PAP has concluded a master agreement with pandora jewelry a/s with its seat in Denmark (hereinafter “pandora”) allowing pap inter alia to grant retail distribution rights to the retail distributors responsible for particular geographical markets, including the Territory, with a right to (1) use the trademarks and to distribute products in accordance with the terms of this agreement and to operate concept stores and shop-in-shops within a particular geographical market, including the territory and (2) permit the grant by retail distributors of sub distribution rights to sub distributors within this particular geographical market, including the territory by concluding sub distribution agreements between such retail distributors and the sub distributors