Document:

EXHIBIT 10.31

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase
Agreement (this “Agreement”) is made and entered into as of November 29, 2012 (the “Effective
Date”), by and between Sequential Brands Group, Inc., a Delaware corporation (“Seller”),
and Gary Klein (“Buyer”).

 

RECITALS

 

WHEREAS, Seller and
Buyer are party to that certain Employment Agreement, dated effective as of November 29, 2012 (the “Employment Agreement”);

 

WHEREAS, pursuant to
[Section 4(c)] of the Employment Agreement, Seller has agreed to provide Buyer with the opportunity to purchase 80,000 shares of
Seller’s Common Stock (the “Shares”); and

 

WHEREAS, Seller and
Buyer desire to consummate such sale and purchase on the terms and conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, for
and in consideration of the premises, the mutual covenants and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby expressly acknowledged, the parties hereby agree as follows:

 

1.          Purchase
and Sale of Stock; Purchase Price. Seller hereby sells to Buyer, and Buyer hereby purchases from
Seller, all of the Shares, at a price per share of $0.001, for an aggregate purchase price
of $80.00. 

 

2.          Restricted
Legends and Stop-Transfer Orders.

 

2.1           All
certificates evidencing the Shares shall bear the following legend (in addition to any legend(s) required by applicable law or
other agreements to which such Shares are subject):

 

(i)          “THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF
EXCEPT IN ACCORDANCE WITH THE ACT AND THE RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE COMMISSION THEREUNDER, AND THE SECURITIES
LAWS OF ANY SUCH STATE.”

 

(ii)         THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT
IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR
IN INTEREST TO THE SHARES), A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

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2.2           Stop-Transfer
Notices. Buyer agrees that, in order to ensure compliance with the restrictions referred to herein, Seller may issue appropriate
“stop transfer” instructions to its transfer agent.

 

2.3           Refusal
to Transfer. Seller shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred
in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to
vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. Any attempt to transfer
the Shares in violation of the provisions of this Agreement shall be void.

 

2.4           Removal
of Legend. Upon the expiration or exercise in full of the Repurchase Right (as defined below), the Shares then held by Buyer
will no longer be subject to the legend referred to in Section 2.1(ii). After such time, and upon Buyer’s request,
a new certificate or certificates representing the Shares not repurchased shall be issued without the legend referred to in Section 2.1(ii)
and delivered to Buyer.

 

3.          Representations
of Buyer. Buyer represents to Seller that:

 

3.1           Buyer
understands that the sale of the Shares by Seller to Buyer has not been registered under the Securities Act of 1933, as amended
(the “Securities Act”);

 

3.2           Buyer
is purchasing the Shares for Buyer’s own account for investment purposes only, and not with a view to or for sale in connection
with any distribution of the Shares within the meaning of the Securities Act;

 

3.3           Buyer
is the beneficial owner of the Shares;

 

3.4           Buyer
is an “accredited investor” within the meaning of Securities and Exchange Commission Rule 501 of Regulation D, as presently
in effect;

 

3.5           Buyer
is aware of Seller’s business affairs and financial condition and has acquired sufficient information about Seller to reach
an informed and knowledgeable decision to acquire the Shares;

 

3.6           Buyer
understands that the Shares must be held indefinitely unless the Shares are subsequently registered under the Securities Act or
an exemption from such registration is available, and that the certificate evidencing the Shares will be imprinted with a legend
which prohibits the transfer of the Shares unless the Shares are registered or such registration is not required in the opinion
of counsel for Seller; and

 

3.7           Buyer
is familiar with the provisions of Rule 144, under the Securities Act, as in effect from time to time, which, in substance, permit
limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from
an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions, and further understands
that at the time Buyer wishes to sell the Shares there may be no public market upon which to make such a sale, and that, even if
such a public market then exists, Seller may not be satisfying the current public information requirements of Rule 144 and that,
in such event, Buyer would be precluded from selling the Shares under Rule 144 even if the minimum holding period requirement had
been satisfied.

 

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4.          Repurchase
Right.

 

4.1           Seller
shall have the irrevocable right (but not an obligation) to repurchase all or (at the discretion of Seller) any portion of the
Shares (the “Restricted Stock”), as provided below (collectively, the “Repurchase Right”).
The Repurchase Right per share of Restricted Stock shall be exercisable at a price equal to $0.001 (as adjusted pursuant to Section
4.4 below) (the “Repurchase Price”).

 

4.2           (a)          The
Repurchase Right shall be exercisable for a period of ninety (90) days (the “Option Period”) following
the earlier of (i) the date of a material breach by Buyer of Section 6 or Section 7 of the Employment Agreement and (ii) the date
Buyer ceases for any reason to remain employed with Seller (the date of such termination being the “Termination Date”),
in each case with respect to all or (at the discretion of Seller) any portion of the Restricted Stock in which the Buyer has not
acquired a vested interest in accordance with Section 4.3 (such portion of the Restricted Stock to be hereinafter called
the “Unvested Shares”) by providing written notice to Buyer and by delivery to Buyer with such notice
of payment in the amount of the Repurchase Price; provided, however, that without requirement of further action on the part of
either party hereto, the Repurchase Right shall be deemed to have been automatically exercised as to all Unvested Shares at 5:00 p.m.
Pacific time on the last day of the Option Period, unless Seller declines in writing to exercise its Repurchase Right in whole
or in part prior to such time; provided further, that notwithstanding the above, the Repurchase Right shall not be deemed to have
been automatically exercised, and shall instead be deemed to become temporarily unexercisable as of such time and date and extended
by the duration of any such period, in any case where such automatic exercise would result in a violation of applicable law (including
without limitation Section 160 of the Delaware General Corporation Law), and the Repurchase Right shall once again be deemed
exercisable (or, as provided above, exercised) as soon as a violation of applicable law would not result from its exercise. Upon
delivery of such notice and payment of the Repurchase Price, Seller shall become the legal and beneficial owner of the Restricted
Stock being repurchased and all rights and interest therein or related thereto, and Seller shall have the right to transfer to
its own name the number of Restricted Stock being repurchased by Seller, without further action by Buyer.

