Amendment To U.s. Trademark License Agreement

AMENDMENT TO LICENSE AGREEMENT


This Amendment to License Agreement ("Amendment") is made as of March 1, 1996, by and between (i) INTERNATIONAL APPAREL MARKETING CORPORATION, D/B/A NAUTILUS WEAR INTERNATIONAL, a New York Corporation, having its principal office at 80 West 40th Street, Suite 42, New York, NY 10018 ("LICENSOR"), and (ii) BOLLINGER INDUSTRIES INC. a Delaware Corporation, having its principal office at 222 West Airport Freeway, Irving, TX 75062 ("LICENSEE").


WHEREAS, LICENSOR and LICENSEE have entered into a License Agreement executed on the 1st day of May, 1995 (hereinafter "License Agreement"); and


WHEREAS, LICENSOR and LICENSEE have agreed to amend the License Agreement pursuant to this Amendment.


NOW, THEREFORE, in consideration of the promises and mutual covenants and obligations hereinafter set forth, and notwithstanding anything in the License Agreement to the contrary, the parties agree as follows:


1. Additions to Licensed Products:


The definition of Licensed Product as set forth in the License Agreement shall be amended to include workout gloves and fitness belts (e.g. gloves and belts designed for particular sports, for workout on specialized exercise machinery, and for weightlifting, cross-training and aerobics).


2. Increase in Minimum Sales Volumes and Corresponding Guaranteed Minimum Trademark and Advertising Payment:


1 2
A. The Minimum Sales requirements set forth in Article III, Paragraph 1 shall be amended to the following amounts:


First Year = One Million Nine Hundred Thousand Dollars ($1,900,000) in Net Sales; and


Second Year = Two Million Six Hundred and Twenty Five Thousand Dollars ($2,625,000) in Net Sales.


B. The Gu ...