Document:

EX-10.1

 Exhibit 10.1 

LETTER AMENDMENT 

December 22, 2014 
 DBS Bank Ltd., Singapore,

 as administrative agent, and 
 the Lenders party to the 

Credit Agreement referred to below 
 Credit
Agreement – Amendment No. 1 
 Ladies/Gentlemen: 

Reference is made to the Credit Agreement dated as of May 10, 2011 (the “Credit Agreement”) among iGate Corporation, as
borrower, the lenders party thereto and DBS Bank Ltd., Singapore, as administrative agent. Terms defined in the Credit Agreement are used herein as so defined. 

We hereby request the following amendments to the Credit Agreement: 
  

	 	(a)	Schedule 2.01 to the Credit Agreement be amended in full as provided in Annex A hereto; and 

  

	 	(b)	A new Exhibit K is added to the Credit Agreement in the form of Annex B hereto; 

  

	 	(c)	the definition of “Applicable Rate” be amended in full to read as follows: 

“Applicable Rate” means a percentage per annum equal to (A) for Eurocurrency Rate Loans, 2.15% and (B) for Base Rate
Loans, 1.15%”; 
  

	 	(d)	the definition of “Excluded Taxes” be amended in full to read as follows: 

“Excluded Taxes” means (a) with respect to each Agent and each Lender, taxes (including any additions to tax, penalties and
interest) imposed on its overall net income or net profits (including any franchise taxes imposed in lieu thereof) by the jurisdiction (or any political subdivision thereof) under the Laws of which such Agent or such Lender, as the case may be, is
resident or deemed to be resident, is organized, maintains an Applicable Lending Office, or carries on business or is deemed to carry on business to which such payment relates (other than a business deemed to arise solely from such person having
executed, delivered, become party to, performed its obligations or received a payment under, enforced and/or engaged in activities contemplated by this Agreement or any other Loan Document), (b) any U.S. federal withholding tax that is imposed
on amounts payable to a Lender 

  
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pursuant to a law in effect at the time the Lender becomes a party to this Agreement (or changes its Applicable Lender Office), except to the extent that, pursuant to Section 3.01, amounts
with respect to such taxes were payable either to such Lender’s assignor immediately before such Lender became a party to this Agreement (or to such Lender immediately before it changed its Applicable Lending Office), (c) any U.S. federal
withholding tax imposed pursuant to FATCA, and (d) any withholding tax that is imposed on amounts payable to a Lender that would not have been imposed but for such Lender’s failure to comply with Section 3.01(f). 

 

	 	(e)	the definition of “Lender” be amended in full to read as follows: 

“Lender” has the meaning specified in the introductory paragraph to this Agreement and their respective successors and assigns
as permitted herein, each of which is referred to herein and a “Lender”, including DBS Bank Ltd, Singapore prior to the Date of Amendment No. 1 to this Agreement and DBS Bank Ltd., Los Angeles Agency thereafter and until the time such
entity transfers all of its interest as a lender hereunder pursuant to section 10.07 hereof. 
  

	 	(f)	The following definition be added in the appropriate alphabetical order: 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of Amendment No. 1 to this Agreement (or any amended
or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations thereunder or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Code, including any applicable intergovernmental agreements. 
  

	 	(g)	Section 3.01(f) amended by designating existing 3.01(f) as 3.01(f)(i), by adding the following to the end of that subsection 3.01(f)(i): 

“Notwithstanding anything to the contrary in the preceding sentence, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 3.01(f)(ii)(A), (ii)(B), (ii)(C) and (ii)(D), and Section 3.01(f)(iii) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.” 

and by adding a new subsection 3.01(f)(ii) as follows: 
  

	 	(ii)	 “Without limiting the generality of 3.01(f)(i), each Lender that is not a U.S. person within the meaning of Section 7701(a)(30) of the Code
(a “Non-U.S. Lender”) shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies reasonably requested by the Borrower and the Administrative

  
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Agent) on or prior to the date on which such Non-U.S. Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable: 

 

	 	A.	In the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (1) with respect to payments of interest under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the “interest” article of such tax treaty and (2) with respect to
any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the “business profits” or “other income”
article of such tax treaty; 

