Document:

EXHIBIT 10.2

                            ICONIX BRAND GROUP, INC.
                  NON-QUALIFIED NON-PLAN STOCK OPTION AGREEMENT

                  ICONIX BRAND GROUP, INC., a Delaware corporation (the
"Company"), hereby grants to William Sweedler, an employee of the Company (the
"Optionee"), as of July 22, 2005 (the "Grant Date"), a non-qualified non-plan
stock option to purchase a total of 1,425,000 shares of the Company's common
stock, par value $.001 per share ("Common Stock"), at $8.81 per share. This
option (the "Option"), which is being granted pursuant to the Employment
Agreement (as hereinafter defined), is intended to be a non-qualified stock
option, i.e., this Option is not intended to be, nor is it, an incentive stock
option as defined in Section 422 of the Internal Revenue Code of 1986, as
amended (the "Code").

1. Duration.

(a) This Option was granted as of the Grant Date.

(b) This Option shall expire at the close of business on July 22, 2015, (the
"Termination Date"), but shall be subject to earlier termination as provided
herein.

(c) If the Optionee ceases to be employed by the Company as a result of a
termination by the Company for Cause (as defined in the Employment Agreement
dated July 22, 2005 between the Company and the Optionee (the "Employment
Agreement")), or voluntary termination by Optionee without Good Reason (as
defined in the Employment Agreement), the Optionee's right to exercise any
unexercised portion of this Option shall case forthwith, and this Option shall
thereupon terminate.

                  In the event the Optionee's employment is terminated by the
Company without Cause, or by voluntary termination by the Optionee for Good
Reason, the Optionee's right to exercise any unexercised portion of this Option
shall cease forthwith, and this Option shall thereupon terminate, however,
Optionee shall be entitled to such payments as set forth in Section 5.4.2 of the
Employment Agreement.

                  In the event the Optionee's employment with the Company is
terminated due to his Disability (as defined in the Employment Agreement), the
Option shall be exercisable within the earlier of: (i) one (1) year after the
date of such Disability or, (ii) July 22, 2015. In such event, the Option shall
be exercisable to the extent that the right to purchase the shares of Common
Stock hereunder has accrued on the date the Optionee becomes disabled.

                  In the event of the death of the Optionee while an employee of
the Company, the Option shall be exercisable to the extent exercisable but not
exercised as of the date of death and in such event, the Option must be
exercised, if at all, within the earlier of (i) one (1) year after the date of
death of the Optionee or (ii) July 22, 2015.

                  In the event the Optionee's employment with the Company is
terminated due to expiration of the Employment Agreement's Term (as defined in
the Employment Agreement), the Option shall remain exercisable until and
including the date which is one (1) year after the Company has determined the
Royalty Revenues for the year ended 2010, in accordance with the Employment
Agreement.

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2. Price.

                  The purchase price for each share of Common Stock upon
exercise of this Option (the "Purchase Price") shall be $8.81, subject to
adjustment as provide in Section 5 hereof.

3. Non-Qualified Stock Option.

                  This Option is a  non-qualified  stock option,  the exercise
of which is subject to Section 83 of the Code.

4. Written Notice of Exercise.

                  This Option, to the extent it is exercisable as provided in
Section 10 herein, may be exercised only by delivering to the Company, at its
principal office within the time specified in Section 1 hereof or such shorter
time as is otherwise provided for herein, a written notice of exercise
substantially in the form described in Section 10.

5. Anti-Dilution Provisions.

(a) If there is any stock dividend or recapitalization resulting in a stock
split, or combination or exchange of shares of Common Stock of the Company, the
number of shares of Common Stock then subject to this Option and the Purchase
Price may be proportionately and appropriately adjusted by the Board of
Directors of the Company (the "Board"); provided, however, that any fractional
shares resulting from any such adjustment shall be eliminated.

