Document:

EX-10.8

 Exhibit 10.8 

 
 

 
 Bank of America, N.A. 
 c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 One Bryant Park 

New York, NY 10036 

							
	 Attention:
	  	        John Servidio	  		  	
	 Telephone:
	  	        646-855-6770	  		  	
	 Facsimile:
	  	        704-208-2869	  		  	
		  		  		  	February 13, 2013

  

							
	 To:
	  	 Molina Healthcare, Inc.	  		  	
		  	 200 Oceangate, Suite 100	  		  	
		  	 Long Beach, California 90802	  		  	

  

					
		 	Attention:	 	General Counsel
		 	Telephone No.:	 	(562) 435-3666
		 	Facsimile No.:	 	(916) 646-4572

  

							
				
	 Re:
	  	Additional Warrants	  		  	

 The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and
conditions of the Warrants issued by Molina Healthcare, Inc. (“Company”) to Bank of America, N.A. (“Dealer”) as of the Trade Date specified below (the “Transaction”). This letter
agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. This Confirmation shall replace any previous agreements and serve as the final documentation for the Transaction. 

The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as
published by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation
shall govern. 
 Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or
refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below.

 1. This Confirmation evidences a complete and binding agreement between Dealer and Company as to the terms of the Transaction to which this
Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Company had executed an agreement in such form
(but without any Schedule except for the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine)) on the Trade Date. In the event of any inconsistency between provisions of the Agreement and
this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by
the Agreement. 
 2. The Transaction is a Warrant Transaction, which shall be considered a Share Option Transaction for purposes of the Equity
Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows: 
 General Terms.

  

	 Trade Date: 
	February 13, 2013 

  

	 Effective Date: 
	The third Exchange Business Day immediately prior to the Premium Payment Date 

  

	 Warrants: 
	 Equity call warrants, each giving the holder the right to purchase a number of Shares equal to the Warrant Entitlement at a price per Share equal to the Strike Price, subject to the terms
set forth under the caption 

	 	 
“Settlement Terms” below. For the purposes of the Equity Definitions, each reference to a Warrant herein shall be deemed to be a reference to a Call Option.

  

	 Warrant Style: 
	European 

  

	 Seller: 
	Company 

  

	 Buyer: 
	Dealer 

  

	 Shares: 
	The common stock of Company, par value USD 0.001 per Share (Exchange symbol “MOH”) 

  

	 Number of Warrants: 
	1,152,802. For the avoidance of doubt, the Number of Warrants shall be reduced by any Warrants exercised or deemed exercised hereunder. In no event will the Number of Warrants be less than zero.

  

	 Warrant Entitlement: 
	One Share per Warrant 

  

	 Maximum Number of Shares: 
	For any day, 4,394,906 Shares, minus the aggregate number of Shares delivered prior to such day pursuant to (i) this Confirmation and (ii) any other substantially similar
confirmation for Warrants sold by Company to Dealer with a trade date within 16 days of the Trade Date and with expiration dates the same as the Expiration Dates. 

 

	 	Notwithstanding anything to the contrary in the Agreement, this Confirmation or the Equity Definitions, in no event shall the Maximum Number of Shares be subject to
adjustment, except for any adjustment pursuant to the terms of this Confirmation and the Equity Definitions in connection with a Potential Adjustment Event (as defined in Section 11.2(e) of the Equity Definitions and without any amendment
thereto pursuant to the terms of this Confirmation). 

  

	 Strike Price: 
	USD 53.8475 

  

	 Premium: 
	USD 6,415,454 

  

	 Premium Payment Date: 
	February 15, 2013 

  

	 Exchange: 
	The New York Stock Exchange 

  

	 Related Exchange(s): 
	All Exchanges 

 Procedures for Exercise.

  

	 Expiration Time: 
	The Valuation Time 

  

	 Expiration Dates: 
	 Each Scheduled Trading Day during the period from, and including, the First Expiration Date to, but excluding, the 160th Scheduled Trading Day following the First Expiration Date shall be an “Expiration Date” for a number of
Warrants equal to the Daily Number of Warrants on such date; provided that, notwithstanding anything to the contrary in the Equity Definitions, if any 

  
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such date is a Disrupted Day, the Calculation Agent shall make adjustments, if applicable, to the Daily Number of Warrants or shall reduce such Daily Number of Warrants to zero for which such day
shall be an Expiration Date and shall designate a Scheduled Trading Day or a number of Scheduled Trading Days as the Expiration Date(s) for the remaining Daily Number of Warrants or a portion thereof for the originally scheduled Expiration Date; and
provided further that if such Expiration Date has not occurred pursuant to this clause as of the eighth Scheduled Trading Day following the last scheduled Expiration Date under the Transaction, the Calculation Agent shall have the right to
declare such Scheduled Trading Day to be the final Expiration Date and the Calculation Agent shall determine its good faith estimate of the fair market value for the Shares as of the Valuation Time on that eighth Scheduled Trading Day or on any
subsequent Scheduled Trading Day, as the Calculation Agent shall determine using commercially reasonable means. 

  

	 First Expiration Date: 
	April 15, 2020 (or if such day is not a Scheduled Trading Day, the next following Scheduled Trading Day), subject to Market Disruption Event below. 

 

	 Daily Number of Warrants: 
	For any Expiration Date, the Number of Warrants that have not expired or been exercised as of such day, divided by the remaining number of Expiration Dates (including such day), rounded
down to the nearest whole number, subject to adjustment pursuant to the provisos to “Expiration Dates”. 

  

	 Automatic Exercise: 
	Applicable; and means that for each Expiration Date, a number of Warrants equal to the Daily Number of Warrants for such Expiration Date will be deemed to be automatically exercised at the
Expiration Time on such Expiration Date. 

  

	 Market Disruption Event: 
	Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) in its entirety with “(ii) an Exchange Disruption, or” and inserting immediately following
clause (iii) the phrase “; in each case that the Calculation Agent determines is material.” 

  

	 	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the words “Scheduled Closing Time” in the
fourth line thereof. 

 Valuation Terms. 

 

	 Valuation Time: 
	Scheduled Closing Time; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in good faith using its commercially
reasonable discretion. 

  

	 Valuation Date: 
	Each Exercise Date. 

  
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 Settlement Terms. 

 

	 Settlement Method: 
	Net Share Settlement. 

  

	 Net Share Settlement: 
	On the relevant Settlement Date, Company shall deliver to Dealer a number of Shares equal to the Share Delivery Quantity for such Settlement Date to the account specified herein free of payment
through the Clearance System, and Dealer shall be treated as the holder of record of such Shares at the time of delivery of such Shares or, if earlier, at 5:00 p.m. (New York City time) on such Settlement Date, and Company shall pay to Dealer cash
in lieu of any fractional Share based on the Settlement Price on the relevant Valuation Date. 

  

	 Share Delivery Quantity: 
	For any Settlement Date, a number of Shares, as calculated by the Calculation Agent, equal to the Net Share Settlement Amount for such Settlement Date divided by the Settlement Price on
the Valuation Date for such Settlement Date; provided that in no event shall the Share Delivery Quantity for any Settlement Date exceed the Maximum Number of Shares for such Settlement Date, minus the Share Delivery Quantity (as
defined in the letter agreement dated February 11, 2013 between Dealer and Company regarding Base Warrants (the “Base Warrant Confirmation”)), if any, for such Settlement Date. 

 

	 Net Share Settlement Amount: 
	For any Settlement Date, an amount equal to the product of (i) the number of Warrants exercised or deemed exercised on the relevant Exercise Date, (ii) the Strike Price
Differential for the relevant Valuation Date and (iii) the Warrant Entitlement. 

  

	 Settlement Price: 
	For any Valuation Date, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page MOH <equity> AQR (or any successor thereto)
in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time on such Valuation Date (or if such volume-weighted average price is unavailable, the market value of one Share on such Valuation Date, as
determined by the Calculation Agent). Notwithstanding the foregoing, if (i) any Expiration Date is a Disrupted Day and (ii) the Calculation Agent determines that such Expiration Date shall be an Expiration Date for fewer than the Daily
Number of Warrants, as described above, then the Settlement Price for the relevant Valuation Date shall be the volume-weighted average price per Share on such Valuation Date on the Exchange, as determined by the Calculation Agent based on such
sources as it deems appropriate using a volume-weighted methodology, for the portion of such Valuation Date for which the Calculation Agent determines there is no Market Disruption Event. 

  
 4 

	 Settlement Dates: 
	As determined pursuant to Section 9.4 of the Equity Definitions, subject to Section 9(k)(i) hereof. 

 

	 Other Applicable Provisions: 
	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be
read as references to “Net Share Settled.” “Net Share Settled” in relation to any Warrant means that Net Share Settlement is applicable to that Warrant. 

 

	 Representation and Agreement: 
	Notwithstanding Section 9.11 of the Equity Definitions, the parties acknowledge that any Shares delivered to Dealer may be, upon delivery, subject to restrictions and limitations arising
from Company’s status as issuer of the Shares under applicable securities laws. 

  

	3.	Additional Terms applicable to the Transaction. 

 Adjustments applicable to the Transaction: 
  

	 Method of Adjustment: 
	Calculation Agent Adjustment. For the avoidance of doubt, in making any adjustments under the Equity Definitions, the Calculation Agent may make adjustments, if any, to any one or more of the
Strike Price, the Number of Warrants, the Daily Number of Warrants and the Warrant Entitlement. Notwithstanding the foregoing, any cash dividends or distributions on the Shares, whether or not extraordinary, shall be governed by Section 9(f) of
this Confirmation in lieu of Article 10 or Section 11.2(c) of the Equity Definitions. 

 Extraordinary Events
applicable to the Transaction: 
  

	 New Shares: 
	Section 12.1(i) of the Equity Definitions is hereby amended (a) by deleting the text in clause (i) thereof in its entirety (including the word “and” following clause
(i)) and replacing it with the phrase “publicly quoted, traded or listed (or whose related depositary receipts are publicly quoted, traded or listed) on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
Market (or their respective successors)” and (b) by inserting immediately prior to the period the phrase “and (iii) of an entity or person that is a corporation organized under the laws of the United States, any State thereof or
the District of Columbia that also becomes Company under the Transaction following such Merger Event or Tender Offer”. 

 Consequence of Merger Events: 
  

	 Merger Event: 
	Applicable; provided that if an event occurs that constitutes both a Merger Event under Section 12.1(b) of the Equity Definitions and an Additional Termination Event under
Section 9(h)(ii)(B) of this Confirmation, Dealer may elect, in its commercially reasonable judgment, whether the provisions of Section 12.2 of the Equity Definitions or Section 9(h)(ii)(B) will apply. 

