Document:

Exhibit
      10.1

    

    EXECUTION
      VERISON

    

    AGREEMENT

    

    AGREEMENT,
      dated as of the 2nd day of June 2006, by and among Iconix Brand Group, Inc.,
      f/k/a/ Candie’s, Inc., a Delaware corporation (the “Company”), UCC Consulting
      Corp, a New York corporation (“Consulting”), D’Loren Realty LLC d/b/a Content
      Holdings, a New York limited liability company (“Content”), Robert D’Loren, an
      individual (“D’Loren”) and James Haran, an individual (“Haran” and along with
      Consulting, Content and D’Loren, the “Consulting Parties”).

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      the Company and Consulting entered into an exclusive investment banking
      agreement dated June 7, 2005, along with a mutual confidentiality and
      non-disclosure agreement contemplated thereby (collectively the “Advisory
      Agreement”); and

    

    WHEREAS,
      pursuant to the Advisory Agreement, the Company engaged Consulting as the
      exclusive advisor to the Company for any proposed acquisition transactions
      in
      the apparel or footwear industries (“Acquisitions”) or debt financings related
      to any Acquisition (“Financings”) undertaken by the Company for the term of the
      Advisory Agreement; and

    

    WHEREAS,
      during the term of the Advisory Agreement, the Company has, with the advice
      and
      assistance of Consulting, completed Acquisitions of or relating to the Joe
      Boxer, Rampage and Mudd brands (the “Completed Acquisitions”); and 

    

    WHEREAS,
      as a result of the Completed Acquisitions (i) Consulting Parties’ rights to
      purchase One Million (1,000,000) shares of the Company’s common stock, par value
      $.001 per share (the “Warrant Shares”), pursuant to the Stock Purchase Warrant
      dated June 7, 2005 (the “June 2005 Warrant”) have fully vested in accordance
      with the terms of the Advisory Agreement and the June 2005 Warrant and (ii)
      the
      Company has registered the Warrant Shares for resale pursuant to that Amendment
      No. 1 to the Company’s Registration Statement on Form S-3, which Amendment No. 1
      was filed with the Securities and Exchange Commission on October 11, 2005;
      and

    

    WHEREAS,
      the Company, Consulting and the Consulting Parties wish to terminate the
      Advisory Agreement and provide for certain consideration related to acquisition
      services for the Mossimo Acquisition (as defined in paragraph 2 hereof), in
      consideration of and conditioned upon, the terms of this Agreement (this
“Agreement”) and the equity-related instruments contemplated
      hereby.

    

    NOW,
      THEREFORE, in consideration of the foregoing premises and the respective
      representations, warranties, covenants and agreements hereinafter set forth,
      the
      parties hereto hereby agree as follows:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
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    1.
      Termination of the Advisory Agreement.
      Upon
      the execution and delivery of this Agreement, the Advisory Agreement shall
      be
      terminated in its entirety and be of no further force or effect, except for
      the
      continuing obligations with respect to the Advisory Agreement described in
      Sections 2(c) and 5(c) below.

    

    2.
      Consideration for Consultant’s Services related to Mossimo Acquisition.

    

    (a)
      The
      Company shall pay to Consulting an acquisition related services fee (the
“Acquisition Fee”) of Two Million Five Hundred Thousand Dollars ($2,500,000),
      which shall be payable upon the completion of the acquisition by the Company
      (or
      any of its affiliates) of Mossimo, Inc. (or its affiliates) (the “Mossimo
      Acquisition”). The payment of the Acquisition Fee shall be made on the closing
      date of the Mossimo Acquisition, at the option of the Company, either (i) in
      immediately available funds with respect to the entire Acquisition Fee or (ii)
      in immediately available funds with respect to an amount of not less than Two
      Million Dollars ($2,000,000) with the balance thereof, plus interest accrued
      on
      such balance from the closing date of the Mossimo Acquisition, at the rate
      of
      six (6%) percent per annum, payable on October 31, 2006, as evidenced by a
      promissory note, in the form of note attached hereto as Exhibit
      A
      (the
“Note”). The parties agree and acknowledge that Consulting has heretofore fully
      discharged its obligations under the Advisory Agreement with respect to Mossimo,
      Inc.

    

    (b)
      Upon
      execution and delivery of this Agreement and in consideration for the above
      referenced services, the Company shall also issue and deliver to Consulting’
designees listed on Schedule A hereto warrants to purchase Two Hundred Fifty
      Thousand (250,000) shares of the Company’s common stock, $.001 par value per
      share (the “New Warrant Shares”) at an exercise price equal to the average
      closing price of the Company’s Common Stock on the Nasdaq National Market during
      the five (5) trading days ending prior to the date hereof (the “New Warrants”).
      The New Warrants shall be in form and substance identical to the June 2005
      Warrants, except that the New Warrants shall not be transferable and shall
      become fully vested and exercisable upon the consummation of the Mossimo
      Acquisition.

    

    (c)
      Nothing in this Agreement shall be construed to effect in any way (i)
      Consulting’s rights to indemnification under Section 7 of the Advisory Agreement
      or (ii) subject to Sections 2(d) and 4(a) hereof, the parties’ agreement to
      maintain confidentiality under Section 7 of the Advisory Agreement. In addition,
      nothing in this Agreement shall be construed to affect any ongoing obligations
      of the Company to Consulting Parties or any of its officers, directors,
      affiliates, permitted transferees, successors or assigns with respect to the
      registration rights contained in the June 2005 Warrants or the New
      Warrants.

    

    (d)
      Nothing herein shall be construed to require any additional services to be
      performed by Consulting or any of its officers, directors or affiliates, or
      to
      impose any limitations or restrictions on the future business activities of
      Consulting or any of its officers, directors, successors, assigns or affiliates,
      under the Advisory Agreement or otherwise.

    

    
      
        
        

      

      
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    3.
      Representations and Warranties.

    

    (a)
      Representations
      and Warranties of the Company.
      The
      Company hereby represents and warrants that (i) this Agreement, the Note and
      the
      New Warrants have been duly authorized, executed and delivered by the Company
      and are the valid and binding obligations of the Company, enforceable against
      the Company in accordance with their respective terms, (ii) the Company has
      not
      assigned any claim of any kind against any of the Consulting Parties to any
      third party, (iii) no consent of any third party is required for the
      execution, delivery and performance of this Agreement by the Company and (iv)
      a
      sufficient number of New Warrant Shares have been reserved for issuance upon
      the
      conversion of the New Warrants.

