|General Release
Agreement of Steven M. Grossman


This
General Release Agreement (Release Agreement) is entered into as of
April 6, 2006, by Steven M. Grossman, residing at XX XXXXXXX XXXXXXXXX  (Grossman).


WHEREAS,
Grossman and 4Kids Entertainment, Inc. (the Company) are parties
to the Executive Employment Agreement dated June 30, 2005, by which Grossman was employed
commencing September 1, 2005 (Agreement or Executive
Employment Agreement);


WHEREAS,
the employment of Grossman terminated effective as of April 6, 2006;


WHEREAS, conditioned
upon Grossmans execution of this Release Agreement, the termination of
Grossmans employment will be deemed to be pursuant to Section 6.3 of the Executive
Employment Agreement; and


WHEREAS,
Grossman has read and given due and knowing consideration to all provisions and recitals
of this Release Agreement;


NOW,
THEREFORE, in consideration of the terms and conditions of his Agreement, Grossman hereby
executes and delivers to the Company this Release Agreement, as follows:


     1.       
          General Release.


     (a)       
          In consideration of the terms and conditions of this Release Agreement, Grossman
          hereby irrevocably and unconditionally releases, waives and forever discharges
          the Company from any and all actions, causes of action, claims, demands,
          damages, rights, remedies and liabilities of whatsoever kind or character, in
          law or equity, suspected or unsuspected, past or present, that he has ever had,
          may now have or may later assert against the Company and any and all of its past
          and present directors, officers, shareholders, consultants, agents,
          representatives, attorneys, employees, employee benefit plans and plan
          fiduciaries and each of them (collectively, the Releasees),
          whether or not arising out of or related to Grossmans employment by the
          Company or Grossmans service on the Board of Directors of the Company or
          any of its subsidiaries or affiliates (the Board), or the
          performance of any services to or on behalf of the Company under the Executive
          Employment Agreement or the termination of that employment and those services or
          otherwise, (hereinafter referred to as Grossmans
          Claims), from the beginning of time to the Effective Date hereof,
          including without limitation: (i) any claims arising out of or related to any
          federal, state and/or local labor or civil rights laws or securities laws or
          other laws, including, without limitation, the federal Civil Rights Acts of
          1866, 1871, 1964 and 1991, the National Labor Relations Act, the Worker
          Adjustment and Retraining Notification Act, the Age Discrimination in Employment
          Act of 1967, as amended by, inter alia, the Older Workers Benefit
          Protection Act of 1990, the Family and Medical Leave Act of 1993, the Employee
          Retirement Income Security Act of 1974, the Consolidated Omnibus Budget
          Reconciliation Act of 1985, the Americans with Disabilities Act of 1990, the
          Fair Labor Standards Act of 1938, the Sarbanes-Oxley Act of 2002, the New York
          State Labor Law, New York State Wage and Hour Laws, the New York State Executive
          Law, the New York City Human Rights Law and Labor Laws; and (ii) any and all
          other of Grossmans Claims arising out of or related to any contract, any
          and all other federal, state or local constitutions, statutes, rules or
          regulations, or under any common law right of any kind whatsoever, or under the
          laws of any country or political subdivision, or otherwise, including, without
          limitation, any of Grossmans Claims for any kind of tortious conduct
          (including but not limited to any claim of defamation or distress), promissory
          or equitable estoppel, breach of the Companys policies, rules,
          regulations, handbooks or manuals, breach of express or implied contract or
          covenants of good faith, wrongful discharge or dismissal, and/or failure to pay
          in whole or part any compensation, bonus, incentive compensation, overtime
          compensation, severance pay or any remuneration or benefits of any kind
          whatsoever, including but not limited to salary, bonus, business expenses,
          health, life or disability insurance, 401(k) plans, fringe benefits, automobile
          allowance, vacation days or pay, or stock options, front pay or any
          compensatory, special or consequential damages, punitive or liquidated damages,
          attorneys fees, costs, disbursements or expenses, or any other claims of
          any nature, except as expressly provided below in subparagraphs (xx) and (yy) of
          this Paragraph 1(a).

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(xx)       
          Notwithstanding the foregoing, the Indemnification Agreement dated November 9,
          2005 currently in effect by and between 4Kids Entertainment Inc. and Steven M.
          Grossman shall remain in full force and effect.


     (yy)       
          Notwithstanding the foregoing, nothing in this Release Agreement shall be
          interpreted to affect the ability of Grossman to exercise stock options actually
          granted to him by the Company and vested prior to the Effective Date of this
          Release Agreement provided that he does so no later than the expiration date of
          any such stock options pursuant to and subject to the rights, obligations and
          limitations of the Companys 2001 Stock Option Plan, 2002 Stock Option
          Plan, 2003 Stock Option Plan, 2004 Stock Option Plan and any Stock Option
          Agreements between Grossman and the Company or any of its subsidiaries or
          affiliates.


