Document:

Exhibit 10.3

                                TKO APPAREL, INC.
                    1175 Northeast 125th Street o Suite 102 o
                    North Miami, Florida 33161 (305) 891-1107
                             o (305) 891-2577 (Fax)

                 Agreement for Membership Interest Purchase and
             Liquidation of Certain Assets of Unzipped Apparel, LLC.

         This letter agreement (the "Agreement") sets forth our agreement and
understanding pursuant to which (i) TKO Apparel Licensing, Inc. or assigns
("Buyer") shall purchase all of the outstanding membership interests (the
"Interest") of Unzipped Apparel, LLC. ("Company") from Candie's, Inc.
("Candie's), the Company's sole member, and (ii) Buyer shall help the Company
liquidate certain of the Company's assets (collectively, the "Transaction"). The
Company, Candie's and Buyer are collectively referred to herein as "Parties".

1.   Form of Transaction.  Subject to the terms of this  Agreement,  Buyer shall
     purchase the Interest and help liquidate  certain  inventory of the Company
     and manage the sale of the Company's trade accounts  receivable ("TAR") for
     the Purchase  Price and  Handling  Fee as described in  Paragraphs 2 and 7,
     respectively.

2.   Purchase  Price.  The purchase  price to be paid to Candie's at Closing (as
     hereinafter defined) for the Interest shall be an aggregate amount equal to
     the sum of the following (the "Purchase Price"):

     a.)  the Market Value (as  hereinafter  defined) of the Company's  cash and
          marketable securities on the Closing Date (as hereinafter defined);

     b.)  the  Market  Value of the  Company's  property  and  equipment  on the
          Closing Date, less a 15% handling fee for liquidation; and

     c.)  an amount  equal to $10.00,  representing  the value of the  Company's
          intangibles (including  trademarks,  trade names,  copyrights,  vendor
          numbers, vendor relationships, etc.);

     d.)  Subject to Section 5 hereof,  the Market Value of the  Uncollected TAR
          and the Unsold  Inventory (as such terms are  hereinafter  defined) on
          the  Closing  Date,  less  15%.  However,  notwithstanding  the  prior
          sentence,  if the Buyer elects,  pursuant to Section 4, to pay for the
          Uncollected  TAR and the  Unsold  Inventory  by Note  (as  hereinafter
          defined) and not by cash,  then there shall be no 15%  reduction  from
          Market Value of the Uncollected TAR and the Unsold Inventory.

         Collectively, items a) through d) above are referred to as the
         "Assets". "Market Value" shall be an amount agreed to by the Parties on
         the Closing Date. If the Parties cannot agree on such amount the matter
         shall be submitted to an independent appraisal firm mutually agreeable
         to the Parties for resolution. The decision of the independent
         appraisal firm shall be binding upon the Parties hereto. In the event
         of an unresolved dispute of Market Value at the time of Closing, that
         portion of the Purchase shall be deferred until such time as the Market
         Value of those specific Assets has been determined pursuant to the
         terms of this paragraph.

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3.   Adjustment  to  Purchase  Price:  It is  agreed  that  Buyer  shall  not be
     responsible  for any  liabilities  arising or accruing prior to the Closing
     Date.  Accordingly,  Candie's  agrees to give  Buyer a credit  against  the
     Purchase  Price for any such  liabilities,  however,  Candie's shall have a
     reasonable  period within which to try to settle or assume such liabilities
     prior to giving Buyer such credit.

4.   Closing Date:  Subject to the  satisfaction or waiver of the conditions set
     forth in Section  9, the  Purchase  Price  shall be paid in cash or Note by
     Buyer to  Candie's  and the  Interest  being  purchased  by Buyer  shall be
     conveyed by Candie's to Buyer ("Closing") on February 1, 2005 or as earlier
     agreed to by the Parties  ("Closing  Date").  If the Purchase Price exceeds
     one  million  dollars,  Buyer  may pay up to 80% of the  Purchase  Price by
     executing a promissory  note in favor of Candie's  bearing  interest at the
     rate of 6% per annum payable quarterly (the "Note").  The Note shall mature
     and  become due and  payable in full,  including  any unpaid  interest  due
     thereon, on the 3rd anniversary of the Closing. The Note may be prepaid, in
     part or in full, at any time prior to the due date without  penalty.  Buyer
     agrees that the  Interests or such  substitute  collateral as may be agreed
     between  Candie's and the Buyer will serve as collateral  for the Note (the
     "`Collateral").  The Note  shall be of limited  recourse  to the Buyer with
     recourse limited to the Collateral . . 5 Closing Documents:  At or prior to
     Closing, Candies shall provide to Buyer: a) an assignment of the Assets and
     Interests being conveyed hereunder;  b) an appropriate corporate resolution
     authorizing  the  Transaction;  c) a  resignation  or  termination  of  the
     managing member of the Company;  d) an opinion of counsel  certifying as to
     the validity and  completeness  of the above  documents to  effectuate  the
     Transaction;  and e) such other documents as may be reasonably requested by
     Buyer.

