Document:

Employment
      Agreement

     

    Employment
      Agreement,
      dated
      as of September 22, 2006, 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,
      the Executive is currently Senior Vice President, Business Affairs and Associate
      Counsel of the Company and Senior Vice President, Business Affairs and General
      Counsel of the Company’s Joe Boxer division (the “Division”); and

     

    WHEREAS,
      the Company and Executive entered into a two-year Employment Agreement dated
      as
      of July 22, 2005 (the “Original Agreement”); and

     

    WHEREAS,
      the Company wishes, among other things, to continue the Executive’s employment
      with the Company beyond the term currently provided by the Original Agreement
      pursuant to the terms as provided herein; 

     

    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 Senior
      Vice President and General Counsel of the Company, which shall be the most
      senior legal position of the Company, and shall have such duties as may be
      from
      time to time delegated to him by the Chief Executive Officer. 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 the date hereof and shall
      continue for three (3) years (the “Term”) unless otherwise terminated as
      provided herein. The Company may terminate the Agreement for cause (“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), or the breach or threatened breach by
      the
      Executive of the provisions of Section 6 of this Agreement. Executive may
      terminate this Agreement in the event (“Good Reason”) 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
      Good
      Reason, Executive shall be entitled to receive the greater of (i) his current
      salary through the remainder of the Term, or (ii) one (1) year 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 $275,000 per annum and Executive’s base salary for the
                second and third year(s) of the Term will be at a rate of not less
                than
                $300,000 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)  	
              Restricted
                Stock.
                The Company shall issue to the Executive 18,461 shares of Restricted
                Stock
                under the Company’s 2006 Equity Incentive Plan (the ”Plan”), subject to
                restrictions on the full enjoyment of such shares set forth in the
                Restricted Stock Agreement in the form attached hereto as Exhibit
                A (the
                “Restricted Stock Agreement), such restrictions to lapse with respect
                to
                one-third of such shares on each of the first three anniversaries
                of the
                date hereof, in accordance with the terms and conditions of the Restricted
                Stock Agreement.

            

    

     

    
      	(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 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.

            

    

     

    
      	(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.

            

    

     

     

    
      
        
        

      

      
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    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 him 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 his
      engagement Executive shall redeliver to the Company all Confidential Information
      and other related data in his possession.

     

    6.  Noncompetition;
      Nonsolicitation 

     

    6.1  The
      Executive hereby agrees that during the Term and, unless the Company does not
      offer to extend the Term on comparable terms and conditions after the expiration
      thereof, for a period of one year following the expiration of the Term (the
      “Non-Compete Term”), he shall not, directly or indirectly, engage, have an
      interest in or render any services to any business (whether as owner, manager,
      operator, licensor, licensee, lender, partner, stockholder, joint venturer,
      employee, consultant or otherwise) to William Sweedler or Robert D’Loren or any
      entity with which either such person is affiliated or associated.

     

    6.2  The
      Executive shall not, during the Non-Compete Term, directly or indirectly, take
      any action which constitutes an interference with or a disruption of any of
      the
      Company’s business activities including, without limitation, the solicitations
      of the Company’s customers, or persons listed on the personnel lists of the
      Company. 

     

    6.3  For
      purposes of clarification, but not of limitation, the Executive hereby
      acknowledges and agrees that the provisions of Sections 6.1 and 6.2 above shall
      serve as a prohibition against him from, during the period referred to therein,
      directly or indirectly, hiring, offering to hire, enticing, soliciting or in
      any
      other manner persuading or attempting to persuade any officer, employee, agent,
      lessor, lessee, licensor, licensee or customer of the Company (but only those
      suppliers existing during the time of the Executive’s employment by the Company,
      or at the termination of his employment), to discontinue or alter his, her
      or
      its relationship with the Company.

     

    6.4  Without
      intending to limit the remedies available to the Company, the Executive
      acknowledges that a breach of any of the covenants contained in this Section
      6
      may result in material and irreparable injury to the Company, or its affiliates
      or subsidiaries, for which there is no adequate remedy at law, that it will
      not
      be possible to measure damages for such injuries precisely and that, in the
      event of such a breach or threat the Company shall be entitled to seek a
      temporary restraining order and/or a preliminary or permanent injunction
      restraining the Executive from engaging in activities prohibited by this Section
      6 or such other relief as may be required specifically to enforce any of the
      covenants in this Section 6. If for any reason it is held that the restrictions
      under this Section 6 are not reasonable or that consideration therefor is
      inadequate, such restrictions shall be interpreted or modified to include as
      much of the duration and scope identified in this Section 6 as will render
      such
      restrictions valid and enforceable.

     

    
      
        
        

      

      
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    7.  Change
      in Control.

     

    
      	(a)  	
              If
                the Company terminates Executive’s employment without Cause or Executive
                terminates Executive’s employment for Good Reason within 12 months after a
                Change in Control (as defined in Subsection 7(b)), then the Company
                shall
                pay to Executive in complete satisfaction of its obligations under
                this
                Agreement, as severance pay and as liquidated damages (because actual
                damages are difficult to ascertain), in a lump sum, in cash, within
                15
                days after the date of Executive’s termination, an amount equal to $100
                less than three times Executive’s “annualized includable compensation for
                the base period” (as defined in Section 280G of the Internal Revenue Code
                of 1986); provided,
                however,
                that if such lump sum severance payment, either alone or together
                with
                other payments or benefits, either cash or non-cash, that Executive
                has
                the right to receive from the Company, including, but not limited
                to,
                accelerated vesting or payment of any deferred compensation, options,
                stock appreciation rights or any benefits payable to Executive under
                any
                plan for the benefit of employees, which would constitute an “excess
                parachute payment” (as defined in Section 280G of the Internal Revenue
                Code of 1986), then such lump sum severance payment or other benefit
                shall
                be reduced to the largest amount that will not result in receipt
                by
                Executive of a parachute payment. The determination of the amount
                of the
                payment described in this subsection shall be made by the Company’s
                independent auditors at the sole expense of the Company. For purposes
                of
                clarification the value of any options described above will be determined
                by the Company’s independent auditors using a Black-Scholes valuation
                methodology.

            

    

     

    
      	(b)  	
              For
                purposes of Subsection 7(a), a “Change in Control” shall mean any of the
                following:

            

    

     

    (1)  any
      consolidation or merger of the Company in which the Company is not the
      continuing or surviving corporation or pursuant to which shares of the Company’s
      common stock would be converted into cash, securities or other property, other
      than a merger of the Company in which the holders of the Company common stock
      immediately prior to the merger have the same proportionate ownership of common
      stock of the surviving corporation immediately after the merger;

     

    (2)  any
      sale,
      lease, exchange or other transfer (in one transaction or a series of related
      transactions) of all or substantially all of the assets of the
      Company;

     

    (3)  any
      approval by the stockholders of the Company of any plan or proposal for the
      liquidation or dissolution of the Company; 

     

    (4)  the
      cessation of control (by virtue of their not constituting a majority of
      directors) of the Company’s Board of Directors by the individuals (the
“Continuing Directors”) who (x) at the date of this Agreement were directors or
      (y) become directors after the date of this Agreement and whose election or
      nomination for election by the Company’s stockholders, was approved by a vote of
      at least two-thirds of the directors then in office who were directors at the
      date of this Agreement or whose election or nomination for election was
      previously so approved); or

     

    
      
        
        

      

