Document:

Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated as of _______,
2015 (“Agreement”), by and among BARINGTON/HILCO ACQUISITION CORP., a Delaware corporation (“Company”),
[Insiders] (collectively “Initial Stockholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation
(“Escrow Agent”).

 

WHEREAS, the Company has entered into an
Underwriting Agreement, dated as of _______, 2015 (“Underwriting Agreement”), with EarlyBirdCapital, Inc. (“EBC”)
acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other
matters, the Underwriters have agreed to purchase 4,000,000 units (“Units”) of the Company, plus an additional 600,000
Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one share of common stock of the
Company, par value $0.0001 per share (“Common Stock”), one right (“Right”) to receive one-tenth of one
share of Common Stock upon the Company’s initial business combination and one warrant to acquire one-half of one share of
Common Stock (“Warrant”), all as more fully described in the Company’s final Prospectus, dated _______, 2015
(“Prospectus”), comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-200180) under
the Securities Act of 1933, as amended (“Registration Statement”), declared effective on _______, 2015 (“Effective
Date”).

 

WHEREAS, the Initial Stockholders have agreed
as a condition of the sale of the Units to deposit their shares of Common Stock of the Company, as set forth opposite their respective
names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter provided.

 

WHEREAS, the Company and the Initial Stockholders
desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1.          Appointment
of Escrow Agent. The Company and the Initial Stockholders hereby appoint the Escrow Agent to act in accordance with and subject
to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject
to such terms.

 

2.          Deposit
of Escrow Shares. On or before the Effective Date, each of the Initial Stockholders shall deliver to the Escrow Agent certificates
representing such Initial Stockholder’s respective Escrow Shares, to be held and disbursed subject to the terms and conditions
of this Agreement. Each Initial Stockholder acknowledges that the certificate representing such Initial Stockholder’s Escrow
Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

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3.          Disbursement
of the Escrow Shares.

 

3.1           The
Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof and
(i) for 50% of the Escrow Shares, ending on the earlier of (x) one year after the date of the consummation of the Company’s
initial business combination (as described in the Registration Statement, hereinafter a “Business Combination”) and
(y) the date on which the closing price of the Company’s Common Stock equals or exceeds $12.50 per share (as adjusted for
stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30- trading day period
commencing after the Company’s initial Business Combination and (ii) for the remaining 50% of the Escrow Shares, ending one
year after the date of the consummation of an initial Business Combination. The Company shall promptly provide notice of the consummation
of a Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount
of each Initial Stockholder’s Escrow Shares (and any applicable share power) to such Initial Stockholder; provided, however,
that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any
time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided
further, however, that if, within one year after the Company consummates a Business Combination, the Company (or the surviving
entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the
stockholders of such entity having the right to exchange their shares of Common Stock for cash, securities or other property, then
the Escrow Agent shall, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized
officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated
or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Stockholders. The Escrow Agent shall
have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.

 

3.2           Notwithstanding
Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 600,000 Units of the Company
in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Stockholders agree
that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each such holder
determined by multiplying (a) the product of (i) 150,000, multiplied by (ii) a fraction, (x) the numerator of which is the number
of Escrow Shares held by each such holder, and (y) the denominator of which is the total number of Escrow Shares, by (b) a fraction,
(i) the numerator of which is 600,000 minus the number of shares of Common Stock purchased by the Underwriters upon the exercise
of their over-allotment option, and (ii) the denominator of which is 600,000. The Company shall promptly provide notice to the
Escrow Agent of the expiration or termination of the Underwriters’ overallotment option and the number of Units, if any,
purchased by the Underwriters in connection with their exercise thereof.

 

4.          Rights
of Initial Shareholders in Escrow Shares.

 

4.1           Voting
Rights as a Stockholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided,
the Initial Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period, including, without
limitation, the right to vote such shares.

 

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4.2           Dividends
and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect
to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends payable in stock or other noncash property (“Non-Cash
Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term
“Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3           Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) among the Initial Stockholders
or to the Company’s officers, directors and employees, (ii) if the Initial Stockholder is an entity, as a distribution to
partners, members or stockholders of the Initial Stockholder upon the liquidation and dissolution of the Initial Stockholder, (iii)
by bona fide gift to a member of the Initial Stockholder’s immediate family or to a trust, the beneficiary of which is the
Initial Stockholder or a member of the Initial Stockholder’s immediate family for estate planning purposes, (iv) by virtue
of the laws of descent and distribution upon death of the Initial Holder, (v) pursuant to a qualified domestic relations order,
(vi) by private sales at prices no greater than the price at which the Escrow Shares were originally purchased or (vii) to the
Company for cancellation in connection with the consummation of a Business Combination, in each case, except for clause (vii),
on the condition that such transfers may be implemented only upon the respective transferee’s written agreement to be bound
by the terms and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Stockholder transferring
the Escrow Shares.