  

	 	B.	In the case of a Non-U.S. Lender for whom payments under any Loan Document constitute income that is effectively connected with such Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI;

  

	 	C.	In the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code both (1) IRS Form W-8BEN or IRS Form W-8BEN-E and (2) a certificate substantially
in the form of Exhibit K (a “U.S. Tax Certificate”) to the effect that such Lender is not (a) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of such Borrower
within the meaning of section 881(c)(3)(B) of the Code, (c) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant
interest payments are effectively connected; 

  

	 	D.	In the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement (including a partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and
(2) the relevant forms prescribed in clauses (A), (B), (C) and (E) of this Section 3.01(f)(ii) that would be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender;
provided, however, that if the Lender is a partnership and one or more of its partners are claiming the exemption for portfolio interest under section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or

  

	 	E.	Any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. federal withholding tax together with such supplementary documentation necessary to enable such Borrower or the
Administrative Agent to determine the amount of tax (if any) required by law to be withheld.” 

  
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	 	(h)	A new subsection 3.01(f)(iii) shall be added immediately following subsection 3.01(f)(ii) as follows: 

“If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Administrative Agent, at the time or times prescribed
by law and at such time or times reasonably requested by the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Administrative Agent as may be necessary for the Administrative Agent to comply with its obligations under FATCA, to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount
to deduct and withhold from such payment.” 
  

	 	(i)	A new Section 3.01(g) shall be added immediately following subsection 3.01(f)(iii) as follows: 

“Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative Agent or
any assignment of rights b, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.” 

 

	 	(j)	Section 3.04(a) be amended in full to read as follows: 

 “If any Lender determines
that as a result of the introduction of or any Change in Law or a change in the interpretation of any Law, in each case after the Closing Date, or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of
agreeing to make or making, funding or maintaining any Loan (other than a Base Rate Loan), or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this
Section 3.04(a) any such increased costs or reduction in amount resulting from (i) Taxes or Other Taxes covered by Section 3.01, (ii) Excluded Taxes, or (iii) reserve requirements contemplated by Section 3.04(c) , then
from time to time within fifteen (15) days after demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to the Administrative Agent given in accordance with Section 3.06 ), the Borrower
shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction.” 

  
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	 	(k)	Section 10.02 is amended to add the following subsection at the end thereof: 

 (e)
“Borrower agrees that, until and unless changed upon receipt by Agent and Lender of written notice from Borrower as herein provided: (a) any notice or other communication required by this Agreement and sent by or purporting to be sent by
Borrower by email shall be sent only from the following email for Borrower: Email Address:Venkat.vijay@igate.com; (b) all day to day communications sent by or purporting to be sent by Borrower by email or fax as provided in this Section shall
indicate on the face of each such communication that it is sent by IGATE Corporation, Venkat Vijayaragavan or IGATE (in each case, whether or not an electronic signature is included). Agent and Lender shall be entitled to conclusively rely upon any
and all notices and other communications received by any of them from the Borrower as provided in this Section, including without limitation, any notice or communication sent or purporting to be sent by Borrower’s designated representative in
accordance with the foregoing.” 
 If you agree to this amendment of the Credit Agreement, please evidence such agreement by executing
and returning a counterpart of this Letter Amendment to Steven E. Sherman, Shearman & Sterling LLP by email at sesherman@shearman.com, with two duplicate originals by overnight courier to Shearman & Sterling LLP, 599
Lexington Avenue, New York, NY 10022, Attn: Steven E. Sherman. This Letter Amendment shall become effective when (a) it is executed by the Borrower, the Guarantors and the Lenders, and (b) if on or before December 22, 2014 the Agent
shall have received (i) resolutions of the board of directors of the Borrower and each Guarantor approving the execution, delivery and performance of this Letter Amendment, (ii) a certificate of the secretary of the Borrower and each
Guarantor as to the incumbency of the officers of the Borrower and such Guarantor, respectively, executing this Letter Amendment and (iii) an opinion or opinions of counsel for the Borrower and each Guarantor in respect of this Letter Agreement
and in form and substance reasonably satisfactory to the Agent. 
 As of the date hereof and after giving effect of this Letter Amendment,
each of the Borrower and each Guarantor hereby represents and warrants that the representations and warranties of the Borrower and each Guarantor contained in each Loan Document (as amended or supplemented to date) are true and correct in all
material respects (unless qualified by the concept of materiality, in which case such representations and warranties shall be true and correct in all respects) as if made again on and as of the date hereof (except for those which by their terms
specifically refer to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date). 

