Document:

GUARANTY

 

Introductory Note.
This Guaranty may be used for one or more Guarantors or with respect to one or more Debtors. If there is only one Guarantor or
only one Debtor, then any reference herein to “the Guarantors”, “any Guarantor”, “each Guarantor”
or the like, or to “the Debtors”, “any Debtor”, “each Debtor” or the like, shall be understood
to refer to the Guarantor or to the Debtor, respectively. All capitalized terms in this Guaranty are defined in Section 19.

 

Preamble. Each of the undersigned
(each a “Guarantor” and collectively the “Guarantors”) expects to derive direct and/or indirect benefits
from the Bank’s giving or continuing financial accommodations to any of the Debtors. The Bank is unwilling to give or continue
financial accommodations to the Debtors without the guaranty of payment of each of the Guarantors as set forth in this Guaranty.
It is a condition precedent to the Bank’s giving or continuing these financial accommodations to any of the Debtors that
the Guarantors shall have executed and delivered this Guaranty to the Bank. In consideration of the premises and in consideration
of financial accommodations given or to be given or continued to any of the Debtors by the Bank, and in order to induce the Bank
to give or continue financial accommodations to any of the Debtors, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by each of the Guarantors, the Guarantors hereby jointly and severally represent
and warrant to, and covenant and agree with, the Bank as follows:

 

1.
Guaranty. The Guarantors hereby jointly and severally, irrevocably and unconditionally (a) guarantee to the
Bank the full and punctual payment when due (whether at stated maturity, by acceleration or otherwise) by the Debtors of all Obligations,
and (b) agree to pay to the Bank all Additional Liabilities immediately when due or on demand. This Guaranty is the unlimited or
limited (as set forth on the signature page below), primary obligation of the Guarantors. The Bank may enforce this Guaranty against
any Guarantor and/or any Credit Enhancement provided by any Guarantor without any prior or contemporaneous enforcement of any of
the Obligations against any other Obligated Party or Credit Enhancement.

 

2.
Guaranty Absolute. This Guaranty is a continuing, absolute and unconditional guaranty of payment and not of
collection, and shall remain in full force and effect until payment in full of all amounts payable under this Guaranty, notwithstanding
that at any time and from time to time (i) the Debtors may be free from any Obligations or (ii) the Obligations may exceed the
amount of the Liabilities of the Guarantors hereunder, and regardless of how long before or after the date hereof any of the Obligations
were or are incurred, and regardless of whether any financial accommodation resulting in an Obligation was or shall be given or
continued by the Bank in contemplation of this Guaranty. Each Guarantor waives all Defenses and Claims with respect to this Guaranty
and/or any Credit Enhancement provided by such Guarantor. All Obligations shall be conclusively presumed to have been created in
reliance hereon.

 

Without limiting any other provisions hereof,
none of the following (whether occurring prior to, simultaneously with or subsequent to the date hereof) shall give rise to a Defense
or Claim with respect to this Guaranty and/or any Credit Enhancement provided by any Guarantor, and each Guarantor waives all such
Defenses and Claims that might otherwise arise therefrom, and the joint and several liability of each Guarantor under this Guaranty
shall be absolute and unconditional irrespective of:

 

(a)
the death, incompetence or disability of any Obligated Party, or any law (including, to the fullest extent permitted by
law, any statute of limitations), regulation, order, stay, injunction or prohibition now or hereafter in effect in any jurisdiction
that would give rise to a Defense or Claim available to any Obligated Party, or any other fact or circumstance that may result
in or constitute a Defense or Claim available to any Obligated Party;

 

(b)
any lack of genuineness, validity, legality, regularity or enforceability of any of the Liabilities or of any Document (including
but not limited to any determination that any Obligated Party (i) was not a duly organized and validly existing Entity or (ii)
lacked the authorization or capacity to incur any of the Liabilities);

 

(c)
any payment made by, or amount received or collected by the Bank from, any other Person in respect of any of the Liabilities
or of any other Debt of any Debtor;

 

(d)
any revocation, early termination, rejection, disaffirmance, cessation, impairment or suspension for any cause whatsoever
of (i) any of the Liabilities or (ii) the validity, binding effect or enforceability of any of the Liabilities or of any Document,
except that any Guarantor may deliver to the Bank a written notice of revocation signed by such Guarantor, which may revoke such
Guarantor’s Liabilities (but not of any other Guarantor) under this Guaranty, provided that such notice shall not affect
such Guarantor’s Liabilities with respect to any Nonrevocable Obligations, and such Guarantor waives all rights to revoke
any Liabilities with respect to any Nonrevocable Obligations and shall remain fully liable with respect thereto;

 

(e)
any loss or non-perfection of, or any inability to foreclose or otherwise realize on, any Credit Enhancement;

 

    	 

    	 

    

 

(f)
if a Guarantor is a partnership or joint venture, the death, incompetence, retirement or withdrawal of one or more partners
or joint venturers, or the accession of one or more new partners or joint venturers, or the dissolution (by operation of law or
otherwise) of such Guarantor;

 

(g)
any Transfer or purported Transfer by any Guarantor of any of the Liabilities;

 

(h)
any action or omission referred to in Section 4 or Section 5;

 

(i)
any event or events, whether with or without the consent of, or notice to, any of the Guarantors (even if known to the Bank
or any of its Agents and not known to any of the Guarantors), which result or results in any change, whether or not material, in
(i) the business, assets, liability or financial condition of any of the Debtors, (ii) the identity of any of the Debtors (whether
by consolidation, merger, reorganization, change in form or structure, change in membership, change in control, change in management,
or otherwise), (iii) any relationship (whether business, financial, personal or otherwise) between any of the Debtors and any of
the Guarantors or (iv) the degree of risk assumed by any of the Guarantors hereunder.

 

3.
Payment. Any payment made under this Guaranty shall be paid to the Bank at its offices in New York City, or
at such other place as the Bank may designate in writing, in immediately available funds in the Currency in which the applicable
Liabilities are denominated.

 

4.
Waiver. Without limiting any other provisions of this Guaranty, each Guarantor hereby waives (a) notice of
acceptance of this Guaranty, (b) notice of any Obligation to which this Guaranty may apply, (c) notice or proof of reliance by
the Bank upon this Guaranty, (d) promptness, (e) diligence, (f) presentment, (g) demand for payment, (h) notice of dishonor or
nonpayment of, or with respect to, any of the Obligations, (i) notice of any legal action or proceeding or any demand or any other
action against, or any other notice to, any Obligated Party, and (j) any requirement that the Bank exhaust any right or take any
action against or with respect to any other Obligated Party or any Credit Enhancement.

 

5.
Permitted Bank Actions and Omissions. As to each Guarantor, the Bank and its Agents may, without giving rise
to any Defense or Claim, at any time upon or without any terms or conditions, in whole or in part, and without the consent of,
or notice to, any Obligated Party:

 

(a)
change the Currency, time, manner or place of payment or performance (whether before or after maturity) or extend, renew,
change, alter, amend, modify or waive any of the terms of any of the Liabilities or any Document;

 

(b)
increase or decrease any of the Liabilities, including but not limited to the amount of principal or the amount or rate
of any interest, fees, charges or other amount payable;

 

(c)
 (i) sell, exchange, realize upon, foreclose, release or surrender, or fail so to do with respect to, or (ii) impair or
fail to take any steps necessary to care for, preserve, protect, secure, insure or obtain, or (iii) impair or fail to take any
steps necessary to perfect (including any failure to make any filing or recording, or the making or any improper filing or recording
of) any security interest or other rights in; or (iv) otherwise deal or fail to deal with, any Credit Enhancement or Subrogation
Rights in any manner and in any order; or(iv) exercise or refrain from exercising any rights against any other Obligated Party
or any other Person or otherwise act or refrain from acting;

 

(d)
 (i) discharge, release, settle with or compromise with any other Obligated Party or other Person and/or (ii) consent to
or waive any breach of, any departure from, or any act, omission or default under, any Document; or (iii) fail to notify any of
the Guarantors or any other Person (even if known to the Bank or any of its Agents and not known to any of the Guarantors) of any
change, whether or not material, relating to any of the Debtors or of any other Person, including but not limited to any of the
matters set forth in Section 2(i).

 

6.
Bank Statements. Any statement, certificate, notice or the like submitted by the Bank to any of the Debtors
and/or to any of the Guarantors, setting forth the amount or amounts of any or all of the Obligations and/or Liabilities, shall
be prima face evidence thereof, and each Guarantor agrees to be bound thereby absent manifest error.

 

7.
Expenses; Currency; Interest. Each of the obligations set forth in this Section shall be a separate obligation
payable on demand, with respect to which the Guarantors shall be jointly and severally liable to the Bank as an alternative or
additional cause of action or claim.

 

(a)
The Guarantors shall indemnify and hold the Bank harmless against all Expenses.

 

(b)
If the Bank does not receive payment of any of the Liabilities in any amount of Currency when due, the Guarantors shall
pay the equivalent of such amount in the Currency (including but not limited to the lawful Currency of the United States) in which
such Liabilities were originally due, provided that the Bank may, at its option, accept payment of an equivalent amount
(computed at the Bank's selling rate for such Currency at the place where such amount is payable as at the time such payment is
made) in any other Currency. The receipt by the Bank of any amount in respect of any of the Liabilities in a Currency other than
that in which such amount was originally due, whether pursuant to a judgment or arbitration award or pursuant to the provisions
of this Guaranty or any Agreement or otherwise, shall not discharge the Guarantors with respect to any of such Liabilities except
to the extent that on the first day on which the Bank is open for business immediately following such receipt, the Bank shall be
able, in accordance with normal banking practice, to purchase the Currency in which such amount was due with the Currency received.
Notwithstanding any such judgment or arbitration award, the Guarantors shall in any event indemnify the Bank against all losses
sustained and all costs incurred by it in making any such purchase of Currency.

 

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(c)
Any amount payable hereunder shall bear interest from the date due until payment is received or recovered by the Bank in
the Currency in which such amount was due at the place at which it was payable, at the Applicable Interest Rate.

 

8.
Representations and Warranties. Each Guarantor represents and warrants to the Bank that each of the following
is true, accurate and complete as of the date of such Guarantor’s execution of this Guaranty, and acknowledges that the Bank’s
giving or continuing of financial accommodations to any of the Debtors is made in reliance thereon.

 

(a)
If such Guarantor is a natural person, he or she has the legal capacity to execute and deliver this Guaranty and is doing
so in his or her capacity as an individual and not in any representative capacity on behalf of any other Person, notwithstanding
any reference to any office, title or the like next to such Guarantor’s signature on this Guaranty.

 

(b)
If such Guarantor is an Entity, it is an Entity duly organized, legally existing and in good standing under the laws of
the jurisdiction in which it has been organized.

 

(c)
Such Guarantor has full right, power and authority to enter into, execute and deliver this Guaranty and to perform all matters
required to be performed by such Guarantor hereunder; the execution and delivery of this Guaranty by or on behalf of such Guarantor
to the Bank is fully and unconditionally authorized; such Guarantor has duly executed and delivered this Guaranty pursuant to lawful
authority; and this Guaranty constitutes such Guarantor’s legal, valid and binding obligation enforceable in accordance with
its terms.

 

(d)
Such Guarantor is duly licensed or qualified to do business in all states and jurisdictions where such licensing or qualification
is necessary unless the failure to so obtain such license or qualification could not reasonably be expected to have a material
adverse effect on such Guarantor’s financial condition or the ability of such Guarantor to perform its obligations under
this Guaranty.

 

(e)
The execution and delivery by such Guarantor of this Guaranty is not, and the performance by such Guarantor of any such
Guarantor’s obligations hereunder will not be, in contravention of, or cause any breach or default pursuant to, any provision
of law or any charter or by-law provision or any material covenant, indenture or Agreement of or affecting such Guarantor or any
of such Guarantor’s assets.

 

(f)
No consent of any Person and no consent, license, permit approval or authorization of, exemption by, notice or report to,
or registration, filing or declaration with, any governmental authority is required in connection with the execution, delivery,
performance, validity or enforceability of this Guaranty (including, without limitation, the payment to the Bank at the applicable
place in the applicable Currency).

 

(g)
No registration tax, stamp duty or similar tax or duty imposed by any governmental authority arises in connection with the
execution, delivery and performance of this Guaranty by such Guarantor.