6.   Inventory;  TAR: The Parties  shall work together in good faith to minimize
     any  damage  or  disruption  to the  BONGO  business  caused by the sale of
     inventory at all times  contemplated  hereunder.  Furthermore,  the Company
     agrees that all sales of inventory prior to the Closing shall be consistent
     with past  practices  and will only be done in a manner that  preserves the
     value of the BONGO brand name and  business.  In the event that the Company
     has not (i)  sold  all of its  inventory  prior  to  Closing  (such  unsold
     inventory shall  hereinafter be referred to as "Unsold  Inventory")  and/or
     (ii)  collected all of its TAR prior to the Closing (such  uncollected  TAR
     shall  hereinafter be referred to as "Uncollected  TAR"),  then the Company
     shall have the option to transfer and assign all such Unsold  Inventory and
     Uncollected  TAR to  Candie's  immediately  prior to the  Closing.  If such
     transfer  occurs,  then  there  will be, as of the  Closing,  no TAR and no
     Unsold Inventory.  If all such Uncollected TAR and Unsold Inventory are not
     assigned, Buyer will purchase the Uncollected TAR and the Unsold Inventory.
     In the event that Buyer cannot dispose of such Unsold Inventory pursuant to
     the terms of this paragraph, Buyer has the right for 120 days from the date
     of the  Closing to sell the Unsold  Inventory  back to  Candie's at Buyer's
     acquisition cost.

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7.   Liquidation of Certain  Assets:  Prior to Closing,  or after Closing to the
     extent of any assets not purchased by Buyer at Closing, Company or Candie's
     may  authorize  Buyer to manage the sale of said  assets to third  parties.
     Buyer  agrees to  handle  the sale of such  assets  for a fee of 15% of the
     gross  sales  price of each  asset  sold  (the  "Handling  Fee").  For this
     Handling  Fee,  Buyer  agrees to work  closely  with Company or Candie's to
     market said assets, locate qualified buyers,  negotiate sales terms, obtain
     Company's  or  Candie's  approval  of each sale,  coordinate  logistics  of
     transfer  of assets  to  buyers,  and  coordinate  collection  of net sales
     proceeds.  All  sales  costs  shall be the  responsibility  of  Company  or
     Candie's and shall be approved in advance by Company or Candie's.  The sale
     of any asset that may impact the value of the BONGO  brand name or business
     will be  handled  in such a manner as to  minimize  any  disruption  in the
     market place.  Buyer,  in  cooperation  with Company and  Candie's,  but in
     Buyer's sole and absolute discretion, will determine the anticipated impact
     of the sale of such assets which may ultimately  affect the "who and where"
     of such sales or whether the sale can even be made.

8.   Indemnification:  Candie's  agrees to indemnify and hold Buyer harmless for
     all losses,  costs or expenses  (including  reasonable  attorney's fees and
     costs  through  all  appellate  levels)  or for  any  liabilities  (whether
     disclosed  or  undisclosed)  arising or accruing  prior to the Closing Date
     with  respect to the  Interest,  the  Company,  or any  breach of  Candie's
     representations,  warranties or other obligations  hereunder.  In the event
     Buyer informs Candie's of a liability  hereunder and Candies does not fully
     indemnify  Buyer as required  hereunder  and Buyer  suffers  damages  which
     remain  unsatisfied  by  Candie's  after 15 days of  receiving  notice from
     Buyer,  then Buyer or any affiliate of Buyer shall have the right of offset
     against any obligations of Buyer or any affiliate of Buyer due to Candie's.

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9.   Buyer's  Due  Diligence  Review.  The  Company  shall  grant  to the  Buyer
     reasonable access to all Company records, operating agreement,  management,
     auditors,   suppliers,  and  any  other  third  party  providers  following
     execution  of this  Agreement  for  purposes  of  conducting  a general due
     diligence review of the Company's assets (the "Due Diligence Review").

10.  .Closing Conditions.

     10.1 The obligation of Buyer to consummate  the  Transaction as outlined in
          this  Agreement  are subject to,  among other  things,  the  following
          conditions:

     a.)  Buyer's reasonable  satisfaction with the results of its Due Diligence
          Review. b.) Approval of CIT to the sale of any TAR hereunder.

     c.)  The absence of a material  adverse change in the financial  condition,
          operating  results,  business,  assets or  properties  of the  Company
          (other  than  the  orderly   winding  down  of   operations   and  the
          non-disruptive sale of inventory and other assets).

     d.)  Compliance of the Transaction with all laws and regulations applicable
          thereto,  including  approval and consent by any required local, state
          and federal government authorities, licensing and regulatory agencies.

     e.)  Compliance  by  the  Company  and  Candie's   with  their   respective
          obligations hereunder.

     f.)  Buyer's  receipt of an opinion of Candie's  counsel  stating that upon
          Closing  Candie's  has  obtained  all  necessary   authorizations  and
          approvals  to enter into the  Transaction,  which shall be binding and
          enforceable against Candie's.

10.2 The obligation of the Seller to consummate  the  Transaction is subject to,
     among other things, the following conditions:

     a.)  Compliance of the Transaction with all laws and regulations applicable
          thereto,  including approval and consents by any required local, state
          and federal government authorities,  licensing and regulatory agencies
          and agreement.

     b.)  Compliance by Buyer with its obligations hereunder.

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<PAGE>

11.  Cooperation: Buyer, Company and Candie's agree to cooperate with each other
     to complete the Transaction contemplated hereunder.

12.  Conduct of the Business. Upon the execution of this Agreement and until the
     first to occur of the Closing or the  termination  of this  Agreement,  the
     Company  agrees to use its best  efforts to  preserve  intact its  business
     operations and assets and to conduct its operations in the ordinary  course
     of  business,  other than the orderly  winding down of  operations  and the
     non-disruptive sale of inventory and other assets.

