Exhibit 10.81
FIRST AMENDMENT TO
CHARLES & COLVARD CREATED
MOISSANITE
CONSIGNMENT AGREEMENT
THIS FIRST AMENDMENT (this
“Amendment”) is made as of this 31st day of March,
2005, to that certain Charles & Colvard Created Moissanite
Consignment Agreement (the “Agreement”), dated August
16, 2004, by and between Charles & Colvard, Ltd., a North
Carolina corporation (“Consignor”) and Reeves Park,
Inc., a Minnesota corporation (“Reeves
Park”).
RECITALS :
WHEREAS, pursuant to the Agreement,
Consignor consigns and delivers certain Jewels (as defined in the
Agreement) to Reeves Park, and in turn Reeves Park incorporates all
such Jewels into fine jewelry items which Reeves Park consigns to
J.C. Penney Corporation, Inc. (“JCPenney”);
WHEREAS, JCPenney desires to return
to Reeves Park certain unsold consigned jewelry containing Jewels
(the “Unsold Jewelry”) in exchange for delivery of
additional jewelry containing Jewels;
WHEREAS, Reeves Park desires to sell
the Unsold Jewelry to other Reeves Park customers;
WHEREAS, Consignor is willing for
Reeves Park to sell the Unsold Jewelry to other customers, subject
to the terms of the Agreement as amended by this amendment;
and
WHEREAS, the parties desire to
extend the term of this Agreement;
NOW, THEREFORE, the parties hereto
agree as follows:
1. Capitalized terms used herein and
not otherwise defined shall have the meanings given them in the
Agreement.
2. Section 1 of the Agreement is
hereby amended and restated in its entirety to read as
follows:
“1. Consigned
Merchandise .
a. This Agreement pertains to any
and all Jewels that Consignor (i) consigns or delivers on
consignment to or for the account of Reeves Park during
the term of this Agreement. Subject
to Section 1b. below, it is understood by the parties that Reeves
Park shall incorporate all Jewels into fine jewelry it shall
consign to J.C. Penney Corporation, Inc. (“JCPenney”)
for the purpose of introducing moissanite into approximately 703
JCPenney retail locations. Subject to Section 1b. below, the
assortment of Jewels being consigned and delivered to Reeves Park
by Consignor will, subject to availability, be initially as set
forth on Exh