The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of Agent in connection with the preparation, execution,
delivery, administration of this Letter Amendment (including, without limitation, the reasonable fees and expenses of counsel for the Agent). 

  
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 The Credit Agreement and each of the other Loan Documents, except to the extent of the amendment
specifically provided herein, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Letter Amendment shall not, except as expressly provided
herein, operate as an amendment of any right, power or remedy of any Lender or Agent under the Credit Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Credit Agreement or any of the other Loan Documents.

 This Letter Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Letter Amendment by facsimile or other electronic
means shall be effective as delivery of a manually executed counterpart of this Letter Amendment. On and after the effectiveness of this Letter Amendment each reference in the Credit Agreement to “this Agreement”, “hereunder”
“hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes or any other Loan Document to the “Credit Agreement”, “thereunder”, “thereof” or words of like import
referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Letter Agreement. 
 By its
signature below, the Guarantors hereby consent to this Letter Amendment and hereby confirm and agree that notwithstanding the effectiveness of this Letter Amendment, each Loan Document is, and shall continue to be, in full force and effect and is
hereby ratified and confirmed in all respects. 
 [Remainder of this page intentionally blank] 

  
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 This Letter Amendment shall be governed by, and construed in accordance with, the laws of the
State of New York. 
  

			
	Very truly yours,
	
	IGATE CORPORATION
		
	By:	 	 /s/ Venkat Vijayaragavan

	Name:	 	Venkat Vijayaragavan
	Title:	 	Vice President – Finance
	
	IGATE HOLDING CORPORATION
		
	By:	 	 /s/ Sujit Sircar

	Name:	 	Sujit Sircar
	Title:	 	President
	
	IGATE TECHNOLOGIES INC.
		
	By:	 	 /s/ Sujit Sircar

	Name:	 	Sujit Sircar
	Title:	 	Director
	
	IGATE INC
		
	By:	 	 /s/ Mukund Srinath

	Name:	 	Mukund Srinath
	Title:	 	Secretary

  

			
	AGREED TO AS OF THE
	DATE FIRST ABOVE WRITTEN
	
	DBS BANK LTD., as Lender
		
	By:	 	 /s/ Aik Lim Kok

	Name:	 	Aik Lim Kok
	Title:	 	Chief Operating Officer

  
 7 

 ANNEX A 

Schedule 2.01 - Revolving Credit Commitment 
  

									
	 Revolving Credit Lender
	  	Total Revolving Credit
Commitment	 	  	Total Revolving Credit
Commitment Percentage	 
	 DBS Bank Ltd.
	  	$	75,000,000	  	  	 	100	% 

 ANNEX B 

EXHIBIT K-1 
 FORM OF
U.S. TAX CERTIFICATE 
 (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of May 10, 2011 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among iGate Corporation (the “Borrower”), the Lenders from time to time party thereto and DBS Bank Ltd., Singapore as administrative agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as described in section
881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. person status on IRS
Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent
and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	            , 20[    ]

  
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 EXHIBIT K-2 

FORM OF U.S. TAX CERTIFICATE 

(For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of May 10, 2011 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among iGate Corporation (the “Borrower”), the Lenders from time to time party thereto and DBS Bank Ltd., Singapore as administrative agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such Loan(s)
(as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement
entered into in the ordinary course of its trade or business within the meaning of section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of section 871(h)(3)(B) of
the Code, (v) none of its partners/members is a controlled foreign corporation related to the Borrower as described in section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the
undersigned’s or its partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished the
Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or
(ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (2) the undersigned shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	            , 20[    ]