13.  Reimbursement  of Fees and  Expenses;  Break-Up  Fee.  (a)  Subject  to the
     provisions of Section  13(b) below,  each of the Parties shall bear its own
     expenses and legal  expenses  incurred in connection  with the  Transaction
     contemplated  herein.  Buyer will have no  responsibility  for any brokers,
     employees,  management, officers, or directors who may receive any payment,
     bonus or other extraordinary  compensation as a result of this Transaction,
     and Buyer  represents  and warrants to the Company and Candie's that it has
     not engaged any broker or finder in connection with the Transaction.

     (b)  If this Agreement is terminated by the Company or Candie's, on the one
          hand,  or Buyer,  on the other  hand,  for any  reason  other than the
          material breach of the  non-terminating  Party, the terminating  Party
          shall   pay  to  the   non-terminating   Party   (provided   that  the
          non-terminating  Party  is not in  default  under  this  Agreement)  a
          break-up fee in the amount of $100,000.  Notwithstanding foregoing, if
          i) Buyer  terminates  this  Agreement  because:  (i)  Buyer  discovers
          information in its Due Diligence  Review that  materially  impacts the
          Purchase Price or the Market Value of the Assets; or ii) if any of the
          closing conditions in Section 10.1 are not satisfied as of the Closing
          Date  to  Buyer's  reasonable  satisfaction,  it  may  terminate  this
          Agreement without paying the break-up fee. If Candie's terminates this
          Agreement  because any of the closing  conditions  in Section 10.2 are
          not   satisfied  as  of  the  Closing  Date  to  Candie's   reasonable
          satisfaction,  it may  terminate  this  Agreement  without  paying the
          break-up fee.

14.  Termination. This Agreement may be terminated and the Transaction abandoned
     at any time prior to the Closing Date:

     (a)  By  Candie's  or Buyer,  if the  Closing  Date has not  occurred on or
          before  February  1,  2005;  provided;  however,  that  the  right  to
          terminate  this  Agreement  under  this  Section  14 (a)  shall not be
          available to any party whose failure to fulfill any  obligation  under
          this  Agreement  has been the cause of, or resulted in, the failure of
          the Closing Date to occur on or before such date;

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<PAGE>

     (b)  By  Candie's,  if  Candie's  is not in  material  breach of any of its
          obligations  under this Agreement and there has been a material breach
          by Buyer  of its  obligations  contained  in this  Agreement  and such
          breach  has not been cured  within 15 days after  receipt of notice of
          such breach; or

     (c)  By Buyer, if Buyer is not in material breach of any of its obligations
          under this Agreement and there has been a material  breach by Candie's
          of its obligations contained in this Agreement and such breach has not
          been cured within 15 days after receipt of notice of such breach.

         Anything contained in this Agreement to the contrary notwithstanding,
         the provisions of Section 14, 16 and 17 shall survive the termination
         of this Agreement.

15.  Representations  and  Warranties of the Candie's.  Candie's  represents and
     warrants to the Buyer as follows:

     (a)  Candie's is the sole  member of the  Company,  possessing  100% of the
          outstanding equity interests of the Company;

     (b)  to the best of its  knowledge,  the  Company  is not  engaging  in any
          activity  or  omitting  to take any action as a result of which  would
          place it in violation of any law, rule, regulation or other ordinance,
          statute,  order,  injunction or decree applicable to the Company,  its
          business   or  any  of  the   Assets  (it  is   understood   that  the
          indemnification  provisions  of  Section 8 apply  with full  force and
          effect regardless of knowledge);

     (c)  to the best of its  knowledge at Closing,  the Company  shall not have
          any liabilities of any kind,  undisclosed  claims, or lawsuits pending
          or  threatened  against  it  (except  as are  disclosed  on  Exhibit A
          attached hereto as may be amended from time to time) and appropriately
          credited to Buyer  pursuant to Section 3 hereunder)  (it is understood
          that the  indemnifications  provisions  of  Section 8 apply  with full
          force and effect regardless of knowledge);

     (d)  there are no ongoing agreements,  contracts, or obligations of Company
          that will  survive the Closing  (except as are  disclosed on Exhibit B
          attached hereto, which may be amended from time to time); furthermore,
          if any items are  disclosed  on  Exhibit  B, they do not  require  any
          consent to this  Agreement  unless such  consent has been  included on
          said Exhibit B; and

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<PAGE>

     (e)  Candie's  is  in  good  standing  and  has  obtained  all  appropriate
          authorizations   and  consents  to  enter  into  this   Agreement  and
          consummate the Transaction.

16.  Representations  and  Warranties  of the Buyer.  The Buyer  represents  and
     warrants to Candie's as follows:

     (a)  The  Buyer  is in good  standing  and  has  obtained  all  appropriate
          authorizations   and  consents  to  enter  into  this   Agreement  and
          consummate the Transaction.

17.  Announcement.  All press  releases,  internal  announcements  and any other
     communication  related to the Transaction shall be subject to prior written
     approval of the Parties hereto.

18.  Governing Law. The  transaction  shall be governed by the laws of the State
     of New York.

19.  Binding Effect. Subject to the conditions set forth herein, the obligations
     of each of the Parties  under this  Agreement  shall be binding at the time
     this Agreement is executed.

20.  Assignment.  Buyer  has the  right  to  assign  its  interests  under  this
     Agreement to an affiliate or related party of Buyer.

