EXHIBIT 10.31

FISCAL 2010 COMPENSATION ARRANGEMENTS FOR NAMED EXECUTIVE OFFICERS

On April 8, 2010, the base salaries for the fiscal year ending January 31, 2011 (Fiscal 2010) and the bonus compensation for
services performed during the fiscal year ended January 31, 2010 (Fiscal 2009) for the executive officers of Alloy, Inc. (the Company), including Matthew C. Diamond, the Companys Chief Executive Officer and
Chairman of its Board of Directors; James K. Johnson, Jr., its President and Chief Operating Officer; Joseph D. Frehe, its Chief Financial Officer; Gina R. DiGioia, its Chief Legal Officer and Secretary; and Robert L. Bell, its Chief Technology
Officer (the Executives) were determined. The following table sets forth a summary of the compensation for the Executives:



|                      |  |                          |  |                        |         |  |              |   |         |                                     |  |   |                              |     |  |         
|--------------------- |  | ------------------------ |  | ---------------------- | ------- |  | ------------ | - | ------- | ----------------------------------- |  | - | ---------------------------- | --- |  | --------
|Executive Officer     |  | Title                    |  | Fiscal 2010 BaseSalary |         |  | CashBonus(1) |   |         | Value of RestrictedStock Grants ($) |  |   | Value of 
StockOptions($)(2)
|Matthew C. Diamond    |  | Chief Executive Officer  |  | $                      | 450,000 |  |              | $ | 482,531 |                                     |  | $ | 714,862                      | (3) |  | $357,431
|James K. Johnson, Jr. |  | Chief Operating Officer  |  | $                      | 450,000 |  |              | $ | 482,531 |                                     |  | $ | 714,862                      | (3) |  | $357,431
|Joseph
D. Frehe       |  | Chief Financial Officer  |  | $                      | 240,000 |  |              | $ | 50,000  |                                     |  | $ | 50,000                       | (4) |  |        
|Gina R. DiGioia       |  | Chief Legal Officer      |  | $                      | 225,000 |  |              | $ | 50,000  |                                     |  | $ | 50,000                       | (4) |  |        
|Robert
L. Bell        |  | Chief Technology Officer |  | $                      | 337,000 |  |              |   |        |                                     |  |   |                             |     |  |        



|(1) | Represents a cash bonus for performance during Fiscal 2009, which was paid during Fiscal 2010.
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|(2) | Represents the dollar value of options to purchase shares of the Companys common stock and consists of 100,940 options with a per-share exercise price of $8.50,
which is the closing price of the Companys common stock on April 8, 2010, the date of grant; the options vest equally over a three year period.
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|(3) | Represents the dollar value of restricted stock granted for services rendered during Fiscal 2009 and consists of: (i) 43,168 shares of restricted stock with a
value of $357,431, subject to the terms of a restricted stock agreement executed by the recipient and the Company, including the Companys right of repurchase upon the occurrence of certain events and which right of repurchase lapses with
respect to one-third of the granted shares on each of March 30, 2011, 2012, and 2013; and (ii) 45,942 shares of restricted stock with a value of $357,431, subject to the terms of a restricted stock agreement executed by the recipient and
the Company, including the Companys right of repurchase lapsing when the average closing price of a share of Company common stock exceeds $9.94 for ten consecutive days following the grant date, provided that one-third of such shares shall
vest no earlier than March 30, 2011, one-third shall vest no earlier than March 30, 2012, and the final one-third shall vest no earlier than March 30, 2013.
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|(4) | Represents the dollar value of restricted stock granted for services rendered during Fiscal 2009 and consists of 6,039 shares of restricted stock with a value of
$50,000, subject to the terms of a restricted stock agreement executed by the recipient and the Company, including the Companys right of repurchase upon the occurrence of certain events and which right of repurchase lapses with respect to
one-third of the granted shares on each of March 30, 2011, 2012, and 2013.
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