      
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    (5)  (A)
      the
      acquisition of beneficial ownership (“Beneficial Ownership”), within the meaning
      of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), of an aggregate of 25% or more of the voting power of the
      Company’s outstanding voting securities by any person or group (as such term is
      used in Rule 13d-5 under the Exchange Act) who beneficially owned less than
      10%
      of the voting power of the Company’s outstanding voting securities on the
      effective date of this Agreement, (B) the acquisition of Beneficial Ownership
      of
      an additional 15% of the voting power of the Company’s outstanding voting
      securities by any person or group who beneficially owned at least 10% of the
      voting power of the Company’s outstanding voting securities on the effective
      date of this Agreement, or (C) the execution by the Company and a stockholder
      of
      a contract that by its terms grants such stockholder (in its, hers or his
      capacity as a stockholder) or such stockholder’s Affiliate (as defined in Rule
      405 promulgated under the Securities Act of 1933 (an “Affiliate”)) including,
      without limitation, such stockholder’s nominee to the Company’s Board of
      Directors (in its, hers or his capacity as an Affiliate of such stockholders),
      the right to veto or block decisions or actions of the Company’s Board of
      Directors’ provided however,
      that
      notwithstanding the foregoing, the events described in items (A), (B) or (C)
      above shall not constitute a Change in Control hereunder if the acquiror is
      (aa)
      a trustee or other fiduciary holding securities under an employee benefit plan
      of the Company or one of its affiliated entities and acting in such capacity,
      (bb) a corporation owned, directly or indirectly, by the stockholders of the
      Company in substantially the same proportions as their ownership of voting
      securities of the Company or (cc) a person or group meeting the requirements
      of
      clauses (i) and (ii) of Rule 13d-1(b)(1) under the Exchange Act;

     

    (6)  subject
      to applicable law, in a Chapter 11 bankruptcy proceeding, the appointment of
      a
      trustee or the conversion of a case involving the Company to a case under
      Chapter 7.

     

    
      	(c)  	
              Executive
                shall not be required to mitigate the amount of any payment provided
                for
                in this Section 7 by seeking other employment or otherwise, nor shall
                the
                amount of any payment provided for in this Section 7 be reduced by
                any
                compensation earned by Executive as the result of Executive’s employment
                by another employer or business or by profits earned by Executive
                from any
                other source at any time before and after Executive date of
                termination.

            

    

     

    
      	(d)  	
              If
                within 12 months after the occurrence of a Change of Control, as
                defined
                in the Plan, the Company shall terminate Executive’s employment without
                Cause, as defined herein, or Executive terminates Executive’s employment
                for Good Reason, as defined herein, then notwithstanding the vesting
                schedule contained in the Restricted Stock Agreement, all restrictions
                set
                forth in the Restricted Stock Agreement shall immediately
                lapse.

            

    

     

    8.  Indemnification.
      The
      Company shall indemnify and hold harmless the Executive against any and all
      expenses reasonably incurred by him in connection with or arising out of (a)
      the
      defense of any action, suit or proceeding in which he is a party, or (b) any
      claim asserted or threatened against him, in either case by reason of or
      relating to his being or having been an employee, officer or director of the
      Company, whether or not he continues to be such an employee, officer or director
      at the time of incurring such expenses, except insofar as such indemnification
      is prohibited by law. Such expenses shall include, without limitation, the
      fees
      and disbursements of attorneys, amounts of judgments and amounts of any
      settlements, provided that such expenses are agreed to in advance by the
      Company. The foregoing indemnification obligation is independent of any similar
      obligation provided in the Company’s Certificate of Incorporation or Bylaws, and
      shall apply with respect to any matters attributable to periods prior to the
      date of this Agreement, and to matters attributable to Executive's employment
      hereunder, without regard to when asserted.

     

    
      
        
        

      

      
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    9.  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 the 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.

            

    

     

    
      	(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.

            

    

     

    10.  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.

     

    
      
        
        

      

      
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    To
      the
      Company:

     

    Iconix
      Brand Group, Inc.

    1450
      Broadway, 4th
      Floor

    New
      York,
      New York 10018

    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

     

    

     

    -SIGNATURE
      PAGE
      FOLLOWS

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the parties hereto have executed this agreement as of the
      22nd
      day of September, 2006.

     

    

     

    
      	
              Iconix
                Brand Group, Inc.

               

               

              By:
                /s/
                Neil
                Cole                                                                  
                

              Neil
                Cole

              Chief
                Executive Officer

            	
              Executive

               

               

              /s/
                Andrew R.
                Tarshis                                                         
                

              Andrew
                Tarshis

            

    

     

    
      
         

      

      
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    Exhibit
      A

    
 

    
      ICONIX
        BRAND GROUP, INC.

       

      RESTRICTED
        STOCK AGREEMENT

       

      
        	
                To:

              	
                Andrew
                  Tarshis

              
	 	
                185
                  Pinewood Road

              
	 	
                Stamford,
                  Connecticut 06903

                 

                Date
                  of Award: September 22, 2006

              

      

       

      You
        are
        hereby awarded, effective as of the date hereof, 18,461 shares (the “Shares”) of
        common stock, $.001 par value (“Common Stock”), of Iconix Brand Group, Inc., a
        Delaware corporation (the “Company”), pursuant to the Company’s 2006 Equity
        Incentive Plan (the “Plan”), subject to certain restrictions specified below in
Restrictions and
        Forfeiture. (While
        subject to the Restrictions, this Agreement refers to the Shares as “Restricted
        Shares”.)

       

      During
        the period commencing on the Award Date and terminating on the third anniversary
        of the date hereof (the “Restricted Period”), except as otherwise provided
        herein, the Shares may not be sold, assigned, transferred, pledged, or otherwise
        encumbered and are subject to forfeiture (the “Restrictions”).

       

      Except
        as
        set forth below, the Restricted Period with respect to the Shares will lapse
        in
        accordance with the vesting schedule set forth below (the “Vesting Schedule”).
        Subject to the restrictions set forth in the Plan, the Administrator (as
        defined
        in the Plan) shall have the authority, in its discretion, to accelerate the
        time
        at which any or all of the Restrictions shall lapse with respect to any Shares
        subject thereto, or to remove any or all of such Restrictions, whenever the
        Administrator may determine that such action is appropriate by reason of
        changes
        in applicable tax or other laws, or other changes in circumstances occurring
        after the commencement of the Restricted Period.

       

      In
        addition to the terms, conditions, and restrictions set forth in the Plan,
        the
        following terms, conditions, and restrictions apply to the Restricted
        Shares:

       

      
        	
                Restrictions
                  and Forfeiture

              	
                You
                  may not sell, assign, pledge, encumber, or otherwise transfer any
                  interest
                  in the Restricted Shares until the dates set forth in the Vesting
                  Schedule, at which point the Restricted Shares will be referred
                  to as
                  “Vested.”

                 

                If
                  your employment is terminated by the Company for Cause or by you
                  without
                  Good Reason (as such terms are defined in your Employment Agreement
                  with
                  the Company (the “Employment Agreement”)), the Company will have the right
                  to reacquire your unvested Restricted Shares at the lower of (a)
                  your
                  original purchase price, if any, for such Shares, or (b) the fair
                  market
                  value of the Shares on your date of termination. If there was no
                  purchase
                  price, your unvested Restricted Shares will be forfeited.
                  

              

      

      
 

      
        
          
          

        

        
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            10

          
            

          

        

        
          
          

        

      

      

      
        	
                Vesting
                  Schedule

              	
                Assuming
                  you provide
                  Continuous Service (as defined in the Plan) as an Employee (as
                  defined in
                  the Plan) of the Company or an Affiliate of the Company, all Restrictions
                  will lapse on the Restricted Shares on the Vesting date or Vesting
                  dates
                  set forth in the schedule below for the applicable grant of Restricted
                  Shares and they will become Vested.