  
 5 

	 Share-for-Share: 
	Modified Calculation Agent Adjustment 

  

	 Share-for-Other: 
	Cancellation and Payment (Calculation Agent Determination) 

  

	 Share-for-Combined: 
	Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect, in its commercially reasonable judgment, Component Adjustment (Calculation Agent Determination)
for all or any portion of the Transaction. 

 Consequence of Tender Offers: 

 

	 Tender Offer: 
	Applicable; provided that if an event occurs that constitutes both a Tender Offer under Section 12.1(d) of the Equity Definitions and Additional Termination Event under
Section 9(h)(ii)(A) of this Confirmation, Dealer may elect, in its commercially reasonable judgment, whether the provisions of Section 12.3 of the Equity Definitions or Section 9(h)(ii)(A) will apply. 

 

	 Share-for-Share: 
	Modified Calculation Agent Adjustment 

  

	 Share-for-Other: 
	Modified Calculation Agent Adjustment 

  

	 Share-for-Combined: 
	Modified Calculation Agent Adjustment 

  

	 Announcement Event: 
	If an Announcement Date occurs in respect of a Merger Event (for the avoidance of doubt, determined without regard to the language in the definition of “Merger Event” following the
definition of “Reverse Merger” therein) or Tender Offer (such occurrence, an “Announcement Event”), then on the earliest of the Expiration Date, Early Termination Date or other date of cancellation (the
“Announcement Event Adjustment Date”) in respect of each Warrant, the Calculation Agent will determine the economic effect on such Warrant of the Announcement Event (regardless of whether the Announcement Event actually results in a
Merger Event or Tender Offer, and taking into account such factors as the Calculation Agent may determine, including, without limitation, changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or the
Transaction whether prior to or after the Announcement Event or for any period of time, including, without limitation, the period from the Announcement Event to the relevant Announcement Event Adjustment Date). If the Calculation Agent determines
that such economic effect on any Warrant is material, then on the Announcement Event Adjustment Date for such Warrant, the Calculation Agent may make such adjustment to the exercise, settlement, payment or any other terms of such Warrant as the
Calculation Agent determines appropriate to account for such economic effect, which adjustment shall be effective immediately prior to the exercise, termination or cancellation of such Warrant, as the case may be. 

 

	 Announcement Date: 
	 The definition of “Announcement Date” in Section 12.1 of the Equity Definitions is hereby amended by (i) replacing the words “a firm” with the word
“any” in the second and fourth 

  
 6 

	 	 
lines thereof, (ii) replacing the word “leads to the” with the words “, if completed, would lead to a” in the third and the fifth lines thereof, (iii) replacing the
words “voting shares” with the word “Shares” in the fifth line thereof, and (iv) inserting the words “by any entity” after the word “announcement” in the second and the fourth lines thereof.

  

	 Nationalization, Insolvency or Delisting: 
	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a
Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective
successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall
thereafter be deemed to be the Exchange. 

 Additional Disruption Events: 

 

	 Change in Law: 
	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the word “Shares” with the phrase “Hedge
Positions” in clause (X) thereof and (ii) inserting the parenthetical “(including, for the avoidance of doubt and without limitation, adoption, effectiveness or promulgation of new regulations authorized or mandated by existing
statute)” at the end of clause (A) thereof. 

  

	 Failure to Deliver: 
	Not Applicable 

  

	 Insolvency Filing: 
	Applicable 

  

	 Hedging Disruption: 
	Applicable; provided that: 

  

	 	(i)	Section 12.9(a)(v) of the Equity Definitions is hereby amended by (a) inserting the following words at the end of clause (A) thereof: “in the manner
contemplated by the Hedging Party on the Trade Date” and (b) inserting the following two phrases at the end of such Section: 

 “For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt,
any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms.”; and 
  

	 	(ii)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”,
the words “or a portion of the Transaction affected by such Hedging Disruption”. 

  
 7 

					
			
	    Increased Cost of Hedging:	 		  	Applicable
			
	    Loss of Stock Borrow:	 		  	Applicable
			
	          Maximum Stock Loan Rate:	 		  	100 basis points
			
	    Incresed Cost of Stock Borrow:	 		  	Applicable
			
	          Initial Stock Loan Rate:	 		  	25 basis points
			
	    Hedging Party:	 		  	For all applicable Additional Disruption Events, Dealer.
			
	Determining Party:	 		  	For all applicable Extraordinary Events, Dealer.
			
	Non-Reliance:	 		  	Applicable
			
	Agreements and Acknowledgments	 		  	
	Regarding Hedging Activities:	 		  	Applicable
			
	Additional Acknowledgments:	 		  	Applicable

  

	4.	Calculation Agent.
                            Dealer 

 

	5.	Account Details. 

  

	 	(a)	Account for payments to Company: To Be Advised. 

 Account for delivery of Shares from Company: To Be Advised. 
  

	 	(b)	Account for payments to Dealer: 

Bank of America, N.A. 
 New York, NY 
 SWIFT: BOFAUS3N 

Bank Routing: 026-009-593 
 Account Name: Bank of America 
 Account No. : 0012334-61892 

 

	6.	Offices. 

  

	 	(a)	The Office of Company for the Transaction is: Inapplicable, Company is not a Multibranch Party. 

 

	 	(b)	The Office of Dealer for the Transaction is: New York 

 Bank of America, N.A. 
 c/o Merrill Lynch, Pierce, Fenner & Smith
Incorporated 
 One Bryant Park 
 New York, NY 10036 
 Attention:
            John Servidio 
 Telephone:
          646-855-7127 
 Facsimile:
           704-208-2869 
  

	7.	Notices. 

  

	 	(a)	Address for notices or communications to Company: 

  
 8 

 Molina Healthcare, Inc. 

200 Oceangate, Suite 100 
 Long Beach, California 90802 

																	
	 Attention:
	  	General Counsel	  		  		  		  		  		  	
	 Telephone No.:
	  	(562) 435-3666	  		  		  		  		  		  	
	 Facsimile No.:
	  	(916) 646-4572	  		  		  		  		  		  	

  

	 	(b)	Address for notices or communications to Dealer: 

 To:                      Bank of America, N.A. 

                       
     c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated 

                       
     One Bryant Park 

                       
     New York, NY 10036 

Attention:            John Servidio 

Telephone:          646-855-7127 

Facsimile:           704-208-2869 

 

	8.	Representations and Warranties of Company. 

 Each of the representations and warranties of Company set forth in Section 3 of the Purchase Agreement (the “Purchase Agreement”), dated as of February 11, 2013, among Company
and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the Initial Purchasers party thereto (the “Initial Purchasers”), other than the representations set forth in
Section 3(o), Section 3(r) and Section 3(s) of the Purchase Agreement, in each case, as such representations relate to the Transaction, are true and correct and are hereby deemed to be repeated to Dealer as if set forth herein.
Company hereby further represents and warrants to Dealer on the date hereof, on and as of the Premium Payment Date and, in the case of the representations in Section 8(d), at all times until termination of the Transaction, that: 

 

	 	(a)	Company has all necessary corporate power and authority to execute, deliver and perform its obligations in respect of the Transaction; such execution, delivery and
performance have been duly authorized by all necessary corporate action on Company’s part; and this Confirmation has been duly and validly executed and delivered by Company and constitutes its valid and binding obligation, enforceable against
Company in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to
general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and contribution
hereunder may be limited by federal or state securities laws or public policy relating thereto. 

  

	 	(b)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations of Company hereunder will conflict with or result in a breach
of the certificate of incorporation or by-laws (or any equivalent documents) of Company, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority or agency, or any agreement or instrument
to which Company or any of its subsidiaries is a party or by which Company or any of its subsidiaries is bound or to which Company or any of its subsidiaries is subject, or constitute a default under, or result in the creation of any lien under, any
such agreement or instrument. 

  

	 	(c)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court is required in connection with the execution, delivery or
performance by Company of this Confirmation, except such as have been obtained or made and such as may be required under the Securities Act of 1933, as amended (the “Securities Act”) or state securities laws.

  

	 	(d)	 A number of Shares equal to the Maximum Number of Shares (the “Warrant Shares”) have been reserved for issuance by all required
corporate action of Company. The Warrant Shares have been duly authorized and, when delivered against payment therefor (which may include Net Share 

  
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Settlement in lieu of cash) and otherwise as contemplated by the terms of the Warrants following the exercise of the Warrants in accordance with the terms and conditions of the Warrants, will be
validly issued, fully-paid and non-assessable, and the issuance of the Warrant Shares will not be subject to any preemptive or similar rights. 

  

	 	(e)	Company is not and, after consummation of the transactions contemplated hereby, will not be required to register as an “investment company” as such term is
defined in the Investment Company Act of 1940, as amended. 

  

	 	(f)	Company is an “eligible contract participant” (as such term is defined in Section 1a(18) of the Commodity Exchange Act, as amended, other than a person
that is an eligible contract participant under Section 1a(18)(C) of the Commodity Exchange Act). 

  

	 	(g)	Company and each of its affiliates is not, on the date hereof, in possession of any material non-public information with respect to Company. 

 

	 	(h)	No state or local (including any non-U.S. jurisdiction’s) law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting,
consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares. 

 

	 	(i)	Company (A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a
security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (C) has total assets of at
least $50 million. 

  

	9.	Other Provisions. 

  

	 	(a)	Opinions. Company shall deliver to Dealer an opinion of counsel, dated as of the Trade Date, with respect to the matters set forth in Sections 8(a)
through (d) of this Confirmation. Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii) of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the
Agreement. 

  

	 	(b)	 Repurchase Notices. Company shall, on any day on which Company effects any repurchase of Shares, promptly give Dealer a written notice of
such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number of outstanding Shares on such day, subject to any adjustments provided herein, is (i) less than 45,295,973 (in the case of the first
such notice) or (ii) thereafter more than 1,390,754 less than the number of Shares included in the immediately preceding Repurchase Notice. Company agrees to indemnify and hold harmless Dealer and its affiliates and their respective officers,
directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence of
becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the
Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person actually may become subject to, as a result of Company’s failure to provide Dealer
with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such Indemnified Persons for any reasonable legal or other expenses incurred in connection with
investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or
asserted against the Indemnified Person, such Indemnified Person shall promptly notify Company in writing, and Company, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the
Indemnified Person and any others Company may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. Company shall not be liable for any settlement of any proceeding effected without its

  
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written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Company agrees to indemnify any Indemnified Person from and against any loss or liability by
reason of such settlement or judgment. Company shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a
party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms
reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then
Company under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for
in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain
operative and in full force and effect regardless of the termination of the Transaction. 

  

	 	(c)	Regulation M. Company is not on the Trade Date engaged in a distribution, as such term is used in Regulation M under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), of any securities of Company, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M. Company shall not, until the second
Scheduled Trading Day immediately following the Effective Date, engage in any such distribution. 

  

	 	(d)	No Manipulation. Company is not entering into the Transaction to create actual or apparent trading activity in the Shares (or any security convertible
into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in violation of the Exchange Act. 

