8-K

Securities and Exchange Commission
Washington, D.C. 20549

Current Report on Form 8-K

Current Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):
14 June 2004

Inter Parfums, Inc.
(Exact name of Registrant as specified in its charter)

Commission File Number 0-16469

Delaware                                                                         13-3275609
(State or other jurisdiction of                                          (I.R.S. Employer
incorporation or organization)                                         Identification No.)

551 Fifth Avenue, New York, New York 10176
(Address of Principal Executive Offices)

212. 983.2640
(Registrant's Telephone number, including area code)

Item 5.  Other Events.

         On 14 June 2004, our Paris-based subsidiary, Inter Parfums S.A., and LANVIN S.A. signed a worldwide license agreement to create, develop and distribute fragrance lines under the LANVIN brand name. Taking effect July 1, 2004, this 15-year agreement provides for an upfront license fee ($19.2 million), the purchase of existing inventory ($7.2 million). Our rights under such license agreement are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

 Item 7.  Exhibits. 

        The following documents are filed herewith:

Exhibit No.	Description
10.103	Contrat de Licence D'Usage de Marques Entre Les Soussignes Jean Lanvin SA and Inter-Parfums, SA signe le 14 juin 2004*
10.103.1	English Translation of License Agreement between Jean Lavin SA and Inter-Parfums, SA, signed 14 June 2004*

_________________

* Certain disclosure schedules and other attachments are omitted, but will be furnished supplementally to the Commission upon request. Filed in excised form.

 SIGNATURES

            Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused and authorized this report to be signed on its behalf by the undersigned.

Dated: 21 June 2004

Inter Parfums, Inc.

By: /s/ Russell Greenberg
      Russell Greenberg,
      Executive Vice President

EX-10

Exhibit 10.103 

CONTRAT DE LICENCE D'USAGE 
DE MARQUES

ENTRE LES SOUSSIGNES :

• JEANNE LANVIN SA, societe anonyme au capital de 16.297.330 Euros, ayant son siege social situe 15, rue du Faubourg Saint-Honore, 75008 Paris, immatriculee au RCS de Paris sous le numero 612 048 629, representee par son President-Directeur general, Monsieur Sing Ming Chu, et ci-apres denommee le << Concedant>>,

D'une part,

 ET

• INTER-PARFUMS, societe anonyme ayant son siege social situe 4, rond-point des Champs Elysees, 75008 Paris, immatriculee au RCS de Paris sous le numero 350 219 382, representee par son President-Directeur general, Monsieur Philippe Benacin, et ci-apres denommee le << Licencie>>,

 D'autre part,

IL EST D'ABORD EXPOSE QUE:

 Le Concedant est proprietaire de la marque de parfums LANVIN qu'il a deposee dans divers pays et sous laquelle il commercialise depuis de nombreuses annees des produits d'une tres haute qualite. En l'etat actuel, le Concedant exploite de maniere importante ses marques dans le domaine d'activite du present contrat au travers de la commercialisation et de la distribution des lignes de parfums : << Arpege>>, << Lanvin L'Homme>>, << Oxygene>>, << Eclat d'Arpege>> et <<Vetyver>>.

 La marque LANVIN a ainsi acquis, notamment dans le domaine des parfums, une notoriete incontestee, que le Concedant souhaite cependant developper encore, notamment sur le plan international.

 De son cote, le Licencie tient une place de premier plan sur le marche mondial des produits de parfumerie, grace aux moyens et a la longue experience dont il dispose tant en matiere de recherche et de developpement qu'en matiere industrielle et de commercialisation.

 Dans le cadre du rapprochement entre le Licencie et le Concedant, et en consideration de l'effet benefique que la conjonction de leurs forces respectives ne manquerait pas d'avoir sur leurs affaires, les parties ont examine les conditions dans lesquelles l'attribution d'une licence pour les parfums au Licencie pourrait etre effectuee a leurs avantages communs.

 IL EST ALORS CONVENU CE QUI SUIT :

 ARTICLE 1 - DEFINITIONS

1.1        L'expression << Marques Concedees>> utilisee dans le present contrat designe les marques listees en Annexe 1.1 aux presentes appliquees aux << Produits>> tels que definis comme ci-apres et dans la Classe internationale 3 de depot des marques, ainsi que les noms, abreviations, symboles et autres signes distinctifs quelconques, qui lui sont actuellement ou lui seront dans le futur associes sur l'initiative du Concedant ou sur proposition du Licencie acceptee par le Concedant.

 1.2        Le terme << Produits>> designe les produits de parfumerie, de toilette, a l'exception de tous produits cosmetiques et maquillages, existants ou futurs, vendus sous l'une ou plusieurs des << Marques Concedees>> (tombant dans les categories decrites en Annexe 1.2 aux presentes).

 1.3        Le terme << Territoire>> designe le monde entier dans la mesure du possible et, en tout etat de cause, tous les pays ou les Marques Concedees sont ou seront deposees dans la Classe internationale 3.

 1.4        L'expression << Chiffre d'Affaires Net Mondial>> designe le chiffre d'affaires mondial consolide de la vente des Produits, tel que calcule selon les principes generaux comptables francais tels qu'appliques de maniere constante par le Licencie (et selon la norme IFRS lorsque cette derniere sera applicable), deduction faite des facturations de la PLV, etant precise qu'il s'agit du montant hors taxe des ventes facturees par le Licencie a tous ses << detaillants>> (tout point de vente ou espace de vente au consommateur final habilite a vendre les produits portant la marque Jeanne Lanvin) et << distributeurs independants>> (toute societe independante habilitee a revendre les Produits portant la Marque JEANNE LANVIN en vertu d'un contrat ecrit ou d'accords avec le Licencie a des detaillants dans un ou plusieurs pays). Par distributeur independant, il convient d'entendre toute entite qui ne soit pas controlee par le Licencie au sens des dispositions de l'article 233-3 du Code du Commerce. En outre, le Chiffre d'Affaires Net Mondial ne saura etre inferieur a la partie relative aux Produits du chiffre d'affaires net total du Licencie tel que publie dans ses comptes annuels, deduction faite des facturations de la PLV. Il est expressement entendu entre les parties que la deduction du chiffre d'affaires des facturations de la PLV est conditionnelle au fait que le Licencie ne realise pas une marge de plus de 30% sur ces facturations de PLV.

1.5        L'expression << Lancement de Nouveaux Produits>> designe les operations decrites en Annexe 1.5.

 1.6        L'expression << Activites de Publicite et de Promotion>> designe : uniquement les achats d'espaces publicitaires de toute nature et dans tous medias, la diffusion de produits gratuits (echantillons, collateraux) et la publicite sur les lieux de vente, y compris les objets promotionnels. Elle exclut expressement les depenses suivantes : les remises de fin d'annees allouees aux distributeurs, les frais de personnel engage au titre de la vente ou de la presentation des Produits, les ouvertures de stand, les participations a des salons professionnels et expositions et les espaces de presentation des Produits.

 ARTICLE 2 - LICENCE

 2.1        Le Concedant concede au Licencie qui accepte, a compter de la signature des presentes, la licence exclusive d'utilisation des Marques Concedees, pour la fabrication et la vente des Produits dans le Territoire, conformement aux dispositions et conditions des presentes.

2.2         Le present contrat etant strictement personnel entre le Concedant et le Licencie, aucune des deux parties n'est en consequence autorisee a ceder ni a transferer a un quelconque tiers tout ou partie de ses droits ou obligations decoulant du present contrat. En outre le Licencie s'engage a ne pas conceder de sous-licences totales ou partielles de ses droits concedes au titre du present contrat. Nonobstant les dispositions qui precedent, le Concedant aura le droit de ceder, transferer ou apporter tout ou partie des droits et obligations du present contrat a l'une des societes qu'elle controle ou qui la controle au sens de l'article 233-3 du Code de Commerce ou bien l'une de ses societes soeur, c'est a dire a une societe controlee au sens de l'article 233-3 du Code de Commerce par le meme actionnaire que celui qui la controle au sens de ce meme article.

 2.3        La date d'effet du present contrat est le 1er juillet 2004. Pendant la periode intermediaire courant entre la signature des presentes et le 1er juillet 2004, le Concedant s'engage a gerer les Marques Concedees en bon pere de famille dans le cours normal des affaires. Le Concedant devra obtenir l'accord prealable ecrit du Licencie avant (a) la modification, le renouvellement ou la resiliation des contrats passes entre le Concedant et des tiers ayant trait a la distribution, la commercialisation et/ou la fabrication des Produits, et/ou (b) tout engagement significatif de depenses ayant trait a ces memes matieres, le Licencie devant faire connaitre sa position a ce sujet dans un delai de cinq (5) jours maximum a compter de la demande d'approbation du Concedant.

 ARTICLE 3 - PRINCIPES DE BASE

 3.1        Le Licencie tout en recherchant la collaboration la plus ouverte possible avec le Concedant, aura en coordination avec celui-ci, le choix du sous-traitant, l'initiative et la direction de la fabrication des Produits du present contrat dont il assumera seul la responsabilite dans les conditions exprimees ci-apres.

 3.2        Le Licencie aura egalement en concertation avec le Concedant, le choix du prestataire (createurs de parfums, designer de flacons, d'etuis, etc.), l'initiative et la responsabilite de la creation, apres qu'aura ete definie avec le Concedant l'orientation de ladite creation, cela dans le cadre general decrit au present article et dans celui de l'image plus precise determinee pour la marque LANVIN par le Concedant.

 Le Licencie est autorise, sous son entiere responsabilite, a confier la distribution des Produits a toutes societes independantes et s'engage a faire respecter par ces dernieres les termes du present contrat.

3.3        En consequence de ce qui precede, le Licencie s'engage a respecter et a faire respecter en permanence, dans toutes ses actions et initiatives, l'image de qualite, d'elegance et d'originalite attachee aux Marques Concedees, notamment en ce qui concerne la qualite des Produits du present contrat, leur aspect esthetique, leur publicite, leur promotion et leur distribution.

 3.4        Le Licencie s'engage a respecter et a faire respecter par ses salaries, representants, agents, mandataires et/ou ayant droit, ainsi que par ses societes affiliees, pendant la duree des presentes, toutes les lois et reglements en vigueur sur le Territoire ayant trait a l'objet des presentes. A ce titre, le Licencie declare, en son nom et pour le compte de toutes ses societes affiliees, que toutes les polices d'assurances necessaires a la realisation de l'objet des presentes ont ete et seront regulierement souscrites et payees. En ce qui concerne les polices de responsabilite civile, le Licencie s'engage a souscrire une telle police couvrant ses activites relatives au present contrat pour un montant suffisant et conforme aux usages de la profession.

 3.5        Le Licencie s'interdit pendant la duree des presentes, d'utiliser a des fins de raison sociale, par l'une des entites dans lesquelles elle aurait une participation directe ou indirecte, l'une des Marques Concedees, ainsi que plus generalement les noms << LANVIN>> et/ou << JEANNE LANVIN>>, ainsi que l'abreviation << JLSA>>.

 3.6        Les parties conviennent que la renommee de << JEANNE LANVIN>> dans le pret-a-porter de luxe et le domaine de la parfumerie est un element important de cette marque et de sa renommee. Dans cette optique, le Concedant et le Licencie attachent tout deux une importance primordiale a ce que dans tous les domaines l'image d'elegance, d'originalite et de qualite attachee a la marque LANVIN se retrouve et soit respectee en permanence. Le Concedant s'engage a maintenir la marque LANVIN dans l'univers du luxe.

 ARTICLE 4 - CREATION,
FABRICATION, DISTRIBUTION

 4.1     Le Licencie aura la charge et la responsabilite d'assurer a ses frais la creation (ou en ce qui concerne les Produits existants, les modifications qu'il estime necessaire ou souhaitable), la mise au point et la fabrication des Produits du contrat, dans le respect des principes enonces a l'article 3 ci-dessus.

4.2        Le Licencie assume au plan mondial et a titre exclusif la charge entiere de la conception, du developpement de l'elaboration et de la fabrication des Produits. Le Licencie s'engage a creer et a commercialiser des produits de tres haute qualite de conception, d'execution, de raffinement, d'esthetique, de maniere a pouvoir rivaliser avec les creations les plus prestigieuses des marques concurrentes telles qu'elles sont listees en Annexe 4.6, sur le marche international de produits de beaute et de parfumerie

 4.3        Creation des Produits et du visuel publicitaire :

 La creation des Produits et le visuel publicitaire relatif a ces Produits devront s'inscrire dans la coherence d'un style exclusif a JEANNE LANVIN et afin de garantir cette coherence, le Licencie s'engage a associer etroitement le Concedant a toutes les etapes de la creation et du developpement afin de lui permettre de faire son choix, de suggerer toute modification qui lui parait appropriee, etant precise que dans tous les cas les parties feront leurs meilleurs efforts pour cooperer en vue d'aboutir ensemble a un projet commun.

• Pour toute creation de Produit, le Licencie devra obtenir l'accord prealable du Concedant sur le projet aux principales etapes suivantes :

• Mise au point du concept Produit Redaction des briefs destines aux createurs (design et parfum) leur donnant une directive de travail
• Mise au point du design du flacon
• Developpement et choix du jus
• Developpement et choix du packaging
• Choix du nom du Produit
• Le concept du visuel publicitaire et projets de mise en page relatifs au nouveau Produit envisage et destines a la publicite

 4.4.          Developpement industriel ou mise au point technique des Produits :

Le Licencie s'engage a ce que les Produits soient fabriques selon les standards de qualite de l'industrie afin qu'ils soient conformes au prestige de la Marque.

Les parties conviennent que le Licencie conservera la maitrise de toutes les etapes techniques du developpement industriel. Elle selectionnera librement les fournisseurs des articles de conditionnement (moules, capots, pompes, etuis, cales, etiquettes etc.), etant entendu qu'avant toute mise en fabrication, le Licencie recherchera l'accord du Concedant qui sera donne aussi rapidement que possible.

Le Licencie soumettra au Concedant pour son accord, dans un delai raisonnable avant le lancement de chaque Produit ou nouvelle ligne de Produits du present contrat, les echantillons ou maquettes des Produits en question, avec leur conditionnement.