              

      

       

      
        
          	
                  Vesting
                    Schedule

                
	
                  Vesting
                    Date

                	
                  Number
                    of Restricted Shares that Vest

                
	
                  First
                    Anniversary of Date of Award

                	
                  33
                    1/3% of Restricted Shares

                
	
                  Second
                    Anniversary of Date of Award

                	
                  33
                    1/3% of Restricted Shares

                
	
                  Third
                    Anniversary of Date of Award

                	
                  33
                    1/3% of Restricted Shares

                

        

      

       

      
        	
                Change
                  in Control

              	
                In
                  the event of a Change in Control (as defined in the Plan), if within
                  twelve (12) months after the Change in Control, your employment
                  is
                  terminated by the Company without Cause or by you for Good Reason
                  (as such
                  terms are defined in the Employment Agreement), all of the Restricted
                  Shares shall thereupon become fully vested.

                 

              
	
                Continuous
                  Service

              	
                “Continuous
                  Service,” as used herein, means the absence of any interruption or
                  termination of your service as an Employee (as defined in the Plan)
                  of the
                  Company or any Affiliate (other than a termination by the Company
                  without
                  Cause or a termination by you for Good Reason). If you are employed
                  by an
                  Affiliate of the Company, your employment shall be deemed to have
                  terminated on the date your employer ceases to be an Affiliate
                  of the
                  Company, unless you are on that date transferred to the Company
                  or another
                  Affiliate of the Company. Service shall not be considered interrupted
                  in
                  the case of sick leave, military leave or any other leave of absence
                  approved by the Company or any then Affiliate of the Company. Your
                  employment shall not be deemed to have terminated if you are transferred
                  from the Company to an Affiliate of the Company, or vice versa,
                  or from
                  one Company Affiliate to another Company Affiliate.
                  

              

      

      
 

      
        
          
          

        

        
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            10

          
            

          

        

        
          
          

        

      

      

      
        	
                Share
                  Certificates

              	
                The
                  Company will issue a certificate (or certificates) in your name
                  with
                  respect to the Shares, and will hold such certificate (or certificates)
                  on
                  deposit for your account until the expiration of the Restricted
                  Period
                  with respect to the Shares represented thereby. Such certificate
                  (or
                  certificates) will contain the following restrictive legend:

                 

                “The
                  transferability of this certificate and the shares of stock represented
                  hereby are subject to the terms and conditions (including forfeiture)
                  contained in the 2006 Equity Incentive Plan of the Company, copies
                  of
                  which are on file in the office of the Secretary of the
                  Company.”

                 

              
	
                Additional
                  Conditions 

                to
                  Issuance of Stock 

                Certificates

                 

              	
                You
                  will not receive the certificates
                  representing the Restricted Shares unless and until the Company
                  has
                  received a stock power or stock powers in favor of the Company
                  executed by
                  you.

                 

              
	
                Cash
                  Dividends

              	
                Cash
                  dividends, if any, paid on the Restricted Shares shall be held
                  by the
                  Company for your account and paid to you upon the expiration of
                  the
                  Restricted Period, except as otherwise determined by the Administrator.
                  All such withheld dividends shall not earn interest, except as
                  otherwise
                  determined by the Administrator.You
                  will not receive withheld cash dividends on any Restricted Shares
                  which
                  are forfeited and all such cash dividends shall be forfeited along
                  with
                  the Restricted Shares which are forfeited.

                 

              
	
                Tax
                  Withholding

              	
                Unless
                  you make an election under Section 83(b) of the Internal Revenue
                  Code of
                  1986, as amended (the “Code”), and pay taxes in accordance with that
                  election, you will be taxed on the Shares as they become Vested
                  and must
                  arrange to pay the taxes on this income. If the Administrator so
                  determines, arrangements for paying the taxes may include your
                  surrendering Shares that otherwise would be released to you upon
                  becoming
                  Vested or your surrendering Shares you already own. The fair market
                  value
                  of the Shares you surrender, determined as of the date when taxes
                  otherwise would have been withheld in cash, will be applied as
                  a credit
                  against the withholding taxes.

                 

                The
                  Company shall have the right to withhold from your compensation
                  an amount
                  sufficient to fulfill its or its Affiliate’s obligations for any
                  applicable withholding and 

                employment
                  taxes. Alternatively, the Company may require you to pay to the
                  Company
                  the amount of any taxes which the Company is required to withhold
                  with
                  respect to the Shares, or, in lieu thereof, to retain or sell without
                  notice a sufficient number of Shares to cover the amount required
                  to be
                  withheld. The Company may withhold from any cash dividends paid
                  on the
                  Restricted Shares an amount sufficient to cover taxes owed as a
                  result of
                  the dividend payment. The Company’s method of satisfying its withholding
                  obligations shall be solely in the discretion of the Administrator,
                  subject to applicable federal, state, local and foreign laws. The
                  Company
                  shall have a lien and security interest in the Shares and any accumulated
                  dividends to secure your obligations
                  hereunder.

              

      

       

       

      
        
          
          

        

        
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                Tax
                  Representations

              	
                You
                  hereby represent and warrant to the Company as follows:

                 

                (a) You
                  have reviewed with your own tax advisors the federal, state, local
                  and
                  foreign tax consequences of this investment and the transactions
                  contemplated by this Agreement. You are relying solely on such
                  advisors
                  and not on any statements or representations of the Company or
                  any of its
                  Employees or agents.

                 

                (b) You
                  understand that you (and not the Company) shall be responsible
                  for your
                  own tax liability that may arise as a result of this investment
                  or the
                  transactions contemplated by this Agreement. You understand that
                  Section
                  83 of the Code taxes (as ordinary income) the fair market value
                  of the
                  Shares as of the date any “restrictions” on the Shares lapse. To the
                  extent that an award hereunder is not otherwise an exempt transaction
                  for
                  purposes of Section 16(b) of the Securities Exchange Act of 1934,
                  as
                  amended (the “1934 Act”), with respect to officers, directors and 10%
                  shareholders subject to Section 16 of the 1934 Act, a “restriction” on the
                  Shares includes for these purposes the period after the award of
                  the
                  Shares during which such officers, directors and 10% shareholders
                  could be
                  subject to suit under Section 16(b) of the 1934 Act. Alternatively,
                  you
                  understand that you may elect to be taxed at the time the Shares
                  are
                  awarded rather than when the restrictions on the Shares lapse,
                  or the
                  Section 16(b) period expires, by filing an election under Section
                  83(b) of
                  the Code with the Internal Revenue Service within thirty (30) days
                  from
                  the date of the award.

                 

                YOU
                  HEREBY ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY AND NOT
                  THE
                  COMPANY’S TO FILE TIMELY THE ELECTION AVAILABLE TO YOU UNDER SECTION 83(B)
                  OF THE CODE, EVEN IF YOU REQUEST THAT THE COMPANY OR ITS REPRESENTATIVES
                  MAKE THIS FILING ON YOUR BEHALF.

                 

              
	
                Securities
                  Law Representations

              	
                The
                  following two paragraphs shall be applicable if, on the date of
                  issuance
                  of the Restricted Shares, no registration statement and current
                  prospectus
                  under the Securities Act of 1933, as amended (the “1933 Act”), covers the
                  Shares, and shall continue to be applicable for so long as such
                  registration has not occurred and such current prospectus is not
                  available:

                 

                (a) You
                  hereby agree, warrant and represent that you will acquire the Shares
                  to be
                  issued hereunder for your own account for investment purposes only,
                  and
                  not with a view to, or in connection with, any resale or other
                  distribution of any of such shares, except as hereafter permitted.
                  You
                  further agree that you will not at any time make any offer, sale,
                  transfer, pledge or other disposition of such Shares to be issued
                  hereunder without an effective registration statement under the
                  1933 Act,
                  and under any applicable state securities laws or an opinion of
                  counsel
                  acceptable to the Company to the effect that the proposed transaction
                  will
                  be exempt from such registration. You agree to execute such instruments,
                  representations, acknowledgments and agreements as the Company
                  may, in its
                  sole discretion, deem advisable to avoid any violation of federal,
                  state,
                  local or foreign law, rule or regulation, or any securities exchange
                  rule
                  or listing agreement.