(b) If there is any other change in the Common Stock of the Company, including
recapitalization, reorganization, sale or exchange of assets, exchange of
shares, offering of subscription rights, or a merger or consolidation in which
the Company is the surviving corporation, an adjustment, if any, shall be made
in the shares then subject to this Option as the Board in its sole discretion
may deem appropriate. Failure of the Board to provide for an adjustment pursuant
to this subparagraph prior to the effective date of any Company action referred
to herein shall be conclusive evidence that no adjustment has been approved by
the Board in consequence of such action and that no such adjustment will be made
in consequence of such action.

6. Investment Representation.

                  The Optionee agrees that until such time as a registration
statement under the Securities Act of 1933, as amended (the "Act"), becomes
effective with respect to this Option and/or the shares of Common Stock
underlying this Option, the Optionee is taking this Option and shall take the
shares of Common Stock underlying this Option, for the Optionees own account,
for investment, and not for resale or distribution.

7. Transferability. Except as may be otherwise provided by the Board or an
appropriate committee of the Board, as the case may be, at or after the Grant
Date, the Option shall not be transferable otherwise than by will or the laws of
descent and distribution, and the Option may be exercised during the lifetime of
the Optionee only by the Optionee. No transfer of the Option by the Optionee by

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will or by the laws of descent and distribution shall be effective to bind the
Company unless the Company shall have been furnished with written notice thereof
and a copy of the will and such other evidence as the Company may deem necessary
to establish the validity of the transfer and the acceptance by the transferor
or transferees of the terms and conditions of such Option.

8. Certain Rights Not Conferred by Option.

                  The Optionee shall not, by virtue of holding this Option, be
entitled to any rights of a stockholder in the Company.

9. Transfer Taxes.

                  The Company shall pay all original issue and transfer taxes
with respect to the issuance and transfer of shares of Common Stock of the
Company pursuant hereto provided that the shares are issued in the name of the
Optionee.

10. Vesting Options.

(a) The amount of shares of Common Stock to this Option shall become exercisable
as follows: 225,000 shall vest on the Grant Date and 1,200,000 shall vest in
accordance with section 2.6 of the Employment Agreement, a copy of which is
attached hereto as Exhibit A.

(b) This Option shall be exercisable by written notice of such exercise, in the
form prescribed by the Board to the Company, at its principal executive office.
The notice shall specify the number of shares for which the Option is being
exercised, be signed by the Optionee and shall be accompanied by payment in cash
or by check of the amount of the full purchase price of such shares or in such
manner as the Board shall deem acceptable.

(c) No shares shall be delivered upon exercise of this Option until all laws,
rules and regulations which the Board may deem applicable have been complied
with. If a registration statement under the Act is not then in effect with
respect to the shares issuable upon such exercise, the Company may require as a
condition precedent, among other things (i) that the person exercising the
Option give to the Company a written representation and undertaking,
satisfactory in form and substance to the Company, that such person is acquiring
the shares for his own account for investment and not with a view to the
distribution thereof and/or (ii) an opinion of counsel satisfactory to the
Company with respect to the existence of an exemption from the registration
requirements of the Act, in which event the person(s) acquiring the Common Stock
shall be bound by the provisions of the following legend which shall be endorsed
upon the certificate(s) evidencing his option shares issued pursuant to such
exercise:

                  "The shares represented by this certificate have not been
                  registered under the Securities Act of 1933, as amended (the
                  "Act"). Such shares may not be sold, transferred or otherwise
                  disposed of unless they have first been registered under the
                  Act or, unless, in the opinion of counsel satisfactory to the
                  Company's counsel, such registration is not required."

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(d) Without limiting the generality of the foregoing, the Company may delay
issuance of the shares of Common Stock underlying this Option until completion
of any action or obtaining of any consent, which the Company deems necessary
under any applicable law (including without limitation state securities or "blue
sky" laws).

(e) The person exercising this Option shall not be considered a record holder of
the stock so purchased for any purpose until the date on which such person is
actually recorded as the holder of such stock in the records of the Company.

11. No Continued Employment.

                  Nothing herein shall be deemed to create any employment
agreement or guaranty of continued service as the employee or limit in any way
the Company's right to terminate Optionee's status as the employee at any time.