 

(b)          If
Seller determines not to exercise the Repurchase Right in whole or in part, it shall notify Buyer prior to the end of the Option
Period, and the Repurchase Right shall thereupon terminate as to any Unvested Shares for which Seller declined to exercise the
Repurchase Right. If the Repurchase Right is exercised or deemed to be exercised, then within five (5) business days after the
date of such exercise or deemed exercise, Seller shall notify the Escrow Agent (as defined below) thereof and shall make payment
of the aggregate Repurchase Price for the Unvested Shares being repurchased by any of the following methods: (A) delivering to
Buyer a check in the amount of the aggregate Repurchase Price; (B) canceling an amount of indebtedness of Buyer to Seller
equal to the aggregate Repurchase Price; or (C) any combination of (A) and (B) such that the combined payment and cancellation
of indebtedness equals such aggregate Repurchase Price. Upon delivery of the payment of the aggregate Repurchase Price in any of
the ways described above, Seller shall become the legal and beneficial owner of the Unvested Shares being repurchased and all related
rights and interests therein, and Seller shall have the right to retain and transfer to its own name the number of Unvested Shares
being repurchased by Seller.

 

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(c)          If
Seller neither notifies Buyer prior to the end of the Option Period of Seller’s decision not to exercise its Repurchase Right
nor delivers payment of the aggregate Repurchase Price to Buyer within five (5) business days after the actual or deemed exercise
of the Repurchase Right (or within an additional period in accordance with Section 4.2(a)), then the sole remedy of
Buyer thereafter shall be to receive the aggregate Repurchase Price from Seller in the manner set forth above for the Unvested
Shares deemed repurchased, and in no case shall Buyer have any claim of ownership as to any of such Unvested Shares. If the Repurchase
Right is terminated in whole or in part by written notice from Seller to Buyer, then upon and following such termination the only
remaining right of Buyer under this Agreement shall be the right to receive and retain the Unvested Shares as to which the Repurchase
Right was terminated, and Buyer shall have no right whatsoever to receive the Repurchase Price.

 

4.3           The
Repurchase Right shall lapse as to, and Buyer shall be deemed to have acquired a vested interest in, 20,000 of the Shares comprising
the Restricted Stock on the Effective Date, 20,000 of the Shares comprising the Restricted Stock on the first anniversary of the
Effective Date, 20,000 of the Shares comprising the Restricted Stock on the second anniversary of the Effective Date and 20,000
of the Shares comprising the Restricted Stock on the third anniversary of the Effective Date, subject to Buyer’s employment
with Seller on each of such vesting dates and subject further to Buyer not being in material breach of Section 6 or Section 7 of
the Employment Agreement on each of such vesting dates. Notwithstanding the foregoing, the Repurchase Right shall lapse as to one-hundred
percent (100%) of the Unvested Shares (i) following a termination of Buyer’s employment with the Seller as a result of Buyer
resigning from his employment for Good Reason (as such term is defined in the Employment Agreement) or the Seller terminating Buyer’s
employment without Cause (as such term is defined in the Employment Agreement)(other than a termination by reason of death or Disability)
or (ii) upon the occurrence of a Change in Control (as such term is defined in the Employment Agreement). In addition, notwithstanding
the foregoing, in the event of Buyer’s death or the termination of Buyer’s employment with the Seller for reason of
Disability (as such term is defined in the Employment Agreement), the Repurchase Right shall lapse as to the portion of such Unvested
Shares that were scheduled to vest in the year in which the termination for reason of death or Disability occurs, and any remaining
Unvested Shares shall be subject to the Repurchase Right. For the sake of clarity, upon a material breach by Buyer of Section 6
or Section 7 of the Employment Agreement, the Repurchase Right shall no longer lapse with respect to any then Unvested Shares and
all such Unvested Shares shall be subject to the Repurchase Right set forth herein.

 

4.4           Rights
of Repurchase Adjustments. If there is any change in the number of outstanding shares of capital stock by reason of a stock
split, reverse stock split, stock dividend, an extraordinary dividend payable in a form other than stock, recapitalization, combination
or reclassification, or a similar transaction affecting Seller’s outstanding securities without receipt of consideration,
then (a) any new, substituted or additional securities or other property (including money paid other than as an ordinary cash dividend)
distributed with respect to any Restricted Stock (or into which such Restricted Stock thereby become convertible) shall immediately
be subject to the Repurchase Right in the proportion that shares of Restricted Stock for which the Repurchase Right has not lapsed
bears to all shares of Restricted Stock; and (b) appropriate adjustments to reflect the distribution of such securities or property
shall be made to the number and/or class of the Restricted Stock and to the price per share to be paid upon the exercise of the
Repurchase Right; provided, however, that the aggregate Repurchase Price payable for the Restricted Stock shall remain the same.
Any such additional securities or other property shall be deemed to be included in the definition of Restricted Stock for purposes
of this Agreement.