 

	 	(e)	 Transfer or Assignment. Company may not transfer any of its rights or obligations under the Transaction without the prior written consent
of Dealer. Dealer may, without Company’s consent, transfer or assign all or any part of its rights or obligations under the Transaction to any third party. If at any time at which (A) the Section 16 Percentage exceeds 7.5%,
(B) the Warrant Equity Percentage exceeds 16.3%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”),
Dealer is unable after using its commercially reasonable efforts to effect a transfer or assignment of Warrants to a third party on pricing terms reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no
Excess Ownership Position exists, then Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), such that following such partial termination
no Excess Ownership Position exists. In the event that Dealer so designates an Early Termination Date with respect to a Terminated Portion, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date
had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Warrants equal to the number of Warrants underlying the Terminated Portion, (2) Company were the sole Affected Party with respect to such
partial termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(j) shall apply to any amount that is payable by Company to Dealer pursuant to this sentence
as if Company was not the Affected Party). The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and each person subject to
aggregation of Shares with Dealer under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and
rules promulgated thereunder) and (B) the denominator of which is the number of Shares outstanding. The “Warrant Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is
the sum of (1) the product of the Number of Warrants and the Warrant Entitlement and (2) the aggregate number of Shares underlying any other warrants purchased by Dealer from Company, and (B) the denominator of

  
 11 

	 	
which is the number of Shares outstanding. The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with
that of Dealer (Dealer or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or organizational documents or contracts of Company that are, in each case, applicable to ownership of Shares
(“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Dealer in its
reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining
prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of
Shares outstanding. Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or to make or receive any payment in cash, to or from
Company, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and
any such designee may assume such obligations. Dealer shall be discharged of its obligations to Company to the extent of any such performance. 

  

	 	(f)	Dividends. If at any time during the period from and including the Effective Date, to and including the last Expiration Date, an ex-dividend date for a
cash dividend occurs with respect to the Shares (an “Ex-Dividend Date”), then the Calculation Agent will adjust any of the Strike Price, Number of Warrants, Daily Number of Warrants and/or any other variable relevant to the
exercise, settlement or payment of the Transaction to preserve the fair value of the Warrants to Dealer after taking into account such dividend. 

  

	 	(g)	Designation by Dealer. Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or
deliver any Shares or other securities to or from Company, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such shares or other securities and otherwise to perform Dealer obligations in respect of the Transaction and
any such designee may assume such obligations. Dealer shall be discharged of its obligations to Company to the extent of any such performance. 

  

	 	(h)	Additional Provisions. 

  

	 	(i)	Amendments to the Equity Definitions: 

  

	 	(A)	Section 11.2(a) of the Equity Definitions is hereby amended by deleting the words “a diluting or concentrative” and replacing them with the words
“an”; and adding the phrase “or Warrants” at the end of the sentence. 

  

	 	(B)	Section 11.2(c) of the Equity Definitions is hereby amended by (w) replacing the words “a diluting or concentrative” with “an” in the
fifth line thereof, (x) adding the phrase “or Warrants” after the words “the relevant Shares” in the same sentence, (y) deleting the words “diluting or concentrative” in the sixth to last line thereof and
(z) deleting the phrase “(provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing it with the phrase
“(and, for the avoidance of doubt, adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares).” 

 

	 	(C)	Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “a diluting or concentrative” and replacing them with the word
“a material”; and adding the phrase “or Warrants” at the end of the sentence. 

  
 12 

	 	(D)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the fourth line thereof the word “or” after the word
“official” and inserting a comma therefor, and (2) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) at Dealer’s option, the occurrence of any of the
events specified in Section 5(a)(vii) (1) through (9) of the ISDA Master Agreement with respect to that Issuer.” 

  

	 	(E)	Section 12.9(b)(iv) of the Equity Definitions is hereby amended by: 

  

	 	(x)	deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection (A) and (3) the phrase “in each
case” in subsection (B); and 

  

	 	(y)	replacing the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares” with the phrase “such Lending Party does not lend Shares” in
the penultimate sentence. 

  

	 	(F)	Section 12.9(b)(v) of the Equity Definitions is hereby amended by: 

  

	 	(x)	adding the word “or” immediately before subsection “(B)” and deleting the comma at the end of subsection (A); and 

 

	 	(y)	(1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately preceding subsection (C), (3) deleting the penultimate
sentence in its entirety and replacing it with the sentence “The Hedging Party will determine the Cancellation Amount payable by one party to the other.” and (4) deleting clause (X) in the final sentence.

  

	 	(ii)	Notwithstanding anything to the contrary in this Confirmation, upon the occurrence of one of the following events, with respect to the Transaction, (1) Dealer
shall have the right to designate such event an Additional Termination Event and designate an Early Termination Date pursuant to Section 6(b) of the Agreement, (2) Company shall be deemed the sole Affected Party with respect to such
Additional Termination Event and (3) the Transaction, or, at the election of Dealer in its sole discretion, any portion of the Transaction, shall be deemed the sole Affected Transaction; provided that if Dealer so designates an Early
Termination Date with respect to a portion of the Transaction, (a) a payment shall be made pursuant to Section 6 of the Agreement as if an Early Termination Date had been designated in respect of a Transaction having terms identical to the
Transaction and a Number of Warrants equal to the number of Warrants included in the terminated portion of the Transaction, and (b) for the avoidance of doubt, the Transaction shall remain in full force and effect except that the Number of
Warrants shall be reduced by the number of Warrants included in such terminated portion: 

  

	 	(A)	A “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than Company, its subsidiaries or its and their employee
benefit plans, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the
common equity of Company representing more than 50% of the voting power of such common equity. 

  

	 	(B)	 Consummation of (I) any recapitalization, reclassification or change of the Shares (other than changes resulting from a subdivision or
combination) as a result of which the Shares would be converted into, or exchanged for, stock, other securities, other property or assets or (II) any share exchange, consolidation or merger of Company pursuant to which the Shares will be converted
into cash, securities or other property or (III) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of 

  
 13 

	 	
the consolidated assets of Company and its subsidiaries, taken as a whole, to any person other than one of Company’s subsidiaries. Notwithstanding the foregoing, any transaction or
transactions set forth in this clause (B) shall not constitute an Additional Termination Event if (x) at least 90% of the consideration received or to be received by holders of the Shares, excluding cash payments for fractional Shares, in
connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors)
or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions, and (y) as a result of such transaction or transactions, the Shares will consist of such consideration, excluding cash payments for
fractional Shares. 

  

	 	(C)	Company’s shareholders approve any plan or proposal for the liquidation or dissolution of Company. 

 

	 	(D)	Default by Company or any of its subsidiaries with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be
secured or evidenced, any indebtedness for money borrowed in excess of $15 million in the aggregate of Company and/or any such subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness
becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise.

  

	 	(E)	A final judgment for the payment of $15 million or more (excluding any amounts covered by insurance) rendered against Company or any of its subsidiaries, which judgment
is not discharged or stayed within 60 days after (I) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (II) the date on which all rights to appeal have been extinguished. 

 

	 	(F)	Dealer, despite using commercially reasonable efforts, is unable or reasonably determines that it is impractical or illegal, to hedge its exposure with respect to the
Transaction in the public market without registration under the Securities Act or as a result of any legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are
imposed by law or have been voluntarily adopted by Dealer). 

  

	 	(G)	 On any day during the period from and including the Trade Date, to and including the final Expiration Date, (I) the Notional Unwind Shares (as
defined below) as of such day exceeds a number of Shares equal to 60% of the Maximum Number of Shares, or (II) Company makes a public announcement of any transaction or event that, in the reasonable opinion of Dealer would, upon consummation of such
transaction or upon the occurrence of such event, as applicable, and after giving effect to any applicable adjustments hereunder, cause the Notional Unwind Shares immediately following the consummation of such transaction or the occurrence of such
event to exceed a number of Shares equal to 60% of the Maximum Number of Shares. The “Notional Unwind Shares” as of any day is a number of Shares equal to (1) the amount that would be payable pursuant to Section 6 of the
Agreement (determined as of such day as if an Early Termination Date had been designated in respect of the Transaction and as if Company were the sole Affected Party and the Transaction were the sole Affected Transaction), divided by
(2) the Settlement Price (determined as if such day were a Valuation Date). For the purposes of this clause (G), the Share Delivery Quantity shall be deemed to include the “Share Delivery Quantity” (as

  
 14 

	 	
defined in the Base Warrant Confirmation) and the terms set forth above for determining the Share Delivery Quantity shall apply mutatis mutandis for the purposes of determining the “Share
Delivery Quantity” under the Base Warrant Confirmation. 

  

	 	(H)	If Company has not obtained Shareholder Approval prior to February 11, 2014 (the “Approval Deadline”). For the avoidance of doubt, if Company has
not obtained Shareholder Approval prior to the Approval Deadline, Dealer shall have right to designate an Early Termination Date in connection with the Additional Termination Event set forth in this clause (H) on any day from, and including,
the Approval Deadline to, and including, the earlier of (x) the date on which Company obtains Shareholder Approval and (y) the final Expiration Date. 

 

	 	(i)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other agreement between the parties to the contrary, the obligations of
Company hereunder are not secured by any collateral. Obligations under the Transaction shall not be set off by Company against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement
between the parties hereto, by operation of law or otherwise. Any provision in the Agreement with respect to the satisfaction of Company’s payment obligations to the extent of Dealer’s payment obligations to Company in the same currency
and in the same Transaction (including, without limitation Section 2(c) thereof) shall not apply to Company and, for the avoidance of doubt, Company shall fully satisfy such payment obligations notwithstanding any payment obligation to Company
by Dealer in the same currency and in the same Transaction. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, (1) separate amounts shall be calculated as set forth in
such Section 6(e) with respect to (a) the Transaction and (b) all other Transactions, and (2) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement. For the avoidance of doubt and
notwithstanding anything to the contrary provided in this Section 9(i), in the event of bankruptcy or liquidation of either Company or Dealer, neither party shall have the right to set off any obligation that it may have to the other party
under the Transaction against any obligation such other party may have to it, whether arising under the Agreement, this Confirmation or any other agreement between the parties hereto, by operation of law or otherwise. 

 

	 	(j)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. 

 

	 	(i)	If, in respect of the Transaction, an amount is payable by Company to Dealer, (A) pursuant to Section 12.7 or Section 12.9 of the Equity Definitions or
(B) pursuant to Section 6(d)(ii) of the Agreement (any such amount, a “Payment Obligation”), Company shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below), unless (a) Company
gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization,
Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply, (b) Company remakes the representation set forth in Section 8(g) as of the
date of such election and (c) Dealer agrees, in its sole discretion, to such election, in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of the
Agreement, as the case may be, shall apply. 

