Document:

SECURITY AGREEMENT

 

SECURITY AGREEMENT,
dated as of July 31, 2013 between IM BRANDS, LLC, a Delaware limited liability company (the “Borrower”) with
its principal office located at 475 Tenth Avenue, New York, New York 10018, and Bank Hapoalim B.M., an Israeli banking corporation
licensed to do business in the State of New York (the “Bank”) with its New York office located at 1177 Avenue
of the Americas, New York, NY 10036.

 

WHEREAS, the Borrower
will enter into credit facilities with the Bank, evidenced by the various loan documents (each, as amended and in effect from time
to time, a “Loan Document” and together, as amended and in effect from time to time, the “Loan Documents”),
including an additional separate and distinct credit facility with the Bank dated as of this date (as evidenced by such documents
dated as of this date as may be amended and in effect from time to time, the “Credit Agreements”, which shall
also be deemed to be “Loan Documents”), with the Bank pursuant to which the Bank, subject to the terms and conditions
contained therein, is to make loans or otherwise to extend credit to the Borrower; and

 

WHEREAS, it is a condition
precedent to the Bank’s making credit available to the Borrower under the Credit Agreements and to make any loans or otherwise
extend credit to the Borrower under the Loan Documents, that the Borrower execute and deliver to the Bank a security agreement
in substantially the form hereof; and

 

WHEREAS, the Borrower
wishes to grant security interests in favor of the Bank as herein provided;

 

NOW, THEREFORE, in
consideration of the promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.          Definitions.
All capitalized terms used herein without definitions shall have the respective meanings provided therefor in the Loan Documents.
The term “State”, as used herein, means the State of New York. All terms defined in the Uniform Commercial Code of
the State and used herein shall have the same definitions herein as specified therein. However, if a term is defined in Article
9 of the Uniform Commercial Code of the State differently than in another Article of the Uniform Commercial Code of the State,
the term has the meaning specified in Article 9. The term “Obligations”, as used herein, means all of the indebtedness,
obligations and liabilities of the Borrower to the Bank, individually or collectively, whether direct or indirect, joint or several,
absolute or contingent, due or to become due, now existing or hereafter arising under or in respect of the Loan Documents, any
promissory notes or other instruments or agreements executed and delivered pursuant thereto or in connection therewith, or this
Agreement. The term “Loan Document(s)”, as used herein, includes the Credit Agreements, promissory notes or other instruments,
letter of credit applications and agreements, this Agreement, and any other agreement between the Borrower and the Bank, relating
to a credit facility or facilities extended by the Bank to the Borrower. The term “Event of Default”, as used herein,
means the failure of the Borrower to pay or to perform any of the Obligations, or any of the other terms or conditions, as and
when due to be paid or performed under the terms of any Loan Document, or a default as set forth in any Loan Document.

 

    	 

    	 

    

 

2.          Grant
of Security Interest. The Borrower hereby grants to the Bank, to secure the payment and performance in full of all of the
Obligations, a security interest in and so pledges and assigns to the Bank the following properties, assets and rights of the Borrower,
wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof (all of the same being
hereinafter called the “Collateral”): all personal and fixture property of every kind and nature including without
limitation all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes), documents,
accounts (including health-care insurance receivables), chattel paper (whether tangible or electronic), deposit accounts, letter-of-credit
rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims, securities and all other investment
property, supporting obligations, any other contract rights or rights to the payment of money, insurance claims and proceeds, tort
claims and all general intangibles (including all payment intangibles). The Bank acknowledges that the attachment of its security
interest in any commercial tort claim as original collateral is subject to the Borrower’s compliance with Section 4.7.

 

3.          Authorization
to File Financing Statements. The Borrower hereby irrevocably authorizes the Bank at any time and from time to time to
file in any Uniform Commercial Code jurisdiction any initial financing statements and amendments thereto that (a) indicate the
Collateral (i) as all assets of the Borrower or words of similar effect, regardless of whether any particular asset comprised in
the Collateral falls within the scope of Article 9 of the Uniform Commercial Code of the State or such jurisdiction, or (ii) as
being of an equal or lesser scope or with greater detail, and (b) contain any other information required by part 5 of Article 9
of the Uniform Commercial code of the State for the sufficiency or filing office acceptance of any financing statement or amendment,
including whether the Borrower is an organization, the type of organization and any organization identification number issued to
the Borrower. The Borrower agrees to furnish any such information to the Bank promptly upon request. The Borrower also ratifies
its authorization for the Bank to have filed in any Uniform Commercial Code jurisdiction any like initial financing statements
or amendments thereto if filed prior to the date hereof.

 

4.          Other
Actions. Further to insure the attachment, perfection and first priority of, and the ability of the Bank to enforce, the
Bank’s security interest in the Collateral, the Borrower agrees, in each case at the Borrower’s own expense, to take
the following actions with respect to the following Collateral:

 

4.1          Promissory
Notes and Tangible Chattel Paper. If the Borrower shall at any time hold or acquire any promissory notes or tangible chattel
paper, the Borrower shall promptly notify the Bank thereof, and, upon the Bank’s request and option, endorse, assign and
deliver the same to the Bank, accompanied by such instruments of transfer or assignment duly executed in blank as the Bank may
from time to time specify.

 

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4.2          Deposit
Accounts. For each deposit account that the Borrower at any time opens or maintains, the Borrower shall, at the Bank’s
request and option, pursuant to an agreement in form and substance satisfactory to the Bank, either (a) cause the depository bank
to agree to comply at any time with instructions from the Bank to such depository bank directing the disposition of funds from
time to time credited to such deposit account, without further consent of the Borrower, or (b) arrange for the Bank to become the
customer of the depositary bank with respect to the deposit account, with the Borrower being permitted, only with the consent of
the Bank, to exercise rights to withdraw funds from such deposit account. The Bank agrees with the Borrower that the Bank shall
not give any such instructions or withhold any withdrawal rights from the Borrower unless an Event of Default has occurred and
is continuing or, after giving effect to any withdrawal not otherwise permitted by the Loan Documents, would occur. The provisions
of this paragraph shall not apply to (i) deposit accounts for which the Bank is the Depositary and (ii) deposit accounts specially
and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of the Borrower’s
salaried employees.

 

4.3          Investment
Property. If the Borrower shall at any time hold or acquire any certificated securities, the Borrower shall forthwith endorse,
assign and deliver the same to the Bank, accompanied by such instruments of transfer or assignment duly executed in blank as the
Bank may from time to time specify. If any securities now or hereafter acquired by the Borrower are uncertificated and are issued
to the Borrower or its nominee directly by the issuer thereof, the Borrower shall immediately notify the Bank thereof and, at the
Bank’s request and option, pursuant to an agreement in form and substance satisfactory to the Bank, either (a) cause the
issuer to agree to comply with instructions from the Bank as to such securities, without further consent of the Borrower or such
nominee, or (b) arrange for the Bank to become the registered owner of the securities. If any securities, whether certificated
or uncertificated, or other investment property now or hereafter acquired by the Borrower are held by the Borrower or its nominee
through a securities intermediary or commodity intermediary, the Borrower shall immediately notify the Bank thereof and, at the
Bank’s request and option, pursuant to an agreement in form and substance satisfactory to the Bank, either (i) cause such
securities intermediary or (as the case may be) commodity intermediary to agree to comply with entitlement orders or other instructions
from the Bank to such securities intermediary as to such securities or other investment property, or (as the case may be) commodity
intermediary to agree to comply with entitlement orders or other instructions from the Bank to such securities intermediary as
to such securities or other investment property, or (as the case may be) to apply any value distributed on account of any commodity
contract as directed by the Bank to such commodity intermediary, in each case without further consent of the Borrower or such nominee,
or (ii) in the case of financial assets or other investment property held, with the Borrower being permitted, only with the consent
of the Bank, to exercise rights to withdraw or otherwise deal with such investment property. The Bank agrees with the Borrower
that the Bank shall not give any such entitlement orders or instructions or directions to any such issuer, securities intermediary
or commodity intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by the Borrower,
unless an Event of Default has occurred and is continuing, or, after giving effect to any such investment and withdrawal rights
not otherwise permitted by the Loan Documents, would occur. The provisions of this paragraph shall not apply to any financial assets
credited to a securities account for which the Bank is the securities intermediary.

 

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4.4          Collateral
in the Possession of a Bailee. If any Collateral having a value of $100,000 is at any time in the possession of a bailee,
the Borrower shall promptly notify the Bank thereof and, if requested by the Bank, shall promptly obtain an acknowledgment from
the bailee, in form and substance satisfactory to the Bank, that the bailee holds such Collateral for the benefit of the Bank and
shall act upon the instructions of the Bank, without the further consent of the Borrower. The Bank agrees with the Borrower that
the Bank shall not give any such instructions unless an Event of Default has occurred and is continuing or would occur after taking
into account any action by the Borrower with respect to the bailee.

 

4.5          Electronic
Chattel paper and Transferable Records. If the Borrower at any time holds or acquires an interest in any electronic chattel
paper or any “transferable record,” as that term is defined in Section 201 of the federal Electronic Signatures in
Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction,
the Borrower shall promptly notify the Bank thereof and, at the request of the Bank, shall take such action as the Bank may reasonably
request to vest in the Bank control, under Section 9-105 of the Uniform Commercial Code, of such electronic chattel paper or control
under Section 201 of the federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of
the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The Bank agrees with
the Borrower that the Bank will arrange, pursuant to procedures satisfactory to the Bank and so long as such procedures will not
result in the Bank’s loss of control, for the Borrower to make alterations to the electronic chattel paper or transferable
record permitted under UCC Section 9-105 or, as the case may be, Section 201 of the Federal Electronic Signatures in Global and
National Commerce Act or Section 16 of the Uniform Electronic Transactions Act for a party in control to make without loss of control,
unless an Event of Default has occurred and is continuing or would occur after taking into account any action by the Borrower with
respect to such electronic chattel paper or transferable record.

 

4.6          Letter-of-credit
Rights. If the Borrower is at any time a beneficiary under a letter of credit now or hereafter issued in favor of the Borrower,
the Borrower shall promptly notify the Bank thereof and, at the request and option of the Bank, the Borrower shall, pursuant to
an agreement in form and substance satisfactory to the Bank, either (i) arrange for the issuer and any confirmer of such letter
of credit to consent to an assignment to the Bank of the proceeds of any drawing under the letter of credit, or (ii) arrange for
the Bank to become the transferee beneficiary of the letter of credit, with the Bank agreeing, in each case, that the proceeds
of the letter of credit are to be applied as provided in the Loan Documents.

 

4.7          Commercial
Tort Claims. If the Borrower shall at any time hold or acquire a commercial tort claim, the Borrower shall immediately
notify the Bank in a writing signed by the Borrower of the brief details thereof and grant to the Bank in such writing a security
interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance
satisfactory to the Bank.

 

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4.8          Other
Actions as to any and all Collateral. The Borrower further agrees to take any other action reasonably requested by the
Bank to insure the attachment, perfection and first priority of, and the ability of the Bank to enforce, the Bank’s security
interest in any and all of the Collateral including, without limitation, (a) executing, delivering and, where appropriate, filing
financing statements and amendments relating thereto under the Uniform Commercial Code, to the extent, if any, that the Borrower’s
signature thereon is required therefor, (b) causing the Bank’s name to be noted as secured party on any certificate of title
for a titled good if such notation is a condition to attachment, perfection or priority of, or ability of the Bank to enforce,
the Bank’s security interest in such Collateral, (c) complying with any provision of any statute, regulation or treaty of
the United States as to any Collateral if compliance with such provision is a condition to attachment, perfection or priority of,
or ability of the Bank to enforce, the Bank’s security interest in such Collateral, (d) obtaining governmental and other
third party consents and approvals, including without limitation any consent of any licensor, lessor or other person obligated
on Collateral, (e) obtaining waivers from mortgagees and landlords in form and substance satisfactory to the Bank and (f) taking
all actions required by any earlier versions of the Uniform Commercial Code or by other law, as applicable in any relevant Uniform
Commercial Code jurisdiction, or by other law as applicable in any foreign jurisdiction.

 

5.          [Reserved].

 

6.          Representations
and Warranties Concerning Borrower’s Legal Status. The Borrower has previously delivered to the Bank a certificate
signed by the Borrower entitled “Perfection Certificate” (the “Perfection Certificate”). The Borrower represents
and warrants to the Bank as follows: (a) the Borrower’s exact legal name is that indicated on the Perfection Certificate
and on the signature page hereof, (b) the Borrower is an organization of the type and organized in the jurisdiction set forth in
the Perfection Certificate, (c) the Perfection Certificate accurately sets forth the Borrower’s organizational identification
number or accurately states that the Borrower has none, (d) the Perfection Certificate accurately sets forth the Borrower’s
place of business or, if more than one, its chief executive office as well as the Borrower’s mailing address if different
and (e) all other information set forth on the Perfection Certificate pertaining to the Borrower is accurate and complete.

 

7.          Covenants
Concerning Borrower’s Legal Status. The Borrower covenants with the Bank as follows: (a) without providing at least
30 days prior written notice to the Bank, the Borrower will not change its name, its place of business or, if more than one, chief
executive office, or its mailing address or organizational identification number if it has one, (b) if the Borrower does not have
an organizational identification number and later obtains one, the Borrower shall forthwith notify the Bank of such organizational
identification number, and (c) the company will not change its type of organization, jurisdiction of organization or other legal
structure.

 

8.          Representations
and Warranties Concerning Collateral, Etc. The Borrower further represents and warrants to the Bank as follows: (a) the
Borrower is the owner of or has other rights in or power to transfer the Collateral, free from any adverse lien, security interest
or other encumbrance, except for the security interest created by this Agreement, (b) none of the Collateral constitutes, or is
the proceeds of, “farm products” as defined in Section 9-102(a)(34) of the Uniform Commercial Code of the State, (c)
none of the account debtors or other persons obligated on any of the Collateral is a governmental authority subject to the Federal
Assignment of Claims Act or like federal, state or local statute or rule in respect of such Collateral, (d) the Borrower holds
no commercial tort claims, and (e) the Borrower has at all times operated its business in compliance with all applicable provisions
of the federal Fair Labor Standards Act, as amended, and with all applicable provisions of federal, state and local statutes and
ordinances dealing with the control, shipment, storage or disposal of hazardous materials or substances and (f) all other information
set forth on the Perfection Certificate pertaining to the Collateral is accurate and complete.