 

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4.5           Termination
of Rights as Stockholder. If Seller makes available, at the time and place and in the amount and form provided in this Agreement,
the consideration for the shares of Restricted Stock to be repurchased in accordance with the terms hereof, then after such time
the person from whom such shares are to be purchased shall no longer have any rights as a holder of such shares of Restricted Stock
(other than the right to receive payment of such consideration in accordance with this Agreement). Such shares of Restricted Stock
shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not the certificate(s) therefor
have been delivered to Seller.

 

4.6           Escrow.

 

(i)          For
purposes of facilitating the enforcement of the provisions of this Section 4, Buyer agrees, immediately upon receipt
of the certificate(s) for the Shares subject to the Repurchase Right, to deliver such certificate(s), together with an Assignment
Separate From Certificate in the form attached to this Agreement as Exhibit A executed by Buyer, in blank, to the Secretary
of Seller, or the Secretary’s designee (as applicable, the “Escrow Agent”) to be held in accordance
with the provisions of this Agreement. Any new, substituted or additional securities or other property described in Section
4.4 above shall immediately be deposited with Escrow Agent to be held in escrow. All regular cash dividends on Restricted Stock
(or other securities at the time held in escrow) shall be paid directly to Buyer and shall not be held in escrow. The shares of
Restricted Stock, together with any other assets or securities held in escrow hereunder, shall be surrendered to Seller for repurchase
and cancellation upon Seller’s exercise of its Repurchase Right. In any event, all shares of Restricted Stock (and any other
vested assets and securities attributable thereto) shall be released when all shares of Restricted Stock have been released from
the Repurchase Right. The Escrow Agent may rely upon any letter, notice or other document executed by any signature purported to
be genuine and may resign at any time. Buyer agrees that if the Escrow Agent resigns as escrow holder for any or no reason, the
Board of Directors of Seller shall have the power to appoint a successor to serve as escrow holder pursuant to the terms of this
Agreement. Certificates representing the Shares that have been released from the Repurchase Right shall be delivered to Buyer upon
request promptly after such release.

 

(ii)         Buyer
shall not be entitled to transfer any shares of Restricted Stock without the prior written consent of Seller. If any transfer is
made or attempted contrary to the provisions of this Agreement, such purported transfer shall be void ab initio.

 

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5.          Assignment
of Seller Purchase Rights. The rights of Seller to purchase any portion of the Shares under Section 4 of this Agreement
may be assigned, in whole or in part, to any stockholder or stockholders of Seller or other persons or organizations approved by
the Board of Directors.

 

6.          Section
83(b) Election. Buyer understands that Section 83(a) of the Internal Revenue Code of 1986, as amended (the “Code”),
requires Buyer to recognize ordinary income equal to any excess of the fair market value of the Shares over the amount paid for
the Shares as of the date any restrictions on the Shares lapse. In this context, “restriction” means
the right of Seller to buy back the Shares pursuant to the Repurchase Right set forth in Section 4 of this Agreement.
Buyer understands that Buyer may elect to be taxed at the time the Shares are purchased, rather than when and as the Repurchase
Right expires, by filing an election under Section 83(b) of the Code (an “83(b) Election”) with
the Internal Revenue Service within thirty (30) days from the date of purchase. Even if the fair market value of the Shares at
the time of the execution of this Agreement equals the amount paid for the Shares, the election must be made to avoid income under
Section 83(a) of the Code in the future. Buyer understands that failure to file such an election in a timely manner may result
in adverse tax consequences for Buyer. Buyer acknowledges that the fair market value of the Shares could exceed the amount paid
for the Shares, with the result that Buyer would recognize ordinary income as a result of the filing of an 83(b) Election. Buyer
agrees that Buyer will be solely responsible for, and hold Seller harmless against, any taxes (including any penalties and interest)
imposed on Buyer with respect to any 83(b) Election or the purchase or vesting of the Shares. Buyer acknowledges and agrees that
it is solely Buyer’s responsibility to timely file an 83(b) Election, if Buyer chooses to do so, that Seller has no responsibility
or obligation of any kind to assist with such filing, and that Buyer will have no claim of any kind against Seller or counsel to
Seller if Buyer fails to timely file such 83(b) Election. Buyer further understands that an additional copy of such election form
should be filed with Buyer’s federal income tax return for the calendar year in which the date of this Agreement falls. Buyer
acknowledges that the foregoing is only a summary of the effect of United States federal income taxation with respect to purchase
of the Shares hereunder and does not purport to be complete. Buyer further acknowledges that Seller has directed Buyer to seek
independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country
in which Buyer may reside, and the tax consequences of Buyer’s death.

 

7.          Put
Right. At any time during the thirty (30) day period following each applicable vesting date of the Restricted Stock, Buyer
shall have the right to “put” any vested Restricted Stock vesting on such date to the Seller in accordance with the
terms set forth in Section 4(c) of the Employment Agreement. In connection with the exercise of such “put” right by
the Buyer, Buyer and Seller hereby agree to enter into a Stock Repurchase Agreement on terms reasonably acceptable to such parties,
which agreement shall contain customary representations and warranties, including representations and warranties relating to ownership
of the Shares to be repurchased by the Seller.