21.  Management.  At or prior to Closing,  Candie's  will  terminate or cause to
     resign the current managing member of Company.

22.  Survival.  The  provisions  of Sections  7, 8, 15 and 16 shall  survive the
     Closing.

23.  Prevailing  Party.  Except as otherwise  provided in this  Agreement,  with
     respect to a dispute hereunder,  the Parties shall bear their own costs and
     fees,  however,  the prevailing party shall be entitled to reimbursement of
     all reasonable costs and fees incurred with respect to such dispute.

24.  Execution in  Counterparts.  This Agreement may be executed in counterparts
     by the Parties with each such counterpart then being considered one and the
     same and all of which shall constitute one and the same agreement.

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<PAGE>

25.  Headings.  The  headings  and  captions  used  in  this  Agreement  are for
     convenience  only and shall not be deemed to limit,  amplify  or modify the
     terms of this Agreement nor affect the meaning thereof.

26.  Entire  Agreement.  This  Agreement  embodies  the entire  agreement of the
     Parties with respect to the subject  matter hereof and there are no further
     agreements or understandings among the Parties with respect to such subject
     matter.  This  Agreement  may not be  amended or  modified  other than in a
     writing executed by all Parties.

27.  Notices. All notices, requests,  waivers, consents and other communications
     (collectively,  "Notices")  hereunder  shall  be in  writing  and  shall be
     personally   delivered,   mailed  by  overnight  mail,  overnight  courier,
     certified U.S. Mail, postage prepaid,  return receipt requested or faxed or
     e-mailed (with  confirmation  of receipt) to the following  addresses.  All
     Notices sent to Buyer shall be directed to the attention of J. Kenneth Tate
     at 1175 North East 125th Street,  Suite 102,  North Miami,  FL 33161 , with
     copies to Barry E.  Somerstein,  Esq.  Ruden  McClosky  Smith  Schuster and
     Russell, 200 East Broward Boulevard,  Suite 1500, Fort Lauderdale,  Florida
     33301.  All Notices to Candie's shall be sent to the attention of Candie's,
     Inc.,  Secretary,  with copies to Deborah Sorell Stehr,  Esq.,  both at 215
     West 40th Street, New York, NY 10018.

     All Notices  shall be deemed  received when given if delivered in person or
     sent by fax or e-mail,  receipt  within  forty  eight (48) hours if sent by
     courier,  and  within  five  (5)  business  days if sent by  registered  or
     certified mail.

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Please sign and date this Agreement in the spaces provided below to confirm our
mutual understandings and agreements as set forth in this Agreement and return a
signed copy to the undersigned. By signing this Agreement you are representing
that you are authorized to consummate this Transaction.

TKO Apparel Licensing, Inc.

By:      /s/ J. Kenneth Tate
         J. Kenneth Tate
         President

ACCEPTED AND AGREED:

Candie's, Inc.

By:     /s/ Neil Cole
Name:   Neil Cole
Title:  President and CEO
Date:   06/09/2004

Unzipped Apparel, LLC
By:   Candies, Inc.,
      Its Member and Manager

By:     /s/ Neil Cole
Name:   Neil Cole
Title:  President and CEO
Date:   06/09/2004

                                       9Exhibit 10.4

                            STOCK PURCHASE AGREEMENT

June 9, 2004

TKO Apparel Licensing, Inc.
1175 Northeast 125th Street
Suite 102
North Miami, Florida 33161

Attention: Mr. J. Kenneth Tate, President

Gentlemen:

                  This Agreement sets forth the agreement of Candie's, Inc., a
Delaware corporation (the "Company") and TKO Apparel Licensing, Inc., a Florida
corporation ("TKO"), or permitted assigns (collectively with TKO, the
"Purchasers") with respect to the purchase of the Shares (as hereinafter
defined) by the Purchasers.

1. Purchase and Sale of Shares.

                  On the Closing Date (as defined in Section 2.1 hereof), the
Company hereby agrees to sell to the Purchasers an aggregate of 1,000,000 shares
(the "Shares") of common stock, $.001 par value (the "Common Stock"), of the
Company and the Purchasers hereby agree to purchase from the Company the Shares
for a purchase price per Share equal to $2.20 (the "Purchase Price"). The Shares
shall be free and clear of all liens, claims, encumbrances, restrictions, or
legends (except as specifically allowed within this Agreement and except for any
liens, claims, encumbrances, restrictions or legends created by virtue of any
action of the Purchasers).

2. Closing.

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<PAGE>

2.1. Closing Date. The closing of the purchase and sale of the Shares provided
for herein (the "Closing") shall take place at 2:00 pm, New York time, on or
before June 17, 2004 at the offices of Blank Rome LLP, New York City, New York
or at such other place, time and date as may hereafter be mutually agreed upon
by the parties (such time and date of Closing being hereinafter called the
"Closing Date"). No later than two business days prior to the Closing Date the
Purchasers shall provide the Company with the name, address and tax
identification or social security number of each of the Purchasers and the
number of shares being purchased at the Closing Date by each of the Purchasers.
The Purchasers shall pay the Purchase Price on the Closing Date by wire transfer
of immediately available funds to an account designated by the Company.

3. Restrictions on Transfer; Penalty Provisions.
3.1. Each Purchaser acknowledges and understands that the Shares are "restricted
securities" within the meaning of Rule 144 promulgated under the Securities Act
of 1933, as amended (the "Act").