Si le Concedant n'a pas presente des reserves ecrites au Licencie dans les trente (30) jours suivant la reception des echantillons ou maquettes, il sera repute satisfait du projet.

Dans le cas contraire, les parties se concerteront sur les mesures a prendre pour tenir compte des souhaits du Concedant. Dans tous les cas les parties s'engagent a faire leurs meilleurs efforts pour cooperer en vue d'aboutir ensemble a un projet satisfaisant pour les deux parties.

4.5               Controle de qualite :

Le Licencie devra effectuer les controles de qualite et inspections requis avant la livraison des Produits aux clients. Le Licencie assumera seul la responsabilite de la conformite des Produits aux legislations et aux reglementations relatives a la sante et securite.

4.6        Le Licencie organisera la distribution des Produits du contrat dans le Territoire sur une base selective, en limitant la vente aux seules parfumeries et rayons de parfumerie des grands magasins compatibles avec l'image des Marques Concedees, en prenant comme reference les points de vente des produits concurrents des Produits sur le Territoire (dont la liste figure en Annexe 4.6 aux presentes et pourra etre mise a jour le cas echeant annuellement par le Concedant et ce, sur une base de criteres objectivement definis).

4.7        Le Licencie decidera par ailleurs des lancements, des conditions et des prix de vente, des promotions commerciales, apres en avoir avise le Concedant au prealable dans le cadre des reunions de travail mentionnees ci-apres. Le Licencie communiquera annuellement au Concedant les prix publics conseilles des Produits ainsi que sa politique tarifaire. Ces prix devront etre comparables aux produits de concurrents de meme gamme (dont la liste figure en Annexe 4.7 aux presentes et pourra etre mise a jour le cas echeant annuellement par le Concedant). 

Conformement aux usages de la profession, le Licencie pourra appliquer une politique tarifaire discountee a la vente des Produits discontinues, en concertation avec le Concedant. 

4.8        Le Licencie et le Concedant se reuniront regulierement a leur convenance commune et au minimum tous les trois (3) mois afin de faire un point sur toutes les actions entreprises dans le cadre de l'execution du contrat et le respect de ses dispositions. Le Licencie s'engage a communiquer au Concedant, a premiere demande de celui-ci, toute information que celui-ci pourrait souhaiter dans le cadre de la preparation et de la tenue de ces reunions. Lors de ces reunions, les representants des parties aux presentes traiteront notamment :

• de l'analyse en commun du deroulement et des resultats de l'exploitation des Produits du contrat et le cas echeant des produits promotionnels,

• de l'examen critique et objectif des actions menees par le Licencie au cours du trimestre ecoule dans le cadre de l'execution des presentes,

• de la qualite de la fabrication des Produits,

• de la distribution et de la commercialisation des Produits,

• de l'utilisation du budget promotionnel et publicitaire tel que prevu a l'article 7 des presentes, et notamment du ratio entre le budget de publicite media et le budget PLV,

• de la definition, le cas echeant, des orientations nouvelles,

• de toutes autres questions ayant trait l'execution du present contrat.

ARTICLE 5 - MARQUES, PROPRIETE INDUSTRIELLE

5.1        Le Concedant s'engage a garantir, pendant la duree des presentes, au Licencie l'existence materielle des depots des Marques Concedees figurant dans l'Annexe 1.1 aux presentes, ainsi que leur validite contre toute atteinte de son fait personnel, dans la limite des lois et reglements en vigueur.

Les Marques Concedees, signes de toute nature et logos doivent apparaitre de facon evidente, visible a l'oeil nu dans un graphisme determine sur les flacons, boites, emballages et presentoirs aussi bien que dans toutes les publicites. Ce graphisme devra inclure l'apposition de maniere claire et lisible sur tous les Produits de l'appellation << LANVIN PARFUMS>> ou << LANVIN PERFUMES>>.

Le Licencie aura l'exclusivite, pendant la duree des presentes, de l'utilisation de l'appellation << LANVIN PARFUMS>> et << LANVIN PERFUMES>> ainsi que de l'utilisation des Marques Concedees de produits alcool (parfums) et lignes de bain derivees, exploitees dans le cadre du present contrat, pour la commercialisation et la distribution des Produits.

Le Licencie pourra mentionner dans les documents commerciaux et boursiers usuels ayant trait a son activite l'une ou plusieurs des Marques Concedees, avec le meme traitement  que les autres marques dont il assure la distribution.

Les Marques Concedees doivent servir a la commercialisation des produits a l'exclusion de tout autre usage. Les Marques Concedees ne peuvent etre utilisees en association avec d'autres marques, noms, denominations et signes, quels qu'ils puissent etre, a l'exception des noms des distributeurs, ou lorsque requis par la reglementation locale applicable et a l'exception des documents commerciaux et boursiers usuels conformement aux dispositions du paragraphe precedent. Les Marques Concedees ne peuvent etre utilisees en tant que raison sociale, sauf par le Concedant. Il est entendu que les Marques Concedees, telles qu'utilisees pour commercialiser les Produits, le sont de telle sorte que ces derniers ne puissent etre discredites aux yeux du public

Il ne devra etre appose aucune mention ou inscription prejudiciable a la visibilite des Marques Concedees, ni aucune mention ou inscription qui pourrait en diminuer l'importance et le prestige aux yeux du public.

5.2        Les frais du maintien en vigueur de ces Marques Concedees seront a la charge du Concedant. Le Licencie s'engage a collaborer avec le Concedant afin de lui fournir toute piece ou document necessaire au depot des Marques Concedees, a leur renouvellement ou au depot de nouvelles Marques Concedees.

5.3        Le Licencie pourra demander, si necessaire, au Concedant de deposer les Marques Concedees dans d'autres pays dans la Classe internationale 3, ou effectuer lui-meme de tels depots au nom et pour le compte du Concedant, qui s'oblige a fournir a cet effet toute cooperation au Licencie.  Les frais de ces depots, ainsi que de leur renouvellement le cas echeant, seront payes par le Licencie mais celui-ci pourra ensuite les deduire des redevances dues au Concedant au titre des ventes de Produits du contrat realisees dans le ou les pays couverts par lesdits depots.

5.5        Les Marques Concedees ainsi que les formules ou toutes autres donnees techniques quelconques se rapportant a la composition et/ou a la fabrication des Produits du contrat (y compris d'eventuels brevets) autres que les Produits existants, de meme que tous les dessins et modeles (flaconnage, conditionnements, etc...) developpes par le Licencie ou pour son compte et deposes ou non par lui seront et resteront la propriete du Concedant.

Le Licencie s'engage a retroceder gratuitement au profit du Concedant, a sa premiere demande, tout depot des Marques Concedees qui aurait pu etre effectue au nom du Licencie dans l'hypothese ou dans un pays donne, l'enregistrement ne pouvait etre sollicite qu'au nom du Licencie. Le Licencie s'engage alors a signer sans delai a la demande du Concedant tout document aux fins d'une telle retrocession.

5.6        Le Concedant declare etre titulaire d'une licence non-exclusive, consentie a titre gratuit par L'OREAL, pour l'utilisation en vue de la fabrication par lui-meme et/ou par des tiers de certains mecanismes brevetes de fermeture de flacons de parfums. Une copie de l'accord de licence correspondant figure en Annexe 5.6 des presentes. 

ARTICLE 6 - CONTREFACONS

6.1        Au cas ou un tiers se livrerait a des actes de contrefacons, imitation ou concurrence deloyale ou atteinte quelconque sur les Marques Concedees, le Licencie en avisera des que possible le Concedant et s'engage a prendre toutes les mesures d'urgence appropriees afin d'arreter ces actes ou de limiter le prejudice en resultant. Une fois informe, le Concedant s'engage a entreprendre toutes les actions necessaires en liaison avec le Licencie, ce dernier s'engageant a lui apporter toute l'assistance en son pouvoir et toutes les informations en sa possession. Le Concedant aura la direction de l'action, en supportera les frais et en recueillera seul les eventuels benefices et/ou l'indemnite en decoulant. Pour le cas ou le Concedant recevrait une indemnite decoulant d'une telle action, le Concedant reversera la partie de cette indemnite une fois percue couvrant le prejudice effectivement subi par le Licencie et/ou son sous-traitant du fait des actes de contrefacons ou d'usage illicite des Marques par les tiers. Le Concedant ne pourra etre tenu d'indemniser le Licencie au-dela du montant de l'indemnite qu'il aura percu du contrefaisant, deduction faite des frais d'avocats y afferents.

6.2        Au cas ou un tiers ferait opposition a l'usage d'une Marque concedee ou exercerait contre le Licencie des poursuites en contrefacon en raison de l'exploitation d'une Marque Concedee, le Licencie en avisera le Concedant qui aura la responsabilite et la charge de la defense. Les frais de defense, les benefices qui pourraient resulter de cette defense de meme que d'eventuels dommages et interets seront supportes en totalite par le Concedant. Pour le cas ou le Concedant recevrait une indemnite decoulant d'une telle action, le Concedant reversera la partie de cette indemnite une fois percue couvrant le prejudice effectivement subi par le Licencie et/ou son sous-traitant du fait de ces oppositions de tiers. Le Concedant ne pourra etre tenu d'indemniser le Licencie au-dela du montant de l'indemnite qu'il aura percu du tiers en question, deduction faite des frais d'avocats y afferents.

Il est convenu entre les parties que le Licencie s'engage a indemniser le Concedant de tout prejudice resultant d'une action de tiers fondee sur le caractere contrefaisant des Marques Concedees, tels qu'exploites par le Licencie en manquement a ses obligations aux termes du present Contrat.

ARTICLE 7 - PUBLICITE, LANCEMENT DE NOUVEAUX PRODUITS

7.1        Le Licencie aura, dans le cadre defini a l'article 3 des presentes, l'initiative et la responsabilite de la publicite et de la promotion des Produits du contrat ainsi que le choix des prestataires (agence de publicite, centrale d'achat, photographes, etc.), apres qu'en auront ete definis, en concertation avec le Concedant, les orientations generales, en coherence avec l'image de la marque LANVIN et des autres Marques Concedees. Le Licencie supportera, conjointement avec ses distributeurs dont il se porte fort, les frais relatifs aux Activites de Publicite et de Promotion et il s'engage a y consacrer un budget commun pour les Activites de Publicite et de Promotion avec ses distributeurs, suffisant pour assurer un bon developpement des ventes et qui ne saura etre inferieur au montant le plus eleve des deux montants suivants :

• a __¹ % du montant du Chiffre d'Affaires Net Mondial de l'annee civile precedente, ou

• la somme minimum de __² Euros H.T.

Pour la periode courant a compter de la signature des presentes jusqu'au 31 decembre 2004, le Licencie consacrera conjointement avec ses distributeurs un budget pour les Activites de Publicite et de Promotion de __³ % du montant du Chiffre d'Affaires Net Mondial realise durant cette periode.

_____
¹Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:1.
²Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:2.
³Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:3.

7.2               Le Licencie devra obtenir l'accord prealable ecrit du Concedant, qui ne pourra refuser de le donner sans de justes motifs sur :

• le contenu creatif de la publicite ;

• le choix et la definition des grands axes (objectifs a assigner a la communication, message a transmettre, etc.) ;

• les modalites d'application envisagees (media, themes, etc.).

L'accord du Concedant ou bien, le cas echeant, son refus d'accord accompagne de l'explication des motifs du refus, devra etre notifie au plus tard au Licencie dans un delai de 15 jours a compter de la reunion entre le Licencie et le Concedant au cours laquelle seront presentes par le Licencie les elements cites ci-dessus. En cas de desaccord, les parties feront leurs meilleurs efforts pour arriver a un consensus dans un delai de huit (8) jours a compter de la notification par le  Concedant de son refus.

7.3               Le Licencie s'engage a proceder au lancement de :

• deux (2) Nouveaux Produits au minimum durant les sept premieres annees du Contrat, soit avant le 30 juin 2011 et
• deux (2) Nouveaux Produits au minimum durant les huit annees suivantes du present contrat, soit entre le 1er juillet 2011 et le 30 juin 2019, etant entendu qu'au moins un lancement de Nouveaux Produits devra intervenir entre le 1er juillet 2015 et le 30 juin 2019.

ARTICLE 8 - OBJETS PROMOTIONNELS

Le Licencie pourra exploiter (par vente ou remise gratuite), sous les Marques Concedees, des objets ou produits promotionnels de toute nature (en dehors du domaine des Produits) a condition que :

1. le Concedant ait prealablement autorise par ecrit la diffusion des objets en question, dont le Licencie lui aura remis un echantillon ou une maquette,
2.  l'exploitation de ces objets demeure l'accessoire de celle des Produits du contrat,
3. Les objets et produits promotionnels soient sigles << Lanvin Parfums>> et qu'aucune confusion ne puisse etre faite avec les produits commercialises par le Concedant ou ses autres licencies.

ARTICLE 9 - PRIX ET PAIEMENT

9.1               Paiements initiaux

9.1.1     Le Licencie verse au Concedant au jour de la signature des presentes un Droit d'Entree T.T.C. de Dix Neuf Millions Cent Trente Six Mille Euros (19.136.000 Euros) par paiement (i) par cheque de banque certifie d'un montant de 16.000.000 Euros remis ce jour et (ii) par une traite de banque certifiee d'un montant de 3.136.000 Euros remise ce jour et tirable au 5 juillet 2004.

9.1.2     Le Licencie verse au Concedant au jour de la signature des presentes la somme hors taxes de Six Millions d'Euros (6.000.000 Euros) par paiement par cheque de banque certifie correspondant au prix du Stock (tel defini a l'article 12.2 des presentes).  Ce prix sera eventuellement ajuste ulterieurement en application des dispositions de l'article 12.2 des presentes. Le Licencie sera redevable de la T.V.A. due au titre de cette cession de Stock du Concedant au Licencie, si applicable.