 

8.          Miscellaneous/General.

 

8.1           Amendment.
No modification or amendment hereof shall be valid and binding, unless it be in writing and signed by Buyer and Seller.

 

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8.2           Benefit.
Except as otherwise expressly limited herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors,
assigns, heirs, executors, and administrators of the parties hereto. None of the rights, privileges, or obligations set forth in,
arising under, or created by this Agreement may be assigned or transferred without the prior consent in writing of Seller.

 

8.3           Headings.
Section headings are inserted herein for convenience only and shall not control or affect the meaning or construction of any of
the provisions hereof.

 

8.4           Governing
Law; Jurisdiction. This Agreement shall be construed in accordance with, and governed by, the laws of the State of New York,
without reference to the conflict of laws principles thereof. Any dispute arising under or in relation to this Agreement shall
be resolved in accordance with the provisions set forth in Section 10(a) of the Employment Agreement.

 

8.5           Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against
the parties actually executing such counterpart, and all of which together shall constitute one and the same instrument.

 

8.6           Entire
Agreement. This Agreement and the Employment Agreement represent the entire understanding and agreement between the parties
hereto with respect to the subject matter hereof and all prior conversations, negotiations, understandings and agreements between
the parties hereto concerning the subject matter hereof are hereby expressly superseded. In the event of a conflict between the
terms of this Agreement and the terms of the Employment Agreement, the terms of this Agreement shall govern.

 

8.7           Notices.
All notices relating to this Agreement shall be made in accordance with the terms set forth in the Employment Agreement.

 

8.8           No
Evidence of Employment. Nothing contained herein shall confer upon Buyer any right with respect to the continuation of his
employment by, or service relationship with, Seller or any subsidiary or affiliate of Seller, or interfere in any way with the
right of Seller or any subsidiary or affiliate of Seller, at any time to terminate such employment or service relationship or to
increase or decrease the compensation of Buyer from the rate in existence on the date hereof. For the avoidance of doubt, this
Agreement shall not guarantee employment for the length of all or any portion of the vesting schedule.

 

8.9           Severability.
Any provision of this Agreement which is found to be prohibited or unenforceable in any jurisdiction will, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any
other jurisdiction.

 

8.10         Buyer
Undertaking. Buyer hereby agrees to take whatever additional actions and execute whatever additional documents Seller may in
its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions
imposed on Buyer pursuant to the express provisions of this Agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the parties have executed this Stock Purchase Agreement as of the date first above written.

 

	 	SEQUENTIAL BRANDS GROUP, INC.,
	 	a Delaware corporation
	 	 
	 	By:	 /s/ William Sweedler
	 	Name: William Sweedler
	 	Title: Chairman
	 	 
	 	By: 	/s/ Gary Klein
	 	Name:  Gary Klein

 

    	 

    	 

    

 

EXHIBIT A

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED and pursuant to that
certain Stock Purchase Agreement between the undersigned (“Buyer”) and Sequential Brands Group, Inc.,
a Delaware corporation (the “Company”), dated effective as of November 29, 2012 (the “Agreement”),
Buyer hereby sells, assigns and transfers unto the Company ___________ shares of the Common Stock of the Company standing in Buyer’s
name on the Company’s books and represented by Certificate No. _____, and hereby irrevocably constitutes and appoints ____________________
to transfer such stock on the books of the Company with full power of substitution in the premises. THIS ASSIGNMENT MAY ONLY BE
USED AS AUTHORIZED BY THE AGREEMENT AND THE EXHIBITS THERETO.

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name: Gary Klein

  

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SEQUENTIAL
BRANDS GROUP, Inc.

 

RECEIPT AND CONSENT

 

The undersigned hereby acknowledges receipt
of Certificate No.  ____ for 80,000 shares of Common Stock of Sequential Brands Group, Inc. (the “Company”).

 

The undersigned further acknowledges that
the Secretary of the Company, or his or her designee, is acting as escrow agent pursuant to the Stock Purchase Agreement that Buyer
has previously entered into with the Company. As escrow agent, the Secretary of the Company, or his or her designee, will hold
the original of the aforementioned certificate issued in the undersigned’s name, and the undersigned consents to the Company
delivering such certificate to such escrow agent on the undersigned’s behalf.

 

	Dated: November 29, 2012
	 
	 	By:	 
	 	Name: Gary Klein

 

    	-10-EXHIBIT 10.34

 

sequential

brands group

 

January 25, 2013

 

Andrea Sobel

17383 Sunset Blvd, Ste. A310

Pacific Palisades, CA 90272

 

Re: Separation Terms and General Release
Agreement

 

Dear Andrea:

 

This Separation Terms and General Release
Agreement (this “Agreement”) confirms the terms of your voluntary separation from the employment
of Sequential Brands Group, Inc. (the “Company” or “Sequential”) and
the consideration being offered by the Company in exchange for your waiver and general release of claims as set forth below.