3.2. Each Purchaser acknowledges and understands that the certificate(s)
representing the Shares will bear a restrictive legend thereon substantially as
follows:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "ACT"), OR ANY OTHER APPLICABLE SECURITIES LAWS, AND ARE
                  RESTRICTED SECURITIES AS THAT TERM IS DEFINED UNDER RULE 144
                  PROMULGATED UNDER THE ACT. THESE SECURITIES MAY NOT BE SOLD,
                  PLEDGED, TRANSFERRED, DISTRIBUTED OR OTHERWISE DISPOSED OF IN
                  ANY MANNER UNLESS THEY ARE REGISTERED UNDER THE ACT AND ANY
                  APPLICABLE SECURITIES LAWS, OR UNLESS THE REQUEST FOR TRANSFER
                  IS ACCOMPANIED BY AN OPINION OF COUNSEL OR OTHER EVIDENCE,
                  REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH
                  TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE ACT AND ANY
                  OTHER SECURITIES LAWS."

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<PAGE>

3.3. Each Purchaser acknowledges and understands that Company will direct the
transfer agent for the Common Stock to place a stop transfer instruction against
the certificates representing the Shares and will instruct the transfer agent to
refuse to effect any transfer thereof in the absence of a registration statement
declared effective by the Securities and Exchange Commission ("SEC") with
respect to the Shares or a favorable opinion of counsel, satisfactory to the
Company, that such transfer is exempt from registration under the Act and any
other applicable state securities laws ("Other Securities Laws").

3.4. The Company agrees to use its reasonable best efforts to register the
Shares under the Act for re-sale by the Purchasers (the effect of which will
allow the Shares to be freely and publicly traded by the Purchasers under the
Act) within 120 days after the Closing Date (the "Required Effective Date"). The
Company further agrees that if the Registration Statement (defined below) or
another registration statement filed by the Company and covering the re-sale of
the Shares under the Act has not been declared effective by the SEC by the
Required Effective Date, then the Company, within ten days thereafter, shall pay
to the Purchasers (on a pro rata basis) an aggregate stock restriction fee (the
"First Year Stock Restriction Fee") in the amount of $50,000. Furthermore, if
after the Required Effective Date the Shares have not been registered for resale
under the Act under the Registration Statement or another registration
statement, or if any such registration statement is declared effective by the
SEC but such effectiveness is not continuously maintained, the Company will pay
to the Purchasers (on a pro rata basis) additional First Year Stock Restriction
Fees in the aggregate amount of $25,000 for each full month period that no
effective registration statement is in place with respect to re-sale of the
Shares until the earlier of the date on which (a)the Shares are subject to an
effective and continuous registration statement; (b) the Shares have been sold
by the respective Purchaser; or (c) registration under the Act is no longer
required for the public sale of the Shares under Rule 144(k) promulgated under
the Act or under Rule 144 promulgated under the Act without any volume
restrictions. Notwithstanding the foregoing, in no event will the Company be
obligated to pay aggregate First Year Stock Restriction Fees that exceed a total

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<PAGE>

of $250,000. Moreover, if the Shares are not subject to an effective
registration statement under the Act one year from the Closing Date, then the
Company agrees that on or after the 100th day thereafter, upon receiving a
written request from TKO (on behalf of the Purchasers) (the "Payment Request"),
it will pay to the Purchasers (on a pro rata basis) within 10 days of the
Payment Request a stock restriction fee (the "Second Year Stock Restriction
Fee") in the aggregate amount of $100,000 (or pro rata portion thereof if less
than such amount is due as determined below), with additional Second Year Stock
Restriction Fees in the aggregate amount of $100,000 (or pro rata portion if
less than such amount is due as determined below) each to be paid every 30 days
thereafter until such time as the Purchasers have been paid (on a pro rata
basis) in the aggregate $2.2 million (inclusive of (i) all First Year Stock
Restriction Fees and Second Year Stock Restriction Fees previously paid to the
Purchasers; (ii) the net proceeds from any of the Shares that the respective
Purchaser has sold prior to the time of the Payment Request; and (iii) the
Market Value (as hereinafter defined) of any of the remaining Shares that
Purchasers are able to sell at the time of the Payment Request but have chosen
not to). "Market Value" shall be based upon the closing sales price of the
Common Stock on the last trading day immediately prior to the date the Payment
Request is received by the Company.

3.5. Upon any registration statement under the Act covering the re-sale of the
Shares being declared effective by the SEC or in the event the Shares are freely
tradeable under Rule 144(k) promulgated under the Act, the Company will (i)
inform the transfer agent for the Common Stock of such fact and (ii) instruct
the transfer agent that upon the transfer agent's receipt of representation
letter(s) from the broker for the seller of said Shares that the Shares have
been sold for the account of the seller pursuant to the terms of the
registration statement and that the prospectus delivery requirements have been
complied with in connection with such sales (provided that the Company has made
available to such broker sufficient copies of the prospectus necessary to comply
with such requirement, if applicable), that it may remove the restrictive
legends and any stop transfer orders under the Act from the certificates
representing such sold Shares.