12. Notices.

                  Any notice required or permitted by the terms of this
Agreement shall be given by registered or certified mail, return receipt
requested, addressed as follows:

         To the Company:
                            Iconix Brand Group, Inc.
                          215 W. 40th Street, 6th floor
                                            New York, N.Y. 10018
                                            Attention: President
         To the Optionee:
                                            William Sweedler
                                            c/o Windsong Inc.
                                            1599 Post Road East
                                            Wesport, CT  06880

or to such other address or addresses of which notice in the same manner has
previously been given when mailed in accordance with the foregoing provisions.
Either party hereto may change the address to which such notices shall be given
by providing the other party hereto with written notice of such change.

13.      Tax Withholding.

                  Not later than the date as of which an amount first becomes
includable in the gross income of the Optionee or other holder for federal
income tax purposes with respect to this Option, the Optionee or other holder
shall pay to the Company, or make arrangements satisfactory to the Company
regarding the payment of, any federal, state and local taxes of any kind
required by law to be withheld or paid with respect to such amount. The
obligations of the Company under this Agreement shall be conditional upon such
payment or arrangements and the Company shall, to the extent permitted by law,
have the right to deduct any such taxes from any payment of any kind otherwise
due to the holder of the option from the Company or any of its subsidiaries.

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14. Benefit of Agreement.

                  This Agreement shall be for the benefit of and shall be
binding upon the heirs, executors, administrators and successors of the parties
hereto.

15. Governing Law.

                  This Agreement shall be construed and enforced in accordance
with the law of the State of New York, except to the extent that the laws of the
State of Delaware may be applicable.

                                        ICONIX BRAND GROUP, INC.

                                By:     /s/Neil Cole
                                        ----------------------------------------
                                        Name:Neil Cole
                                        Title: President and CEO

Accepted as of the date first set above.

/s/William Sweedler
---------------------------------------------
Signature required with return of document to the Company to formalize issuance
of agreement.

                                       5Exhibit 10.3

                  EMPLOYMENT AGREEMENT

                  EMPLOYMENT AGREEMENT, dated as of July 22, 2005, by and
between Iconix Brand Group, Inc., a Delaware corporation (the "Company"), and
Andrew Tarshis (the "Executive").

                               W I T N E S S E T H

                  WHEREAS, on the date hereof, the Company acquired
substantially all of the assets of Joe Boxer Company, LLC and certain of its
affiliates and desires to operate such business as the Joe Boxer division (the
"Division") of the Company; and

                  WHEREAS, the Executive possesses unique personal knowledge,
experience and expertise concerning the business and operations to be conducted
by the Company in the Division; and

                  WHEREAS, the Company desires to employ the Executive as (i)
Senior Vice President, Business Affairs and General Counsel of the Division and
(ii) Senior Vice President, Business Affairs and Associate Counsel of the
Company, and the Executive desires to be so employed by the Company, upon the
terms and subject to the conditions set forth in this Agreement

                  NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Company and
Executive hereby agree as follows:

1.                Engagement of Executive; Duties. During the Term (as
                  hereinafter defined), the Executive shall have the titles of
                  (i) the Senior Vice President, Business Affairs and General
                  Counsel of the Division and (ii) the Senior Vice President,
                  Business Affairs and Associate Counsel of the Company, and
                  shall have such duties as may be from time to time delegated
                  to him by the Chief Executive Officer of the Division or the
                  Company. The Executive shall faithfully and diligently
                  discharge his duties hereunder and use his best efforts to
                  implement the policies established by the Company.

2.                Time. The Executive shall devote substantially all of his
                  professional time to the business affairs of the Division and
                  the Company.

