TERMINATION OF EXCLUSIVE LICENSE AGREEMENT
THIS TERMINATION OF EXCLUSIVE LICENSE AGREEMENT entered into as of this
19th day of March, 1997 by and among Xxxx Jewelry, Inc. and Merchants T&F Inc.
(henceforth collectively referred to as "Licensor") and Xxxxx License, Inc.
("Licensee").
WITNESSETH
WHEREAS, the Licensor entered into a License Agreement dated May 19, 1995
as amended by letter agreements dated July 7, 1995 and August 17, 1995
(henceforth collectively called "License Agreement") with Licensee for the
exclusive right and license to operate Xxxx retail stores within the Territory
(as defined in the License Agreement); and
WHEREAS, Licensor and Licensee desire to terminate the License Agreement
effective as of the date hereof:
NOW THEREFORE, in consideration of the sum of Ten Dollars ($10.00) and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and intending to be legally bound hereby, the parties
hereto do hereby agree that the License Agreement shall be and the same is
hereby cancelled, terminated and of no further force and effect, as of the date
hereof, and each party is hereby relieved1 released and discharged of and from
any and all past, present and future liabilities and obligations which any party
had to another party under the License Agreement or otherwise.
Notwithstanding the foregoing, it shall be expressly understood that;
1) Licensee shall be responsible for any Royalty" (as defined within The
Agreement) due under the terms of The Agreement and not paid as of the
date hereof.
2) Licensee shall be permitted to continue operating those stores it
presently operates under the name Xxxx as Xxxx stores and accordingly
shall be responsible for any Royalty due Licensor for any such store
after the date hereof as if The License Agreement remained In full
force and effect;
3) Licensee shall have the right but not the obligation, in its sole
discretion, to open up to four (4) additional Xxxx stores after the
date hereof. Should Licensee open any or all such stores said stores
shall be subject to the same terms and conditions as if they had been
opened with the License Agreement in full force and effect.
The parties hereto have duly executed this Agreement as of the day and year
first above written.
Xxxx Jewelry, Inc.
Witness
/s/ [ILLEGIBLE]
---------------------------- By: /s/ [ILLEGIBLE]
--------------------------
President
/s/ [ILLEGIBLE] Merchants T&F Inc.
----------------------------
By: /s/ [ILLEGIBLE]
--------------------------
/s/ [ILLEGIBLE]
---------------------------- Xxxxx License, Inc.
By: /s/ [ILLEGIBLE]
--------------------------