9.2               Redevance

9.2.1     Le Licencie s'engage a verser, en sus des paiements initiaux, une redevance annuelle, nette de toute retenue a la source ou autre prelevement fiscal de quelque nature que ce soit, egale a __⁴ % (__⁴  pour cent) du Chiffre d'Affaires Net Mondial et qui ne saura etre inferieure au minimum garanti fixe a l'article 9.2.6 ci-apres. Cette redevance sera payee en quatre echeances egales par le Licencie au Concedant dans les 30 jours respectivement suivant la fin de chaque trimestre civil, sur la base d'un etat detaille des ventes realisees accompagne du calcul de la redevance.

_____
⁴Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:4.

9.2.2     Le Licencie communiquera au Concedant annuellement au plus tard avant le 15 mars un etat detaille des ventes annuelles de l'annee ecoulee, certifie par son commissaire aux comptes. Cet etat servira de base au calcul de la redevance annuelle pour l'annee ecoulee. En cas d'ajustement eventuel entre la somme des redevances trimestrielles versees lors d'une annee ecoulee et le montant de la redevance annuelle ainsi calculee pour cette meme annee, ledit ajustement viendra s'imputer a la hausse ou a la baisse sur le montant de l'echeance du premier trimestre de l'annee suivante.

9.2.3     Le Concedant disposera a tout moment d'un droit d'audit par un tiers expert de son choix des declarations du Licencie et notamment de l'etat detaille des ventes annuelles de Produits et en respectant un preavis raisonnable. Cet audit pourra porter sur les quatre (4) annees calendaires ecoulees. Le Licencie s'engage a conserver les archives necessaires le temps voulu a cette fin, ainsi qu'a collaborer pleinement a l'audit. En cas d'ajustement des redevances dues sur une annee calendaire d'un montant superieur a 150.000 Euros en faveur du Concedant, le Licencie supportera, en sus de la regularisation des redevances, le cout total de l'audit. Le paiement de la redevance complementaire et du cout de l'audit interviendra, le cas echeant, dans les trente (30) jours suivant la presentation du resultat de l'audit par le Concedant au Licencie.

9.2.4     Pour le calcul de la redevance trimestrielle, les montants de Chiffre d'Affaires Net Mondial etablis en monnaie autre que l'Euro seront convertis en cette monnaie sur la base des cours des devises appliques a Paris par la Banque de France au dernier jour du trimestre considere.

9.2.5     Le Licencie tiendra des etats et comptes precis des depenses relatives aux Activites de Publicite et de Promotion des Produits et aux objets promotionnels distribues sous les Marques Concedees et en permettra une fois par an, avec un preavis raisonnable, aux frais du Concedant, la verification par un expert-comptable mandate par le Concedant et tenu au secret professionnel.

9.2.6     Le Licencie s'engage a verser au Concedant, pendant la duree du present contrat, les redevances minima annuelles (<< Minima Garanti>>) determinees conformement au tableau ci-dessous, etant precise que le premier Minima Garanti annuel ne sera pas du au titre de la premiere periode contractuelle du 1er juillet 2004 au 31 decembre 2004:

PERIODE	MINIMA GARANTIS ( H.T ) en euros
Du 1er Juillet 2004 au 31 Decembre 2004	Non applicable
Du 1er Janvier 2005 au 31 Decembre  2005	5
Du 1er Janvier 2006 au 31 Decembre 2006	5
Du 1er Janvier 2007 au 31 Decembre 2007	5
Du 1er Janvier 2008 au 31 Decembre 2008	5
Du 1er Janvier 2009 au 31 Decembre 2009	5
Du 1er Janvier 2010 au 31 Decembre 2010	5
Du 1er Janvier 2011 au 31 Decembre 2011	5
Du 1er Janvier 2012 au 31 Decembre 2012	5
Du 1er Janvier 2013 au 31 Decembre 2013	5
Du 1er Janvier 2014 au 31 Decembre 2014	5
Du 1er Janvier 2015 au 31 Decembre 2015	5
Du 1er Janvier 2016 au 31 Decembre 2016	5
Du 1er Janvier 2017 au 31 Decembre 2017	5
Du 1er Janvier 2018 au 31 Decembre 2018	5
Du 1er Janvier 2019 au 30 Juin 2019	5

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⁵Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:5.

9.2.7     La premiere redevance trimestrielle sera due sur la periode courant entre la signature des presentes et le 30 septembre 2004 et sera versee par le Licencie au Concedant au plus tard le 30 octobre 2004.

9.2.8     Tout retard de paiement du par le Licencie au Concedant en vertu des presentes portera interets, automatiquement sans qu'il soit besoin de mise en demeure formelle par le Concedant, au taux TBB de la BCE majore de 5 points, a compter de sa date d'exigibilite contractuelle.

ARTICLE 10 - NON-CONCURRENCE ET LOYAUTE

10.1            Le Concedant s'interdit d'exploiter ou faire exploiter dans le Territoire, pendant toute la duree de ce contrat, les Marques Concedees dans le domaine des Produits, ou d'entreprendre des actions quelconques de nature a porter prejudice a l'exploitation des Produits du contrat par le Licencie.

10.2            Les parties s'engagent a executer de maniere loyale le present contrat et a ne pas prendre des mesures, directement et/ou indirectement, qui porteraient prejudice au Concedant ou au Licencie et/ou a la vente, la distribution ou l'image des Produits.

Le Concedant a ete informe par le Licencie des marques autres que les Marques Concedees dont il est actuellement le titulaire ou le licencie selon la liste jointe en Annexe 10.2, etant entendu que cette information est donnee a titre indicatif et que le Licencie se reserve en consequence le droit de modifier ladite liste le cas echeant.

ARTICLE 11 - DUREE DU CONTRAT

11.1      Le present Contrat prend effet a compter du 1er juillet 2004 et se poursuivra jusqu'au 30 juin 2019, soit pendant une duree de 15 ans.

11.2      Vingt-quatre (24) mois avant l'expiration du present contrat a son terme initial, les parties se concerteront afin de fixer les termes et conditions d'un eventuel renouvellement, etant convenu que les elements qui pourront servir de base a la discussion, porteront sur les resultats effectivement obtenus par le Licencie dans le cadre de l'execution du present contrat. Il est expressement prevu que dans tous les cas y compris pour le cas ou le present accord ne serait pas renouvele pour quelque raison que ce soit, le Licencie s'engage a respecter jusqu'au terme du present contrat toutes les dispositions des presentes, en particulier a continuer selon les pratiques usuelles la promotion des Produits, en y consacrant au minimum le budget de depenses des Activites de Publicite et de Promotion (tel que vise a l'article 7 des presentes) et en versant la redevance prevue aux presentes pour les deux annees restant a courir, etant entendu que cette redevance pour chacune des annees restantes sera au minimum egale a la redevance versee durant l'annee 2016.

11.3            Le Concedant pourra mettre fin a tout moment au present Contrat unilateralement sans preavis et sur simple notification adressee au Licencie par lettre recommandee AR, dans le cas ou :

• le Licencie ne respecterait pas l'obligation de Lancement de Nouveaux Produits, telle qu'elle figure a l'article 7.3 ci-dessus,
• en cas de changement de controle du Licencie pendant la duree des presentes, au sens de l'article 233-3 du Code de Commerce, et/ou
• en cas de cessation de paiements du Licencie.

11.4      En sus des cas vises au paragraphe 11.3, chacune des parties pourra resilier le present contrat en cas de non-respect par l'autre partie de l'une des dispositions des presentes a laquelle elle n'aurait pas remedie dans les trente (30) jours suivant la mise en demeure qui lui aura ete adressee a cet effet par lettre recommandee avec demande d'avis de reception. La resiliation sera notifiee par les memes moyens au plus tard dans les quarante-cinq (45) jours suivant l'envoi de la mise en demeure restee sans effet.

11.5      En cas de rupture du present contrat du fait d'un comportement abusif et/ou fautif du Licencie dans l'execution du present contrat, pour les motifs vises aux paragraphes 11.3 et 11.4 ci-dessus, le montant de la redevance minimum annuelle due pour la duree restant a courir jusqu'au terme initial du contrat, soit le 30 juin 2019, deviendra immediatement exigible a titre de penalites. Le Concedant pourra reclamer des dommages-interets supplementaires au Licencie afin d'etre integralement indemnise du prejudice ainsi subi par cette rupture.

11.6      En tout etat de cause, le Licencie ne pourra prendre d'engagements contractuels d'une duree superieure au present contrat dans ses relations avec des tiers qui decoulent de ses droits et obligations telles qu'ils figurent aux presentes.

ARTICLE 12 - REPRISE DES ENGAGEMENTS / STOCKS

12.1      Le Licencie s'engage a reprendre a sa charge, avec effet au jour de la signature des presentes, les contrats en vigueur conclus entre le Concedant et des tiers dont la liste figure en Annexe 12.1 aux presentes.

Le Concedant declare et garantit au Licencie qu'a sa connaissance et au jour des presentes, il n'existe aucun litige en cours ayant trait a l'interpretation, l'execution et/ou la resolution d'un ou plusieurs des contrats listes en Annexe 12.1 ci-apres.

12.2      Le Licencie s'engage a acquerir aupres du Concedant les stocks de Produits dont la liste au 24 mai 2004 figure en Annexe 12.2 aux presentes (le << Stock>>) en contrepartie du paiement du prix indique dans ladite annexe verse ce jour.  La cession du Stock aura lieu dans les meilleurs delais a compter de la signature des presentes et au plus tard le 1er juillet 2004 sur la base d'un inventaire etabli contradictoirement entre les parties. La difference entre la valeur brute du Stock tel que figurant en Annexe 12.2 aux presentes et celle decoulant de l'inventaire contradictoire donnera lieu a un ajustement proportionnel du prix du Stock a la hausse ou a la baisse suivant le cas. Cet ajustement de prix devra etre effectue et paye par les parties au plus tard dans les huit (8) jours suivant la cloture de l'inventaire contradictoire. Toutefois, il n'y aura pas lieu a ajustement de prix si la difference entre la valeur brute du Stock tel que figurant en Annexe 12.2 aux presentes et celle decoulant de l'inventaire contradictoire est inferieure a Deux Cent Cinquante Mille (250.000) EUROS.

12.3      Le Licencie s'engage a ecouler ce Stock en conformite avec les principes poses a l'article 4.3 des presentes.

ARTICLE 13 - REPRISE DU PERSONNEL

Les parties prennent acte des dispositions de l'article L 122-12 du Code du travail sans prejudice de l'application de convention particuliere reglant entre elles les eventuelles difficultes resultant de l'application dudit article.

ARTICLE 14 - DECLARATIONS DES PARTIES

Le Licencie declare et garantit qu'a ce jour :

14.1            Regularite de la constitution et de la vie sociale : le Licencie, ainsi que toutes les societes, qu'ils controlent, qui viendraient a etre impliques dans la realisation de l'objet du present Contrat, ont ete dument et regulierement constituees selon les dispositions legales qui leur sont applicables. Le Licencie et ses societes sont depuis leur constitution en conformite avec la loi sur les societes commerciales et leurs decrets d'application telles qu'applicables.

14.2      Litiges : le Licencie, ainsi que toutes les societes qu'ils controlent, ne sont pas impliquees, a quelque titre que ce soit, dans une quelconque procedure administrative, judiciaire ou arbitrale, ayant trait a des manoeuvres de concurrence deloyale ou des manquements relatifs a des engagements pris par elles dans le cadre de contrats de licence, de distribution et/ou de commercialisation.

14.3      Le Concedant garantit n'avoir a ce jour connaissance d'aucune circonstance de nature a empecher la commercialisation des produits dans les pays qu'elle a listes a l'Annexe 1.1, dans lesquels les Marques ont ete deposees et/ou enregistrees.

14.4      Les signataires au present contrat de licence d'usage de marques ont ete dument habilites par leurs conseils d'administration respectifs a l'effet de conclure et de signer le present contrat ; copies des resolutions y afferentes figurent en Annexe 14.4 des presentes pour chacune des parties.

ARTICLE 15 - DROITS ET OBLIGATIONS A L'EXPIRATION DU CONTRAT

15.1      A l'expiration du present contrat pour quelque raison que ce soit :

-          Le Licencie aura le droit pendant les six (6) mois qui suivront l'expiration du contrat de vendre ses stocks de Produits et d'objets promotionnels aux prix commerciaux normaux, sous reserve de l'application de l'article 4.7 al. 2 des presentes. Toutes ces ventes seront soumises a redevance suivant les dispositions de l'article 9 ci-dessus. Au-dela de ce delai de six (6) mois, le Licencie devra cesser completement l'exploitation des Marques Concedees et des Produits. Au-dela du delai de six mois precite, le Licencie renonce a se prevaloir d'un droit quelconque decoulant du present contrat et visant les droits de propriete intellectuelle attaches aux Produits, crees ou non a l'initiative du Licencie et Marques Concedees ;

-          le Licencie devra informer le Concedant de tous les contrats en cours, conclus avec des tiers, le Concedant se reservant la faculte de reprendre ces contrats ou d'exiger du Licencie qu'il y mette fin aux frais de ce dernier.

15.2      Le Concedant pourra s'opposer a l'exercice par le Licencie du droit mentionne au paragraphe ci-dessus, a condition de (a) racheter au Licencie ses stocks de Produits et d'objets promotionnels, ainsi que les matieres premieres entrant dans la composition de ceux-ci ainsi que ceux des supports de vente, qu'il en sa possession ou commandes a la date de cessation du present Contrat, a leur prix d'achat ou de revient, deprecie le cas echeant selon les pratiques commerciales usuelles selon la nature du stock concerne et de (b) faire son affaire de la livraison des commandes en cours a l'expiration du contrat.

ARTICLE 16 - MODIFICATION DU CONTRAT

16.1      Toute convention derogatoire ou complementaire ou tout avenant au present contrat seront necessairement etablis par un ecrit signe par les parties et annexe au contrat. Toute modification a ce titre sera limitee au point particulier pour lequel elle aura ete convenue.

16.2      Si, en cas de force majeure, l'une des parties se trouve dans l'impossibilite d'honorer ses engagements au titre du present contrat, elle devra en informer son cocontractant, afin que les parties puissent convenir ensemble d'ajustements equitables a ce contrat dans leur interet commun.