 

4.4           Insider
Letters. Each of the Initial Stockholders has executed a letter agreement with EBC and the Company, dated as indicated on Exhibit
A hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting
the rights and obligations of such Initial Stockholder in certain events, including but not limited to the liquidation of the Company.

 

5.          Concerning
the Escrow Agent.

 

5.1           Good
Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which is believed by the Escrow Agent in good faith to be genuine and to be signed or presented
by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

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5.2           Indemnification.
The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including counsel fees and
disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder,
or the Escrow Shares held by it hereunder, other than expenses or losses arising from the bad faith, gross negligence or willful
misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement
of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt
of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate
court to determine ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate
court or it may retain the Escrow Shares pending receipt of a final, nonappealable order of a court having jurisdiction over all
of the parties hereto directing to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions
of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3           Compensation.
The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow
Agent shall also be entitled to reimbursement from the Company for all reasonable and documented out-of-pocket expenses paid or
incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’
fees and disbursements and all taxes or other governmental charges.

 

5.4           Further
Assurances. From time to time on and after the date hereof, the Company and the Initial Stockholders shall deliver or cause
to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as
the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting hereunder.

 

5.5           Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held
hereunder. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation,
the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

 

5.6           Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only
upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

5.7           Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own bad
faith, gross negligence or willful misconduct.

 

5.8           Waiver.
THE ESCROW AGENT HEREBY WAIVES ANY RIGHT OF SETOFF OR ANY OTHER RIGHT, TITLE, INTEREST OR CLAIM OF ANY KIND (“CLAIM”)
IN, OR TO ANY DISTRIBUTION OF, THE TRUST ACCOUNT (AS DEFINED IN THAT CERTAIN INVESTMENT MANAGEMENT TRUST AGREEMENT, DATED AS OF
THE DATE HEREOF, BY AND BETWEEN THE COMPANY AND THE ESCROW AGENT AS TRUSTEE THEREUNDER) AND HEREBY AGREES NOT TO SEEK RECOURSE,
REIMBURSEMENT, PAYMENT OR SATISFACTION FOR ANY CLAIM AGAINST THE TRUST ACCOUNT FOR ANY REASON WHATSOEVER.

 

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6.          Miscellaneous.

 

6.1           Governing
Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of
the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction.

 

6.2           Third
Party Beneficiaries. Each of the Initial Stockholders hereby acknowledges that the Underwriters are third party beneficiaries
of this Agreement and this Agreement may not be modified or changed without the prior written consent of EBC.

 

6.3           Entire
Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and,
except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the
charged.

 

6.4           Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

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

 

6.6           Notices.
Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally
or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows:

 

If to the Company, to:

 

Barington/Hilco Acquisition Corp.

888 Seventh Avenue, 17th Floor

New York, New York 1001

Attn: James A. Mitarotonda, Chairman and Chief Executive Officer

 

If to a Stockholder, to his address set forth in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Chairman

 

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A copy of any notice sent hereunder shall be sent to:

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, New York 10017

Attn: David M. Nussbaum, Chairman

 

and:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and:

 

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Attn: Christopher S. Auguste, Esq.

 

The parties may change the persons and addresses to which the
notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving
notice.

 

6.7           Liquidation
of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

 

[Signature Page Follows]

 

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

  

	 	 	BARINGTON/HILCO ACQUISITION CORP.
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:    
	 	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER 

& TRUST COMPANY, as Trustee
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:   
	 	 	 	Title:

 

[Signature Page to Escrow Agreement]Exhibit 10.4

BARINGTON/HILCO ACQUISITION CORP.

 

January
[__], 2015

 

Barington Capital Group, L. P.