                 

                 

                 

                 

              

      

       

       

      
        
          
          

        

        
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                (b) The
                  certificates for Shares to be issued to you hereunder shall bear
                  the
                  following legend:

                 

                “The
                  shares represented by this certificate have not been registered
                  under the
                  Securities Act of 1933, as amended, or under applicable state securities
                  laws. The shares have been acquired for investment and may not
                  be offered,
                  sold, transferred, pledged or otherwise disposed of without an
                  effective
                  registration statement under the Securities Act of 1933, as amended,
                  and
                  under any applicable state securities laws or an opinion of counsel
                  acceptable to the Company that the proposed transaction will be
                  exempt
                  from such registration.”
 
	
                Stock
                  Dividend, Stock Split 

                and
                  Similar Capital Changes

              	
                In
                  the event of any change in the outstanding shares of the Common
                  Stock of
                  the Company by reason of a stock dividend, stock split, combination
                  of
                  shares, recapitalization, merger, consolidation, transfer of assets,
                  reorganization, conversion or what the Administrator deems in its
                  sole
                  discretion to be similar circumstances, the number and kind of
                  shares
                  subject to this Agreement shall be appropriately adjusted in a
                  manner to
                  be determined in the sole discretion of the Administrator, whose
                  decision
                  shall be final, binding and conclusive in the absence of clear
                  and
                  convincing evidence of bad faith. Any shares of Common Stock or
                  other
                  securities received, as a result of the foregoing, by you with
                  respect to
                  the Restricted Shares shall be subject to the same restrictions
                  as the
                  Restricted Shares, the certificate or other instruments evidencing
                  such
                  shares of Common Stock or other securities shall be legended and
                  deposited
                  with the Company as provided above with respect to the Restricted
                  Shares,
                  and any cash dividends received with respect to such shares of
                  Common
                  Stock or other securities shall be accumulated as provided above
                  with
                  respect to the Restricted Shares.

                 

              
	
                Non-Transferability

              	
                Restricted
                  Shares are not transferable.

              

      

       

       

      
        
          
          

        

        
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                No
                  Effect on Employment

              	
                Except
                  as otherwise provided in the Employment Agreement, nothing
                  herein shall modify your status as an at-will employee of the Company
                  or
                  any of its Affiliates. Further, nothing herein guarantees you employment
                  for any specified period of time. This means that, except as provided
                  in
                  the Employment Agreement, either you or the Company or any of its
                  Affiliates may terminate your employment at any time for any reason,
                  with
                  or without cause, or for no reason. You recognize that, for instance,
                  you
                  may terminate your employment or the Company or any of its Affiliates
                  may
                  terminate your employment prior to the date on which your Shares
                  become
                  vested.

                 

              
	
                No
                  Effect on

                Corporate
                  Authority

              	
                You
                  understand and agree that the existence of this Agreement will
                  not affect
                  in any way the right or power of the Company or its shareholders
                  to make
                  or authorize any or all adjustments, recapitalizations, reorganizations,
                  or other changes in the Company’s capital structure or its business, or
                  any merger or consolidation of the Company, or any issuance of
                  bonds,
                  debentures, preferred or other stocks with preferences ahead of
                  or
                  convertible into, or otherwise affecting the common shares or the
                  rights
                  thereof, or the dissolution or liquidation of the Company, or any
                  sale or
                  transfer of all or any part of its assets or business, or any other
                  corporate act or proceeding, whether of a similar character or
                  otherwise.

                 

              
	
                Arbitration

              	
                Any
                  dispute or disagreement between you and the Company with respect
                  to any
                  portion of this Agreement (excluding Attachment A hereto) or its
                  validity,
                  construction, meaning, performance or your rights hereunder shall,
                  unless
                  the Company in its sole discretion determines otherwise, be settled
                  by
                  arbitration, at a location designated by the Company, in accordance
                  with
                  the Commercial Arbitration Rules of the American Arbitration Association
                  or its successor, as amended from time to time. However, prior
                  to
                  submission to arbitration you will attempt to resolve any disputes
                  or
                  disagreements with the Company over this Agreement amicably and
                  informally, in good faith, for a period not to exceed two weeks.
                  Thereafter, the dispute or disagreement will be submitted to arbitration.
                  At any time prior to a decision from the arbitrator(s) being rendered,
                  you
                  and the Company may resolve the dispute by settlement. You and
                  the Company
                  shall equally share the costs charged by the American Arbitration
                  Association or its successor, but you and the Company shall otherwise
                  be
                  solely responsible for your own respective counsel fees and expenses.
                  The
                  decision of the arbitrator(s) shall be made in writing, setting
                  forth the
                  award, the reasons for the decision and award and shall be binding
                  and
                  conclusive on you and the Company. Further, neither you nor the
                  Company
                  shall appeal any such award. Judgment of a court of competent jurisdiction
                  may be entered upon the award and may be enforced as such in accordance
                  with the provisions of the award.

                 

              
	
                Governing
                  Law

              	
                The
                  laws of the State
                  of Delaware will govern all matters relating to this Agreement,
                  without
                  regard to the principles of conflict of
                  laws.

              

      

       

       

      
        
          
          

        

        
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                Notices

              	
                Any
                  notice you give to the Company must be in writing and either
                  hand-delivered or mailed to the office of the Chief Executive Officer
                  of
                  the Company. If mailed, it should be addressed to the Chief Executive
                  Officer of the Company at its then main headquarters. Any notice
                  given to
                  you will be addressed to you at your address as reflected on the
                  personnel
                  records of the Company. You and the Company may change the address
                  for
                  notice by like notice to the other. Notice will be deemed to have
                  been
                  duly delivered when hand-delivered or, if mailed, on the day such
                  notice
                  is postmarked.

                 

              
	
                Agreement
                  Subject to Plan;

                 Entire
                  Agreement

              	
                This
                  Agreement shall be subject to the terms of the Plan in effect on
                  the date
                  hereof, which terms are hereby incorporated herein by reference
                  and made a
                  part hereof. This Agreement constitutes the entire understanding
                  between
                  the Company and you with respect to the subject matter hereof and
                  no
                  amendment, supplement or waiver of this Agreement, in whole or
                  in part,
                  shall be binding upon the Company unless in writing and signed
                  by the
                  President of the Company.

                 

              
	
                Conflicting
                  Terms

              	
                Wherever
                  a conflict may arise between the terms of this Agreement and the
                  terms of
                  the Plan
                  in
                  effect on the date hereof, the terms of the Plan will
                  control.

                 

              
	
                Attachment
                  A

              	
                In
                  consideration of the award to you of Restricted Shares, you hereby
                  agree
                  to the confidentiality and non-interference provisions set forth
                  in
                  Attachment A hereto.

              

      

      

      Please
        sign the copy of this Restricted Stock Agreement and return it to the Company’s
        Secretary, thereby indicating your understanding of and agreement with its
        terms
        and conditions, including
        Attachment A hereto.

       

      

      ICONIX
        BRAND GROUP, INC.

      

      

      

      By:                         
                                           

      

       

       

      
        
          
          

        

        
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      ACKNOWLEDGMENT

      

      I
        hereby
        acknowledge receipt of a copy of the Plan. I hereby represent that I have
        read
        and understood the terms and conditions of the Plan and of the Restricted
        Stock
        Agreement, including
        Attachment A hereto.
        I
        hereby signify my understanding of, and my agreement with, the terms and
        conditions of the Plan and of the Restricted Stock Agreement, including
        Attachment A hereto.
        I agree
        to accept as binding, conclusive, and final all decisions or interpretations
        of
        the Administrator concerning any questions arising under the Plan with respect
        to this Restricted Stock Agreement. I accept this Restricted Stock Agreement
        in
        full satisfaction of any previous written or oral promise made to me by the
        Company or any of its Affiliates with respect to option or stock
        grants.