16.3   Si l'une ou plusieurs clauses du present contrat s'averent etre privees d'effet, cette circonstance n'affectera en rien la validite des autres dispositions du contrat ni celle du contrat dans son ensemble. Il en irait de meme dans l'hypothese ou le present contrat comporterait des lacunes. La clause devant etre supprimee, ou qui est manquante, sera remplacee par une disposition juridiquement valable et conforme a l'objet du present contrat.

ARTICLE 17 - CONFIDENTIALITE

17.1      Les parties s'engagent a considerer comme strictement confidentielles et a traiter comme telles toutes les informations, quelque soient leur nature et leur support, recueillies pendant l'execution du present Contrat, y compris les dispositions du present Contrat  (ci-apres les << Informations Confidentielles>>).

17.2      Par derogation aux dispositions de la clause 17.1, le Licencie et la societe Inter-Parfums Inc., qui controle indirectement le Licencie, seront autorises, en application de leur statut de societe cotee respectivement a Paris et a New York, a divulguer ces Informations Confidentielles si elles devraient etre revelees suite a une exigence d'une reglementation en vigueur, notamment de nature boursiere ou sur injonction d'une autorite judiciaire ou administrative et ce, sous la reserve expresse d'en informer le Concedant au prealable et de se concerter avec ce dernier sur les modalites de divulgation des Informations a ce titre.

17.3      Toutes les informations connues du public sont reputees non confidentielles sauf si elles sont compilees sous une forme non connue du public.

17.4      Les parties s'engagent a ne pas divulguer ou laisser divulguer, directement ou par personne interposee, en totalite ou en partie, les Informations Confidentielles dont elles auraient eu ainsi connaissance, a quelque tiers que ce soit, a l'exception des employes et/ou sous-traitants ayant besoin des informations pour l'execution de leurs obligations.

17.5      Les parties s'engagent, a cet egard, a prendre toutes les mesures necessaires aupres de leurs salaries et/ou prestataires afin que ceux ci soient soumis a cette meme obligation de confidentialite.

17.6      Les parties s'engagent a ne pas utiliser les Informations Confidentielles dans un cadre autre que celui du present Contrat.

17.8      Chaque partie s'engage a restituer a premiere demande de l'autre partie tous documents, ou autres supports contenant des Informations Confidentielles que celle-ci aurait ete amenee a lui remettre dans le cadre de l'execution du present Contrat ainsi que toutes leurs reproductions.

ARTICLE 18 - FORMALITES

Le Licencie procedera, a ses frais, aux formalites necessaires aupres des autorites competentes, notamment pour rendre le present Contrat opposable aux tiers.

ARTICLE 19 - NOTIFICATIONS

Toute notification effectuee par l'une des parties dans le cadre de l'execution des dispositions des presentes devra etre adressee, par lettre recommandee avec accuse de reception, a l'adresse de son siege social, a l'attention de son representant legal, ou de toute autre personne dument designee par ladite partie a la partie notifiante.

ARTICLE 20 - CONCILIATION / LITIGES

En cas de desaccord entre les Parties sur la validite, l'interpretation, l'execution et/ou la resolution d'une des dispositions des presentes, les parties s'engagent avant d'initier toute procedure contentieuse a suivre la procedure de conciliation suivante :

• dans un premier temps, le desaccord fera l'objet d'une reunion entre les responsables operationnels competents de chacune des parties, a l'initiative de la partie la plus diligente, et dans les plus brefs delais des la survenance du desaccord. Cette reunion aura pour but de trouver une solution amiable au desaccord en question. Un proces-verbal de cette reunion contradictoire sera dresse par les parties.

• Dans un second temps, si la reunion entre les responsables operationnels n'aboutit pas a une solution amiable, les dirigeants mandataires sociaux de chacune des parties se rencontreront et feront leurs meilleurs efforts afin de solutionner ce desaccord de maniere amiable. Cette reunion devra intervenir dans les plus brefs delais et pas plus tard que dix (10) jours a compter de la reunion entre les responsables operationnels.

Si, en depit de la procedure de conciliation un litige subsiste sur la validite, l'interpretation, l'execution et/ou la resolution des presentes, ou bien si l'une des parties refusent d'executer avec diligence et bonne foi la procedure susvisee, ce litige sera soumis a la competence exclusive des tribunaux du ressort de la Cour d'Appel de Paris.

ARTICLE 21 - DROIT APPLICABLE

Le present contrat est soumis au Droit francais.

Signe le 14 juin 2004
A Paris
En deux (2) exemplaires originaux 

/s/ Sing Ming Chu
Pour le Concedant 
M. Sing Ming Chu  /s/ Philippe Benacin
Pour le Licencie
M. Philippe Benacin

EX-10 3 ex062204en.htm EX.10.103_062204_LANVIN_EN Exhibit 10.103.1

LICENSING AGREEMENT FOR MARKS

BY AND BETWEEN:

JEANNE LANVIN SA, a French company with capital of EUROS 16.297.330 Euros, having its head office at 15, rue du Faubourg Saint-Honore, 75008 Paris, registered with the Trade and Corporate Registry of Paris under the number 612 048 629, represented par its President its Chaiman and Chief Exceutive officer, Mr Sing-Ming Chu, et hereinafter referred to as the << Licensor >>

 Party of the first part,

 and

Inter Parfums, a public company having its head office at 4, rond-point des Champs Elysees, 75008 Paris, registered with the Trade and Corporate Registry under the number 350 219 382, represented by its Chairman and Chief Executive Officer, Mr Philippe Benacin, et hereinafter referred to as the << Licensee >>,

Party of the second part,

WHEREAS:

Licensor is the owner of the LANVIN Mark of perfumes that it has registered in various countries and under which it has been selling extremely high quality products for many years. Currently, Licensor makes substantial use of its Marks under this Agreement by selling and distributing the lines of perfumes: "Arpege", "Lanvin"L'Homme", "Oxygene", "Eclat d'Arpege" et "Vetyver".

As a result, the LANVIN Mark has acquired a sterling reputation especially among perfumes that Licensor wishes to further enhance globally.

Licensee is a leading perfume maker because of its extensive track record and resources in research and development, manufacturing, and marketing.

As part of the alliance between Licensee and Licensor and in consideration of the beneficial effect that the joining of their respective strengths is certain to have on their business, the parties have reviewed the terms under which a perfume license could be granted to Licensee to their mutual advantage.

WHEREFORE IT HAS BEEN AGREED AS FOLLOWS:

ARTICLE 1 - DEFINITIONS

1.1            "Licensed Marks" as used in this Agreement means the marks listed in Appendix 1.1 hereto applied to the "Products" as defined below and listed in Class 3 of the international classification [of trademark goods and services], as well as the names, abbreviations, symbols, and other distinctive markings whatsoever that are used together with it now or in the future by Licensor or suggested for use by Licensee approved by Licensor.

1.2            Except for cosmetics and make-up, "Products" means the existing or future perfume or toiletry products sold under one or more "Licensed Marks" (that fall under the categories described in Appendix 1.2 hereto).

1.3            "Territory" means, to the extent possible, all the countries of the world and in any case all the countries in which the Licensed Marks are or will be registered in International Class 3.

1.4            "Net Global Sales" means global sales of the Products as calculated according to general French accounting principles such as applied consistently by Licensee (according to the IFRS standard when the latter is applicable) minus expenses for POS. This figure means the amount net of taxes invoiced by Licensee to all its "retailers" (any point of sale or sales outlet to the end client authorized to sell products bearing the JEANNE LANVIN mark and to "independent distributors" (any independent company authorized to resell Products bearing the JEANNE LANVIN Mark under a written agreement between Licensee and retailers in one or more countries). "Independent distributors" means any entity that is not controlled by Licensee within the meaning of Section 233-3 of the French Commercial Code. In addition, Net Global Sales shall not fall below the portion of the Products in the total net sales of Licensee published in its annual financial statements, minus expenses for POS. The Parties expressly agree that point-of-sale advertising shall only be deducted from sales provided that the Licensee has a margin of less than 30% on said point-of-sale advertising.

1.5            "Rollout of New Products" means the operations described in Appendix 1.5.

1.6            "Advertising and Promotion" means only the buying of advertising space of any kind in all media, the distribution of free products (samples and related products) and advertising at the place of sale including promotional objects. It shall expressly exclude the following expenses: end-of-year discounts granted to distributors, payroll expenses incurred for selling or presenting the products, stand openings, participation in trade shows and exhibitions, and Product display areas.

ARTICLE 2 - LICENSE

2.1            Licensor grants Licensee an excusive license to use the Licensed Marks related to the Products for manufacture and sale of the Products in the Territory under the terms and conditions hereof. Licensee hereby accepts said license that shall be effective upon signature hereof.

2.2            This Agreement is completely personal between Licensor and Licensee. As a result, neither party may assign or transfer some or all of the rights and obligations hereunder to any third party whatsoever. In addition, Licensee agrees not to sublicense the rights granted under this license either in part or in whole. Notwithstanding the preceding provisions, Licensor shall be entitled to assign, transfer, or contribute all or part of the rights and obligations hereunder to one of the companies controlled by or that controls it within the meaning of Section 233-3 of the French Commercial Code or to a sister company, i.e. a company controlled within the meaning of Section 233-3 of the French Commercial Code by the same stockholder as that which controls it within the meaning of the same section.

2.3            This agreement shall enter into effect on July 1st, 2004. During the period between the signature hereof and July 1st, 2004, Licensor agrees to manage Licensed Marks conservatively in the normal course of business. Licensor must first obtain Licensee's agreement in writing before (a) amending, renewing or terminating agreements between Licensor and third parties having as their purpose the distribution, marketing and/or manufacture of the Products and/or (b) making any substantial outlays connected to the same subject matters. Licensee must notify Licensor of its approval or refusal within five (5) days maximum as of Licensor's approval request.

ARTICLE 3 - WORKING PRINCIPLES

3.1           While working as openly as possible with Licensor, Licensee may, in coordination with Licensor, choose the subcontractor and decide whether and how to manufacture the Products hereunder for which it shall have sole liability as set out as follows.

3.2           Also in agreement with Licensor, Licensee may choose providers (perfume and flask and case designers) and shall have the initiative and responsibility for creation once the direction of such creation has been defined together with Licensor as part of the overall framework defined in this article and as part of the more precise image determined for the LANVIN mark by Licensor.

3.3            Licensee may subcontract the distribution of the Products to all independent companies solely under its responsibility and agrees to cause them to comply with the terms hereof.

3.4           As a result of the foregoing, Licensee agrees in all its actions and initiatives to respect and cause to be respected the image of quality, elegance, and originality related to the Licensed Marks, in particular as concerns the quality of the Products hereunder, their outward appearance, advertising, promotion, and distribution.

3.5            Licensee agrees to comply with all the laws and regulations in effect in the Territory hereof and to cause all its employees, representatives, agents and/or successors and assigns and affiliates to comply with them during the term hereof. As a result, Licensee represents in its name and in the name of all its affiliates that all the insurance policies necessary to achieve the purpose hereof have been and will be duly taken out and paid. As concerns public liability policies, Licensee agrees to take out such a policy covering its operations related hereto. Coverage shall be in an amount that is in keeping with industry practices.

3.5           During the term hereof, Licensee agrees not to allow one of the entities in which it holds a direct or indirect stake to use one of the Licensed Marks and generally the names "LANVIN" and/or "JEANNE LANVIN" and the abbreviation "JLSA" as a corporate name.

3.6           The parties agree that the reputation of "JEANNE LANVIN" in high end ready-to-wear and in the perfume industry is an important characteristic of this Mark and its reputation. With this in mind, it is of overriding importance for both Licensor and Licensee that in all areas the image of elegance, originality, and quality related to the LANVIN Mark are found and respected at all times. Licensor agrees to keep LANVIN mark in luxury brand.

ARTICLE 4 - CREATION,
MANUFACTURE, DISTRIBUTION

4.1            Licensee shall be responsible for creating, developing, and manufacturing the Products hereof (or for existing Products, of modifying them as it deems necessary or desirable) in keeping with the principles set out in Article 3 above.

4.2            Licensee shall be solely responsible worldwide for the design, development, and manufacture of the Products. Licensee agrees to create and sell products of extremely high quality in terms of design, manufacture, refinement, and outward appearance so that they can compete with the most prestigious competing marks on the international market for beauty and perfume products, as listed in Appendix 4.6 hereto.

4.3           Creation of Products and advertising visuals

The creation of Products and advertising visuals for the Products must be consistent exclusively with the style of Jeanne Lanvin. In order to make sure that they are consistent with such style, Licensee agrees to work closely with Licensor in all the creation and development stages in order to enable it to make choices and suggest any change it deems appropriate. In all cases, the parties shall strive to cooperate to develop a common project.

For Product creation, Licensee must first obtain Licensor's approval on the project during the following main stages:

• Product concept development

• Drafting of work instructions to designers (design and perfume)

• Development of flask design

• Development and choice of fragrance

• Development and choice of packaging

• Choice of Product name

• The concept of the visual advertising and draft layouts connected to the planned new Product and serving as advertising

4.4.          Industrial or technical development of Products

Licensee agrees to ensure that Products are manufactured according to industry standards so that they are up to Brand standards.

The parties agree that Licensee shall control all the technical stages of industrial development. It shall be free to choose the vendors for packaging articles (molds, caps, pumps, cases, foam blocks, labels, etc.). The parties agree that before manufacture, Licensee shall seek Licensor's approval which shall be given as promptly as possible.

Licensee shall submit to Licensor for its approval within a reasonable period of time before the rollout of each Product or Product line hereof, the samples or mockups of the Products in questions and their packaging

If Licensor has not sent written objections to Licensee within thirty (30) days after receipt of the samples or mockups, it shall be deemed to agree with the project.

If Licensor does object, the parties shall agree on steps to take into account Licensor's wishes. In either case, the parties agree to do their best to cooperate in order that they are both satisfied.

4.5            Quality Control

Licensee must conduct required quality control checks and inspections before delivery of the Products to clients. Licensee shall be solely liable for compliance of the Products with health and safety legislation and regulations.

