Document:

Internet Capital Group

Restrictive Covenant Agreement

In consideration of the July 22, 2005 grant of restricted stock and stock appreciation rights made to me as an employee of Internet Capital Group Operations, Inc. (together with Internet Capital Group, Inc., the "Company"), I hereby agree as follows:

	Proprietary Information.  At all times, I will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Company's Proprietary Information (defined below), except as such disclosure, use or publication may be required in connection with my work for the Company, or unless the Company expressly authorizes such disclosure in writing.  "Proprietary Information" shall mean any and all confidential and/or proprietary knowledge, data or information of the Company, its affiliated entities, any of its partner companies, investors, and partners, including but not limited to information relating to financial matters, investments, budgets, business plans, marketing plans, personnel matters, business contacts, products, processes, know-how, designs, methods, improvements, discoveries, inventions, ideas, data, programs, and other works of authorship.  Proprietary Information shall also include any information that the Company is obligated to keep confidential pursuant to the terms of any nondisclosure agreement.  I will not, at any time, improperly use or disclose any confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality, and I will not bring into the premises of the Company any unpublished documents or any property belonging to any former employer or any other person to whom I have an obligation of confidentiality unless consented to in writing by that former employer or person.  

	Assignment of Inventions.

2.1  Proprietary Rights and Inventions.  The term "Proprietary Rights" shall mean all trade secrets, know-how, patents, copyrights and other intellectual property rights throughout the world.  The term "Inventions" shall mean all trade secrets, inventions, ideas, processes, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques.

2.2 Prior Inventions.  I have set forth on the attached Prior Inventions Schedule a complete list of all Inventions that I have, along or jointly with others, made prior to the commencement of my employment with the Company that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Restrictive Covenant Agreement (collectively referred to as "Prior Inventions").  If no such disclosure is attached, I represent that there are no prior Inventions.  If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company product, process or machine, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use and sell such Prior Invention.  Notwithstanding the foregoing, I agree that I will not incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions without the Company's prior written consent.

2.3 Assignment of Inventions.  I hereby assign and agree to assign in the future (when any such inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to the Company all of my right, title and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto) which are created, made conceived or reduced to practice by me or under my direction or jointly with others during my employment by the Company, whether or not during normal working hours or on the premises of the Company (the "Company Inventions").  I will, at the Company's request, promptly execute a written assignment to the Company of any such Company Invention, and I will preserve any such Company Invention as part of the Proprietary Information of the Company.

2.4 Obligation to Keep Company Informed.  I will promptly and fully disclose in writing to the Company all Company Inventions.  I agree to assist in every proper way and to execute those documents and take such acts as are reasonably requested by the Company to obtain, sustain and from time to time enforce Proprietary Rights relating to Company Inventions in the United States or any other country.

	No Conflicting Obligation.  I represent that my performance of all the terms of this Restrictive Covenant Agreement as an employee of the Company does not and will not breach any Restrictive Covenant Agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment by the Company.  I have not entered into, and I agree not to enter into, any Restrictive Covenant Agreement whether written or oral in conflict herewith.

	Additional Activities.  

4.1 Non-Competition.  During the term of my employment with the Company and for the one (1) year period beginning on the date that my employment with the Company terminates (other than due to a termination by the Company without Cause, as defined below), I will not, without the Company's express written consent, engage in any employment or business activity whose primary business involves or is related to internet software or services or business to business commerce using the internet or would otherwise conflict with my employment by the Company.  If the Company terminates my employment without Cause, I will not engage in any employment or business activity whose primary business involves or is related to internet software or services or business to business commerce using the internet for the six (6) month period beginning on the date that my employment with the Company terminates provided that in connection with such termination the Company provides me with severance benefits equal to a minimum of six (6) months of salary at my then current rate of salary paid in accordance with the Company's normal payroll process (or three (3) months lump-sum salary, at my election).  "Cause" shall mean a finding by the Company that (i) I have breached my employment, service, noncompetition, nonsolicitation, restrictive covenant or other similar contract with the Company; (ii) I have been engaged in disloyalty to the Company, including, without limitation, fraud, embezzlement, theft, commission of a felony or dishonesty in the course of my employment or service; (iii) I have disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information; or (iv) I have entered into competition with the Company.  Notwithstanding the foregoing, if I have an employment agreement with the Company defining "Cause," then such definition shall supersede the foregoing definition.

