Exhibit 10.74
AMENDMENT NO. 1 TO THE
GIRBAUD DISTRIBUTION AGREEMENT
CANADA
This is Amendment No. 1 to the Girbaud Distribution Agreement (the "Agreement")
dated as of the 15th day of May, 2000 by and between Western Glove Works
("Distributor"), a partnership having its offices at 000 Xxxxx Xxxxxx, Xxxxxxxx,
Xxxxxxxx, Xxxxxx X0X 0X0, and I.C. XXXXXX AND COMPANY, L.P. ("ICI"), a limited
partnership organized and existing under the laws of Delaware having its offices
at 0000 Xxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxx 00000-0000 and 000 Xxxxx Xxxxxx, Xxxxx
0000, Xxx Xxxx 00000. Defined terms used herein shall have the meaning ascribed
to them in the Agreement. This Amendment is entered into as of June 15, 2000.
For good and adequate consideration in connection with the execution by ICI of
the Agreement contemporaneously herewith, the parties hereby amend the Agreement
as follows:
Section 5.4, Target Minimum Sales, of the Agreement is hereby amended by
inserting the following language at the end of the Section after the existing
text of the Section:
The Minimum Sales set forth above shall be apportioned between Men's
Products and Women's Products during each year, as follows, so that at
least the minimum number of Net Sales of Women's and Men's Products set
forth below are required to be made by Distributor during the relevant
year:
WOMEN'S TARGET MINIMUM SALES (IN CANADIAN DOLLARS)
- First year - 2001 $ 160,000
Assuming renewal after 2001
- Second year - 2002 $ 200,000
- Third year - 2003 $ 300,000
- Fourth year - 2004 $ 500,000
- Any year thereafter
(provided the Agreement
remains in place) 10% of US Net Sales of
Women's Products
of the previous
calendar year.
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MEN'S TARGET MINIMUM SALES (IN CANADIAN DOLLARS)
- First year - 2001 $1,440,000
Assuming renewal after 2001
- Second year - 2002 $1,800,000
- Third year - 2003 $2,700,000
- Fourth year - 2004 $4,500,000
- Any year thereafter
(provided the Agreement
remains in place) 10% of the US Net Sales of
Men's Products of the
previous calendar
year.
Based on this, the Minimum Royalties to be paid by Distributor shall be
as follows (in Canadian Dollars):
For Men's Products:
- First year - 2001: $ 90,250
- Second year - 2002: $112,500
- Third year - 2003: $168,750
- Fourth - 2004: $281,250
- Any year thereafter
(provided the
Agreement remains in place): 6.25% of 10% of the US Net
Sales of Men's Products of
the previous calendar year.
For Women's Products:
- First year - 2001: $10,000
- Second year - 2002: $12,500
- Third year - 2003: $18,750
- Fourth year - 2004: $31,250
- Any year thereafter
(provided the Distribution
Agreement remains in place): 6.25% of 10% of the US
Net Sales of Women's
Products of the
previous calendar year.
Except as set forth above, the Agreement remains in effect without changes.
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IN WITNESS WHEREOF, the parties have executed, by their respective duly
authorized officers and intending to be legally bound, this Amendment No. 1 to
the Agreement as of the day and year first above written.
WESTERN GLOVE WORKS I.C. XXXXXX AND COMPANY, L.P.
By: /s/ XXXXXX X. XXXXX
--------------------------------------------
Chairman and CEO of I.C. Xxxxxx & Company,
By: /s/ [ILLEGIBLE] Inc., General Partner
--------------------------
Title: PRESIDENT Title: CHAIRMAN & CEO
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