    

    (b)
      Representations
      and Warranties of Consulting.
      Consulting hereby represents and warrants that: (i) this Agreement has been
      duly authorized, executed and delivered by Consulting and is the valid and
      binding obligation of Consulting, enforceable against Consulting in accordance
      with its terms, (ii) Consulting has not assigned any claim of any kind against
      the Company to any third party and (iii) no consent of any third party is
      required for the execution, delivery and performance of this Agreement by
      Consulting. 

    

    4.
      Covenants. 

    

    (a)
      Covenants
      of the Company.
      The
      Company hereby acknowledges and agrees that Consulting has, from time to time
      in
      the performance of its duties under the Advisory Agreement, introduced the
      Company to potential Acquisition targets (the “Targets”) and to potential
      sources of capital for proposed Financings. The Company acknowledges that
      Consulting is, and during the term of the Advisory Agreement has been, engaged
      in the business of financial advising and consulting and that in such business
      it has developed relationships with a myriad of potential Targets and potential
      sources of Financings. The Company shall in no way interfere with nor take
      any
      action or omit to take any action which would adversely affect any existing
      or
      potential business relationships of Consulting or to disparage the business
      reputation of Consulting or any of its officers, directors, employees or
      affiliates.

    

    Furthermore,
      the Company shall use its best efforts to take, or cause to be taken, all
      actions requested by Consulting or any of its permitted transferees, successors
      or assigns to secure the benefits intended to be conveyed by this Agreement,
      the
      Warrants and the New Warrants, including without limitation, the rights, if
      any,
      to assign and transfer any June 2005 Warrants, New Warrant, Warrant Shares
      or
      New Warrant Shares or registration rights with respect thereto. 

    

    (b) Covenants
      of Consulting.
      Consulting shall in no way take any action that could reasonably be construed
      to
      disparage the business reputation of the Company or any of its officers,
      directors, employees or affiliates, nor will it solicit any current or former
      employees of the Company or its affiliates. 

    

    
      
        
        

      

      
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    5.
      Releases.

    

    (a)
      Releases
      by Consulting.
      Effective as of the date of this Agreement, except to the extent otherwise
      set
      forth in Section 5(c) below, Consulting for itself and for each of its past
      and
      present agents, officers, directors, employees, attorneys, shareholders,
      parents, subsidiaries, and each of their respective legal or business entities,
      insurers, successors and assigns, (the “Consulting Releasing Parties”) hereby
      jointly and severally, voluntarily release and forever discharges the Company
      and each of its affiliates, parents, subsidiaries, officers, directors,
      stockholders, employees, agents, attorneys, accountants and other advisors,
      and
      the heirs, executors and administrators, if applicable, and the predecessors,
      successors or assigns of each of the foregoing (collectively the “Company
      Released Parties”) from all actions, causes of action, suits, debts, dues, sums
      of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts,
      controversies, agreements, promises, variances, trespasses, damages, judgments,
      extents, executions, claims, and demands of any nature whatsoever (“Claims”), in
      law or equity, which against any of the Company Released Parties, any or all
      of
      the Consulting Releasing Parties ever had, now have or hereafter can, shall
      or
      may have, for, upon, or by reason of any matter, cause or thing whatsoever
      from
      the beginning of the world to the date hereof arising out of or relating to
      the
      Advisory Agreement or its termination. 

    

    (b)
      Release
      by the Company.
      Effective as of the date of this Agreement, except to the extent otherwise
      set
      forth in Section 5(c) below, the Company for itself and for each of its past
      and
      present agents, officers, directors, employees, attorneys, shareholders,
      parents, subsidiaries, and each of their respective legal or business entities,
      insurers, successors and assigns, (the “Company Releasing Parties”) hereby
      jointly and severally, voluntarily release and forever discharges the Consulting
      Parties and each of its affiliates, parents, subsidiaries, officers, directors,
      stockholders, employees, agents, attorneys, accountants and other advisors,
      and
      the heirs, executors and administrators, if applicable, and the predecessors,
      successors and assigns of Consulting and each of the foregoing (collectively
      the
“Consulting Released Parties”) from all Claims in law or equity, which against
      any of the Consulting Released Parties, any or all of the Company Releasing
      Parties ever had, now have or hereafter can, shall or may have, for, upon,
      or by
      reason of any matter, cause or thing whatsoever from the beginning of the world
      to the date hereof arising out of or relating to the Advisory Agreement or
      its
      termination. 

    

    (c)
      Exceptions,
      Indemnification.
      Notwithstanding anything contained in this Section 5 to the contrary, this
      Section 5 shall not apply to any Claims arising out of breach of the obligations
      contained in this Agreement (including without limitation breaches of those
      provisions of the Advisory Agreement that survive pursuant to Section 2(c)
      above
      as well as obligations under the June 2005 Warrants and the New Warrants) or
      fraud. Each of the Company and Consulting hereby agree to indemnify and hold
      the
      other harmless from any and all loses, liabilities, expenses and costs
      (including reasonable attorneys’ fees and expenses) arising out of, resulting
      from, or relating to (i) any breach of any representation or warranty made
      herein by such indemnifying party or (ii) any breach of any covenant or
      agreement made by such indemnifying party herein. 

     

    (d)
      Waiver
      and Bar.
      In
      providing the release included in this Section 5, each of the parties
      acknowledges and intends (on behalf of itself and all other persons on whose
      behalf the release is being given) that it shall be effective as a bar to each
      and every one of the Claims mentioned in or implied by the foregoing releases.
      The parties expressly consent that the releases shall be given full force and
      effect according to each and all of their express terms and provisions,
      including those relating to unknown and unsuspected Claims (notwithstanding
      any
      state statute that expressly limits the effectiveness of a general release
      of
      unknown, unsuspected and unanticipated Claims, if any), as well as those
      relating to any other Claims mentioned in or implied by the foregoing releases.
      The parties acknowledge and agree that this waiver is an essential and material
      term of the releases and that without such waiver the parties would not have
      agreed to the terms of this Agreement. The parties further agree that in the
      event a claim is brought in violation of the foregoing releases, they shall
      serve as a complete defense to such Claims.