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<PAGE>

3.6. Notwithstanding the foregoing, it is agreed that the Company shall not be
subject to, or required to pay, any First Year Stock Restriction Fee or any
Second Year Stock Restriction fee set forth in Section 3.4 above if (i) an Act
of God prevents a registration statement from becoming effective, but only so
long as such Act of God remains in effect; (ii) the registration statement
cannot be declared effective based solely upon the acts or omissions of the
Purchasers hereunder; or (iii) the Shares may be publicly sold pursuant to Rule
144 without volume limitations.

3.7. Any payment by the Company of any First Year Stock Restriction Fee or
Second Year Stock Restriction Fee shall be paid to an account or accounts
designated by each respective Purchaser in writing. In regard to any payment
made pro-rata to the Purchasers pursuant to the terms of this Section 3, the
pro-ration shall be based upon the relative percentage of Shares held by each
respective Purchaser in relation to the total number of Shares held by all
Purchasers at the time of each such payment.

4. Registration Rights.

4.1. The Company will include the Shares in a registration statement on Form S-3
(the "Registration Statement") which the Company will prepare and file with the
SEC under the Act within 30 days after the Closing Date, and use commercially
reasonable efforts to have the Registration Statement declared effective as soon
as practical so as to permit the public trading of the Shares.

4.2. Once the Registration Statement has been declared effective by the SEC, the
Company will cause the Registration Statement to remain continuously effective
until the earlier of the sale of all of the Shares by the Purchasers or the date
on which the Purchasers may publicly sell the Shares without registration under
the Act, under Rule 144(k) promulgated under the Act, or under Rule 144
promulgated under the Act without limitation as to the number of Shares sold
during any period.

4.3. The expenses of the Registration Statement or any other registration
statement covering the re-sale of the Shares, and the expense of maintaining any
such registration statement current, shall be borne by the Company.

                                       5
<PAGE>

4.4. Prior to Closing, each Purchaser, upon written request from Company
specifying the information, will provide the Company with such information as
the Company reasonably deems necessary to include in the Registration Statement
in order to comply with the Act.

5. Purchasers' Representations and Warranties.

         In order to induce the Company to execute this Agreement and to
consummate the transactions set forth herein, each Purchaser hereby represents
and warrants and covenants to the Company as follows:

5.1. The Purchaser acknowledges that representatives of the Purchaser have
received and reviewed copies of the Company's Form 10-K for the year ended
January 31, 2004, and representatives of the Purchaser have had the opportunity
to ask questions of and receive answers from qualified representatives of the
Company concerning the business and financial condition of the Company and the
terms and conditions of this Agreement, and all of such questions have been
answered to the satisfaction of the Purchasers' representatives.

5.2. The Purchaser represents that it and its representatives are sophisticated
investors familiar with the type of risks inherent in the acquisition of
securities such as the Shares and that, by reason of its representatives
knowledge and experience in financial and business matters in general, and
investments of this type in particular, its representatives are capable of
evaluating the merits and risks of an investment in the Shares.

5.3. The Purchaser is able to bear the economic risk of an investment in the
Shares, including, without limiting the generality of the foregoing, the risk of
losing part or all of such Purchaser's investment in the Shares and the
Purchaser's possible inability to sell or transfer the Shares for an indefinite
period of time.

                                       6
<PAGE>

5.4. The Purchaser is acquiring the Shares for such Purchaser's own account and
for the purpose of investment and not with a view to, or for resale in
connection with, any distribution within the meaning of the Act or any Other
Securities Laws, in violation of the Act.

5.5. The Purchaser further acknowledges that the Shares have not been registered
under the Act or any of the Other Securities Laws, and may not be sold,
transferred or otherwise disposed of except if an effective registration
statement is then in effect or pursuant to an exemption from registration under
said Act and such Other Securities Laws.

5.6. The Purchaser is an "accredited investor" as that term is defined in Rule
501(a) promulgated under the Act (a copy of which definition is attached hereto
as Exhibit A).

5.7. The Purchaser has all requisite power and authority to enter into this
Agreement and subscribe for the Shares pursuant hereto. 5.8. This Agreement has
been duly authorized, executed and delivered by or on behalf of such Purchaser
and constitutes the valid and binding obligation of such Purchaser, enforceable
against such Purchaser in accordance with its terms.

5.9. The Purchaser acknowledges that the Company has relied on the
representations contained herein and that the statutory basis for exemption from
the requirements of Section 5 of the Act may not be present if, notwithstanding
such representations, such Purchaser were acquiring the Shares for resale or
distribution upon the occurrence or non-occurrence of some predetermined event.

6. The Company's Representations and Warranties.
         The Company hereby represents and warrants with and covenants to the
Purchasers as follows:

6.1. The Company is a corporation duly organized, validly existing and in good
standing under the laws of Delaware and has all requisite corporate power and
authority to enter into this Agreement and issue the Shares pursuant hereto.
This Agreement has been duly executed and delivered by or on behalf of the
Company and constitutes the valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms.

                                       7
<PAGE>

6.2. The issuance and sale of the Shares have been duly authorized and, when the
Shares have been issued and duly delivered against payment therefor as
contemplated by this Agreement, the Shares will be validly issued, fully paid
and nonassessable, and the Purchasers will not be subject to personal liability
solely by reason of being a holder. The Shares will not be subject to preemptive
rights of any stockholder of the Company and will be free and clear of all
liens, claims, encumbrances, restrictions, or legends (except as specifically
allowed within this Agreement and except for any liens, claims, encumbrances,
restrictions or legend created by virtue of any action of the Purchaser).