 EXHIBIT K-3 

FORM OF U.S. TAX CERTIFICATE 

(For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of May 10, 2011 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among iGate Corporation (the “Borrower”), the Lenders from time to time party thereto and DBS Bank Ltd., Singapore as administrative agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of section 881(c)(3)(A) of the Code, (iii) it is not a
ten percent shareholder of the Borrower within the meaning of section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as described in section 881(c)(3)(C) of the Code, and (v) the interest
payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned
has furnished the Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform the Lender and (2) the undersigned shall have at all times furnished the Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	            , 20[    ]

 EXHIBIT K-4 

FORM OF U.S. TAX CERTIFICATE 

(For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of May 10, 2011 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among iGate Corporation (the “Borrower”), the Lenders from time to time party thereto and DBS Bank Ltd., Singapore as administrative agent (in such capacity, the
“Administrative Agent”). 
 Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby
certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such participation, (iii) with respect such
participation, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of section 881(c)(3)(A) of the Code,
(iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Borrower as
described in section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished the Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that
is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Lender and (2) the
undersigned shall have at all times furnished the Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	            , 20[    ]Exhibit 4.1

 

EXECUTION COPY

 

NEITHER THIS SECURITY
NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE
TRANSFEROR TO SUCH EFFECT WHICH SHALL BE ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK
PURCHASE WARRANT

 

XCEL BRANDS,
Inc.

 

	Warrant No.:  XH-1	 	 
	Warrant Shares: 750,000	 	Initial Exercise Date: December 22, 2014  

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, Hilco Trading, LLC (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on December
22, 2019 (the “Termination Date”) but not thereafter, to subscribe for and purchase from XCel Brands, Inc.,
a Delaware corporation (the “Company”), up to Seven Hundred Fifty Thousand (750,000) shares (the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b). This Warrant has been issued pursuant to Section 3.3(iii) of the Asset Purchase Agreement by
and among the Company, H Licensing, LLC, the Holder and House of Halston LLC (the “APA”)

 

Section 1.           Definitions.
The term “Business Day” shall mean a day, other than a Saturday, Sunday or federal holiday, on which banks in New York
City are generally open for normal business. The term “Trading Day” shall mean a day on which the Common Stock is traded
on any of the following markets or exchanges: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the American Stock Exchange, the New York Stock Exchange or the OTC Bulletin Board.

 

    	 

    	 

    

  

Section 2.           Exercise.

 

a)          Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or
agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto; and, within three
(3) Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received the original
Warrant and, except as, provided for in section 2(c) below, payment of the aggregate Exercise Price of the Warrant Shares thereby
purchased by wire transfer or cashier’s check drawn on a United States bank. In the case of the purchase of less than all
of the Warrant Shares represented by this Warrant, the Company shall, upon receipt of this Warrant, cause this Warrant to be cancelled
and shall execute and deliver a new Warrant of like tenor for the remaining Warrant Shares.

 

b)          Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $12.00, subject to adjustment hereunder
(the “Exercise Price”).

 

c)          Cashless
Exercise. This Warrant may be exercised at any time by means of a “cashless exercise” in which the Holder shall
be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by
(A), (i) following the consummation of one or more underwritten public offerings of the Company’s Common Stock resulting
in gross proceeds (e.g., prior to giving effect to any underwriters’ discount or fees) of at least $25,000,000, individually
or in the aggregate (the first such date, the “Applicable Offering Date”) and (ii) if the Applicable Offering
Date has not occurred, at any time on or after December 22, 2016, if (in the case of this clause (ii)) the average daily trading
volume of the Common Stock for the thirty (30) day period immediately prior to the date of exercise is at least 25,000 shares.
For purposes of the calculation in the preceding sentence:

 

(A) = the
average VWAP for the Five Trading Days immediately preceding the date of such election;

 

(B) = the
Exercise Price of this Warrant, as adjusted; and

 

(X) =
the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a
cash exercise rather than a cashless exercise.

 

For purposes
of this Warrant, “VWAP” means, for any date, the price determined by the first of the following clauses that
applies: (a) if the Common Stock is then listed or quoted on the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq global
Select Market, the American Stock Exchange, the New York Stock Exchange or the OTC Bulletin Board (each a “Trading Market”),
the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market
on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. New York
City time to 4:02 p.m. New York City time); or (b) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin
Board and if prices for the Common Stock are then reported by the OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or (c) in
all other cases, the fair market value of a share of Common Stock as determined good faith by the resolution of the Board of Directors
of the Company.