    

    
      
        
        

      

      
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    6.
      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 date
      delivered or mailed if delivered personally or mailed by registered or certified
      mail, postage prepaid, return receipt requested, to the parties at their
      respective addresses set forth below:

    

    If
      to the
      Company:

    

    Iconix
      Brand Group, Inc.

    1450
      Broadway, 4th Floor

    New
      York,
      New York 10018

    Attn:
      Neil Cole, CEO

    

    With
      a
      copy to: 

    

    Blank
      Rome LLP

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      Robert J. Mittman, Esq.

    Fax:
      (212) 885-5001

    

    If
      to
      Consulting to:

    

    UCC
      Capital Corp.

    1330
      Avenue of the Americas, 40th Floor

    New
      York,
      NY 10019

    Attention:
      Robert W. D'Loren

    Fax:
      212-247-7131

     

    with
      a
      copy to:

    

    Littman
      Krooks LLP

    655
      Third
      Avenue, 20th Floor

    New
      York,
      NY 10017

    Attention:
      Mitchell C. Littman, Esq.

    Fax:
      212-490-2990

     

    
      
        
        

      

      
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    7.
      Press Release.
      None of
      the parties hereto will make any voluntary public statements or press releases
      without showing the other such proposed release prior to it being publicized,
      and obtaining the other’s approval. 

    

    8.
      Entire Agreement.
      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.

    

    9.
      Choice of Law/Governing Law.
      This
      Agreement shall be construed and enforced in accordance with the internal laws
      of the State of New York without reference to its conflicts of laws
      provisions.

    

    10.
      Further Assurances.
      The
      Parties hereto agree to, at their own expense, execute and deliver such other
      instruments of conveyance, transfer or termination and take such other actions
      as any other party may reasonably request, including obtaining the signatures
      of
      parties not Party to this Agreement, in order to more effective consummate
      the
      transactions contemplated hereby.

    

    11.
      Amendment. This
      Agreement may only be modified by a written instrument, which is executed by
      each of the parties hereto.

    

    12.
      Severability.
      This
      Agreement shall be deemed severable, and the invalidity or unenforceability
      of
      this Agreement or any other term or condition hereof shall not affect the
      validity or enforceability of this Agreement or of any other term or provision
      hereof. Furthermore, in lieu of any such invalid or unenforceable term or
      provision, the parties hereto agree that there shall be added as a part of
      this
      Agreement a provision as similar in terms to such invalid or unenforceable
      provision as may be possible and be valid and enforceable. 

    

    13.
      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 of this Agreement.

    

    14.
      Binding Effect; Benefit.
      This
      Agreement shall inure to the benefit of, and be binding upon, the parties hereto
      and their respective heirs, legal representatives, successors and assigns.
      

    

    15.
      Counterparts and Facsimile.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original but all of which together will constitute one and
      the
      same instrument. For purposes of this Agreement signatures received by facsimile
      shall have the same force and effect as original signatures. 

     

    
      
        
        

      

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

    

    ICONIX
      BRAND GROUP, INC.

    

    

    By:
      /s/
      Neil
      Cole                                     

     Neil
      Cole

     President
      and CEO

    

    

    UCC
      CONSULTING CORP.

    

    

    By:
      /s/
      Robert W.
      D’Loren                     

     Robert
      W. D’Loren

     President
      and CEO

    

     

    CONTENT
      HOLDINGS

    

    

    By:
      /s/
      Robert W.
      D’Loren                         

     Robert
      W. D’Loren

     Operating
      Manager

    

    

    /s/
      Robert
      D’Loren                                    

     Robert
      D’Loren

    

    

    /s/
      James
      Haran                                        

     James
      Haran

    
      
        
        

      

      
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    EXHIBIT
      A
      - FORM OF NOTE

    
      NON-NEGOTIABLE
        PROMISSORY NOTE

      

      
        	
                $_______________

              	
                ______,
                  2006

              

      

      

      

      FOR
        VALUE RECEIVED, the
        undersigned, ICONIX
        BRAND GROUP., INC., a
        Delaware corporation (the “Maker”)
        promises to pay UCC Consulting Corp. (the “Payee”),
        the
        principal sum of [Five Hundred Thousand]1 
        DOLLARS
        ($_________) (the “Principal”),
        together with interest on the Principal as provided below, in lawful money
        of
        the United States of America, payable pursuant to the terms and conditions
        provided for herein.  

      

      This
        promissory note (this “Note”)
        is
        being issued by Maker to secure Maker’s obligations to make certain payments
        under the Agreement dated June 2, 2006 among the Maker, the Payee, D’Loren
        Realty LLC d/b/a Content Holdings, a New York limited liability company,
        Robert
        D’Loren, an individual and James Haran, an individual (the “Agreement”).

      

      1. Payment
        Terms.
        Subject
        to Section 4 hereof, the Principal and accrued interest thereon are due and
        payable on October 31, 2006 (the “Maturity Date”).  The payment of
        Principal and interest under this Note shall be made to Payee in immediately
        available funds, at such address or location as Payee shall designate. 
Maker may at any time, without penalty, premium or charge of any kind, prepay
        in
        whole or in part the indebtedness evidenced by this Note. Any such prepayments
        shall be applied first to interest accrued through the date of prepayment
        and
        then to Principal.

       

      2. Interest.  
        Interest shall accrue on the unpaid Principal balance at the rate of six
        percent
        (6%) per annum until this Note is paid in full and shall be paid on the Maturity
        Date or earlier in the event of an optional prepayment or mandatory prepayment
        as provided herein; provided, however, that from the date of any Default
        (as
        defined in Section 3, below) to and including the date the obligations of
        Maker
        under this Note are paid in full, all Principal, accrued but unpaid interest,
        and any other amounts that are or subsequently become due under this Note
        shall
        bear interest at the rate of fourteen percent (14%) per annum or, if such
        rate
        be at any time above the legal rate of interest for obligations in the nature
        of
        those under this Note, at the maximum allowable legal rate of
        interest.