6.3. Once obtained, the Company will maintain the effectiveness of the
Registration Statement until the earlier of (i) the date all of the Shares are
sold, or (ii) the date that the registration under the Act is no longer required
for the public sale of the Shares under Rule 144(k) promulgated under the Act.

7. Further Assurances. Subject to the terms and conditions provided herein, each
of the parties agrees to use its best reasonable efforts to take, or cause to be
taken, all actions and to do, or cause to be done, all things necessary, proper
or advisable under applicable law or regulation to consummate and make effective
the transactions contemplated under this Agreement in accordance with the terms
hereof. Each party shall execute and deliver both before and after the Closing
such further certificates, agreements and other documents and take such other
actions as may be necessary or appropriate to consummate or implement the
transactions contemplated hereby or to evidence such events or matters.

8. Miscellaneous Provisions.

                                       8
<PAGE>

8.1. Expenses. Except as otherwise provided in this Agreement, each of the
parties hereto shall pay his or its own costs and expenses in connection with
this Agreement and the transactions contemplated hereby.

8.2. Execution in Counterparts. This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each
of which shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement, and shall become effective when one or
more counterparts has been signed by each of the parties hereto and delivered to
each of the other parties hereto.

8.3. Notices. All notices, requests, demands and other communications hereunder
shall be in writing and shall be deemed to have been duly given or made as of
the earlier of the date delivered or mailed if delivered personally by overnight
courier or mailed by express, registered or certified mail, (postage prepaid,
return receipt requested), or by facsimile transmittal, confirmed by express,
certified or registered mail, as follows:

         If to Company, to:          Candie's Inc.
                                     215 West 40th Street
                                     New York, NY 10018

                                     Attn: Neil Cole,
                                           Chief Executive Officer

         Copy to:                    Blank Rome LLP
                                     405 Lexington Avenue
                                     New York, New York  10174

                                     Attn: Robert J. Mittman, Esq.

                                       9
<PAGE>

         If to TKO, to:              TKO Apparel Licensing, Inc.
                                     1175 125th Street, Suite 102
                                     North Miami, Florida 33161

                                     Attn: J. Kenneth Tate,
                                           President

         Copy to:                    Barry E. Somerstein, Esq.
                                     Ruden, McClosky et. al.
                                     200 East Broward Boulevard
                                     Suite 1500
                                     Ft. Lauderdale, Florida 33301

if to a Purchaser other than TKO, to the address set forth on its signature page
of this Agreement.

or to such other address as any party shall have designated by like notice to
the other parties hereto (except that a notice of change of address shall only
be effective upon receipt).

8.4. Amendment. This Agreement may only be amended by a written instrument
executed by each of the parties hereto.

8.5. Entire Agreement. This Agreement (together with the other agreements and
documents being delivered pursuant to or in connection with this Agreement)
constitutes the entire agreement of the parties hereto with respect to the
subject matter hereof, and supersedes all prior agreements and understandings of
the parties, oral and written, with respect to the subject matter hereof.

8.6. Headings. The headings contained herein are for the sole purpose of
convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Agreement.

8.7. Assignment and Benefits. Neither this Agreement nor any rights, interests
or obligations hereunder may be assigned (by operation of law or otherwise) by
any party hereto without the prior written consent of all of the parties hereto.
Notwithstanding the foregoing, TKO may assign this agreement to a limited number
of accredited investors reasonably acceptable to the Company who execute and
deliver to the Company the letter set forth in Exhibit B attached to this
Agreement. This Agreement shall inure to the benefit of and bind the respective
parties' successors or permitted assigns.

                                       10
<PAGE>

8.8. Binding Effect; Benefits. This Agreement shall inure to the benefit of, and
shall be binding upon, the parties hereto and their respective heirs, legal
representatives, successors and permitted assigns. Nothing herein contained,
express or implied, is intended to confer upon any person other than the parties
hereto and their respective heirs, legal representatives, successors and
permitted assigns, any rights or remedies under or by reason of this Agreement.

8.9. Waiver, etc. The failure of any of the parties hereto to at any time
enforce any of the provisions of this Agreement shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of
this Agreement or any provision hereof or the right of any of the parties hereto
to thereafter enforce each and every provision of this Agreement. No waiver of
any breach of any of the provisions of this Agreement shall be effective unless
set forth in a written instrument executed by the party or parties against whom
or which enforcement of such waiver is sought; and no waiver of any such breach
shall be construed or deemed to be a waiver of any other or subsequent breach.

8.10. Severability. Any provision of this Agreement which is held by a court of
competent jurisdiction to be prohibited or unenforceable in any jurisdiction(s)
shall be, as to such jurisdiction(s), ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions of
this Agreement or affecting the validity or enforceability of such provision in
any other jurisdiction.

8.11. Announcements. No party hereto shall issue any press release or otherwise
divulge the existence of this Agreement or the transactions contemplated hereby
without the prior approval of the other parties hereto, except as may be
required by applicable law or the applicable rules or regulations of any stock
exchange.

