Document:

Exhibit
      10.5

    

    STOCK
      PURCHASE AGREEMENT

    

    This
      Stock Purchase Agreement (the “Agreement”)
      is
      entered into as of the 9th
      day of
      May, 2008, by and among I.C. Isaacs & Company, Inc., a Delaware company (the
“Company”),
      and
      Robert S. Stec (the “Purchaser”
or
      “Management
      Investor”,
      as the
      context requires). 

    

    WITNESSETH:

    

    WHEREAS,
      the Company desires to issue and sell and certain investors (the “Non-Management
      Investors”)
      desire
      to purchase from the Company, in the aggregate Two Million Dollars ($2,000,000)
      of newly issues shares of common stock of the Company (the “Common
      Stock”)
      for
      the purpose of raising capital for the day-to-day operational needs of the
      Company (the “Non-Management
      Transaction”);

    

    WHEREAS,
      the consummation of the Non-Management Transaction is conditional upon, among
      other things, a concurrent purchase by the Purchaser in the aggregate of One
      Hundred Thousand Dollars ($100,000) of newly issued shares of Common Stock;
      

    

    WHEREAS,
      the Purchaser is a member of the Company’s executive and management team; and

    

    WHEREAS,
      the parties hereto desire to set forth certain agreements and certain terms
      and
      conditions regarding the sale and purchase of the shares of Common
      Stock;

    

    NOW,
      THEREFORE, the parties hereto hereby agree as follows:

    

    

    ARTICLE
      I

    

    Sale
      and
      Purchase of Shares; Closing

    

    Section
      1.1. Sale
      and Purchase of Shares; Purchase Price. 

    

    (a) Upon
      the
      terms and subject to the conditions of this Agreement, the Purchaser agrees
      to
      purchase from the Company, and the Company agrees to issue and sell to the
      Purchaser, on the “Closing
      Date”
(as
      defined herein), 500,000 shares of Common Stock (the “Management
      Company Shares”)
      for an
      aggregate purchase price of One Hundred Thousand Dollars ($100,000) (the
“Purchase
      Price”).
      

    

    Section
      1.2. Closing.

    

    (a) The
      closing of the transactions under this Agreement (the “Closing”)
      shall
      take place at the offices of Kramer Levin Naftalis & Frankel LLP, 1177
      Avenue of the Americas, New York, New York 10036, at 10:00 a.m. (NY time) on
      the
      date hereof. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      1.3.
       Deliveries
      at Closing.
      At the
      Closing:

    

    (a) The
      Company shall deliver to the Purchaser a certificate representing the Management
      Company Shares.

    

    (b) The
      Purchaser shall deliver to the Company the Purchase Price for the Management
      Company Shares by certified check or wire transfer. 

    

    

    ARTICLE
      II

    

    Representations
      and Warranties of the Company

    

    The
      Company, represents and warrants to, and covenants and agrees with the Purchaser
      as follows:

    

    Section
      2.1. Organization
      and Good Standing.
      The
      Company is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware. The Company has no subsidiaries other
      than I.C. Isaacs & Company L.P. and Isaacs Design, Inc. of which both are
      operating subsidiaries. The Company and each of its subsidiaries have all
      requisite corporate power or limited partnership power, as the case may be,
      and
      authority to own their properties and assets and carry on their businesses
      as
      now conducted, and are duly qualified and in good standing as foreign
      corporations in each jurisdiction in which the location or nature of their
      property or the character of their businesses make such qualification necessary,
      except where the failure to be so qualified would not have a material adverse
      affect, financial or otherwise, on the business, condition, assets, properties,
      liabilities or results of operations of the Company or its subsidiaries.