 

1.          Termination
Date. Your employment with the Company (and/or its subsidiaries, divisions, affiliated companies, predecessors, successors
and assigns) will end effective January 25, 2013 (the “Termination Date”) as a result of
your voluntary resignation. Between now and the Termination Date, you should assist with any transition-related activities as directed
by the employee to whom you directly report. By signing below, you hereby resign from all other positions with the Company (and/or
its subsidiaries, divisions, affiliated companies, predecessors, successors and assigns), effective as of the Termination Date.

 

2.          Acknowledgment
of Payment of Wages. On or before execution of this release, the Company delivered to you a final paycheck that includes payment
for all accrued wages, salary, accrued and unused vacation time, and reimbursable expenses due and owing to you from the Company
as of the Termination Date (collectively referred to as “Wages”). You are entitled to these Wages
regardless of whether you sign this Agreement. You acknowledge that, other than payment of such Wages, you are not entitled to
any other payments or benefits in connection with your employment with the Company and the termination thereof, including under
that certain Employment Agreement, effective December 14, 2011, by and between the Company and you (the “Employment
Agreement”).

 

3.          Consideration
for Release. In consideration for your signing (and not revoking) this Agreement, including your agreement to the waiver and
release of claims set forth in Paragraphs 7 and 8 below, and your compliance with the terms of this Agreement, the Company agrees
to provide you with the post-termination payments and benefits (the “Separation Payments and Benefits”)
set forth in this paragraph 3 and in the first sentence of paragraph 4 of this Agreement: The Company shall pay to you the aggregate
sum of $125,000, which shall be paid within eight (8) days of signing this Agreement provided, however, that, no such payment
shall be made prior to the expiration of the revocation period set forth below and provided that you have executed this Agreement.
In addition, the Company agrees that, provided you do not revoke this Agreement, all outstanding stock options granted to you under
any of the Company’s equity incentive plans (or awards substituted therefore covering the securities of a successor company)
shall accelerate and become fully vested on the Termination Date, and you shall have three (3) years from the Termination Date
in which to exercise such stock options. You acknowledge and agree that you are not entitled to receive the Severance Payments
and Benefits unless you sign (and do not revoke this Agreement), and that the Separation Payments and Benefits exceed all amounts
and benefits to which you may otherwise be eligible if you did not sign this Agreement (except for the Wages set forth in Paragraph
2 above). You understand that if you do not sign the Agreement, or if you revoke the signed Agreement as described in Paragraph
19 below (if applicable), the Company has no obligation to, and will not, provide you with the Separation Payments and Benefits.

 

17383 SUNSET BLVD,
STE. A310 • PACIFIC PALISADES, CA 90272 • T 203.454.6999 • F 203.454.6998

WWW.SEQUENTIALBRANDS.COM 

    	 

    	 

    

  

4.          Continuation
of Health Coverage. As referenced in paragraph 3 of this Agreement and subject to your signing this Agreement, if you are eligible
for, and you timely elect COBRA continuation, for a period of twelve (12) months following the Termination Date, the Company shall
continue to provide you and your eligible family members with group health insurance coverage at least equal to that which would
have been provided to you if your employment had not been terminated (or at Company's election, pay the applicable COBRA premium
for such coverage); provided, however, that if you become re-employed with another employer and are eligible to receive group health
insurance coverage under another employer's plans, Company's obligations under this Section shall terminate and any such coverage
shall be reported by you to the Company. If you do not sign this Agreement (and/or if you revoke it), your Company-provided health
coverage will end on your Termination Date; in such case, if you are eligible for, and timely elect COBRA continuation, you may
continue health coverage pursuant to the terms and conditions of COBRA at your own expense. Unless otherwise set forth in the Employment
Agreement, all other insured benefit coverage (e.g., life insurance, disability insurance) will also end on your Termination Date.

 

5.          Return
of Company Property. By signing below, you represent that you have returned all the Company property, documents, records and
data of any type whatsoever that was in your possession or control.

 

6.          Confidential
Information. You hereby acknowledge that as a result of your employment with the Company you have had access to the Company's
confidential and/or proprietary information. You acknowledge your continuing obligations under the Employee Acknowledgment Regarding
Proprietary Information and Inventions you have previously executed, and you agree you will hold all such confidential and/or proprietary
information in strictest confidence and that you may not make any use of such confidential information. You further confirm that
you have delivered to the Company all documents and data of any nature containing or pertaining to such confidential information
and that you have not taken with you any such documents or data or any copies thereof.

 

		7.	General Release and Waiver of Claims.

 

7.1. The payments
and agreements set forth in this Agreement fully satisfy any and all accrued salary, vacation pay, bonus and commission pay, stock-based
compensation, profit sharing, termination benefits or other compensation to which you may be entitled to receive from any of the
“Releasees” (as defined below) for any matter up to and including the Termination Date, including, but not limited
to, by virtue of your employment with the Company or your termination of employment. You acknowledge that you have no claims and
have not filed any claims against any of the Releasees, including but not limited to any claims based on your employment with or
the separation of your employment with the Company.

