Product License Agreement [Amendment] - Playboy Enterprises Inc. and Chaifa Investment Ltd.
PLAYBOY ENTERPRISES, INC.
Mr. John Chan Chun Tung July 21, 1992
Chaifa Investment, Limited
Unit 1, 17/F Westlands Centre
20 Westlands Road
Quarry Bay, HONG KONG
Dear Mr. Chan:
This letter, when the enclosed copy has been signed, dated and returned by
you, will evidence our mutual agreement to amend the Product License Agreement
between Chaifa Investment, Limited ("Licensee") and Playboy Enterprises, Inc.
("Licensor") dated as of March 4, 1991 (the "Agreement") as follows:
1. The Agreement will be extended for five (5) additional License Years
(from January 1, 1995 through December 31, 1999), unless earlier terminated as
provided under the Agreement.
2. The Guaranteed Royalty for each such additional License Year shall be
$50,000.00. U.S.
3. The Earned Royalty for each such additional License Year shall be five
percent (5%) of net sales of the Products.
4. Except as modified above, all of the other terms and conditions of the
Agreement shall remain in full force and effect.
If the above accurately sets forth your understanding of our agreement,
please sign, date and return the enclosed copy of this letter.
Very truly yours,
PLAYBOY ENTERPRISES, INC.
For and on behalf of
CHAIFA INVESTMENT LIMITED By: /s/ M.E. Levenson
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/s/ John Chan Chun Tung M.E. Levenson
------------------------------ Senior Vice President
Authorized Signature Product Licensing
ACCEPTED and AGREED to:
CHAIFA INVESTMENT, LIMITED
By: JOHN CHAN CHUN TUNG
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Title: DIRECTOR & GENERAL MANAGER
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Date: 31 JULY 1992
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680 NORTH LAKE SHORE DRIVE / CHICAGO, ILLINOIS 60611 / 312-751-8000