     (b)       
          To the fullest extent permitted by law, Grossman agrees not to lodge against the
          Company, the other Releasees, or any of them, any formal or informal complaint,
          claim, charge, action or proceeding in court or with any federal, state or local
          agency or any other forum, including without limitation arbitration in any
          jurisdiction, arising out of or related to Grossmans Claims or
          Grossmans employment by or performance of services to or on behalf of the
          Company or the termination of that employment or other services, or any Board
          service or action, or for any other reason. Grossman hereby represents and
          warrants that he has brought no complaint, claim, charge, action or proceeding
          against the Company or any of the other Releasees in any jurisdiction or forum.
          Grossman further represents and warrants that he has not in the past and will
          not in the future assign any of Grossmans Claims to any person,
          corporation or other entity. Grossman further represents, warrants and agrees
          that he will not at any time in the future seek employment from or accept
          employment or any position, whether as an employee or as a consultant, with the
          Company or any of its subsidiaries or affiliates as they currently exist.


     (c)       
          Execution of this Release Agreement by Grossman operates as a complete bar and
          defense against any and all of Grossmans Claims. If Grossman should
          hereafter assert any of Grossmans Claims in any action, complaint, claim,
          charge, lawsuit, arbitration or proceeding, this Release Agreement shall be
          raised as and shall constitute a complete bar to any such charge, complaint,
          action, claim or proceeding and the Company shall be entitled to and shall
          recover from Grossman all costs and expenses incurred, including attorneys
          fees, in responding to or defending against any such action, complaint, claim,
          charge, lawsuit, arbitration or proceeding.

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(d)       
          Grossman represents, warrants and agrees that (i) Grossman is and shall continue
          to remain in compliance in all material respects with his obligations and
          representations pursuant to Section 6.3 and Section 6.7 of the Executive
          Employment Agreement as if his employment continued uninterrupted for the full
          duration of the Term (as defined below in Paragraph 6(d)), and (ii) the
          provisions of said Section 6.3 and Section 6.7 of the Executive Employment
          Agreement and of the sections referenced therein shall remain in full force and
          effect and are incorporated herein by reference. Grossman shall not take any
          action that is contrary to the Executive Employment Agreement or to this Release
          Agreement.


     2.       
          Sufficiency of Consideration. The Company is providing and
          Grossman is accepting this Release Agreement pursuant to Section 6.7 of the
          Agreement and in order to be eligible for the payments referenced in Section 6.3
          of the Agreement, in full and complete satisfaction of all of Grossmans
          Claims. Grossman acknowledges that he is not, in the absence of this Release
          Agreement, eligible for the severance payments pursuant to Section 6.3 of the
          Agreement. Grossman further acknowledges (i) the sufficiency of the
          consideration for the release of any and all of Grossmans Claims up to the
          Effective Date of this Release Agreement; and (ii) that no other monies or other
          consideration,except as expressly and specifically set forth in this
          Release Agreement, are due and owing to him or on his behalf by the Company or
          any of the other Releasees. Grossman represents, warrants and agrees that
          neither Grossman nor his attorneys shall make any claim or commence any action,
          complaint, claim, charge, lawsuit, arbitration or proceeding against the Company
          or any of the other Releasees to recover attorneys fees, costs or
          disbursements.


     3.       
          No Admissions. Neither the Companys offering of the
          terms and conditions of this Release Agreement nor the Companys acceptance
          of this Release Agreement will constitute an admission by the Company or any of
          the other Releasees of any violation of or liability for any contract or of any
          statutory, constitutional or common law claim or right of Grossman, and the
          Company and each of the other Releasees expressly deny any such violation or
          liability. This Release Agreement may not be introduced in any action or
          proceeding by anyone for any purpose except to evidence or enforce its terms.



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4.       
          Confidentiality of Release Agreement. Grossman agrees that
          he will keep confidential and not disclose to third parties, directly or
          indirectly, any of the terms and conditions of this Release Agreement or the
          Executive Employment Agreement, except as (a) may be required by law, or (b) may
          be required to secure employment or to render services elsewhere.
          Notwithstanding the foregoing, Grossman may disclose this Release Agreement or
          the Executive Employment Agreement to his spouse, his attorney and his
          accountant, provided each of them is directed by Grossman, and each agrees, to
          hold this Release Agreement and/or the Executive Employment Agreement
          confidential.