  

	   Share Termination Alternative: 
	 If applicable, Company shall deliver to Dealer the Share Termination Delivery Property on the date (the “Share Termination Payment Date”) on which the Payment Obligation
would otherwise be due pursuant to Section 12.7 or Section 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable, subject to Section 9(k)(i) below, in

  
 15 

	 	 
satisfaction, subject to Section 9(k)(ii) below, of the relevant Payment Obligation, in the manner reasonably requested by Dealer free of payment. 

 

	 Share Termination Delivery Property: 
	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the relevant Payment Obligation divided by the Share Termination Unit Price. The Calculation
Agent shall adjust the amount of Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share
Termination Unit Price (without giving effect to any discount pursuant to Section 9(k)(i)). 

  

	 Share Termination Unit Price: 
	The value to Dealer of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as
determined by the Calculation Agent in its good faith discretion by commercially reasonable means. In the case of a Private Placement of Share Termination Delivery Units that are Restricted Shares (as defined below), as set forth in
Section 9(k)(i) below, the Share Termination Unit Price shall be determined by the discounted price applicable to such Share Termination Delivery Units. In the case of a Registration Settlement of Share Termination Delivery Units that are
Restricted Shares (as defined below) as set forth in Section 9(k)(ii) below, notwithstanding the foregoing, the Share Termination Unit Price shall be the Settlement Price on the Merger Date, Tender Offer Date, Announcement Date (in the case of
a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable. The Calculation Agent shall notify Company of the Share Termination Unit Price at the time of notification of such Payment Obligation to
Company or, if applicable, at the time the discounted price applicable to the relevant Share Termination Units is determined pursuant to Section 9(k)(i). 

 

	 Share Termination Delivery Unit: 
	 One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event
(any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration
in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event. If such Nationalization, Insolvency or Merger Event involves a choice of Exchange

  
 16 

	 	 
Property to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash. 

 

	 Failure to Deliver: 
	Inapplicable 

  

	 Other applicable provisions: 
	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.11 and 9.12 (as modified above) of the Equity Definitions will be applicable, except that all references in
such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share
Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction. 

  

	 	(ii)	Notwithstanding anything to the contrary in this Confirmation, any Payment Obligation under this Confirmation shall, for all purposes, be calculated as if the Maximum
Number of Shares were equal to two times the product of the Number of Warrants and the Warrant Entitlement (without regard to the limitations on adjustment set forth in the second paragraph opposite the caption “Maximum Number of Shares”
in Section 2) but any deliveries under Section 9(j)(i) shall be limited to the Maximum Number of Shares as defined in Section 2 hereof. 

  

	 	(k)	Registration/Private Placement Procedures. If, in the reasonable opinion of Dealer, following any delivery of Shares or Share Termination Delivery
Property to Dealer hereunder, such Shares or Share Termination Delivery Property would be in the hands of Dealer subject to any applicable restrictions with respect to any registration or qualification requirement or prospectus delivery requirement
for such Shares or Share Termination Delivery Property pursuant to any applicable federal or state securities law (including, without limitation, any such requirement arising under Section 5 of the Securities Act as a result of such Shares or
Share Termination Delivery Property being “restricted securities”, as such term is defined in Rule 144 under the Securities Act, or as a result of the sale of such Shares or Share Termination Delivery Property being subject to paragraph
(c) of Rule 145 under the Securities Act) (such Shares or Share Termination Delivery Property, “Restricted Shares”), then delivery of such Restricted Shares shall be effected pursuant to either clause (i) or
(ii) below at the election of Company, unless Dealer waives the need for registration/private placement procedures set forth in (i) and (ii) below. Notwithstanding the foregoing, solely in respect of any Daily Number of Warrants
exercised or deemed exercised on any Expiration Date, Company shall elect, prior to the first Settlement Date for the first applicable Expiration Date, a Private Placement Settlement or Registration Settlement for all deliveries of Restricted Shares
for all such Expiration Dates which election shall be applicable to all remaining Settlement Dates for such Warrants and the procedures in clause (i) or clause (ii) below shall apply for all such delivered Restricted Shares on an aggregate
basis commencing after the final Settlement Date for such Warrants. The Calculation Agent shall make reasonable adjustments to settlement terms and provisions under this Confirmation to reflect a single Private Placement or Registration Settlement
for such aggregate Restricted Shares delivered hereunder. 

  

	 	(i)	 If Company elects to settle the Transaction pursuant to this clause (i) (a “Private Placement Settlement”), then delivery of
Restricted Shares by Company shall be effected in customary private placement procedures with respect to such Restricted Shares reasonably acceptable to Dealer; provided that Company may not elect a Private Placement Settlement if, on the
date of its election, it has taken, or caused to be taken, any action that would make unavailable either the exemption pursuant to Section 4(2) of the Securities Act for the sale by Company to Dealer (or any affiliate designated by Dealer) of
the Restricted Shares or the exemption pursuant to Section 4(1) or Section 4(3) 

  
 17 

	 	
of the Securities Act for resales of the Restricted Shares by Dealer (or any such affiliate of Dealer). The Private Placement Settlement of such Restricted Shares shall include customary
representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Restricted Shares by Dealer), opinions and certificates, and such other
documentation as is customary for private placement agreements, all reasonably acceptable to Dealer. In the case of a Private Placement Settlement, Dealer shall determine the appropriate discount to the Share Termination Unit Price (in the case of
settlement of Share Termination Delivery Units pursuant to Section 9(j) above) or any Settlement Price (in the case of settlement of Shares pursuant to Section 2 above) applicable to such Restricted Shares in a commercially reasonable
manner and appropriately adjust the number of such Restricted Shares to be delivered to Dealer hereunder. Notwithstanding anything to the contrary in the Agreement or this Confirmation, the date of delivery of such Restricted Shares shall be the
Exchange Business Day following notice by Dealer to Company, of such applicable discount and the number of Restricted Shares to be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted Shares shall be due as set
forth in the previous sentence and not be due on the Share Termination Payment Date (in the case of settlement of Share Termination Delivery Units pursuant to Section 9(j) above) or on the Settlement Date for such Restricted Shares (in the case
of settlement in Shares pursuant to Section 2 above). 

  

	 	(ii)	 If Company elects to settle the Transaction pursuant to this clause (ii) (a “Registration Settlement”), then Company shall
promptly (but in any event no later than the beginning of the Resale Period) file and use its reasonable best efforts to make effective under the Securities Act a registration statement or supplement or amend an outstanding registration statement in
form and substance reasonably satisfactory to Dealer, to cover the resale of such Restricted Shares in accordance with customary resale registration procedures, including covenants, conditions, representations, underwriting discounts (if
applicable), commissions (if applicable), indemnities due diligence rights, opinions and certificates, and such other documentation as is customary for equity resale underwriting agreements, all reasonably acceptable to Dealer. If Dealer, in its
sole reasonable discretion, is not satisfied with such procedures and documentation Private Placement Settlement shall apply. If Dealer is satisfied with such procedures and documentation, it shall sell the Restricted Shares pursuant to such
registration statement during a period (the “Resale Period”) commencing on the Exchange Business Day following delivery of such Restricted Shares (which, for the avoidance of doubt, shall be (x) the Share Termination Payment
Date in case of settlement in Share Termination Delivery Units pursuant to Section 9(j) above or (y) the Settlement Date in respect of the final Expiration Date for all Daily Number of Warrants) and ending on the earliest of (i) the
Exchange Business Day on which Dealer completes the sale of all Restricted Shares or, in the case of settlement of Share Termination Delivery Units, a sufficient number of Restricted Shares so that the realized net proceeds of such sales equals or
exceeds the Payment Obligation (as defined above), (ii) the date upon which all Restricted Shares have been sold or transferred pursuant to Rule 144 (or similar provisions then in force) or Rule 145(d)(2) (or any similar provision then in
force) under the Securities Act and (iii) the date upon which all Restricted Shares may be sold or transferred by a non-affiliate pursuant to Rule 144 (or any similar provision then in force) or Rule 145(d)(2) (or any similar provision then in
force) under the Securities Act. If the Payment Obligation exceeds the realized net proceeds from such resale, Company shall transfer to Dealer by the open of the regular trading session on the Exchange on the Exchange Trading Day immediately
following such resale the amount of such excess (the “Additional Amount”) in cash or in a number of Shares (“Make-whole Shares”) in an amount that, based on the Settlement Price on such day (as if such day was the
“Valuation Date” for purposes of computing such Settlement Price), has a dollar value equal to the Additional Amount. The Resale Period shall continue to enable the sale of the Make-whole Shares. If Company elects to pay the Additional
Amount in Shares, the requirements and 

  
 18 

	 	
provisions for Registration Settlement shall apply. This provision shall be applied successively until the Additional Amount is equal to zero. In no event shall Company deliver a number of
Restricted Shares greater than the Maximum Number of Shares. 

  

	 	(iii)	Without limiting the generality of the foregoing, Company agrees that (A) any Restricted Shares delivered to Dealer may be transferred by and among Dealer and its
affiliates and Company shall effect such transfer without any further action by Dealer and (B) after the period of 6 months from the Trade Date (or 1 year from the Trade Date if, at such time, informational requirements of Rule 144(c) under the
Securities Act are not satisfied with respect to Company) has elapsed in respect of any Restricted Shares delivered to Dealer, Company shall promptly remove, or cause the transfer agent for such Restricted Shares to remove, any legends referring to
any such restrictions or requirements from such Restricted Shares upon request by Dealer (or such affiliate of Dealer) to Company or such transfer agent, without any requirement for the delivery of any certificate, consent, agreement, opinion of
counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other action by Dealer (or such affiliate of Dealer). Notwithstanding anything to the contrary herein, to the extent the provisions of Rule 144 of
the Securities Act or any successor rule are amended, or the applicable interpretation thereof by the Securities and Exchange Commission or any court change after the Trade Date, the agreements of Company herein shall be deemed modified to the
extent necessary, in the opinion of outside counsel of Company, to comply with Rule 144 of the Securities Act, as in effect at the time of delivery of the relevant Shares or Share Termination Delivery Property. 

 

	 	(iv)	If the Private Placement Settlement or the Registration Settlement shall not be effected as set forth in clauses (i) or (ii), as applicable, then failure to effect
such Private Placement Settlement or such Registration Settlement shall constitute an Event of Default with respect to which Company shall be the Defaulting Party. 