 

17383 SUNSET BLVD,
STE. A310 • PACIFIC PALISADES, CA 90272 • T 203.454.6999 • F 203.454.6998

WWW.SEQUENTIALBRANDS.COM

    	 

    	 

    

  

7.2. In consideration
for the right to receive the Separation Payment and Benefits in accordance with the terms contained herein and the mutual
promises contained herein, the sufficiency of which you hereby acknowledge, to the fullest extent permitted by law, you (on behalf
of yourself and your heirs, administrators, representatives, executors, successors and assigns) hereby release and forever discharge
the Company, its predecessors, successors, assigns, subsidiaries and affiliates, and its and their respective present and former
directors, shareholders, officers, agents, employees, members, owners, partners, representatives, trustees, employee benefit plans,
and administrators or fiduciaries of such plans (all of whom, including the Company, are collectively referred to as “Releasees”),
each individually and in their official capacities, from any and all claims, demands, causes of action, damages, liabilities, agreements,
expenses (including attorney's fees and costs), judgments, obligations or suits of any kind whatsoever, in law, equity or otherwise,
in any jurisdiction, known or unknown, suspected or claimed, specifically mentioned herein or not that you ever had, now have or
may claim to have had by reason of any actual or alleged act, event, occurrence, omission, practice or other matter whatsoever
from the beginning of time up to and including the date that you sign this Agreement (collectively, “Claims”),
including but not limited to Claims arising out of or relating in any way to your employment or separation from employment with
the Company and including, without limitation, claims based on any oral, written or implied employment agreement, claims for wages,
vacation pay, bonuses, commissions, stock-based compensation, expense reimbursement, and any claims that the terms of your employment
with the Company, or the circumstances of your separation, were wrongful, in breach of any obligation of the Company or in violation
of any of your rights, contractual, statutory or otherwise. Each of the Releasees is intended to be a third party beneficiary of
the General Release and Waiver of Claims set forth in this Paragraph 7.

 

(a)          Release
of Statutory and Common Law Claims. The released Claims include, but are not limited to, your rights under the following
federal and state statutes: the Employee Retirement Income Security Act (ERISA) (regarding employee benefits); the Occupational
Safety and Health Act (safety matters); the Family and Medical Leave Act of 1993; the Worker Adjustment and Retraining Act (“WARN”)
(notification requirements for employers who are curtailing or closing an operation) and common law; tort; wrongful discharge;
public policy; workers' compensation retaliation; tortious interference with contractual relations, misrepresentation, fraud, loss
of consortium; slander, libel, defamation, intentional or negligent infliction of emotional distress; claims for wages, bonuses,
commissions, stock-based compensation or fringe benefits; vacation pay; sick pay; insurance reimbursement, medical expenses, and
the like.

 

(b)          Release
of Discrimination Claims. You understand that various federal, state and local laws prohibit age, sex, race, disability, benefits,
pension, health and other forms of discrimination, harassment and retaliation, and that these laws can be enforced through the
U.S. Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Labor, and similar state and
local agencies and federal and state courts. You understand that if you believe your treatment by the Company violated any laws,
you have the right to consult with these agencies and to file a charge with them. Instead, you have decided voluntarily to enter
into this Agreement, release the claims and waive the right to recover any amounts to which you may have been entitled under such
laws, including but not limited to, any claims you may have based on age or under the Age Discrimination in Employment Act of 1967
(ADEA; 29 U.S.C. Section 621 et. seq.) (age); the Older Workers Benefit Protection Act (“OWBPA”) (age); Title VII of
the Civil Rights Act of 1964 (race, color, religion, national origin or sex); the 1991 Civil Rights Act; the Vocational Rehabilitation
Act of 1973 (disability); The Americans with Disabilities Act of 1990 (disability); 42 U.S.C. Section 1981, 1986 and 1988 (race);
the Equal Pay Act of 1963 (prohibits pay differentials based on sex); the Immigration Reform and Control Act of 1986; Executive
Order 11246 (race, color, religion, sex or national origin); Executive Order 11141 (age); Vietnam Era Veterans Readjustment Assistance
Act of 1974 (Vietnam era veterans and disabled veterans); and California state statutes and local laws of similar effect.

 

17383 SUNSET BLVD,
STE. A310 • PACIFIC PALISADES, CA 90272 • T 203.454.6999 • F 203.454.6998

WWW.SEQUENTIALBRANDS.COM

    	 

    	 

    

  

7.3. You agree that you
have entered into this Agreement as a compromise and in full and final settlement of all Claims, if any, that you have or may have
against the Releasees and you further agree that any and all existing or potential issues that you may have had arising out of
or related to your employment with the Company are hereby fully resolved. Notwithstanding the foregoing, Releasees and you do not
intend to release claims (i) which you may not release as a matter of law (including, but not limited to, indemnification claims
under applicable law and claims for unemployment, state disability and/or paid family leave insurance benefits pursuant to the
terms of applicable state law); (ii) claims that arise after the date that you sign this Agreement (other than any claims relating
to continuing or future effects of past discrimination) (iii) for any benefit entitlements that are vested as of the Termination
Date pursuant to the terms of a Company-sponsored benefit plan governed by the federal law known as “ERISA”; (iv) for
vested stock and/or vested option shares pursuant to the written terms and conditions of your existing stock and stock option grants
and agreements existing as of the Termination Date, provided, however, that you shall have three years from the Termination Date
in which to exercise your 99,667 vested stock options; and (v) for any payments required under Section 6 of the Employment Agreement.
To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined by an arbitrator
under the procedures set forth in paragraph 12.