 

(h)
No litigation, arbitration, investigation or proceeding of or before any court, arbitrator or administrative or governmental
authority is currently pending or, to the knowledge of such Guarantor, threatened (i) with respect to this Guaranty or any of the
transactions contemplated hereby, or (ii) against or affecting such Guarantor, or any of such Guarantor’s assets, or (iii)
which could affect the business operations, assets, liabilities or condition, financial or otherwise, of such Guarantor or such
Guarantor’s ability to enter into, execute or deliver this Guaranty or prejudice in a material manner such Guarantor’s
ability to fulfill such Guarantor’s obligations pursuant to this Guaranty.

 

(i)
The financial statements of such Guarantor which have been furnished to the Bank have been prepared in accordance with generally
accepted accounting principles consistently applied, and fairly present the correct financial condition of such Guarantor as of
their respective dates; and there has been no subsequent material adverse change in the business, operations, assets, liabilities
or condition, financial or otherwise, of such Guarantor.

 

(j)
There is no fact that such Guarantor has not disclosed to the Bank in writing that could materially and adversely affect
such Guarantor’s business, operations, assets, liabilities or condition, financial or otherwise, or such Guarantor’s
ability to perform under this Guaranty.

 

(k)
Such Guarantor is not, and upon such Guarantor’s execution and delivery of this Guaranty to the Bank such Guarantor
will not be, Insolvent; in exchange for executing and delivering this Guaranty to the Bank, such Guarantor has received or will
have received Reasonably Equivalent Value; such Guarantor’s execution and delivery of this Guaranty does not constitute a
Fraudulent Transfer; such Guarantor’s execution and delivery of this Guaranty is not made with intent to hinder, delay or
defraud any Creditor; and this Guaranty cannot be set aside, avoided or rendered unenforceable in whole or in part by virtue of
any Fraudulent Transfer Law.

 

(l)
Such Guarantor has not provided any Credit Support with respect to the Debt of any Person other than this Guaranty.

 

(m)
Such Guarantor believes that (i) the Guarantors do not have any Defense or Claim with respect to this Guaranty, any Credit
Enhancement or any of the Liabilities, and (ii) there do not exist any facts and circumstances that could result in or constitute
any such Defense or Claim.

 

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(n)
Such Guarantor has independently investigated, without reliance on the Bank, and is fully familiar with, (i) the identity,
status and financial condition of each Debtor, (ii) all relationships, if any (whether business, financial, personal or otherwise),
between and/or among any and all of the Debtors and any and all of the Guarantors, and (iii) the degree of risk assumed by such
Guarantor hereunder.

 

(o)
Such Guarantor has not relied upon and has not been induced to execute and deliver this Guaranty or to purchase any interest
in any of the Debtors or any other Person or to take or refrain from taking any other action as a result of any Agreement, representation,
warranty, statement, recommendation or information made or purportedly made by or on behalf of the Bank or any of its Agents, whether
express or implied, written or oral, direct or indirect, and whether prior to or simultaneously with the date hereof.

 

(p)
Neither the Bank nor any of its Agents has represented or indicated that the Bank will not enforce any provision of any
Document.

 

9.
Contribution; Subordination; Subrogation.

 

(a)
If and to the extent that any Guarantor (the “Paying Guarantor”) makes payment in respect of this Guaranty,
then in furtherance and not limitation of any rights that the Paying Guarantor may have in law or equity, each other Guarantor
shall have an obligation, upon demand by the Paying Guarantor, to pay to the Paying Guarantor an amount equal to the quotient of
(x) the amount so paid by the Paying Guarantor, divided by (y) the total number of Guarantors.

 

(b)
All direct or indirect claims and rights (whether for moneys advanced, services performed or assets sold and delivered or
on account of any Subrogation Rights, whether for an indeterminate amount, a sum certain or a contingent claim), now existing or
hereafter arising which any Guarantor may have against any other Obligated Party shall be subject and subordinate to the prior
payment in full to the Bank of all of the Liabilities. Each Guarantor hereby assigns and transfers to the Bank, effective upon
demand by the Bank for payment by such Guarantor of any amount hereunder, all such claims and rights and any proceeds thereof,
and agrees that the Bank may, in its discretion, make and present in any bankruptcy or other proceeding such proofs or claims with
respect thereto as the Bank may deem expedient or proper and may vote such proofs or claims in any such proceeding. Each Guarantor
shall deliver upon demand by the Bank such additional documents as the Bank may request to evidence such subordination, assignment
and transfer, including without limitation duly executed assignments. At any time when all the Liabilities shall not have been
paid in full, each Guarantor shall (i) as trustee for the Bank, enforce all claims and rights against any other Obligated Party
or any Credit Enhancement and collect all sums due from any other Obligated Party or any Credit Enhancement or with respect to
any of the Liabilities, (ii) hold any amounts received on account thereof in trust for the benefit of the Bank, and (iii) pay all
such amounts immediately to the Bank to be applied to the Liabilities, together with interest on all such amounts from the date
of such receipt until paid to the Bank at the Applicable Interest Rate, without reducing or affecting in any manner the liability
of such Guarantor under the other provisions of this Guaranty.

 

(c)
Until all of the Liabilities shall have been paid in full, each Guarantor shall have no Subrogation Rights, and waives any
right to enforce any right or remedy which the Bank has or may hereafter have against any other Obligated Party or in or against
any Credit Enhancement.

 

10.
Reinstatement. If (a) claim is ever made on the Bank for repayment or recovery of any amount received in payment
or on account of any of the Obligations, and (b) the Bank repays all or part of such amount by reason of (i) any judgment, decree,
order or award of any court, administrative body, arbitration panel or the like or (ii) any settlement or compromise of any such
claim effected by the Bank with any such claimant (including any Obligated Party), then any such judgment, decree, order, award,
settlement or compromise shall be binding upon all of the Guarantors, notwithstanding the release or cancellation of any Document,
and the Guarantors shall be and remain liable hereunder for the amount so repaid or recovered to the same extent as if such amount
had never originally been received by the Bank.

 

11.
Agreements, Representations, Amendments and Waivers. No Agreement or representation by the Bank, and no amendment
or waiver of any provision of this Guaranty nor consent to any departure therefrom by any of the Guarantors shall be effective
unless in writing and duly signed by at least two duly authorized officers of the Bank, and any such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Bank to
exercise, and no delay in exercising, any right under any Document or otherwise, shall operate as a waiver thereof; nor shall any
single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.
In the case of any Agreement (including but not limited to any Commitment) given or made by the Bank to any Person or Persons (which
may or may not include one or more of the Guarantors), (a) such Agreement shall not inure to the benefit of any of the Guarantors
to whom such Agreement was not given or made by the Bank (the “Other Guarantor” or “Other Guarantors”),
(b) none of the Other Guarantors shall be deemed to be a third party beneficiary thereof, (c) the Bank shall have absolutely no
responsibility or liability to any of the Other Guarantors with respect to any breach thereof or failure by the Bank to abide by,
or comply with, any such Agreement, and (d) each of the Other Guarantors waives and gives up any rights that each such Other Guarantor
may have, on account of any such Agreement or any such breach or failure, to assert any Defense or Claim against the Bank.

 

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12.
Cumulative Rights; Reservation of Rights; Arms’ Length Transaction. The rights and remedies herein provided
to the Bank are in addition to, and are not exclusive or in substitution for, any rights or remedies available to the Bank at law
or in equity or under any other Agreement or other document which any Person (including but not limited to any Guarantor) may have
executed or may hereafter execute in favor of or for the benefit of the Bank, all of which are cumulative and may be exercised
by the Bank in whole or in part from time to time. The Bank shall be deemed to have reserved its rights against each Guarantor
in connection with any settlement, compromise, discharge or release of any other Obligated Party or any Document. The joint and
several liabilities of the Guarantors hereunder shall not be reduced or limited by reason of any similar or dissimilar guaranty
or other Document executed in favor of the Bank by any Person, and this Guaranty shall be enforceable against each of the Guarantors
jointly and severally without regard thereto. This Guaranty represents an arms’ length transaction between the Guarantors
and the Bank. Each Guarantor agrees and consents that this Guaranty shall not be, and waives any right to require that this Guaranty
be, construed against the Bank on the ground that the Bank has prepared it.

 

13.
Covenants. Subject to any other written Agreement between the Bank and any Person relating to the same subject
matter, each Guarantor shall:

 

(a)
furnish to the Bank copies of such Guarantor’s financial statements and such other information
relating to such Guarantor’s business, operations, assets, liabilities and condition, financial or otherwise, promptly when,
and in such form as, reasonably required or requested by the Bank. Without limiting the foregoing, it shall be deemed reasonable
for the Bank to require or request that as soon as available but in any event (i) within one hundred twenty (120) days of the end
of each fiscal year of such Guarantor, such Guarantor shall furnish a copy of such Guarantor’s audited financial statements
prepared on a consolidated basis as of the end of the fiscal year prepared by CohnReznick LLP or other independent certified public
accountants of nationally recognized standing reasonably acceptable to the Bank, and in addition,
no later than the delivery of such audited financial statements, such Guarantor shall furnish to the Bank the corresponding consolidating
balance sheets of such Guarantor and each of its Subsidiaries as at the end of each fiscal year and statements of income and of
cash flows for such fiscal year; (ii) within 60 days of the end of each of the first three fiscal quarters of a Guarantor that
is an Entity, such Guarantor shall furnish a copy of its unaudited financial statements prepared on a consolidated and consolidating
basis as of the end of the fiscal quarter, certified by its chief executive, operating or financial officer;

 

(b)
permit any of the Bank’s Agents to visit such Guarantor’s premises upon not less than two (2) Business Days’
prior notice during normal business hours and to examine and make photographs, copies and extracts of such Guarantor’s property
and of its books and records;

 

(c)
take or cause to be taken any and all action that may be necessary or appropriate (to the extent legally permissible) to
cause or permit the Debtors to perform all of the Obligations, and shall not take or cause to be taken any action that may prevent
or interfere with any Debtor’s performance thereof; and

 

(d)
not enter into any Agreement or purchase any interest in any of the Debtors or other Persons or take or refrain from taking
any other action as a result of or in reliance upon any Agreement, representation, warranty, statement, recommendation or information
made or purportedly made by or on behalf of the Bank or any of its Agents, whether express or implied, written or oral, direct
or indirect, or prior to, simultaneously with or subsequent to the date hereof.

 

14.
Transfers; Successors and Assigns.

 

(a)
No Guarantor shall effect or attempt a Transfer of any of the Liabilities without the Bank’s prior written consent.
Notwithstanding the foregoing, this Guaranty shall be binding upon each Guarantor and upon each Guarantor’s executors, administrators,
successors, assigns and Transferees (each of which shall be a “Guarantor” hereunder).

 

(b)
This Guaranty shall inure to the benefit of and be enforceable by the Bank and its successors, assigns and Transferees.
Without limiting the foregoing, the Bank may make a Transfer of any and all of the Liabilities and Documents to any other Person
without notice to or the consent of any of the Guarantors, and the Transferee shall thereupon become vested with all of the Bank’s
rights in respect thereof. The Bank is authorized to disclose to any prospective or actual Transferee any information that the
Bank may have or acquire about any Obligated Party and any information about any other Person submitted to the Bank by or on behalf
of any Obligated Party. Each Guarantor waives all defenses (except such defenses as may be asserted against a holder in due course
of a negotiable instrument) which each Guarantor may have or acquire against any Transferee who receives a Transfer of this Guaranty,
or any complete or partial interest in it, for value, in good faith and without notice that it is overdue or has been dishonored
or of any defense against or claim to it on the part of any Person.

 

15.
Intentionally Omitted.

 

16.
Notices. All notices and other communications provided for hereunder shall be in writing and, if to the Guarantors,
mailed or faxed or delivered to the address set forth on the signature page below, and if to the Bank, mailed or delivered to 1177
Avenue of the Americas, New York, New York 10036, to the attention of the Department, or as to each party at such other address
as shall be designated by such party in a written notice to the other party or parties, as the case may be. All such notices and
other communications to the Guarantors shall be effective when deposited in the mail, sent by fax or delivered, addressed as aforesaid,
and all such notices and other communications to the Bank shall be effective when actually received by the Department.