 

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9.          Covenants
Concerning Collateral, Etc. The Borrower further covenants with the Bank as follows: (a) the Collateral, to the extent
not delivered to the Bank pursuant to Section 4, will be kept at those locations listed on the Perfection Certificate and the Borrower
will not remove the Collateral from such locations without providing at least 30 days prior written notice to the Bank, (b) except
for the security interest herein granted and liens permitted by a Credit Agreement, the Borrower shall be the owner of or have
other rights in the Collateral free from any lien, security interest or other encumbrance, and the Borrower shall defend the same
against all interests therein adverse to the Bank, (c) the Borrower shall not pledge, mortgage or create, or suffer to exist a
security interest in the Collateral in favor of any person other than the Bank, (d) the Borrower will keep the Collateral in good
order and repair and will not use the same in violation of law or any policy of insurance thereon, (e) the Borrower will permit
the Bank, or its designee, to inspect the Collateral at any reasonable time, wherever located, (f) the Borrower will pay promptly
when due all taxes, assessments, governmental charges and levies upon the Collateral or incurred in connection with the use or
operation of such Collateral or incurred in connection with this Agreement, (g) the Borrower will continue to operate, its business
in compliance with all applicable provisions of the federal Fair Labor Standards Act as amended, and with all applicable provisions
of federal, state and local statutes and ordinances dealing with the control, shipment, storage or disposal of hazardous materials
or substances, and (h) the Borrower will not sell or otherwise dispose, or offer to sell or otherwise dispose, of the Collateral
or any interest therein except for the sale of inventory in the ordinary course of business. In the event of any inconsistency
between the covenants made in the Intellectual Property Security Agreement, dated as of the date hereof, between the Borrower and
the Bank (as amended, restated, supplemented or otherwise modified from time to time, the “IP Security Agreement”),
with respect to the Borrower’s Copyrights, Trademarks and Licenses (as such terms are defined in the IP Security Agreement),
and those covenants made in this Security Agreement with respect to that portion of the Collateral consisting of such Copyrights,
Trademarks and Licenses, the covenants set forth in the IP Security Agreement shall prevail with respect to such inconsistency.

 

10.          Insurance.

 

10.1          Maintenance
of Insurance. The Borrower will maintain, with financially sound and reputable insurers, insurance with respect to its
properties and business against such casualties and contingencies as shall be in accordance with general practices of businesses
engaged in similar activities in similar geographic areas. Such insurance shall be in such minimum amounts that the Borrower will
not be deemed a co-insurer under applicable insurance laws, regulations and policies and otherwise shall be in such amounts, contain
such terms to be in such forms and be for such periods as may be reasonably satisfactory to the Bank. In addition, all such insurance
shall be payable to the Bank as lender’s loss payee under a “standard” or “New York” lender’s
loss payee clause. Without limiting the foregoing, the Borrower will (i) keep all of its physical property insured with casualty
or physical hazard insurance on an “all risks” basis, with electronic data processing coverage, with a full replacement
cost endorsement and an “agreed amount” clause in an amount equal to 100% of the full replacement cost of such property,
(ii) maintain all such workers’ compensation or similar insurance as may be required by law and (iii) maintain, in amounts
and with deductibles equal to those generally maintained by business engaged in similar activities in similar geographic areas,
general public liability insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties
of the Borrower; business interruption insurance; and product liability insurance.

 

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10.2          Insurance
Proceeds. The proceeds of any casualty insurance in respect of any casualty loss of any of the Collateral shall, subject
to the rights, if any, of other parties with a prior interest in the property covered thereby, (i) so long as no Default or Event
of Default has occurred and is continuing and to the extent that the amount of such proceeds is less than $25,000.00, be disbursed
to the Borrower for direct application by the Borrower solely to the repair or replacement of the Borrower’s property so
damaged or destroyed and (ii) in all other circumstances, be held by the Bank as cash collateral, upon such terms and conditions
as the Bank may reasonably prescribe, for direct application by the Borrower solely to the repair or replacement of the Borrower’s
property so damaged or destroyed, or upon the Borrower’s prior written consent, the Bank may apply all or any part of such
proceeds to the Obligations with the Commitment (if not then terminated) being reduced by the amount so applied to the Obligations.

 

10.3          Notice
of Cancellation, etc. All policies of insurance shall provide for at least 30 days prior written cancellation notice to
the Bank. In the event of failure by the Borrower to provide and maintain insurance as herein provided, the Bank may, at its option
and upon prior written notice to the Borrower, provide such insurance and charge the amount thereof to the Borrower. The Borrower
shall furnish the Bank with certificates of insurance and policies evidencing compliance with the foregoing insurance provision.

 

11.          Collateral
Protection Expenses; Preservation of Collateral.

 

11.1          Expenses
Incurred by Bank. In its discretion and upon prior written notice to the Borrower, the Bank may discharge taxes and other
encumbrances at any time levied or placed on any of the Collateral, make repairs thereto and pay any necessary filing fees or,
if the debtor fails to do so, insurance premiums. The Borrower agrees to reimburse the Bank on demand for any and all expenditures
so made. The Bank shall have no obligation to the Borrower to make any such expenditures, nor shall the making thereof relieve
the Borrower of any default.

 

11.2          Bank’s
Obligations and Duties. Anything herein to the contrary notwithstanding, the Borrower shall remain liable under each contract
or agreement comprised in the Collateral to be observed or performed by the Borrower thereunder. The Bank shall not have any obligation
or liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt by the Bank of any
payment relating to any of the Collateral, nor shall the Bank be obligated in any manner to perform any of the obligations of the
Borrower under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any payment received
by the Bank in respect of the Collateral or as to the sufficiency of any performance by any party under any such contract or agreement,
to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may
have been assigned to the Bank or to which the Bank may be entitled at any time or times. The Bank’s sole duty with respect
to the custody, safe keeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Uniform
Commercial Code of the State or otherwise, shall be to deal with such Collateral in the same manner as the Bank deals with similar
property for its own account.

 

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12.          Securities
and Deposits. The Bank may at any time following and during the continuance of an Event of Default, at its option, transfer
to itself or any nominee any securities constituting Collateral, receive any income thereon and hold such income as additional
Collateral or apply it to the Obligations. Whether or not any Obligations are due, the Bank may following and during the continuance
of an Event of Default demand, sue for, collect, or make any settlement or compromise which it deems desirable with respect to
the Collateral. Regardless of the adequacy of Collateral or any other security for the Obligations, any deposits or other sums
at any time credited by or due from the Bank to the Borrower may at any time be applied to or set off against any of the Obligations.

 

13.          Notification
to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing,
the Borrower shall, at the request of the Bank, notify account debtors and other persons obligated on any of the Collateral of
the security interest of the Bank in any account, chattel paper, general intangible, instrument or other Collateral and that payment
thereof is to be made directly to the Bank or to any financial institution designated by the Bank as the Bank’s agent therefor,
and the Bank may itself, if an Event of Default shall have occurred and be continuing, upon prior written notice to the Borrower,
so notify account debtors and other persons obligated on Collateral. After the making of such a request or the giving of any such
notification, the Borrower shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and
other Collateral received by the Borrower as trustee for the Bank without commingling the same with other funds of the Borrower
and shall turn the same over to the Bank in the identical form received, together with any necessary endorsements or assignments.
The Bank shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral
received by the Bank to the Obligations, such proceeds to be immediately entered after final payment in cash or other immediately
available funds of the items giving rise to them.

 

14.          Power
of Attorney.

 

14.1          Appointment
and Powers of Bank. The Borrower hereby irrevocably constitutes and appoints the Bank and any officer or agent thereof,
with full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority in the place
and stead of the Borrower or in the Bank’s own name, for the purpose of carrying out the terms of this Agreement, to take
any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish
the purposes of this Agreement and, without limiting the generality of the foregoing, hereby gives said attorneys the power and
right, on behalf of the Borrower, without notice to or assent by the Borrower, to do the following: upon the occurrence and during
the continuance of an Event of Default, generally to sell, transfer, pledge make any agreement with respect to or otherwise deal
with any of the Collateral in such manner as is consistent with the Uniform Commercial Code of the State and as fully and completely
as though the Bank were the absolute owner thereof for all purposes, and to do at the Borrower’s expense, at any time, or
from time to time, all acts and things which the Bank deems necessary to protect, preserve or realize upon the Collateral and the
Bank’s security interest therein, in order to effect the intent of this Agreement, all as fully and effectively as the Borrower
might do, including, without limitation, (i) the filing and prosecuting of registration and transfer applications with the appropriate
federal or local agencies or authorities with respect to trademarks, copyrights and patentable inventions and processes, (ii) upon
written notice to the Borrower, the exercise of voting rights with respect to voting securities, which rights may be exercised,
if the Bank so elects, with a view to causing the liquidation in a commercially reasonable manner of assets of the issuer of any
such securities and (iii) the execution, delivery and recording, in connection with any sale or other disposition of any Collateral,
of the endorsements, assignments or other instruments of conveyance or transfer with respect to such Collateral.

 

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14.2          Ratification
by Borrower. To the extent permitted by law, the Borrower hereby ratifies all that said attorneys shall lawfully do or
cause to be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable.

 

14.3          No
Duty on Bank. The power conferred on the Bank hereunder are solely to protect its interests in the Collateral and shall
not impose any duty upon it to exercise any such powers. The Bank shall be accountable only for the amounts that it actually receives
as a result of the exercise of such powers and neither it nor any of its officers, directors, employees or agents shall be responsible
to the Borrower for any act or failure to act, except for the Bank’s own gross negligence or willful misconduct.

 

15.          Remedies.
If an Event of Default shall have occurred and be continuing, the Bank may, without notice to or demand upon the Borrower, declare
this Agreement to be in default, and the Bank shall thereafter have in any jurisdiction in which enforcement hereof is sought,
in addition to all other rights and remedies, the rights and remedies of a secured party under the Uniform Commercial of the State
or of any jurisdiction in which Collateral is located, including, without limitation, the right to take possession of the Collateral,
and for that purpose the Bank may, so far as the Borrower can give authority therefor, enter upon any premises on which the Collateral
may be situated and remove the same therefrom. The Bank may in its discretion require the Borrower to assemble all or any part
of the Collateral at such location or locations within the jurisdiction(s) of the Borrower’s principal office(s) or at such
other locations as the Bank may reasonably designate. Unless the Collateral is perishable or threatens to decline speedily in value
or is of a type customarily sold on a recognized market, the Bank shall give to the Borrower at least ten (10) Business Days prior
written notice of the time and place of any public sale of Collateral or of the time after which any private sale or any other
intended disposition is to be made. The Borrower hereby acknowledges that ten (10) Business Days prior written notice of such sale
or sales shall be reasonable notice. In addition, the Borrower waives any and all rights that is may have to a judicial hearing
in advance of the enforcement of any of the Bank’s rights hereunder, including without limitation, its right following an
Event of Default to take immediate possession of the Collateral and to exercise its rights with respect thereto.

 

16.          [Reserved].

 

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17.          No
Waiver by Bank, etc. The Bank shall not be deemed to have waived any of its rights upon or under the Obligations or the
Collateral unless such waiver shall be in writing and signed by the Bank. No delay or omission on the part of the Bank in exercising
any right shall operate as a waiver of such right or any other right. A waiver on any one occasion shall not be construed as a
bar to or waiver of any right on any future occasion. All rights and remedies of the Bank with respect to the Obligations or the
Collateral, whether evidenced hereby or by any other instrument or papers, shall be cumulative and may be exercised singularly,
alternatively, successively or concurrently at such time or at such times as the Bank deems expedient.

 

18.          Suretyship
Waivers by Borrower. The Borrower waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans
made, credit extended, Collateral received or delivered or other action taken in reliance hereon and all other demands and notices
of any description. With respect to both the Obligations and the Collateral, the Borrower assents to any extension or postponement
of the time of payment or any other indulgence, to any substitution, exchange or release of or failure to perfect any security
interest in any Collateral, to the addition or release of any party or person primarily or secondarily liable, to the acceptance
of partial payment thereon and the settlement, compromising or adjusting of any thereof, all in such manner and at such time or
times as the Bank may deem advisable. The Bank shall have no duty as to the collection or protection of the Collateral or any income
thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of any rights pertaining thereto
beyond the safe custody thereof as set forth in Section 11.2. The Borrower further waives any and all other suretyship defenses.

 

19.          Marshalling.
The Bank shall not be required to marshal any present or future collateral security (including but not limited to this Agreement
and the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security
or other assurances of payment in any particular order, and all of its rights hereunder and in respect of such collateral security
and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent
that it lawfully may, the Borrower hereby agrees that it will not invoke any law relating to the marshalling of collateral which
might cause delay in or impede the enforcement of the Bank’s rights under this Agreement or under any other instrument creating
or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is
secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Borrower hereby irrevocably waives
the benefits of all such laws.

 

20.          Proceeds
of Dispositions; Expenses. The Borrower shall pay to the Bank on demand any and all expenses, including reasonable attorneys’
fees and disbursements, incurred or paid by the Bank in protecting, preserving or enforcing the Bank’s rights under or in
respect of any of the Obligations or any of the Collateral. After deducing all of said expenses, the residue of any proceeds of
collection or sale of the Obligations or Collateral shall, to the extent actually received in cash, be applied to the payment of
the Obligations in such order or preference as the Bank may determine, proper allowance and provision being made for any Obligations
not then due. Upon the final payment and satisfaction in full of all of the Obligations and after making any payments required
by Sections 9-608(a)(1)(C) or 9-615(a)(3) of the Uniform Commercial Code of the State, any excess shall be returned to the Borrower,
and the Borrower shall remain liable for any deficiency in the payment of the Obligations.

 

    	10

    	 

    

 

21.          Overdue
Amounts. Until paid, all amounts due and payable by the Borrower hereunder shall be a debt secured by the Collateral and
shall bear, whether before or after judgment, interest at the rate of interest for overdue principal set forth in the Loan Documents.

 

22.          Governing
Law; Consent to Jurisdiction. THIS AGREEMENT IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The Borrower agrees that any suit for the enforcement of this
Agreement may be brought in the courts of the State of New York sitting in New York County, or any federal court sitting therein,
and consents to the non-exclusive jurisdiction of such courts and to service of process in any such suit being made upon the Borrower,
by mail, at the address specified in the initial paragraph of this Agreement, or at any address specified for the Borrower in any
Loan Document. The Borrower hereby waives any objection that it may now or hereafter have to the venue of any such suit or any
such court or that such suit is brought in an inconvenient court.

 

23.          Waiver
of Jury Trial. THE BORROWER WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE
IN CONNECTION WITH THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY SUCH RIGHTS OR OBLIGATIONS. The
Borrower (i) certifies that neither the Bank nor any representative, agent or attorney of the Bank has represented expressly or
otherwise, that the Bank would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that,
in entering into the Credit Agreement and the other Loan Documents to which the Bank is a party, the Bank is relying upon, among
other things, the waiver and certification contained in this Section 23.