888 Seventh Avenue, 17th Floor

New York, NY 10019

 

		Re:	Administrative Services and License

 

Gentlemen:

 

This letter will confirm
our agreement that, commencing on the date the securities of Barington/Hilco Acquisition Corp. (the “Company”)
are first listed on the Nasdaq Capital Market (the “Listing Date”), pursuant to a Registration Statement on
Form S-1 and prospectus filed with the Securities and Exchange Commission (the “Registration Statement”), and
continuing until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation
(in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination
Date”), Barington Capital Group, L. P. (“Barington”) or one of its affiliates shall make available
to the Company, (a) such secretarial and administrative services as may be reasonably required by the Company (the “Administrative
Services”), and (b) a license (the “License”) to use such office space and receive such utilities
and building services as may be reasonably required by the Company at 888 Seventh Avenue, 17th Floor, New York, New
York 10019, or any successor location of Barington (the “Office Space”). In exchange for the Administrative
Services and the License, the Company shall pay Barington the sum of $7,500 per month on the effective date of the registration
and continuing monthly thereafter until the Termination Date.

 

1.          General
Conditions.         The general conditions attached hereto as Exhibit A
shall apply to the Administrative Services being provided to the Company hereunder and the general conditions attached hereto
as Exhibit B shall apply to the License being provided to the Company hereunder. All such general conditions shall be a
part of this letter agreement.

 

2.          Waiver
of Claims Against Trust Account.

 

		a.	Barington hereby irrevocably waives any and all right, title, interest, causes of action and claims
of any kind (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of,
the trust account established for the benefit of the public stockholders of the Company and into which substantially all of the
proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and agrees
not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets
in the Trust Account for any reason whatsoever.

 

		b.	For the avoidance of doubt, notwithstanding the indemnification provisions set forth in Section
1 of Exhibit A and Section 7 of Exhibit B hereto (the “Indemnification Provisions”), Barington
and the Indemnified Parties (as such term is defined in Exhibit A) hereby waive any and all right to seek payment in connection
with the Indemnification Provisions out of the Trust Account, and agree not to seek recourse, reimbursement, payment or satisfaction
of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

    	 

    	 

    

 

3.          Force
Majeure. Barington shall not be liable for any failure of or delay in performing its obligations set forth in this letter agreement,
and shall not be deemed in breach of its obligations, if such failure or delay results from causes beyond its reasonable control,
including but not limited to any strikes, lock-outs or other labor difficulties, acts of any government, war, riot, insurrection
or other hostilities, embargo, fuel or energy shortage, fire, flood, acts of God, wrecks or transportation delays, or inability
to obtain necessary labor, materials or utilities. In event of such force majeure, Barington shall advise the Company of the beginning
and end of the circumstances constituting the force majeure, and shall use commercially reasonable efforts to cure or overcome
the same and resume performance of its obligations hereunder as soon as reasonably practicable.

 

4.          Entire
Agreement; Amendments. This letter agreement, together with the provisions contained in Exhibits A and B hereto,
constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior
understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any
way to the subject matter hereof or the transactions contemplated hereby. This letter agreement shall not be amended, modified
or canceled except by a written instrument executed by all parties hereto. This letter agreement shall bind the parties hereto
and their successors and permitted assigns.

 

5.          Validity.
A determination that any provision of this letter agreement is void, unenforceable or invalid shall not affect the enforceability
or validity of any other provision, and any determination that the application of any provision of this letter agreement to any
person or under particular circumstances is illegal or unenforceable shall not affect the enforceability or validity of such provision
as it may apply to other persons or circumstances.

 

6.          Headings
and Interpretation. The headings contained in this letter agreement are inserted solely for reference and shall not constitute
a part of this letter agreement nor affect its meaning, construction or effect. The parties hereto acknowledge and agree that the
terms and provisions of this letter agreement shall be construed fairly as to all parties hereto and not in favor of or against
any party, regardless of which party was generally responsible for the preparation of this letter agreement.

 

7.          Assignment.
No party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the
prior written approval of the other party. Any purported assignment in violation of this paragraph shall be void and
ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

8.          Governing
Law. This letter agreement shall be governed by and construed
in accordance with the laws of the State of New York without giving effect to principles of conflicts of law. Each of the parties
irrevocably submits to the exclusive jurisdiction of any courts of the State of New York or the United States District Court for
the Southern District of the State of New York for the purpose of any suit, action or other proceeding arising out of this letter
agreement, or any of the agreements or transactions contemplated hereby, which is brought by or against it.