     5.       
          Remedies for Breach. If Grossman breaches, violates, or
          fails to comply with any of the provisions, terms or conditions or any of the
          representations of this Release Agreement (the Breach), in
          its sole discretion, the Company shall be entitled to recover damages against
          Grossman. Regardless of and in addition to any right to damages the Company may
          have on account of the Breach, the Company shall be entitled to injunctive
          relief. In addition, Grossman shall be liable to and reimburse the Company for
          its attorneys fees and any costs and expenses it incurs on account of the
          Breach. In addition to and not in lieu of any other remedy that the Company may
          have, in the event of any breach by Grossman of any provision of this Release
          Agreement during the period during which Grossman is entitled to receive
          payments pursuant to Section 6.3 of the Agreement, and notwithstanding anything
          herein to the contrary, as of the date of such breach and thereafter Grossman
          shall not be entitled to receive any payments under the Executive Employment
          Agreement or this Release Agreement. In the event the Board determines, with
          notice to Grossman, that Grossman has materially breached his obligations under
          this Release Agreement, any and all payments or benefits provided for pursuant
          to Section 6.3 of the Executive Employment Agreement shall cease immediately,
          and nothing contained in this Release Agreement or the Executive Employment
          Agreement shall limit any rights or causes of action that the Company may have
          against Grossman. In the event that Grossman initiates any action, complaint,
          claim, charge, lawsuit, arbitration or proceeding that causes or results in any
          provision or term of this Release Agreement to be held invalid, void or
          unenforceable for any reason, the Company may elect to enforce the remainder of
          the Release Agreement and Grossman shall reimburse the Company any payments it
          made to or on behalf of Grossman. Notwithstanding any provision to the contrary
          whether in this Release Agreement or in the Executive Employment Agreement,
          Grossman shall have no right as against the Company or any of the other
          Releasees to and shall not recover against the Company or any of the other
          Releasees any expenses, costs and attorneys fees he incurs in regard to any
          action, complaint, claim, charge, lawsuit, arbitration or proceeding that
          Grossman asserts against the Company or any of the other Releasees arising out
          of or related to this Release Agreement or the Executive Employment Agreement.



     6.       
          Miscellaneous Provisions.


     (a)       
          This Release Agreement cannot be modified, in whole or in part, unless in a
          writing signed by the Company.


     (b)       
          This Release Agreement shall be governed and construed according to the laws of
          the State of New York. As to any dispute arising out of or relating to this
          Release Agreement or the Executive Employment Agreement, the Parties hereby
          submit to the exclusive jurisdiction of the state and federal courts located in
          New York, New York and further agree not to assert that any action brought in
          such jurisdiction has been brought in an inconvenient forum.


     (c)       
          As used in this Release Agreement, the singular form of any word includes the
          plural and vice versa and the masculine form of any word includes the feminine
          and the neuter and vice versa. The words and / or shall
          be construed either disjunctively or conjunctively as is necessary to effect the
          broadest possible meaning.


     (d)       
          Notwithstanding anything to the contrary (including, but not limited to,
          anything to the contrary in Section 6.3 of the Executive Employment Agreement),
          the word Term as used in this Release Agreement and in the
          Executive Employment Agreement shall be defined as and shall refer to the period
          of September 1, 2005 up to and including April 6, 2006, and April 6, 2006 shall
          be the date upon which termination of Grossmans employment with the
          Company is effective.

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(e)       
          On or before the Effective Date of this Release Agreement, Grossman shall
          deliver to the Company all documents, data, papers and records of any nature and
          in any medium (including, but not limited to, electronic media) and all other
          property within his possession or subject to his control, direct or indirect,
          either that (i) belong to the Company or any of its subsidiaries or affiliates
          or (ii) contain or reflect any Confidential Information (as defined in Section
          7.2 of the Executive Employment Agreement) concerning the Company or any of its
          subsidiaries (collectively, the Property). Notwithstanding
          the foregoing, Grossman will be entitled to retain the laptop computer
          previously used by him while he was employed by the Company, provided that
          within five (5) calendar days of the Effective Date of this Release Agreement,
          (x) he reimburses the Company in the amount of $999.05, which sum represents the
          current net book value of that laptop, and (y) he certifies in writing to Samuel
          R. Newborn, Esq., the General Counsel of the Company, that Grossman has not
          copied or forwarded and has permanently deleted from that laptop all electronic
          files and records that relate to the Company, its subsidiaries or affiliates and
          has provided to Mr. Newborn copies of such files and records prior to said
          deletion. Grossman hereby agrees to have the Company offset against and deduct
          from the severance payments referenced in Section 6.3 of the Executive
          Employment Agreement the amount of $999.05 that he is obligated to reimburse the
          Company under the provisions of this Paragraph 6(e) of this Release Agreement.