 

    	2

    	 

    

  

d)          Mechanics
of Exercise. 

 

i.            Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted within five (5) Trading Days
from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant and payment of the aggregate Exercise
Price as set forth above (the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised
on the date the Exercise Price is received by the Company. The Warrant Shares shall be deemed to have been issued, and Holder or
any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes,
as of the date the Warrant has been exercised by payment to the Company of the Exercise Price and all taxes required to be paid
by the Holder, if any, pursuant to Section 2(d)(iv) prior to the issuance of such shares, have been paid.

 

ii.         Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, upon surrender of this
Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder
a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new
Warrant shall in all other respects be identical with this Warrant.

 

iii.         No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

iv.         Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto.

 

    	3

    	 

    

  

v.           Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

Section 3.           Certain
Adjustments.

 

a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding whether, directly or indirectly, including,
without limitation, by merger, consolidation, recapitalization or otherwise: (i) pays a stock dividend or otherwise makes a distribution
or distributions to all holders of Common Stock payable in shares of Common Stock (which, for avoidance of doubt, shall not include
any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock
into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into
a smaller number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the
Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares
of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall
be the number of shares of Common Stock outstanding immediately after such event and the number of shares issuable upon exercise
of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.
Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

 

b)          Extraordinary
Cash Dividend: If the Company, at any time while this Warrant is outstanding pays an Extraordinary Cash Dividend (defined below),
then in each case, the Exercise Price shall be adjusted by reducing the Exercise Price in effect immediately prior to the payment
of such Extraordinary Cash Dividend by the per share amount of such Extraordinary Cash Dividend. Any adjustment made pursuant to
this Section 3(b) shall become effective immediately after the payment date of such Extraordinary Cash Dividend. “Extraordinary
Dividend” means a non-recurring cash dividend or cash distribution, in either case, paid to holders of Common Stock generally,
and does not include any cash dividend or cash distribution which the Board establishes as a regularly scheduled cash dividend
or chase distribution.

 

c)          Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

    	4

    	 

    

  

d)          Notice
to Holder.

 

i.            Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

 

ii.         Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or
effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares
of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this
Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice.

 

    	5

    	 

    

  

Section 4.           Transfer
of Warrant.

 

a)          Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof, this Warrant and
all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned, may be exercised
by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)          New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial
Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)          Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

d)          Transfer
Restrictions. If, at the time
of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either
(i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible
for resale without volume or manner-of-sale restrictions pursuant to Rule 144, the Company may require, as a condition of allowing
such transfer, that the Holder or transferee of this Warrant, as the case may be, make representations set forth in Section 1
of the Subscription Agreement to the extent such representations and warranties relate to the undersigned and/or the purchase
of Warrant Shares.

 

Section 5.           Holder
Representations and Warranties. By its acceptance of this Warrant, the Holder hereby represents to, and covenants with, the
Company as follows:

 

a)          The
Holder or its representatives are sophisticated investors familiar with the type of risks inherent in the acquisition of securities
such as the Warrant and the Warrant Shares and that, by reason of its or its representatives knowledge and experience in financial
and business matters in general, and investments of this type in particular, it or its representatives are capable of evaluating
the merits and risks of an investment in the Warrant and the Warrant Shares;

 

    	6

    	 

    

  

b)          The
Holder understands that the Company has determined that the exemption from the registration provisions of the Securities Act of
1933, as amended (the “Act”), for transactions not involving a public offering is applicable to the offer and sale
of the Warrant (and, upon exercise of the Warrant, the Warrant Shares), based, in part, upon the representations, warranties and
agreements made by the undersigned herein.