 

24.          Miscellaneous.
The headings of each section of this Agreement are for convenience only and shall not define or limit the provisions thereof. This
Agreement and all rights and obligations hereunder shall be binding upon the Borrower and its respective successors and assigns,
and shall inure to the benefit of the Bank and its successors and assigns. If any term of this Agreement shall be held to be invalid,
illegal or unenforceable, the validity of all other terms hereof shall in no way be affected thereby, and this Agreement shall
be construed and not be enforceable as if such invalid, illegal or unenforceable terms had not been included herein. The Borrower
acknowledges receipt of a copy of this Agreement.

 

[Remainder of this page
intentionally left blank]

 

    	11

    	 

    

 

IN WITNESS WHEREOF,
intending to be legally bound, the Borrower has caused this Agreement to be duly executed as of the date first above written.

 

	 	IM BRANDS, LLC

 

	 	By:  Xcel Brands, Inc., Its Manager
	 	 
	 	By:	/s/ James F. Haran
	 	 	Name: James F. Haran
	 	 	Title: Chief Financial Officer

 

	 	BANK HAPOALIM B.M.
	 	 
	 	By:	/s/ Mitchell Barnett
	 	 	Name:  Mitchell Barnett
	 	 	Title:  Senior Vice President
	 	 
	 	By:	/s/ Lavea Eisenberg
	 	 	Name:  Lavea Eisenberg Barnett
	 	 	Title:  First Vice President

 

SIGNATURE PAGE TO

SECURITY AGREEMENT

 

    	 

    	 

    

 

CERTIFICATE OF ACKNOWLEDGMENT

 

	STATE OF _______________	)
	 	) ss.
	COUNTY OF _______________	)

 

Before me, the undersigned,
a Notary Public in and for the county aforesaid on this ___ day of _________, 2013, personally appeared ___________________ to
me known personally, and who, being by me duly sworn, deposes and says that (s)he is the ________________ of Xcel Brands, Inc.,
the Manager of IM Brands, LLC, and that said instrument was signed on behalf of said entity and acknowledged said instrument to
be the free act and deed of said limited liability company.

 

	 	 
	 	Notary Public
	 	My commission expires:

 

NOTARY PAGE TO

SECURITY AGREEMENTINTELLECTUAL PROPERTY SECURITY AGREEMENT

 

THIS INTELLECTUAL PROPERTY
SECURITY AGREEMENT is made as of July 31, 2013 (this “IP Security Agreement”), by IM BRANDS, LLC, a New
York limited liability company (“Grantor”), in favor of Bank Hapoalim
B.M. (“Bank”).

 

RECITALS

 

WHEREAS, the Grantor
will enter into credit facilities with the Bank, evidenced by the various loan documents (each, as amended and in effect from time
to time, a “Loan Document” and together, as amended and in effect from time to time, the “Loan Documents”),
including an additional separate and distinct credit facility with the Bank dated as of this date (as may be amended and in effect
from time to time, the “Credit Agreements”, which Credit Agreements shall constitute Loan Documents) with the
Bank pursuant to which the Bank, subject to the terms and conditions contained therein, is to make loans or otherwise to extend
credit to the Grantor; and

 

WHEREAS, it is a condition
precedent to the Bank’s making credit available to the Grantor under the Credit Agreements and to make any loans or otherwise
extend credit to the Grantor under the Loan Documents, that the Grantor execute and deliver to the Bank an intellectual property
security agreement in substantially the form hereof; and

 

WHEREAS, the Grantor
wishes to grant a security interest in favor of the Bank as herein provided.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound, Grantor hereby represents, warrants, covenants and agrees with Bank,
as follows:

 

1.          DEFINED
TERMS. When used in this IP Security Agreement the following terms shall have the following meanings (such meanings being equally
applicable to both the singular and plural forms of the terms defined):

 

1.1           “Collateral”
shall have the meaning assigned to such term in Section 2 of this IP Security Agreement.

 

1.2           “Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

 

1.3           
“Copyright License” means any written agreement in which Grantor now holds or hereafter acquires any right,
title or interest, which agreement grants any right in or to any Copyright or Copyright registration (whether Grantor is the licensee
or the licensor thereunder) including, without limitation, licenses pursuant to which Grantor has obtained the exclusive right
to use a copyright owned by a third party, a sublicense to use a copyright, a distribution agreement regarding copyrighted works
and the right to prepare for sale, sell or advertise for sale, all of the inventory now or hereafter owned by Grantor and now or
hereafter covered by such license agreements.

 

    	 

    	 

    

 

1.4           “Copyrights”
means all of the following in which Grantor now holds or hereafter acquires any right, title or interest: (a) all copyrights, whether
registered or unregistered, held or existing pursuant to the laws of the United States, any State thereof or any other country;
(b) registrations, applications and recordings in the United States Copyright Office or in any similar office or agency of the
United States, any State thereof or any other country; (c) any continuations, renewals or extensions of any copyright; (d) any
registrations to be issued in any pending applications; (e) any prior versions of works covered by copyright and all works based
upon, derived from or incorporating such works; (f) any original embodiments of a work that are necessary for the manufacture or
production of a copyrighted work including, without limitation, molds, master tapes, master film reels, master CDs, master DVDs,
master disks or other master magnetic or electronic media; (g) any income, royalties, damages, claims and payments now and hereafter
due and/or payable with respect to copyrights, including, without limitation, damages, claims and recoveries for past, present
or future infringement; (h) any rights to sue for past, present and future infringements of any copyright; and (i) any other rights
corresponding to any of the foregoing rights throughout the world.

 

1.5           “Event
of Default” means an event or circumstance defined as an “Event of Default” in any Loan Document, which entitles
the Bank to accelerate the payment of the Secured Obligations.

 

1.6           “Excluded
Swap Obligation” means, with respect to the Grantor, any Swap Obligation if, and to the extent that, all or a portion
of the grant by such Grantor of a security interest to secure such Swap Obligation (or any guaranty thereof) is or becomes illegal
under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of such Grantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the grant of such
security interest becomes effective with respect to such Swap Obligation (or guaranty thereof). If a Swap Obligation arises under
a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is
attributable to swaps for which such security interest is or becomes illegal.

 

1.7         
“Letter Agreement” means the line letter agreement, dated as of the date hereof and as may be amended, restated,
supplemented or otherwise modified from time to time, between the Grantor and the Bank.

 

1.8           “License”
means any Copyright License, Patent License, Trademark License or other license of trade secrets now held or hereafter acquired
by Grantor.

 

1.9           “Lien”
means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

 

    	2

    	 

    

 

1.10         “Litigation”
means any suits, actions, proceedings (administrative, judicial or in arbitration, mediation or alternative dispute resolution),
claims or counterclaims for infringement, misappropriation, or other violation of any of the Copyrights, Patents, Trademarks and/or
Licenses.

 

1.11         “Patent
License” means any written agreement in which Grantor now holds or hereafter acquires any right, title or interest, which
agreement grants any right with respect to any Patent (whether Grantor is the licensee or the licensor thereunder) including, without
limitation, licenses pursuant to which Grantor has obtained the exclusive right to use a patent owned by a third party, a sublicense
to use a patent, a distribution agreement regarding one or more patented products or processes and the right to prepare for sale,
sell or advertise for sale, all of the inventory now or hereafter owned by Grantor and now or hereafter covered by such license
agreements.

 

1.12         “Patents”
means all of the following in which Grantor now holds or hereafter acquires any right, title or interest: (a) all United States
or foreign patents (including, without limitation, utility, design and plant patents), all registrations and recordings thereof
and all applications for United States or foreign patents, including, without limitation, registrations, recordings and applications
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country; (b) all reissues, divisions, continuations, renewals, continuations in part or extensions of any patent; (c)
all petty patents, divisionals and patents of addition; (d) all patents to issue in any such applications; (e) all means of manufacturing
patented products, including, without limitation, trade secrets, formulas, customer lists, manufacturing processes, mask works,
molds and prototypes, (f) any income, royalties, damages, claims and payments now and hereafter due and/or payable with respect
to patents, including, without limitation, damages, claims and recoveries for past, present or future infringement; and (g) any
rights to sue for past, present and future infringements of any patent.

 

1.13         “Secured
Obligations” means all of the indebtedness, obligations and liabilities of the Grantor to the Bank, individually or collectively,
whether direct or indirect, joint or several, absolute or contingent, due or to become due, now existing or hereafter arising under
or in respect of any of the Loan Documents, any promissory notes or other instruments or agreements executed and delivered pursuant
thereto or in connection therewith, or pursuant to this IP Security Agreement, provided that Secured Obligations shall in
no event include Excluded Swap Obligations.

 

1.14         “Swap
Obligation” means, with respect to the Grantor, any obligation to pay or perform under any agreement, contract or transaction
that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

1.15         “Trademark
License” means any written agreement in which Grantor now holds or hereafter acquires any right, title or interest, which
agreement grants any license right in and to any Trademark (whether Grantor is the licensee or the licensor thereunder) including,
without limitation, licenses pursuant to which Grantor has obtained the exclusive right to use a trademark owned by a third party,
a sublicense to use a trademark, a distribution agreement relating to goods or services covered by one or more trademarks and the
right to prepare for sale, sell or advertise for sale, all of the inventory now or hereafter owned by Grantor and now or hereafter
covered by such license agreements.

 

    	3

    	 

    

 

1.16         “Trademarks”
means any of the following in which Grantor now holds or hereafter acquires any right, title or interest: (a) any United States
or foreign trademarks, trade names, corporate names, company names, business names, trade styles, trade dress, service marks, logos,
other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired,
all registrations and recordings thereof and any applications in connection therewith, including, without limitation, registrations,
recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States,
any State thereof or any other country (collectively, the “Marks”); (b) any reissues, extensions or renewals
of any Marks, (c) the goodwill of the business symbolized by or associated with the Marks, (d) all domain names, (e) all means
of manufacturing goods or offering services covered by the Marks, including, without limitation, trade secrets, formulas, recipes,
customer lists, manufacturing processes, molds, designs, plans and prototypes, (f) any income, royalties, damages, claims and payments
now and hereafter due and/or payable with respect to the Marks, including, without limitation, payments under all licenses entered
into in connection with the Marks and damages, claims, payments and recoveries for past, present or future infringement and (g)
any rights to sue for past, present and future infringements of the Marks.

 

1.17         “UCC”
means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided, however,
in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of Bank’s
security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State
of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes
of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions.

 

1.18         In
addition, the following terms shall be defined terms having the meaning set forth for such terms in the UCC: “accounts,”
“account debtor,” “deposit account,” “general intangibles,” and “proceeds”.
Each of the foregoing defined terms shall include all of such items now owned or existing, or hereafter arising or acquired by
Grantor.

 

1.19         All
capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Loan Documents.

 

2.          GRANT
OF SECURITY INTEREST. As collateral security for the prompt and complete payment and performance when due (whether at stated maturity,
by acceleration or otherwise) of all the Secured Obligations and in order to induce Bank to enter into the Credit Agreements, Grantor
hereby grants to Bank a security interest in all of Grantor’s right, title and interest, if any, in, to and under the following,
whether now owned or existing or hereafter arising or acquired and wheresoever located (collectively, the “Collateral”):

 

2.1           All
Copyrights, Patents and Trademarks including, without limitation, the Copyrights, Patents and Trademarks listed in Schedule
A, all Licenses including, without limitation, the Licenses listed in Schedule B, and any presently pending Litigation
including, without limitation, the Litigation listed in Schedule C;

 

    	4

    	 

    

 

2.2           All
accounts, contract rights and general intangibles arising under or relating to each and every License (including, without limitation,
(A) all moneys due and to become due under any License, (B) any damages arising out of or for breach or default in respect of any
such License, (C) all other amounts from time to time paid or payable under or in connection with any such License, and (D) the
right of Grantor to terminate any such License or to perform and to exercise all remedies thereunder); and

 

2.3           To
the extent not otherwise included, all proceeds of each of the foregoing and all accessions to, substitutions and replacements
for and rents, profits and products of each of the foregoing.

 

Notwithstanding the
foregoing, the Collateral shall not include (i) any intent-to-use application for a Trademark to the extent that, and solely during
the period in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use
application under United States federal law and (ii) any contractual obligation entered into by Grantor that prohibits or requires
the consent of any Person other than Grantor and its affiliates which has not been obtained as a condition to the creation by Grantor
of a lien on any right, title or interest in such contractual obligation, but only to the extent, and for as long as, such prohibition
is not terminated or rendered unenforceable or otherwise deemed ineffective by the UCC; provided, however, any proceeds,
products, substitutions or replacements of such items shall constitute Collateral.

 

3.          RIGHTS
OF SECURED PARTY; COLLECTION OF ACCOUNTS.

 

3.1           Notwithstanding
anything contained in this IP Security Agreement to the contrary, Grantor expressly agrees that it shall remain liable under each
of its Licenses to observe and perform in all material respects all the conditions and obligations to be observed and performed
by it thereunder and that it shall perform all of its duties and obligations thereunder, all in accordance with and pursuant to
the terms and provisions of each such License. Bank shall not have any obligation or liability under any License by reason of or
arising out of this IP Security Agreement or the granting to Bank of a Lien therein or the receipt by Bank of any payment relating
to any License pursuant hereto, nor shall Bank be required or obligated in any manner to perform or fulfill any of the obligations
of Grantor under or pursuant to any License, or to make any payment, or to make any inquiry as to the nature or the sufficiency
of any payment received by it or the sufficiency of any performance by any party under any License, or to present or file any claim,
or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or
to which it may be entitled at any time or times. Grantor agrees that any rights granted under this IP Security Agreement to Bank
with respect to all of the Collateral shall be worldwide and without any liability for royalties or other related charges from
Bank to Grantor.

 

    	5

    	 

    

 

3.2           Bank
authorizes Grantor to, at any time no Event of Default exists, collect its accounts related to the sale, license, settlement, judgment
or other disposition of, or otherwise arising from, any of the Collateral, provided that such collection is performed in a commercially
reasonable manner, and Bank may, upon the occurrence and during the continuation of any Event of Default and with prior written
notice to Grantor, limit or terminate said authority at any time. Upon the occurrence and during the continuation of any Event
of Default (beyond any applicable cure period), at the request of Bank, Grantor shall deliver all original and other documents
evidencing and relating to such accounts, including, without limitation, all original orders, invoices and shipping receipts.