 

7.4. You represent
that you have not assigned or transferred your rights with respect to any Claims covered by the General Release and Waiver of Claims
set forth in this Paragraph 7. If you commence(d) or participate(d) in any action or proceeding (including as a member of a class
of persons) regarding Claims covered by the General Release and Waiver of Claims set forth in this Paragraph 7, this Agreement
shall be a complete defense in such action or proceeding and you (and your heirs, administrators, executors, representatives, successors
and assigns) will have no right to obtain or receive, and will not seek or accept, any damages, settlement or relief of any kind
(including attorneys' fees and costs) as a result of such action or proceeding.

 

8.          Waiver
of Unknown Claims. You expressly waive any benefits of Section 1542 of the Civil Code of the State of California (and any other
laws of similar effect), which provides: 

 

“A GENERAL RELEASE DOES
NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

17383 SUNSET BLVD,
STE. A310 • PACIFIC PALISADES, CA 90272 • T 203.454.6999 • F 203.454.6998

WWW.SEQUENTIALBRANDS.COM

    	 

    	 

    

 

		9.	Covenant Not to Sue.

 

9.1. To the fullest extent
permitted by law, you agree that you will not now or at any time in the future pursue any charge, claim, or action of any kind,
nature and character whatsoever against any of the Releasees, or cause or knowingly permit any such charge, claim or action to
be pursued, in any federal, state or municipal court, administrative agency, arbitral forum, or other tribunal, arising out of
any of the matters covered by paragraphs 7 and 8 above.

 

9.2.          You
further agree that you will not pursue, join, participate, encourage, or

directly or indirectly assist in the pursuit
of any legal claims against the Releasees, whether the claims are brought on your own behalf or on behalf of any other person or
entity.

 

9.3. Nothing in this
paragraph shall prohibit you from: (1) providing truthful testimony in response to a subpoena or other compulsory legal process,
(2) filing a charge or complaint with a government agency such as the Equal Employment Opportunity Commission, the National Labor
Relations Board or applicable state anti-discrimination agency and/or (3) filing a lawsuit solely to challenge the enforceability
of the General Release and Waiver of Claims set forth in this Paragraph 7 pursuant to the OWBPA.

 

		10.	Non-disparagement/Cooperation.

 

10.1. You agree that
you will not make any statement, written or oral, or engage in any conduct that is or could reasonably be construed to be disparaging
of the Company (and/or its subsidiaries, divisions, affiliated companies, predecessors, successors or assigns) or its (or their
respective) products, services, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, or any
person acting by, through, under or in concert with any of them. Nothing in this paragraph shall prohibit you from providing truthful
testimony in response to a subpoena or other compulsory legal process. The Company will cause its senior managers, officers and
directors not to, and agrees that it will not expressly authorize anyone else, to make any statement, written or oral, or engage
in any conduct that is or could reasonably be construed to be disparaging of you. Notwithstanding the foregoing, nothing in this
paragraph shall be interpreted to prevent the Company from making any public disclosures reasonably determined by the Company to
be required by law.

 

10.2. You agree to cooperate
with the Releasees, their legal counsel and designees regarding any current or future claim, investigation (internal or otherwise),
inquiry or litigation relating to any matter with which you were involved or had knowledge or which occurred during your employment,
without any additional compensation. Such assistance shall include, but not be limited to, meetings and other consultations, signing
affidavits and documents that are factually accurate, attending depositions and providing truthful testimony (in each case, without
requiring a subpoena). The Company will reimburse you for reasonable and pre-approved, travel expenses actually incurred by you
in connection with such cooperation.

 

11.         Legal
and Equitable Remedies. You and the Company agree that either party shall have the right to enforce this Agreement and any
of its provisions by injunction, specific performance or other equitable relief without prejudice to any other rights or remedies
that either party may have at law or in equity for breach of this Agreement. 

 

17383 SUNSET BLVD,
STE. A310 • PACIFIC PALISADES, CA 90272 • T 203.454.6999 • F 203.454.6998

WWW.SEQUENTIALBRANDS.COM

    	 

    	 

    

 

12.         Arbitration
of Disputes. Except for claims for injunctive relief arising out of a breach of the Employee Acknowledgment Regarding
Proprietary. Information and Inventions, you and the Company agree to submit to mandatory, final and binding arbitration any
future disputes between you and the Company, including any claim arising out of or relating to this Agreement, in accordance
with the terms of Section 8(b) of the Employment Agreement. This Agreement does not extend or waive any statutes of
limitations or other provisions of law that specify the time within which a claim must be brought. Notwithstanding the
foregoing, each party retains the right to seek preliminary injunctive relief in a court of competent jurisdiction to
preserve the status quo or prevent irreparable injury before a matter can be heard in arbitration. 

 

13.         Attorneys'
Fees. If any legal action arises or is brought to enforce the terms of this Agreement, the prevailing party shall be entitled
to recover its reasonable attorneys' fees, costs and expenses from the other party, in addition to any other relief to which such
prevailing party may be entitled, except where the law provides otherwise. The costs and expenses that may be recovered exclude
arbitration fees pursuant to paragraph 12 above. 

 

14.         Confidentiality
Provision. You agree to keep the contents, terms and conditions of this Agreement confidential and not disclose them
except to your spouse or domestic partner, attorneys, accountant or as required by subpoena or court order. 

 

15.         Materiality
of Breach. Any breach of the provisions contained in paragraphs 6 through 10 and/or 14 will be deemed a material breach
of this Agreement. 