4.6            Licensee shall organize the distribution of the Products hereof in the Territory on a selective basis. It shall limit sale of the Products only to those perfume shops and department store perfume counters that respect the image of the Licensed Marks by using as a benchmark the sale outlets of products that compete with the Products on the Territory (a list of which can be found in Appendix 4.6 hereto and which may be updated annually by Licensor on the basis of objectively defined criteria).

4.7            Licensee shall also decide on the rollouts, sales terms and prices, and sales promotions after having informed Licensor in the working meetings mentioned below. Licensee shall inform Licensor annually of the recommended retail prices of Products and its price policy. Said prices must be comparable with prices for competing products in the same range (a list of which can be found in Appendix 4.7 hereto and which may be updated annually by Licensor).

In accordance with industry practices, Licensee may sell discontinued Products at a discount price with Licensor's consent.

4.8            Licensee and Licensor shall meet periodically at their mutual convenience at least every three (3) months in order to assess all the actions undertaken in connection with the performance of the Agreement and compliance with its provisions. Licensee agrees to provide Licensor when requested by it with all information that the latter may desire for the preparation and holding of these meetings. During these meetings, the representatives of the parties hereto shall discuss in particular:

• the joint analysis of use and results of use of the Products hereof and promotional products, if applicable,
• the critical and objective review of the actions undertaken by Licensee during the past quarter as part of the performance hereof,
• the manufacturing quality of the Products,
• the distribution and marketing of the Products,
• the use of the promotional and advertising budget such as provided in Article 7 hereof and in particular the ratio of the media advertising budget relative to point of sale advertising,
• the definition of new directions, if applicable,
• all the other issues related to performance hereof.

ARTICLE 5 - TRADEMARKS, INDUSTRIAL PROPERTY

5.1            During the term hereof, Licensor warrants the physical existence of the registrations of the Licensed Marks listed in Appendix 1.1 hereto as well their validity against any infringement of them by it within the limit of the laws and regulations in effect.

The Licensed Marks, signs of any kind, and logos must appear visibly to the naked eye in a given visual layout on the flasks, boxes, packaging, and counters as well as in all advertising. Said layout must include the name "LANVIN PARFUMS" or "LANVIN PERFUMES" clearly and visibly written on all the Products.

During the term hereof, Licensee shall have the exclusive right to use the names "LANVIN Parfums and "LANVIN Perfumes" and to use the Licensed Marks for alcohol products (perfumes) and derived bath lines exploited hereunder to market and distribute the Products.

Licensee may mention one or more of the Licensed Marks in its standard and stock exchange business documents provided they are used in the same manner as the other brands distributed by it.

The Licensed Marks must be used to sell the Products and for no other use. The Licensed Marks may not be used in conjunction with other brands, names, or signs whatsoever except for the names of distributors or when required by local applicable regulations except in the standard business and stock exchange documents in accordance with the provisions of the preceding paragraph.. The Licensed Marks may not be used as corporate names except by Licensor. The parties agree that the Licensed Marks such as used to market the Products shall be used in such a way that they may not be discredited in the eyes of the consumer.

No mention or inscription shall hide the Licensed Marks. No mention or inscription shall detract away from the importance and prestige of the Licensed Marks in the eyes of the consumer.

5.2           The expenses for maintaining the Licensed Marks in effect shall be paid by Licensor. Licensee agrees to work together with Licensor to provide it with any document or instrument necessary for the registration of the Licensed Marks, their renewal, or registration of new Licensed Marks.

5.3           If necessary, Licensee may ask Licensor to register the Licensed Marks in other countries in International Class 3 or file such registrations itself in the name and on behalf of Licensor, which agrees to cooperate with Licensee for such purpose. The expenses for such registrations and renewals, if any, shall be paid by Licensee but Licensee may deduct them from the amounts owed to Licensor for sales of the Products hereof made in the countries covered by such registrations.

5.5       The Licensed Marks as well as their formulae and other technical data whatsoever having to do with the composition and/or manufacture of the Products hereof (including any patents) other than existing Products, as well as all drawings and models (flasks, packaging, etc.) developed by Licensee or on its behalf and filed by it or another person or entity are and shall remain the property of Licensor.

Licensee agrees to assign free of charge to Licensor when requested by it any registration of Licensed Marks that may have been filed in the name of Licensee if in a given country the registration could only be filed in the name of Licensee. As a result, Licensee agrees to sign at once any document for such assignment at Licensor's request.

5.6            Licensor represents that it has a nonexclusive license granted to it free of charge by L'OREAL for the use with a view to the manufacture by itself and/or third parties of certain patented mechanisms for the closure of perfume flasks. A copy of the corresponding licensing agreement can be found in Appendix 5.6 hereof.

ARTICLE 6 - INFRINGEMENT

6.1           In the event a third party engages in acts of counterfeiting, imitation, or unfair competition or infringement whatsoever involving the Licensed Marks, Licensee shall notify Licensor thereof as soon as possible and agrees to take all appropriate emergency steps to stop or limit the damage resulting therefrom. Once Licensor has been notified thereof, Licensor agrees to take all necessary steps in agreement with Licensee. Licensee agrees to do everything in its power to help it and provide it with all information in its possession. Licensor shall direct the lawsuit and shall pay for all expenses connected to it and shall be the sole beneficiary of the profits and/or damages deriving therefrom. In the event Licensor receives compensation from such an action, Licensor shall hand over to Licensee one it has received it, the portion of the compensation covering the loss actually sustained by Licensee and/or its subcontractor for acts of counterfeiting or illegal use of the Marks by third parties. Licensor shall not be liable for payment to Licensee of compensation higher than the compensation received from it by infringing party, minus related attorneys' fees.

6.2           In the event a third party objects to use of a Licensed Mark or files an action for infringement against Licensee as a result of use of a Licensed Mark, Licensee shall notify Licensor thereof. Licensor shall be in charge of the defense. All of the expenses and any damages shall be paid for solely by Licensor. Any profits from the defense shall accrue to Licensor. . In the event Licensor receives compensation from such an action, Licensor shall hand over to Licensee one it has received it, the portion of the compensation covering the loss actually sustained by Licensee and/or its subcontractor for acts of counterfeiting or illegal use of the Marks by third parties. Licensor shall not be liable for payment to Licensee of compensation higher than the compensation received from it by the third party, minus related attorneys' fees.

The parties agree that Licensee agrees to hold Licensor harmless for the loss resulting from a third party action for infringement by the Licensed Marks such as used by Licensee in noncompliance with its obligations hereunder.

ARTICLE 7 - ADVERTISING, ROLLOUT OF NEW PRODUCTS

7.1           In connection with the working principles set out in Article 3 hereof, Licensee shall advertise and promote the Products hereunder and choose providers (advertising agency, central purchasing agency, photographers, etc.) after the overall guidelines for advertising and promotion have been set in cooperation with Licensee in keeping with the image of brand LANVIN and other Licensed Marks. Licensee shall pay for Advertising and Promotion expenses together with its distributors for which it vouches and agrees to earmark a joint budget for Advertising and Promotion activities with its distributors. The budget shall be sufficient to ensure strong sales growth and may not be less than the higher of the two following amounts:

• __¹ % of the Net Global Sales of the previous calendar year,
• the minimum annual budget of EUR __² net of taxes.

For the period beginning as of the signature hereof until December 31, 2004, Licensee shall earmark together with its distributors an Advertising and Promotional budget of __³ % of the Net Global Sales made during said period.

______
¹Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:1.
²Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:2.
²Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:3.

7.2            Licensee must obtain the prior written agreement of Licensor and Licensor may not withhold its approval without valid reasons on:

• the creative content of the advertising;
• the choice and definition of major themes (goals to be assigned to communication, message to be put across);
• the application procedures (media, subjects, etc.).

Licensee must be notified of Licensors' approval or where applicable its refusal together with the reasons for such refusal no later than 15 days as of the meeting between Licensee and Licensor at which Licensee presents the aforementioned elements. In the event of a disagreement, the parties shall strive to reach a consensus within eight (8) days of the date Licensor notifies its refusal.

7.3            Licensee agrees to roll out:

• at least two (2) New Products during the first seven years of the Agreement i.e. before June 30, 2011 and
• at least two (2) New Products during the following eight years of this Agreement i.e. between July 1st, 2011 and June 30, 2019. The parties agree that at least one New Product shall be rolled out between July 1st, 2015 and June 30, 2019.

ARTICLE 8 - PROMOTIONAL OBJECTS

Licensee may sell or give away any promotional objects or products connected to the Licensed Marks (except for Products) provided that:

a)     Licensor has first authorized in writing the distribution of the objects in question after Licensee has provided it with a sample or mockup,

b)     the use of such objects remains secondary to the use of the Products hereof,

c)     the promotional objects and products are branded "Lanvin Parfums" and such may not be mistaken for the products marketed by Licensor or its other licensees.

ARTICLE 9 - CONSIDERATION AND PAYMENT

9.1              Initial payments

9.1.1    On the signature date hereof, Licensee shall pay Licensor an Initial including taxes Payment of NINETEEN MILLION ONE HUNDRED THIRTY SIX THOUSAND euros (Euros 19,136,000.00) (i) by certified cashier's check of Euros 16,000,000.00 remitted at this date et (ii) by an accepted bank draft of 3,136,000 euros remitted this date et payable on July 5th 2004.

9.1.2    On the signature date hereof, Licensee shall pay Licensor the amount excluding taxes of Euros SIX MILLION (Euros 6,000,000.00) by certified cashier's check for the Inventory (such as defined in Article 12.2 hereof). This amount may be adjusted subsequently by application of the provisions of Article 12.2 hereof. Said price may be adjusted subsequently in compliance with the provisions of Article 12.2 hereof. Licensee shall owe any applicable VAT on the sale of the Inventory by Licensor to Licensee.

9.2              Royalty

9.2.1    In addition to the initial payments, Licensee agrees to pay an annual royalty equal to __⁴ % (__⁴ per cent) of the Net Global Sales net of any withholding tax or any other tax of any kind and which may not be lower than the guaranteed minimum set out in 9.2.6 below. Licensee shall pay Licensor said royalty within 30 days in four installments respectively as of the end of each calendar quarter on the basis of an itemized statement of sales plus the calculation of the royalty.

_____
⁴Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:4.

9.2.2            Licensee shall provide Licensor annually with an itemized statement of annual sales for the previous year certified by its auditor no later than March 15. Said statement shall be used to calculate the annual royalty for the previous year. In the event of an adjustment between the amount of the quarterly royalties paid in the pervious year and the amount of the annual royalty calculated for the same year, said adjustment shall be added to or subtracted from the amount of the payment of the first quarter of the following year.

9.2.3            Licensor shall at all times have the right to cause Licensee's representations to be audited by a third-party expert and in particular the itemized statement of annual sales of Products. Said audit may cover the previous four (4) calendar years. Licensee agrees to keep the necessary records for the time required for such purpose and to fully cooperate with the audit. In the event of an adjustment of the royalties owed for a calendar year higher than EUR 150,000 in favor of Licensor, Licensee shall pay the full cost of the audit in addition to the adjustment. The adjustment, if any, and the cost of the audit shall be paid within thirty (30) days as of the submission of the findings of the audit by Licensor to Licensee.

9.2.4            To calculate the quarterly royalty, the amounts of the Net Global Sales in currencies other than the euro shall be converted into euro on the basis of the foreign exchange rates used in Paris by the Banque de France on the last day of the given quarter.

9.2.5            Licensee shall keep accurate records of Advertising and Promotional expenses in respect of the Products and expenses for promotional objects distributed under the Licensed Marks and shall allow an auditor authorized by Licensor to audit them at its expenses. Said auditor shall be bound by a professional secrecy obligation.

9.2.6            Minimum guaranteed royalty

During the term hereof, Licensee agrees to pay Licensor annual minimum royalties (Guaranteed Minimum) set based on the table below. The first annual Guaranteed Minimum shall not be owed for the first contractual period from July 1st, 2004 to June 30th 2019:

PERIOD	GUARANTEED MINIMUM (net of taxes) in euro
1er July 2004 - 31 December 2004	Non applicable
1er January 2005 - 31 December 2005	5
1er January 2006 - 31 December 2006	5
1er January 2007 - 31 December 2007	5
1er January 2008 - 31 December 2008	5
1er January 2009 - 31 December 2009	5
1er January 2010 - 31 December 2010	5
1er January 2011 - 31 December 2011	5
1er January 2012 - 31 December 2012	5
1er January 2013 - 31 December 2013	5
1er January 2014 - 31 December 2014	5
1er January 2015 - 31 December 2015	5
1er January 2016 - 31 December 2016	5
1er  January 2017 - 31 December 2017	5
1er January 2018 - 31 December 2018	5
1er January 2019 - 30 June 2019	5

 _____
⁵Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:5.

9.2.7            The first quarterly royalty shall be owed for the period from the signature date hereof and September 30, 2004 and shall be paid by Licensee to Licensor no later than October 30, 2004.

9.2.8            Any delay in payment owed by Licensee to Licensor hereunder shall automatically bear interest at the key rate of the ECB plus 5 points as of its contractual due date without the need for formal notice to pay.

ARTICLE 10 - NO COMPETITION AND FAIRNESS

10.1             Licensor agrees not to exploit or cause to be exploited in the Territory the Licensed Marks in connection with the Products or to engage in any actions whatsoever likely to obstruct the exploitation of the Products hereof by Licensee throughout the term hereof.

10.2             The parties agree to perform this Agreement fairly and not to take steps that directly or indirectly harm Licensor or Licensee and/or the sale, distribution, or image of the Products.

Licensee has informed Licensor of the brands other than the Licensed Marks held by it or licensed to it. Such brands are listed in Appendix 10-2. Said information is given for information purposes only and Licensee accordingly reserves the right to make changes to said list if applicable.

ARTICLE 11 - TERM OF AGREEMENT

11.1             This Agreement shall enter into effect July 1st, 2004 and run until June 30th, 2019 i.e. for a term of 15 years.