4.2 Non-Solicitation and Non-Hire.  During the term of my employment by the Company and the one (1) year period beginning on the date that my employment with the Company terminates for any reason (other than due to a termination by the Company without Cause), I will not either directly or through others, solicit, hire or attempt to solicit or hire any employee, consultant, independent contractor or customer of the Company to change or terminate his or her relationship with the Company or otherwise to become an employee, consultant, independent contractor or customer to, for or of any other person or business entity.  If the Company terminates my employment without Cause, I will not either directly or through others, solicit, hire or attempt to solicit or hire any employee, consultant, independent contractor or customer of the Company to change or terminate his or her relationship with the Company or otherwise to become an employee, consultant, independent contractor or customer to, for or of any other person or business entity for the six (6) month period beginning on the date that my employment with the Company terminates provided that in connection with such termination the Company provides me with severance benefits equal to a minimum of six (6) months of salary at my then current rate of salary paid in accordance with the Company's normal payroll process (or three (3) months lump-sum salary, at my election).  Notwithstanding the foregoing, general solicitations of employment published in a journal, newspaper or other publication of general circulation and not specifically directed towards such employees, consultants or independent contractors shall not be deemed to constitute solicitation for purposes of this Section 4.2.  I shall not be prohibited from employing or maintaining as a customer any such person or business that contacts me on his or her or its own initiative and without any solicitation on my part.  

	Return of Company Documents.  Upon termination of my employment with the Company for any reason whatsoever, voluntarily or involuntarily, and at any earlier time the Company requests, I will deliver to the person designated by the Company all originals and copies of all documents and other property of the Company in my possession, under my control or to which I may have access.  I will not reproduce or appropriate for my own use, or for the use of others, any property, Proprietary Information or Company Inventions.

	Legal and Equitable Remedies.  Because my services are personal and unique, because I have had and will continue to have access to and have become and will continue to become acquainted with the Proprietary Information of the Company and because any breach by me of any of the restrictive covenants contained in this Restrictive Covenant Agreement would result in irreparable injury and damage for which money damages would not provide an adequate remedy, the Company shall have the right to enforce this Restrictive Covenant Agreement and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of this Restrictive Covenant Agreement.  I agree that in any action in which the Company seeks injunction, specific performance or other equitable relief, I will not assert or contend that any of the provisions of this Restrictive Covenant Agreement are unreasonable or otherwise unenforceable.

	Notices.  Any notices required or permitted hereunder shall be given to the appropriate party at the address specified below or at such other address as the party shall specify in writing.  Such notices shall be deemed given upon personal delivery to the appropriate address or if sent by certified or registered mail, three (3) days after the date of mailing, or if sent by overnight courier upon written verification of receipt.

	Employment.  I agree and understand that nothing in this Restrictive Covenant Agreement shall confer any right with respect to continuation of employment by the Company, nor shall it interfere in any way with my right or the Company's right to terminate my employment at any time, for any reason.

	General Provision. This Restrictive Covenant Agreement will be governed by and construed according to the laws of the State of Delaware, as such laws are applied to Restrictive Covenant Agreements. I acknowledge and agree that I have had an opportunity to seek advice of counsel in connection with this Restrictive Covenant Agreement and that the covenants contained herein are reasonable in geographical and temporal scope and in all other respects.  If any court or other decision-maker of competent jurisdiction determines that any of my covenants contained in this Restrictive Covenant Agreement, or any part thereof, is unenforceable because of the duration or geographical scope of such provision, then, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.  In case any one or more of the provisions contained in this Restrictive Covenant Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Restrictive Covenant Agreement, and this Restrictive Covenant Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.  This Restrictive Covenant Agreement will be binding upon my heirs, executors, administrators and other legal representatives and will be for the benefit of the Company, it successors, and its assigns.  The provisions of this Restrictive Covenant Agreement shall survive the termination of employment and the assignment of this Restrictive Covenant Agreement by the Company to any successor in interest or other assignee.  No waiver by the Company of any breach of this Restrictive Covenant Agreement shall be a waiver of any preceding or succeeding breach.  No waiver by the Company of any right under this Restrictive Covenant Agreement shall be construed as a waiver of any other right.  The obligations pursuant to Sections 1 and 2 of this Restrictive Covenant Agreement shall apply to any time during which I was previously employed, or am in the future employed, by the Company as a consultant if no other Restrictive Covenant Agreement governs nondisclosure and assignment of inventions during such period.  This Restrictive Covenant Agreement is the final, complete and exclusive Restrictive Covenant Agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior restrictive covenant agreements and discussions between us.  No modification of or amendment to this Restrictive Covenant Agreement, nor any waiver of any rights under this Restrictive Covenant Agreement, will be effective unless in writing and signed by the party to be charged.  Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Restrictive Covenant Agreement.

*****

 

This Restrictive Covenant Agreement shall be effective as of the date set forth below.

Date:  July __, 2005

I have read this Agreement carefully and understand its terms.  I have completely filled out the Prior Inventions Schedule to this Agreement.