 

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17.
Litigation. This Guaranty shall be governed by, and construed in accordance with, the laws of the State of
New York applicable to agreements made and to be performed in the State of New York without regard to conflict or choice of law
rules. Any legal action or proceeding with respect to this Guaranty may be brought in any court of record of the State of New York,
County of New York, or of the United States of America for the Southern District of New York. By execution and delivery of this
Guaranty, the Guarantors hereby accept, consent and submit to, generally and unconditionally, the jurisdiction of the aforesaid
courts over the Guarantors and their property. Each Guarantor agrees not to, and hereby irrevocably waives the right to, commence
a legal action or proceeding against the Bank in any jurisdiction worldwide other than the aforesaid courts, unless the Bank specifically
consents thereto in writing. In connection with any action or proceeding between any of the Guarantors and the Bank, each Guarantor
agrees not to, and hereby irrevocably waives the right to, interpose (i) any objection, including, without limitation, any objection
to the laying of venue or based on the grounds of forum non conveniens, which such Guarantor may now or hereafter have to the bringing
of any such action or proceeding in such jurisdiction and/or (ii) any claim for consequential, special or punitive damages and/or
(iii) any setoff, counterclaim or cross-claim. The Guarantors irrevocably consent to the service of process on each Guarantor in
any such action or proceeding by the mailing of copies thereof by certified or registered mail, postage prepaid, to the Guarantors
at the address set forth on the signature page below. Nothing herein shall affect the right of the Bank to serve process in any
other manner permitted by law or to commence any legal action or proceeding or otherwise proceed against any of the Guarantors
in any jurisdiction worldwide.

 

18.
Counterparts. This Guaranty may be signed in any number of counterparts. Any counterpart signed by any Guarantor
(a “Signing Guarantor”) shall constitute a full original Guaranty of such Guarantor for all purposes, regardless of
whether any counterpart is signed by any other Guarantor. Any reference herein to the execution of this Guaranty shall include
the execution of any counterpart. The obligations of any Signing Guarantor hereunder are not conditioned on any other Guarantor’s
execution of this Guaranty.

 

19.
Definitions. As used herein, the following terms have the meanings indicated:

 

Agent: any director, officer, employee,
agent or representative.

 

Additional Liabilities: The liabilities
under Sections 7 and 9.

 

Agreement: an agreement, commitment,
covenant, instrument, note, representation, understanding or warranty (including but not limited to any Commitment, Credit Support
or Document) given or made to or with any Person.

 

Applicable Interest Rate: the highest
lawful rate then permitted by applicable law in the State of New York, or if no such rate exists, the highest lawful rate permitted
under such other applicable law as the Bank may choose in its discretion.

 

Bank: Bank Hapoalim B.M.

 

Bankruptcy Code: the U.S. Bankruptcy
Code as in effect and as amended from time to time and any successor thereto.

 

Claim: any right of setoff, claim,
counterclaim or cross-claim of any Obligated Party against the Bank and/or any of its Agents.

 

Commitment: an Agreement, commitment
or obligation of the Bank, whether or not in writing, whether express or implied, and whether or not by operation of law, given
to any Person (including but not limited to any Obligated Party) to give or to continue any financial accommodations to any of
the Debtors or to change, alter, amend, modify, renew, extend the time of payment of, increase or decrease any of the Obligations.

 

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

 

Credit Enhancement: any Credit Support
with respect to any of the Obligations. Any reference herein to “any Credit Enhancement” shall be understood to include
but not be limited to this Guaranty.

 

Creditor: any Person to whom any
Guarantor owed or owes any Debt or otherwise was, became, is or becomes indebted, and any other creditor within the meaning under
or as defined in each respective Fraudulent Transfer Law.

 

Credit Support: any collateral,
security interest, mortgage, pledge, lien, security, margin, guaranty, insurance, letter of credit, indemnity, subordination, comfort
letter, risk participation, repurchase agreement, put, option, banker’s lien, setoff, right of offset or netting agreement,
or any Agreement pursuant to which a Person agrees to be contingently liable with respect to any Debt of any other Person or Persons,
or any other credit support with respect to any Debt of any Person or Persons.

 

Currency: the lawful currency of
any country or the eurocurrency.

 

Debt: an obligation of any sort
for the payment of money in any Currency in any jurisdiction worldwide, and however evidenced, whether (a) principal or otherwise,
(b) absolute or contingent, (c) secured or unsecured, (d) joint, several or independent, (e) now or hereafter existing, and (f)
created directly or acquired by Transfer or otherwise.

 

    	6

    	 

    

 

Debtor, Debtors: as specified
on the signature page below.

 

Defense: any fact or circumstance
(a) that may affect, suspend, impair, discharge, release, cancel, modify, limit or be a defense (including but not limited to any
suretyship defense) to any of the Liabilities of any Obligated Party or any Document or of any of the Bank’s rights or remedies
with respect thereto, or (b) that may bar enforcement thereof by the Bank.

 

Department: the department of the
Bank responsible for administering the Bank’s relationship with the Debtors with respect to the Obligations.

 

Document: an Agreement of any Obligated
Party relating to any of the Obligations and/or Liabilities. Any reference herein to “any Document” shall be understood
to include but not be limited to any Credit Enhancement.

 

Effective Revocation Time: the close
of business on the day that the Department receives written notice of revocation signed by any of the Guarantors.

 

Entity: any Person other than a
natural person.

 

Excluded Swap Obligations: with
respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guaranty hereunder of such Guarantor
of 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 Guarantor’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 guaranty of such Guarantor becomes effective with respect to such Swap
Obligation. 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 guaranty hereunder or security interest is
or becomes illegal.

 

Expenses: (a) except as set forth
in clause (b), all reasonable documented costs and expenses (including but not limited to reasonable fees and disbursements of
counsel) incurred by the Bank in connection with this Guaranty or any of the Liabilities including, but not limited to, (i) any
amendment, modification, extension or waiver with respect to any of the Liabilities, and/or (ii) any deduction, withholding, registration
tax, stamp tax or similar tax or duty applicable to any payment of any of the Liabilities. and (b) all documented costs and expenses
(including but not limited to reasonable fees and disbursements of counsel) incurred by the Bank in connection with the enforcement
of this Guaranty or any of the Liabilities including but not limited to those for (i) any action taken, whether or not by litigation,
to collect, or to protect rights or interests with respect to, any of the Liabilities, or to preserve, protect, secure, insure,
obtain or perfect any Credit Enhancement, (ii) compliance with any legal process or any order or directive of any governmental
authority with respect to any Obligated Party, and (ii) any litigation, arbitration or administrative proceeding relating to any
Obligated Party.

 

Fraudulent Transfer: a “fraudulent
transfer”, “fraudulent conveyance” or similar term within the meaning under or as defined in each respective
Fraudulent Transfer Law.

 

Fraudulent Transfer Law: the Bankruptcy
Code, the New York Debtor and Creditor Law, or the law of any jurisdiction (domestic or foreign) as in effect and as amended from
time to time and all successors thereto relating to fraudulent transfers, fraudulent conveyances and/or similar matters.

 

Guarantor, Guarantors: as
specified on the signature page below, and as further defined in Section 14(a).

 

Guaranty: this Guaranty.

 

Insolvent as to a Person: (a) insolvent
or (b) engaged or about to be engaged in a business or a transaction for which any property remaining with the Person is an unreasonably
small capital, or (c) intending to incur or believing that the Person will incur debts that would be beyond the Person’s
ability to pay as such debts mature, all within the meaning under or as defined in each Fraudulent Transfer Law.

 

Liabilities: (a) all Obligations
and (b) all obligations (including those incurred hereunder) of all Obligated Parties incurred directly or indirectly in respect
of any of the Obligations and/or in respect of any Document provided that the term Liabilities shall not include Excluded
Swap Obligations.

 

Nonprincipal Obligations: all Obligations,
whether interest, fees, expenses or otherwise, other than principal.

 

Nonrevocable Obligation: any Obligation
(including any extension or rollover thereof and any Nonprincipal Obligations accruing thereon after the Effective Revocation Time)
that (i) is, or (ii) relates to a contingent liability of the Bank or to a Commitment that in either case was, outstanding on or
prior to the Effective Revocation Time.

 

Obligated Party: (a) each Debtor;
(b) each Guarantor; (c) any other Person directly or contingently liable for any of the Obligations, including but not limited
to any maker, co-maker, endorser, accommodation party, guarantor, surety or indemnitor with respect to any of the Obligations;
(d) any Person providing or issuing any Credit Enhancement with respect to any of the Obligations; or (e) if any Obligated Party
is a partnership or joint venture, any general partner or joint venturer therein. Without limiting the foregoing, any reference
herein to “any Obligated Party” shall include but not be limited to all of the Debtors and all of the Guarantors, and
as to each Guarantor any reference herein to “any other Obligated Party” shall include but not be limited to all of
the Debtors and all of the Guarantors other than such Guarantor.

 

    	7

    	 

    

 

Obligation: any Debt of any Debtor
and of any successor, assign or Transferee thereof (including any successor of a Debtor that is a partnership or joint venture),
whether (a) due or to become due to, or held or to be held by, the Bank, and (b) for the Bank’s own account or as agent for
another or others provided that the term Obligation shall not include Excluded Swap Obligations..

 

Person: any natural person, firm,
partnership, joint venture, company, corporation, limited liability company, unincorporated organization or association, trust,
estate, governmental authority or any other entity. Without limiting the foregoing, any reference herein to “any Person”
shall include but not be limited to any Obligated Party, and as to each Guarantor any reference herein to “any other Person”
shall include but not be limited to any other Obligated Party.

 

Reasonably Equivalent Value: “reasonably
equivalent value”, “fair consideration” or similar term within the meaning under or as defined in each respective
Fraudulent Transfer Law.

 

Subrogation Rights: all legal and
equitable rights and claims arising from the existence or performance of this Guaranty that any of the Guarantors may now or hereafter
have, including without limitation all rights of subrogation, indemnity, reimbursement, exoneration and/or contribution, and including
without limitation any such right or claim against or with respect to any property (including without limitation any Credit Enhancement)
of any Obligated Party.

 

Swap Obligation: with respect to
any Guarantor, 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.

 

Transfer: any negotiation, assignment,
participation, conveyance, grant of security interest, lease, delegation, or any other direct or indirect transfer of complete
or partial, legal, beneficial, economic or other interest or obligation.

 

Transferee: any Person to whom a
Transfer is made.

 

    	8

    	 

    

 

SIGNATURE PAGE

 

Each of the Guarantors makes this Guaranty
in favor of the Bank, and each agrees to be bound jointly and severally by the terms and conditions of this Guaranty, both the
general terms and conditions set forth above and the specific terms and conditions set forth below.

 

a)
          Debtor(s) [print full name(s)]:

 

JR Licensing, LLC

 

 

 

  

b)        
Type of Guaranty:

 

x
Unlimited

 

 ̈
Limited as to the aggregate principal sum of $, plus a prorated amount of the Nonprincipal Obligations.

 

c)
         OPPORTUNITY
TO CONSULT WITH COUNSEL. Each Guarantor acknowledges having had the
opportunity to consult with legal counsel prior to executing this Guaranty.

 

d)
         JURY TRIAL WAIVER. Both the Bank and the Guarantors waive and
give up the right to a jury trial with respect to any dispute, action or proceeding relating to this Guaranty or any of the Obligations
or Liabilities; any legal action or proceeding relating to this Guaranty or any of the Obligations or Liabilities shall take place
without a jury.

 

Date: April 1, 2014

 

SIGNATURE PAGE TO

GUARANTY

 

    	 

    	 

    

 

SIGNATURE(S) AND IDENTIFICATION:

 

	 	XCEL BRANDS, INC.
	 	 
	 	By: 	/s/ James Haran
	 	Print Name: 	James Haran
	 	Title: 	CFO

 

Guarantors’ address and fax number
for purposes of notice:

 

Address:

475 Tenth Avenue

New York, New York 10018

 

	Fax:	(347) 727-2481	 
	 	 	 
	Email:	Jharan@xcelbrands.com	 

 

SIGNATURE PAGE TO

GUARANTYExecution Version

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is made as of April 1, 2014 by and between Xcel Brands, Inc. a Delaware corporation (the
“Company”), and Judith Ripka Berk (the “Executive”), each a “Party” and
collectively the “Parties.” Unless otherwise indicated, capitalized terms used herein are defined in Section
2.1. Capitalized terms used herein but not defined herein shall have the meanings ascribed thereto in the Purchase Agreement
(as hereafter defined).