      

      3. Events
        of Default. 
        Maker shall be in default under this Note upon the occurrence of any of the
        following events of default (each a “Default”):
        

      

      (a)
        Maker
        fails to pay the Principal and/or interest under this Note, when due; or
        

       

      
        
          

        

      

      1
        Actual
        principal amount will be $2.5mm less cash paid at Mossimo
        closing

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        

        
          	
                   

                	
                   

                	
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      (b)
        Maker
        becomes insolvent or bankrupt; or if Maker suffers a receiver or trustee
        for it
        or substantially all of its assets to be appointed and, if appointed without
        its
        consent, not discharged within sixty (60) days; or if Maker makes an assignment
        for the benefit of its creditors; or

      

      (c)
        Maker
        breaches any of its obligations under the Agreement; or

      

      (d)
        Maker
        enters into any agreement for the (i) sale of all or substantially all of
        its
        assets or the assets of Mossimo, Inc. (or such subsidiary or affiliate of
        Maker
        utilized to acquire Mossimo, Inc., collectively “Mossimo”), (ii) any merger,
        consolidation or similar transaction in which Maker is not the surviving
        entity
        or following the consummation of which the shareholders of Maker do not hold
        a
        majority of the equity interests in the surviving or resulting entity or
        (iii)
        any merger, consolidation or similar transaction in which Mossimo is not
        the
        surviving entity or following the consummation of which Maker does not hold
        a
        majority of the equity interests in the surviving or resulting
        entity.

      

      4. Remedies
        Upon Default. 
        Upon the occurrence of any Default, the Principal balance hereof together
        with
        all accrued interest shall become immediately due and payable without notice
        or
        demand.  In addition, upon the occurrence of any Default, Maker shall pay
        all of Payee’s reasonable costs of collection, including actual and reasonable
        attorneys’ fees and disbursements. 

      

      5. Notices. 
        All notices, requests, demands and other communications required or permitted
        under this Note shall be in writing and shall be deemed to have been duly
        given,
        made and received the same day when personally delivered or sent by telecopy
        with receipt confirmation, the next business day when delivered by overnight
        courier,  or three (3) business days after mailing, if sent in the United
        States by registered or certified mail, postage prepaid, return receipt
        requested, addressed as set forth below: 

      

      If
        to Maker:

      

      Iconix
        Brand Group, Inc.

      1450
        Broadway, 4th Floor

      New
        York,
        New York 10018

      Attn:
        Neil Cole, CEO

      

      With
        a copy to: 

      

      Blank
        Rome LLP

      405
        Lexington Avenue

      New
        York,
        New York 10174

      Attn:
        Robert J. Mittman, Esq.

      Fax:
        (212) 885-5001

       

      
        
          
          

        

        
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                  6/7/2006

                

        

         

         

      

      If
        to Payee:

      

      UCC
        Consulting Corp.

      1330
        Avenue of the Americas, 40th Floor

      New
        York,
        NY 10019

      Attention:
        Robert W. D'Loren

      Fax:
        212-247-7131

       

      with
        a copy to:

      

      Littman
        Krooks LLP

      655
        Third
        Avenue, 20th Floor

      New
        York,
        NY 10017

      Attention:
        Mitchell C. Littman, Esq.

      Fax:
        212-490-2990

       

      

      or
        at
        such other address or addresses as either Payee or Maker may from time to
        time
        designate by notice to the other party, in writing. 

      

      6. Waivers
        of Presentment, Etc.   
        MAKER EXPRESSLY WAIVES PRESENTMENT, PROTEST, DEMAND, NOTICE OF DISHONOR,
        NOTICE
        OF NON-PAYMENT, NOTICE OF MATURITY, NOTICE OF PROTEST, PRESENTMENT FOR THE
        PURPOSE OF ACCELERATING MATURITY, AND DILIGENCE IN COLLECTION. 

      

      7. Waivers
        and Amendments: Non-Contractual Remedies: Preservation of
        Remedies.
        This
        Note may be amended, superseded, canceled, renewed or extended and the terms
        hereof may be waived, only by a written instrument signed by Payee and Maker
        or,
        in the case of a waiver, by Payee. The failure of Payee to insist, in any
        one or
        more instances, upon performance of the terms or conditions of this Note
        shall
        not be construed as a waiver or relinquishment of any right granted hereunder
        or
        of the future performance of any such term, covenant or condition. No waiver
        on
        the part of Payee of any right, power or privilege, nor any single or partial
        exercise of any such right, power or privilege, shall preclude any further
        exercise thereof or the exercise of any other such right, power or privilege.
        The rights and remedies herein provided are cumulative and are not exclusive
        of
        any rights or remedies that Payee may otherwise have at law or in
        equity.

      

      8. Governing
        Law.
        This
        Note shall be governed by and construed and enforced in accordance with the
        laws
        of the State of New York. The parties hereby: (i) in any legal proceeding
        brought in connection with this Note hereby, irrevocably submit to the
        nonexclusive in personam
        jurisdiction of (A) any state or Federal court of competent jurisdiction
        sitting
        in the State of New York, County of New York or (B) in the event that any
        party
        is a defendant in any legal proceeding in which it seeks to join the other
        as a
        third party defendant, then, any state or Federal court in which such proceeding
        has properly been brought, and consent to suit therein; and (ii) waive any
        objection they or it may now or hereafter have to the venue of such proceeding
        in any such court or that such proceeding was brought in an inconvenient
        court.

       

      
        
          
          

        

        
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      9. Headings. 
        The headings in this Note are for reference only and shall not affect the
        interpretation of this Note. 

      

      10. Severability. 
        Whenever possible, each provision of this Note shall be interpreted in such
        manner as to be effective and valid under applicable law, but if any provision
        of this Note is held to be prohibited by or invalid under applicable law,
        such
        provision shall be ineffective only to the extent of such prohibition or
        invalidity without invalidating the remainder of such provision or the remaining
        provisions of this Note. 

      

      11. Mutilated,
        Lost Stolen or Destroyed Note. 
        In case this Note shall be mutilated, lost, stolen or destroyed, Maker shall
        issue and deliver, in exchange and substitution for and upon cancellation
        of the
        mutilated Note, or in lieu of and substitution for this Note lost, stolen
        or
        destroyed, a new Note of like tenor, but only upon receipt of evidence
        satisfactory to Maker of such loss, theft, or destruction of such Note.

