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February 25, 1998
Via Facsimile & Certified Mail
Xx. Xxx Xxxxx
I.C. Xxxxxx & Co., L.P.
0000 Xxxx Xxxxxx
Xxxxxxxxx, XX 00000-2522
RE: International Exclusive License Agreement for I.C. Xxxxxx Europe S.L.
Retail Stores
Dear Bob:
Effective immediately for the current Contract Year in progress and
subsequent Contract Years, this letter will confirm our agreement that BHPC
Marketing, Inc. will base performance of this International Exclusive License
Agreement on the payment of Monthly Guaranteed Royalty Payments rather than
the achievement of Guaranteed Net Shipments. BHPC further agrees that in the
event I.C. Xxxxxx Europe S.L. does not achieve the Guaranteed Target Net
Shipments, BHPC Marketing, Inc. will not terminate subject agreement.
It is further stated that Section 7. Guarantees is amended as follows:
Guaranteed Guaranteed Guaranteed
Target Guaranteed Annual Monthly
Net Net Royalty Royalty
Shipments Shipments Payments Payments
----------- ---------- ----------- -----------
1998 $500,000 $500,000 $40,000.00 $2,500.00*
1999 $800,000 $800,000 $64,000.00 $5,333.33
2000 $1,000,000 $1,000,000 $80,000.00 $6,666.67
*NOTE: Commencement March 1, 1998. Should you have any questions, please do
not hesitate to call me.
Sincerely,
BHPC Marketing, Inc. The foregoing is agreed to and accepted as setting
/s/ Xxx Xxxxxxxx for the agreement of the undersigned with respect
------------------ to the matters set forth above.
Xxx Xxxxxxxx
Vice President
by: /s/ Xxxxxx Xxxxx 2/27/98
--------------------------------------- --------
Xxxxxx Xxxxx, Chairman of the Board DATE
and Co-CEO
I.C. Xxxxxx & Co., Inc.
by:
--------------------------------------- --------
Xxxxxx Xxxx, President/C.E.O. DATE
I.C. Xxxxxx & Co., L.P.