 

	 	Very truly yours,
	 	 
	 	BARINGTON/HILCO ACQUISITION CORP. 
	 	 
	 	By:  	 
	 	 	Name:  James A. Mitarotonda
	 	 	Title:    Chief Executive Officer

 

 

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Accepted and Agreed to:

 

BARINGTON CAPITAL GROUP, L. P.

By: LNA Capital Corp., its general counsel

 

	By:	 	 
	 	Name:  Jared L. Landaw	 
	 	Title:    Secretary	 

 

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Exhibit A

 

General Conditions to Administrative
Services

 

1.          Indemnification;
Exculpation. The Company shall indemnify, defend and save harmless Barington and its officers, directors, employees, investors,
partners, representatives, members, agents, consultants and affiliates (collectively, the “Indemnified Parties”)
from and against any and all losses, claims, suits, damages, obligations, penalties, judgments, awards, liabilities, costs and
expenses including, but not limited to, reasonable and documented attorneys’ fees, disbursements and court costs (collectively,
“Losses”), directly or indirectly, caused by, relating to, based upon, arising out of, or in connection with the provision
by Barington of Administrative Services for the Company, including, without limitation, any act or omission by Barington or any
Indemnified Party in connection with its performance or non-performance of its obligations under this letter agreement, except
to the extent that any such Loss is found in a final judgment by a court of competent jurisdiction (not subject to further appeal)
to have resulted primarily and directly from Barington's bad faith, gross negligence or willful misconduct. The Company also agrees
that neither Barington nor any Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise)
to the Company for or in connection with the Administrative Services, except to the extent that any such liability is found in
a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from
Barington's bad faith, gross negligence or willful misconduct. The provisions of this paragraph shall survive expiration or termination
of this letter agreement.

 

2.          Consequential
Damages. No party hereto shall be liable to any other party hereto, whether in contract, in tort (including negligence and
strict liability), or otherwise, for any special, indirect, incidental, consequential, exemplary or punitive damages whatsoever
(including lost or anticipated revenues or profits, business interruption costs or claims of customers relating to the same), which
in any way arise out of, relate to, or are a consequence of, the provision of or failure to provide any Administrative Service
hereunder, even if an authorized representative of such party is advised of the possibility or likelihood of the same.

 

3.          Independent
Contractor; Relationship of the Parties.

 

(a)          Nothing
herein shall be deemed to constitute Barington (or any of Barington's employees, agents or representatives in their capacities
as such) to be the employee or agent of the Company. Barington shall be an independent contractor and shall have responsibility
for and control over the details and means of performing the Administrative Services. The parties acknowledge that certain employees
of Barington or its affiliates may be appointed as officers of the Company. The Company acknowledges and agrees that, in such capacities,
they shall be acting in their individual capacities and not as employees, agents or representatives of Barington.

 

(b)          Nothing
herein shall be construed as: (i) an assumption by Barington of responsibility for the operations of the Company except as
expressly set forth in this letter agreement; (ii) an assumption by Barington of any financial obligation of the Company;
or (iii) the assumption by Barington of any responsibility for work performed by outside consultants or suppliers employed
directly by the Company at the suggestion or recommendation of Barington.

 

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Exhibit B

 

General Conditions to License

 

1.          Use.
The Company shall use the Office Space for office use only and for no other purpose, consistent with the terms of the lease agreement
between 888 Seventh Avenue LLC, as landlord, and Barington, as tenant (the “Lease”). The Company shall keep
the Office Space and the property, fixtures, equipment, installations and portions of the building systems therein, in good order,
condition and repair, in accordance with the applicable provisions of the Lease. The Company shall not use or permit the use of
the Office Space in violation of any applicable laws, rules, regulations or ordinances. The Company further covenants and agrees
to comply with the building’s certificate of occupancy and all applicable laws, codes, rules and regulations of any department,
bureau, agency or any governmental authority having jurisdiction over the Office Space.

 

2.          Building
Services. It is understood and agreed that all services and/or utilities for the Office Space to be provided to the Company
hereunder (including HVAC, utilities and cleaning services) shall be supplied by the landlord to the extent required by and in
accordance with the Lease and that Barington shall not be required to furnish any services and/or utilities to the Office Space.
Barington shall in no way be liable for the landlord’s failure to furnish such services and/or utilities and the terms and
conditions of this letter agreement and the obligations of the Company hereunder shall in no way be affected because of such failure.