 

3.3           Bank
may at any time, upon the occurrence and during the continuation of any Event of Default, without prior written notice to Grantor
of its intention to do so, notify any account debtors of Grantor or any parties to the Licenses of Grantor that the accounts and
the right, title and interest of Grantor in and under such Licenses have been assigned to Bank and that payments shall be made
directly to Bank. Upon the request of Bank at any time after the occurrence and during the continuation of an Event of Default,
Grantor shall so notify such account debtors and parties to such Licenses. Upon the occurrence and during the continuation of any
Event of Default, Bank may, in its name or in the name of others, communicate with such account debtors and parties to such Licenses
to verify with such parties, to Bank’s reasonable satisfaction, the existence, amount and terms of any such accounts or Licenses.

 

4.          REPRESENTATIONS
AND WARRANTIES. Grantor hereby represents and warrants to Bank that:

 

4.1           Except
for the Liens disclosed on Schedule 4.1 and the security interest granted to Bank under this IP Security Agreement, Grantor
is the legal and equitable owner of all right, title and interest in and to each item of the Collateral in which it purports to
grant a security interest hereunder, having good and marketable title thereto, free and clear of any and all Liens, and will continue
to be the legal and equitable owner of all right, title and interest in and to each item of the Collateral, so long as the Copyrights,
Patents, Trademarks and Licenses shall continue in force, except to the extent that dispositions are permitted pursuant to the
Letter Agreement.

 

4.2           Except
for this IP Security Agreement and for the Liens disclosed on Schedule 4.1, (i) no effective security agreement, financing
statement, equivalent security or lien instrument or continuation statement covering all or any part of the Collateral exists,
and (ii) Grantor has made no previous assignment, transfer or agreements in conflict herewith or constituting a present or future
assignment, transfer or encumbrance on any of the Collateral.

 

4.3           This
IP Security Agreement creates a legal and valid security interest on and in all of the Collateral in which Grantor now has rights.
Upon the filing of appropriate financing statements and the filing of a copy of this IP Security Agreement with the United
States Copyright Office and the United States Patent and Trademark Office, Bank will have a fully perfected security interest in
all of the Collateral in which a security interest can be perfected by the filing of financing statements and the filing of a copy
of this IP Security Agreement with the United States Copyright Office and the United States Patent and Trademark Office.

 

    	6

    	 

    

 

4.4           Except
as set forth on Schedule 4.1, so long as any Secured Obligation remains outstanding, Grantor will not execute, and there
will not be on file in any public office, any effective financing statement or other document or instrument covering the Collateral.

 

4.5          On
the date hereof, Grantor’s chief executive office, principal place of business and the place where Grantor maintains its
records concerning the Collateral are located at the address set forth on the signature page hereof on the date hereof, and Grantor’s
name, type of organization, jurisdiction of organization, and organizational identification number set forth on the signature page
hereof on the date hereof are all true and correct.

 

4.6           Grantor
has the full right and power to grant the security interest in the Collateral made hereby.

 

4.7           All
information furnished to Bank concerning the Collateral and proceeds thereof, for the purpose of inducing Bank to enter into the
Credit Agreements and the transactions contemplated thereby, is or will be at the time the information is furnished, accurate and
correct in all material respects.

 

4.8           To
the best of Grantor’s knowledge and belief following diligent inquiry, except as set forth on Schedule 4.8, no infringement,
breach or unauthorized use presently is being made of any of the Collateral which has or may reasonably be expected to have, alone
or in the aggregate, a material adverse effect on the value or enforceability of, or any rights of Grantor or Bank in, any Collateral.
Grantor has advised Bank of the existence of all contractual restrictions on the use of the Collateral, including, without limitation,
those set forth on Schedule 4.8 hereto.

 

4.9           Except
as set forth on Schedule 4.8, to the best of Grantor’s knowledge and belief following diligent inquiry, (i) there
are no obligations to, covenants to or restrictions (other than those disclosed pursuant to Section 4.8) from third parties affecting
Grantor’s use, disclosure, enforcement, transfer or licensing of the Collateral (other than this IP Security Agreement);
(ii) Grantor has taken all actions necessary to maintain and protect all Collateral and no loss of such Collateral is pending,
reasonably foreseeable or threatened; (iii) there has been no claim made or threatened by or against Grantor asserting the invalidity,
misuse or unenforceability of any item of Collateral or challenging Grantor’s right to use or ownership of any item of Collateral,
and there are no grounds for any such claim or challenge; (iv) there is not and has not been any actual or threatened infringement,
misappropriation, breach or other violation of any Collateral, and there are no facts raising a likelihood of infringement, misappropriation,
breach or other violation; (v) the consummation of the transactions contemplated by (A) this IP Security Agreement and (B) the
Credit Agreements will not alter, impair or extinguish any rights of Grantor in the Collateral; (vi) Grantor has not infringed,
misappropriated or otherwise violated, and Grantor does not infringe, misappropriate, or otherwise violate, any intellectual property
or proprietary right of any other person or entity; and (vii) there has been no claim made or, to Grantor’s knowledge, threatened
against Grantor alleging infringement, misappropriation or other violation of intellectual property.

 

    	7

    	 

    

 

5.          COVENANTS.
Grantor covenants and agrees with Bank that from and after the date of this IP Security Agreement and until the Secured Obligations
have been performed and paid in full:

 

5.1           Disposition
of Collateral. Grantor shall not sell, lease, assign, transfer or otherwise dispose of any of the Collateral, or contract to
do so, except as permitted by the Letter Agreement.

 

5.2           Relocation
of Business or Collateral. Grantor shall not relocate its chief executive office, principal place of business or its records
from such address(es) provided to Bank pursuant to Section 4.5 above without prior written notice to Bank.

 

5.3           Limitation
on Liens on Collateral. Except as disclosed on Schedules 4.1 and 4.8, Grantor shall not, directly or indirectly, create,
permit or suffer to exist, and shall defend the Collateral against and take such other action as is necessary to remove, any Lien
on the Collateral.

 

5.4           Maintenance
of Records. Grantor shall keep and maintain at its own cost and expense records of the Collateral that are complete in all
material respects.

 

5.5           Registration
and Maintenance of Intellectual Property Rights. Except as would not have a materially adverse effect on the value or enforceability
of, or any rights of Grantor or Bank in, any Collateral, Grantor shall (i) use commercially reasonable efforts to prosecute any
Patent, Trademark or Copyright pending as of the date hereof or thereafter, (ii) promptly make applications for, register or cause
to be registered (to the extent not already registered and consistent with good faith business judgment) any Copyright, Copyright
License, any Patent, Patent License, any Trademark or Trademark License, which is (a) set forth in Schedule A or Schedule
B or (b) is individually or in the aggregate, material to the conduct of Grantor’s business, with the United States Copyright
Office or Patent and Trademark Office, as applicable, including, without limitation, in all such cases the filing and payment of
maintenance, registration and/or renewal fees, the filing of applications for renewal, affidavits of use, affidavits of noncontestability,
the filing and diligent prosecution of opposition, interference and cancellation proceedings, and promptly responding to all United
States Copyright Office or Patent and Trademark Office requests and inquiries. Except as would not have a material adverse effect
on the value or enforceability of, or any rights of Grantor or Bank in, any Collateral, Grantor also agrees to take commercially
reasonable steps to preserve and maintain all rights in the Collateral. Any expenses incurred in connection with prosecution, registration
and maintenance shall be borne by Grantor. Grantor further agrees to retain experienced patent, trademark and copyright attorneys
for the filing and prosecution of all such applications and other proceedings when and if applicable. Except as would not have
a material adverse effect on the value or enforceability of, or any rights of Grantor or Bank in, any Collateral, no Grantor shall,
without Bank’s prior written consent, abandon any rights in or fail to pay any maintenance or renewal fee for any Patent,
Trademark or Copyright listed in Schedule A or breach, terminate, fail to renew or extend, or fail to perform any duties
or obligations for any License listed in Schedule B. Grantor further agrees that it will not take any action, or permit
any action to be taken by any person or entity to the extent that such person or entity is subject to its control, including licensees,
or fail to take any action, which would affect the validity, priority, perfection or enforcement of the rights granted to Bank
under this IP Security Agreement, and any such action if it shall take place shall be null and void and of no effect whatsoever.
If Grantor fails to comply with any of the foregoing provisions of this Section 5.5, Bank shall have the right (but shall
not be obligated) to do so on behalf of Grantor to the extent permitted by law, but at Grantor’s expense, and Grantor hereby
agrees to reimburse Bank in full for all reasonable documented expenses, including the reasonable fees and disbursements of counsel
incurred by Bank in procuring, protecting, defending and maintaining the Collateral. In the event that Grantor shall fail to pay
when due any fees required to be paid by it hereunder, or shall fail to comply with any other duty under this IP Security Agreement,
Bank may, but shall not be required to, pay, satisfy, discharge or bond the same for the account of Grantor, and all monies so
paid out shall be Secured Obligations of Grantor repayable on demand, together with interest at the rate in effect pursuant to
the Credit Agreements at such time.

 

    	8

    	 

    

 

5.6           Notification
Regarding Changes in Intellectual Property. Grantor shall, not less frequently than on a quarterly basis as provided below,
advise Bank of any right, title or interest of Grantor obtained after the date hereof in or to any Copyright, Patent, Trademark
or License not specified on Schedule A or Schedule B hereto, the provisions of Section 2 above shall automatically
apply thereto, and Grantor hereby authorizes and appoints Bank as Grantor’s attorney-in-fact solely to the extent necessary
to modify or amend such Schedule, as necessary, to reflect any addition or deletion to such ownership rights, and pursuant to Schedule
D, to make any additional filings. In addition to any requirements in this IP Security Agreement for notification, Grantor
shall also provide Bank with quarterly reports within sixty (60) days of the end of each of the first three (3) calendar quarters
and within ninety (90) days of the end of the fourth calendar quarter that identify the status of any new Copyrights, Patents,
Trademarks and/or Licenses, any newly filed applications, the status of any pending applications, the status of Litigation and
licensing, any threats of Litigation, the identification of any known or suspected infringers and the discovery of any prior art
or any other information that may affect the validity or enforceability of the Collateral.

 

5.7           Defense
of Intellectual Property. Grantor shall (i) protect, defend and maintain the validity and enforceability of all current and
future Copyrights, Patents and Trademarks, (ii) use its commercially reasonable efforts to detect infringements of such Copyrights,
Patents and Trademarks and promptly advise Bank in writing of infringements detected and (iii) not allow any Copyrights, Patents
or Trademarks to be abandoned, forfeited or dedicated to the public.

 

5.8           Further
Assurances; Pledge of Instruments. At any time and from time to time, upon the written request of Bank, and at the sole expense
of Grantor, Grantor shall promptly and duly execute and deliver any and all such further instruments and documents and take such
further action as Bank may reasonably deem necessary or desirable to obtain the full benefits of this IP Security Agreement, including,
without limitation, facilitating the filing of UCC-1 Financing Statements in all applicable jurisdictions and this IP Security
Agreement (and any amendment hereto) or any other document that Bank may reasonably deem necessary, including, without limitation,
any filing described in Schedule D or any other collateral assignment, (and any amendments thereto) with the United States
Copyright Office, Patent and Trademark Office and/or, to the extent commercially reasonable, the state or foreign equivalents of
these offices, as applicable.

 

    	9

    	 

    

 

5.9           Right
of Inspection and Audit. Subject to the limitations set forth in Section 4(s) of the Letter Agreement, upon reasonable notice
to Grantor (unless an Event of Default has occurred and is continuing, in which case no notice is necessary), Bank shall at all
times have full and free access during normal business hours (or during an Event of Default at any time) to all the books, records,
correspondence, office, facilities and operations of Grantor, including, without limitation, Grantor’s quality control processes,
and Bank or any agents or representatives of Bank may examine the same, take extracts therefrom and make photocopies thereof, and
Grantor agrees to render to Bank, at Grantor’s cost and expense, such clerical and other assistance as may be reasonably
requested with regard thereto, provided, however, that (unless an Event of Default has occurred and is continuing)
(a) Grantor shall have the right to be present during Bank’s examination and (b) such examination shall not unreasonably
interfere with the conduct of Grantor’s business.

 

5.10         Continuous
Perfection. Grantor shall not change its name, identity, corporate structure, jurisdiction of organization or corporation identification
number in any manner which might make any financing or continuation statement filed in connection herewith seriously misleading
within the meaning of Section 9-506 of the UCC (or any other then applicable provision of the UCC) unless Grantor gives Bank thirty
(30) days prior written notice thereof and takes all action necessary or reasonably requested by Bank to amend such financing statement
or continuation statement so that it is not seriously misleading.

 

5.11         Power
of Attorney. Grantor hereby irrevocably appoints Bank (and any of Bank’s designated officers or employees) as Grantor’s
true and lawful attorney to in accordance with the terms hereof: (a) send requests for verification of accounts and Licenses or
notify account debtors or licensees of Bank’s security interest in the accounts and Licenses; (b) endorse Grantor’s
name on any checks or other forms of payment or security that may come into Bank’s possession in connection with the Collateral;
(c) sign Grantor’s name on any invoice or bill of lading relating to any account, drafts against account debtors, schedules
and assignments of accounts and Licenses, verifications of accounts and Licenses, and notices to account debtors and licensees,
(d) make, settle and adjust all claims under and decisions with respect to Grantor’s policies of insurance relating to the
Collateral; (e) settle and adjust disputes and claims respecting the accounts and Licenses directly with account debtors and licensees,
for amounts and upon terms which Bank determines to be reasonable; (f) modify, in its sole discretion, any intellectual property
security agreement entered into between Grantor and Bank without first obtaining Grantor’s approval of or signature to such
modification by amending reference to any right, title or interest in any Copyright, Patent, Trademark or License, acquired by
Grantor after the execution hereof or to delete any reference to any right, title or interest in any Copyright, Patent, Trademark
or License, in which Grantor no longer has or claims any right, title or interest; (g) endorse Grantor’s name on all applications,
documents, papers and instruments necessary or desirable for Bank in the use of the Collateral, (h) take any other actions with
respect to the Collateral as Bank deems in the best interest of Bank (consistent with any enforceable restrictions in Licenses
to Grantor); (i) grant or issue any exclusive or non-exclusive license under the Collateral to anyone (consistent with any enforceable
restrictions in Licenses to Grantor) or (j) assign, pledge, convey or transfer title in or dispose of the Collateral to anyone,
including Bank or a third party to the extent permitted under the UCC, free and clear of any encumbrance upon title thereof (other
than any encumbrance created by this IP Security Agreement and consistent with any enforceable restrictions in Licenses to Grantor).
Grantor hereby irrevocably appoints Bank (and any of Bank’s designated officers or employees) as Grantor’s true and
lawful attorney to and in accordance with the terms hereof: (x) file, in its sole discretion, one or more financing or continuation
statements and amendments thereto, relative to any of the Collateral without the signature of Grantor where permitted by law; and
(y) with respect to the Trademarks, file a copy of this IP Security Agreement with the U.S. Patent and Trademark Office. The appointment
of Bank as Grantor’s attorney in fact, and each and every one of Bank’s rights and powers, being coupled with an interest,
is irrevocable until all of the Secured Obligations have been fully repaid and performed and Bank’s obligation to provide
advances hereunder is terminated. Grantor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue
of this IP Security Agreement. Notwithstanding the foregoing, Bank agrees not to exercise its rights under the foregoing powers
(other than as respects clauses (x) and (y) above) unless an Event of Default has occurred and is continuing.

