If I were Bob, I would probably make the license non-transferable. So if someone wanted to buy the store, the new owner would have to renegotiate with me for continuing to license the name. That would be less favorable for Jim, so I suspect Jim would want to decrease the royalty amount paid for Jim because of that.
Actually, if I were Bob, I would more likely want to register the domain name myself to keep control over it. So Jim could sell the site, but the domain would still belong to me (again, the new owner could negotiate a similar contract for using the domain name).