 

3.          Removal
Upon Termination. The Company, on or before the expiration or termination of the License, shall quietly and peaceably vacate
the Office Space, return all keys and security access cards, and remove its employees, servants and agents and its property from
the Office Space so that the Office Space is in the same condition as on the date hereof, and the Company shall promptly repair
any and all damage caused by such removal. Any property of the Company remaining in the Office Space shall be deemed abandoned
and may be disposed of by Barington as it sees fit in its sole discretion, at the Company's expense.

 

4.          Condition
of Premises. The Office Space shall be delivered to the Company and the Company accepts such Office Space in its "as is"
condition on the Listing Date, and Barington shall not be required to perform any work and/or spend any monies to prepare the Office
Space for the Company's use.

 

5.          Insurance.
The Company shall maintain in force and effect, at its expense, during the term of this letter agreement: (a) a policy of commercial
general liability insurance on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage
occurring in or about the Building, under which the Company is named as the insured and Barington and Landlord are named as additional
insureds, with a combined single limit with respect to each occurrence in an amount of not less than $1,000,000, and (b) insurance
against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special
Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, insuring the Company’s
property for the full insurable value thereof or replacement cost thereof, and (c) and such other insurance with respect to the
Office Space as is required to be carried by Barington pursuant to the Lease.

 

6.          Liability.
Neither Barington nor any Indemnified Party shall be liable to the Company for any injury or damage to the Company or to any other
person or for any damages to or loss (by theft or otherwise) of any property of the Company or of any other person, irrespective
of the cause of such injury or damage, except to the extent that any such liability is found in a final judgment by a court of
competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from Barington’s bad faith,
gross negligence or willful misconduct.

 

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7.          Indemnity.
The Company shall indemnify, defend and save harmless Barington and its Indemnified Parties against and from any and all Losses,
directly or indirectly caused by, relating to, based upon, arising out of, or in connection with (a) the use (or misuse) of
the Office Space by the Company or its Representatives or invitees or any of the Company’s business activities therein, (b) any
work or thing done, or any condition created by the Company in or about the Office Space during the term of the License, (c) the
Company’s failure to comply with any of the terms, covenants or conditions of the License, and/or the Lease, or (d) any
delay by the Company in surrendering the Office Space, except to the extent that any such Loss is found in a final judgment by
a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from Barington's bad
faith, gross negligence or willful misconduct. The provisions of this paragraph shall survive the expiration or termination of
this letter agreement.

 

8.          Alterations.
The Company shall not perform any alterations, additions or improvements in or to the Office Space without the prior written consent
of Barington.

 

9.          Subject
and Subordinate. This letter agreement and all rights of the Company hereunder are subject and subordinate to the terms and
conditions of any and all underlying leases and mortgages which may now or hereafter affect the Office Space, including, without
limitation, the Lease. The obligations under the Lease for Barington, as tenant thereunder, to observe and perform, shall be observed
and performed by the Company with respect to the Office Space during the term of the License. The Company shall not violate, or
permit the violation, of any terms or provisions of the Lease. The Company may not assign or sublease this License or permit any
other person or party to use or occupy all or a portion of the Office Space.

 

10.         Default.
If the Company shall fail to perform any of the terms, conditions or covenants of this letter agreement and such failure persists
for five (5) days after written notice of such default is given to the Company, then Barington may exercise any and all rights
and remedies granted to Barington at law or in equity with respect to defaults, including, without limitation, terminating this
License. The Company shall reimburse Barington for any expenses (including reasonable attorneys' fees and disbursements) incurred
by Barington in enforcing this letter agreement or any of its rights hereunder.

 

11.         Remedies.
The Company hereby expressly acknowledges and agrees, that Barington’s remedies are cumulative, and that mention of a particular
remedy in this letter agreement does not preclude Barington from exercising any and all other rights and remedies available to
it, whether at law or in equity.

 

12.         Brokers.
The Company represents to Barington that the Company has not engaged, either directly or indirectly, any real estate agent or broker
in connection with this transaction. The Company agrees to indemnify, defend and hold Barington harmless from and against any loss,
liability and expense (including, without limitation, reasonable and documented attorneys’ fees and disbursements) incurred
by Barington as a result of any claim made against Barington which is based upon a breach of said representation by the Company.
The Company’s indemnification obligation hereunder shall survive the expiration or termination of this letter agreement.

 

    	6

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