 

WHEREAS, the Company
has determined that it is in the best interests of the Company and its shareholders to enter into an employment agreement with
the Executive and the Executive is willing to serve as an employee of the Company.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, as defined below, it is agreed by and between the Executive
and the Company as follows:

 

ARTICLE I

EMPLOYMENT TERMS

 

1.1         Employment.
The Company will employ the Executive, and the Executive accepts employment with the Company, upon the terms and conditions set
forth in this Agreement for the period beginning on the Effective Date and ending as provided in Section 1.4(a) hereof.

 

1.2         Position
and Duties.

 

(a)
 Generally. The Executive shall: 

 

(i)          serve
as the Chief Design Officer of the JR Brands, and in such capacity shall be responsible for providing design input, design sketches,
and design guidance to the President and/or Creative Director of JR Brands, shall perform such duties as are customarily performed
by an officer with similar title and responsibilities of a company of a similar size (including, without limitation, the performance
of Executive’s duties and obligations under agreements with the Company’s licensees or any other third-party pursuant
to which Executive has agreed to, and is obligated to, perform personal services, including QVC) and shall have such power and
authority as shall reasonably be required to enable her to perform her duties hereunder; provided, however, that in exercising
such power and authority and performing such duties, she shall (x) at all times be subject to the authority, control and direction
of the Chairman and CEO of the Company and (y) abide by the Media and Press Guidelines attached hereto as Exhibit B;

 

(ii)         make
such In-Store Appearances during normal retail business hours to promote the JR Brands as reasonably requested in advance in writing
by the Company within the United States and Canada;

 

(iii)        promote
JR Brands through social media, television media, and other media as reasonably requested by the Company in a manner consistent
with Executive’s obligations under the QVC Agreement; provided that the Executive shall not be required to make television
appearances except as contemplated by clauses (iv) and (v) below; 

 

    	 

    	 

    

 

(iv)         make
at least eighty percent (80%) of all Appearances on QVC between 10:00 a.m. and 1:00 a.m. New York time (the “Prime Hours”)
in accordance with the License Agreement dated April 3, 2014 by and among the Company, JR Licensing, LLC, QVC, Inc., and Executive
related to the JR Brands (the “QVC Agreement); provided, however, in no event shall the number of Appearances required during
the third year of the Term or thereafter be materially increased from the second year of the Term as currently specified in the
QVC Agreement; and

 

(v)          make
prime time appearances on The Shopping Channel in Canada as reasonably requested by the Company, provided that Executive shall
not be obligated to travel to Canada more than three times per calendar year, with each trip to Canada requiring not more than
12-14 hours of on-air time over a one to two day period.

 

(b) Duties
and Responsibilities. The Executive shall report exclusively to the Chairman and CEO or the Chief Operating Officer of the
Company and shall devote her full business time and attention to the business and affairs of the Company and its Subsidiaries.
The Executive shall perform her duties and responsibilities in a diligent, trustworthy, businesslike and efficient manner. The
Executive shall not engage in any other business activities that conflict with the Executive’s duties, responsibilities and
obligations hereunder; provided, however, that, it shall not be a violation of this Agreement for the Executive to (i) serve on
corporate, civic or charitable boards or committees, (ii) manage passive personal investments, (iii) undertake the business contemplated
by the Wholesale License, (iv) sell or distribute Inventory as contemplated by Section 6.11 of the Purchase Agreement, and (v)
exercise the Retained Media Rights, so long as, in each case, any such activities do not materially interfere with the performance
of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement. Notwithstanding anything
to the contrary contained in this Agreement, Executive’s primary business focus must be with respect to her obligations hereunder.
Subject to the Retained Media Rights and the rights of Executive to undertake the business contemplated by the Wholesale License,
during the Term, the Executive shall promptly bring to the Company all investment or business opportunities and creative design
ideas relating to the JR Business, of which the Executive becomes aware. 

 

(c)  Principal
Office. The principal place of performance by the Executive of her duties hereunder shall be at her residence in Florida, although
the Executive may be required to travel, upon reasonable advance notice to the Company’s principal executive offices in New
York City or otherwise in connection with the business of the Company. Such travel costs shall be reimbursed as set forth in Section
1.3(d).

 

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1.3           Compensation.

 

(a)           Base
Salary. The Executive’s base salary shall be not less than $750,000 per annum following the Effective Date (respectively,
the “Base Salary”). The Base Salary will be payable to the Executive by the Company in regular installments
in accordance with the Company’s general payroll practices. The Executive shall receive such increases (but not decreases)
in her Base Salary as the Board of Directors of the Company (the “Board”), or the compensation committee of
the Board, may approve in its sole discretion from time to time. 

 

(b)  Bonus.

 

(i)          In
the event that the DRT Royalty Income exceeds Six Million Dollars ($6,000,000) in any calendar year during the Term, the Executive
shall be entitled to a bonus (in each case, a “DRT Bonus”) equal to ten percent (10%) of the DRT Royalty Income
in such calendar year in excess of Six Million Dollars ($6,000,000), which amount of DRT Royalty Income shall be pro-rated during
any year of the term in which the Executive is employed for less than a full year (e.g., the first and last year of the term).
Notwithstanding the foregoing, if in such calendar year Executive did not make at least eighty percent (80%) of all Prime Hours
Appearances on QVC in accordance with the QVC Agreement, DRT Royalty Income shall be calculated based solely on Net Royalty Income
booked by the Company in connection with those Appearances made by the Executive in such calendar year.

 

(ii)         As
soon as practicable after the end of the applicable calendar year, but in no event later than thirty (30) days following the end
of such period, the Company shall deliver to the Executive (i) a statement prepared by the Company of the calculation of the amount
of the DRT Royalty Income and DRT Bonus; and (ii) if requested by Executive, supporting documentation of the determination of DRT
Royalty Income for the applicable period (collectively, (i) and (ii), the “Reconciliation”). The Executive shall,
within five (5) days following her receipt of the Reconciliation, accept or reject the Reconciliation submitted by the Company.
If the Executive disagrees with such calculation, it shall give written notice to the Company of such disagreement and any reason
therefor (the "Notice of Disagreement") within such five (5) day period. Should the Executive fail to provide
the Company with a Notice of Disagreement within such five (5) day period, the Executive shall be deemed to agree with the Company’s
Reconciliation. During the ten (10) days immediately following the delivery of a Notice of Disagreement (or such longer period
agreed by the parties), the Executive and the Company shall seek in good faith to resolve in writing any differences which they
may have with respect to the matters specified in such Notice of Disagreement. If such differences have not been resolved by the
end of such ten (10)-day period (or such longer period agreed by the Parties), the Executive and the Company shall submit to the
New York office of a nationally recognized firm of certified public accounts mutually agreeable to the parties and which has certified
that it has no business dealings with either party or any of its Affiliates (the "Arbitrator") for review and
resolution of any and all matters which remain in dispute and which were included in any Notice of Disagreement. The Arbitrator
shall act as an arbitrator and shall deliver to Executive and the Company a written determination as to the Reconciliation (such
amounts to be calculated in accordance with GAAP, and such determination to include a work sheet setting forth all material calculations
used in arriving at such determination), within thirty (30) days after such dispute is referred to the Arbitrator. The Executive
on the one hand, and the Company on the other hand, shall bear all costs and expenses incurred by it in connection with such arbitration,
except that the fees and expenses of the Arbitrator hereunder shall be borne by the Executive and the Company in such proportion
as the Arbitrator shall determine based on the relative merit of the position of the parties. This provision for arbitration shall
be specifically enforceable by the Parties and the decision of the Arbitrator in accordance with the provisions hereof shall be
final and binding with respect to the matters so arbitrated and there shall be no right of appeal therefrom, absent manifest error
by the Arbitrator. 

 

    	3

    	 

    

 

(iii)        Subject
to adjustment as provided in the preceding sentences, the DRT Bonus, if any, as initially calculated by the Company, shall be paid
to the Executive not later than five (5) days after the Company’s initial delivery of the Reconciliation, but
in no event later than March 15th of the calendar year following the applicable calendar year, except to the extent the Executive
timely provides the Company with a Notice of Disagreement and the subject of such Notice of Disagreement is not resolved prior
to March 15th of the calendar year following the applicable calendar year, in which case the DRT Bonus initially calculated by
the Company as stated in the Reconciliation shall be paid prior to March 15 of such calendar year, and in the event the amount
finally determined as the DRT Bonus is greater than the DRT Bonus initially calculated by the Company as stated in the Reconciliation,
such excess shall be paid to Executive within five (5) days following the final determination of the DRT Bonus. 

 

In addition to, and not in lieu of, the foregoing, the Executive
shall have the right to participate in all employee bonus plans offered to other employees without regard to the DRT Bonus, and
such other bonus payments as the Board, or the compensation committee of the Board, may approve in its sole discretion. Such bonus
payments, if any, shall be paid at the same time paid to other recipients but in no event later than sixty (60) days after the
end of the applicable calendar year or fiscal period. All bonuses payable under this Section 1.3(b) shall be, collectively,
referred to herein as “Bonus.”

 

(c)  Withholding.
All payments made under this Agreement (including Base Salary, Bonus payments, and other amounts) shall be subject to withholding
for income taxes, payroll taxes and other legally required deductions.

 

(d)  Expenses.
The Company will reimburse the Executive for all reasonable expenses incurred by her in the course of performing her duties under
this Agreement that are consistent with the Company’s policies in effect at that time with respect to travel, entertainment
and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses.
Notwithstanding any Company policy to the contrary, such travel expenses shall include business class airfare (or, to the extent
not offered, first class) and first class accommodations of her choice (provided such accommodations do not exceed $600 per night),
except that no expenses shall be reimbursed for (x) travel (exclusive of accommodations) between Executive’s residence and
QVC’s offices in Pennsylvania, or (y) travel (exclusive of accommodations) between the Company’s principal offices
in New York City and QVC’s offices in Pennsylvania. In addition, expenses for travel between Executive’s residence
in Florida and the Company’s principal offices in New York City shall only be reimbursed to the extent that (A) Executive
has not already planned to be in New York City on the specific dates that the Company requests her to go to New York City, (B)
such trip does not coincide with a planned trip to QVC’s offices in Pennsylvania, and (C) Executive has already traveled
to New York upon the Company’s request other than under the circumstances described in (A) or (B) at least one time in the
calendar month in which such travel is proposed by the Company to take place. All expense reimbursement payments for documented
expenses shall be made in accordance with the Company expense reimbursement policy. In addition, the Company shall reimburse the
Executive (i) for up to $114,000 of non-accountable expenses incurred during each calendar year (pro-rated for any partial calendar
year during the Term) and (ii) $1,000 per month for rent of Executive’s home office, in either case, without regard to whether
such expenses would be reimbursable under the Company’s expense reimbursement policy. Executive shall notify the Company
of all non-accountable expenses no later than January 15 of the year following the calendar year in which such expenses were incurred.
All expense reimbursement payments for non-accountable expenses shall be made within thirty (30) days after the date that the Executive
notifies the Company of such expense.

 

    	4

    	 

    

 

(e)  Vacation;
Holiday Pay and Sick Leave. The Executive shall be entitled to four (4) weeks’ paid vacation in each calendar year, which
if and to the extent not taken during any year may be carried forward to any subsequent year. Executive shall receive holiday pay
and paid sick leave as provided to other executive employees of the Company. 

 

(f)   Additional
Benefits. During the Term, the Executive shall be entitled to participate (for herself and, as applicable, her dependents)
in the group medical, life, 401(k) and other insurance programs, equity and equity-based incentive plans, employee benefit plans
and perquisites which may be adopted by the Board, or the compensation committee of the Board, from time to time, for participation
by the Company’s senior management or executives, as well as dental, life and disability insurance coverage, with payment
of, or reimbursement for, such insurance premiums by the Company, subject to, in all cases, the terms and conditions established
by the Board with respect to such plans (collectively, the “Benefits”); provided, however, that
the Board, in its reasonable discretion, may revise the terms of any Benefits so long as such revision does not have a disproportionately
negative impact on the Executive vis-à-vis other Company employees to the extent applicable.

