April 6, 2001 Steve Davis Mypersonalsalon.com Via Federal Express Dear Steve: This letter will outline our agreed upon relationship, REDKEN and Mypersonalsalon.com. Mypersonalsalon.com has agreed to:
REDKEN 5th
AVENUE NYC LLC
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Tel (▇▇▇) ▇▇▇-▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Vice President, General Manager
April 6, 2001
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Via Federal Express
Dear ▇▇▇▇▇:
This letter will outline our agreed upon relationship, REDKEN and ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇.
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ has agreed to:
- Use REDKEN products exclusively for all service needs provided by ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ in Haircare, Styling, Haircolor and Perms.
- Retail REDKEN haircare and Styling products to the clients of ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ through your licensed cosmetologists
- ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ will not sell directly over its website any REDKEN products unless the client is having regular services from your licensed cosmetologists
- ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ will provide REDKEN with monthly sales information tracking both ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ products purchases for use and retail sales
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▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ management will ensure initial and ongoing product and technique training on all REDKEN products for all its licensed cosmetologists
- ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ will consult with Redken prior to endorsing or using any other products outside of the Haircare, Haircolor, Styling and Perm categories.
In exchange for the above mentioned commitment, ▇▇▇▇▇▇ agrees to:
- Provide initial and ongoing education on all REDKEN products used and sold by ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
- Provide up to 100 new employees per year with a start up kit of REDKEN products and accessories
- Provide an advertising and promotional allowance of $35,000 per year, paid on a quarterly basis. This allowance is based on satisfactory performance by ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ and will be reviewed every six months with both companies' management
- REDKEN will create an accrual fund of 10% of total purchases, (at 40% off of salon list) to be used by ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ to promote their REDKEN business. This accrual fund will be managed jointly by ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ and REDKEN management. Information on purchases will come from ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇'s sales reporting to REDKEN and verified by our mutual distribution partner.
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REDKEN will advise ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ on product sales and delivery, and although we do have expertise in this area, it will ultimately be your decision and responsibility to create a delivery system for your purchases for use and your retail sales.
- REDKEN will assist ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ in the creation and ongoing maintenance of a product catalgue used for retail sales by your licensed cosmetologists to their qualified service clients.
This outlines our agreement, which will have a term on one year with the mutual option to renew for an additional year. We will review our agreement by October of each year that it is in effect.
We look forward to an excellent relationship and will work with you to create a long lasting, successful business.
Regards,
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Vice President, General Manager