      

      12. Miscellaneous.

      

      (a) 
        This Note shall bind the Maker and its respective successors, and the benefits
        hereof shall inure to the benefit of Payee and its successors and assigns. 
Neither Maker nor Payee may assign or transfer this Note to any third
        party.

      

      (b) 
        All references herein to “Maker” and “Payee” shall be deemed to apply to the
        Maker and Payee, and their respective successors and permitted
        assigns.

      

      (c)
        This
        Note and any other documents delivered in connection herewith and the rights
        and
        obligations of the parties hereto and thereto shall for all purposes be governed
        by and construed and enforced in accordance with the substantive law of the
        State of New York without giving effect to its conflicts of law
        principles.

      

      (d)
        Any
        individual signing this Note on behalf of an entity represents and warrants
        to
        the Payee that such individual has the right and authority to so execute
        this
        Note, and that this Note will be enforceable against such entity in accordance
        with its terms. 

      

       

      [SIGNATURE
        PAGE FOLLOWS]

      
        
          
          

        

        
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      IN
        WITNESS WHEREOF,
        this
        Note has been executed and delivered on the date first written
        above.

       

      
        	 	 	 
	 	ICONIX
                BRAND GROUP, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
                Neil Cole
	 	Title:
                Chief Executive Officer

        
          
            
            

          

          
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    Schedule
      A - Designees of New Warrants

    

    

    
      	
              Content
                Holdings 

            	
              225,000
                shares

            
	
              James
                Haran

            	
              25,000
                sharesExhibit
      10.2

    

    EXECUTION
      VERSION

    

    

    PURCHASE
      AND SALE AGREEMENT

    

    AGREEMENT,
      dated as of the 2nd day of June 2006, by and among Iconix Brand Group, Inc.,
      f/k/a Candies. Inc., a Delaware corporation (the “Company”), D’Loren Realty LLC
      d/b/a Content Holdings, a New York limited liability company (“Content”), Robert
      D’Loren, an individual (“D’Loren”), Seth Burroughs, an individual (“Burroughs”)
      and Catherine Twist, an individual (“Twist” and along with D’Loren, Burroughs
      and Content, the “Content Parties”).

    

    W
      I T N E S S E T H
      :

    

    WHEREAS,
      the Company and UCC Funding Corporation, a New York corporation (“UCCF”) entered
      into a letter agreement dated October 29, 2004, which by its terms was
      simultaneously assigned by UCCF to Content at such time (the “October 2004
      Agreement”); and

    

    WHEREAS,
      by assignment dated May 24, 2005, Content directed the Company to make payment
      of the Fees (as such term is defined in the October 2004 Agreement) as follows:
      Content 80%; Burroughs 10%; and Twist 10% (the “Assignment” and together with
      the October 2004 Agreement, the “Letter Agreement”); and

    

    WHEREAS,
      the Company wishes to purchase all of the rights, title and interest of the
      Content Parties under the Letter Agreement and to assume all of the Content
      Parties’ obligations thereunder; and

    

    WHEREAS,
      the Content Parties are willing to sell, transfer and assign such rights and
      obligations in consideration of, and conditioned upon, the Company’s making the
      payment contemplated by this Purchase and Sale Agreement (this
“Agreement”):

    

    NOW,
      THEREFORE, in consideration of the foregoing premises and the respective
      representations, warranties, covenants and agreements hereinafter set forth,
      the
      parties hereto hereby agree as follows:

    

    1.
      Purchase and Sale of the Rights.
      Upon
      the execution and delivery of this Agreement, the Company hereby purchases
      from
      the Content Parties and the Content Parties hereby sell, transfer and assign
      to
      the Company, all of their respective rights, title and interest (in any manner
      whatsoever) in, and all of their respective obligations under, the Letter
      Agreement (the “Obligations”), including but not limited to, all rights of the
      Content Parties to future Fees (as such term is defined in the October 2004
      Agreement) and all rights of the Content Parties to any payments upon the sale
      of Badgley Mischka Licensing LLC under the Letter Agreement (collectively the
      “Rights”); and the Company hereby assumes all of the Rights and all of the
      Obligations of the Content Parties under the Letter Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
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    2.
      Consideration for Content’s Agreement to Purchase the Rights and assume the
      Obligations under the Letter Agreement.
      

     

    (a)
      The
      purchase price for the purchase and sale of the Rights and the assumption of
      the
      Obligations shall be an aggregate amount of one Million Five Hundred Thousand
      Dollars ($1,500,000) (the “Purchase Price”), which shall be payable as follows:
      Seven Hundred Fifty Thousand Dollars ($750,000) shall be payable upon execution
      of this Agreement (the “Cash Portion”) and an additional Seven Hundred Fifty
      Thousand Dollars ($750,000), and interest accrued thereon at the rate of six
      (6%) percent per annum, shall be payable on October 31, 2006, as evidenced
      by
      three promissory notes, each in the form of note attached hereto as Exhibit
      A
      (the
“Notes” and together with this Agreement, the “Transaction Documents”). The Cash
      Portion shall be made in immediately available funds and shall be paid as
      follows: Content $600,000; Burroughs $75,000; and Twist $75,000 pursuant to
      the
      wire instructions set forth on Schedule
      A
      attached
      hereto. 

    

    (b)
      Nothing herein shall be construed to require any additional services to be
      performed by the Content Parties or any of their respective officers, directors
      or affiliates, or to impose any limitations or restrictions on the future
      business activities of Consulting or any of its officers, directors, successors,
      assigns or affiliates, under the Letter Agreement or otherwise.

    

    3.
      Representations and Warranties.

     

    (a)
      The
      Company hereby represents and warrants that (i) each of the Transaction
      Documents has been duly authorized, executed and delivered by the Company and
      each are the valid and binding obligation of the Company, enforceable against
      the Company in accordance with their respective terms, (ii) the Company has
      not
      assigned any claim of any kind against any of the Consulting Parties to any
      third party and (iii) no consent of any third party is required for the
      execution, delivery and performance of the Transaction Documents by the Company.
      