 

	 	(l)	Limit on Beneficial Ownership. Notwithstanding any other provisions hereof, Dealer may not exercise any Warrant hereunder or be entitled to take delivery
of any Shares deliverable hereunder, and Automatic Exercise shall not apply with respect to any Warrant hereunder, to the extent (but only to the extent) that, after such receipt of any Shares upon the exercise of such Warrant or otherwise hereunder
and after taking into account any Shares deliverable to Dealer under the Base Warrant Confirmation, (i) the Section 16 Percentage would exceed 7.5%, or (ii) the Share Amount would exceed the Applicable Share Limit. Any purported
delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery and after taking into account any Shares deliverable to Dealer under the Base Warrant Confirmation, (i) the Section 16
Percentage would exceed 7.5%, or (ii) the Share Amount would exceed the Applicable Share Limit. If any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of this provision, Company’s obligation to make such
delivery shall not be extinguished and Company shall make such delivery as promptly as practicable after, but in no event later than one Business Day after, Dealer gives notice to Company that, after such delivery, (i) the Section 16
Percentage would not exceed 7.5%, and (ii) the Share Amount would not exceed the Applicable Share Limit. 

  

	 	(m)	Share Deliveries. Notwithstanding anything to the contrary herein, Company agrees that any delivery of Shares or Share Termination Delivery Property shall
be effected by book-entry transfer through the facilities of DTC, or any successor depositary, if at the time of delivery, such class of Shares or class of Share Termination Delivery Property is in book-entry form at DTC or such successor
depositary. 

  

	 	(n)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any
suit, action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of such a suit,
action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided
herein. 

  
 19 

	 	(o)	Tax Disclosure. Effective from the date of commencement of discussions concerning the Transaction, Company and each of its employees, representatives, or
other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Company relating
to such tax treatment and tax structure. 

  

	 	(p)	Maximum Share Delivery. 

  

	 	(i)	Notwithstanding any other provision of this Confirmation, the Agreement or the Equity Definitions, in no event will Company at any time be required to deliver a number
of Shares greater than the Maximum Number of Shares to Dealer in connection with the Transaction after taking into account any Shares deliverable to Dealer under the Base Warrant Confirmation. 

 

	 	(ii)	In the event Company shall not have delivered to Dealer the full number of Shares or Restricted Shares otherwise deliverable by Company to Dealer pursuant to the terms
of the Transaction because Company has insufficient authorized but unissued Shares (such deficit, the “Deficit Shares”), Company shall be continually obligated to deliver, from time to time, Shares or Restricted Shares, as the case
may be, to Dealer until the full number of Deficit Shares have been delivered pursuant to this Section 9(p)(ii), when, and to the extent that, (A) Shares are repurchased, acquired or otherwise received by Company or any of its subsidiaries
after the Trade Date (whether or not in exchange for cash, fair value or any other consideration), (B) authorized and unissued Shares previously reserved for issuance in respect of other transactions become no longer so reserved or
(C) Company additionally authorizes any unissued Shares that are not reserved for other transactions; provided that in no event shall Company deliver any Shares or Restricted Shares to Dealer pursuant to this Section 9(p)(ii) to the
extent that such delivery would cause the aggregate number of Shares and Restricted Shares delivered to Dealer to exceed the Maximum Number of Shares. Company shall immediately notify Dealer of the occurrence of any of the foregoing events
(including the number of Shares subject to clause (A), (B) or (C) and the corresponding number of Shares or Restricted Shares, as the case may be, to be delivered) and promptly deliver such Shares or Restricted Shares, as the case may be,
thereafter. 

  

	 	(q)	Shareholder Approval. Company shall use its reasonable best efforts to seek approval from its shareholders (“Shareholder Approval”), in
accordance with the requirements of Rule 312.03(c) of The New York Stock Exchange Listed Company Manual or any successor rule, for the issuance pursuant to the Transaction of a number of Shares equal to two times the product of the Number of
Warrants and the Warrant Entitlement (without regard to the limitations on adjustment set forth in the second paragraph opposite the caption “Maximum Number of Shares” in Section 2). If Company succeeds in obtaining such approval,
then upon such approval and without any further action by either party, (i) the provisions set forth opposite the caption “Maximum Number of Shares” in Section 2 shall be deemed to be replaced in their entirety with the phrase
“A number of Shares equal to two times the product of the Number of Warrants and the Warrant Entitlement,” (ii) the Additional Termination Event set forth in Section 9(h)(ii)(G) shall no longer be applicable, (iii) the
provisions set forth in Section 9(j)(ii) shall be deleted in their entirety, (iv) the provisions opposite the caption “Share Delivery Quantity” in Section 2 shall be replaced in their entirety with the sentence “For any
Settlement Date, a number of Shares, as calculated by the Calculation Agent, equal to the Net Share Settlement Amount for such Settlement Date divided by the Settlement Price on the Valuation Date for such Settlement Date” and
(v) the phrase “after taking into account any Shares deliverable to Dealer under the Base Warrant Confirmation” in Section 9(p)(i) shall be deleted in its entirety. 

  
 20 

	 	(r)	Right to Extend. Dealer may postpone or add, in whole or in part, any Expiration Date or any other date of valuation or delivery with respect to some or
all of the relevant Warrants (in which event the Calculation Agent shall make appropriate adjustments to the Daily Number of Warrants with respect to one or more Expiration Dates) if Dealer determines, in its commercially reasonable judgment, that
such extension is reasonably necessary or appropriate to preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect purchases of Shares in connection with its hedging,
hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Issuer or an affiliated purchaser of Issuer, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and
procedures applicable to Dealer. 

  

	 	(s)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation is not intended to convey to Dealer rights against Company with
respect to the Transaction that are senior to the claims of common stockholders of Company in any United States bankruptcy proceedings of Company; provided that nothing herein shall limit or shall be deemed to limit Dealer’s right to
pursue remedies in the event of a breach by Company of its obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or shall be deemed to limit Dealer’s rights in respect of
any transactions other than the Transaction. 

  

	 	(t)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to be a “securities contract” and a “swap
agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6),
362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other
party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code. 

  

	 	(u)	Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010
(“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair either party’s otherwise
applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this
Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position, or Illegality (as defined in
the Agreement)). 

  

	 	(v)	Agreements and Acknowledgements Regarding Hedging. Company understands, acknowledges and agrees that: (A) at any time on and prior to the last
Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the
Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether, when or in
what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Settlement Prices; and (D) any market
activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Settlement Prices, each in a manner that may be adverse to Company. 

 

	 	(w)	 Early Unwind. In the event the sale of the “Option Securities” (as defined in the Purchase Agreement) is not consummated with
the Initial Purchasers for any reason, or Company fails to deliver to Dealer opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium Payment Date, or such later date as agreed upon
by the parties (the Premium Payment Date or such later date the “Early Unwind Date”), the 

  
 21 

	 	
Transaction shall automatically terminate (the “Early Unwind”), on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer
and Company under the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or
liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; provided that Company shall purchase from Dealer on the Early Unwind Date all Shares
purchased by Dealer or one or more of its affiliates in connection with the Transaction at the then prevailing market price. Each of Dealer and Company represents and acknowledges to the other that, subject to the proviso included in this
Section 9(w), upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged. 

  

	 	(x)	Payment by Dealer. In the event that (i) an Early Termination Date occurs or is designated with respect to the Transaction as a result of a
Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Dealer owes to Company an amount calculated under Section 6(e) of the Agreement, or
(ii) Dealer owes to Company, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. 

 

	 	(y)	If Company has not obtained Shareholder Approval prior to the Approval Deadline, on the Approval Deadline (x) the First Expiration Date shall be extended by one
calendar year, (y) the Warrants shall, as of April 15, 2020 (the “Original First Expiration Date”), cease to be to be “European Options” (as such term is defined in the Equity Definitions) and shall become, as of
the Original First Expiration Date, “American Options” (as such term is defined in the Equity Definitions) exercisable as of the Original First Expiration Date and (z) the Calculation Agent shall make conforming amendments to the
terms of the Transaction to reflect the change of the Warrants from European Options to American Options. On each anniversary of the Approval Deadline occurring prior to the final Expiration Date, if Company has not, as of such date, obtained
Shareholder Approval, the First Expiration Date shall be further extended by one additional calendar year. 

  
 22 

  
 

 
 Company hereby agrees (a) to check this Confirmation carefully and immediately upon receipt so
that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Company with respect to the
Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to John Servidio, Facsimile
No. 704-208-2869. 
 Very truly yours, 

 

			
	 Bank of America, N.A.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Accepted and confirmed 
 as of the Trade Date: 
  

	
	 Molina Healthcare, Inc.

	
	
By:                       
                                         
                        

	 Authorized Signatory

	 Name:EX-10.1

 Exhibit 10.1 
 EXECUTION COPY 
 AMENDMENT TO EMPLOYMENT AGREEMENT

 This Amendment (the “Amendment”) entered into February 15, 2013 to be effective as of
February 1, 2013 (the “Effective Date”) hereby amends certain provisions of the Employment Agreement entered into as of March 5, 2012 (the “Original Agreement”), by and between Iconix Brand Group, Inc., a
Delaware corporation (the “Company”), and David Blumberg (“Employee” and together with the Company, the “parties”). 
 WHEREAS, the parties have previously entered into the Original Agreement providing for the terms and conditions of the employment of Employee by the Company; and 

WHEREAS, the parties wish to amend the Original Agreement to extend the term of the Employee’s employment with the Company and amend
certain other provisions of the Original Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the covenants and
agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Term. Section 3 of the Original Agreement is hereby deleted in its entirety and replaced by the following: 
 “3. Term. The Employee’s engagement under this Agreement, as amended by the Amendment, shall commence on February 1, 2013 and shall continue until January 31, 2016, unless
otherwise terminated as provided in this Agreement. The period of time between February 1, 2013 and the termination of the Employee’s employment under this Agreement shall be referred to herein as the ‘Extension
Term’.” 
 2. Base Salary. Section 4(a) of the Original Agreement is hereby deleted in its entirety
and replaced by the following: 
 “4(a) Base Salary. The Employee’s base salary during the Extension Term will
be at a rate of not less than $550,000 per annum, paid in accordance with the Company’s payroll practices and policies then in effect, with such increases as determined by the Board of Directors of the Company (the “Board”) or the
Compensation Committee of the Board from time to time (such salary, as increased from time to time, the “Base Salary”). 
 3. Equity Awards. 
 3.1 Existing Awards. All restricted stock units
provided for in the Original Agreement (the “Existing RSU’s”) shall continue to vest in accordance with the terms and conditions of the Restricted Stock Unit Agreement between the Company and the Employee dated August 20, 2012,
provided that the outside date for the closing of Acquisitions with respect 

 
to certain companies to be agreed upon between the Company and the Employee (the “Target Acquisition Companies”) shall be extended from April 30, 2013 to July 31, 2013. For
purposes of clarification it is agreed and understood that the first two Acquisitions with respect to the Target Acquisition Companies shall not be deemed to be Acquisitions for purpose of vesting the PSU’s granted pursuant to
Section 3.3(ii) of this Amendment and shall only apply to the vesting of the Existing RSU’s; provided that if two such Acquisitions do not close on or before July 31, 2013, then all subsequent Acquisitions closed during the Extension
Term (including, for purposes of clarification, Acquisitions with respect to the Target Acquisition Companies) will be deemed to be Acquisitions for purposes of vesting the PSU’s granted pursuant to Section 3.3(ii) of this Amendment. In
addition, it is agreed and understood that the closing of the purchase of a majority interest in the Buffalo brand (the “Buffalo Transaction”) shall be deemed to be the second Acquisition closed during the Term of the Original Agreement
for purposes of the vesting of an additional 10,000 Award Shares pursuant to Section 4(c) of the Original Agreement and such transaction shall be included as a transaction with a Target Acquisition Company for purposes of the vesting extension
provided in this Section 3.1. 
 3.2 RSU’s. In addition to the Existing RSU’s, on the Effective Date the
Employee shall receive an additional grant of restricted stock units of the Company (the “RSU’s”) equal to 50,000 shares of the Company’s Common Stock. The RSU’s shall be subject to the terms and conditions of the
Company’s 2009 Equity Incentive Plan (the “2009 Equity Plan” or “2009 Plan”) and a Restricted Stock Unit Award Agreement between the Company and the Employee in substantially the form attached to this Amendment
as Exhibit A, and which Restricted Stock Unit Award Agreement shall set forth the following terms and conditions: 
  