 

    	10

    	 

    

 

5.12         Intent-to-Use
Trademark Applications. To the extent that any of the Trademarks consist of intent-to-use based trademark applications, if
at any time Grantor commences using such Trademark in its business, Grantor shall take such actions as may be reasonably requested
by Bank to convert, within the time provided by the United Stated Patent and Trademark Office, such intent-to-use trademark application
to a use-based application.

 

6.          RIGHTS
AND REMEDIES UPON DEFAULT.

 

6.1           If
any Event of Default shall occur and be continuing, Bank may exercise in addition to all other rights and remedies granted to it
under this IP Security Agreement and under any other instrument or agreement securing, evidencing or relating to the Secured Obligations,
all rights and remedies of a secured party under the UCC. Without limiting the generality of the foregoing, Grantor expressly agrees
that in any such event, and during the existence and continuation of an Event of Default, Bank, without demand of performance or
other demand, advertisement or notice of any kind (except the notice specified below of time and place of public or private sale)
to or upon Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to
the maximum extent permitted by the UCC and other applicable law), may forthwith maintain, collect, receive, appropriate and realize
upon the Collateral, or any part thereof, and may forthwith sell, lease, license, assign, give an option or options to purchase
or sell or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof (consistent with any enforceable
restrictions in Licenses to Grantor), in one or more parcels at public or private sale or sales, at any exchange or broker’s
board or at any of Bank’s offices or elsewhere at such prices as it may deem best, for cash or on credit or for future delivery
without assumption of any credit risk. Bank shall have the right upon any such public sale or sales, and, to the extent permitted
by law, upon any such private sale or sales, to purchase the whole or any part of said Collateral so sold, free of any right or
equity of redemption, which equity of redemption Grantor hereby releases. During the period of any Event of Default, all use of
the Trademarks by Grantor shall inure to the benefit of Bank. Bank shall apply the net proceeds of any such collection, recovery,
receipt, appropriation, realization or sale as provided in Section 6.4 hereof, Grantor remaining liable for any deficiency
remaining unpaid after such application, and to the extent required by the UCC, only after so paying over such net proceeds and
after the payment by Bank of any other amount required by any provision of law, need Bank account for the surplus, if any, to Grantor.
To the maximum extent permitted by applicable law, Grantor waives all claims, damages, and demands against Bank arising out of
the repossession, retention or sale of the Collateral except such as arise out of the gross negligence or willful misconduct of
Bank. Grantor agrees that Bank need not give more than ten (10) days’ notice (which notification shall be deemed given when
mailed or delivered on an overnight basis, postage prepaid, addressed to Grantor at its address set forth on the signature page
hereof) of the time and place of any public sale or of the time after which a private sale may take place and that such notice
is reasonable notification of such matters. Grantor shall remain liable for any deficiency if the proceeds of any sale or disposition
of the Collateral are insufficient to pay all amounts to which Bank is entitled, Grantor also being liable for the reasonable fees
of any attorneys employed by Bank to collect such deficiency.

 

    	11

    	 

    

 

6.2           Grantor
also agrees, to pay all documented fees, costs and expenses of Bank, including, without limitation, reasonable attorneys’
fees, reasonably incurred in connection with the enforcement of any of its rights and remedies hereunder.

 

6.3           Grantor
hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection
with this IP Security Agreement or any Collateral.

 

6.4           The
proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be distributed by Bank in the
following order of priorities:

 

FIRST, to Bank in an
amount sufficient to pay in full the reasonable costs of Bank in connection with such sale, disposition or other realization, including
all fees, costs, expenses, liabilities and advances reasonably incurred or made by Bank in connection therewith, including, without
limitation, reasonable attorneys’ fees;

 

SECOND, to Bank in an
amount equal to the then unpaid Secured Obligations; and

 

FINALLY, upon payment
in full of the Secured Obligations, to Grantor or its representatives, in accordance with the UCC or as a court of competent jurisdiction
may direct.

 

7.          BANK’S
RIGHT TO SUE. From and after the occurrence and during continuation of an Event of Default, Bank shall have a right, but shall
in no way be obligated, to bring suit for past, present and future damages in its own name and for its own benefit to enforce the
Copyrights, Patents, Trademarks and Licenses, and if Bank commence any such suit, Grantor shall, at the request of Bank, use commercially
reasonable efforts to do any and all lawful acts and execute any and all proper documents required by Bank in aid of such enforcement.

 

8.          LIMITATION
ON BANK’S DUTY IN RESPECT OF COLLATERAL. Bank shall deal with the Collateral in the same manner as it deals with similar
property for its own account. Bank shall be deemed to have acted reasonably in the custody, preservation and disposition of any
of the Collateral if it takes such action as Grantor requests in writing, but failure of Bank to comply with any such request shall
not in itself be deemed a failure to act reasonably and no failure of Bank to do any act not so requested shall be deemed a failure
to act reasonably.

 

    	12

    	 

    

 

9.          MISCELLANEOUS.

 

9.1           No
Waiver; Cumulative Remedies.

 

9.1.1           Bank
shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies hereunder, nor shall
any single or partial exercise of any right or remedy hereunder on any one occasion preclude the further exercise thereof or the
exercise of any other right or remedy.

 

9.1.2           The
rights and remedies hereunder provided are cumulative and may be exercised singly or concurrently and are not exclusive of any
rights and remedies provided by law. Grantor acknowledges and agrees that this IP Security Agreement is not intended to limit or
restrict in any way the rights and remedies of Bank but rather is intended to facilitate the exercise of such rights and remedies.
Bank shall have, in addition to all other rights and remedies given it by the terms of the Security Agreement, all rights and remedies
allowed by law and the rights and remedies of a secured party under the UCC. Recourse to security will not be required at any time.

 

9.1.3           None
of the terms or provisions of this IP Security Agreement may be waived, altered, modified or amended except by an instrument in
writing, duly executed by Grantor and Bank.

 

9.2           Releases.

 

9.2.1           This
IP Security Agreement is made for collateral purposes only. Subject to Section 9.2.2 below, at such time as the Secured
Obligations shall have been paid and performed in full and Grantor has no further obligations under or with respect to the Credit
Agreements, the Collateral shall be automatically released from the Liens created hereby, and this IP Security Agreement and all
obligations of Bank and Grantor hereunder shall automatically terminate, all without delivery of any instrument or performance
of any act by any party, and all rights to the Collateral shall revert to Grantor. At the request and sole expense of Grantor following
any such termination, Bank shall deliver to Grantor all termination statements, releases or other instruments as may be necessary
or proper to revest in Grantor (without recourse to or warranty by Bank, except for encumbrances created by Bank, provided that
no such recourse or warranty shall apply to any Collateral sold or otherwise disposed of by Bank pursuant to this IP Security Agreement)
full title to the Collateral granted in this IP Security Agreement, subject to any acceptance or disposition of Collateral which
may have been made by Bank pursuant to this IP Security Agreement.

 

9.2.2           This
IP Security Agreement and the security interests granted herein shall remain in full force and effect and continue to be effective
if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, avoided,
rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as
a “voidable preference,” “fraudulent conveyance” or otherwise, all as though such payment or performance
had not been made. In the event that any payment, or any part thereof, is avoided, rescinded, reduced, restored or returned, the
Secured Obligations and the security interests granted herein shall be reinstated and the Secured Obligations shall be deemed reduced
only by such amount paid and not so avoided, rescinded, reduced, restored or returned. The provisions of this Section 9.2.2
shall survive repayment of all of the Secured Obligations, and the termination of this IP Security Agreement in any manner.

 

    	13

    	 

    

 

9.3           Successor
and Assigns. This IP Security Agreement and all obligations of Grantor hereunder shall be binding upon the successors and permitted
assigns of Grantor, and shall, together with the rights and remedies of Bank hereunder, inure to the benefit of Bank, any future
holder of any of the Secured Obligations and their respective successors and assigns. Bank may, without cost or expense to Grantor,
assign all or any part of, or any interest (undivided or divided) in, Bank’s rights and benefits under this IP Security Agreement
including, without limitation, the right, title or interest in and to the Collateral. To the extent of any assignment by Bank,
the assignee shall have the same rights and benefits against Grantor hereunder as it would have had if such assignee were Bank.
Grantor may not assign this IP Security Agreement without the prior written consent of Bank, which consent may be granted or withheld
at the sole discretion of Bank. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement
governing or instrument evidencing the Secured Obligations or any portion thereof or interest therein shall in any manner affect
the lien granted to Bank hereunder.

 

9.4           Notices.
All notifications and other communications permitted or required under this Agreement shall be in writing and shall be delivered
in accordance with the terms of the Note.

 

9.5           Counterparts.
This IP Security Agreement may be executed in any number of separate counterparts, each of which, when so executed, shall be deemed
an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument.

 

9.6           Severability.
If any provision of this IP Security Agreement is held to be unenforceable under applicable law for any reason, it shall be adjusted,
if possible, rather than voided in order to achieve the intent of the parties to the extent possible. In any event, all other provisions
of this IP Security Agreement shall be deemed valid and enforceable to the fullest extent possible under applicable law.

 

9.7           Governing
Law; Consent to Jurisdiction. THIS IP SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. The Grantor agrees that any suit for the enforcement of this IP Security Agreement may be brought in the
courts of the State of New York sitting in New York County, or any federal court sitting therein, and consents to the non-exclusive
jurisdiction of such courts and to service of process in any such suit being made upon the Grantor, by mail, at the address specified
on the signature page of this IP Security Agreement, or at any address specified for the Grantor in any Loan Document. The Grantor
hereby waives any objection that it may now or hereafter have to the venue of any such suit or any such court or that such suit
is brought in an inconvenient court.

 

    	14

    	 

    

 

9.8           Waiver
of Jury Trial. EACH PARTY HERETO WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE
IN CONNECTION WITH THIS IP SECURITY AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY SUCH RIGHTS OR OBLIGATIONS.
Except as prohibited by law, the Grantor waives any right which it may have to claim or recover in any litigation referred to in
the preceding sentence any special, exemplary, punitive or consequential damages or any damages other than, or in addition to,
actual damages. The Grantor (i) certifies that neither the Bank nor any representative, agent or attorney of the Bank has represented
expressly or otherwise, that the Bank would not, in the event of litigation, seek to enforce the foregoing waivers and (ii) acknowledges
that, in entering into the Credit Agreement and the other Loan Documents to which the Bank is a party, the Bank is relying upon,
among other things, the waivers and certifications contained in this Section 9.8.

 

9.9           Advice
of Counsel. Grantor represents to Bank that Grantor’s attorneys have reviewed this IP Security Agreement and that it
has discussed this IP Security Agreement with its attorneys.

 

9.10         Section
and Heading Titles. The section and heading titles are for convenience and reference only and shall not affect in any way the
interpretation of any of the provisions of this IP Security Agreement.

 

(Remainder of page intentionally left blank)

 

    	15

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this IP Security Agreement to be executed and delivered by its duly authorized officer on
the date first set forth above.

 

	IM BRANDS, LLC	 	 
	 	 	 	 
	By: 	XCEL BRANDS, INC.	 	 
	 	Its Manager	 	 
	 	 	 	 
	By:	/s/ James F. Haran	 	 
	 	Name:  James F. Haran	 	 
	 	Title:   Chief Financial Officer	 	 

 

	ADDRESS OF GRANTOR:	 	 
	 	 	 	 
	Chief Executive Office	 	 	 
	 	 	 	 
	475 Tenth Avenue	 	 	 
	New York, New York 10018	 	 	 
	 	 	 	 
	Principal Accounting Office	 	 	 
	 	 	 	 
	475 Tenth Avenue	 	 	 
	New York, New York 10018	 	 	 

 

TYPE OF ORGANIZATION: Limited Liability Company

JURISDICTION OF ORGANIZATION: Delaware

ORGANIZATIONAL ID NUMBER: 4962792 

 

SIGNATURE PAGE TO

IP SECURITY AGREEMENT

 

    	 

    	 

    

 

ACCEPTED AND ACKNOWLEDGED BY:

 

BANK HAPOALIM B.M.

 

	By:  	/s/ Mitchell Barnett	 
	 	Name:  Mitchell Barnett	 
	 	Title:  Senior Vice President	 
	 	 	 
	By:  	/s/ Lavea Eisenberg	 
	 	Name:  Lavea Eisenberg Barnett	 
	 	Title:  First Vice President	 

 

	ADDRESS:
	 
	1177 Avenue of the Americas
	New York, New York 10036-2790
	Attention:  Mitchell Barnett
	 

 

SIGNATURE PAGE TO

IP SECURITY AGREEMENT

 

    	 

    	 

    

 

Schedule A To Security Agreement

 

INTELLECTUAL PROPERTY

 

Trademarks

 

I. United States Trademarks

 

See attached.

 

    	 

    	 

    

 

II. Foreign

 

See attached.

 

    	 

    	 

    

 

Schedule B To Security Agreement

 

LICENSES

 

    	 

    	 

    

 

Schedule C To Security Agreement

 

PENDING LITIGATION

 

    	 

    	 

    

 

Schedule D To Security Agreement

 

UCC Filing Jurisdictions

 

		Ø	Delaware

 

Other Filings

 

		1.	U.S. Copyright Office

 

A.           Upon
the occurrence of an Event of Default that is continuing, Grantor agrees to execute and deliver to Bank an assignment of Copyright
Licenses and Copyrights set forth in Schedules A and B hereto and hereby authorizes Bank to file the assignments with the
U.S. Patent and Trademark Office (or the appropriate foreign copyright office).

 

B.           Grantor
hereby authorizes Bank to file a copy of this IP Security Agreement with the U.S. Copyright Office for each Copyright License and
Copyright set forth in Schedules A and B hereto.