Address:

_________________________________

_________________________________

 

Accepted and Agreed to:

INTERNET CAPITAL GROUP OPERATIONS, INC.

690 Lee Road, Suite 310

Wayne, PA  19087

Walter W. Buckley, III

Chairman, CEO and President

Date:  July __, 2005

 

 

 

 

Prior Inventions Schedule

FROM:DATE:

SUBJECT:Prior Inventions 

1.Except as listed in Section 2 below, the following is a complete list of all inventions or improvements relevant to the subject matter of my employment by Internet Capital Group Operations, Inc. and any of its subsidiaries or affiliates (the "Company") that have been made or conceived or first reduced to practice by me alone or jointly with others prior to my engagement by the Company:

 ̈

No inventions or improvements.

 ̈

See below:

 ̈

Additional sheets attached.

2.Due to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to inventions or improvements generally listed below, the proprietary rights and duty of confidentiality with respect to which I owe to the following party(ies):

Invention or ImprovementParty(ies)Relationship

1.

2.

3.

 ̈

Additional sheets attached.Amendment to K-Swiss Inc. 401(k) and Profit Sharing Plan dated May 23, 2005

 Exhibit 10.12 
  
 THE CORPORATEPLAN 
 FOR RETIREMENTSM 
  
 (PROFIT SHARING/401(K)
PLAN) 
  
 A FIDELITY
PROTOTYPE PLAN 
  
 Non-Standardized Adoption Agreement No. 001 
 For use With 
 Fidelity Basic Plan Document No. 02 
  
 Plan Number: 40293 

			
	 The CORPORATEplan for RetirementSM
	 	 Non-Std PS Plan
 10/09/2003

  
 © 2003 FMR Corp.

 All rights reserved. 

	1.04	COVERAGE 

  

											
	All Employees who meet the conditions specified below shall be eligible to participate in the Plan:
		
	(a)	  	Age Requirement (check one):
				
	 	  	(1)	  	 ̈	  	no age requirement.
				
	 	  	(2)	  	þ	  	must have attained age: 21.0 (not to exceed 21).
		
	(b)	  	Eligibility Service Requirement
			
	 	  	(1)	  	Eligibility to Participate in Plan (check one):
					
	 	  	 	  	(A)	  	 ̈	  	no Eligibility Service requirement.
					
	 	  	 	  	(B)	  	 ̈	  	             (not to exceed 11) months of Eligibility Service requirement (no minimum number Hours of
Service can be required).
					
	 	  	 	  	(C)	  	þ	  	one year of Eligibility Service requirement (at least 1,000 Hours of Service are required during the Eligibility Computation Period).
					
	 	  	 	  	(D)	  	 ̈	  	two years of Eligibility Service requirement (at least 1,000 Hours of Service are required during each Eligibility Computation Period). (Do not select if Option 1.01(b)(1),
401(k) Only, is checked, unless a different Eligibility Service requirement applies to Deferral Contributions under Option 1.04(b)(2).)
				
	 	  	 	  	 	  	Note: If the Employer selects the two year Eligibility Service requirement, then contributions subject to such Eligibility Service requirement must be 100% vested when
made.
				
	 	  	(2)	  	þ	  	Special Eligibility Service requirement for Deferral Contributions and/or Matching Employer Contributions:
				
	 	  	 	  	(A)	  	The special Eligibility Service requirement applies to (check the appropriate box(es)):
						
	 	  	 	  	 	  	(i)	  	þ	  	Deferral Contributions.
						
	 	  	 	  	 	  	(ii)	  	 ̈	  	Matching Employer Contributions.
				
	 	  	 	  	(B)	  	The special Eligibility Service requirement is: (B) - 3 month(s) of Eligibility Service (Fill in (A), (B), or (C) from Subsection 1.04(b)(l) above).
		
	(c)	  	Eligible Class of Employees (check one):
		
	 	  	Note: The Plan may not cover employees who are residents of Puerto Rico. These employees are automatically excluded from the eligible class, regardless of the Employer’s
selection under this Subsection 1.04(c).
				
	 	  	(1)	  	þ	  	includes all Employees of the Employer.

  
 Plan Number: 40293 

			
	 The CORPORATEplan for RetirementSM
	 	 Non-Std PS Plan
 10/09/2003

  
 © 2003 FMR Corp.

 All rights reserved. 

											
	 	  	(2)	  	 ̈	  	includes all Employees of the Employer except for (check the appropriate box(es)):
					
	 	  	 	  	(A)	  	 ̈	  	employees covered by a collective bargaining agreement.
					
	 	  	 	  	(B)	  	 ̈	  	Highly Compensated Employees as defined in Code Section 414(q).
					