11.2            Twenty-four (24) months before the expiration of the initial term of this Agreement, the parties shall meet to set the terms and conditions of a renewal. The parties agree that the basis of the negotiations shall be the results actually achieved by Licensee in connection with the performance hereof. The parties expressly agree that in all cases, including if this agreement is not renewed for any reason whatsoever, License agrees to continue to comply with all the provisions hereof until the expiration hereof, in particular to continue promoting the Products by spending at least the minimum Advertising and Promotion budget (as defined in Article 7 hereto) and to continue paying the royalty set out herein for the remaining two years. The parties agree that the minimum royalty for each of the remaining two years shall be equal to the royalty paid in 2016.

11.3              Licensor may terminate this Agreement unilaterally at any time without notice and by mere notice to Licensee by certified letter return receipt requested in the event:

• Licensee does not comply with the obligation to roll out New Products such as stipulated in Article 7.3 above
• Change of control of Licensee during the term hereof within the meaning of Section 233-3 of the French Commercial Code;
• Bankrupt of Licensee.

11.4             In addition to the events set out in paragraph 11.3, each party may terminate this Agreement if the other party fails to comply with any of the provisions hereof and which it has not cured within thirty (30) days following a formal notice to comply sent to it by certified letter return receipt requested. Termination shall be notified in the same manner no later than forty-five (45) days after the formal notice if noncompliance has not been cured.

11.5             In the event of breach or wrongful termination of this Agreement by Licensee, in particular for the reasons set out in paragraphs 11.3 and 11.4 above, the amount of the minimum annual royalty owed for the remainder of the initial term hereof, i.e. June 30th 2019, shall be due immediately as a penalty. Licensor may claim additional damages from Licensee in order to be fully compensated for the loss sustained as a result of said breach.

11.6             In any event, Licensee may not enter into commitments with third parties longer than the term hereof in its relationships that derive from the rights and obligations set out herein.

ARTICLE 12 - ASSUMPTION OF CONTRACTS / PURCHASE OF INVENTORY

12                Effective on the signature date hereof, Licensee agrees to assume at its expense the agreements in effect between Licensor and the third parties listed in Appendix 12.1 hereto.

Licensor represents that to its knowledge there is no claim or any dispute whatsoever in connection with the performance of the various agreements listed in Appendix 12.1

12.2            Licensee agrees to buy from Licensor the inventory of Products the list of which dated May 24th 2004 is set out in Appendix 12.2 hereto (the Inventory) in exchange for payment of the consideration stated in said appendix and paid today. Assignment of the Inventory shall take place in a timely manner as of signature hereof and no later than on July 1st, 2004 on the basis of an inventory drawn up in the presence of both parties. The difference between the gross value of the Inventory such as stated in Appendix 12.2 hereto and the value calculated as part of the inventory in the presence of both parties shall give rise to a proportional addition to or subtraction from the price of the Inventory as the case may be. Said price adjustment must be carried out and paid by the parties no later than eight (8) days following the closing of the Inventory in the presence of both parties. Notwithstanding the preceding, there shall be no price adjustment if the difference between the gross value of the Inventory as stated in Appendix 12.2 hereto and the value of the Inventory in the presence of both parties is less than EUR 250,000.00 .

12.3            Licensee agrees to sell said Inventory in accordance with the principles set out in Article 4.3 hereof.

ARTICLE 13 - HIRING OF PERSONNEL

The parties take note of Article L 122-12 of the French Labor Code without prejudice to the specific agreement between them governing any difficulties resulting from the application of said article

ARTICLE 14 - REPRESENTATIONS OF PARTIES

Licensee represents and warrants the following on this date:

14.1             Due and proper incorporation and existence: Licensee and all the companies controlled by it that may be involved in achieving the purpose of this Agreement were duly incorporated in accordance with applicable legislation. Since incorporation, Licensee and its companies have been in compliance with law on commercial companies and its implementing decrees as applicable.

14.2            Disputes: Licensee and all the companies controlled by it are not involved in any manner whatsoever in any administrative, judicial or arbitral proceeding having to do with unfair competition or breaches of the commitments entered into by them under licensing, distribution, and/or marketing agreements.

14.3            Licensor warrants that to date it knows of no circumstance that would prevent the marketing of the Products in the countries that it has listed in Appendix 1.1, and in which the Marks have been filed or registered.

14.4            The signers hereof have been duly authorized by their respective Boards of Directors to enter into and sign this Agreement. Copies of the related board resolutions for each of the parties are attached hereto as Appendix 14.4.

ARTICLE 15 - RIGHTS AND OBLIGATIONS ON EXPIRATION OF AGREEMENT

15.1             At the expiration of this Agreement for any reason whatsoever:

-        For six (6) months after the expiration of the Agreement, Licensee shall have the right to sell its inventory of Products and promotional objects at normal commercial prices unless Licensor first agrees expressly to any discounts. Licensee shall pay royalties on such sales according to Article 9 above. After the period of six (6) months, Licensee must completely cease exploiting the Licensed Marks and Products. After the aforementioned six-month period, Licensee waives any right whatsoever hereunder and covering the intellectual property rights related to the Products, regardless of whether or not they were created by the Licensee, and Licensed Marks;

-        Licensee must inform Licensor of any existing agreements with third parties. Licensor reserves the right to assume said agreements or require Licensee to terminate them at its expense.

15.2            Licensor may prevent Licensee from exercising the right referred to in the above paragraph provided (a) it buys back from Licensee its inventory of Products and promotional objects, as well as the raw materials that are used to make such and sales materials in its possession or ordered by it on the termination of this Agreement at their purchase price or cost price depreciated if applicable on the basis of commercial practices according to the nature of the Inventory concerned and (b) deliver orders in progress at the expiration of the Agreement.

ARTICLE 16 AMENDMENT OF AGREEMENT

16.1             Any exception, addition, or amendment to this Agreement shall be made via written instrument signed by the parties and attached hereto. Any amendment shall be limited to the specific issue for which it has been entered into.

16.2             In case of force majeure should one of the parties be unable to honor its commitments hereunder, it must inform the other contracting party thereof in order that the parties may agree to the fair adjustments to this Agreement in their mutual interest.

16.2.            Should one or more of the clauses hereof turn out to be null and void, the other provisions of the Agreement and the Agreement as a whole shall remain in effect. The same shall apply if the Agreement leaves out provisions. The clause that is to be deleted or that is missing shall be replaced by a legally valid provision that is in keeping with the purpose hereof.

ARTICLE 17 - CONFIDENTIALITY

17.1             The parties agree to consider and treat as strictly confidential all the information gathered in connection with the performance of this Agreement including the provisions of this Agreement (hereinafter the Confidential Information) regardless of their nature and media on which they are written.

17.2            Notwithstanding the provisions of clause 17.1, Licensee and Inter Parfums Inc., which indirectly controls Licensee, shall be authorized, because it is a listed company in Paris and New York, to disclose said Confidential Information if existing stock market regulations or a court or administrative order require that they be disclosed provided expressly that it first inform Licensor thereof and meets with latter to determine the manner in which said Confidential Information is to be disclosed pursuant to said regulations and/or orders.

17.2             All the information known by the public shall be considered non confidential unless it is compiled in a manner not known to the public.

17.3             The parties agree not to disclose the Confidential Information to which they may have had access to any third party whatsoever in part or in whole or to allow it to be disclosed directly or indirectly in part or in whole except to employees and/or subcontractors that need said information to perform their obligations.

17.4             For the purpose of ensuring the confidentiality of said information, the parties agree to take all the necessary steps to cause their employees and/or providers to comply with said obligation of confidentiality.

17.5             The parties agree not to use the Confidential Information for any other purpose except for this Agreement.

17.6             Each party agrees to return to the other party at its first request all the documents or other media containing the Confidential Information that said other party may have submitted to it in connection with the performance of this Agreement as well as all their copies.

ARTICLE 18 - FORMALITIES

Licensee shall carry out at its own expense the necessary formalities with the appropriate authorities in particular to make this Agreement binding on their parties.

ARTICLE 19 - NOTICES

All notices served by one party on another party in connection with the performance hereof must be sent by certified letter return receipt requested to the head office of the other party to the attention of its legal representative or any other person duly authorized by said party.

ARTICLE 20 - CONCILIATION / DISPUTES

In the event of a disagreement between the Parties as to the validity, construction, performance, or rescission of any provision hereof, the parties agree to follow the following conciliation procedure before filing any litigation:

- -          First, a meeting between operational managers shall be called by the promptest party to resolve the disagreement as quickly as possible after the disagreement arises. The purpose of this meeting shall be to find an out-of-court solution to the disagreement in question. Minutes of said meeting shall be drawn up.

- -          Second, if the meeting between operational managers does not result in an out-of-court solution, the chief executive officers of each of the parties shall meet and strive to resolve said disagreement amicably. Said meeting must be held in a timely manner and no later than ten (10) days as of the meeting between operational managers.

Should a dispute subsist as to the validity, construction, performance, and/or rescission hereof in spite of the conciliation procedure or should one of the parties refuse to follow the aforementioned procedure promptly, carefully and in good faith, the Paris Court of Appeal shall have sole jurisdiction over the dispute.

ARTICLE 21 - GOVERNING LAW

This Agreement shall be governed by French law.

Signed on 14 June 2004
In Paris
In two orginals

/s/ Sing Ming Chu
Pour le Concedant 
M. Sing Ming Chu  /s/ Philippe Benacin
Pour le Licencie
M. Philippe Benacin

-----END PRIVACY-ENHANCED MESSAGE-----

EX-10

Exhibit 10.103.1

LICENSING AGREEMENT FOR MARKS

BY AND BETWEEN:

JEANNE LANVIN SA, a French company with capital of EUROS 16.297.330 Euros, having its head office at 15, rue du Faubourg Saint-Honore, 75008 Paris, registered with the Trade and Corporate Registry of Paris under the number 612 048 629, represented par its President its Chaiman and Chief Exceutive officer, Mr Sing-Ming Chu, et hereinafter referred to as the << Licensor >>

 Party of the first part,

 and

Inter Parfums, a public company having its head office at 4, rond-point des Champs Elysees, 75008 Paris, registered with the Trade and Corporate Registry under the number 350 219 382, represented by its Chairman and Chief Executive Officer, Mr Philippe Benacin, et hereinafter referred to as the << Licensee >>,

Party of the second part,

WHEREAS:

Licensor is the owner of the LANVIN Mark of perfumes that it has registered in various countries and under which it has been selling extremely high quality products for many years. Currently, Licensor makes substantial use of its Marks under this Agreement by selling and distributing the lines of perfumes: "Arpege", "Lanvin"L'Homme", "Oxygene", "Eclat d'Arpege" et "Vetyver".

As a result, the LANVIN Mark has acquired a sterling reputation especially among perfumes that Licensor wishes to further enhance globally.

Licensee is a leading perfume maker because of its extensive track record and resources in research and development, manufacturing, and marketing.

As part of the alliance between Licensee and Licensor and in consideration of the beneficial effect that the joining of their respective strengths is certain to have on their business, the parties have reviewed the terms under which a perfume license could be granted to Licensee to their mutual advantage.

WHEREFORE IT HAS BEEN AGREED AS FOLLOWS:

ARTICLE 1 - DEFINITIONS

1.1            "Licensed Marks" as used in this Agreement means the marks listed in Appendix 1.1 hereto applied to the "Products" as defined below and listed in Class 3 of the international classification [of trademark goods and services], as well as the names, abbreviations, symbols, and other distinctive markings whatsoever that are used together with it now or in the future by Licensor or suggested for use by Licensee approved by Licensor.

1.2            Except for cosmetics and make-up, "Products" means the existing or future perfume or toiletry products sold under one or more "Licensed Marks" (that fall under the categories described in Appendix 1.2 hereto).

1.3            "Territory" means, to the extent possible, all the countries of the world and in any case all the countries in which the Licensed Marks are or will be registered in International Class 3.

1.4            "Net Global Sales" means global sales of the Products as calculated according to general French accounting principles such as applied consistently by Licensee (according to the IFRS standard when the latter is applicable) minus expenses for POS. This figure means the amount net of taxes invoiced by Licensee to all its "retailers" (any point of sale or sales outlet to the end client authorized to sell products bearing the JEANNE LANVIN mark and to "independent distributors" (any independent company authorized to resell Products bearing the JEANNE LANVIN Mark under a written agreement between Licensee and retailers in one or more countries). "Independent distributors" means any entity that is not controlled by Licensee within the meaning of Section 233-3 of the French Commercial Code. In addition, Net Global Sales shall not fall below the portion of the Products in the total net sales of Licensee published in its annual financial statements, minus expenses for POS. The Parties expressly agree that point-of-sale advertising shall only be deducted from sales provided that the Licensee has a margin of less than 30% on said point-of-sale advertising.

1.5            "Rollout of New Products" means the operations described in Appendix 1.5.

1.6            "Advertising and Promotion" means only the buying of advertising space of any kind in all media, the distribution of free products (samples and related products) and advertising at the place of sale including promotional objects. It shall expressly exclude the following expenses: end-of-year discounts granted to distributors, payroll expenses incurred for selling or presenting the products, stand openings, participation in trade shows and exhibitions, and Product display areas.

ARTICLE 2 - LICENSE

2.1            Licensor grants Licensee an excusive license to use the Licensed Marks related to the Products for manufacture and sale of the Products in the Territory under the terms and conditions hereof. Licensee hereby accepts said license that shall be effective upon signature hereof.

2.2            This Agreement is completely personal between Licensor and Licensee. As a result, neither party may assign or transfer some or all of the rights and obligations hereunder to any third party whatsoever. In addition, Licensee agrees not to sublicense the rights granted under this license either in part or in whole. Notwithstanding the preceding provisions, Licensor shall be entitled to assign, transfer, or contribute all or part of the rights and obligations hereunder to one of the companies controlled by or that controls it within the meaning of Section 233-3 of the French Commercial Code or to a sister company, i.e. a company controlled within the meaning of Section 233-3 of the French Commercial Code by the same stockholder as that which controls it within the meaning of the same section.