 

(g)  Indemnification.
The Executive shall be entitled to indemnification by the Company in the same circumstances and to the same extent as the other
executive officers and directors of the Company, which indemnification shall in no event be less favorable to the Executive than
the fullest scope of indemnification permitted by applicable Delaware law (or any such greater scope of indemnification provided
by agreement or by the terms of the Company’s Certificate of Incorporation or By-Laws to any executive officer or director
of the Company).

 

(h)  D&O
Insurance. The Company shall acquire and maintain Directors’ and Officers’ insurance for the Company’s directors
and officers (including the Executive), with coverage in amounts reasonably sufficient to protect the Company’s directors
and officers, but in all events with coverage in amounts no less than such amounts customarily maintained by similarly situated
companies. Upon a Change of Control, the Company shall purchase, or cause to be purchased, a tail policy for the period of one
year in an amount reasonably sufficient to protect the Company’s former directors and officers, but in all events with coverage
in amounts no less than such amounts obtained by similarly situated companies in similar events.

 

    	5

    	 

    

 

(i)   Other
Benefits. During the Term, the Company shall (i) employ a full-time executive assistant for Executive whose salary shall be
consistent with other staff of the Company at a similar level and position, (ii) allow the Executive to participate in the Company’s
disability insurance policy (the “Disability Policy”), which shall name the Executive as loss payee; and (ii)
pay for directly, or reimburse the Executive, for the Executive’s cell phone and internet expenses, which reimbursements
shall be independent of the amounts provided for in Section 1.3(d).

 

1.4           Term
and Termination.

 

(a)  Duration.
The Term shall commence on the Effective Date and the initial term shall terminate three (3) years from the Effective Date (the
“Initial Term”), unless earlier terminated by the Company or the Executive as set forth in this Section 1.4.
After the Initial Term, the Company shall have the option to renew this Agreement for two successive one-year periods (each a “Renewal
Period”) on the same terms and conditions as those in effect during the third year of the Initial Term. The Initial Term
plus any Renewal Period is referred to herein as the “Term”.  The Executive’s employment shall
be terminated prior to the then-applicable expiration of the Term upon the first to occur of (i) termination of the Executive’s
employment by the Company for Cause, (ii) termination of the Executive’s employment by the Company without Cause, (iii) the
Executive’s resignation with Good Reason, (iv) the Executive’s resignation other than for Good Reason, or (v) the Executive’s
death or Disability. Neither the Company nor the Executive shall terminate the Executive’s employment, with or without Good
Reason or Cause, as the case may be, unless written notice is given that she or it intends to terminate the Executive’s employment
at least 30 days prior to the Executive’s proposed Termination Date. As a condition to Executive receiving any payments or
benefits under Section 1.4(b)(2) and (3) or Section 1.4(c) (but not amounts payable pursuant to Section
1.4(b)(1)), the Executive shall execute and deliver to the Company the General Release of claims relating solely to the Executive’s
employment with the Company within 60 days after the Termination Date in the form attached hereto as Exhibit A. If the Executive
does not execute and deliver the General Release within that time period then the amounts otherwise payable pursuant to Section
1.4(b)(2) shall be forfeited. The first payment under Section 1.4(b) shall include any amounts payable under Section
1.4(b) for periods prior to execution of such General Release.

 

    	6

    	 

    

 

(b)  Severance
Upon Termination Without Cause or Upon Resignation by the Executive For Good Reason. If the Executive’s employment is
terminated by the Company without Cause prior to the end of the Initial Term or any Renewal Term (unless the Company provides written
notice of its intention not to renew in accordance with Section 1.4(a) above) or if the Executive resigns for Good Reason, then
the Executive will be entitled to receive (1) any unpaid Base Salary through and including the date of termination or resignation
and any other amounts, including any amounts due for Bonus and unreimbursed expenses or other entitlements required to be paid
to the Executive with respect to periods ending on or prior to the Termination Date; (2) an amount equal to the Executive’s
Base Salary (at the rate that would have been effect pursuant to Section 1.3(a) had such employment not been terminated)
for the longer of (x) six (6) months from the Termination Date, and (y) the remainder of the then-current Term, but in no event
exceeding eighteen (18) months as the case may be, the “Severance Period”), payable in substantially equal installments
over the Severance Period in accordance with the Company’s normal payroll practices; provided, however, that
prior to the date that is six months and one day after the Termination Date, no payments would be made that exceed the lesser of
two times: (i) the sum of (A) the Executive’s Base Salary (at the rate in effect on the date of termination), (B)
the Bonus paid to Executive  pursuant to Section 1.3(b) in the prior calendar year, and (C) any other taxable compensation
paid to the Executive in the prior calendar year; or (ii) the maximum amount that may be taken into account under a qualified plan
pursuant to section 401(a)(17) for the year in which the Executive has a termination of employment; and any amount in excess
of the applicable limits shall be paid on the date that is six months and one day after the Termination Date; and (3) continue
to participate in the Company’s group medical plan on the same basis as she previously participated or, if such participation
would violate the provisions of Section 409A of the Code or applicable nondiscrimination regulations under the Patient Protection
and Affordable Care Act (PPACA), receive reimbursement for, COBRA premiums (or, if COBRA coverage is not available, reimbursement
of premiums paid for other medical insurance in an amount not to exceed the COBRA premium) for the Severance Period; provided that
if the Executive is provided with health insurance coverage by a successor employer, any such coverage by the Company under subclause
(3) shall cease (each of (1), (2) and (3) referred to as the “Severance Payment”). The Executive also shall
be entitled to receive payment for (i) all reimbursable expenses or other entitlements then required to be paid to the Executive
with respect to periods ending on or prior to the Termination Date under Section 1.3(d) (other than non-accountable expenses
which shall be reimbursed pursuant to clause (ii) below), which payments shall be made in accordance with the Company expense reimbursement
policy; provided, however, in no event shall any expense reimbursements by the Company be made later than the last day of the calendar
year after the calendar year in which the expense was incurred, and (ii) all non-accountable expenses incurred prior to the Termination
Date that are reimbursable under Section 1.3(d), which payments shall be made in accordance with the terms of Section
1.3(d). If the Executive materially breaches her obligations under Section 1.5, 1.6, 1.7, 1.8 or
1.9 of this Agreement, the Company’s obligation to make any Severance Payments and provide any Benefits shall cease
as of the date of such breach; provided, that if the Executive cures such breach within 10 days of receiving written notice from
the Company of such breach (which notice the Company shall provide promptly to the Executive after learning of such breach), the
Company shall promptly pay all Severance Payments not made during such period of dispute and resume making Severance Payments and
providing Benefits promptly following such cure.

 

(c)  Severance
upon a Change of Control. Anything contained herein to the contrary notwithstanding, in the event the Executive’s employment
hereunder is terminated within six (6) months following a Change of Control by the Company without Cause or by the Executive with
Good Reason, the Executive shall be entitled to the Severance Payment as described in sub-section (b) above; provided, however,
that in lieu of the calculation contained in Section 1.4(b)(2), Executive shall be entitled to receive a lump sum amount
within 60 days after the Termination Date equal to two times the sum of (i) the Executive’s Base Salary (at the average rate
that would have been effect pursuant to Section 1.3(a) during the two years following the Termination Date) and (ii) the
Bonus paid or due to the Executive pursuant to Section 1.3(b) in the year prior to such Change of Control, if any; provided, however,
that prior to the date that is six months and one day after the Termination Date, no payment would be made that exceeds the lesser
of two times: (i) the sum of (A) the Executive’s Base Salary (at the rate in effect on the date of termination), (B)
the Bonus paid to Executive  pursuant to Section 1.3(b) in the prior calendar year, and (C) any other taxable compensation
paid to the Executive in the prior calendar year, or (ii) the maximum amount that may be taken into account under a qualified plan
pursuant to Section 401(a)(17) of the Code for the year in which the Executive has a termination of employment, and any amount
in excess of such limits shall be paid on the date that is six months and one day after the Termination Date. 

 

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(d)  Death
and Disability. In the event the Company terminates this Agreement due to the death or Disability of the Executive, the Company
shall pay the Executive her Base Salary through the date of termination, at the rate then in effect, and all expenses or accrued
Benefits arising prior to such termination which are payable to the Executive pursuant to this Agreement through the date of termination.
Any other rights and benefits the Executive may have under employee benefit plans and programs of the Company generally in the
event of the Executive’s death or Disability shall be determined in accordance with the terms of such plans and programs.
In the event of Executive’s death, any rights and benefits that the Executive’s estate or any other person may have
under employee benefit plans and programs of the Company generally in the event of the Executive’s death shall be determined
in accordance with the terms of such plans and programs.

 

(e)   Salary
and Other Payments Through Termination. If the Executive’s employment with the Company is terminated during the Term
(i) by the Company for Cause or (ii) by the Executive other than for Good Reason, the Executive will be entitled to receive her
Base Salary through the Termination Date, but will not be entitled to receive any Severance Payments or Benefits after the Termination
Date. The Executive shall also be entitled to receive payment for (i) all reimbursable expenses or other entitlements required
to be paid to the Executive with respect to periods ending on or prior to the Termination Date under Section 1.3(d) (other
than non-accountable expenses which shall be reimbursed pursuant to clause (ii) below), which payments shall be made in accordance
with the Company expense reimbursement policy; provided, however, in no event shall any expense reimbursements by
the Company be made later than the last day of the calendar year after the calendar year in which the expense was incurred, and
(ii) all non-accountable expenses incurred prior to the Termination Date that are reimbursable under Section 1.3(d), which
payments shall be made in accordance with the terms of Section 1.3(d).

 

(f)   Other
Rights. Except as set forth in this Section 1.4, all of the Executive’s rights to receive Base Salary, Benefits
and annual bonuses hereunder (if any) which accrue or become payable after the termination of the Executive’s employment
shall cease upon such termination.

 

(g)  Continuing
Benefits. Notwithstanding Section 1.4(f), termination pursuant to this Section 1.4 shall not modify or affect in any
way whatsoever any vested right of the Executive to benefits payable under any retirement or pension plan or under any other employee
benefit plan of the Company, and all such benefits shall continue, in accordance with, and subject to, the terms and conditions
of such plans, to be payable in full to, or on account of, the Executive after such termination.

 

(h)  No
Duty of Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Article
I by seeking other employment or otherwise; provided that in the event the Executive obtains any employment during the
Severance Period, the amount of Severance Payments payable by the Company during the Severance Period and following the date Executive
begins such employment shall be reduced by the cash compensation received by Executive in connection with such employment during
the remainder of the Severance Period. For the sake of clarity, amounts received by Executive through the exercise of the Retained
Media Rights or in connection with the Wholesale License shall not be deducted from any Severance Payments payable hereunder. 

 

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(i)   nor
shall the amount of any payment or benefit provided for under Article I be reduced by any compensation earned by Executive
after the Termination Date.

 

(i)          Acceleration
of Vesting. If the Company shall terminate the Executive’s employment without Cause or the Executive terminates her employment
with Good Reason, then notwithstanding the vesting and exercisability schedule in any stock option or other grant agreement between
the Company and the Executive, all unvested stock options, shares of restricted stock and other equity awards granted by the Company
to the Executive pursuant to any such agreement shall immediately vest, and all such stock options shall become exercisable and
shall remain exercisable for the remaining term of the applicable option. In the event of conflict between any stock option or
other grant agreement between the Company and the Executive and this Agreement, this Agreement shall control.

 

1.5           Confidential
Information.

 

(a)  The
Executive shall not disclose or, directly or indirectly, use at any time, during the Term or thereafter, any Confidential Information
(as defined below) of which the Executive is or becomes aware, whether or not such information is developed by her, alone or with
others, except to the extent that (i) such disclosure or use is required by the Executive’s performance of the duties assigned
to the Executive by the Board, (ii) the Executive is required by subpoena or similar process to disclose or discuss any Confidential
Information, provided, that in such case, the Executive shall promptly inform the Company in writing of such event, shall reasonably
cooperate with the Company in attempting to obtain a protective order or to otherwise limit or restrict such disclosure to the
greatest extent possible, and shall disclose only that portion of the Confidential Information as is strictly required, or (iii)
such Confidential Information is or becomes generally known to and available for use by the public, other than as a result of any
action or inaction directly or indirectly by the Executive; provided that Executive may use Seller Information in connection
with business contemplated by the Wholesale License, the sale or distribution of Inventory as contemplated by Section 6.11 of the
Purchase Agreement, and the exercise of the Retained Media Rights, in each case, so long as such use is not tantamount to disclosure.
At the Company’s expense, the Executive shall take all reasonable steps to safeguard Confidential Information in her possession
and to protect it against disclosure, misuse, espionage, loss and theft. The Executive acknowledges that the Confidential Information
obtained by her during the course of her employment with the Company is the sole and exclusive property of the Company and its
Subsidiaries, as applicable.

