EXHIBIT (10)(CCC)
March 25, 1998
Xx. Xxxxx Xxxxxxx
Chairman
NANTUCKET INDUSTRIES, INC.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Re: Termination of License Agreement
Dear Xxxxx:
Reference is made to the Technical Assistance and Trademark License
Agreement between GUESS? Licensing, Inc., successor to Guess ?, Inc. ("Guess")
and Nantucket Industries, Inc. ("Nantucket") effective December 9, 1992, as
amended (the "Agreement"). Capitalized terms not defined herein will have the
meanings ascribed to such terms in the Agreement.
Guess and Nantucket hereby agree that the Agreement will terminate
effective March 31, 1998. Nantucket will fully comply with Sections li and 12 of
the Agreement regarding its obligations upon termination, however, all remaining
inventory of Products shall be sold to Guess-approved accounts (which for these
purposes only may include Marshall's, Ross, TJ Maxx and Filene's) no later than
April 30, 1998. All such sales shall comply with the provisions of the
Agreement, and Nantucket shall pay Trademark Royalties to Guess thereon if
required to do so under the Agreement. Nantucket shall not, however, be required
to pay Trademark Royalties on its sales of Products to Assa International
Corporation ("Assa"), if Assa pays royalties to Guess on its resale of such
Products.
Nothing contained herein will affect any outstanding payment
obligations of Nantucket or other obligations of any nature that arise under the
Agreement prior to or which survive termination, all of which remain in full
force and effect, unless otherwise agreed in writing by Guess. Nantucket will
pay Guess the Royalty Minimum of $58,333 due for March, 1998 no later than March
27, 1998.
This letter may be signed in counterparts, and faxed copies may be
exchanged, which will nonetheless be effective and binding. In order to signify
your acceptance of these terms and conditions, please sign and date this letter
below and return it to me.
Sincerely,
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
General Counsel/Licensing
AGREED AND ACCEPTED:
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NANTUCKET INDUSTRIES, INC.
/s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx, Chairman
Dated: April 1, 1998
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