     7.       
          Revocation Period and Effective Date. Grossman may revoke
          this Release Agreement in writing at any time during a period of seven (7)
          calendar days after executing this Release Agreement (the Revocation
          Period). This Release Agreement shall be effective and enforceable
          automatically on the date of actual receipt by Jay W. Waks, Esq. of Kaye Scholer
          LLP, located at 425 Park Avenue, New York, New York 10022, of the Certificate of
          Non-Revocation of General Release Agreement (the form of which is attached
          hereto as Exhibit A) executed and dated by Grossman at least one day
          after expiration of the Revocation Period (the Effective
          Date). The Release Agreement is deemed revoked unless Grossman signs
          and delivers to Jay W. Waks, within five (5) calendar days after the Revocation
          Period, the Certificate of Non-Revocation of General Release Agreement; if
          Grossman has not signed by the expiration date of this five (5) day period, or
          if he revokes this Release Agreement, the Company reserves the option to
          terminate his employment pursuant to Section 6.2 of the Agreement, instead of
          pursuant to Section 6.3 of the Agreement.


     8.       
          Conflict of Interest Waiver Letter. A separate letter,
          known as the Conflict of Interest Waiver Letter, shall be executed and dated by
          Grossman contemporaneously with his execution of this Release Agreement and hand
          delivered along with the original Release Agreement as executed and dated by
          Grossman to Jay W. Waks, Esq. of Kaye Scholer LLP. Notwithstanding anything to
          the contrary, the failure by Grossman to execute, date and deliver said letter
          as set forth above shall render null and void Grossmans right to receive
          any salary, bonus, allowance and health benefits pursuant to Section 6.3 of the
          Agreement and shall relieve the Company and all of the Releasees of any and all
          liability to pay or provide said salary, bonus, allowance and health benefits.
          Said Conflict of Interest Waiver Letter is incorporated herein by this reference
          and is considered to be an essential and material condition of this Release
          Agreement. By his signature below, Grossman represents, warrants and agrees that
          he understands the Conflict of Interest Waiver Letter and the actual or
          potential conflict he is waiving by said letter and that he is knowingly and
          voluntarily signing that letter.


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9.       
          Acknowledgements of Grossman. In signing this Release
          Agreement, Grossman acknowledges and agrees that:


     (a)       
          Grossman has read and understands the Release Agreement and Grossman is
          hereby advised in writing to consult with an attorney prior to signing this
          Release Agreement, and Grossman has been advised by legal counsel of his choice
          in regard to this Release Agreement;


     (b)       
          Grossman has signed the Release Agreement knowingly and voluntarily and
          understands that the Release Agreement contains a full and final release of all
          of Grossmans Claims;


     (c)       
          Grossman is aware and is hereby advised that Grossman has the right to
          consider this Release Agreement for twenty-one (21) calendar days before signing
          it, and that if Grossman signs this Agreement prior to the expiration of the
          twenty-one (21) calendar days, Grossman is waiving the right knowingly and
          voluntarily; and


     (d)       
          The Release Agreement is personal and individual to Grossman and is not made
          in connection with an exit incentive or other employee Separation program
          offered to a group or class of employees.


WHEREFORE,
Grossman, by his signature below, is knowingly and voluntarily agreeing, as of April 6,
2006, to this Release Agreement and each of its terms and conditions.
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| | /s/Steven
M. Grossman
| | ---------------------
| | Steven
M. Grossman   
| | April 6, 2006        

|6





EXHIBIT A


CERTIFICATE OF
NON-REVOCATION OF


GENERAL RELEASE
AGREEMENT


I
hereby certify and represent that seven (7) calendar days have passed since I signed the
General Release Agreement (the Release Agreement) and that I have NOT
exercised my right to revoke that Agreement pursuant to the Older Workers Benefit
Protection Act of 1990. I understand that 4Kids Entertainment, Inc. and the other
Releasees, in providing me with benefits under the Executive Employment Agreement and
Release Agreement, are relying on this Certificate, and that I can no longer revoke the
Release Agreement.


, 2006      Steven M. Grossman                                          Date of
Execution by Grossman


IMPORTANT:


This
Certificate should be signed, dated and returned to Jay W. Waks, Esq. of Kaye Scholer LLP,
located at 425 Park Avenue, New York, New York 10022, no earlier than on the eighth (8th)
calendar day after the Agreement is executed by both Parties, and no later than on the
fifth (5th) calendar day (inclusive of said 8th calendar day) thereafter.



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