    

    Section
      2.2. Corporate
      Power; Authorization; Binding Agreements.
      The
      Company has the corporate power and authority to execute and deliver this
      Agreement and to perform its obligations hereunder. The execution, delivery
      and
      performance of this Agreement, the issuance and sale by the Company of the
      Management Company Shares hereunder and the consummation by the Company of
      the
      transactions contemplated hereby have been duly authorized by all necessary
      action on the part of the Company, corporate or otherwise. This Agreement and
      the other agreements of the Company required to consummate the transactions
      contemplated hereunder have been duly executed and delivered by, and constitute
      valid and binding obligations of, the Company and are enforceable in accordance
      with their terms subject to the qualifications that enforcement of the rights
      and remedies created hereby is subject to (i) bankruptcy, insolvency,
      reorganization, moratorium and other laws of general application affecting
      rights and remedies of creditors, and (ii) general principals of equity
      (regardless of whether such enforcement is considered in a proceeding in equity
      or at law).

     

    
      
        
        

      

      
        -
          2 -

        
          

        

      

      
        
        

      

    

     

    Section
      2.3. Capitalization;
      Valid Issuance.
      The
      authorized capital stock of the Company consists of 50,000,000 shares of Common
      Stock, of which 13,740,127 shares are issued and 12,563,418 shares are
      outstanding on the date hereof, and 5,000,000 shares of Preferred Stock, of
      which no shares are issued and outstanding on the date hereof. Except as
      disclosed in the Form 10-K (as defined herein), there are no outstanding or
      authorized options, warrants, purchase rights, subscription rights, conversion
      rights, exchange rights, or other contracts or commitments that could require
      the Company or any subsidiary to issue, sell, or otherwise cause to become
      outstanding any of its capital stock. The aggregate number of shares of common
      stock of the Company reserved or required to be reserved by the Company for
      all
      such derivative securities, contracts and commitments is 3,250,000. There are
      no
      outstanding or authorized stock appreciation, phantom stock, profit
      participation, or similar rights with respect to the Company. There are no
      preemptive rights with respect to the issuance or sale of the Management Company
      Shares or registration rights. All of the presently outstanding shares of Common
      Stock have been duly and validly authorized and issued and are fully paid and
      non-assessable. The Management Company Shares to be issued hereunder have been
      duly and validly authorized and, when delivered and paid for pursuant to this
      Agreement, will be validly issued, fully paid and non-assessable. Assuming
      the
      accuracy of the Purchaser’s representations and warranties in Article
      III,
      the
      Management Company Shares are being offered and sold pursuant to an exemption
      from the registration requirements of the Securities Act of 1933, as amended
      (the “Act”).
      In
      connection with the offer and sale of the Management Company Shares, neither
      the
      Company, any affiliate of the Company nor any person acting on the Company’s or
      such affiliates’ behalf has engaged in any form of general solicitation or
      general advertising, as those terms are used in Rule 502(c) of the
      Act.

    

    Section
      2.4. Compliance
      with Other Instruments.
      The
      execution, delivery and performance of this Agreement will not conflict with
      or,
      with or without notice or the lapse of time, result in any default or in any
      modification of (i) any provision of the articles of incorporation or
      by-laws or comparable organizational instruments of the Company or any
      subsidiary thereof or (ii) the terms of any contract, agreement, obligation,
      commitment, license, indenture, mortgage, deed of trust, loan or credit
      agreement or any other agreement or instrument to which the Company or any
      subsidiary thereof is a party or any of their assets are bound, or the creation
      of any lien, charge or encumbrance of any nature upon any of the properties
      or
      assets of the Company or any subsidiary thereof. The execution, delivery and
      performance of this Agreement by the Company will not violate any judgment,
      decree, statute, rule or regulation of any federal, state or local government
      or
      agency having jurisdiction over the Company or any subsidiary thereof or any
      of
      their assets.

    

    Section
      2.5. Brokerage.
      No
      broker, finder, agent or similar intermediary has acted on the Company’s behalf
      in connection with the transactions contemplated by this Agreement and there
      are
      no brokerage commissions, finder’s fees or similar items of compensation payable
      in connection therewith based on any agreement made by or on behalf of the
      Company. The Company will indemnify and hold the Purchaser harmless from and
      against any liability or any expense arising out of any such claim.