 

(b)  The
Executive understands that the Company and its Subsidiaries will receive from third parties confidential or proprietary information
(“Third Party Information”) subject to a duty on the part of the Company and its Subsidiaries to maintain the
confidentiality of such information and to use it only for certain limited purposes. During the Term and in the period specified
in such confidentiality agreements, and without in any way limiting the provisions of Section 1.5(a) above, the Executive will
hold Third Party Information in confidence, consistent with the obligations applicable to Confidential Information of the Company
generally, and will not disclose to anyone (other than personnel and agents of the Company or its Subsidiaries who need to know
such information in connection with their work for the Company or its Subsidiaries) or use, except in connection with her work
for the Company or its Subsidiaries, Third Party Information unless expressly authorized by the Board in writing.

 

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(c)  As
used in this Agreement, the term “Confidential Information” means information that is not generally known to
the public and that is related in any way to the actual or anticipated business of the Company, its Subsidiaries, its Affiliates
or any of their respective predecessors in interest, including but not limited to (i) business development, growth and other strategic
business plans, (ii) properties available for acquisition, financing development or sale, (iii) accounting and business methods,
(iv) services or products and the marketing of such services and products, (v) fees, costs and pricing structures, (vi) designs,
(vii) analysis, (viii) drawings, photographs and reports, (ix) computer software, including operating systems, applications and
program listings, (x) flow charts, manuals and documentation, (xi) data bases, (xii) inventions, devices, new developments, methods
and processes, whether patentable or unpatentable and whether or not reduced to practice, (xiii) copyrightable works, (xiv) all
technology and trade secrets, (xv) confidential terms of material agreements and customer relationships, and (xvi) all similar
and related information in whatever form or medium. Confidential Information shall not include any information that has become
generally available to the public prior to the date the Executive proposes to disclose or use such information or general know-how
of the Executive. 

 

1.6           Inventions
and Patents. Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments,
products, methods, processes, techniques, programs, designs, analyses, drawings, reports, patents, copyrightable works and mask
works (whether or not including any Confidential Information) and all issuances, registrations or applications related thereto,
all other proprietary information or intellectual property and all similar or related information (whether or not patentable)(collectively,
“Intellectual Property”) conceived, developed, contributed to, made, or reduced to practice by Executive (either
alone or with others) while employed by Company or any of its Subsidiaries or Affiliates or using the materials, facilities or
resources of the Company or any of its Subsidiaries or Affiliates, other than the Retained Media Rights (collectively, “Company
Works”) are the sole and exclusive property of the Company and its Subsidiaries. Executive hereby assigns all right,
title and interest in and to all Company Works to the Company and its Subsidiaries and waives any moral rights she may have therein,
without further obligation or consideration. Any copyrightable work constituting Company Works prepared in whole or in part by
the Executive will be deemed “a work made for hire” under Section 201(b) of the 1976 Copyright Act, and the Company
and its Subsidiaries shall own all of the rights comprised in the copyright therein. The Executive shall promptly and fully disclose
in writing all Company Works to the Company and shall cooperate with the Company and its Subsidiaries to protect, maintain and
enforce the Company’s and its Subsidiaries’ interests in and rights to such Company Works (including, without limitation,
providing reasonable assistance in securing patent protection and copyright registrations and executing all affidavits, assignments,
powers-of-attorney and other documents as reasonably requested by the Company, whether such requests occur prior to or after termination
of the Executive’s employment with the Company).

 

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1.7           Delivery
of Materials Upon Termination of Employment. As requested by the Company from time to time and in any event upon the termination
of the Executive’s employment with the Company, the Executive shall promptly deliver to the Company, or at the Company’s
election destroy, all copies and embodiments, in whatever form or medium, of all Confidential Information, Company Works and other
property and assets of the Company and its Subsidiaries in the Executive’s possession or within her control (including, but
not limited to, office keys, access cards, written records, notes, photographs, manuals, notebooks, documentation, program listings,
flow charts, magnetic media, disks, diskettes, tapes, computers and handheld devices (including all software, files and documents
thereon) and any other materials containing any Confidential Information or Company Works) irrespective of the location or form
of such material and, if requested by the Company, shall provide the Company with written confirmation that all such materials
have been delivered to the Company or destroyed, as applicable. Notwithstanding the foregoing, Executive shall be entitled to retain
all information related to the Acquired Assets and the Business as conducted prior to the Closing Date (each as defined in the
Purchase Agreement) to the extent Sellers are permitted to retain such materials pursuant to the Purchase Agreement; provided
that such information shall remain subject to the confidentiality provisions of the Purchase Agreement.

 

1.8           Non-Compete
and Non-Solicitation Covenants.

 

(a)  The
Executive acknowledges and agrees that the Executive’s services to the Company and its Subsidiaries are unique in nature
and that the Company and its Subsidiaries would be irreparably damaged if the Executive were to violate her obligations under this
Section 1.8. The Executive further acknowledges that, in the course of her employment with the Company, she will become
familiar with the Company’s and its Subsidiaries’ trade secrets and with other Confidential Information. During the
Term, she shall not, directly or indirectly, whether for herself or for any other Person, permit her name to be used by or participate
in any business or enterprise (including, without limitation, any division, group or franchise of a larger organization) that engages
or proposes to engage in the Business in the Restricted Territories, other than the Company and its Subsidiaries or except as otherwise
directed or authorized by the Board. During the one year period following the Termination Date, unless the Executive’s employment
hereunder was terminated without Cause or was terminated by the Executive for Good Reason, the Executive shall not, directly or
indirectly, whether for herself or for any other Person, permit her name to be used by or participate in any business or enterprise
(including, without limitation, any division, group or franchise of a larger organization) that engages or proposes to engage in
the JR Business in the Restricted Territories, other than the Company and its Subsidiaries or except as otherwise directed or authorized
by the Board. For purposes of this Agreement, the term “participate in” shall include, without limitation, having any
direct or indirect interest in any Person, whether as a sole proprietor, owner, stockholder, partner, member, joint venturer, creditor
or otherwise, or rendering any direct or indirect service or assistance to any Person (whether as a director, officer, supervisor,
employee, agent, consultant or otherwise). Notwithstanding anything to the contrary contained herein, Executive shall be permitted
to (i) enter into the Wholesale License Agreement and perform the obligations and conduct the business as contemplated thereby,
provided the performance of such obligations do not interfere with Executive’s obligations under this Agreement; (ii) dispose
of Inventory in accordance with Section 6.11 of the Purchase Agreement; (iii) exercise the Retained Media Rights in accordance
with the Purchase Agreement and (iv) sell fine art, provided that (A) such art is defined as art or sculpture sold through a bona
fide gallery and (B) any marketing or promotion of the art using the Acquired Assets shall be subject to the approval of the Company
(such approval not to be unreasonably withheld). In addition, nothing herein will prohibit the Executive from mere passive ownership
of not more than ten percent (10%) of the outstanding stock of any class of a publicly held corporation whose stock is traded on
a national securities exchange or in the over-the-counter market. As used herein, the phrase “mere passive ownership”
shall include voting or otherwise granting any consents or approvals required to be obtained from such Person as an owner of stock
or other ownership interests in any entity pursuant to the charter or other organizational documents of such entity, but shall
not include, without limitation, any involvement in the day-to-day operations of such Person. 

 

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(b)  During
the Nonsolicitation Period, the Executive will not directly, or indirectly through another Person, solicit, induce or attempt to
induce any customer, supplier, licensee, or other business relation of the Company or any of its Subsidiaries to cease doing business
with the Company or any of its Subsidiaries, or solicit, induce or attempt to induce any person who is, or was during the then-most
recent 12-month period prior to the Termination Date, a corporate officer, general manager or other employee of the Company or
any of its Subsidiaries to terminate such employee’s employment with the Company or any of its Subsidiaries, or hire any
such person unless such person’s employment was terminated by the Company or any of its Subsidiaries, or in any way interfere
with the relationship between any such customer, supplier, licensee, employee or business relation and the Company or any of its
Subsidiaries. The Executive acknowledges and agrees that the Company and its Subsidiaries would be irreparably damaged if the Executive
were to breach any of the provisions contained in this Section 1.8(b).

 

(c)  Executive
acknowledges that this Agreement, and specifically, this Section 1.8, does not preclude Executive from earning a livelihood,
nor does it unreasonably impose limitations on Executive’s ability to earn a living. In addition, Executive agrees and acknowledges
that the potential harm to the Company of its non-enforcement outweighs any harm to Executive of its enforcement by injunction
or otherwise.

 

1.9           Enforcement.
If, at the time of enforcement of Section 1.5, 1.6, 1.7, 1.8 or 1.10, a court holds that the restrictions
stated herein are unreasonable under circumstances then existing, the Parties agree that, to the extent permitted by applicable
law, the maximum period, scope or geographical area reasonable under such circumstances will be substituted for the period, scope
or area. Because the Executive’s services are unique and because the Executive has access to Confidential Information and
Company Works, the Parties agree that money damages would be an inadequate remedy for any breach of Section 1.5, 1.6,
1.7, 1.8 or 1.10. Therefore, in the event of a breach or threatened breach of Section 1.5, 1.6, 1.7,
1.8 or 1.10, the Company or any of its Subsidiaries or any of their respective successors or assigns may, in addition
to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or
injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or
other security). The Parties hereby acknowledge and agree that (a) performance of the services of the Executive hereunder may occur
in jurisdictions other than the jurisdiction whose law the Parties have agreed shall govern the construction, validity and interpretation
of this Agreement, (b) the law of the State of New York shall govern construction, validity and interpretation of this Agreement
to the fullest extent possible, and (c) Section 1.5, 1.6, 1.7, 1.8 or 1.10 shall restrict the Executive
only to the extent permitted by applicable law.

 

1.10         Survival.
Sections 1.4, 1.5, 1.6, 1.7, 1.8 and 1.10 will survive and continue in full force
in accordance with their terms notwithstanding any termination of the Executive’s employment. 

 

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ARTICLE II

DEFINED TERMS

 

2.1           Definitions.
All capitalized terms used but not defined herein shall have the meanings given to such terms in the Purchase Agreement. For purposes
of this Agreement, the following terms will have the following meanings:

 

“Appearance”
shall mean a one hour appearance on QVC’s Direct Response Television Programs, with the schedule of such Appearances to be
mutually determined by XCel and QVC, subject to JR’s schedule. 

 

“Cause”
means with respect to the Executive, the occurrence of one or more of the following: (i) conviction of, or entry of a plea of guilty
or nolo contendere to, a felony involving moral turpitude, misappropriation of Company property, embezzlement of Company funds,
violation of the United States securities laws or material dishonesty with respect to the Company; (ii) persistent and repeated
refusal to comply with no less than three written lawful directives of the Chairman and CEO or Board with respect to an item material
to the business prospects and/or operations of the Company, other than such directives requiring the Executive in her reasonable
judgment after consultation with counsel, to act in a manner inconsistent with her fiduciary obligations or those inconsistent
with the Executive’s position as Chief Design Officer; (iii) repeatedly reporting to work under the influence of alcohol
or illegal drugs, or the use of illegal drugs (whether or not at the workplace), (iv) any willful breach of Section 1.6,
1.7, 1.8 or 1.9 of this Agreement, or (v) the failure of Executive to comply with the obligations to which
she has agreed under the license agreements between Company and QVC and the Company and The Shopping Channel related to the JR
Brands or any sub-brand. Notwithstanding the foregoing, termination by the Company for Cause (other than pursuant to clause (i)
above) shall not be effective until and unless (i) Executive fails to cure such alleged act or circumstance within 30 days of receipt
of notice thereof, to the satisfaction of the Board in the exercise of its reasonable judgment (or, if within such 30-day period
the Executive commences and proceeds to take all reasonable actions to effect such cure, within such reasonable additional time
period (no longer than 60 days) as may be necessary), and (ii) notice of intention to terminate for Cause has been given by the
Company within forty-five (45) days after the Board learns of the act, failure or event constituting “Cause,” and (iii)
the Board has voted (at a meeting of the Board duly called and held as to which termination of Executive is an agenda item) by
a vote of at least a two-thirds of the members of the Board (other than Executive) to terminate Executive for Cause after Executive
has been given notice of the particular acts or circumstances which are the basis for the termination for Cause and has been afforded
an opportunity to appear with counsel and present her positions at such meeting and to present her case thereat, and (iv) the Board
has given notice of termination to Executive within five days after such meeting voting in favor of termination.