 

		2.	U.S. Patent and Trademark Office

 

A.           Patents.
Upon the occurrence of an Event of Default that is continuing, Grantor agrees to execute and deliver to Bank conditional for each
Patent License and Patent set forth in Schedule A and B hereto and hereby authorizes Bank to file the conditional assignments
with the U.S. Patent and Trademark Office (or the appropriate foreign patent office).

 

B.           Trademarks

 

1.          Upon
the occurrence of an Event of Default that is continuing, Grantor agrees to execute and deliver to Bank an assignment of Trademark
Licenses and Trademarks set forth in Schedules A and B hereto and hereby authorizes Bank to complete and record with the
U.S. Patent and Trademark (or the appropriate foreign or state office).

 

2.          Grantor
hereby authorizes Bank to file a copy of this IP Security Agreement with the U.S. Patent and Trademark Office for each Trademark
License and Trademark now or hereafter set forth in Schedules A and B hereto.

 

		3.	Foreign Filings

 

Grantor shall promptly
and duly execute, deliver and/or file any and all documents and instruments with any foreign recording office with respect to the
Collateral and take such further action as Bank may reasonably deem necessary or desirable to perfect its security interest in
the Collateral in any foreign jurisdiction, including, without limitation, any foreign patent, trademark and/or copyright office.

 

    	 

    	 

    

 

Schedule 4.1 To Security Agreement

 

Existing Liens

 

    	 

    	 

    

  

Schedule 4.8 To Security Agreement

 

Restrictions  

 

    	 

    	 

    

  

Schedule A To Security Agreement

INTELLECTUAL PROPERTY

Trademarks

I. United States Trademarks

See attached.

 

    	 

    	 

    

 

Schedule A To Security Agreement

INTELLECTUAL PROPERTY

Trademarks

I. United States Trademarks 

	Mark 	Country 	
        (Application 

        Number)

        Registration

        Number 
	
        (Application 

        date)

        Registration 

        Date
	Class(es)	Goods/Services	
        Current 

        Owner 

	FABTECH *	USA	(85/644,459)	(06/06/12)	25	men's and women's clothing, namely, bathing suits, belts, coats, jackets, jeans, jumpsuits, pants, parkas, shirts, shorts, sleepwear and loungewear, suits, sweaters, t-shirts, vests, socks, sweatshirts, tops, trousers, bottoms, hooded shirts and sweatshirts; women's clothing, namely, dresses, hosiery, leggings, skirts, tights, knee highs, panty hose; women's intimate apparel, namely, bras, slips, camisoles, and panties; shapewear, namely, girdles, body shapers, bodysuits, lingerie, and hosiery; men's clothing, namely, dress shirts and neckwear; men's and women's footwear	IM Brands, LLC
	FABULOUS ISAAC MIZRAHI *	USA	(85/753,799)	(10/15/2012)	9	Shower gels; anti-bacterial soaps; anti-bacterial bath gels; body oils; perfumed bath and body soaps; skin cleansers; skin lotions and moisturizers; skin creams; fragrances and scented body lotions, shower gels, after shaves, deodorants for personal use, and body creams, skin cleansing creams and non-medicated skin creams; perfumed powders; potpourris; scented room and linen sprays; perfume	IM Brands, LLC

  

    	 

    	 

    

 

	
        I (STYLIZED) *

        
	USA	(85/539,139)	(02/10/12)	9, 18,  25	
        9) eyewear; eyeglasses; sunglasses; eyeglass
        frames; opera glasses; spectacles; eyeglass, sunglass and spectacle cases; eyeglass, sunglass and spectacle straps; eyeglass, sunglass
        and spectacle chains; related accessories, namely, hard cases for eyewear, soft pouches for eyewear and lens cloths; parts and
        fittings for eyeglasses, sunglasses and spectacles

         

        18leather and imitations of leather, and
        goods made of these materials and not included in other classes, namely, handbags, carrying cases and wallets; all-purpose sports
        and athletic bags; beach, book, carry-on, duffel, diaper, gym, leather shopping, shoulder, tote and travel bags; fanny packs and
        waist packs; backpacks; knapsacks; purses; garment bags for travel; satchels; luggage; luggage tags; trunks; suitcases; hat boxes
        for travel not of paper or cardboard; cosmetic cases and bags sold empty; toiletry and vanity cases sold empty; tool bags sold
        empty; attaché cases; briefcases; briefcase-type portfolios; document cases; men's clutches; business cases; business card
        cases; calling and credit card cases; key cases; leather key chains; wallets; banknote holders; billfolds; umbrellas; parasols;
        walking sticks

         

        25) clothing, namely, belts, jackets, gloves,
        dresses, coats, sweaters, tights, leggings, socks, shirts and neckties; footwear; headgear, namely, hats and caps
	
        IM Brands, LLC

         

	
        IM & DESIGN *

        
	USA	3,928,761	03/08/11	25	Women's Clothing, namely, suits, coats, jackets, pants, slacks, trousers, dresses, gowns, jumpsuits, blouses, skirts, hosiery, tights, stockings, jeans, shorts, shirts, sweaters, vests, t-shirts, overalls, swimsuits, socks and underwear in the nature of briefs and tops, bras and panties, lingerie, hats, scarves and gloves	IM Brands, LLC
	ISAAC MIZRAHI*	USA	3,942,020	04/05011	35	Retail store and on-line retail store services featuring apparel, accessories, fragrances and cosmetics	IM Brands, LLC
	ISAAC MIZRAHI*	USA	3,938,988	03/29/11	17 	Costume jewelry; jewelry	IM Brands, LLC
	ISAAC MIZRAHI*	USA	(77/738086)	(05/15/09)	3	Cosmetics; Cosmetics and make-up; Cosmetics in general, including perfumes	IM Brands, LLC

 

    	 

    	 

    

 

	ISAAC MIZRAHI*	USA	(85/649206)	(06/12/12)	         3	
         

        hair shampoos and conditioners, hair care
        preparations, hair sprays and hair gels, hair straightening preparations, hair styling preparations

         

         

         

         

         
	IM Brands, LLC
	ISAAC MIZRAHI*	USA	(85/597421)	(04/13/12)	3, 4, 8, 9, 11, 18, 20, 21, 22, 24, 25, 27, & 31	
        3) shower gels; anti-bacterial soaps; anti-bacterial
        gels; body oils; perfumed bath and body soaps; skin cleansers; lotions and moisturizers; creams; fragrances and scented body lotions,
        shower gels, after shaves, deodorants, and creams; perfumed powders; potpourris; scented room and linen sprays

        

        4) scented candles

        

        8) flatware, namely, knives, forks, and spoons

        

        9) battery and car chargers; carrying cases, holders, protective cases and stands featuring power supply connectors, adaptors,
        speakers and battery charging devices, specially adapted for use with handheld electronic devices, namely, electronic readers,
        smart phones, tablets, and laptops; digital cameras; ear buds; eyewear; headphones; micro speakers; power supply connectors and
        adaptors for use with personal electronic devices, namely, electronic readers, smart phones, tablets, and laptops; protective covers
        specially adapted for personal electronic devices, namely, electronic readers, smart phones, tablets, and laptops; reading glasses;
        solar recharging devices; USB storage devices; video and cam recorders

        

        11) chandeliers; dispensing units for air fresheners, namely, diffusers, plug-ins, and stick-ups; table and floor lamps

        

        14) timepieces; women's and men's cuff bracelets

        

        

        16) blank journals; hard and soft storage
        boxes; disposable paper products, namely, paper napkins and paper towels; guest books; hat boxes; lunch bags; lunch bags made of
        textile; paper weights; wedding albums

        

        
	IM Brands, LLC

 

    	 

    	 

    

 

	 	 	 	 	 	18)
                                                                                                                                                                                                      backpacks,
                                                                                                                                                                                                      knapsacks,
                                                                                                                                                                                                      business
                                                                                                                                                                                                      totes,
                                                                                                                                                                                                      cooler
                                                                                                                                                                                                      bags,
                                                                                                                                                                                                      tote
                                                                                                                                                                                                      bags,
                                                                                                                                                                                                      cross-body
                                                                                                                                                                                                      bags,
                                                                                                                                                                                                      flat
                                                                                                                                                                                                      bags,
                                                                                                                                                                                                      diaper
                                                                                                                                                                                                      bags,
                                                                                                                                                                                                      duffle
                                                                                                                                                                                                      bags,
                                                                                                                                                                                                      gym
                                                                                                                                                                                                      bags,
                                                                                                                                                                                                      handbags,
                                                                                                                                                                                                      luggage,
                                                                                                                                                                                                      messenger
                                                                                                                                                                                                      bags,
                                                                                                                                                                                                      shopping
                                                                                                                                                                                                      totes,
                                                                                                                                                                                                      grocery
                                                                                                                                                                                                      totes,
                                                                                                                                                                                                      tote
                                                                                                                                                                                                      bags,
                                                                                                                                                                                                      travel
                                                                                                                                                                                                      bags
                                                                                                                                                                                                      and
                                                                                                                                                                                                      matching
                                                                                                                                                                                                      cosmetic
                                                                                                                                                                                                      bags
                                                                                                                                                                                                      and
                                                                                                                                                                                                      cases
                                                                                                                                                                                                      sold
                                                                                                                                                                                                      empty;
                                                                                                                                                                                                      small
                                                                                                                                                                                                      leather
                                                                                                                                                                                                      goods,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      key
                                                                                                                                                                                                      cases,
                                                                                                                                                                                                      pouches,
                                                                                                                                                                                                      and
                                                                                                                                                                                                      business
                                                                                                                                                                                                      and
                                                                                                                                                                                                      credit
                                                                                                                                                                                                      card
                                                                                                                                                                                                      holders;
                                                                                                                                                                                                      collars
                                                                                                                                                                                                      for
                                                                                                                                                                                                      pets;
                                                                                                                                                                                                      pet
                                                                                                                                                                                                      collar
                                                                                                                                                                                                      accessories,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      bells,
                                                                                                                                                                                                      silencers,
                                                                                                                                                                                                      safety
                                                                                                                                                                                                      lights
                                                                                                                                                                                                      and
                                                                                                                                                                                                      blinkers,
                                                                                                                                                                                                      pendants,
                                                                                                                                                                                                      charms,
                                                                                                                                                                                                      and
                                                                                                                                                                                                      tags;
                                                                                                                                                                                                      pet
                                                                                                                                                                                                      products,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      pet
                                                                                                                                                                                                      restraining
                                                                                                                                                                                                      devices
                                                                                                                                                                                                      consisting
                                                                                                                                                                                                      of
                                                                                                                                                                                                      leashes,
                                                                                                                                                                                                      collars,
                                                                                                                                                                                                      harnesses,
                                                                                                                                                                                                      restraining
                                                                                                                                                                                                      straps,
                                                                                                                                                                                                      and
                                                                                                                                                                                                      leashes
                                                                                                                                                                                                      with
                                                                                                                                                                                                      locking
                                                                                                                                                                                                      devices;
                                                                                                                                                                                                      pet
                                                                                                                                                                                                      leashes;
                                                                                                                                                                                                      leather
                                                                                                                                                                                                      leashes;
                                                                                                                                                                                                      pet
                                                                                                                                                                                                      beds

                                                                                                                                                                                                      

                                                                                                                                                                                                      20)
                                                                                                                                                                                                      accent
                                                                                                                                                                                                      furniture;
                                                                                                                                                                                                      bath
                                                                                                                                                                                                      accessories,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      shower
                                                                                                                                                                                                      curtain
                                                                                                                                                                                                      hooks;
                                                                                                                                                                                                      baby
                                                                                                                                                                                                      changing
                                                                                                                                                                                                      mats;
                                                                                                                                                                                                      decorative
                                                                                                                                                                                                      pillows;
                                                                                                                                                                                                      decorative
                                                                                                                                                                                                      window
                                                                                                                                                                                                      hardware;
                                                                                                                                                                                                      hangers
                                                                                                                                                                                                      for
                                                                                                                                                                                                      cloths
                                                                                                                                                                                                      and
                                                                                                                                                                                                      coats;
                                                                                                                                                                                                      hanging
                                                                                                                                                                                                      shoe
                                                                                                                                                                                                      and
                                                                                                                                                                                                      other
                                                                                                                                                                                                      closet
                                                                                                                                                                                                      hanging
                                                                                                                                                                                                      rack
                                                                                                                                                                                                      devices;
                                                                                                                                                                                                      picture
                                                                                                                                                                                                      frames;
                                                                                                                                                                                                      sleeping
                                                                                                                                                                                                      pillows

                                                                                                                                                                                                      21)
                                                                                                                                                                                                      bakeware;
                                                                                                                                                                                                      bath
                                                                                                                                                                                                      accessories,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      cotton
                                                                                                                                                                                                      ball
                                                                                                                                                                                                      jars,
                                                                                                                                                                                                      lotion
                                                                                                                                                                                                      pumps,
                                                                                                                                                                                                      soap
                                                                                                                                                                                                      dishes,
                                                                                                                                                                                                      toothbrush
                                                                                                                                                                                                      holders,
                                                                                                                                                                                                      wastebaskets;
                                                                                                                                                                                                      cookware;
                                                                                                                                                                                                      dinnerware,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      accessories
                                                                                                                                                                                                      and
                                                                                                                                                                                                      mugs;
                                                                                                                                                                                                      disposable
                                                                                                                                                                                                      paper
                                                                                                                                                                                                      products,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      serving
                                                                                                                                                                                                      ware,
                                                                                                                                                                                                      platters,
                                                                                                                                                                                                      plates,
                                                                                                                                                                                                      cups;
                                                                                                                                                                                                      drinking
                                                                                                                                                                                                      glasses,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      tumblers;
                                                                                                                                                                                                      glassware
                                                                                                                                                                                                      for
                                                                                                                                                                                                      beverages;
                                                                                                                                                                                                      ironing
                                                                                                                                                                                                      board
                                                                                                                                                                                                      covers;
                                                                                                                                                                                                      kitchen
                                                                                                                                                                                                      utensils;
                                                                                                                                                                                                      laundry
                                                                                                                                                                                                      hampers
                                                                                                                                                                                                      for
                                                                                                                                                                                                      household
                                                                                                                                                                                                      use;
                                                                                                                                                                                                      lint
                                                                                                                                                                                                      rollers;
                                                                                                                                                                                                      napkin
                                                                                                                                                                                                      rings;
                                                                                                                                                                                                      paper
                                                                                                                                                                                                      towel
                                                                                                                                                                                                      holders;
                                                                                                                                                                                                      plates,
                                                                                                                                                                                                      bowls,
                                                                                                                                                                                                      cups,
                                                                                                                                                                                                      and
                                                                                                                                                                                                      serving
                                                                                                                                                                                                      platters
                                                                                                                                                                                                      made
                                                                                                                                                                                                      of
                                                                                                                                                                                                      melamine;
                                                                                                                                                                                                      thermally
                                                                                                                                                                                                      insulated
                                                                                                                                                                                                      bags
                                                                                                                                                                                                      and
                                                                                                                                                                                                      containers
                                                                                                                                                                                                      for
                                                                                                                                                                                                      food
                                                                                                                                                                                                      and
                                                                                                                                                                                                      beverage;
                                                                                                                                                                                                      towel
                                                                                                                                                                                                      drying
                                                                                                                                                                                                      racks;
                                                                                                                                                                                                      utensils
                                                                                                                                                                                                      for
                                                                                                                                                                                                      barbecues,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      forks,
                                                                                                                                                                                                      tongs,
                                                                                                                                                                                                      and
                                                                                                                                                                                                      turners;
                                                                                                                                                                                                      reusable
                                                                                                                                                                                                      plastic,
                                                                                                                                                                                                      glass,
                                                                                                                                                                                                      and
                                                                                                                                                                                                      aluminum
                                                                                                                                                                                                      water
                                                                                                                                                                                                      bottles
                                                                                                                                                                                                      sold
                                                                                                                                                                                                      empty;
                                                                                                                                                                                                      plastic
                                                                                                                                                                                                      cups,
                                                                                                                                                                                                      plates,
                                                                                                                                                                                                      and
                                                                                                                                                                                                      silverware,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      knives,
                                                                                                                                                                                                      forks,
                                                                                                                                                                                                      and
                                                                                                                                                                                                      spoons;
                                                                                                                                                                                                      household
                                                                                                                                                                                                      storage
                                                                                                                                                                                                      containers
                                                                                                                                                                                                      for
                                                                                                                                                                                                      pet
                                                                                                                                                                                                      food