3.                Term. The Executive's engagement shall commence effective July
                  22, 2005 and shall continue for two (2) years (the "Term")
                  unless otherwise terminated as provided herein. The Company
                  may terminate the Agreement for cause in the event that
                  Executive is convicted of a crime of moral turpitude or
                  dishonesty which conviction may reasonably be expected to have
                  an adverse impact on the Company, or for the willful and
                  continued refusal of Executive to follow the directives of the
                  Chief Executive Officer of the Company (provided that the
                  Company shall have provided Executive with written notice of
                  such willful and continued refusal and Executive has been
                  afforded a reasonable opportunity of at least thirty days to
                  cure the same). Executive may terminate this Agreement in the
                  event his title, reporting relationship or job
                  responsibilities are materially or adversely affected or in
                  the event that Executive is re-located to an office outside
                  the greater New York metropolitan area (which metropolitan
                  area shall not be deemed to include New Jersey). In the event
                  the Company elects to terminate this Agreement for any reason
                  other than for cause as specified herein or Executive
                  terminates for the reasons specified herein, Executive shall
                  be entitled to receive the greater of (i) his current salary

<PAGE>

                  through the remainder of the Term, or (ii) 25% of his then
                  base salary. In the event that the Company shall fail to renew
                  this Agreement at the end of the Term upon terms no less
                  favorable to Executive as of the end of the Term, Executive
                  shall be entitled to receive, at the expiration of the Term, a
                  payment in an amount equal to 25% of his then base salary.

4.                Compensation.

(a)               Base Salary. Executive's base salary for the first year of the
                  Term will be at a rate of not less than $225,000 per annum and
                  Executive's base salary for the second year of the Term will
                  be at a rate of not less than $240,000 per annum, in each
                  case, paid in accordance with the Company's payroll practices
                  and policies then in effect.

(b)               Bonus. Executive shall be entitled to participate in the
                  Company's executive bonus program then in effect. Executive
                  shall be eligible for an annual bonus of up to 100% of
                  Executive's salary, to be superceded by the maximum amount
                  available under the Company's executive bonus program and any
                  other bonus program generally applicable to senior executives
                  of the Company.

(c)               Options. Executive shall be granted options on the date hereof
                  to purchase 110,000 shares of the Company's common stock with
                  an exercise price equal to the closing sales price of the
                  Company's common stock on the date of grant (the "Options").
                  50% of the Options shall vest on the date of grant and 50%
                  shall vest on December 31, 2005, provided that the Executive
                  is still employed by the Company on such date.

(d)               Fringe Benefits. Executive shall receive the fringe benefits
                  given to other executive officers of the Company including,
                  but not limited to, major medical, dental, life insurance,
                  pension including any 401 (K) or other profit sharing plan.
                  Executive shall also be added as an insured under the
                  Company's officers and directors insurance and all other
                  polices which pertain to officers of the Company. The Company
                  shall pay for all expenses related to COBRA until such time as
                  Executive is fully covered under Company's plans. The Company
                  shall pay Executive a car allowance of $1,500 per month during
                  the Term of this Agreement.

(e)               Reimbursement of Expenses. The Company shall pay to Executive
                  the reasonable expenses incurred by him in the performance of
                  his duties hereunder, including, without limitation, expenses
                  related to cell phones, blackberrys and laptop computers and
                  such other expenses incurred in connection with business
                  related travel or entertainment in accordance with the
                  Company's policy, or, if such expenses are paid directly by
                  the Executive, the Company shall promptly reimburse the
                  Executive for such payments, provided that the Executive (i)
                  properly accounts for such expenses in accordance with the
                  Company's policy and (ii) has received prior approval by the
                  Chief Executive Officer of the Company for major expenses.

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<PAGE>

(f)               Vacation. Executive shall be entitled to four weeks of paid
                  vacation per year. The Executive shall use his vacation in the
                  calendar year in which it is accrued.

5.                Confidentiality. Executive shall not divulge to anyone, either
                  during or at any time after the Term, any information
                  constituting a trade secret or other confidential information
                  acquired by it concerning the Company, any subsidiary or other
                  affiliate of the Company, except in the performance of his
                  duties hereunder, including but not limited to its licensees,
                  revenues, business systems and processes ("Confidential
                  Information"). Executive acknowledges that any Confidential
                  Information is of great value to the Company, and upon the
                  termination of its engagement Executive shall redeliver to the
                  Company all Confidential Information and other related data in
                  his possession.