 

“Change
of Control” means the occurrence of any of the following (i) a merger or consolidation to which the Company is a party
(other than one in which the stockholders of the Company prior to the event own a majority of the voting power of the surviving
or resulting corporation) (ii) a sale, lease, transfer, exclusive license or other disposition of all or substantially all of the
assets of the Company, (iii) a sale or transfer by the Company’s stockholders of voting control, in a single transaction
or a series of transactions, or (iv) approval by the shareholders of the Company of a complete liquidation or dissolution
of the Company.

 

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“Code”
means the Internal Revenue Code of 1986 as amended from time to time.

 

“Disability”
shall have the meaning set forth in the Disability Policy. If there is no definition of “disability” applicable under
the Disability Policy, then the Executive shall be considered disabled due to mental or physical impairment or disability despite
reasonable accommodations by the Company and its Subsidiaries, to perform her customary or other comparable duties with the Company
or its Subsidiaries immediately prior to such disability for a period of at least 120 consecutive days or for at least 180 non-consecutive
days in any 12 month period.

 

“DRT Products” means any
products under the “Judith Ripka” brand or a sub-brand sold through direct response television.

 

“DRT Royalty
Income” for a calendar year means Net Royalty Income booked by the Company from sales of DRT Products for such calendar
year, as determined in accordance with U.S. generally accepted accounting principles.

 

“Effective Date”
means the Closing Date (as defined in the Purchase Agreement).

 

“Good Reason”
means the occurrence, without the Executive’s written consent, of one or more of the following events: (i) the Company reduces
the amount of Executive’s Base Salary, (ii) the Company requires that the Executive relocate her principal place of employment
to a site that is more than 15 miles from her residence in Florida, (iii) the Company changes the Executive’s title to something
other than Chief Design Officer – JR Brands other than pursuant to a termination of her employment for Cause, or upon the
Executive’s death or Disability, (iv) the failure or unreasonable delay of the Company to provide the Executive any of the
payments contemplated hereby, (v) the Company otherwise materially breaches the terms of this Agreement or (vi) the Company is
indicted, convicted or consents to the entry of an order for judgment of a violation of law which results or is reasonably expected
to result in the Company incurring costs, damages, penalties or sanctions which have a material effect on the Company’s finances
or ability to continue its business; provided, however, except in the case of a failure to make a timely payment
that is caused by a third party payroll service provider, in which case the Company shall have ten (10) Business Days to cure,
as to any breach by the Company of its obligation to make any payment to Executive when due, the Executive shall have no notice
obligation and the Company shall have no right to cure. In such case the Executive’s resignation shall become effective on
the 31st day after the Company’s receipt of the aforementioned notice.

 

“In-store Appearances”
means the Executive’s personal physical presence at physical retail stores to promote JR Brands branded products on behalf
of the Company and/or its licensees as requested by the Company, but does not include any non-physical presence participation,
such as appearances through web casting, social media, video conferencing or conference calls.

 

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“JR Business”
means the design, sourcing, sale, promotion, licensing, distribution and marketing of jewelry, watches and certain other accessories
sold under the JR Brands.

 

“JR Brands”
means the brand names “Judith Ripka,” “Judith Ripka Sterling Collection,” or such derivations thereof as
have been used by the Sellers prior to date hereof, and/or any brand now existing or created in the future using the Judith Ripka
personal name or any derivative thereof.

 

“Net Royalty
Income” means booked royalties related to the JR Brands, less advertising royalties, design fees, commissions paid to
third parties, payments under royalty sharing or participation agreements, and international withholding or other transfer taxes,
in each case to the extent related to such booked revenue, calculated in accordance with GAAP; provided, however, that, Net Royalty
Income shall not include any deferred revenues recognized during the period for which Net Royalty Income is being calculated (which
shall be included as Net Royalty Income in the period during which such deferred revenues are actually received); and provided
further, if any revenue booked during a period is subsequently reversed or adjusted in accordance with GAAP, then Net Royalty Income
for the period is which such adjustment is made shall be adjusted to give effect to such reversal or adjusted.

 

“Nonsolicitation
Period” means the Term and 12 months thereafter.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization, or the United States of America any other nation, any state or other political
subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government.

 

“Purchase Agreement”
means the Asset Purchase Agreement, dated April 1, 2014, by and among the Company, Judith Ripka Berk, JR Licensing, LLC, Judith
Ripka Creations, Inc., Judith Ripka Companies Inc., Judith Ripka Designs, Ltd., JSB Marketing Corp. and certain other parties thereto.

 

“Restricted
Territories” means the United States and the rest of the world.

 

“Retained Media
Rights” shall have the meaning set forth in the Purchase Agreement.

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association, or business entity of
which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association, or other business entity (other than a corporation), a majority of partnership or
other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association, or other business entity (other than a corporation)
if such Person or Persons shall be allocated a majority of limited liability company, partnership, association, or other business
entity gains or losses or shall be or control any managing director or general partner of such limited liability company, partnership,
association, or other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given
effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary”
refers to a Subsidiary of the Company.

 

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“Termination
Date” means the effective date of the Executive’s termination of employment with the Company.

 

2.2           Other
Definitional Provisions.

 

(a)  Section
references contained in this Agreement are references to sections in this Agreement, unless otherwise specified. Each defined
term used in this Agreement has a comparable meaning when used in its plural or singular form. Each gender-specific term used
in this Agreement has a comparable meaning whether used in a masculine, feminine or gender-neutral form.

 

(b)  Whenever
the term “including” (whether or not that term is followed by the phrase “but not limited to” or “without
limitation” or words of similar effect) is used in this Agreement in connection with a listing of items within a particular
classification, that listing will be interpreted to be illustrative only and will not be interpreted as a limitation on, or an
exclusive listing of, the items within that classification.

 

ARTICLE III

MISCELLANEOUS TERMS

 

3.1           Defense
of Claims. The Executive agrees that, during the Term, and for a period of six months after termination of the Executive’s
employment, upon request by the Company, the Executive shall reasonably cooperate with the Company in connection with any matters
the Executive worked on during her employment with the Company and any related transitional matters. In addition, during the Term
and thereafter, the Executive agrees to reasonably cooperate with the Company in the defense of any claims or actions that may
be made by or against the Company that affect the Executive’s prior areas of responsibility or involve matters about which
the Executive has knowledge, except if the Executive’s reasonable interests are adverse to the Company in such claim or action
and provided that after the Term such level of cooperation shall be reasonable and shall take due account of the Executive’s
work and personal commitments. The Company agrees to promptly reimburse the Executive for all of the Executive’s reasonable
travel and other direct expenses incurred, or to be reasonably incurred, to comply with the Executive’s obligations under
this Section 3.1 and will pay or reimburse the Executive for the reasonable fees and expenses of counsel selected by the
Executive if the Executive is required to act in connection with any governmental or civil investigation or legal proceeding.

 

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3.2           Nondisparagement.
The Executive agrees to refrain from making any false or disparaging statements, in public or private, which is reasonably likely
to materially impair the reputation, goodwill or commercial interest of the Company. The Company agrees to refrain from making
any false or disparaging statements, in public or private, which is reasonably likely to materially impair the reputation, goodwill
or commercial interest of the Executive. Notwithstanding anything to the contrary contained herein, nothing in this Agreement shall
prohibit or restrict either party from, truthfully and in good faith: (i) making any disclosure of information required by law;
(ii) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal
regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s or the Executive’s
designated legal, compliance or human resources officers; or (iii) filing, testifying, participating in or otherwise assisting
in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud, or any rule or regulation
of the Securities and Exchange Commission or any self-regulatory organization.

 

3.3           Morals
Clause. Executive shall not willfully commit any act, or willfully do any thing, which may be reasonably considered under applicable
community standards within the City of New York, (i) to be immoral, deceptive, scandalous or obscene; or (ii) to materially injure,
tarnish, damage or negatively affect the reputation and goodwill associated with the JR Brands, the Company or any of its Subsidiaries.

 

3.4           Source
of Payments. All payments provided under this Agreement, other than payments made pursuant to a plan which provides otherwise
and except as otherwise provided herein, shall be paid in cash from the general funds of the Company, and no special or separate
fund shall be established, and no other segregation of assets shall be made, to assure payment. The Executive shall have no right,
title or interest whatsoever in or to any investments which the Company or its Subsidiaries may make to aid the Company in meeting
its obligations hereunder. To the extent that any person acquires a right to receive payments from the Company hereunder, such
right shall be no greater than the right of an unsecured creditor of the Company.

 

3.5           Notices.
Any notice provided for in this Agreement must be in writing and must be either personally delivered, mailed by first class mail
(postage prepaid and return receipt requested), sent by reputable overnight courier service (charges prepaid) or sent by facsimile
(with receipt confirmed) to the recipient at the address or facsimile number indicated below:

 

To the Company:

 

475 Tenth Avenue

4th Floor

New York, New York 10018

 

With a copy (which shall
not constitute notice) to:

 

Blank Rome

The Chrysler
Building

405 Lexington
Avenue

New York,
NY 10174-0208

Attn: Robert
Mittman, Esquire

Facsimile:
(212) 885-5557

 

    	17

    	 

    

 

To the Executive:

 

Judith Ripka Berk

273 Tangier Avenue

Palm Beach, FL 33480

 

With a copy (which shall
not constitute notice) to:

 

Crowell & Moring LLP

590 Madison Avenue

New York, NY 10022

Attn: Paul J. Pollock

Facsimile: 212-223-4134

 

or such other address or to the attention
of such other Person as the recipient Party will have specified by prior written notice to the sending Party. Any notice under
this Agreement will be deemed to have been given when so delivered or sent or, if mailed, five days after deposit in the U.S. mail.

 

3.6           Severability.
Subject to the express provisions of Section 1.10 relating to certain specified changes, whenever possible, each provision
of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of
this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction,
such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement
will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never
been contained herein.

 

3.7           Complete
Agreement. This Agreement, embodies the complete agreement and understanding among the Parties with regard to the subject matter
hereof and supersedes and preempts any prior understandings, agreements or representations by or among the Parties, written or
oral, which may have related to the subject matter hereof in any way. To the extent that this Agreement provides greater benefits
to the Executive than available under the Company’s employee handbook or other corporate policies, then this Agreement shall
prevail.

 

3.8           Counterparts.
This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together
constitute one and the same agreement.

 

3.9           Assignment.
Without the Executive’s consent, the Company may not assign its rights and obligations under this Agreement except (i) to
a “Successor” (as defined below) or (ii) to an entity that is formed and controlled by the Company or any of its Subsidiaries,
provided that in the case of (ii) the Company shall remain liable for all of its obligations hereunder. This Agreement is personal
to the Executive, and the Executive shall not have the right to assign the Executive’s interest in this Agreement, any rights
under this Agreement or any duties imposed under this Agreement, nor shall the Executive have the right to pledge, hypothecate,
transfer, assign or otherwise encumber the Executive’s right to receive any form of compensation hereunder without the prior
written consent of the Board. As used in this Section 3.9, “Successor” shall include any Person that at
any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets of,
or ownership interests in, the Company and its Subsidiaries.

 

    	18

    	 

    

 

3.10         Successors
and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Company, the Executive,
and their respective heirs, successors and permitted assigns.