 

16.         No
Admission of Liability. You agree that this Agreement is not an admission or evidence of any wrongdoing or liability on the
part of the Company, its representatives, attorneys, agents, partners, officers, shareholders, directors, employees, subsidiaries,
affiliates, divisions, successors or assigns. This Agreement will be afforded the maximum protection allowable under California
Evidence Code Section 1152 and/or any other state or Federal provisions of similar effect. 

 

17.         Indemnification. This
Release shall not apply with respect to any claims arising under your existing rights to indemnification and defense pursuant
to (a) the articles and bylaws of the Company for acts as an officer, (b) any indemnification agreement with the
Company, or (c) your rights of insurance under any director and officer liability policy in effect covering the Company's
directors and officers. 

 

18.         Review
of Agreement. You may not sign this Agreement prior to your

Termination Date. You may take up to twenty-one (21) days from January 25, 2013, which is the date you received the original
version of this Agreement to consider this Agreement and, by signing below, affirm that you were advised by this Agreement to consult
with an attorney before signing this Agreement and were given ample opportunity to do so. You understand that this Agreement will
not become effective until you return the original properly signed Agreement to the Company, Attention: Yehuda Shmidman, Chief
Executive Officer at yshmidman@sequentialbrandsgroup.com and after expiration of the revocation period without revocation by you.
You also agree that any modifications to this Agreement (including the original version of this Agreement), whether material or
immaterial, did not and will not restart the 21-day period set forth in this paragraph.

 

17383 SUNSET BLVD,
STE. A310 • PACIFIC PALISADES, CA 90272 • T 203.454.6999 • F 203.454.6998

WWW.SEQUENTIALBRANDS.COM  

    	 

    	 

    

 

19.         Revocation
of Agreement. You acknowledge and understand that you may revoke this Agreement by faxing a written notice of revocation to
the Company, Attention: Yehuda Shmidman, Chief Executive Officer at yshmidman@sequentialbrandsgroup.com any time up to seven (7)
days after you sign it. After the revocation period has passed, however, you may no longer revoke your Agreement. 

 

20.         Entire
Agreement.         This Agreement, together with the Employee Acknowledgment Regarding
Proprietary Information and Inventions that you previously executed, the Sections of the Employment Agreement referenced herein
(and all of which are incorporated herein by reference) and the terms of any employee benefits programs with respect to vested
benefits, is the entire agreement between you and the Company with respect to the subject matter of this Agreement and supersedes
all prior negotiations and agreements, whether written or oral, relating to this subject matter. You acknowledge that none of the
Company, its agents or attorneys made any promise or representation, express or implied, written or oral, not contained in this
Agreement to induce you to execute this Agreement. You acknowledge that you have signed this Agreement knowingly, voluntarily and
without coercion, relying only on such promises, representations and warranties as are contained in this document. You understand
that you do not waive any right or claim that may arise after the date this Agreement is executed. 

 

21.         Modification.
By signing below, you acknowledge your understanding that this Agreement may not be altered, amended, modified, or otherwise
changed in any respect except by another written agreement that specifically refers to this Agreement, executed by the Company's
authorized representatives and you. 

 

22.         Governing
Law. This Agreement is governed by, and is to be interpreted according to, the laws of the State of California, without regarding
to its provisions relating to conflict of laws. 

 

23.         Savings
and Severability Clause. Should any court, arbitrator or government agency of competent jurisdiction declare or determine any
of the provisions of this Agreement to be illegal, invalid or unenforceable, the parties intend that such provision be modified
to make it enforceable to the maximum extent permitted by law. If such provision cannot be modified to make it enforceable, the
remaining parts, terms or provisions shall not be affected thereby and shall remain legal, valid and enforceable. Further, it is
the intention of the parties to this Agreement that, if a court, arbitrator or agency concludes that any claim under paragraph
7 above may not be released as a matter of law, the General Release in paragraph 7 and the Waiver Of Unknown Claims in paragraph
8 shall otherwise remain effective as to any and all other claims. 

 

[THIS SPACE INTENTIONALLY LEFT BLANK]

 

17383 SUNSET BLVD, STE. A310 •
PACIFIC PALISADES, CA 90272 • T 203.454.6999 • F 203.454.6998

WWW.SEQUENTIALBRANDS.COM 

    	 

    	 

    

 

If this Agreement accurately sets forth
the terms of your separation from the Company and if you voluntarily agree to accept the terms of the separation package offered
please sign below no earlier than your Termination Date and return it to Yehuda Shmidman, Chief Executive Officer at yshmidman@sequentialbrandsgroup.com.

 

PLEASE REVIEW CAREFULLY. THIS
AGREEMENT CONTAINS

A GENERAL RELEASE OF KNOWN AND UNKNOWN CLAIMS.

 

Sincerely,

 

/s/ Yehuda Shmidman

 

Yehuda Shmidman,

 Chief Executive Officer

 

	REVIEWED, UNDERSTOOD AND AGREED:
	 	 	 
	By:	/s/ Andrea Sobel	 
	 	Andrea Sobel	 
	 	 	 
	Date:	January 25, 2013	 

 

DO NOT SIGN PRIOR TO YOUR TERMINATION
DATE

 

17383 SUNSET BLVD,
STE. A310 • PACIFIC PALISADES, CA 90272 • T 203.454.6999 • F 203.454.6998

WWW.SEQUENTIALBRANDS.COM

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