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|  | 1. | If      Termination upon Death, the portion of the PSUs subject to vesting in the      calendar year the Date of Termination occurs (including, as a result of      achieved aggregate growth) shall immediately become vested on the      certification of the Compensation Committee promptly after the Date of      Termination based on the achievement of the performance goals for such      year, calculated through the Date of Termination (with the Date of      Termination being deemed to be the end of a Performance Period for      purposes of the calculations set forth on Exhibit C, but with no adjustment of the level of      goals), and shall be distributed to your estate in shares of Common Stock      sixty (60) days after the Date of Termination.  After giving      effect to the foregoing, any portion of the PSUs that remain unvested on      the certification following the Date of Termination shall be forfeited as      of the Date of Termination. |
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|  | 2. | If      Termination upon Disability, subject to Section 5.4.8 of the Employment      Agreement, the portion of the PSUs subject to vesting in the calendar year      the Date of Termination occurs (including, as a result of achieved      aggregate growth) shall immediately become vested on the certification of      the Compensation Committee promptly after the Date of Termination based on      the achievement of the performance goals for such year, calculated through      the Date of Termination (with the Date of Termination being deemed to be      the end of a Performance Period for purposes of the calculations set forth      on Exhibit C, but with no adjustment      of the level of goals), and shall be distributed in shares of Common Stock      to you as provided in, and subject to, Sections 5.4.8 and 9.8.2. of the      Employment Agreement.  After giving effect to the foregoing, any      portion of the PSUs that remain unvested on the certification following      the Date of Termination shall be forfeited as of the Date of      Termination. |
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|  | 3. | If      Termination is without Cause or for Good Reason, subject to Section 5.4.8      of the Employment Agreement, the portion of the PSUs subject to vesting in      the calendar year the Date of Termination occurs (including, as a result      of achieved aggregate growth) shall immediately become vested on the      certification of the Compensation Committee promptly after the Date of      Termination based on the achievement of the performance goals for such      year calculated through the Date of Termination (with the Date of      Termination being deemed to be the end of a Performance Period for      purposes of the calculations set forth on Exhibit C, but with no      adjustment of the level of the goals), and shall be distributed in shares      of Common Stock to you as provided in, and subject to, Sections 5.4.8 and      9.8.2. of the Employment Agreement.  After giving effect to the      foregoing, any portion of the PSUs that remain unvested on the      certification following the Date of Termination shall be forfeited as of      the Date of Termination.. |
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|  | 4. | If      Termination is for Cause or without Good Reason, 100% of the then unvested      PSUs shall be forfeited. |
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| Dividends            |   | With      respect to the PSUs, you will have the right to receive dividend      equivalents (in cash or in kind, as the case may be) in respect of any      dividend distributed to holders of Common Stock of record on and after the      Date of Award; provided, that any such dividend equivalents shall be      subject to the same restrictions as the PSUs with regard to which they are      issued, including without limitation, as to vesting (including accelerated      vesting) and time of distribution.  All such withheld dividends      shall not earn interest, except as otherwise determined by the      Administrator.  You will not receive withheld      dividends on any PSUs which are forfeited and all such dividends shall be      forfeited along with the PSUs which are  forfeited.                                                                                                                                                                                                                                                                                    |
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|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Tax      Withholding |   | The      Company shall have the right to withhold from your compensation an amount      sufficient to fulfill its or its Affiliate’s obligations for any      applicable withholding and employment taxes.  Alternatively, the      Company may require you to pay to the Company the amount of any taxes      which the Company is required to withhold with respect to the Shares, or,      in lieu thereof, to retain or sell without notice a sufficient number of      Shares to cover the amount required to be withheld.  The Company      may withhold from any cash dividends paid with respect to PSUs an amount      sufficient to cover taxes owed, if any, as a result of the dividend      payment.  The Company’s method of satisfying its withholding      obligations shall be solely in the discretion of the Administrator,      subject to applicable federal, state, local and foreign      laws.  The Company shall have a lien and security interest in      the Shares and any accumulated dividends to secure your obligations      hereunder. |