       

      Date:                                                  
               

       

      

       

                                                       
                       

      ANDREW
        TARSHIS

       

      

       

      
        
          
          

        

        
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      Attachment
        A to Restricted Stock Agreement

      

      Confidentiality
        and Non-Interference.

      

      (a) You
        covenant and agree that, in consideration of the award to you of Restricted
        Shares, you will not, during your employment with the Company or at any time
        thereafter, except with the express prior written consent of the Company
        or
        pursuant to the lawful order of any judicial or administrative agency of
        government, directly or indirectly, disclose, communicate or divulge to any
        individual or entity, or use for the benefit of any individual or entity,
        any
        knowledge or information with respect to the conduct or details of the Company’s
        business which you, acting reasonably, believe or should believe to be of
        a
        confidential nature and the disclosure of which not to be in the Company’s
        interest.

       

      (b) You
        covenant and agree that, in consideration of the award to you of Restricted
        Shares, you will not, during your employment with the Company, except with
        the
        express prior written consent of the Company, directly or indirectly, whether
        as
        employee, owner, partner, member, consultant, agent, director, officer,
        shareholder or in any other capacity, engage in or assist any individual
        or
        entity to engage in any act or action which you, acting reasonably, believe
        or
        should believe would be harmful or inimical to the interests of the
        Company.

       

      (c) You
        covenant and agree that, in consideration of the award to you of Restricted
        Shares, you will not, for a period of two years after your employment with
        the
        Company ceases for any reason whatsoever (whether voluntary or not), except
        with
        the express prior written consent of the Company, directly or indirectly,
        whether as employee, owner, partner, member, consultant, agent, director,
        officer, shareholder or in any other capacity, for your own account or for
        the
        benefit of any individual or entity, (i) solicit any customer of the Company
        for
        business which would result in such customer terminating their relationship
        with
        the Company; or (ii) solicit or induce any individual or entity which is
        an
        employee of the Company to leave the Company or to otherwise terminate their
        relationship with the Company.

       

      (d) The
        parties agree that any breach by you of any of the covenants or agreements
        contained in this Attachment A will result in irreparable injury to the Company
        for which money damages could not adequately compensate the Company and
        therefore, in the event of any such breach, the Company shall be entitled
        (in
        addition to any other rights and remedies which it may have at law or in
        equity)
        to have an injunction issued by any competent court enjoining and restraining
        you and/or any other individual or entity involved therein from continuing
        such
        breach. The existence of any claim or cause of action which you may have
        against
        the Company or any other individual or entity shall not constitute a defense
        or
        bar to the enforcement of such covenants. If the Company is obliged to resort
        to
        the courts for the enforcement of any of the covenants or agreements contained
        in this Attachment A, or if such covenants or agreements are otherwise the
        subject of litigation between the parties, and the Company prevails in such
        enforcement or litigation, then the term of such covenants and agreements
        shall
        be extended for a period of time equal to the period of such breach, which
        extension shall commence on the later of (a) the date on which the original
        (unextended) term of such covenants and agreements is scheduled to terminate
        or
        (b) the date of the final court order (without further right of appeal)
        enforcing such covenant or agreement.

       

      
        
          
          

        

        
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      (e) If
        any
        portion of the covenants or agreements contained in this Attachment A, or
        the
        application hereof, is construed to be invalid or unenforceable, the other
        portions of such covenant(s) or agreement(s) or the application thereof shall
        not be affected and shall be given full force and effect without regard to
        the
        invalid or unenforceable portions to the fullest extent possible. If any
        covenant or agreement in this Attachment A is held unenforceable because
        of the
        area covered, the duration thereof, or the scope thereof, then the court
        making
        such determination shall have the power to reduce the area and/or duration
        and/or limit the scope thereof, and the covenant or agreement shall then
        be
        enforceable in its reduced form.

       

      (f) For
        purposes of this Attachment A, the term “the Company” shall include the Company,
        any successor to the Company and all present and future direct and indirect
        subsidiaries and affiliates of the Company.

       

      

       

      
        
          
          

        

        
          Page
            10
            of 10AMENDMENT
      No. 1 dated as of September 22, 2006 (the “Amendment”) to the
      Employment Agreement dated as of October 28, 2005 (the “Original
      Agreement”) between Iconix Brand Group, Inc. (the “Company” or “Employer”) and
      Deborah Sorell Stehr (the “Executive”).

     

    WHEREAS,
      the Executive is currently the Company’s Senior Vice President and General
      Counsel; and

     

    WHEREAS,
      the Company and Executive entered into a two-year Employment Agreement dated
      as
      of October 28, 2005; and

     

    WHEREAS,
      the Company wishes, among other things, to continue the Executive’s employment
      with the Company beyond the term currently provided by the Original Agreement
      pursuant to the terms as provided herein;

     

    NOW,
      THEREFORE, in consideration with the mutual covenants and agreements hereinafter
      set forth and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, Employer and Executive hereby
      agree that the following sections of the Original Agreement are hereby amended
      as follows:

     

    1.  Term.
      The
      Term, as defined in Section 1, shall end on the December 31,
      2008.

     

    2.  Section
      2
      shall read in its entirety as follows:

     

    “2.
      Title;
      Duties.
      The
      Executive shall render services to the Company as Senior Vice President -
      Business Affairs and Licensing. Executive’s duties and responsibilities shall be
      as set forth by the Board of Directors of the Company. The Executive may work
      four days a week so long as there is no material interruption of her services.
      Executive shall report directly to Neil Cole.” 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.  (a)
      A
      third sentence is hereby added to Section 3 to read as follows: “Executive’s
      base salary for the Third Year (as defined below) will be at a rate of not
      less
      than $250,000 per annum paid in accordance with the Company’s payroll practices
      and policies.” 

     

    (b)  The
      following phrase is hereby added to the end of the fourth sentence (formerly
      the
      third sentence) of Section 3: “and the ‘Third Year’ shall mean the period
      January 1, 2008 through December 31, 2008.”

     

    (c)  The
      following subsection (e) is hereby added to Section 3: 

     

    “(e)
      The
      Company shall issue to the Executive 9,230 shares of restricted stock under
      the
      Company’s 2006 Equity Incentive Plan (the “Plan”), subject to restrictions on
      the full enjoyment of such shares as set forth in the Restricted Stock Agreement
      in the form attached hereto as Exhibit A (the “Restricted Stock
      Agreement”), such restrictions to lapse with respect to one-half (1⁄2) of such
      shares on December 31, 2007 and with respect to one-half (1⁄2) of such shares
      on December 31, 2008, in accordance with the terms and conditions of the
      Restricted Stock Agreement.”

     

    4.  The
      words
“chief counsel” in Section 6(b)(iii) are hereby amended to read: “Senior Vice
      President - Business Affairs and Licensing”.

     

    5.  Section
      7(c) shall read in its entirety as follows: 

     

    “If
      within 12 months after the occurrence of a Change of Control, as defined in
      the
      Plan, the Company shall terminate Executive’s employment without Cause, as
      defined herein, or Executive terminates Executive’s employment for Good Reason,
      as defined herein, then notwithstanding the vesting schedule contained in the
      Restricted Stock Agreement, all restrictions set forth in the Restricted Stock
      Agreement shall immediately lapse.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Other
      than as specifically amended hereby, the Original Agreement shall remain in
      full
      force and effect unamended by this Amendment.

     

    IN
      WITNESS WHEREOF, the Company and Executive have executed this agreement as
      of
      the date above written.