 

3.11         Choice
of Law. This Agreement and the performance of the parties hereunder shall be governed by the internal laws (and not the law
of conflicts) of the State of New York. Any claim or controversy arising out of or in connection with this Agreement, or the breach
thereof, shall be adjudicated exclusively by the Supreme Court, New York County, State of New York, or by a federal court sitting
in Manhattan in New York City, State of New York. The parties hereto agree to the personal jurisdiction of such courts and agree
to accept process by regular mail in connection with any such dispute.

 

3.12         Waiver
of Jury Trial. As a specifically bargained for inducement for each of the parties hereto
to enter into this Agreement (after having the opportunity to consult with counsel), each
party hereto expressly waives the right to trial by jury in any lawsuit or proceeding relating to or arising in any way from this
Agreement or the matters contemplated hereby.

 

3.13         Payment
of Legal Costs. In the event of any litigation between the parties hereto, the one of them who is the prevailing party shall
be entitled to receive from the other reasonable attorneys’ fees and other out-of-pocket costs and expenses reasonably incurred
by the prevailing party in connection with such litigation regardless of whether such litigation is prosecuted to judgment. As
used herein, “prevailing party” shall mean in the case of a claimant, one who is successful in obtaining a material
amount of the relief sought, and in the case of a defendant or respondent, one who is successful in obtaining denial by a judgment
not subject to further appeal of a material amount of the relief sought by the claimant.

 

3.14         Remedies.
Subject to the provisions of Section 3.1, each Party will be entitled to enforce its rights under this Agreement specifically,
to recover damages and costs caused by any breach of any provision of this Agreement and to exercise all other rights existing
in its favor. Nothing herein shall prohibit any arbitrator or judicial authority from awarding attorneys’ fees or costs to
a prevailing Party in any arbitration or other proceeding to the extent that such arbitrator or authority may lawfully do so.

 

3.15         Amendment
and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and
the Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement will affect the validity,
binding effect or enforceability of this Agreement.

 

    	19

    	 

    

 

3.16         Third
Party Beneficiaries. This Agreement will not confer any rights or remedies upon any Person other than the Parties and their
respective successors and permitted assigns and other than, in the event of the Executive’s death, her estate, to which all
of Executive’s rights and remedies set forth herein shall accrue

 

3.17         The
Executive’s Representations. The Executive hereby represents and warrants to the Company that (a) the execution, delivery
and performance of this Agreement by the Executive do not and shall not conflict with, breach, violate or cause a default under
any contract, agreement, instrument, order, judgment or decree to which the Executive is a party or by which she is bound, (b)
the Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any
other Person (or other agreement with any other person containing a restriction on the Executive’s right to do business or
obligating her to do business with any other Person on a priority or preferential basis), (c) upon the execution and delivery of
this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Executive, enforceable in accordance
with its terms and (d) upon the execution and delivery of this Agreement by the Company, Executive is not in violation of clause
(i) set forth in the definition of Cause and is not Disabled.

 

3.18         Amendment
to Comply with Section 409A of the Code. To the extent that this Agreement or any part thereof is deemed to be a nonqualified
deferred compensation plan subject to Section 409A of the Code and the Treasury Regulations (including proposed regulations) and
guidance promulgated thereunder, (a) the provisions of this Agreement shall be interpreted in a manner to the maximum extent possible
to comply in good faith with Code Section 409A and (b) the parties hereto agree to amend this Agreement for purposes of complying
with Code Section 409A promptly upon issuance of any Treasury regulations or guidance thereunder, provided, that any such
amendment shall not materially change the present value of the benefits payable to the Executive hereunder or otherwise materially
adversely affect the Executive, the Company, or any affiliate of the Company, without the consent of such party. For purposes
of Code Section 409A, each payment hereunder will be deemed to be a separate payment as permitted under Treasury Regulation Section 1.409A-2(b)(2)(iii).
Notwithstanding anything herein to the contrary, Executive shall not be entitled to any payments or benefits payable hereunder
as a result of Executive’s termination of employment with the Company that constitute “deferred compensation”
under Code Section 409A unless such termination of employment qualifies as a “separation from service” within the meaning
of Code Section 409A (and any related regulations or other pronouncements thereunder). Except as specifically permitted by Section
409A, any benefits and reimbursements provided to Executive under this Agreement during any calendar year shall not affect any
benefits and reimbursements to be provided to Executive under this Agreement in any other calendar year, and the right to such
benefits and reimbursements cannot be liquidated or exchanged for any other benefit. Furthermore, reimbursement payments shall
be made to Executive as soon as practicable following the date that the applicable expense is incurred, but in no event later than
the last day of the calendar year following the calendar year in which the underlying expense is incurred.

 

[SIGNATURE PAGE FOLLOWS]

 

    	20

    	 

    

 

IN WITNESS WHEREOF,
the Parties have executed this Employment Agreement as of the date first written above.

 

	 	XCEL BRANDS, INC.

 

	 	By:	/s/ Robert W. D’Loren
	 	Name:	Robert W. D’Loren
	 	Title:	Chairman and CEO

 

	 	/s/ Judith Ripka Berk
	 	Judith Ripka Berk

 

[Signature Page to Employment Agreement]

 

    	 

    	 

    

 

EXHIBIT A

 

FORM OF RELEASE

 

I, Judith Ripka Berk,
on behalf of myself and my heirs, successors and assigns, in consideration of the performance by Xcel Brands, Inc., a Delaware
Corporation (together with its Subsidiaries, the “Company”), of its material obligations under the Employment
Agreement, dated as of April 1, 2014 (the “Agreement”), do hereby release and forever discharge as of the date
hereof the Company, its Affiliates, each such Person’s respective successors and assigns and each of the foregoing Persons’
respective present and former directors, officers, partners, stockholders, members, managers, agents, representatives, employees
(and each such Person’s respective successors and assigns) (collectively, the “Released Parties”) to the
extent provided below.

 

1.          I
understand that any payments or benefits paid or granted to me under Section 1.4(b)(1) of the Agreement represent, in part,
consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand
and agree that I will not receive the payments and benefits specified in Section 1.4(b)(1) of the Agreement unless I execute
this General Release and do not revoke this General Release within the time period permitted hereafter or breach this General Release.
This General Release shall be deemed rescinded in the event that the Company does not make such payments and make available such
benefits in accordance with Section 1.4(b)(1) of the Agreement.

 

2.          I
knowingly and voluntarily release and forever discharge the Company and the other Released Parties from any and all claims, controversies,
actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or
exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities whatsoever in law and in equity, both
past and present (through the date of this General Release), whether under the laws of the United States or another jurisdiction
and whether known or unknown, suspected or claimed against the Company or any of the Released Parties which I, my spouse, or any
of my heirs, executors, administrators or assigns, have or may have, solely to the extent that such claims, controversies, actions,
causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary
damages, other damages, claims for costs and attorneys’ fees, or liabilities arise out of or are connected with my employment
with, or my separation from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title
VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967,
as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities
Act of 1990; the Family and Medical Leave Act of 1993; the Civil Rights Act of 1866, as amended; the Worker Adjustment Retraining
and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor
Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under
any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common
law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract,
infliction of emotional distress, or defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees
incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”); provided,
however, that nothing contained in this General Release shall apply to, or release the Company from, (i) any obligation
of the Company contained in the Agreement to be performed after the date hereof and amounts claimed under the Agreement pursuant
to a good faith and pending dispute as of the date hereof, (ii) any vested or accrued benefits pursuant to any employee benefit
plan, program or policy of the Company, (iii) any rights to indemnification from the Company under the Company’s Certificate
of Incorporation, Bylaws, any indemnification agreement and/or applicable law; and (iv) any right to insurance proceeds related
to my position as an officer and/or director of the Company or any of its Affiliates; (v) any rights as a stockholder of the Company
of any Affiliates of, or successor to, the Company; (vi) any rights under the Asset Purchase Agreement dated as of April 1, 2014,
by and among the Company, Judith Ripka Berk, JR Licensing, LLC, Judith Ripka Creations, Inc., Judith Ripka Companies Inc., Judith
Ripka Designs, Ltd., JSB Marketing Corp. and certain other parties thereto (as amended, the “Purchase Agreement”)
and any Related Agreement (as defined in the Purchase Agreement); and (vii) any rights under the above laws, or others, that are
not waivable as a matter of law.

 

    	 

    	 

    

 

3.          I
represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph
2 above.

 

4.          I
agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in
Employment Act of 1967 or any other claims which arise after the date I execute this General Release. I acknowledge and agree that
my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any
claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

 

5.          In
signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according
to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding
any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims),
if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver
is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the
terms of the Agreement. I covenant that I shall not directly or indirectly, commence, maintain or prosecute or sue any of the Released
Persons either affirmatively or by way of cross-complaint, indemnity claim, defense or counterclaim or in any other manner or at
all on any Claim covered by this General Release. I further agree that in the event I should bring a Claim seeking damages against
the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf,
this General Release shall serve as a complete defense to such Claims. I further agree that I am not aware of any pending charge
or complaint of the type described in paragraph 2 as of the execution of this General Release.

 

6.          I
agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed
at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

 

7.          I
agree that this General Release is confidential and agree not to disclose any information regarding the terms of this General Release,
except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as
required by law, and I will instruct each of the foregoing not to disclose the same to anyone.

 

    	 

    	 

    

 

8.          Any
non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry
about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission, the National Association
of Securities Dealers, Inc. or any other self-regulatory organization or governmental entity.

 

9.          Without
limitation of any provision of the Agreement, I hereby expressly re-affirm my obligations under Sections 1.5, 1.6, 1.8,
1.10 and 3.1 of the Agreement. 

 

10.         The
Company hereby releases and discharges me in the same manner and to the same extent that I have has released and discharged the
Company as set forth above.

 

11.         Whenever
possible, each provision of this General Release shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other
jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
or unenforceable provision had never been contained herein.

 

“Affiliate”
means, with respect to any Person, any Person that controls, is controlled by or is under common control with such Person or an
Affiliate of such Person.

 

“Person”
means an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization, investment fund, any other business entity and a governmental entity or any department,
agency or political subdivision thereof.

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association, or business entity of
which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association, or other business entity (other than a corporation), a majority of partnership or
other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association, or other business entity (other than a corporation)
if such Person or Persons shall be allocated a majority of limited liability company, partnership, association, or other business
entity gains or losses or shall be or control any managing director or general partner of such limited liability company, partnership,
association, or other business entity.

 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT
AND AGREE THAT:

 

(a)          I
HAVE READ IT CAREFULLY;

 

    	 

    	 

    

 

(b)          I
UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION
IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS
WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

 

(c)          I
VOLUNTARILY CONSENT TO EVERYTHING IN IT;

 

(d)          I
HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY (VIA THE AGREEMENT AND THIS RELEASE) BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER
CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

 

(e)          I
HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON _______________ __, _____
TO CONSIDER IT AND THE CHANGES MADE SINCE THE _______________ __, _____ VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT RESTART
THE REQUIRED 21-DAY PERIOD;

 

(f)          THE
CHANGES TO THE AGREEMENT SINCE _______________ ___, _____ EITHER ARE NOT MATERIAL OR WERE MADE AT MY REQUEST.

 

(g)          I
UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE
OR ENFORCEABLE UNTIL THE EIGHTH DAY FOLLOWING EXECUTION OF THE AGREEMENT;

 

(h)          I
HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT
TO IT; AND

 

(i)           I
AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING
SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

 

	DATE: ___________ __, ______	 	 
	 	 	Judith Ripka Berk

 

Acknowledged and agreed as of the date first written above:

 

Xcel Brands, Inc.

 

	By:	 	 
	 	Name: Robert W. D’Loren	 
	 	Title:   CEO, President and Secretary	 

 

    	 

    	 

    

 

EXHIBIT B

 

MEDIA AND PRESS GUIDELINES

 

Guidelines

 

During Executive’s employment with the Company, responses
to all media inquiries by Executive will be limited to statements regarding the fact of her employment by the Company and the title
of her position, and the Talking Points below. Any other questions will be directed to the Company to address. Executive shall
not make any statements to the Media and Press that (i) disparage the Company, the JR Business (including products sold as part
of the JR Business) or licensees and other partners of the Company, or (ii) substantially deviate from the Talking Points herein.

 

Talking Points

 

		·	Xcel acquired the JR Brands in April 2014.

 

		·	Per company policy, all requests for comments or statements should be made to Xcel’s public relations department.

 

		·	No comment.

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