	 	  	 	  	(C)	  	 ̈	  	Leased Employees as defined in Subsection 2.01(cc).
					
	 	  	 	  	(D)	  	 ̈	  	nonresident aliens who do not receive any earned income from the Employer which constitutes United States source income.
					
	 	  	 	  	(E)	  	 ̈	  	other:
					
	 	  	 	  	 	  	 	  	 __________________________________________
  
 __________________________________________
  

			
	 	  	 	  	Note: The Employer should exercise caution when excluding employees from participation in the Plan. Exclusion of employees may adversely affect the Plan’s satisfaction of
the minimum coverage requirements, as provided in Code Section 410(b).
		
	(d)	  	The Entry Dates shall be (check one):
				
	 	  	(1)	  	þ	  	immediate upon meeting the eligibility requirements specified in Subsections 1.04(a), (b), and (c).
				
	 	  	(2)	  	 ̈	  	the first day of each Plan Year and the first day of the seventh month of each Plan Year.
				
	 	  	(3)	  	 ̈	  	the first day of each Plan Year and the first day of the fourth, seventh, and tenth months of each Plan Year.
				
	 	  	(4)	  	 ̈	  	the first day of each month.
				
	 	  	(5)	  	 ̈	  	the first day of each Plan Year. (Do not select if there is an Eligibility Service requirement of more than six months in Subsection 1.04(b) or if there is an age requirement
of more than 20 1/2 in Subsection 1.04(a).)
			
	(e)	  	 ̈	  	Special Entry Date(s) - In addition to the Entry Dates specified in Subsection 1.04(d) above, the following special Entry Date(s) apply for Deferral and/or Matching
Employer Contributions. (Special Entry Dates may only be selected if Option 1.04(b)(2), special Eligibility Service requirement, is checked. The same Entry Dates must be selected for contributions that are subject to the same Eligibility
Service requirements.)
			
	 	  	(1)	  	The special Entry Date(s) shall apply to (check the appropriate box(es)):
					
	 	  	 	  	(A)	  	 ̈	  	Deferral Contributions.
					
	 	  	 	  	(B)	  	 ̈	  	Matching Employer Contributions.
			
	 	  	(2)	  	The special Entry Date(s) shall be:              (Fill in (1), (2), (3), (4), or (5) from Subsection 1.04(d)
above).

  
 Plan Number: 40293 

			
	 The CORPORATEplan for RetirementSM
	 	 Non-Std PS Plan
 10/09/2003

  
 © 2003 FMR Corp.

 All rights reserved. 

											
	(f)	  	Date of Initial Participation - An Employee shall become a Participant unless excluded by Subsection 1.04(c) above on the Entry Date immediately following
the date the Employee completes the service and age requirement(s) in Subsections 1.04(a) and (b), if any, except (check one):
				
	 	  	(1)	  	þ	  	no exceptions.
				
	 	  	(2)	  	 ̈	  	Employees employed on the Effective Date in Subsection 1.01(g)(1) or (2) shall become Participants on that date.
				
	 	  	(3)	  	 ̈	  	Employees who meet the age and service requirement(s) of Subsections 1.04(a) and (b) on the Effective Date in Subsection 1.01(g)(1) or (2) shall become Participants on that
date.

  
 Plan Number: 40293 

			
	 The CORPORATEplan for RetirementSM
	 	 Non-Std PS Plan
 10/09/2003

  
 © 2003 FMR Corp.

 All rights reserved. 

 AMENDMENT EXECUTION PAGE 
  
 This page is to be completed in the event the Employer modifies any prior election(s) or makes a new election(s) in this
Adoption Agreement. Attach the amended page(s) of the Adoption Agreement to this execution page. 
  
 The following section(s) of the Plan are hereby amended effective as of the date(s) set forth below: 
  

					
	 Section Amended

	 	 Page

	 	 Effective Date

	 1.04
	 	 	 	06/30/2005

  
 IN WITNESS WHEREOF,
the Employer has caused this Amendment to be executed this 23 day of May, 2005. 
  

							
	Employer:	 	K-SWISS INC.	 	Employer:	 	K-SWISS INC.
				
	By:	 	 /s/ Cheryl Kuchinka

	 	By:	 	 /s/ George Powlick

	Title:	 	Plan Administrator	 	Title:	 	Vice President

  
 Accepted by: 
  
 Fidelity Management Trust Company, as Trustee 
  

							
	By:	 	  

	 	Date:	 	  

	Title:	 	  

	 	 	 	 

  
 Plan Number: 40293 

			
	 The CORPORATEplan for RetirementSM
	 	 Non-Std PS Plan
 10/09/2003

  
 © 2003 FMR Corp.

 All rights reserved.

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