Movado Group, Inc. and Swissam Products Limited, a wholly owned Hong Kong subsidiary of the Company entered into the First Amendment to the Amended and Restated License Agreement dated January 13, 2015 with Tapestry, Inc. The Amendment amends the Existing License Agreement to incorporate the following modifications: The term has been extended from June 30, 2020 until June 30, 2025. Sales minima are specified for the extension term. The royalty rates have been revised. New requirements for marketing and advertising expenditures have been established. The supplier selection guidelines have been revised. The other material provisions of the Existing License Agreement remain substantially unchanged.