the Voluntary Inter
Industry Communication Standards Committee (“VICS”), the latter shall apply and
prevail.

     

    
      	
              4.

            	
              Network.

            

    

     

    Unless
otherwise expressly agreed by Company in writing, the electronic transmission of
Documents by Vendor hereunder must be through an acceptable third-party
value-added network (VAN), which shall be compatible with the network used by
Company.  Vendor shall be solely responsible for its own VAN costs,
including its costs to send any transmission to or receive any from Company or
its representatives.  Vendor shall further be solely responsible and
liable for the acts or omissions of its VAN while transmitting, receiving,
storing or handling Documents or performing any other related
activities.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    Vendor
agrees to access its electronic mailbox at least twice every business day and
that it shall process Documents and provide communication on a timely
basis.  Vendor further agrees that it shall have at all times the
capacity to receive, review and store all comments, and notes sections of any
transmission (including the Special Instructions on Company’s Purchase Orders
and as specified in the most current EDI Implementation and Operational
Requirements).

     

    Unless
otherwise expressly provided in writing by Company’s Sourcing and Logistics
Department, Vendor shall be required to send a Ready to Ship35 agree that a Ready to
Ship shall be transmitted via EDI for each shipment made under any Purchase
Order seventy-two (72) hours prior to ship date (to Company).

     

    Unless
otherwise expressly provided in writing by Company’s Sourcing and Logistics
Department, Vendor agrees that it shall transmit via EDI an Advance Ship Notice
for each shipment made under any Purchase Order within:

     

    4.1           Two
(2) hours of departure of any goods from Vendor’s United States facility
or

     

    4.2           Twenty-four
(24) hours of departure of any goods from non-United States Vendor
facilities.

     

    Vendor
shall obtain and use electronic mail on a VAN to facilitate communications
between the parties.

     

    
      	
              5.

            	
              Proper
      Receipt.

            

    

     

    Data
involving, connected with, or related to any Document transmitted through the
use of electronic transmission shall be deemed received (and effective) upon the
earlier of the following:  (a) when the receiving party actually
retrieves such data from its electronic mailbox, or (b) twenty-four (24) hours
(excluding the receiving party’s Saturdays and Sundays, and holidays provided
sufficient advance written notice is given to Company’s Sourcing and Logistics
Department) after transmission by the originating party.  Immediately
upon receipt of any such transmission (but at least within twenty-four (24)
hours of receipt) the receiving party shall transmit to the other party a
functional acknowledgment.  If any transmitted Document is received in
unintelligible or garbled form, or if it contains any translation, structure or
other errors, the receiving party shall immediately notify the originating party
(but at least within forty-eight (48) hours of receipt); in the absence of such
timely notice, the originating party’s records for the contents of such Document
shall control.

     

    
      	
              6.

            	
              Costs.

            

    

     

    Vendor
shall be solely responsible for its own costs of obtaining and maintaining all
equipment, software, and services necessary for the reliable, complete and
timely electronic transmission, receipt and storage of all Documents, as well as
access to the VAN.

     

    
      	
              7.

            	
              Confidential and
      Proprietary Information.

            

    

     

    In
addition to the terms of the Vendor Compliance Agreement, Vendor understands and
acknowledges that all information and communications transmitted electronically
to or from Vendor regarding in any way Company and/or its business relationship
with Vendor is confidential and proprietary information of
Company.  Vendor shall take all steps necessary to ensure that only
authorized personnel have access to any such electronic records and shall
preserve the confidentiality of the information to the same extent that Vendor
uses to safeguard its own confidential information.  Vendor shall
further provide for backup and recovery of records to protect against
information loss. Vendor shall implement security measures to protect against
the use of its facilities, information, computers, and any third party network
access devices and passwords to transmit unauthorized, fraudulent or incorrect
messages and will regularly test and re-evaluate the effectiveness of such
measures.

    

      

    

    
      35  Ready
to Ship transactions are not required from all Vendors. Company’s Sourcing
department will identify in writing Vendors that are required to send the Ready
to Ship.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    EXHIBIT
10.140: CERTAIN CONFIDENTIAL INFORMATION IN THIS EXHIBIT 10.140 WAS OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”) WITH A
REQUEST FOR CONFIDENTIAL TREATMENT BY INTER PARFUMS, INC.

    

    Execution
Copy

    
      	
              8.

            	
              Signed
      Writing.

            

    

     

    Each
party acknowledges and agrees that (a) all electronic transmissions under this
Agreement shall be deemed to be signed writings, and (b) Company’s transmission
of any Commitment or Purchase Order to Vendor under this Agreement shall be
deemed to have been signed and Approved by an authorized Company
representative.

     

    
      	
              9.

            	
              Liability for Errors
      and Losses

            

    

     

    Vendor
shall be liable to Company for all direct damages to Company resulting from any
erroneous or fraudulent messages received by Company, and for any action Company
takes in reliance on such erroneous or fraudulent messages, whether or not
Vendor evidenced negligence with respect to the transmission. Vendor shall be
liable for the errors or omissions of its VAN, except that such liability is
also limited by the provisions of this section as if the damages were caused by
Vendor itself.

     

    
      
        	
                Vendor

              	 
      	
                The
      Gap, Inc.

              
	 
      	 
      	 
      
	
                   

              	 
      	
                   

              
	
                Signature
      of Authorized Representative

              	 
      	
                Signature
      of Authorized Representative

              
	 
      	 
      	 
      
	
                   

              	 
      	
                   

              
	
                Print
      Name

              	 
      	
                Print
      Name

              
	 
      	 
      	 
      
	
                   

              	 
      	
                   

              
	
                Title

              	 
      	
                Title

              
	 
      	 
      	 
      
	
                   

              	 
      	
                   

              
	
                Date

              	 
      	
                Date

              
	 
      	 
      	 
      
	 
      	
                  

              	
                [signature
      lines to be added]

              

      

    

    
      
         

      

      
        3

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