	 	(i)	Vesting. Vesting of the RSU’s granted pursuant to this Amendment shall be time based and shall vest in three (3) substantially equal annual
installments subject to the Employee’s continuous employment with the Company through each such vesting date, with the first installment vesting on December 31, 2013 and each subsequent installment vesting each December 31 thereafter,
with the final installment vesting on December 31, 2015 (each a “Time Vesting Date”). Notwithstanding anything to the contrary contained herein, in the event of the occurrence of a “Change in Control” (as defined in
Section 5(d)(iii) of the Original Agreement), the Employee’s death or the Employee’s Disability (as defined in Section 5(a)(2) of the Original Agreement) at any time during the Extension Term, all of the unvested RSU’s shall
immediately vest on the date of the occurrence of such Change in Control or upon the Date of Termination, as the case may be, and all of the shares of Common Stock covered thereby shall be distributed to the Employee, or his estate, as the case may
be, within thirty (30) days of the date of the occurrence of such Change in Control or Date of Termination, as the case may be. 

  

	 	(ii)	Distribution. Subject to Section 3.2(i) of this Amendment, Section 5(d) of the Original Agreement as to conditions and timing of distributions of
Common Stock with respect to RSU’s vesting as a result of a termination of employment and Section 9 of the Original Agreement with regard to timing of equity distributed as a result of a Separation from Service (as defined in the Original
Agreement) as an employee of the Company, any vested portion of the RSU’s shall be distributed to the Employee in shares of Common Stock as follows: 

  
 -2-

	 	(A)	The RSU’s shall be distributed to the Employee fifteen (15) days after the applicable Time Vesting Date; and 

 

	 	(B)	Notwithstanding anything to the contrary contained herein or in the Original Agreement, other than Sections 5(d)(iii) and 9 of the Original Agreement, all vested
RSU’s (including those vested pursuant to the last sentence of clause (i) above) shall be distributed in shares of Common Stock to the Employee simultaneous with the occurrence of a Change in Control. 

 

	 	(iii)	Termination. Notwithstanding the foregoing, in the event of a termination of the Employee’s employment with the Company prior to any Time Vesting Date
(other than as set forth in the second sentence of Subsection (i) above), the unvested RSU’s at the time of such termination shall vest or be forfeited as set forth in Section 5(d) of the Original Agreement, as applicable.

 3.3 PSU’s. Subject to the last sentence of this Section 3.3, on the Effective Date, the
Employee shall receive a one-time grant of performance stock units of the Company (the “PSU’s”) issued under the 2009 Equity Plan equal to 200,000 shares of Common Stock of the Company. The PSU’s shall be subject to the
terms and conditions of the 2009 Equity Plan and a Performance Stock Unit Award Agreement between the Company and the Employee in substantially the form attached to this Amendment as Exhibit B and which Performance Stock Unit Award Agreement shall
contain the following terms and conditions: 
  

	 	(i)	Annual Performance Goal Vesting. Vesting of 133,332 of the PSU’s granted pursuant to this Amendment shall be performance-based and shall vest in three
(3) substantially equal annual installments beginning on December 31, 2013 and ending December 31, 2015, subject to the achievement of annual performance goals as described on Exhibit X attached hereto upon certification of
achievement by the Compensation Committee as set forth on Exhibit X attached hereto. Notwithstanding anything to the contrary contained herein, in the event of the occurrence of a “Change in Control” (as defined in Section 5(d)(iii)
of the Original Agreement), the Employee’s death or the Employee’s Disability (as defined in Section 5(a)(2) of the Original Agreement) at any time during the Extension Term, all of the unvested PSU’s shall immediately vest on
the date of the occurrence of such Change in Control or upon the Date of Termination, as the case may be, and all of the shares of Common Stock covered thereby shall be distributed to the Employee, or his estate, as the case may be, within thirty
(30) days of the date of the occurrence of such Change in Control or Date of Termination, as the case may be. 

  
 -3-

	 	(ii)	Transaction Based Vesting. Vesting of 66,668 of the PSU’s granted pursuant to this Amendment shall be performance-based and shall vest upon the closing of
Acquisitions during the Extension Term. Notwithstanding the definition of “Acquisition” set forth in Exhibit X attached hereto, in order to qualify as an “Acquisition” for purposes of this clause (ii), the investment or
acquisition must have a Value (as defined in Exhibit X attached hereto) of $5,000,000 or more. For purposes of this clause (ii), 11,111 PSU’s will vest upon the closing of each Acquisition, provided that: (x) except as otherwise provided
in clause (y) below, not more than 22,222 PSU’s shall vest in any one year pursuant to this clause (ii); (y) in the event that fewer than 22,222 PSU’s vest in any one year pursuant to this clause (ii), the deficiency will be
carried forward to future years; and (z) in the event that the Company closes more than two Acquisitions in any one year, the additional Acquisitions will be carried forward and applied to the next year(s). Thus, by way of example and not
limitation, and pursuant to clause (y) above, if the Company closes one Acquisition in 2013 and three Acquisitions in 2014, 11,111 PSU’s would vest in 2013 and 33,333 PSU’s would vest in 2014 pursuant to this clause (ii). By way of
further example and without limitation, if the Company closes four Acquisitions in 2013, one Acquisition in 2014 and no Acquisitions in 2015, 22,222 PSU’s would vest in 2013, 22,222 PSU’s would vest in 2014 and 11,111 PSU’s would vest
in 2015 pursuant to this clause (ii). In addition, in the event that during the Extension Term, the Company closes Acquisitions that have an aggregate Value of $200 million or more, all of the PSU’s subject to this clause (ii) will be
deemed to be vested on January 31, 2016 to the extent not previously vested, subject to the Employee’s continuous employment with the Company through January 31, 2016. 

 

	 	(iii)	 Distribution. Subject to the terms of the 2009 Plan as to conditions and timing of distributions of Common Stock with respect to PSU’s
granted pursuant to this Amendment and vesting as a result of a termination of employment and Section 9 of the Original Agreement with regard to timing of equity distributed as a result of a Separation from Service as an employee of the
Company, any vested portion of the PSU’s granted pursuant to this Amendment shall be distributed to the Employee in shares of Common Stock in the year following the year of each applicable Performance Vesting Date (as defined in Exhibit X)
following the Compensation Committee’s certification of the level of attainment of the annual performance goals. Notwithstanding anything to the contrary contained herein, except as to Sections 5(d) and 9 of the Original Agreement, all vested
PSU’s (including those vested pursuant to the last sentence of clause (i) above) shall be distributed to the Employee in shares of Common Stock simultaneous with the occurrence of the Change in Control. Notwithstanding anything to the
contrary contained herein or in the 2009 Plan, except as to Sections 5(d) and 9 of the Original Agreement, if the employment of Employee with the Company is terminated by the

  
 -4-

	 	
Employee for Good Reason then, in addition to retaining any previously earned PSU’s, the Employee shall be entitled to receive the pro rata portion of any PSU’s earned during the year
of termination, to the extent earned based upon an adjustment of the absolute goals performance goals (as described in Exhibit X attached hereto) for the year of termination after adjustment of such performance goals to take into account the
shortened performance period resulting from his termination of employment. Moreover, notwithstanding anything to the contrary contained herein or in the 2009 Plan, upon a termination of the Employee’s employment for Cause (as defined in the
Original Agreement) he shall be entitled to retain any PSU’s that vested prior to the date of termination. 

4. Bonus. Throughout the Extension Term, the Employee shall be eligible to participate in the executive bonus plan then in effect.
He shall be eligible for a bonus of up to 100% of his then current Base Salary to be superseded by the maximum amount available under the Company’s executive bonus plan, if established. 

5. Acquisition Payments. Commencing on the Effective Date, there shall be no further Acquisition Payments or Acquisition Bonus
Payments made to the Employee pursuant to Sections 4(b) or 4(e) of the Original Agreement, provided that the Employee shall be entitled to receive the Acquisition Payment associated with the closing of the Buffalo Transaction, with such Acquisition
Payment to be calculated and paid pursuant to Section 4(b) of the Original Agreement. Notwithstanding the foregoing, (i) Acquisition Payments shall be made to the Employee pursuant to Section 4(b) of the Original Agreement (including,
for purposes of clarification, the definitions set forth in Section 4(i) of the Original Agreement) with respect to any Acquisition with respect to a Target Acquisition Company that closes within one hundred eighty (180) days following the
Effective Date; and (ii) the total amount payable to Employee pursuant to this Section 5 with respect to Acquisitions with Target Acquisition Companies shall not exceed Seven Hundred Fifty Thousand Dollars ($750,000.00) (expressly
excluding from such calculation the Acquisition Payment to be made to the Employee associated with the closing of the Buffalo Transaction. Except as otherwise provided in this Section 5, Sections 4(b), 4(e) and 4(i) of the Original Agreement
are hereby deleted. 
 6. Scope of Amendment. Except as specifically amended hereby, the Original Agreement shall
continue in full force and effect, unamended, from and after the date hereof. 
 7. Definitions. Capitalized terms not
otherwise defined in this Amendment shall have the meaning ascribed to such terms in the Original Agreement. 

  
 -5-

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment to
Employment Agreement, intending to be legally bound hereby, as of the date first above written. 
  

			
	ICONIX BRAND GROUP, INC.
		