     

    

     

    
      	
              ICONIX
                BRAND GROUP, INC.

            	 
	 	 
	
              By:

            	
              /s/
                Neil Cole

            	 	
              /s/
                Deborah Sorell Stehr

            
	 	 	
              DEBORAH
                SORELL STEHR

            
	 	 	 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
      A

     

    

      ICONIX
        BRAND GROUP, INC.

       

      RESTRICTED
        STOCK AGREEMENT

       

      
        	
                To:

              	
                Deborah
                  Sorell Stehr

              
	 	
                27
                  Hamilton Drive West 

                North
                  Caldwell, New Jersey 07006

                 

              
	 	
                Date
                  of Award: September 22, 2006

              

      

       

      You
        are
        hereby awarded, effective as of the date hereof, 9,230 shares (the “Shares”) of
        common stock, $.001 par value (“Common Stock”), of Iconix Brand Group, Inc., a
        Delaware corporation (the “Company”), pursuant to the Company’s 2006 Equity
        Incentive Plan (the “Plan”), subject to certain restrictions specified below in
Restrictions and
        Forfeiture. (While
        subject to the Restrictions, this Agreement refers to the Shares as “Restricted
        Shares”.)

       

      During
        the period commencing on the Award Date and terminating on December 31, 2008
        (the “Restricted Period”), except as otherwise provided herein, the Shares may
        not be sold, assigned, transferred, pledged, or otherwise encumbered and
        are
        subject to forfeiture (the “Restrictions”).

       

      Except
        as
        set forth below, the Restricted Period with respect to the Shares will lapse
        in
        accordance with the vesting schedule set forth below (the “Vesting Schedule”).
        Subject to the restrictions set forth in the Plan, the Administrator (as
        defined
        in the Plan) shall have the authority, in its discretion, to accelerate the
        time
        at which any or all of the Restrictions shall lapse with respect to any Shares
        subject thereto, or to remove any or all of such Restrictions, whenever the
        Administrator may determine that such action is appropriate by reason of
        changes
        in applicable tax or other laws, or other changes in circumstances occurring
        after the commencement of the Restricted Period.

       

      In
        addition to the terms, conditions, and restrictions set forth in the Plan,
        the
        following terms, conditions, and restrictions apply to the Restricted
        Shares:

       

      
        	
                Restrictions
                  and Forfeiture

              	
                You
                  may not sell, assign, pledge, encumber, or otherwise transfer any
                  interest
                  in the Restricted Shares until the dates set forth in the Vesting
                  Schedule, at which point the Restricted Shares will be referred
                  to as
                  “Vested.”

                 

                If
                  your employment is terminated by the Company for Cause or by you
                  without
                  Good Reason (as such terms are defined in your Employment Agreement
                  with
                  the Company (the “Employment Agreement”)), the Company will have the right
                  to reacquire your unvested Restricted Shares at the lower of (a)
                  your
                  original purchase price, if any, for such Shares, or (b) the fair
                  market
                  value of the Shares on your date of termination. If there was no
                  purchase
                  price, your unvested Restricted Shares will be forfeited.
                  

              

      

      

 

      
        
          
          

        

        
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                Vesting
                  Schedule

              	
                Assuming
                  you provide Continuous Service (as defined in the Plan) as an Employee
                  (as
                  defined in the Plan) of the Company or an Affiliate of the Company,
                  all
                  Restrictions will lapse on the Restricted Shares on the Vesting
                  date or
                  Vesting dates set forth in the schedule below for the applicable
                  grant of
                  Restricted Shares and they will become
                  Vested.

              

      

       

      
        	
                Vesting
                  Schedule

              
	
                Vesting
                  Date

              	
                Number
                  of Restricted Shares that Vest

              
	
                December
                  31, 2007

              	
                50%
                  of Restricted Shares

              
	
                December
                  31, 2008

              	
                50%
                  of Restricted Shares

              

      

       

      
        	
                Change
                  in Control

              	
                In
                  the event of a Change in Control (as defined in the Plan), if within
                  twelve (12) months after the Change in Control, your employment
                  is
                  terminated by the Company without Cause or by you for Good Reason
                  (as such
                  terms are defined in the Employment Agreement), all of the Restricted
                  Shares shall thereupon become fully vested.

                 

              
	
                Continuous
                  Service 

              	
                “Continuous
                  Service,” as used herein, means the absence of any interruption or
                  termination of your service as an Employee (as defined in the Plan)
                  of the
                  Company or any Affiliate (other than a termination by the Company
                  without
                  Cause or a termination by you for Good Reason). If you are employed
                  by an
                  Affiliate of the Company, your employment shall be deemed to have
                  terminated on the date your employer ceases to be an Affiliate
                  of the
                  Company, unless you are on that date transferred to the Company
                  or another
                  Affiliate of the Company. Service shall not be considered interrupted
                  in
                  the case of sick leave, military leave or any other leave of absence
                  approved by the Company or any then Affiliate of the Company. Your
                  employment shall not be deemed to have terminated if you are transferred
                  from the Company to an Affiliate of the Company, or vice versa,
                  or from
                  one Company Affiliate to another Company Affiliate.
                  

              

      

       

       

      
        
          
          

        

        
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                Share
                  Certificates

              	
                The
                  Company will issue a certificate (or certificates) in your name
                  with
                  respect to the Shares, and will hold such certificate (or certificates)
                  on
                  deposit for your account until the expiration of the Restricted
                  Period
                  with respect to the Shares represented thereby. Such certificate
                  (or
                  certificates) will contain the following restrictive legend:

                 

                “The
                  transferability of this certificate and the shares of stock represented
                  hereby are subject to the terms and conditions (including forfeiture)
                  contained in the 2006 Equity Incentive Plan of the Company, copies
                  of
                  which are on file in the office of the Secretary of the
                  Company.”

                 

              
	
                Additional
                  Conditions to 

                Issuance
                  of Stock Certificates

              	
                You
                  will not receive the certificates representing the Restricted Shares
                  unless and until the Company has received a stock power or stock
                  powers in
                  favor of the Company executed by you.

                 

              
	
                Cash
                  Dividends 

              	
                Cash
                  dividends, if any, paid on the Restricted Shares shall be held
                  by the
                  Company for your account and paid to you upon the expiration of
                  the
                  Restricted Period, except as otherwise determined by the Administrator.
                  All such withheld dividends shall not earn interest, except as
                  otherwise
                  determined by the Administrator. You
                  will not receive withheld cash dividends on any Restricted Shares
                  which
                  are forfeited and all such cash dividends shall be forfeited along
                  with
                  the Restricted Shares which are forfeited.

                 

              
	
                Tax
                  Withholding

              	
                Unless
                  you make an election under Section 83(b) of the Internal Revenue
                  Code of
                  1986, as amended (the “Code”), and pay taxes in accordance with that
                  election, you will be taxed on the Shares as they become Vested
                  and must
                  arrange to pay the taxes on this income. If the Administrator so
                  determines, arrangements for paying the taxes may include your
                  surrendering Shares that otherwise would be released to you upon
                  becoming
                  Vested or your surrendering Shares you already own. The fair market
                  value
                  of the Shares you surrender, determined as of the date when taxes
                  otherwise would have been withheld in cash, will be applied as
                  a credit
                  against the withholding taxes.

                 

                The
                  Company shall have the right to withhold from your compensation
                  an amount
                  sufficient to fulfill its or its Affiliate’s obligations for any
                  applicable withholding and employment taxes. Alternatively, the
                  Company
                  may require you to pay to the Company the amount of any taxes which
                  the
                  Company is required to withhold with respect to the Shares, or,
                  in lieu
                  thereof, to retain or sell without notice a sufficient number of
                  Shares to
                  cover the amount required to be withheld. The Company may withhold
                  from
                  any cash dividends paid on the Restricted Shares an amount sufficient
                  to
                  cover taxes owed as a result of the dividend payment. The Company’s method
                  of satisfying its withholding obligations shall be solely in the
                  discretion of the Administrator, subject to applicable federal,
                  state,
                  local and foreign laws. The Company shall have a lien and security
                  interest in the Shares and any accumulated dividends to secure
                  your
                  obligations hereunder.