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| Tax      Representations |   | You      hereby represent and warrant to the Company as follows: (a)           You      have reviewed with your own tax advisors the federal, state, local and      foreign tax consequences of this investment and the transactions      contemplated by this Agreement.  You are relying solely on such      advisors and not on any statements or representations of the Company or      any of its Employees or agents. (b)           You      understand that you (and not the Company) shall be responsible for your      own tax liability that may arise as a result of this investment or the      transactions contemplated by thisAgreement. |
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| Securities      Law Representations |   | The      following two paragraphs shall be applicable if, on the date of issuance      of the Shares, no registration statement and current prospectus under the      Securities Act of 1933, as amended (the “1933 Act”), covers the issuance      by the Company to you of Shares, and shall continue to be applicable for      so long as such registration has not occurred and such current prospectus      is not available:        (a)          You hereby      agree, warrant and represent that you will acquire the Shares to be issued      hereunder for your own account for investment purposes only, and not with      a view to, or in connection with, any resale or other distribution of any      of such shares, except as hereafter permitted.  You further      agree that you will not at any time make any offer, sale, transfer, pledge      or other disposition of such Shares to be issued hereunder without an      effective registration statement under the 1933 Act, and under any      applicable state securities laws or an opinion of counsel acceptable to      the Company to the effect that the proposed transaction will be exempt      from such registration.  You agree to execute such instruments,      representations, acknowledgments and agreements as the Company may, in its      sole discretion, deem advisable to avoid any violation of federal, state,      local or foreign law, rule or regulation, or any securities exchange rule      or listing agreement.        (b)          The      certificates for Shares to be issued to you hereunder shall bear the      following legend: |
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|                                                         |   | “The      shares represented by this certificate have not been registered under the      Securities Act of 1933, as amended, or under applicable state securities      laws.  The shares have been acquired for investment and may not      be offered, sold, transferred, pledged or otherwise disposed of without an      effective registration statement under the Securities Act of 1933, as      amended, and under any applicable state securities laws or an opinion of      counsel acceptable to the Company that the proposed transaction will be      exempt from such registration.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
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| Stock      Dividend, Stock Split and Similar Capital Changes |   | In      the event of any change in the outstanding shares of the Common Stock of      the Company by reason of a stock dividend, stock split, combination of      shares, recapitalization, merger, consolidation, transfer of assets,      reorganization, conversion or what the Administrator deems in its sole      discretion to be similar circumstances, the number and kind of Units and      shares subject to this Agreement shall be appropriately adjusted in a      manner to be determined in the sole discretion of the Administrator, whose      decision shall be final, binding and conclusive in the absence of clear      and convincing evidence of bad faith.  Any Units or shares of      Common Stock or other securities received, as a result of the foregoing,      by you with respect to the PSUs shall be subject to the same restrictions      as the PSUs, the certificate or other instruments evidencing such shares      of Common Stock or other securities shall be legended as provided above      with respect to the PSUs, and any cash dividends received with respect to      such Units shall be subject to the same      restrictions as dividend equivalents with respect to the      PSUs. |
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| Non-Transferability                                          |   | Unvested      PSUs are not transferable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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| No      Effect on Employment                                 |   | Nothing herein guarantees you employment      for any specified period of time.  This means that, except as      provided in the Employment Agreement, either you or the Company or any of      its Affiliates may terminate your employment at any time for any reason,      with or without cause, or for no reason.  You recognize that,      for instance, you may terminate your employment or the Company or any of      its Affiliates may terminate your employment prior to the date on which      your Units becomevested.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

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| No      Effect on Corporate Authority |   | You      understand and agree that the existence of this Agreement will not affect      in any way the right or power of the Company or its shareholders to make      or authorize any or all adjustments, recapitalizations, reorganizations,      or other changes in the Company’s capital structure or its business, or      any merger or consolidation of the Company, or any issuance of bonds,      debentures, preferred or other stocks with preferences ahead of or      convertible into, or otherwise affecting the common shares or the rights      thereof, or the dissolution or liquidation of the Company, or any sale or      transfer of all or any part of its assets or business, or any other      corporate act or proceeding, whether of a similar character or      otherwise.                                                                                                                                  |
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| Arbitration                           |   | Any      dispute or disagreement between you and the Company with respect to any      portion of this Agreement or its validity, construction, meaning,      performance or your rights hereunder shall be settled by arbitration in      accordance with Section 9.7 of the Employment Agreement and to the extent      provided therein Section 2.4.2 of the Employment Agreement and Exhibit      C.  However, prior to      submission to arbitration you will attempt to resolve any disputes or      disagreements with the Company over this Agreement amicably and      informally, in good faith, for a period not to exceed two      weeks.  Thereafter, subject to the      foregoing, the dispute or disagreement will be submitted to      arbitration.  At any time prior to a decision from the      arbitrator(s) being rendered, you and the Company may resolve the dispute      by settlement. |
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| Governing      Law                    |   | The      laws of the State of Delaware will govern all matters relating to this      Agreement, without regard to the principles of conflict of      laws.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| Notices                               |   | Any      notice you give to the Company must be in writing and either      hand-delivered or mailed to the executive office of the Company. If      mailed, it should be addressed to the Executive Vice President and General      Counsel of the Company.  Any notice given to you will be      addressed to you at your address as reflected on the personnel records of      the Company. You and the Company may change the address for notice by like      notice to the other. Notice will be deemed to have been duly delivered      when hand-delivered or, if mailed, on the day such notice is      postmarked. Copies      of notices should also be provided to: For      the Company: Robert      MittmanBlank      Rome LLPThe      Chrysler Building405      Lexington AvenueNew      York, N.Y. 10174Direct:      212-885-5555Fax:      212-885-5557                                                  |

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|                                             |         | For      you: Bradley      P. CostBachelder      Law Offices780      Third AvenueNew      York, New York 10017Direct:      212-497-1331Main:      212-319-3900Fax:      212-319-3070                                                                                                                                                                                                                                                                                                                                                                                           |
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| Agreement      Subject to Plan; Entire Agreement |         | This      Agreement shall be subject to the terms of the Plan in effect on the date      hereof, subject to “Conflicting Terms”      below, which terms are hereby incorporated herein by reference and      made a part hereof.  This Agreement constitutes the entire      understanding between the Company and you with respect to the subject      matter hereof and no amendment, supplement or waiver of this Agreement, in      whole or in part, shall be binding upon the Company unless in writing and      signed by the President of the Company |
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| Conflicting      Terms                           |    | Wherever      a conflict may arise between the terms of this Agreement and the terms of      the Plan in effect on the date hereof, the terms of the Plan will      control.                                                                                                                                                                                                                                                                                                                                                                                                        |

| ICONIX      BRAND GROUP, INC. |
|-------------------------------|
|                          |   |
| By:                           | /s/ WarrenClamen |

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|   | /s/ Neil R. Cole  |
|--------|-------------------|
|   | Neil      R. Cole |

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