Movado Group, Inc. and its subsidiaries (Swissam Products Limited and MGI Luxury Group Srl) entered into an Extension Letter with Calvin Klein, Inc. (CKI) on March 30, 2026. The existing License Agreement, originally dated August 19, 2020, has been extended for an additional three years, with the new expiration date being December 31, 2029. The advertising obligation for the sixth Annual Period (2026) is set at [***]% of total Net Sales (excluding sales to CKI and its store licensees) or $[***], whichever is [***]. Only $[***] of the 2026 advertising obligation will be paid directly to CKI, with the remainder to be applied by Movado for direct media expenditures as planned and approved. Several material provisions of the Existing Agreement remain substantially unchanged, but specific sections related to non-compete, renewal, payment, change in control, and compliance have been amended, effective January 1, 2027. The CRK fee under Section 5.1.3 of the CK Agreement will continue to apply as referenced therein. Movado is required to comply with all applicable laws, including Sanctions Laws, and adhere to PVH CR Supply Chain Guidelines, Restricted Substance List, Conflict Minerals Policy, and Animal Welfare Policy.