 

c)          The
Holder understands that: (A) neither the Warrants nor the Warrant Shares have been registered under the Act or the securities laws
of any state, based upon an exemption from such registration requirements for non-public offerings pursuant to Regulation D under
the Act; (B) the Warrant and the Warrant Shares are and will be “restricted securities”, as said term is defined in
Rule 144 of the Rules and Regulations promulgated under the Act; (C) neither the Warrant nor the Warrant Shares may be sold or
otherwise transferred unless they have been first registered under the Act and all applicable state securities laws, or unless
exemptions from such registration provisions are available with respect to said resale or transfer; (D) except as set forth in
the APA, the Company is under no obligation to register the Warrant or the Warrant Shares under the Act or any state securities
laws, or to take any action to make any exemption from any such registration provisions available; (E) the certificates for the
Warrant and the Warrant Shares will bear a legend to the effect that the transfer of the securities represented thereby is subject
to the provisions hereof; and (F) stop transfer instructions will be placed with the transfer agent for the Warrant Shares.

 

d)          The
Holder will not sell or otherwise transfer any of the Shares or any interest therein, unless and until: (A) said Warrant and/or
Warrant Shares shall have first been registered under the Act and all applicable state securities laws; or (B) the undersigned
shall have first delivered to the Company a written opinion of counsel (which counsel and opinion (in form and substance) shall
be satisfactory to the Company), to the effect that the proposed sale or transfer is exempt from the registration provisions of
the Act and all applicable state securities laws.

 

e)          The
Holder is an “accredited investor,” as such term is defined in Regulation D of the Rules and Regulations promulgated
under the Act.

 

f)          The
Holder is acquiring the Warrant and the Warrant Shares for its own account and for the purpose of investment and not with a view
to, or for resale in connection with, any distribution within the meaning of the Act in violation of the Act.

 

g)          The
Holder has been given access to and an opportunity to examine such documents, materials and information concerning the Company
as the Holder deems necessary or advisable in order to reach an informed decision as to an investment in the Warrants and Warrant
Shares.

 

    	7

    	 

    

  

Section 6.           Miscellaneous.

 

a)          Registration
Rights. The Holder shall be entitled to the benefit of the registration rights set forth in Section 6.10 of the APA with respect
to the Warrant Shares to the extent such rights apply to the Warrant Shares.

 

b)          No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder
of the Company prior to the exercise hereof as set forth in Section 2(a).

 

c)          Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

d)          Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

e)          Authorized
Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock the number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under
this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who
are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares
upon the exercise of the purchase rights under this Warrant. The Company will take all such commercially reasonable action as may
be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the trading market upon which the Common Stock may be listed. The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase
rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

    	8

    	 

    

  

f)         Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Subscription Agreement.

 

g)        Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

 

h)        Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights
hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

i)         Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Subscription Agreement.

 

j)         Limitation
of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for
the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

 

k)        Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions
of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by
the Holder or holder of Warrant Shares.

 

l)         Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and Holders holding
Warrants at least equal to a majority of the Warrant Shares issuable upon exercise of all then outstanding Warrants.

 

m)       Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

    	9

    	 

    

  

n)        Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

(Signature Pages Follow)

 

    	10

    	 

    

  

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	XCEL BRANDs, Inc.
	 	 
	 	By:	/s/ James Haran	 
	 	 	Name: James Haran	 
	 	 	Title:   Chief Financial Officer	 

  

    	11

    	 

    

 

NOTICE OF EXERCISE1

 

		To:	XCEL BRANDs,
Inc.

 

(1)  The undersigned
hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

Payment shall
take the form of lawful money of the United States.

 

(2)  Please
issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

 

	 	_______________________________

 

The Warrant Shares shall be delivered by
physical delivery of a certificate to:

 

	 	_______________________________
	 	 
	 	_______________________________
	 	 
	 	_______________________________

 

(3)  Accredited
Investor. The undersigned represents that the representations set forth in Section 5 of the Warrant (as such representations
and warranties relate to the undersigned and/or its purchase of Warrant Shares) are true and correct as of the date of this Notice
of Exercise.

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:  	 

	Signature of Authorized Signatory of Investing Entity:  	 

	Name of Authorized Signatory:  	 

	Title of Authorized Signatory:  	 

	Date:  	 

 

 

 

1 To be adjusted appropriately
to the extent that the holder elects cashless exercise.

  

    	 

    	 

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

	 	Dated:  ______________, _______

 

	 	Holder’s Signature:  	_____________________________
	 	 	 
	 	Holder’s Address:  	_____________________________
	 	 	 
	 	 	_____________________________

 

	Signature Guaranteed:   	___________________________________________

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.

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