                                                                                                                                                                                                      

                                                                                                                                                                                                      22)
                                                                                                                                                                                                      laundry
                                                                                                                                                                                                      bags

                                                                                                                                                                                                      

                                                                                                                                                                                                      24)
                                                                                                                                                                                                      bath
                                                                                                                                                                                                      accessories,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      shower
                                                                                                                                                                                                      curtains;
                                                                                                                                                                                                      bath
                                                                                                                                                                                                      sheets;
                                                                                                                                                                                                      bath
                                                                                                                                                                                                      towels;
                                                                                                                                                                                                      beach
                                                                                                                                                                                                      towels;
                                                                                                                                                                                                      bed
                                                                                                                                                                                                      sheets;
                                                                                                                                                                                                      blankets;
                                                                                                                                                                                                      comforters;
                                                                                                                                                                                                      coverlets;
                                                                                                                                                                                                      duvet
                                                                                                                                                                                                      covers;
                                                                                                                                                                                                      fingertip
                                                                                                                                                                                                      towels;
                                                                                                                                                                                                      hand
                                                                                                                                                                                                      towels;
                                                                                                                                                                                                      kitchen
                                                                                                                                                                                                      curtains;
                                                                                                                                                                                                      kitchen
                                                                                                                                                                                                      towels;
                                                                                                                                                                                                      newborn
                                                                                                                                                                                                      and
                                                                                                                                                                                                      infant
                                                                                                                                                                                                      accessories,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      blankets
                                                                                                                                                                                                      and
                                                                                                                                                                                                      washcloths;
                                                                                                                                                                                                      oven
                                                                                                                                                                                                      mitts;
                                                                                                                                                                                                      pillowcases;
                                                                                                                                                                                                      pot
                                                                                                                                                                                                      holders;
                                                                                                                                                                                                      quilts;
                                                                                                                                                                                                      shams;
                                                                                                                                                                                                      table
                                                                                                                                                                                                      linens
                                                                                                                                                                                                      and
                                                                                                                                                                                                      table
                                                                                                                                                                                                      cloths
                                                                                                                                                                                                      made
                                                                                                                                                                                                      of
                                                                                                                                                                                                      textile,
                                                                                                                                                                                                      namely,
                                                                                                                                                                                                      table

                                                                                cloths,
                                                                                fabric table napkins, placemats, and fabric table
                                                                                runners; throws; towels; washcloths; window curtains;
                                                                                window scarves; window treatments in the nature
                                                                                of window panels; window valences
 

	 

 

    	 

    	 

    

 

	 	 	 	 	 	25)
    aprons; bibs; bridal apparel and accessories; children's and infant's apparel; footwear not for sports; men's and women's
    belts; men's dress shirts; men's neckwear; shapewear, namely, girdles, body shapers, bodysuits, lingerie, and hosiery; men's
    and women's sleepwear and loungewear; wedding gowns; women's day and evening dresses; women's footless and footed tights,
    stockings, leggings, knee highs, and hosiery; men's and women's hooded shirts and sweatshirts; women's intimate apparel, namely,
    bras, slips, camisoles, and panties; men's and women's jackets; men's and women's knit bottoms, tops, and trousers; men's
    and women's woven bottoms, tops, and trousers; men's and women's outerwear; men's and women's socks; men's and women's soft
    and tailored suits; men's and women's sweatshirts

    

    27) bath mats; rugs

    

    31) pet food	 
	ISAAC
    MIZRAHI*	USA	3,293,902	09/18/07	18	Leather
    goods, namely, hand bags, attaché cases, briefcases, tote bags, luggage, knapsacks, wallets, change purses, business
    and credit card cases	IM
    Brands, LLC
	ISAAC
    MIZRAHI*	USA	3,293,901	09/18/07	25	Clothing,
    namely, jeans, parkas, belts, hosiery, and leggings; footwear, shoes, sandals, and boots	IM
    Brands, LLC
	ISAAC
    MIZRAHI*	USA	2,150,771	04/14/98	9,
    25	9)
        eye glass frames and sunglasses

         

        25)
        clothing, namely, bathing suits, boots, coats, dresses, jackets, jeans, jumpsuits, leggings, pants, parkas, sandals, shirts,
        shoes, shorts, skirts, suits, sweaters, T-shirts and vests
	IM
    Brands, LLC
	ISAACMIZRAHILIVE*	USA	4,079,221	01/03/12	35	On-line
    retail store services featuring clothing and shoes, home products, jewelry and accessories	IM
    Brands, LLC
	ISAACMIZRAHILIVE*	USA	3,935,410	03/22/11	25	Belts
    for clothing; Blouses; Coats; Denim jackets; Denims; Dress suits; Dresses; Footwear; Gloves; Hats; Jeans; Lingerie; Nightwear;
    Pants; Scarves; Shirts; Shoes; Skirts; Sweaters; Swimwear; Wedding dresses	IM
    Brands, LLC
	ISAACMIZRAHILIVE*	USA	(85/207090)	(12/29/10)	18
    	(Based
    on Use in Commerce) Clutch bags; Handbags, purses and wallets; Tote bags (Based on Intent to Use) Briefcases and attaché
    cases; Luggage	IM
    Brands, LLC
	ISAACMIZRAHILIVE*	USA	4,079,210	01/03/12	24	Bath
    linen; Bed and table linen; Bed blankets; Bed covers; Bed skirts; Bed spreads; Bed throws; Dining linens; Household linen,
    including face towels; Table linen	IM
    Brands, LLC

 

    	 

    	 

    

 

	ISAACMIZRAHILIVE*	USA	4,079,216	01/03/12	21	Coffee cups, tea cups and mugs; Coffee pots not of precious metal; Containers for household or kitchen use not of precious metal; Cookware, namely, pots and pans; Dishes and plates; Glass beverageware; Glass bowls; Tea pots not of precious metal	IM Brands, LLC
	
        ISAAC MIZRAHI LIVE & DESIGN*

        
	USA	3,948,520	04/19/11	41	Entertainment in the nature of on-going television programs in the field of fashion, cooking, home care, entertaining, decorating, entertainment and human interest	IM Brands, LLC
	
        ISAAC MIZRAHI LIVE & DESIGN*

        
	USA	(77/786031)	(07/21/09)	18, 25	
        18) briefcases; carry-all bags; clutch
        bags; handbags, purses and wallets; luggage; umbrellas

         

        25) aprons; beachwear; belts; coats; dresses;
        footwear; foundation garments; fur coats and jackets; gloves; hats; hosiery; jackets; jeans; men's and women's jackets, coats,
        trousers, vests; neckwear; pants; shirts; skirts; suits; undergarments
	IM Brands, LLC

 

    	 

    	 

    

 

	ISAAC MIZRAHI JEANS*	USA	(85/644459) should be 85644456 this serial number is for the trademark FABTECH not ISAAC MIZRAHI JEANS 	(06/06/12)	9, 18, 25	
        9) eyewear; eyeglasses; sunglasses; eyeglass
        frames; opera glasses; spectacles; eyeglass, sunglass and spectacle cases; eyeglass, sunglass and spectacle straps; eyeglass, sunglass
        and spectacle chains; related accessories, parts and fittings for eyewear

         

        18) backpacks, knapsacks, business totes,
        cooler bags, tote bags, cross-body bags, flat bags, diaper bags, duffle bags, gym bags, handbags, luggage, messenger bags, shopping
        totes, grocery totes, tote bags, travel bags and matching cosmetic bags and cases sold empty; small leather goods, namely, key
        cases, pouches, and business and credit card holders

         

        25) men's and women's clothing, namely,
        bathing suits, belts, coats, jackets, jeans, jumpsuits, pants, parkas, shirts, shorts, sleepwear and loungewear, suits, sweaters,
        t-shirts, vests, socks, sweatshirts, tops, trousers, bottoms, hooded shirts and sweatshirts; women's clothing, namely, dresses,
        hosiery, leggings, skirts, tights, knee highs, panty hose; women's intimate apparel, namely, bras, slips, camisoles, and panties;
        shapewear, namely, girdles, body shapers, bodysuits, lingerie, and hosiery; men's clothing, namely, dress shirts and neckwear;
        men's and women's footwear
	IM Brands, LLC

 

    	 

    	 

    

 

	ISAAC MIZRAHI NEW YORK*	USA	(85/539136)	(02/10/12)	9, 18, 25	
        9) eyewear;
        eyeglasses; sunglasses; eyeglass frames; opera glasses; spectacles; eyeglass, sunglass and spectacle cases; eyeglass, sunglass
        and spectacle straps; eyeglass, sunglass and spectacle chains; related accessories, namely, hard cases for eyewear, soft pouches
        for eyewear and lens cloths; parts and fittings for eyeglasses, sunglasses and spectacles

         

        18) leather
        and imitations of leather, and goods made of these materials and not included in other classes, namely, handbags, carrying cases
        and wallets; all-purpose sports and athletic bags; beach, book, carry-on, duffel, diaper, gym, leather shopping, shoulder, tote
        and travel bags; fanny packs and waist packs; backpacks; knapsacks; purses; garment bags for travel; satchels; luggage; luggage
        tags; trunks; suitcases; hat boxes for travel not of paper or cardboard; cosmetic cases and bags sold empty; toiletry and vanity
        cases sold empty; tool bags sold empty; attaché cases; briefcases; briefcase-type portfolios; document cases; men's clutches;
        business cases; business card cases; calling and credit card cases; key cases; leather key chains; wallets; banknote holders; billfolds;
        umbrellas; parasols; walking sticks

         

        25) clothing,
        namely, belts, jackets, gloves, dresses, coats, sweaters, tights, leggings, socks, shirts and neckties; footwear; headgear, namely,
        hats and caps
	IM Brands, LLC
	
        MISCELLANEOUS DESIGN*

        
	USA	3,354,162	12/11/07	18 	Shoulder, tote and travel bags; purses; satchels	IM Brands, LLC

 

    	 

    	 

    

 

	
        MISCELLANEOUS DESIGN*

        
	USA	3,931,846	03/15/11	25 	belts for clothing; coats; denims; dress suits; dresses; fur coats; men's and women's jackets, coats, trousers, vests; pants; shirts; shoes; skirts; t-shirts	IM Brands, LLC
	
        MISCELLANEOUS DESIGN*

        
	USA	(85/247619)	(02/21/11)	18 	(Based on Use in Commerce) Handbags, purses and wallets(Based on Intent to Use) Luggage; Tote bags	IM Brands, LLC

 

    	 

    	 

    

 

	
        MISCELLANEOUS DESIGN*

         

        
	USA	(85/539141)	(02/10/12)	9, 18, 25	
        9) eyewear;
        eyeglasses; sunglasses; eyeglass frames; opera glasses; spectacles; eyeglass, sunglass and spectacle cases; eyeglass, sunglass
        and spectacle straps; eyeglass, sunglass and spectacle chains; related accessories, namely, hard cases for eyewear, soft pouches
        for eyewear and lens cloths; parts and fittings for eyeglasses, sunglasses and spectacles

         

        18) leather
        and imitations of leather, and goods made of these materials and not included in other classes, namely, handbags, carrying cases
        and wallets; all-purpose sports and athletic bags; beach, book, carry-on, duffel, diaper, gym, leather shopping, shoulder, tote
        and travel bags; fanny packs and waist packs; backpacks; knapsacks; purses; garment bags for travel; satchels; luggage; luggage
        tags; trunks; suitcases; hat boxes for travel not of paper or cardboard; cosmetic cases and bags sold empty; toiletry and vanity
        cases sold empty; tool bags sold empty; attaché cases; briefcases; briefcase-type portfolios; document cases; men's clutches;
        business cases; business card cases; calling and credit card cases; key cases; leather key chains; wallets; banknote holders; billfolds;
        umbrellas; parasols; walking sticks

         

        25) clothing,
        namely, belts, jackets, gloves, dresses, coats, sweaters, tights, leggings, socks, shirts and neckties; footwear; headgear, namely,
        hats and caps
	IM Brands, LLC
	STYLOCRACY*	USA	(85/701615)	(8/13/2012)	25	men's and women's clothing, namely, bathing suits, belts, coats, jackets, jeans, jumpsuits, pants, parkas, shirts, shorts, sleepwear and loungewear, suits, sweaters, t-shirts, vests, socks, sweatshirts, tops, trousers, bottoms, hooded shirts and sweatshirts; women's clothing, namely, dresses, hosiery, leggings, skirts, tights, knee highs, panty hose; women's intimate apparel, namely, bras, slips, camisoles, and panties; shapewear, namely, girdles, body shapers, bodysuits, lingerie, and hosiery; men's clothing, namely, dress shirts and neckwear; men's and women's footwear	IM Brands, LLC

 

    	 

    	 

    

 

II. Foreign

See attached.