    

    (b)
      Each
      of the Content Parties hereby represents and warrants that: (i) this
      Agreement has been duly authorized, executed and delivered by each Content
      Party
      and is the valid and binding obligation of each Content Party, enforceable
      against each Content Party in accordance with its terms, (ii) the Rights are
      held free and clear of any liens or encumbrances of any nature whatsoever other
      than in favor of a Content Party, (iii) no Content Party has assigned any of
      the
      Rights, Obligations or any claim of any kind with respect to the Rights or
      Obligations against the Company to any third party and (iv) no consent of
      any third party is required for the execution, delivery and performance of
      this
      Agreement by the Content Parties. 

    

    (c)
      The
      Company on the one hand, and Content Parties on the other hand, each represent
      and warrant to the other that no broker or finder was engaged or dealt with
      in
      connection with any of the transactions contemplated by this
      Agreement.

    

    
      
        
        

      

      
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    4.
      Releases.

     

    (a)
      Releases
      by Content.
      Effective as of the date of this Agreement, except to the extent otherwise
      set
      forth in Section 4(c) below, each of the Content Parties, for himself, herself
      and itself and for each of their past and present agents, officers, directors,
      employees, attorneys, shareholders, parents, subsidiaries, and each of their
      respective legal or business entities, insurers, successors and assigns, (the
      “Content Releasing Parties”) hereby jointly and severally, voluntarily release
      and forever discharges the Company and each of its affiliates, parents,
      subsidiaries, officers, directors, stockholders, employees, agents, attorneys,
      accountants and other advisors, and the heirs, executors and administrators,
      if
      applicable, and the predecessors, successors or assigns of each of the foregoing
      (collectively the “Company Released Parties”) from all actions, causes of
      action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
      specialties, covenants, contracts, controversies, agreements, promises,
      variances, trespasses, damages, judgments, extents, executions, claims, and
      demands of any nature whatsoever (“Claims”), in law or equity, which against any
      of the Company Released Parties, any or all of the Content Releasing Parties
      ever had, now have or hereafter can, shall or may have, for, upon, or by reason
      of any matter, cause or thing whatsoever from the beginning of the world to
      the
      date hereof arising out of or relating to the Letter Agreement.

    

    (b)
      Release
      by the Company.
      Effective as of the date of this Agreement, except to the extent otherwise
      set
      forth in Section 5(c) below, the Company for itself and for each of its past
      and
      present agents, officers, directors, employees, attorneys, shareholders,
      parents, subsidiaries, and each of their respective legal or business entities,
      insurers, successors and assigns, (the “Company Releasing Parties”) hereby
      jointly and severally, voluntarily release and forever discharges the Content
      Parties and each of its affiliates, parents, subsidiaries, officers, directors,
      stockholders, employees, agents, attorneys, accountants and other advisors,
      and
      the heirs, executors and administrators, if applicable, and the predecessors,
      successors and assigns of Content and each of the foregoing (collectively the
      “Content Released Parties”) from all Claims, in law or equity, which against any
      of the Content Released Parties, any or all of the Company Releasing Parties
      ever had, now have or hereafter can, shall or may have, for, upon, or by reason
      of any matter, cause or thing whatsoever from the beginning of the world to
      the
      date hereof arising out of or relating to the Letter Agreement. 

    

    (c)
      Exceptions,
      Indemnification.
      Notwithstanding anything contained in this Section 4 to the contrary, this
      Section 4 shall not apply to any Claims arising out of breach of the obligations
      contained in this Agreement, the Notes or fraud. Each of the Company and Content
      Parties hereby agree to indemnify and hold the other harmless from any and
      all
      loses, liabilities, expenses and costs (including reasonable attorneys’ fees)
      arising out of, resulting from, or relating to (i) any breach of any
      representation or warranty made herein by such indemnifying party or
      (ii) any breach of any covenant or agreement made by such indemnifying
      party herein. 

     

    (d)
      Waiver
      and Bar.
      In
      providing the release included in this Section 4, each of the parties
      acknowledges and intends (on behalf of itself and all other persons on whose
      behalf the release is being given) that it shall be effective as a bar to each
      and every one of the Claims mentioned in or implied by the foregoing releases.
      The parties expressly consent that the releases shall be given full force and
      effect according to each and all of their express terms and provisions,
      including those relating to unknown and unsuspected Claims (notwithstanding
      any
      state statute that expressly limits the effectiveness of a general release
      of
      unknown, unsuspected and unanticipated Claims, if any), as well as those
      relating to any other Claims mentioned in or implied by the foregoing releases.
      The parties acknowledge and agree that this waiver is an essential and material
      term of the releases and that without such waiver the parties would not have
      agreed to the terms of this Agreement. The parties further agree that in the
      event a claim is brought in violation of the foregoing releases, they shall
      serve as a complete defense to such Claims.

    

    
      
        
        

      

      
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    5.
      Covenants. 

     

    Each
      of
      the parties hereto hereby further agrees to execute, acknowledge, deliver,
      file
      and/or record, or cause such other parties to the extent permitted by law to
      execute, acknowledge, deliver, file and/or record such other documents as may
      be
      required by this Agreement and as the Company, on the one hand, and the Content
      Parties, on the other, or their respective legal counsel may, reasonably require
      in order to document and carry out the transactions contemplated by this
      Agreement, including, but not limited to, any filing of termination statements
      with respect to any security interest held by the Content Parties on any asset
      of the Company or its subsidiaries which were granted under the Letter
      Agreement.

    

    6.
      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 date
      delivered or mailed if delivered personally or mailed by registered or certified
      mail, postage prepaid, return receipt requested, to the parties at their
      respective addresses set forth below:

    

    If
      to the
      Company:

    

    Iconix
      Brand Group, Inc.

    1450
      Broadway, 4th Floor

    New
      York,
      New York 10018

    Attn:
      Neil Cole, CEO

    

    With
      a
      copy to: 

    

    Blank
      Rome LLP

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      Robert J. Mittman, Esq.

    Fax:
      (212) 885-5001

    

    If
      to
      Content Parties to:

    

    Content
      Holdings

    1330
      Avenue of the Americas, 40th Floor

    New
      York,
      NY 10019

    Attention:
      Robert W. D'Loren

    Fax:
      212-247-7131

    

    
      
        
        

      

      
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                5

            	
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    with
      a
      copy to:

    

    Littman
      Krooks LLP

    655
      Third
      Avenue, 20th Floor

    New
      York,
      NY 10017

    Attention:
      Mitchell C. Littman, Esq.