	 By:
	 	/s/ Neil Cole
		 	  

		 	Name: Neil Cole
		 	Title: Chief Executive Officer
	
	 EMPLOYEE:

	
	 /s/ David Blumberg

	 DAVID BLUMBERG

  
 -6-

 EXHIBIT X 
 PSU Performance Goals for PSU’s awarded pursuant to Section 3.3 of the Amendment 

A. PSU Allocation. 
 The PSU’s shall
be allocated to each performance goal set below as follows: (i) 22.22% of the PSU’s to the achievement of EBITDA Growth (as defined below) (the “EBITDA Shares”); (ii) 22.22% of the PSU’s to the achievement of EPS
Growth (as defined below) (the “EPS Shares”); (iii) 22.22% of the PSU’s to the achievement of Free Cash Flow (as defined below) (the “Free Cash Flow Shares”); and (iv) 16.67% of the PSU’s to the
closing of up to two Acquisitions (as defined below) during each of the three Performance Periods (the “Acquisition Shares”). 
 B.
Performance Goals. 
 i. Performance goals established for purposes of the grant of the PSU’s are intended to be
“performance-based” under Section 162(m) of the Code and constitute a “Performance Measure” as set forth in the 2009 Equity Plan. 
 ii. Except as expressly provided in Section 3 of the Amendment, with regard to acceleration, the performance goals for each applicable Performance Period (as defined below) shall be based on the
attainment of specified levels of the Company’s EBITDA, earnings per common share (diluted), excluding Extraordinary Items, as defined below (“EPS”), and Free Cash Flow, as defined below, over the Performance Periods. The number of
PSU’s will be vested and delivered based on the level of (x) Absolute EBITDA Growth or Relative EBITDA Growth, (y) Absolute EPS Growth or Relative EPS Growth and (z) Free Cash Flow achieved, as specified below. The Company agrees
that the Compensation Committee, upon confirmation by the Company’s independent certified public accountants, shall certify the attainment of the foregoing metrics for each Performance Period to the extent and in the manner required by
Section 162(m) of the Code. 
 iii. The three (3) year performance goals for EBITDA and EPS (“Absolute EBITDA
Growth” and “Absolute EPS Growth”) shall be based on the Company’s actual EBITDA for the year ending December 31, 2012 (calculated as set forth in the definition of EBITDA Growth below as if January 1, 2012 to
December 31, 2012 were a Performance Period) and the Company’s actual EPS for the year ending December 31, 2012 as reported by the Company. 
 For the three (3) year Performance Periods, the Target levels for each of the EBITDA and EPS measures (with such levels being based on the actual 2012 results as aforesaid) shall be compounded
annually at 10% over the three (3) year period and the Threshold levels shall be compounded annually at 5% over the three (3) year period. Payouts for EBITDA Growth or EPS Growth between 5% and 10% shall equal (1) 50% plus
(2) (a) 50% times (b) the ratio between (i) the actual EBITDA or EPS, as the case may be, minus the Threshold level for such category, divided by (ii) the Target level for such category minus the Threshold level for such
category. The resulting payout percentage is the Absolute Payout Percentage. 

  
 -7-

 For each of the three (3) year Performance Periods, the Target level for Free Cash Flow
shall be $125 Million. 
 For avoidance of doubt, and recognizing that the following numbers are intended to be provided as an
example and are not be based on any projections or actual results, in the event that the Company’s actual EBITDA for the year ending December 31, 2012 is $250 million, then $275 million shall be the Target EBITDA Level, as defined below,
against which to judge absolute EBITDA Growth for the January 1, 2013 through December 31, 2013 Performance Period, and accordingly, the three (3) year Target absolute EBITDA Levels (that is, 10% increases in respect of the base
Target level compounded annually) for each of the Performance Periods would be $275 million (2013), $302.5 million (2014) and $332.75 million (2015); correspondingly, the three (3) year Threshold absolute EBITDA Levels (that is, 5.0%
increases compounded annually) for each of the Performance Periods would be $262.5 million (2013), $275.625 million (2014) and $289.40625 million (2015). The same methodology shall be used based on the Company’s actual EPS for the year
ended December 31, 2012. 
 iv. The Relative EBITDA Growth and Relative EPS Growth for each applicable Performance Period
shall be determined by reference to where the actual EBITDA Growth and actual EPS Growth achieved by the Company during such Performance Period places the Company in the specified percentile listed below within the group of companies to be
determined by the Compensation Committee prior to the beginning of each of the 2013 to 2015 Performance Periods, as the same shall be amended annually by the Compensation Committee (the “Comparative Group”). Selection of the Comparative
Group shall be based on companies with Global Industrial Classification Standard (GICS) codes 25203010 – Apparel, Accessories & Luxury Goods and 25203020 – Footwear, with comparable revenue and earnings levels, which shall be
comprised of annual revenue between $100 million and $5 billion and EBITDA and diluted EPS greater than zero in the most recent fiscal year. The Comparative Group must include at least 25 companies. If there are fewer than 25 companies within the
revenue range with positive EBITDA and positive diluted EPS, then the Compensation Committee shall use its discretion to expand the qualifying revenue range within the foregoing GICS codes. If two or more of the listed companies merge during the
applicable Performance Period, or if any listed company goes out of business or otherwise ceases to exist as an independent entity during the applicable Performance Period, reasonable adjustment shall be made. Annex A is a sample Comparative Group
based on 29 companies meeting the foregoing specifications. Calculations shall be made in accordance with Exhibit Y. 
 Payouts for the Relative EBITDA Growth and Relative EPS Growth that is at the
50th percentile or higher shall equal (1) 50% plus
(2) (a) the difference between (x) the actual percentile performance of the Company, minus
(y) 50th percentile, where each percentile is
converted to a percent (for example, the 60th percentile
is equivalent to 60%), times (b) 1.25. The maximum payout for relative performance is 100%. The resulting percentage is the Relative Payout Percentage. 
 A sample pay for relative performance chart is provided below for illustrative purposes only. 

  
 -8-

			
	 Relative Payout Percentage

	 Percentile of EBITDA/EPS

Growth
	  	Percentage of Annual
Shares
Vested
	90%	  	100%
	85%	  	93.75%
	80%	  	87.50%
	75%	  	81.25%
	70%	  	75.00%
	65%	  	68.75%
	60%	  	62.50%
	55%	  	56.25%
	50%	  	50%
	Under 50%	  	0%

 v. The final payout percentage of each target that is based on growth will be the greater of the Absolute
Payout Percentage and the Relative Payout Percentage for such target. 
 Notwithstanding anything above to the contrary, if the
Company fails to achieve positive EBITDA Growth or EPS Growth during any Performance Period, no more than 50% of the Annual EBITDA Shares or Annual EPS Shares, as the case may be, shall vest as a result of the Company’s achievement of the
relevant relative growth levels. 
 1. EBITDA Growth: For each Performance Period, the EBITDA Shares allocable to such
Performance Period (the “Annual EBITDA Shares”), shall vest on the applicable Performance Vesting Date based upon the achievement of Absolute EBITDA Growth or Relative EBITDA Growth during such Performance Period as provided in
Section B(iii) or B(iv) of this Exhibit (the “EBITDA Level”), using the higher percentage vesting arrived at using the formulas above. 
 2. EPS Growth: For each Performance Period, the EPS Shares allocable to such Performance Period (the “Annual EPS Shares”), shall vest on the applicable Performance Vesting Date
based upon the achievement of Absolute EPS Growth or Relative EPS Growth during such Performance Period as provided in Section B(iii) or 

  
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B(iv) of this Exhibit, using the higher percentage vesting arrived at using the formulas above. 
 3. Free Cash Flow: For each Performance Period, the Free Cash Flow Shares allocable to such Performance Period shall vest on the applicable Performance Vesting Date based upon the achievement of
Free Cash Flow of $125 Million. 
 4. Acquisitions: For each Performance Period, the Acquisition Shares allocable to such
Performance Period shall vest in the manner set forth in Section 3.3(ii) of the Amendment to which this Exhibit X is attached. 
 C.
Catch-Up; Forfeiture. With respect to the EBITDA Growth, EPS Growth and Acquisition Shares criteria: 
 1. If, in any
year, Absolute Growth within a category does not result in vesting, because (i) the Absolute Growth required for maximum vesting was not achieved, or (ii) vesting was achieved based on Relative Growth, then, in later years, Absolute Growth
shall be measured cumulatively to include the Absolute Growth that did not result in vesting, in order to allow vesting of the earlier year’s unvested PSU’s (i.e. those that did not vest based on Absolute Growth or Relative Growth) and
then, if available, to those of the later year. 
 2. If, in any year, Absolute Growth within a category exceeds the percentage
required for maximum vesting in such category, the excess growth shall be carried back into earlier years (to allow vesting to the extent not previously achieved by virtue of Absolute Growth or Relative Growth) or forward into later years (so that
cumulative Absolute Growth in the later year is measured from the point required to achieve maximum vesting in the earlier year). 
 3. If, in any year, the number of Acquisitions closed does not result in full vesting of the Acquisition Shares, then, in later years, full vesting of such Acquisition Shares may be achieved in the manner
set forth in Section 3.3(ii) of the Amendment to which this Exhibit X is attached. 
 4. If PSU’s scheduled to vest on
a Performance Vesting Date have not vested on such date, on a succeeding Performance Vesting Date or on the final Performance Vesting Date, they shall automatically be forfeited. 
 D. Fractional Shares. Except as set forth in Exhibit Y, any fractional PSU’s resulting from the achievement of any of the performance goals shall be aggregated and any resulting fractional
PSU’s from such aggregation shall be eliminated. 
 E. Definitions. 

“Acquisition” shall mean any direct or indirect investment or acquisition, including, without limitation, by assignment,
license, sublicense, lease, purchase, merger or otherwise, in a single transaction or series of transactions, by the Company or any of its now existing or hereafter acquired or formed subsidiaries or affiliates, in or of any entity, business, brand,

  
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trademark, service mark, patent, license, revenue stream or other asset that closes during a Performance Period or with respect to which a letter of intent, memorandum of understanding or similar
agreement and/or a definitive agreement is entered into during the Extension Term and that closes within ninety (90) days following the end of the Extension Term. 

The “Value” of an Acquisition shall mean the projected gross revenue stream to be derived by the
Company from such Acquisition during the first
(1st) complete year following the closing of the
Acquisition as set forth in the base line projections presented to the Board in connection with the approval of such Acquisition (if and to the extent that such projections exist and are presented), in all cases before deduction of operational and
transaction expenses, and provided that if and to the extent that the target entity has received advances and/or other pre-payments in consideration for a reduction in royalty or other payments to be received by the target entity at any time during
the first (1st) complete year following the closing
of the Acquisition, the projected gross revenue stream to be derived by the Company from such Acquisition shall be equitably adjusted to take into account the reduction in royalty or other payments resulting from such advances and/or pre-payments.