              

      

       

       

      
        
          
          

        

        
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                Tax
                  Representations

              	
                You
                  hereby represent and warrant to the Company as follows:

                 

                (a) You
                  have reviewed with your own tax advisors the federal, state, local
                  and
                  foreign tax consequences of this investment and the transactions
                  contemplated by this Agreement. You are relying solely on such
                  advisors
                  and not on any statements or representations of the Company or
                  any of its
                  Employees or agents.

                 

                (b) You
                  understand that you (and not the Company) shall be responsible
                  for your
                  own tax liability that may arise as a result of this investment
                  or the
                  transactions contemplated by this Agreement. You understand that
                  Section
                  83 of the Code taxes (as ordinary income) the fair market value
                  of the
                  Shares as of the date any “restrictions” on the Shares lapse. To the
                  extent that an award hereunder is not otherwise an exempt transaction
                  for
                  purposes of Section 16(b) of the Securities Exchange Act of 1934,
                  as
                  amended (the “1934 Act”), with respect to officers, directors and 10%
                  shareholders subject to Section 16 of the 1934 Act, a “restriction” on the
                  Shares includes for these purposes the period after the award of
                  the
                  Shares during which such officers, directors and 10% shareholders
                  could be
                  subject to suit under Section 16(b) of the 1934 Act. Alternatively,
                  you
                  understand that you may elect to be taxed at the time the Shares
                  are
                  awarded rather than when the restrictions on the Shares lapse,
                  or the
                  Section 16(b) period expires, by filing an election under Section
                  83(b) of
                  the Code with the Internal Revenue Service within thirty (30) days
                  from
                  the date of the award.

                 

                YOU
                  HEREBY ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY AND NOT
                  THE
                  COMPANY’S TO FILE TIMELY THE ELECTION AVAILABLE TO YOU UNDER SECTION 83(B)
                  OF THE CODE, EVEN IF YOU REQUEST THAT THE COMPANY OR ITS REPRESENTATIVES
                  MAKE THIS FILING ON YOUR BEHALF.

                 

              
	
                Securities
                  Law

                Representations

              	
                The
                  following two paragraphs shall be applicable if, on the date of
                  issuance
                  of the Restricted Shares, no registration statement and current
                  prospectus
                  under the Securities Act of 1933, as amended (the “1933 Act”), covers the
                  Shares, and shall continue to be applicable for so long as such
                  registration has not occurred and such current prospectus is not
                  available:

                 

                (a) You
                  hereby agree, warrant and represent that you will acquire the Shares
                  to be
                  issued hereunder for your own account for investment purposes only,
                  and
                  not with a view to, or in connection with, any resale or other
                  distribution of any of such shares, except as hereafter permitted.
                  You
                  further agree that you will not at any time make any offer, sale,
                  transfer, pledge or other disposition of such Shares to be issued
                  hereunder without an effective registration statement under the
                  1933 Act,
                  and under any applicable state securities laws or an opinion of
                  counsel
                  acceptable to the Company to the effect that the proposed transaction
                  will
                  be exempt from such registration. You agree to execute such instruments,
                  representations, acknowledgments and agreements as the Company
                  may, in its
                  sole discretion, deem advisable to avoid any violation of federal,
                  state,
                  local or foreign law, rule or regulation, or any securities exchange
                  rule
                  or listing agreement.

                 

              

      

       

       

      
        
          
          

        

        
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                (b) The
                  certificates for Shares to be issued to you hereunder shall bear
                  the
                  following legend:

                 

                “The
                  shares represented by this certificate have not been registered
                  under the
                  Securities Act of 1933, as amended, or under applicable state securities
                  laws. The shares have been acquired for investment and may not
                  be offered,
                  sold, transferred, pledged or otherwise disposed of without an
                  effective
                  registration statement under the Securities Act of 1933, as amended,
                  and
                  under any applicable state securities laws or an opinion of counsel
                  acceptable to the Company that the proposed transaction will be
                  exempt
                  from such registration.”

                 

              
	
                Stock
                  Dividend, Stock

                Split
                  and Similar Capital

                Changes

              	
                In
                  the event of any change in the outstanding shares of the Common
                  Stock of
                  the Company by reason of a stock dividend, stock split, combination
                  of
                  shares, recapitalization, merger, consolidation, transfer of assets,
                  reorganization, conversion or what the Administrator deems in its
                  sole
                  discretion to be similar circumstances, the number and kind of
                  shares
                  subject to this Agreement shall be appropriately adjusted in a
                  manner to
                  be determined in the sole discretion of the Administrator, whose
                  decision
                  shall be final, binding and conclusive in the absence of clear
                  and
                  convincing evidence of bad faith. Any shares of Common Stock or
                  other
                  securities received, as a result of the foregoing, by you with
                  respect to
                  the Restricted Shares shall be subject to the same restrictions
                  as the
                  Restricted Shares, the certificate or other instruments evidencing
                  such
                  shares of Common Stock or other securities shall be legended and
                  deposited
                  with the Company as provided above with respect to the Restricted
                  Shares,
                  and any cash dividends received with respect to such shares of
                  Common
                  Stock or other securities shall be accumulated as provided above
                  with
                  respect to the Restricted Shares.

                 

              
	
                Non-Transferability

              	
                Restricted
                  Shares are not transferable.

                 

              

      

       

       

      
        
          
          

        

        
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                No
                  Effect on

                Employment

              	
                Except
                  as otherwise provided in the Employment Agreement, nothing herein
                  shall
                  modify your status as an at-will employee of the Company or any
                  of its
                  Affiliates. Further, nothing herein guarantees you employment for
                  any
                  specified period of time. This means that, except as provided in
                  the
                  Employment Agreement, either you or the Company or any of its Affiliates
                  may terminate your employment at any time for any reason, with
                  or without
                  cause, or for no reason. You recognize that, for instance, you
                  may
                  terminate your employment or the Company or any of its Affiliates
                  may
                  terminate your employment prior to the date on which your Shares
                  become
                  vested.

                 

              
	
                No
                  Effect on

                Corporate
                  Authority

              	
                You
                  understand and agree that the existence of this Agreement will
                  not affect
                  in any way the right or power of the Company or its shareholders to make
                  or authorize any or all adjustments, recapitalizations, reorganizations,
                  or other changes in the Company’s capital structure or its business, or
                  any merger or consolidation of the Company, or any issuance of
                  bonds,
                  debentures, preferred or other stocks with preferences ahead of
                  or
                  convertible into, or otherwise affecting the common shares or the
                  rights
                  thereof, or the dissolution or liquidation of the Company, or any
                  sale or
                  transfer of all or any part of its assets or business, or any other
                  corporate act or proceeding, whether of a similar character or
                  otherwise.