    Fax:
      212-490-2990

    

    7.
      Press Release.
      None of
      the parties hereto will make any voluntary public statements or press releases
      without showing the other such proposed release prior to it being publicized,
      and obtaining the other’s approval. 

     

    8.
      Entire Agreement.
      This
      Agreement, along with the Notes and the Security 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.

     

    9.
      Choice of Law/Governing Law.
      This
      Agreement shall be construed and enforced in accordance with the internal laws
      of the State of New York without reference to its conflicts of laws
      provisions.

     

    10.
      Further Assurances.
      The
      Parties hereto agree to, at their own expense, execute and deliver such other
      instruments of conveyance, transfer or termination and take such other actions
      as any other party may reasonably request, including obtaining the signatures
      of
      parties not Party to this Agreement, in order to more effective consummate
      the
      transactions contemplated hereby.

     

    11.
      Amendment. This
      Agreement may only be modified by a written instrument, which is executed by
      each of the parties hereto.

     

    12.
      Severability.
      This
      Agreement shall be deemed severable, and the invalidity or unenforceability
      of
      this Agreement or any other term or condition hereof shall not affect the
      validity or enforceability of this Agreement or of any other term or provision
      hereof. Furthermore, in lieu of any such invalid or unenforceable term or
      provision, the parties hereto agree that there shall be added as a part of
      this
      Agreement a provision as similar in terms to such invalid or unenforceable
      provision as may be possible and be valid and enforceable. 

     

    13.
      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 of this Agreement.

     

    14.
      Binding Effect; Benefit.
      This
      Agreement shall inure to the benefit of, and be binding upon, the parties hereto
      and their respective heirs, legal representatives, successors and assigns.
      

     

    15.
      Counterparts and Facsimile.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original but all of which together will constitute one and
      the
      same instrument. For purposes of this Agreement signatures received by facsimile
      shall have the same force and effect as original signatures. 

     

    
      
        
        

      

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

    

    ICONIX
      BRAND GROUP, INC.

    

    

    By:
      /s/
      Neil
      Cole                                                    

     Neil
      Cole

     President
      and CEO

    

    

    CONTENT
      HOLDINGS

     

     

    By:
      /s/
      Robert W.
      D’Loren                                  

     Robert
      W. D’Loren

     Manager

    

    

    /s/
      Robert
      D’Loren                                              

     Robert
      D’Loren

    

    

    /s/s
      Seth
      Burroughs                                           

     Seth
      Burroughs

    

    

    /s/
      Catherine
      Twist                                            

     Catherine
      Twist

    
      
        
        

      

      
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    Exhibit
      A - Form of Note

     

    
      

      NON-NEGOTIABLE
        PROMISSORY NOTE

      

      
        	
                $_______________

              	
                June
                  2, 2006

              

      

      

      

      FOR
        VALUE RECEIVED, the
        undersigned, ICONIX
        BRAND GROUP., INC., a
        Delaware corporation (the “Maker”)
        promises to pay [          ]
        (the “Payee”),
        the
        principal sum of
        [                                ]
        DOLLARS ($_________) (the “Principal”),
        together with interest on the Principal as provided below, in lawful money
        of
        the United States of America, payable pursuant to the terms and conditions
        provided for herein.  

      

      This
        promissory note (this “Note”)
        is one
        a series of promissory notes being issued by Maker as of even date herewith
        in
        the aggregate principal amount of Seven Hundred and Fifty Thousand Dollars
        ($750,000) (the “Notes”)
        to
        secure Maker’s obligations to make certain payments under the Purchase and Sale
        Agreement of even date herewith among the Maker, the Payee and the Payees
        of the
        other Notes of this series (the “Purchase Agreement”). The payment rights of
        each Payee holding Notes shall rank equally and each of such Payees shall
        share
        in any proceeds thereof pro
        rata
        according to the unpaid Principal amount due and owing to each of such Payees.
        

      

      1. Payment
        Terms.
        Subject
        to Section 4 hereof, the Principal and accrued interest thereon are due and
        payable on October 31, 2006 (the “Maturity Date”).  The payment of
        Principal and interest under this Note shall be made to Payee in immediately
        available funds, at such address or location as Payee shall designate. 
Maker may at any time, without penalty, premium or charge of any kind, prepay
        in
        whole or in part the indebtedness evidenced by this Note. Any such prepayments
        shall be applied first to interest accrued through the date of prepayment
        and
        then to Principal.

       

      2. Interest.  
        Interest shall accrue on the unpaid Principal balance at the rate of six
        percent
        (6%) per annum until this Note is paid in full and shall be paid on the Maturity
        Date or earlier in the event of an optional prepayment or mandatory prepayment
        as provided herein; provided, however, that from the date of any Default
        (as
        defined in Section 3, below) to and including the date the obligations of
        Maker
        under this Note are paid in full, all Principal, accrued but unpaid interest,
        and any other amounts that are or subsequently become due under this Note
        shall
        bear interest at the rate of fourteen percent (14%) per annum or, if such
        rate
        be at any time above the legal rate of interest for obligations in the nature
        of
        those under this Note, at the maximum allowable legal rate of
        interest.

      

      3. Events
        of Default. 
        Maker shall be in default under this Note upon the occurrence of any of the
        following events of default (each a “Default”):
        

      

      (a)
        Maker
        fails to pay the Principal and/or interest under this Note, when due; or
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

              	
                 

              	
                6/7/2006

              

      

      

      (b)
        Maker
        becomes insolvent or bankrupt; or if Maker suffers a receiver or trustee
        for it
        or substantially all of its assets to be appointed and, if appointed without
        its
        consent, not discharged within sixty (60) days; or if Maker makes an assignment
        for the benefit of its creditors; or

      

      (c)
        Maker
        breaches any of its obligations under the Purchase Agreement; or

      

      (d)
        Maker
        enters into any agreement for the (i) sale of all or substantially all of
        its
        assets or (ii) any merger, consolidation or similar transaction in which
        Maker
        is not the surviving entity or following the consummation of which the
        shareholders of Maker do not hold a majority of the equity interests in the
        surviving or resulting entity.