    

    Section
      2.6.  Consents,
      etc.
      No
      consent, approval, waiver or authorization of or designation, declaration or
      filing with any governmental or regulatory authority or any other person is
      required in connection with the valid execution and delivery of this Agreement,
      the offer, sale and issuance of the Management Company Shares or the
      consummation of the transactions contemplated by this Agreement, except for
      filings that may be required to comply with applicable federal and state
      securities laws.

     

    
      
        
        

      

      
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          3 -

        
          

        

      

      
        
        

      

    

     

    Section
      2.7. No
      Governmental Proceeding or Litigation.
      No
      suit, action, investigation, inquiry or other proceeding by any governmental
      body or other person or legal or administrative proceeding has been instituted
      or, to the Company’s knowledge, threatened which questions the validity or
      legality of the transactions contemplated hereby or would reasonably be expected
      to have a material adverse effect on the Company.

    

    

    ARTICLE
      III

    

    Representations
      and Warranties of the Purchaser

    

    The
      Purchaser represents and warrants to, and covenants and agrees with the Company
      as follows:

    

    Section
      3.1. Authorization;
      Power; Binding Agreements.
      The
      execution, delivery and performance of this Agreement have been duly authorized
      by all necessary action of the Purchaser. The Purchaser has the full right,
      power and authority to enter into this Agreement. This Agreement constitutes
      the
      valid and binding obligation of the Purchaser, enforceable in accordance with
      its terms subject to the qualifications that enforcement of the rights and
      remedies hereby is subject to (i) bankruptcy, insolvency, reorganization,
      moratorium and other laws of general application affecting rights and remedies
      of creditors, and (ii) general principles of equity (regardless of whether
      such
      enforcement is considered in a proceeding in equity or at law).

    

    Section
      3.2. Purchase
      for Investment.
      The
      Purchaser is purchasing the Management Company Shares for his own account,
      for
      investment purposes and not with a view to, or for resale in connection with,
      any distribution or public offering thereof within the meaning of the Securities
      Act of 1933, as amended (the “Act”).

    

    Section
      3.3. Unregistered
      Securities; Legend.
      The
      Purchaser understands that the securities to be acquired by him pursuant to
      this
      Agreement have not been registered under the Act, and will be issued in reliance
      upon an exemption from the registration requirements thereof. The Purchaser
      acknowledge that the certificate issued representing the Management Company
      Shares shall bear a restrictive legend substantially as follows:

    

    “The
      securities represented by this certificate have not been registered under the
      Securities Act of 1933, as amended, or any applicable state securities laws
      and
      may not be offered for sale, sold, transferred or conveyed without registration
      or an opinion of counsel in form and substance satisfactory to the Company
      to
      the effect that such registration is not required.”

    

    Section
      3.4. Accredited
      Investor.
      The
      Purchaser has had an opportunity to make an independent assessment of his
      investment in the Management Company Shares. The Purchaser has substantial
      experience in evaluating and investing in a nonliquid investment such as the
      Management Company Shares and is capable of evaluating the merits and risks
      of
      his investment in the Company. The Purchaser is an accredited investor as that
      term is defined in Rule 501 of Regulation D under the Act, and understand that
      the offer and sale of the Management Company Shares has been and is being made
      in reliance upon an exemption from registration under the Act. The Purchaser
      is
      able to withstand the loss of his entire investment.

     

    
      
        
        

      

      
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          4 -

        
          

        

      

      
        
        

      

    

     

    Section
      3.5. Brokerage.
      No
      broker, finder, agent or similar intermediary has acted on the Purchaser’s
      behalf in connection with the transactions contemplated by this Agreement and
      there are no brokerage commissions, finder’s fees or similar items of
      compensation in connection therewith based on any arrangement or agreement
      made
      by or on behalf of the Purchaser. The Purchaser will indemnify and hold the
      Company harmless against any liability or expense arising out of any such
      claim.