                 

              
	
                Arbitration

              	
                Any
                  dispute or disagreement between you and the Company with respect
                  to any
                  portion of this Agreement (excluding Attachment A hereto) or its
                  validity,
                  construction, meaning, performance or your rights hereunder shall,
                  unless
                  the Company in its sole discretion determines otherwise, be settled
                  by
                  arbitration, at a location designated by the Company, in accordance
                  with
                  the Commercial Arbitration Rules of the American Arbitration Association
                  or its successor, as amended from time to time. However, prior
                  to
                  submission to arbitration you will attempt to resolve any disputes
                  or
                  disagreements with the Company over this Agreement amicably and
                  informally, in good faith, for a period not to exceed two weeks.
                  Thereafter, the dispute or disagreement will be submitted to arbitration.
                  At any time prior to a decision from the arbitrator(s) being rendered,
                  you
                  and the Company may resolve the dispute by settlement. You and
                  the Company
                  shall equally share the costs charged by the American Arbitration
                  Association or its successor, but you and the Company shall otherwise
                  be
                  solely responsible for your own respective counsel fees and expenses.
                  The
                  decision of the arbitrator(s) shall be made in writing, setting
                  forth the
                  award, the reasons for the decision and award and shall be binding
                  and
                  conclusive on you and the Company. Further, neither you nor the
                  Company
                  shall appeal any such award. Judgment of a court of competent jurisdiction
                  may be entered upon the award and may be enforced as such in accordance
                  with the provisions of the award.

                 

              
	
                Governing
                  Law

              	
                The
                  laws of the State of Delaware will govern all matters relating
                  to this
                  Agreement, without regard to the principles of conflict of
                  laws.

                 

              

      

       

       

      
        
          
          

        

        
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                Notices

              	
                Any
                  notice you give to the Company must be in writing and either
                  hand-delivered or mailed to the office of the Chief Executive Officer
                  of
                  the Company. If mailed, it should be addressed to the Chief Executive
                  Officer of the Company at its then main headquarters. Any notice
                  given to
                  you will be addressed to you at your address as reflected on the
                  personnel
                  records of the Company. You and the Company may change the address
                  for
                  notice by like notice to the other. Notice will be deemed to have
                  been
                  duly delivered when hand-delivered or, if mailed, on the day such
                  notice
                  is postmarked.

                 

              
	
                Agreement
                  Subject

                to
                  Plan;

                Entire
                  Agreement

              	
                This
                  Agreement shall be subject to the terms of the Plan in effect on
                  the date
                  hereof, which terms are hereby incorporated herein by reference
                  and made a
                  part hereof. This Agreement constitutes the entire understanding
                  between
                  the Company and you with respect to the subject matter hereof and
                  no
                  amendment, supplement or waiver of this Agreement, in whole or
                  in part,
                  shall be binding upon the Company unless in writing and signed
                  by the
                  President of the Company.

                 

              
	
                Conflicting
                  Terms

              	
                Wherever
                  a conflict may arise between the terms of this Agreement and the
                  terms of
                  the Plan in effect on the date hereof, the terms of the Plan will
                  control.

                 

              
	
                Attachment
                  A

              	
                In
                  consideration of the award to you of Restricted Shares, you hereby
                  agree
                  to the confidentiality and non-interference provisions set forth
                  in
                  Attachment A hereto.

              

      

      

      Please
        sign the copy of this Restricted Stock Agreement and return it to the Company’s
        Secretary, thereby indicating your understanding of and agreement with its
        terms
        and conditions, including
        Attachment A hereto.

       

      

      ICONIX
        BRAND GROUP, INC.

      

      

      

      By:                                            
                                  

      

       

      
 

      
        
          
          

        

        
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      ACKNOWLEDGMENT

      

      I
        hereby
        acknowledge receipt of a copy of the Plan. I hereby represent that I have
        read
        and understood the terms and conditions of the Plan and of the Restricted
        Stock
        Agreement, including
        Attachment A hereto.
        I
        hereby signify my understanding of, and my agreement with, the terms and
        conditions of the Plan and of the Restricted Stock Agreement, including
        Attachment A hereto.
        I agree
        to accept as binding, conclusive, and final all decisions or interpretations
        of
        the Administrator concerning any questions arising under the Plan with respect
        to this Restricted Stock Agreement. I accept this Restricted Stock Agreement
        in
        full satisfaction of any previous written or oral promise made to me by the
        Company or any of its Affiliates with respect to option or stock
        grants.

       

      Date:                              
                         

       

      

       

                                      
                                              

      DEBORAH
        SORELL STEHR

       

      

       

      
        
          
          

        

        
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      Attachment
        A to Restricted Stock Agreement

      

      Confidentiality
        and Non-Interference.

      

      (a) You
        covenant and agree that, in consideration of the award to you of Restricted
        Shares, you will not, during your employment with the Company or at any time
        thereafter, except with the express prior written consent of the Company
        or
        pursuant to the lawful order of any judicial or administrative agency of
        government, directly or indirectly, disclose, communicate or divulge to any
        individual or entity, or use for the benefit of any individual or entity,
        any
        knowledge or information with respect to the conduct or details of the Company’s
        business which you, acting reasonably, believe or should believe to be of
        a
        confidential nature and the disclosure of which not to be in the Company’s
        interest.

       

      (b) You
        covenant and agree that, in consideration of the award to you of Restricted
        Shares, you will not, during your employment with the Company, except with
        the
        express prior written consent of the Company, directly or indirectly, whether
        as
        employee, owner, partner, member, consultant, agent, director, officer,
        shareholder or in any other capacity, engage in or assist any individual
        or
        entity to engage in any act or action which you, acting reasonably, believe
        or
        should believe would be harmful or inimical to the interests of the
        Company.

       

      (c) You
        covenant and agree that, in consideration of the award to you of Restricted
        Shares, you will not, for a period of two years after your employment with
        the
        Company ceases for any reason whatsoever (whether voluntary or not), except
        with
        the express prior written consent of the Company, directly or indirectly,
        whether as employee, owner, partner, member, consultant, agent, director,
        officer, shareholder or in any other capacity, for your own account or for
        the
        benefit of any individual or entity, (i) solicit any customer of the Company
        for
        business which would result in such customer terminating their relationship
        with
        the Company; or (ii) solicit or induce any individual or entity which is
        an
        employee of the Company to leave the Company or to otherwise terminate their
        relationship with the Company.

       

      (d) The
        parties agree that any breach by you of any of the covenants or agreements
        contained in this Attachment A will result in irreparable injury to the Company
        for which money damages could not adequately compensate the Company and
        therefore, in the event of any such breach, the Company shall be entitled
        (in
        addition to any other rights and remedies which it may have at law or in
        equity)
        to have an injunction issued by any competent court enjoining and restraining
        you and/or any other individual or entity involved therein from continuing
        such
        breach. The existence of any claim or cause of action which you may have
        against
        the Company or any other individual or entity shall not constitute a defense
        or
        bar to the enforcement of such covenants. If the Company is obliged to resort
        to
        the courts for the enforcement of any of the covenants or agreements contained
        in this Attachment A, or if such covenants or agreements are otherwise the
        subject of litigation between the parties, and the Company prevails in such
        enforcement or litigation, then the term of such covenants and agreements
        shall
        be extended for a period of time equal to the period of such breach, which
        extension shall commence on the later of (a) the date on which the original
        (unextended) term of such covenants and agreements is scheduled to terminate
        or
        (b) the date of the final court order (without further right of appeal)
        enforcing such covenant or agreement.

       

      
        
          
          

        

        
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      (e) If
        any
        portion of the covenants or agreements contained in this Attachment A, or
        the
        application hereof, is construed to be invalid or unenforceable, the other
        portions of such covenant(s) or agreement(s) or the application thereof shall
        not be affected and shall be given full force and effect without regard to
        the
        invalid or unenforceable portions to the fullest extent possible. If any
        covenant or agreement in this Attachment A is held unenforceable because
        of the
        area covered, the duration thereof, or the scope thereof, then the court
        making
        such determination shall have the power to reduce the area and/or duration
        and/or limit the scope thereof, and the covenant or agreement shall then
        be
        enforceable in its reduced form.

       

      (f) For
        purposes of this Attachment A, the term “the Company” shall include the Company,
        any successor to the Company and all present and future direct and indirect
        subsidiaries and affiliates of the Company.

       

      

      
        
          
          

        

        
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