2.3            This agreement shall enter into effect on July 1st, 2004. During the period between the signature hereof and July 1st, 2004, Licensor agrees to manage Licensed Marks conservatively in the normal course of business. Licensor must first obtain Licensee's agreement in writing before (a) amending, renewing or terminating agreements between Licensor and third parties having as their purpose the distribution, marketing and/or manufacture of the Products and/or (b) making any substantial outlays connected to the same subject matters. Licensee must notify Licensor of its approval or refusal within five (5) days maximum as of Licensor's approval request.

ARTICLE 3 - WORKING PRINCIPLES

3.1           While working as openly as possible with Licensor, Licensee may, in coordination with Licensor, choose the subcontractor and decide whether and how to manufacture the Products hereunder for which it shall have sole liability as set out as follows.

3.2           Also in agreement with Licensor, Licensee may choose providers (perfume and flask and case designers) and shall have the initiative and responsibility for creation once the direction of such creation has been defined together with Licensor as part of the overall framework defined in this article and as part of the more precise image determined for the LANVIN mark by Licensor.

3.3            Licensee may subcontract the distribution of the Products to all independent companies solely under its responsibility and agrees to cause them to comply with the terms hereof.

3.4           As a result of the foregoing, Licensee agrees in all its actions and initiatives to respect and cause to be respected the image of quality, elegance, and originality related to the Licensed Marks, in particular as concerns the quality of the Products hereunder, their outward appearance, advertising, promotion, and distribution.

3.5            Licensee agrees to comply with all the laws and regulations in effect in the Territory hereof and to cause all its employees, representatives, agents and/or successors and assigns and affiliates to comply with them during the term hereof. As a result, Licensee represents in its name and in the name of all its affiliates that all the insurance policies necessary to achieve the purpose hereof have been and will be duly taken out and paid. As concerns public liability policies, Licensee agrees to take out such a policy covering its operations related hereto. Coverage shall be in an amount that is in keeping with industry practices.

3.5           During the term hereof, Licensee agrees not to allow one of the entities in which it holds a direct or indirect stake to use one of the Licensed Marks and generally the names "LANVIN" and/or "JEANNE LANVIN" and the abbreviation "JLSA" as a corporate name.

3.6           The parties agree that the reputation of "JEANNE LANVIN" in high end ready-to-wear and in the perfume industry is an important characteristic of this Mark and its reputation. With this in mind, it is of overriding importance for both Licensor and Licensee that in all areas the image of elegance, originality, and quality related to the LANVIN Mark are found and respected at all times. Licensor agrees to keep LANVIN mark in luxury brand.

ARTICLE 4 - CREATION,
MANUFACTURE, DISTRIBUTION

4.1            Licensee shall be responsible for creating, developing, and manufacturing the Products hereof (or for existing Products, of modifying them as it deems necessary or desirable) in keeping with the principles set out in Article 3 above.

4.2            Licensee shall be solely responsible worldwide for the design, development, and manufacture of the Products. Licensee agrees to create and sell products of extremely high quality in terms of design, manufacture, refinement, and outward appearance so that they can compete with the most prestigious competing marks on the international market for beauty and perfume products, as listed in Appendix 4.6 hereto.

4.3           Creation of Products and advertising visuals

The creation of Products and advertising visuals for the Products must be consistent exclusively with the style of Jeanne Lanvin. In order to make sure that they are consistent with such style, Licensee agrees to work closely with Licensor in all the creation and development stages in order to enable it to make choices and suggest any change it deems appropriate. In all cases, the parties shall strive to cooperate to develop a common project.

For Product creation, Licensee must first obtain Licensor's approval on the project during the following main stages:

• Product concept development

• Drafting of work instructions to designers (design and perfume)

• Development of flask design

• Development and choice of fragrance

• Development and choice of packaging

• Choice of Product name

• The concept of the visual advertising and draft layouts connected to the planned new Product and serving as advertising

4.4.          Industrial or technical development of Products

Licensee agrees to ensure that Products are manufactured according to industry standards so that they are up to Brand standards.

The parties agree that Licensee shall control all the technical stages of industrial development. It shall be free to choose the vendors for packaging articles (molds, caps, pumps, cases, foam blocks, labels, etc.). The parties agree that before manufacture, Licensee shall seek Licensor's approval which shall be given as promptly as possible.

Licensee shall submit to Licensor for its approval within a reasonable period of time before the rollout of each Product or Product line hereof, the samples or mockups of the Products in questions and their packaging

If Licensor has not sent written objections to Licensee within thirty (30) days after receipt of the samples or mockups, it shall be deemed to agree with the project.

If Licensor does object, the parties shall agree on steps to take into account Licensor's wishes. In either case, the parties agree to do their best to cooperate in order that they are both satisfied.

4.5            Quality Control

Licensee must conduct required quality control checks and inspections before delivery of the Products to clients. Licensee shall be solely liable for compliance of the Products with health and safety legislation and regulations.

4.6            Licensee shall organize the distribution of the Products hereof in the Territory on a selective basis. It shall limit sale of the Products only to those perfume shops and department store perfume counters that respect the image of the Licensed Marks by using as a benchmark the sale outlets of products that compete with the Products on the Territory (a list of which can be found in Appendix 4.6 hereto and which may be updated annually by Licensor on the basis of objectively defined criteria).

4.7            Licensee shall also decide on the rollouts, sales terms and prices, and sales promotions after having informed Licensor in the working meetings mentioned below. Licensee shall inform Licensor annually of the recommended retail prices of Products and its price policy. Said prices must be comparable with prices for competing products in the same range (a list of which can be found in Appendix 4.7 hereto and which may be updated annually by Licensor).

In accordance with industry practices, Licensee may sell discontinued Products at a discount price with Licensor's consent.

4.8            Licensee and Licensor shall meet periodically at their mutual convenience at least every three (3) months in order to assess all the actions undertaken in connection with the performance of the Agreement and compliance with its provisions. Licensee agrees to provide Licensor when requested by it with all information that the latter may desire for the preparation and holding of these meetings. During these meetings, the representatives of the parties hereto shall discuss in particular:

• the joint analysis of use and results of use of the Products hereof and promotional products, if applicable,
• the critical and objective review of the actions undertaken by Licensee during the past quarter as part of the performance hereof,
• the manufacturing quality of the Products,
• the distribution and marketing of the Products,
• the use of the promotional and advertising budget such as provided in Article 7 hereof and in particular the ratio of the media advertising budget relative to point of sale advertising,
• the definition of new directions, if applicable,
• all the other issues related to performance hereof.

ARTICLE 5 - TRADEMARKS, INDUSTRIAL PROPERTY

5.1            During the term hereof, Licensor warrants the physical existence of the registrations of the Licensed Marks listed in Appendix 1.1 hereto as well their validity against any infringement of them by it within the limit of the laws and regulations in effect.

The Licensed Marks, signs of any kind, and logos must appear visibly to the naked eye in a given visual layout on the flasks, boxes, packaging, and counters as well as in all advertising. Said layout must include the name "LANVIN PARFUMS" or "LANVIN PERFUMES" clearly and visibly written on all the Products.

During the term hereof, Licensee shall have the exclusive right to use the names "LANVIN Parfums and "LANVIN Perfumes" and to use the Licensed Marks for alcohol products (perfumes) and derived bath lines exploited hereunder to market and distribute the Products.

Licensee may mention one or more of the Licensed Marks in its standard and stock exchange business documents provided they are used in the same manner as the other brands distributed by it.

The Licensed Marks must be used to sell the Products and for no other use. The Licensed Marks may not be used in conjunction with other brands, names, or signs whatsoever except for the names of distributors or when required by local applicable regulations except in the standard business and stock exchange documents in accordance with the provisions of the preceding paragraph.. The Licensed Marks may not be used as corporate names except by Licensor. The parties agree that the Licensed Marks such as used to market the Products shall be used in such a way that they may not be discredited in the eyes of the consumer.

No mention or inscription shall hide the Licensed Marks. No mention or inscription shall detract away from the importance and prestige of the Licensed Marks in the eyes of the consumer.

5.2           The expenses for maintaining the Licensed Marks in effect shall be paid by Licensor. Licensee agrees to work together with Licensor to provide it with any document or instrument necessary for the registration of the Licensed Marks, their renewal, or registration of new Licensed Marks.

5.3           If necessary, Licensee may ask Licensor to register the Licensed Marks in other countries in International Class 3 or file such registrations itself in the name and on behalf of Licensor, which agrees to cooperate with Licensee for such purpose. The expenses for such registrations and renewals, if any, shall be paid by Licensee but Licensee may deduct them from the amounts owed to Licensor for sales of the Products hereof made in the countries covered by such registrations.

5.5       The Licensed Marks as well as their formulae and other technical data whatsoever having to do with the composition and/or manufacture of the Products hereof (including any patents) other than existing Products, as well as all drawings and models (flasks, packaging, etc.) developed by Licensee or on its behalf and filed by it or another person or entity are and shall remain the property of Licensor.

Licensee agrees to assign free of charge to Licensor when requested by it any registration of Licensed Marks that may have been filed in the name of Licensee if in a given country the registration could only be filed in the name of Licensee. As a result, Licensee agrees to sign at once any document for such assignment at Licensor's request.

5.6            Licensor represents that it has a nonexclusive license granted to it free of charge by L'OREAL for the use with a view to the manufacture by itself and/or third parties of certain patented mechanisms for the closure of perfume flasks. A copy of the corresponding licensing agreement can be found in Appendix 5.6 hereof.

ARTICLE 6 - INFRINGEMENT

6.1           In the event a third party engages in acts of counterfeiting, imitation, or unfair competition or infringement whatsoever involving the Licensed Marks, Licensee shall notify Licensor thereof as soon as possible and agrees to take all appropriate emergency steps to stop or limit the damage resulting therefrom. Once Licensor has been notified thereof, Licensor agrees to take all necessary steps in agreement with Licensee. Licensee agrees to do everything in its power to help it and provide it with all information in its possession. Licensor shall direct the lawsuit and shall pay for all expenses connected to it and shall be the sole beneficiary of the profits and/or damages deriving therefrom. In the event Licensor receives compensation from such an action, Licensor shall hand over to Licensee one it has received it, the portion of the compensation covering the loss actually sustained by Licensee and/or its subcontractor for acts of counterfeiting or illegal use of the Marks by third parties. Licensor shall not be liable for payment to Licensee of compensation higher than the compensation received from it by infringing party, minus related attorneys' fees.

6.2           In the event a third party objects to use of a Licensed Mark or files an action for infringement against Licensee as a result of use of a Licensed Mark, Licensee shall notify Licensor thereof. Licensor shall be in charge of the defense. All of the expenses and any damages shall be paid for solely by Licensor. Any profits from the defense shall accrue to Licensor. . In the event Licensor receives compensation from such an action, Licensor shall hand over to Licensee one it has received it, the portion of the compensation covering the loss actually sustained by Licensee and/or its subcontractor for acts of counterfeiting or illegal use of the Marks by third parties. Licensor shall not be liable for payment to Licensee of compensation higher than the compensation received from it by the third party, minus related attorneys' fees.

The parties agree that Licensee agrees to hold Licensor harmless for the loss resulting from a third party action for infringement by the Licensed Marks such as used by Licensee in noncompliance with its obligations hereunder.

ARTICLE 7 - ADVERTISING, ROLLOUT OF NEW PRODUCTS

7.1           In connection with the working principles set out in Article 3 hereof, Licensee shall advertise and promote the Products hereunder and choose providers (advertising agency, central purchasing agency, photographers, etc.) after the overall guidelines for advertising and promotion have been set in cooperation with Licensee in keeping with the image of brand LANVIN and other Licensed Marks. Licensee shall pay for Advertising and Promotion expenses together with its distributors for which it vouches and agrees to earmark a joint budget for Advertising and Promotion activities with its distributors. The budget shall be sufficient to ensure strong sales growth and may not be less than the higher of the two following amounts:

• __¹ % of the Net Global Sales of the previous calendar year,
• the minimum annual budget of EUR __² net of taxes.

For the period beginning as of the signature hereof until December 31, 2004, Licensee shall earmark together with its distributors an Advertising and Promotional budget of __³ % of the Net Global Sales made during said period.

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¹Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:1.
²Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:2.
²Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:3.

7.2            Licensee must obtain the prior written agreement of Licensor and Licensor may not withhold its approval without valid reasons on:

• the creative content of the advertising;
• the choice and definition of major themes (goals to be assigned to communication, message to be put across);
• the application procedures (media, subjects, etc.).

Licensee must be notified of Licensors' approval or where applicable its refusal together with the reasons for such refusal no later than 15 days as of the meeting between Licensee and Licensor at which Licensee presents the aforementioned elements. In the event of a disagreement, the parties shall strive to reach a consensus within eight (8) days of the date Licensor notifies its refusal.

7.3            Licensee agrees to roll out:

• at least two (2) New Products during the first seven years of the Agreement i.e. before June 30, 2011 and
• at least two (2) New Products during the following eight years of this Agreement i.e. between July 1st, 2011 and June 30, 2019. The parties agree that at least one New Product shall be rolled out between July 1st, 2015 and June 30, 2019.

ARTICLE 8 - PROMOTIONAL OBJECTS

Licensee may sell or give away any promotional objects or products connected to the Licensed Marks (except for Products) provided that:

a)     Licensor has first authorized in writing the distribution of the objects in question after Licensee has provided it with a sample or mockup,

b)     the use of such objects remains secondary to the use of the Products hereof,

c)     the promotional objects and products are branded "Lanvin Parfums" and such may not be mistaken for the products marketed by Licensor or its other licensees.

ARTICLE 9 - CONSIDERATION AND PAYMENT

9.1              Initial payments

9.1.1    On the signature date hereof, Licensee shall pay Licensor an Initial including taxes Payment of NINETEEN MILLION ONE HUNDRED THIRTY SIX THOUSAND euros (Euros 19,136,000.00) (i) by certified cashier's check of Euros 16,000,000.00 remitted at this date et (ii) by an accepted bank draft of 3,136,000 euros remitted this date et payable on July 5th 2004.