    

    

    ARTICLE
      IV

    

    Restrictions
      On Transfer and Sale; Repurchase

    

    Section
      4.1. Restriction
      Period.
      The
      Purchaser shall not (i) sell or offer or contract to sell or offer, grant any
      option or warrant for the sale of, assign, transfer, pledge, hypothecate, or
      otherwise encumber or dispose of (all being referred to as a “Transfer”)
      any
      legal or beneficial interest in any shares of Common Stock, or (ii) enter into
      any swap, or any other agreement or any transaction that transfers, in whole
      or
      in part, directly or indirectly, the economic consequence of ownership of any
      of
      the shares of Common Stock, whether such swap transaction is to be settled
      by
      delivery of any shares of Common Stock or other securities of any person, in
      cash or otherwise, during the “Restricted Period” (as hereinafter defined). As
      used herein and subject to the provisions set out in this Article
      IV
      below,
“Restricted
      Period”
means
      the period commencing on the Closing and ending on December 31,
      2011.

    

    Section
      4.2 . Permitted
      Sales.
      Notwithstanding the restrictions set forth in Section
      4.1,
      in the
      event that any Non-Management Investor or Wurzburg Holding S.A. (collectively,
      “Selling
      Stockholders”)
      sells
      any legal or beneficial interest in any shares of Common Stock held by them,
      except to each other or to affiliates thereof, then the Management Investor
      shall be permitted to thereafter sell (in transactions unrelated to those of
      the
      Selling Stockholders; it being understood that the Management Investor has
      no
“tag-along” or similar rights) a percentage of his shares of Common Stock in the
      same proportion that any shares sold by the Selling Stockholders shall bear
      to
      the total number of shares of Common Stock the Selling Stockholders own prior
      such sale. 

    

    Section
      4.3. Permitted
      Transfers.
      Notwithstanding the foregoing limitations this Agreement will not prevent any
      Transfer of any or all of the shares of Common Stock owned by the Purchaser,
      either during his lifetime or on his death, by gift, will or intestate
      succession, to the his family members or to trusts, family limited partnerships
      and similar entities primarily for the benefit of the Management Investor or
      his
      family members; provided,
      however,
      that in
      each and any such event the Company shall be entitled to condition any Transfer
      on receipt of an opinion of counsel reasonably acceptable to the Company that
      such Transfer is exempt from the registration requirements under the Act and
      it
      shall be a condition to the Transfer that the transferee execute an agreement
      stating that the transferee is receiving and holding the shares of Common Stock
      subject to the provisions of this Agreement and there shall be no further
      Transfer of the shares of Common Stock except in accordance with this Agreement.
      For purposes of this Section
      4.3,
      the
      term family member shall mean spouse, lineal descendants, stepchildren, father,
      mother, brother or sister of the transferor or of the transferor's spouse.
      

     

    
      
        
        

      

      
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          5 -

        
          

        

      

      
        
        

      

    

     

    Section
      4.4. Repurchase.
      In the
      event that the Management Investor shall voluntarily terminate his employment
      with the Company, or is terminated by the Company ‘for cause’ (as such term is
      defined in his employment agreement), prior to the end of the Restricted Period,
      then the Company shall have the right (but not the obligation) to repurchase
      the
      Management Company Shares from the Management Investor at a purchase price
      equal
      to the lower of (x) the closing market price for such shares on the termination
      date or (y) $0.20 per share.

    

    Section
      4.5. Restrictive
      Legend.
      The
      Purchaser acknowledges that all shares of Common Stock held by him shall be
      required to bear a legend reflecting the restrictions placed on his ownership
      of
      Common Stock pursuant to the terms of this Agreement. 