6.                Change of Control. In the event that there comes a time during
                  the Term hereof that (x) Neil Cole is not either (i) employed
                  as an executive officer of the Company, or (ii) a member of
                  the Company's Board of Directors, or (y) a sale or merger of
                  the Division or the Company with a non-affiliate shall occur
                  and within 12 months of such event, Executive's employment
                  with the Company is terminated by the Company without cause or
                  Executive terminates this Agreement for the reasons specified
                  in paragraph 3 hereof, Executive shall be entitled to receive,
                  in addition to any other amounts otherwise payable hereunder,
                  an amount equal to his current compensation through the
                  remainder of the Term, but no less than one times Executive's
                  annualized compensation at the time of termination.

7.                Miscellaneous.

(a)  This Agreement  shall be deemed to be a contract made under the laws of the
     State of New York and for all purposes  shall be  construed  in  accordance
     with those  laws.  The  Company and  Executive  unconditionally  consent to
     submit to the exclusive  jurisdiction  of the New York State Supreme Court,
     County  of New  York or the  United  States  District  Court  for  Southern
     District of New York for any actions,  suits or proceedings  arising out of
     or relating to this Agreement and the transactions contemplated hereby (and
     agree not to  commence  any action,  suit or  proceeding  relating  thereto
     except in such  courts),  and further  agree that  service of any  process,
     summons,  notice or  document by  registered  mail to the address set forth
     below  shall be  effective  service  of  process  for any  action,  suit or
     proceeding  brought  against the Company or the Executive,  as the case may
     be, in any such court.

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<PAGE>

(b)               If not terminated in accordance with its terms, this Agreement
                  shall be binding upon, and inure to the benefit of, the
                  Parties, their heirs, legal representatives, successors and
                  permitted assigns.

(c)               The invalidity or unenforceability of any provision hereof
                  shall not in any way affect the validity or enforceability of
                  any other provision. This Agreement reflects the entire
                  understanding between the Parties.

(d)               This Agreement supersedes any and all other agreements, either
                  oral or in writing, between the parties hereto with respect to
                  the employment of the Executive by the Company and contains
                  all of the covenants and agreements between the parties with
                  respect to such employment in any manner whatsoever. Any
                  modification or termination of this Agreement will be
                  effective only if it is in writing signed by the party to be
                  charged.

(e)               This Agreement may be executed by the parties in one or more
                  counterparts, each of which shall be deemed to be an original
                  but all of which taken together shall constitute one and the
                  same agreement, and shall become effective when one or more
                  counterparts has been signed by each of the parties hereto and
                  delivered to each of the other parties hereto.

8.                Notices. All notices relating to this Agreement shall be in
                  writing and shall be either personally delivered, sent by
                  telecopy (receipt confirmed) or mailed by certified mail,
                  return receipt requested, to be delivered at such address as
                  is indicated below, or at such other address or to the
                  attention of such other person as the recipient has specified
                  by prior written notice to the sending party. Notice shall be
                  effective when so personally delivered, one business day after
                  being sent by telecopy or five days after being mailed.

         To the Company:

                           Iconix Brand Group, Inc.
                           215 West 40th Street, 6th Floor
                           New York, New York 10008
                           Attention: Neil Cole, Chief Executive Officer

         With a copy in the same manner to:

                           Blank Rome LLP
                           405 Lexington Avenue
                           New York, New York 10174
                           Attention: Robert J. Mittman, Esq.

         To the Executive:

                           Andrew Tarshis
                           185 Pinewood Road
                           Stamford, Connecticut 06903

         With a copy in the same manner to:

                           Mayer, Brown, Rowe & Maw, LLP
                           1675 Broadway
                           New York, NY  10019
                           Attn:  Nazim Zilkha, Esq.

                            -SIGNATURE PAGE FOLLOWS-

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
agreement as of the 22nd day of July, 2005.

Iconix Brand Group, Inc.                                 Executive

By:   /s/Neil Cole                                       /s/Andrew Tarshis
      ----------------------------                       ----------------------
      Neil Cole                                          Andrew Tarshis
      Chief Executive Officer

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