 For purposes of clarification, the Value of a transaction in which the Company acquires less than all of any entity,
business, brand, trademark, service mark, patent, license, revenue stream or other asset will be determined based upon the percentage of such entity, business, brand, trademark, service mark, patent, license, revenue stream or other asset that is
acquired by the Company, with such Value to be increased if and to the extent that the Company subsequently acquires all or part of the balance of such entity, business, brand, trademark, service mark, patent, license, revenue stream or other asset
during the Extension Term. Thus, by way of example, if the Company acquires a 70% interest in a trademark that has a projected gross revenue stream during the first complete year following the closing of the Acquisition of $40 million, for purposes
of this Exhibit X the Value of the Acquisition will be deemed to be $28 million. If and when the Company acquires the remaining 30% interest in such trademark, the acquisition of such 30% interest will not be deemed to be a separate Acquisition for
all purposes of this Exhibit X. For purposes of further clarification, the acquisition of multiple brands in a single transaction or series of related transactions will be deemed to be a single Acquisition for all purposes of this Exhibit X.

 “EBITDA Growth” means, with respect to each Performance Period, the percentage growth in the Company’s
consolidated EBITDA, with each component of EBITDA determined in accordance with generally accepted accounting principles consistently applied, during such Performance Period as provided in Section B(iii) of this Exhibit, consistent with the
Company’s reporting of EBITDA. Calculations of relative performance for all companies in the Comparative Group will be based on Standard & Poor’s Research Insight database. 

“EPS Growth” means, with respect to each Performance Period, the percentage growth in the EPS, as defined in paragraph
B(ii) of this Exhibit X, of the Company during such Performance Period as provided in Section B(iii) of this Exhibit, consistent with the Company’s reporting in its annual audited financial statements, or, for any Performance Period that is not
a complete fiscal year, the Company’s most recently filed Quarterly Report on Form 10-Q, and if so reviewed, as reviewed by the Company’s independent certified accountants, adjusted, if applicable, for Extraordinary Items. Calculations of
relative performance for all companies in the Comparative Group will be based on Standard & Poor’s Research Insight database, as adjusted pursuant to the last sentence of the definition of “Extraordinary Items.” 

  
 -11-

 “Extraordinary Items” means items of extraordinary income or loss, which
shall be deducted (in the case of extraordinary income items) or added (in the case of extraordinary loss items), as the case may be. In determining what constitutes extraordinary income or loss, by way of example and not by way of limitation,
(a) it is recognized that the Company is engaged in the business of purchasing and selling brands, licenses and other intellectual property and, therefore, any gain or loss incurred as a result of such purchases or sales shall be considered in
the Company’s ordinary course of business and therefore not be considered extraordinary, and (b) any gain or loss (other than a remeasurement gain or loss required by generally accepted accounting principles) incurred in connection with
the write-off of securities (other than sales related to transactions referred to in (a) above), shall be considered extraordinary. The foregoing calculation shall be made with respect to the companies comprising the Comparative Group to the
extent ascertainable from their public filings. 
 “Free Cash Flow” means, with respect to each Performance
Period, the Company’s consolidated Free Cash Flow, with each component of Free Cash Flow determined in accordance with generally accepted accounting principles consistently applied, consistent with the Company’s reporting of Free Cash
Flow. 
 “Performance Period” means each period from January 1 through December 31 during the
Extension Term, commencing with the period from January 1, 2013 through December 31, 2013, and ending with the period from January 1, 2015 through December 31, 2015. 

“Performance Vesting Date” means each December 31 during the Extension Term, commencing with December 31,
2013, and ending with December 31, 2015. Actual vesting shall occur upon certification of achievement of the performance goals by the Compensation Committee. 
 F. Miscellaneous. 
 With respect to each Performance Period, to the extent any provision
contained herein creates impermissible discretion under Section 162(m) of the Code, such provision will be of no force or effect. 

Certification, other than as to stock price, shall, except as otherwise set forth herein, be based on the Company’s audited financial statements for
the applicable Performance Period, or, for any Performance Period that is not a complete fiscal year, the Company’s most recently filed Quarterly Report on Form 10-Q and, if so reviewed, as reviewed by the Company’s independent certified
public accountants. Any determination or certification with respect to EBITDA, diluted EPS, or Free Cash Flow required under this Exhibit X, except as otherwise set forth herein, shall be made in accordance with the generally accepted accounting
principles (GAAP) in the United States, as applied by the Company to the preparation of its financial statements, as in effect on the Effective Date. In the event of a change in GAAP, or the Company’s application thereof, any determination or
certification with respect to EBITDA, diluted EPS, or Free Cash Flow based on and/or as provided in the Company’s financial statements shall be adjusted as required to comply 

  
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with the foregoing sentence. Vesting shall only occur upon the certification by the Compensation Committee of the achievement, whose good faith certification shall determine whether such
achievement occurred. The Compensation Committee shall meet for the purpose of certification and, to the extent appropriate, provide the applicable certification promptly (and in any event within 30 days) after the completion of the audit for the
fiscal year; provided, that in the case of a termination of the Employee’s employment, the Compensation Committee shall use reasonable business efforts to meet for the purpose of certification and, to the extent appropriate, provide the
applicable certification promptly (and in any event within 30 days) after the Date of Termination; and provided further, that in the case of a Change in Control, the Compensation Committee shall meet for the purpose of certification and, to the
extent appropriate, provide any applicable certification immediately prior to the Change in Control. The Company shall cause the foregoing meetings and certifications to occur in a timely manner, which agreement by the Company the parties agree is a
material obligation and agreement of the Company. 
 Notwithstanding anything to the contrary contained in the Agreement or this Exhibit X, any
dispute under this Exhibit X (including in respect of any dispute arising following any certification by the Compensation Committee) shall, at the request of the Company or the Employee, be resolved by the Company’s independent certified public
accountants (with such accountants’ fees and expenses being paid by the Company). 
 In the event that following the vesting of any
PSU’s there is a restatement of the Company’s financial statements for the period utilized for determining said vesting, and the Compensation Committee determines in good faith that such PSU’s would not have vested based on the
restated financials, including as to its impact on the stock price or market capitalization, if applicable, the Compensation Committee may require the Employee to repay to the Company (in cash or by delivery of shares of Common Stock) the value
(determined as of the time of distribution) of any shares of Common Stock distributed to the Employee with respect to such PSU’s, reduced by any un-refundable taxes paid thereon by the Employee, and upon such demand such amount shall promptly
be paid by the Employee to the Company. 

  
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 EXHIBIT Y 
 Relative EBITDA Growth Performance Measure: 
 The performance measure is a comparison
of the percentile ranking of the Company’s EBITDA Growth to the EBITDA Growth performance of selected peer group of companies selected as set forth in Exhibit X. The formula for calculating percent rank will be based on use of the Microsoft
Excel “Percentrank” formula. 
 The percent of the target grant awarded for achieved EBITDA Growth percentiles between levels shall be
determined by interpolation. The exact number of Annual EBITDA Shares vested after multiplication by the appropriate factor (or determined by interpolation) shall be rounded to the nearest whole number of shares. 

Relative EPS Growth Performance Measure: 
 The performance measure is a comparison of the percentile ranking of the Company’s EPS Growth to the EPS Growth performance of selected peer group of companies selected as set forth in Exhibit X. The
formula for calculating percent rank will be based on use of the Microsoft Excel “Percentrank” formula. 
 The percent of the target
grant awarded for achieved EPS Growth percentiles between levels shall be determined by interpolation. The exact number of Annual EPS Shares vested after multiplication by the appropriate factor (or determined by interpolation) shall be rounded to
the nearest whole number of shares. 

  
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 ANNEX A 
 Preliminary Comparative Group 
  

															
	 Company Name
	  	Ticker
Symbol	  	GICS Sub-
Industry	  	 GICS Sub-industry (Descr)
	  	Sales-
2009	 	  	EBITDA
-2009	 
	POLO RALPH LAUIEN CP –CLA	  	RL	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	4,979	  	  	$	902	 
	HANESBRANDS INC	  	HBI	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	3,891	  	  	$	429	 
	PHILLIPS-VAN HEUSEN CORP	  	PVH	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	2,399	  	  	$	314	 
	FOSSIL INC	  	FOSL	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	1,549	  	  	$	253	 
	WARNACO GROUP INC	  	WRC	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	2,020	  	  	$	253	 
	JONES GROUP INC	  	JNY	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	3,327	  	  	$	247	 
	CARTER’S INC	  	CRI	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	1,626	  	  	$	245	  
	DECKERS OUTDOOR CORP	  	DECK	  	25203020	  	Footwear	  	$	813	  	  	$	192	 
	GILDAN ACTIVEWEAR INC	  	GIL	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	1,038	  	  	$	165	 
	QUIKSILVER INC	  	ZQK	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	1,978	  	  	$	152	 
	WOLVERINE WOR LD WIDE	  	WWW	  	25203020	  	Footwear	  	$	1,101	  	  	$	137	 
	COLUMBIA SPORTSWEAR CO	  	COLM	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	1,252	  	  	$	124	 
	UNDER ARMOUR INC	  	UA	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	856	  	  	$	112	 
	LULULEMON ATHLETICA INC	  	LULU	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	454	  	  	$	109	 
	TIMBERLAND CO –CL A	  	TBL	  	25203020	  	Footwear	  	$	1,286	  	  	$	109	 
	SKECHERS USA	  	SKX	  	25203020	  	Footwear	  	$	1,436	  	  	$	92	 
	TRUE RELIGION APPAREL INC	  	TRLB	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	311	  	  	$	84	 
	OXFORD INDUSTRIES INC	  	OXM	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	814	  	  	$	67	 
	G-III APPAREL GROUP LTD	  	GIII	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	801	  	  	$	62	 
	MAIDENFORM BR ANDS INC	  	MFB	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	466	  	  	$	58	 
	AMERICAN APPAREL INC	  	APP	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	559	  	  	$	51	 
	ELLIS PERRY INTL INC	  	PERY	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	754	  	  	$	49	 
	VERA BRADLEY INC	  	VRA	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	289	  	  	$	47	 
	EXCEED CO LTD	  	EDS	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	304	  	  	$	43	 
	VOLCOM INC	  	VLCM	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	281	  	  	$	36	 
	CROCS INC	  	CROX	  	25203020	  	Footwear	  	$	646	  	  	$	30	 
	CHEROKEE INC/DE	  	CHKE	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	33	  	  	$	22	 
	DELTA APPAREL INC	  	DLA	  	25203010	  	Apparel, Accessories & Luxury Goods	  	$	355	  	  	$	19	 
	ROCKY BRANDS INC	  	RCKY	  		  	Footwear	  	$	229	  	  	$	16	 
						
		  		  		  	Minimum	  	$	33	  	  	$	16	 
		  		  		  	25th Percentile	  	$	405	  	  	$	50	 
		  		  		  	Median	  	$	813	  	  	$	109	 
		  		  		  	75th Percentile	  	$	1,493	  	  	$	179	 
		  		  		  	Maximum	  	$	4,979	  	  	$	902	 

  
 -15-

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