    

    

    ARTICLE
      V

    

    Miscellaneous

    

    Section
      5.1. Survival
      of Representations.
      The
      representations and warranties made herein or in any certificates or documents
      executed in connection herewith shall survive the execution and delivery hereof
      and thereof and the acquisition by the Purchaser of the Management Company
      Shares for a period of one year following the Closing.

    

    Section
      5.2. Parties
      in Interest.
      All
      agreements, representations and warranties contained in this Agreement by and
      on
      behalf of any of the parties hereto shall bind and inure to the benefit of
      the
      respective successors and assigns of the parties hereto, whether so expressed
      or
      not. 

    

    Section
      5.3. Entire
      Agreement; Amendments and Waivers.
      This
      Agreement (including Schedule 1) contains the entire agreement among the parties
      with respect to the transactions contemplated hereby, and supersede all prior
      agreements, written or oral, with respect thereto. Changes in or additions
      to
      this Agreement may be made only upon written consent of the Company and the
      Purchaser.

    

    Section
      5.4. Governing
      Law.
      This
      Agreement and the rights and obligations of the parties hereunder are to be
      governed and construed in accordance with the laws of the State of New York,
      without regard to conflicts of law principles.

    

    Section
      5.5. Notices.
      Any
      notice or other communication required or permitted hereunder shall be in
      writing and shall be delivered personally or sent by facsimile transmission,
      overnight courier, or certified, registered or express mail, postage prepaid.
      Any such notice shall be deemed given when so delivered personally or sent
      by
      facsimile transmission (provided that a confirmation copy is sent by overnight
      courier), one day after deposit with an overnight courier, or if mailed, three
      (3) days after the date of deposit in the United States mails, as
      follows:

    

    
      
        
        

      

      
        -
          6 -

        
          

        

      

      
        
        

      

    

    

    if
      to the
      Purchaser, to:

    

    I.C.
      Isaacs & Company, Inc.

    475
      10th
      Avenue,
      9th
      Floor

    New
      York,
      New York 10018

    Fax:
      ____________________

    Attention:
      Robert S. Stec

    

    if
      to the
      Company, to:

    

    I.C.
      Isaacs & Company, Inc.

    475
      10th
      Avenue,
      9th
      Floor

    New
      York,
      New York 10018

    Fax:
      ____________________

    Attention:
      Neil Fox

    

    with
      a
      copy to:

    

    Kramer
      Levin Naftalis & Frankel LLP

    1177
      Avenue of the Americas

    New
      York,
      New York 10036

    Fax:
      (212) 750-8000

    Attention:
      Terrence L. Shen, Esq.

    

    Any
      party
      may by notice given in accordance with this section to the other parties
      designate another address or person for receipt of notices
      hereunder.

    

    Section
      5.6. Counterparts.
      This
      Agreement may be executed in multiple counterparts, each of which when so
      executed and delivered shall be an original, but all of such counterparts shall
      together constitute one and the same instrument.

    

    Section
      5.7. Effect
      of Headings.
      The
      section and paragraph headings herein are for convenience only and shall not
      affect the construction hereof.

    

    Section
      5.8. Severability.
      This
      Agreement shall be deemed severable, and the invalidity or unenforceability
      of
      any term or provision hereof shall not affect the validity or enforceability
      of
      this Agreement or of any other term or provisions hereof. Furthermore, in lieu
      of any such invalid or unenforceable term or provision, the parties hereto
      intend that there shall be added as a part of this Agreement a provision as
      similar in terms to such invalid or unenforceable provisions as may be possible
      and be valid and enforceable.

     

    
      
        
        

      

      
        -
          7 -

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      this
      Agreement has been executed by the parties hereto as of the date first set
      forth
      above.

    

     

    
      	 	
              I.C.
                Issacs & Company, Inc.