                                       11
<PAGE>

8.12. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each Purchaser and the Company (1) agree
that any legal suit, action or proceeding arising out of or relating to this
Agreement, shall be instituted exclusively in New York State Supreme Court,
County of New York, or in the United States District Court for the Southern
District of New York, unless such court shall have refused such jurisdiction,
(2) waive any objection which the Purchaser or the Company may have now or
hereafter to the venue of any such suit, action or proceeding, and (3)
irrevocably consents to the jurisdiction of the New York State Supreme Court,
County of New York, and the United States District Court for the Southern
District of New York in any such suit, action or proceeding. Each Purchaser and
the Company further agree to accept and acknowledge service of any and all
process which may be served in any such suit, action or proceeding in the New
York State Supreme Court, County of New York, or in the United States District
Court for the Southern District of New York and agree that service of process
upon a Purchaser or the Company, as the case may be, mailed by certified mail to
such Purchaser's address or the Company's address, as the case may be, set forth
in Section 8.3 of this Agreement shall be deemed in every respect effective
service of process upon such Purchaser or the Company, as the case may be, in
any such suit, action or proceeding.

8.13.     Survival. The provisions of Sections 3 thru 6 of this Agreement shall
survive the Closing.

                                       12
<PAGE>

                  IN WITNESS WHEREOF, this Agreement has been executed and
delivered by the parties hereto as of the date first above written.

                              CANDIE'S, INC.

                           By:/s/ Neil Cole
                              Neil Cole, President

                              TKO APPAREL LICENSING, INC.

                             By:/s/ J. Kenneth Tate
                              J. Kenneth Tate, President

                                       13
<PAGE>

                                                                       EXHIBIT A

a.   Accredited  investor.  Accredited  investor shall mean any person who comes
     within  any of the  following  categories,  or who  the  issuer  reasonably
     believes comes within any of the following  categories,  at the time of the
     sale of the securities to that person:

1.   Any bank as defined in section  3(a)(2) of the Act, or any savings and loan
     association or other  institution  as defined in section  3(a)(5)(A) of the
     Act whether acting in its individual or fiduciary  capacity;  any broker or
     dealer registered  pursuant to section 15 of the Securities Exchange Act of
     1934; any insurance  company as defined in section 2(a)(13) of the Act; any
     investment company registered under the Investment Company Act of 1940 or a
     business  development  company as defined in section  2(a)(48) of that Act;
     any Small Business  Investment  Company licensed by the U.S. Small Business
     Administration under section 301(c) or (d) of the Small Business Investment
     Act of 1958; any plan  established and maintained by a state, its political
     subdivisions,  or any agency or instrumentality of a state or its political
     subdivisions,  for the  benefit  of its  employees,  if such plan has total
     assets in excess of  $5,000,000;  any  employee  benefit  plan  within  the
     meaning  of the  Employee  Retirement  Income  Security  Act of 1974 if the
     investment  decision  is made by a plan  fiduciary,  as  defined in section
     3(21) of such act,  which is either a bank,  savings and loan  association,
     insurance company,  or registered  investment  adviser,  or if the employee
     benefit  plan  has  total  assets  in  excess  of   $5,000,000   or,  if  a
     self-directed  plan, with investment  decisions made solely by persons that
     are accredited investors;

2.   Any private business  development  company as defined in section 202(a)(22)
     of the Investment Advisers Act of 1940;

3.   Any  organization  described in section 501(c )(3) of the Internal  Revenue
     Code,  Massachusetts or similar business trust, or partnership,  not formed
     for the specific  purpose of acquiring the securities  offered,  with total
     assets in excess of $5,000,000;

                                       1
<PAGE>

4.   Any director,  executive  officer,  or general partner of the issuer of the
     securities being offered or sold, or any director,  executive  officer,  or
     general partner of a general partner of that issuer;

5.   Any natural person whose individual net worth, or joint net worth with that
     person's spouse, at the time of his purchase exceeds $1,000,000;

6.   Any natural  person who had an  individual  income in excess of $200,000 in
     each of the two most recent years or joint income with that person's spouse
     in  excess  of  $300,000  in  each of  those  years  and  has a  reasonable
     expectation of reaching the same income level in the current year;

7.   Any trust,  with total assets in excess of  $5,000,000,  not formed for the
     specific  purpose of acquiring the  securities  offered,  whose purchase is
     directed by a sophisticated person as described in Rule 506(b)(2)(ii) and

8.   Any entity in which all of the equity owners are accredited investors.

                                       2
<PAGE>

                                                                       EXHIBIT B

Candie's, Inc.
140 West 40th Street
New York, New York  10018

                          Re: Purchase of Common Stock

Gentlemen:

     The undersigned (a  "Purchaser"),  as a permitted  transferee of TKO, under
the Stock Purchase Agreement dated as of June 9, 2004 (the "Agreement")  between
TKO and Candie's, Inc. agree with the Company that:

(i)  At the Closing Date,  the  undersigned  will purchase ____ of the Shares at
     the Purchase Price;

(ii) The  undersigned  agrees  to be  party  to and  bound  by the  terms of the
     Agreement;

(iii)The  undersigned  acknowledges  and  understands  all  of  the  information
     contained in the Agreement,  including, but not limited to the restrictions
     on the Shares  referred to in Section 3 of the  Agreement,  and agrees that
     the  representations  set forth in Section 5 of the Agreement  apply to the
     undersigned  and are accurate as of the date hereof and will be accurate as
     of the Closing Date.

(iv) The  undersigned's  home  address,  telephone  number and  social  security
     numbers are set forth below;

(v)  All  capitalized  terms used herein shall have the meaning set forth in the
     Agreement.

Dated:  _____________

                                              ---------------------------
                                                       Signature

Print Name, Address, Telephone Number and Social Security Number

-------------------------------

-------------------------------

------------------------------

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