 

    	 

    	 

    

 

II. Foreign Trademarks

	ISAAC MIZRAHI *	Canada	TMA419,374	11/12/93	N/A	Clothing, namely suits, coats, jackets, pants, slacks, trousers, dresses, gowns, jumpsuits, blouses, skirts, hosiery, panty hose, tights, stockings, jeans, shorts, shirts, sweaters, vests, t-shirts, overalls, swimsuits, socks, underwear briefs and tops, bras and panties, lingerie, hats, scarves and gloves	IM Brands, LLC
	ISAAC MIZRAHI	Canada	
        (0622158

        01)
	(03/21/12)	N/A	
        Eyewear; eyeglasses; sunglasses; eyeglass
        frames; opera glasses; spectacles; eyeglass, sunglass and spectacle cases; eyeglass, sunglass and spectacle straps; eyeglass, sunglass
        and spectacle chains; related accessories, parts and fittings included in this class for all the aforesaid goods

         

        Leather and imitations of leather, and
        goods made of these materials and not included in other classes; all-purpose sports and athletic bags; beach, book, carry-on, duffel,
        diaper, gym, leather shopping, shoulder, tote, shopping, grocery, and travel bags; fanny packs and waist packs; backpacks; knapsacks;
        messenger bags; cross-body and flat bags; purses; garment bags for travel; diaper bags; satchels; luggage; luggage tags; travel
        bags and related/matching cosmetic bags and cases; trunks; suitcases; hat boxes for travel not of paper or cardboard; cosmetic
        cases and bags sold empty; toiletry and vanity cases sold empty; tool bags sold empty; attaché cases; briefcases; briefcase-type
        portfolios; document cases; men's clutches; business cases; business card cases; calling and credit card cases; key cases; leather
        key chains; wallets; banknote holders; billfolds; umbrellas; parasols; walking sticks

         

        Thermally insulated bags, including lunch
        bags, cooler bags, and tote bags; insulated water bottles; hydration products including water bottles.

         

        Diaper changing mat/pad
	IM Brands, LLC

 

    	 

    	 

    

 

	ISAAC MIZRAHI	Chile	1,027,657	(10/2/2012)	9, 18, 25	
        9) eyewear; eyeglasses; sunglasses; eyeglass
        frames; opera glasses; spectacles; eyeglass, sunglass and spectacle cases; eyeglass, sunglass and spectacle straps; eyeglass, sunglass
        and spectacle chains; related accessories, parts and fittings included in this class for all the aforesaid goods

         

        18) leather and imitations of leather,
        and goods made of these materials and not included in other classes; all-purpose sports and athletic bags; beach, book, carry-on,
        duffel, diaper, gym, leather shopping, shoulder, tote and travel bags; fanny packs and waist packs; backpacks; knapsacks; purses;
        garment bags for travel; satchels; luggage; luggage tags; trunks; suitcases; hat boxes for travel not of paper or cardboard; cosmetic
        cases and bags sold empty; toiletry and vanity cases sold empty; tool bags sold empty; attaché cases; briefcases; briefcase-type
        portfolios; document cases; men's clutches; business cases; business card cases; calling and credit card cases; key cases; leather
        key chains; wallets; banknote holders; billfolds; umbrellas; parasols; walking sticks

         

        25) clothing, footwear, headgear
	IM Brands, LLC
	ISAAC MIZRAHI	China	(A0029834)	(05/15/12)	9, 18, 25	
        9) eye glass frames and sunglasses

         

        18) Leather goods, namely, hand bags, attaché
        cases, briefcases, tote bags, luggage, knapsacks, wallets, change purses, business and credit card cases

         

        25) Leather goods, namely, hand bags, attaché
        cases, briefcases, tote bags, luggage, knapsacks, wallets, change purses, business and credit card cases
	IM Brands, LLC

 

    	 

    	 

    

 

	ISAAC MIZRAHI	CTM	5,248,638	07/20/07	9, 18, 25	
        9) Eyewear; eyeglasses; sunglasses; eyeglass
        frames; opera glasses; spectacles; eyeglass, sunglass and spectacle cases; eyeglass, sunglass and spectacle straps; eyeglass, sunglass
        and spectacle chains; related accessories, parts and fittings included in this class for all the aforesaid goods

         

        18) Leather and imitations of leather,
        and goods made of these materials and not included in other classes; all-purpose sports and athletic bags; beach, book, carry-on,
        duffel, diaper, gym, leather shopping, shoulder, tote and travel bags; fanny packs and waist packs; backpacks; knapsacks; purses;
        garment bags for travel; satchels; luggage; luggage tags; trunks; suitcases; hat boxes for travel not of paper or cardboard; cosmetic
        cases and bags sold empty; toiletry and vanity cases sold empty; tool bags sold empty; attaché cases; briefcases; briefcase-type
        portfolios; document cases; men's clutches; business cases; business card cases; calling and credit card cases; key cases; leather
        key chains; wallets; banknote holders; billfolds; umbrellas; parasols; walking sticks

         

        25) Clothing, footwear, headgear

         

         
	Im Ready-Made, LLC

 

    	 

    	 

    

 

	ISAAC MIZRAHI	Hong Kong	(302192869)	(03/16/12)	9, 18, 25	
        9) Eyewear; eyeglasses; sunglasses; eyeglass
        frames; opera glasses; spectacles; eyeglass, sunglass and spectacle cases; eyeglass, sunglass and spectacle straps; eyeglass, sunglass
        and spectacle chains; related accessories, parts and fittings included in this class for all the aforesaid goods

         

        18) Leather and imitations of leather,
        and goods made of these materials and not included in other classes; all-purpose sports and athletic bags; beach, book, carry-on,
        duffel, diaper, gym, leather shopping, shoulder, tote and travel bags; fanny packs and waist packs; backpacks; knapsacks; purses;
        garment bags for travel; satchels; luggage; luggage tags; trunks; suitcases; hat boxes for travel not of paper or cardboard; cosmetic
        cases and bags sold empty; toiletry and vanity cases sold empty; tool bags sold empty; attaché cases; briefcases; briefcase-type
        portfolios; document cases; men's clutches; business cases; business card cases; calling and credit card cases; key cases; leather
        key chains; wallets; banknote holders; billfolds; umbrellas; parasols; walking sticks

         

        25) Clothing, footwear, headgear

         

         
	IM Brands, LLC
	ISAAC MIZRAHI	International	1,122,994	(05/15/12)	9, 18, 25	
        9) eye glass frames and sunglasses

         

        18) Leather goods, namely, hand bags, attaché
        cases, briefcases, tote bags, luggage, knapsacks, wallets, change purses, business and credit card cases

         

        25) Leather goods, namely, hand bags, attaché
        cases, briefcases, tote bags, luggage, knapsacks, wallets, change purses, business and credit card cases
	IM Brands, LLC

 

    	 

    	 

    

 

	ISAAC MIZRAHI 	Japan	5,114,834	02/29/2008	9, 18, 25	
        9) Eyewear; eyeglasses; sunglasses; eyeglass
        frames; opera glasses; spectacles; eyeglass, sunglass and spectacle cases; eyeglass, sunglass and spectacle straps; eyeglass, sunglass
        and spectacle chains; related accessories, parts and fittings included in this class for all the aforesaid goods

         

        18) Leather and imitations of leather,
        and goods made of these materials and not included in other classes; all-purpose sports and athletic bags; beach, book, carry-on,
        duffel, diaper, gym, leather shopping, shoulder, tote and travel bags; fanny packs and waist packs; backpacks; knapsacks; purses;
        garment bags for travel; satchels; luggage; luggage tags; trunks; suitcases; hat boxes for travel not of paper or cardboard; cosmetic
        cases and bags sold empty; toiletry and vanity cases sold empty; tool bags sold empty; attaché cases; briefcases; briefcase-type
        portfolios; document cases; men's clutches; business cases; business card cases; calling and credit card cases; key cases; leather
        key chains; wallets; banknote holders; billfolds; umbrellas; parasols; walking sticks

         

        25) Clothing, footwear, headgear

         

         
	Isaac Mizrahi & Co., L.P.
	ISAAC MIZRAHI	South Korea	(A0029834)	(05/15/12)	9, 18, 25	
        9) eye glass frames and sunglasses

         

        18) Leather goods, namely, hand bags, attaché
        cases, briefcases, tote bags, luggage, knapsacks, wallets, change purses, business and credit card cases

         

        25) Leather goods, namely, hand bags, attaché
        cases, briefcases, tote bags, luggage, knapsacks, wallets, change purses, business and credit card cases
	IM Brands, LLC
	ISAAC MIZRAHI	South Korea	40-0254273-0000	04/09/03	18	 	Isaac Mizrahi & Co., L.P.
	ISAAC MIZRAHI	Mexico	(1249173)	(02/14/12)	9	eyeglasses, and goggles; spectacles; sunglasses; frames lens, opera glasses, goggles [optical] eyeglass cases, sunglasses and goggles; laces and belts lens, sunglasses and goggles; chains lens, sunglasses and eyeglasses	IM Brands, LLC

 

    	 

    	 

    

 

	
         

         

        ISAAC MIZRAHI
	Mexico	(1249172)	(02/14/12)	18	leather and imitations of leather, goods made from these materials, not included in other classes; bags multi sports and athletics, beach bags for books, bags, canvas, diaper, gym, shopping for leather, loaded for shoulder, and travel of asa; cangureras bags and hung on the waist, backpacks, backpacks hung on the shoulders; purses; garment; portfolios; suitcases; identifiers for luggage, traveling trunks, valises; leather travel milliners; tester for cosmetics, sold empty, toiletry cases sold empty, tool bags sold empty, attaché cases, briefcases; glove case type, briefcases, handbags for man; cases business; card cases (holding) for business cards; tarjetereos (holding) phone card and credit, key cases, portfolios, wallets; umbrellas, parasols, walking sticks	IM Brands, LLC
	ISAAC MIZRAHI	Mexico	(1249171)	(02/14/12)	25	Apparel, footwear, headgear	IM Brands, LLC

 

 

 

    	 

    	 

    

 

Schedule B To Security Agreement

 

LICENSES

	Licensor	 	Licensee	 	Agreement Date
	IM Brands, LLC	 	QVC, Inc.	 	06/05/09
	IM Brands, LLC	 	QVC, Inc. and Fifth & Pacific	 	10/07/09
	IM Brands, LLC	 	QVC. Inc.	 	01/28/10
	IM Brands, LLC	 	Accessory Exchange LLC	 	06/01/11
	IM Brands, LLC	 	B. Robinson Optical Inc.	 	07/11/11
	IM Brands, LLC	 	Bijou International Corporation	 	12/15/11
	IM Brands, LLC	 	bon bebe Inc. (International Intimates d/b/a)	 	07/15/11
	IM Brands, LLC	 	Burma Bibas, Inc.	 	11/03/11
	IM Brands, LLC	 	Cloudbreak Group, LLC	 	09/26/11
	IM Brands, LLC	 	Clover II Corporation	 	12/22/11
	IM Brands, LLC	 	Fisher Footwear	 	07/26/11
	IM Brands, LLC	 	Fleet Street, Ltd.	 	12/12/11
	IM Brands, LLC	 	Gibson Overseas Inc.	 	07/06/11
	IM Brands, LLC	 	International Intimates, Inc.	 	06/30/11
	IM Brands, LLC	 	Jay Franco & Sons	 	07/01/11
	IM Brands, LLC	 	Kleinfeld Bridal Corp.	 	10/12/11
	IM Brands, LLC	 	MZ Berger & Company	 	06/01/11
	IM Brands, LLC	 	Regal Home Collections, Inc.	 	07/01/11
	IM Brands, LLC	 	United Legwear Company, LLC	 	06/01/11
	IM Brands, LLC	 	Huhtamaki Inc. 	 	01/18/12
	IM Brands, LLC	 	Collection Jeans Licensing, LLC 	 	02/09/12
	IM Brands, LLC	 	IM Clothing, LLC (Jump)	 	02/10/12
	IM Brands, LLC	 	Zeikos, Inc.	 	02/14/12
	IM Brands, LLC	 	Weingeroff	 	02/24/12
	IM Brands, LLC	 	Safavieh	 	02/24/12
	IM Brands, LLC	 	Eccolo, Ltd. 	 	03/20/12
	IM Brands, LLC	 	Roma Industries, LLC	 	04/02/12
	IM Brands, LLC	 	Kennedy International Inc.	 	03/30/12
	IM Brands, LLC	 	Elite Brands, Inc.	 	04/05/12
	IM Brands, LLC	 	PetEdge, Inc.	 	05/29/12
	IM Brands, LLC	 	Marietta Corporation	 	04/21/12
	IM Brands, LLC	 	Glove It, LLC	 	07/18/12
	IM Brands, LLC	 	Bardwil Industries, Inc.	 	07/24/12
	IM Brands, LLC	 	Jerry Leigh of California, Inc.	 	08/08/12
	IM Brands, LLC	 	Xile Beauty Group, LLC	 	08/08/12
	IM Brands, LLC	 	Roma Industries, LLC	 	08/27/12
	IM Brands, LLC	 	RFA Group, LLC	 	10/12/12
	IM Brands, LLC	 	Chefworks, Inc.	 	12/17/12
	IM Brands, LLC	 	Gin & Tonic, LLC (Ezrasons)	 	12/18/12
	IM Brands, LLC	 	Panmoda Corporation	 	01/01/13
	IM Brands, LLC	 	Synclaire Brands, Inc.	 	01/28/13
	IM Brands, LLC	 	American Exchange Apparel Group	 	02/18/13

 

    	 

    	 

    

 

	Licensor	 	Licensee	 	Agreement
    Date
	IM Brands, LLC	 	The Fancy (Thing Daemon Inc.)	 	02/04/13
	IM Brands, LLC	 	Tweezerman International LLC	 	03/14/13
	IM Brands, LLC	 	Dodocase, Inc.	 	03/18/13
	IM Brands, LLC	 	Universal Yarns, Inc. d/b/a Premier Yarns	 	04/10/13
	IM Brands, LLC	 	Fabricut (S. Harris)	 	02/04/05
	IM Brands, LLC	 	KLL Dolls, LLC d/b/a Alexander Doll Company	 	05/06/13
	IM Brands, LLC	 	Revive Designer Bathrooms, LLC	 	05/23/13
	IM Brands, LLC	 	Johnson & Johnson Consumer Products Company	 	05/30/13
	IM Brands, LLC	 	Thomasville Furniture Industries, Inc.	 	06/04/13
	IM Brands, LLC	 	SBIM LLC (Signal Products)	 	06/10/13
	IM Brands, LLC	 	The Gem Group Inc. d/b/a Gemline	 	07/16/13
	IM Brands, LLC	 	Kimberly-Clark Global Sales LLC	 	07/18/13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]