9.1.2    On the signature date hereof, Licensee shall pay Licensor the amount excluding taxes of Euros SIX MILLION (Euros 6,000,000.00) by certified cashier's check for the Inventory (such as defined in Article 12.2 hereof). This amount may be adjusted subsequently by application of the provisions of Article 12.2 hereof. Said price may be adjusted subsequently in compliance with the provisions of Article 12.2 hereof. Licensee shall owe any applicable VAT on the sale of the Inventory by Licensor to Licensee.

9.2              Royalty

9.2.1    In addition to the initial payments, Licensee agrees to pay an annual royalty equal to __⁴ % (__⁴ per cent) of the Net Global Sales net of any withholding tax or any other tax of any kind and which may not be lower than the guaranteed minimum set out in 9.2.6 below. Licensee shall pay Licensor said royalty within 30 days in four installments respectively as of the end of each calendar quarter on the basis of an itemized statement of sales plus the calculation of the royalty.

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⁴Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:4.

9.2.2            Licensee shall provide Licensor annually with an itemized statement of annual sales for the previous year certified by its auditor no later than March 15. Said statement shall be used to calculate the annual royalty for the previous year. In the event of an adjustment between the amount of the quarterly royalties paid in the pervious year and the amount of the annual royalty calculated for the same year, said adjustment shall be added to or subtracted from the amount of the payment of the first quarter of the following year.

9.2.3            Licensor shall at all times have the right to cause Licensee's representations to be audited by a third-party expert and in particular the itemized statement of annual sales of Products. Said audit may cover the previous four (4) calendar years. Licensee agrees to keep the necessary records for the time required for such purpose and to fully cooperate with the audit. In the event of an adjustment of the royalties owed for a calendar year higher than EUR 150,000 in favor of Licensor, Licensee shall pay the full cost of the audit in addition to the adjustment. The adjustment, if any, and the cost of the audit shall be paid within thirty (30) days as of the submission of the findings of the audit by Licensor to Licensee.

9.2.4            To calculate the quarterly royalty, the amounts of the Net Global Sales in currencies other than the euro shall be converted into euro on the basis of the foreign exchange rates used in Paris by the Banque de France on the last day of the given quarter.

9.2.5            Licensee shall keep accurate records of Advertising and Promotional expenses in respect of the Products and expenses for promotional objects distributed under the Licensed Marks and shall allow an auditor authorized by Licensor to audit them at its expenses. Said auditor shall be bound by a professional secrecy obligation.

9.2.6            Minimum guaranteed royalty

During the term hereof, Licensee agrees to pay Licensor annual minimum royalties (Guaranteed Minimum) set based on the table below. The first annual Guaranteed Minimum shall not be owed for the first contractual period from July 1st, 2004 to June 30th 2019:

PERIOD	GUARANTEED MINIMUM (net of taxes) in euro
1er July 2004 - 31 December 2004	Non applicable
1er January 2005 - 31 December 2005	5
1er January 2006 - 31 December 2006	5
1er January 2007 - 31 December 2007	5
1er January 2008 - 31 December 2008	5
1er January 2009 - 31 December 2009	5
1er January 2010 - 31 December 2010	5
1er January 2011 - 31 December 2011	5
1er January 2012 - 31 December 2012	5
1er January 2013 - 31 December 2013	5
1er January 2014 - 31 December 2014	5
1er January 2015 - 31 December 2015	5
1er January 2016 - 31 December 2016	5
1er  January 2017 - 31 December 2017	5
1er January 2018 - 31 December 2018	5
1er January 2019 - 30 June 2019	5

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⁵Excised. Confidential Treatment requested by Inter Parfums, Inc. No. 10.103:5.

9.2.7            The first quarterly royalty shall be owed for the period from the signature date hereof and September 30, 2004 and shall be paid by Licensee to Licensor no later than October 30, 2004.

9.2.8            Any delay in payment owed by Licensee to Licensor hereunder shall automatically bear interest at the key rate of the ECB plus 5 points as of its contractual due date without the need for formal notice to pay.

ARTICLE 10 - NO COMPETITION AND FAIRNESS

10.1             Licensor agrees not to exploit or cause to be exploited in the Territory the Licensed Marks in connection with the Products or to engage in any actions whatsoever likely to obstruct the exploitation of the Products hereof by Licensee throughout the term hereof.

10.2             The parties agree to perform this Agreement fairly and not to take steps that directly or indirectly harm Licensor or Licensee and/or the sale, distribution, or image of the Products.

Licensee has informed Licensor of the brands other than the Licensed Marks held by it or licensed to it. Such brands are listed in Appendix 10-2. Said information is given for information purposes only and Licensee accordingly reserves the right to make changes to said list if applicable.

ARTICLE 11 - TERM OF AGREEMENT

11.1             This Agreement shall enter into effect July 1st, 2004 and run until June 30th, 2019 i.e. for a term of 15 years.

11.2            Twenty-four (24) months before the expiration of the initial term of this Agreement, the parties shall meet to set the terms and conditions of a renewal. The parties agree that the basis of the negotiations shall be the results actually achieved by Licensee in connection with the performance hereof. The parties expressly agree that in all cases, including if this agreement is not renewed for any reason whatsoever, License agrees to continue to comply with all the provisions hereof until the expiration hereof, in particular to continue promoting the Products by spending at least the minimum Advertising and Promotion budget (as defined in Article 7 hereto) and to continue paying the royalty set out herein for the remaining two years. The parties agree that the minimum royalty for each of the remaining two years shall be equal to the royalty paid in 2016.

11.3              Licensor may terminate this Agreement unilaterally at any time without notice and by mere notice to Licensee by certified letter return receipt requested in the event:

• Licensee does not comply with the obligation to roll out New Products such as stipulated in Article 7.3 above
• Change of control of Licensee during the term hereof within the meaning of Section 233-3 of the French Commercial Code;
• Bankrupt of Licensee.

11.4             In addition to the events set out in paragraph 11.3, each party may terminate this Agreement if the other party fails to comply with any of the provisions hereof and which it has not cured within thirty (30) days following a formal notice to comply sent to it by certified letter return receipt requested. Termination shall be notified in the same manner no later than forty-five (45) days after the formal notice if noncompliance has not been cured.

11.5             In the event of breach or wrongful termination of this Agreement by Licensee, in particular for the reasons set out in paragraphs 11.3 and 11.4 above, the amount of the minimum annual royalty owed for the remainder of the initial term hereof, i.e. June 30th 2019, shall be due immediately as a penalty. Licensor may claim additional damages from Licensee in order to be fully compensated for the loss sustained as a result of said breach.

11.6             In any event, Licensee may not enter into commitments with third parties longer than the term hereof in its relationships that derive from the rights and obligations set out herein.

ARTICLE 12 - ASSUMPTION OF CONTRACTS / PURCHASE OF INVENTORY

12                Effective on the signature date hereof, Licensee agrees to assume at its expense the agreements in effect between Licensor and the third parties listed in Appendix 12.1 hereto.

Licensor represents that to its knowledge there is no claim or any dispute whatsoever in connection with the performance of the various agreements listed in Appendix 12.1

12.2            Licensee agrees to buy from Licensor the inventory of Products the list of which dated May 24th 2004 is set out in Appendix 12.2 hereto (the Inventory) in exchange for payment of the consideration stated in said appendix and paid today. Assignment of the Inventory shall take place in a timely manner as of signature hereof and no later than on July 1st, 2004 on the basis of an inventory drawn up in the presence of both parties. The difference between the gross value of the Inventory such as stated in Appendix 12.2 hereto and the value calculated as part of the inventory in the presence of both parties shall give rise to a proportional addition to or subtraction from the price of the Inventory as the case may be. Said price adjustment must be carried out and paid by the parties no later than eight (8) days following the closing of the Inventory in the presence of both parties. Notwithstanding the preceding, there shall be no price adjustment if the difference between the gross value of the Inventory as stated in Appendix 12.2 hereto and the value of the Inventory in the presence of both parties is less than EUR 250,000.00 .

12.3            Licensee agrees to sell said Inventory in accordance with the principles set out in Article 4.3 hereof.

ARTICLE 13 - HIRING OF PERSONNEL

The parties take note of Article L 122-12 of the French Labor Code without prejudice to the specific agreement between them governing any difficulties resulting from the application of said article

ARTICLE 14 - REPRESENTATIONS OF PARTIES

Licensee represents and warrants the following on this date:

14.1             Due and proper incorporation and existence: Licensee and all the companies controlled by it that may be involved in achieving the purpose of this Agreement were duly incorporated in accordance with applicable legislation. Since incorporation, Licensee and its companies have been in compliance with law on commercial companies and its implementing decrees as applicable.

14.2            Disputes: Licensee and all the companies controlled by it are not involved in any manner whatsoever in any administrative, judicial or arbitral proceeding having to do with unfair competition or breaches of the commitments entered into by them under licensing, distribution, and/or marketing agreements.

14.3            Licensor warrants that to date it knows of no circumstance that would prevent the marketing of the Products in the countries that it has listed in Appendix 1.1, and in which the Marks have been filed or registered.

14.4            The signers hereof have been duly authorized by their respective Boards of Directors to enter into and sign this Agreement. Copies of the related board resolutions for each of the parties are attached hereto as Appendix 14.4.

ARTICLE 15 - RIGHTS AND OBLIGATIONS ON EXPIRATION OF AGREEMENT

15.1             At the expiration of this Agreement for any reason whatsoever:

-        For six (6) months after the expiration of the Agreement, Licensee shall have the right to sell its inventory of Products and promotional objects at normal commercial prices unless Licensor first agrees expressly to any discounts. Licensee shall pay royalties on such sales according to Article 9 above. After the period of six (6) months, Licensee must completely cease exploiting the Licensed Marks and Products. After the aforementioned six-month period, Licensee waives any right whatsoever hereunder and covering the intellectual property rights related to the Products, regardless of whether or not they were created by the Licensee, and Licensed Marks;

-        Licensee must inform Licensor of any existing agreements with third parties. Licensor reserves the right to assume said agreements or require Licensee to terminate them at its expense.

15.2            Licensor may prevent Licensee from exercising the right referred to in the above paragraph provided (a) it buys back from Licensee its inventory of Products and promotional objects, as well as the raw materials that are used to make such and sales materials in its possession or ordered by it on the termination of this Agreement at their purchase price or cost price depreciated if applicable on the basis of commercial practices according to the nature of the Inventory concerned and (b) deliver orders in progress at the expiration of the Agreement.

ARTICLE 16 AMENDMENT OF AGREEMENT

16.1             Any exception, addition, or amendment to this Agreement shall be made via written instrument signed by the parties and attached hereto. Any amendment shall be limited to the specific issue for which it has been entered into.

16.2             In case of force majeure should one of the parties be unable to honor its commitments hereunder, it must inform the other contracting party thereof in order that the parties may agree to the fair adjustments to this Agreement in their mutual interest.

16.2.            Should one or more of the clauses hereof turn out to be null and void, the other provisions of the Agreement and the Agreement as a whole shall remain in effect. The same shall apply if the Agreement leaves out provisions. The clause that is to be deleted or that is missing shall be replaced by a legally valid provision that is in keeping with the purpose hereof.

ARTICLE 17 - CONFIDENTIALITY

17.1             The parties agree to consider and treat as strictly confidential all the information gathered in connection with the performance of this Agreement including the provisions of this Agreement (hereinafter the Confidential Information) regardless of their nature and media on which they are written.

17.2            Notwithstanding the provisions of clause 17.1, Licensee and Inter Parfums Inc., which indirectly controls Licensee, shall be authorized, because it is a listed company in Paris and New York, to disclose said Confidential Information if existing stock market regulations or a court or administrative order require that they be disclosed provided expressly that it first inform Licensor thereof and meets with latter to determine the manner in which said Confidential Information is to be disclosed pursuant to said regulations and/or orders.

17.2             All the information known by the public shall be considered non confidential unless it is compiled in a manner not known to the public.

17.3             The parties agree not to disclose the Confidential Information to which they may have had access to any third party whatsoever in part or in whole or to allow it to be disclosed directly or indirectly in part or in whole except to employees and/or subcontractors that need said information to perform their obligations.

17.4             For the purpose of ensuring the confidentiality of said information, the parties agree to take all the necessary steps to cause their employees and/or providers to comply with said obligation of confidentiality.

17.5             The parties agree not to use the Confidential Information for any other purpose except for this Agreement.

17.6             Each party agrees to return to the other party at its first request all the documents or other media containing the Confidential Information that said other party may have submitted to it in connection with the performance of this Agreement as well as all their copies.

ARTICLE 18 - FORMALITIES

Licensee shall carry out at its own expense the necessary formalities with the appropriate authorities in particular to make this Agreement binding on their parties.

ARTICLE 19 - NOTICES

All notices served by one party on another party in connection with the performance hereof must be sent by certified letter return receipt requested to the head office of the other party to the attention of its legal representative or any other person duly authorized by said party.

ARTICLE 20 - CONCILIATION / DISPUTES

In the event of a disagreement between the Parties as to the validity, construction, performance, or rescission of any provision hereof, the parties agree to follow the following conciliation procedure before filing any litigation:

- -          First, a meeting between operational managers shall be called by the promptest party to resolve the disagreement as quickly as possible after the disagreement arises. The purpose of this meeting shall be to find an out-of-court solution to the disagreement in question. Minutes of said meeting shall be drawn up.

- -          Second, if the meeting between operational managers does not result in an out-of-court solution, the chief executive officers of each of the parties shall meet and strive to resolve said disagreement amicably. Said meeting must be held in a timely manner and no later than ten (10) days as of the meeting between operational managers.

Should a dispute subsist as to the validity, construction, performance, and/or rescission hereof in spite of the conciliation procedure or should one of the parties refuse to follow the aforementioned procedure promptly, carefully and in good faith, the Paris Court of Appeal shall have sole jurisdiction over the dispute.

ARTICLE 21 - GOVERNING LAW

This Agreement shall be governed by French law.

Signed on 14 June 2004
In Paris
In two orginals

/s/ Sing Ming Chu
Pour le Concedant 
M. Sing Ming Chu  /s/ Philippe Benacin
Pour le Licencie
M. Philippe Benacin

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