      

      4. Remedies
        Upon Default. 
        Upon the occurrence of any Default, the Principal balance hereof together
        with
        all accrued interest shall become immediately due and payable without notice
        or
        demand.  In addition, upon the occurrence of any Default, Maker shall pay
        all of Payee’s reasonable costs of collection, including actual and reasonable
        attorneys’ fees and disbursements. 

      

      5. Notices. 
        All notices, requests, demands and other communications required or permitted
        under this Note shall be in writing and shall be deemed to have been duly
        given,
        made and received the same day when personally delivered or sent by telecopy
        with receipt confirmation, the next business day when delivered by overnight
        courier,  or three (3) business days after mailing, if sent in the United
        States by registered or certified mail, postage prepaid, return receipt
        requested, addressed as set forth below: 

      

      If
        to Maker:

      

      Iconix
        Brand Group, Inc.

      1450
        Broadway, 4th Floor

      New
        York,
        New York 10018

      Attn:
        Neil Cole, CEO

      

      With
        a copy to: 

      

      Blank
        Rome LLP

      405
        Lexington Avenue

      New
        York,
        New York 10174

      Attn:
        Robert J. Mittman, Esq.

      Fax:
        (212) 885-5001

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      
        	
                 

              	
                 

              	
                6/7/2006

              

      

      

      If
        to Payee:

      

      Content
        Holdings

      1330
        Avenue of the Americas, 40th Floor

      New
        York,
        NY 10019

      Attention:
        Robert W. D'Loren

      Fax:
        212-247-7131

       

      with
        a copy to:

      

      Littman
        Krooks LLP

      655
        Third
        Avenue, 20th Floor

      New
        York,
        NY 10017

      Attention:
        Mitchell C. Littman, Esq.

      Fax:
        212-490-2990

       

      

      or
        at
        such other address or addresses as either Payee or Maker may from time to
        time
        designate by notice to the other party, in writing. 

      

      6. Waivers
        of Presentment, Etc.   
        MAKER EXPRESSLY WAIVES PRESENTMENT, PROTEST, DEMAND, NOTICE OF DISHONOR,
        NOTICE
        OF NON-PAYMENT, NOTICE OF MATURITY, NOTICE OF PROTEST, PRESENTMENT FOR THE
        PURPOSE OF ACCELERATING MATURITY, AND DILIGENCE IN COLLECTION. 

      

      7. Waivers
        and Amendments: Non-Contractual Remedies: Preservation of
        Remedies.
        This
        Note may be amended, superseded, canceled, renewed or extended and the terms
        hereof may be waived, only by a written instrument signed by Payee and Maker
        or,
        in the case of a waiver, by Payee. The failure of Payee to insist, in any
        one or
        more instances, upon performance of the terms or conditions of this Note
        shall
        not be construed as a waiver or relinquishment of any right granted hereunder
        or
        of the future performance of any such term, covenant or condition. No waiver
        on
        the part of Payee of any right, power or privilege, nor any single or partial
        exercise of any such right, power or privilege, shall preclude any further
        exercise thereof or the exercise of any other such right, power or privilege.
        The rights and remedies herein provided are cumulative and are not exclusive
        of
        any rights or remedies that Payee may otherwise have at law or in
        equity.

      

      8. Governing
        Law.
        This
        Note shall be governed by and construed and enforced in accordance with the
        laws
        of the State of New York. The parties hereby: (i) in any legal proceeding
        brought in connection with this Note hereby, irrevocably submit to the
        nonexclusive in personam
        jurisdiction of (A) any state or Federal court of competent jurisdiction
        sitting
        in the State of New York, County of New York or (B) in the event that any
        party
        is a defendant in any legal proceeding in which it seeks to join the other
        as a
        third party defendant, then, any state or Federal court in which such proceeding
        has properly been brought, and consent to suit therein; and (ii) waive any
        objection they or it may now or hereafter have to the venue of such proceeding
        in any such court or that such proceeding was brought in an inconvenient
        court.

      

      
        
          
          

        

        
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      9. Headings. 
        The headings in this Note are for reference only and shall not affect the
        interpretation of this Note. 

      

      10. Severability. 
        Whenever possible, each provision of this Note shall be interpreted in such
        manner as to be effective and valid under applicable law, but if any provision
        of this Note is held to be prohibited by or invalid under applicable law,
        such
        provision shall be ineffective only to the extent of such prohibition or
        invalidity without invalidating the remainder of such provision or the remaining
        provisions of this Note. 

      

      11. Mutilated,
        Lost Stolen or Destroyed Note. 
        In case this Note shall be mutilated, lost, stolen or destroyed, Maker shall
        issue and deliver, in exchange and substitution for and upon cancellation
        of the
        mutilated Note, or in lieu of and substitution for this Note lost, stolen
        or
        destroyed, a new Note of like tenor, but only upon receipt of evidence
        satisfactory to Maker of such loss, theft, or destruction of such Note.

      

      12. Miscellaneous.

      

      (a) 
        This Note shall bind the Maker and its respective successors, and the benefits
        hereof shall inure to the benefit of Payee and its successors and assigns. 
Neither Maker nor Payee may assign or transfer this Note to any third
        party.

      

      (b) 
        All references herein to “Maker” and “Payee” shall be deemed to apply to the
        Maker and Payee, and their respective successors and permitted
        assigns.

      

      (c)
        This
        Note and any other documents delivered in connection herewith and the rights
        and
        obligations of the parties hereto and thereto shall for all purposes be governed
        by and construed and enforced in accordance with the substantive law of the
        State of New York without giving effect to its conflicts of law
        principles.

      

      (d)
        Any
        individual signing this Note on behalf of an entity represents and warrants
        to
        the Payee that such individual has the right and authority to so execute
        this
        Note, and that this Note will be enforceable against such entity in accordance
        with its terms. 

      

       

      [SIGNATURE
        PAGE FOLLOWS]

      
        
          
          

        

        
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      IN
        WITNESS WHEREOF,
        this
        Note has been executed and delivered on the date first written
        above.

       

      
        	 	 	 
	 	ICONIX
                BRAND GROUP, INC.
	 
 	 
 	 
 
	 	By:  	
                 

              
	 	
                
Name:
                Neil Cole
	 	Title:
                Chief Executive Officer

        
          
            
            

          

          
            5

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