            
	 	 	 
	 	 	 
	 	
              By:
                

            	/s/
              Robert S. Stec
	 	
               

            	
              Name: Robert
                S. Stec

            
	 	
               

            	
              Title:  
                Chief Executive Officer

            
	 	 	 
	 	 	 
	 	
              Robert
                S. Stec

            
	 	 	 
	 	 	 
	 	/s/
              Robert S.
              Stec

    

    

     

    

    [Signature
      Page to Management Stock Purchase Agreement]

     

    
      
        
        

      

      
        -
          8 -AMENDMENT
      NO. 11

    TO
      TRADEMARK LICENSE AND TECHNICAL ASSISTANCE AGREEMENT

    COVERING
      MENS PRODUCTS

    

    This
      Amendment No. 11, dated May 9th,
      2008,
      is to the Trademark License and Technical Assistance Agreement dated the
      15th
      day
      of
      January 1998, by and between Latitude Licensing Corp. and I.C. Isaacs &
Company L.P., as previously amended by Amendment No. 1 on November 12, 1998,
      Amendment No. 2 on June 21, 2000, Amendment No. 3 on May 31, 2001, Amendment
      No.
      4 on October 2, 2002, Amendment No. 5 on March 31, 2003, Amendment No. 6 on
      October 29, 2003, Amendment No. 7 on December 16, 2004, Amendment No. 8 on
      March
      29, 2006, Amendment No. 9 on October 24, 2007 and Amendment No. 10 on March
      12,
      2008 (as amended, the “Agreement”).  Capitalized terms used herein
      have the meaning ascribed to them in the Agreement unless otherwise
      indicated.

    

    WHEREAS,
      the
      parties hereto wish to amend the Agreement to the extent set forth herein;
      

    

    NOW,
      THEREFORE,
      for
      good and valuable consideration, the sufficiency and receipt of which are hereby
      acknowledged, the parties hereto agree to amend the Agreement as
      follows:

    

    1. Section
      5; Royalties.

    

    Section
      5.5
      of the
      Agreement is hereby amended by adding the following sentence immediately
      following the last sentence thereof: 

    

    “Notwithstanding
      anything contained in this Agreement to the contrary, the $250,000, $250,000,
      $250,000, and $250,000 royalty payments due in the months of February, March,
      April and May, 2008, respectively, shall be deferred to and be paid no later
      than December 31, 2009, together with all principal and accrued interest
      thereon. All deferred payments shall bear interest at the rate of 10% per
      annum.”

    

    2. Effective
      Date.

    

    This
      Amendment No. 11 may be executed by facsimile and shall be effective as of
      the
      first date written above. 

    

    3. No
      Defaults; Full Force and Effect; No Other Deferred Royalties.

    

    The
      parties hereby confirm to one another that neither party is in default to the
      other in the performance of any of the obligations owed by either of them to
      the
      other. The Licensee represents to the Licensor that there are no outstanding
      unpaid royalties (or interest thereon) under the Agreement other than those
      deferred hereby. The Agreement, as amended by this Amendment No. 11, shall
      continue in full force and effect. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF, the
      parties, by their authorized representatives, have executed this Amendment
      No.
      11 to the agreement as of the first date written above.

     

    

    
      	 	LATITUDE
              LICENSING CORP.	 
	 	 	 	 	 	 
	 	
              By:
                

            	/s/
              Serge J. Massat	 
	 	 	 	 	 	 
	 	
              Name:
                

            	Serge
              J. Massat	 
	 	 	 	 	 	 
	 	
              Title:

            	Secretary	 

    

    

    
      

      
        	 	I.C. ISAACS & COMPANY
                L.P.	 
	 	 	 
	 	By: I.C. Isaacs & Company,
                Inc., its
                General Partner	 
	 	 	 	 	 	 	 
	 	 	
                By:
                  

              	/s/
                Robert S. Stec	 
	 	 	 	 	 	 	 
	 	 	
                Name:
                  

              	Robert
                S. Stec	 
	 	 	 	 	 	 	 
	 	 	
                Title:

              	Chief
                Executive Officer

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