Document:

CONTRACT
ON TENANCY # 104

      of parcel
of land, being in state use

      
        
          
            
              
                	
                        Town
      of Gagarin

                      	
                        June,
      19, 2007

                      

              

            

          

        

      

      

      On basis
of auction results from 19.06.2007 and resolution of Chief of Administration of
Municipal formation “Gagarin district” Smolensk region in name of Chairman of
Property and Land relations committee of administration Kovshirova Tat’yana
Nikolaevna, operating on basis of Committee Standing, named hereinafter “Lessor”
and LTD “Riokom ”in name of general director Plavnik Roman Genrikhovich,
operating on basis of Regulation, named hereinafter Leaseholder, and named
hereinafter “ Sides, ”concluded this contract (hereinafter Contract) about
following:

      
        	
                 
      

              	
                1.

              	
                The
      subject of Contract.

              

      

      

      The Lessor gives on lease, and
Leaseholder tenants the parcel of land , situated within the settlement under
cadastre # 67:03:0010124:0243, the address is: Krasnoarmeyskaya str., town of
Gagarin, Smolensk region,(hereinafter Parcel) for construction of many-storied
dwelled house within the borders, determined in cadastre plan of Parcel,
applying to this Contract and is integral part of, by mutual area of 8000
sq.m.

       There are engineering
communications on the Parcel: electric cable by voltage of 10kV, 4kV, telephone
cable, water-pipe, heating system, which are planned to be removed beyond the
bounds of building site.

      

      
        	
                 
      

              	
                2.

              	
                Termination
      of the Contract

              

      

      

      2.1. The
term of rent is fixed from 19.06.2007 to 19.06.2009

      2.2. The
contract, concluded for term more than one year comes into force from the date
of it’s state registration in justice institution of state registration of
rights of possession of immovable property and bargains with it.

      

      
        	
                 
      

              	
                3.

              	
                Rental
      rate and conditions of payment.

              

      

      

      3.1.
Rental rate for the Parcel is determined according the calculations of rental
rate, corresponding with supplement #2, which is integral part of Contract and
comes to 420420 rub (four hundred twenty thousand and four hundred and twenty
rub)

      3.2.
Rental rate is paid in every quarter by equal parts not later than 25 of last
quarter by transfer on account #40101810200000010001 of ГКРЦ ГУ?of CB of RF of
Smolensk region, town of Smolensk under code 93011105012100000120, BIC(bank of
investment and credits) 046614001, recipient - ID/RC(registration
code)6723008323/67201001 Property and land relations committee of Municipal
formation “Gagarin district” administration, Smolensk district.

      3.3.
Rental rate is set after the moment of signing the act of receiving- assignation
of Parcel .

      

      
        	
                 
      

              	
                4.

              	
                The
      rights and obligation of sides.

              

      

      4.1. The
Lessor has right to:

      4.1.1. To
demand on prescheduled cancellation of  Contract if the Parcel is not
exploited under end-use and also while using the methods, causing damage of it,
delaying the payment of rent more than 6 months and violation of other
conditions of Contract.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4.1.2. On
free access to the territory of the Parcel to control the conditions of the
Contract. On prescheduled cancellation of the Contract in case of exploiting the
Parcel in the other end-use. With preliminary information of Leaseholder a month
prior to it.

      4.1.3. On
compensation of damages, caused deterioration of the Parcel and ecological
situation as a result of economical activity of Leaseholder and on other
foundations foreseen by legislation of Russian Federation.

      4.2. The
Lessor obliges:

      4.2.1. To
fulfill all the conditions of the Contract in the full range.

      4.2.2. To
pass the Parcel to the Leaseholder according the receiving-assignation act in
term of one month.

      4.2.3. To
inform the Leaseholder about changing the requisites, pointed in 3.2., for
transfer of rental rate in ten days in written form.

      4.3. The
Leaseholder has right to:

      4.3.1.
Use the Parcel under conditions of the Contract.

      4.3.2.
Under the termination of the Contract use the priority to conclude the new
Contract on tenancy on the agreement between the Sides under the letter, which
was sent to Lessor not later than three months prior to it.

      4.4. The
Leaseholder obliges:

      4.4.1. To
fulfill all the conditions of the Contract in full range.

      4.4.2. To
exploit the Parcel according the end-use and permitted usage.

      4.4.3. To
pay the rent at quantity and conditions, determined by Contract. To pass the
Parcel to the Lessor, according 4.1.1, during one month.

      4.4.4. To
provide the Lessor (his law representatives), the representatives of State land
control organs free access to the Parcel under their demand.

      4.4.5.
Not to permit actions which may cause deterioration of ecological situation on
the Parcel and nearby.

      4.4.6. To
inform the Lessor about changing of his requisites in ten days in written
form

      4.4.7. To
revise the rent payments for last year every year not later than March,
25.

      4.4.8. To
register the Contract in State Justice register institution  of rights
of ownership to immovable property and bargain with it during one month since
signing the Contract.

      4.4.9. On
termination of the contract the Leaseholder has to pass the Parcel to the Lessor
according the receiving-assignation act in good condition.

      4.5. The
Lessor and the Leaseholder have different rights and obligations, determined by
legislation of Russian Federation.

      

      
        	
                 
      

              	
                5.

              	
                Responsibility
      of sides.

              

      

      5.1. The
sides account for violation of the conditions of the Contract, determined by
legislation of Russian Federation.

      5.2. For
violation of rent payment term, according the Contract, the Leaseholder charges
a fine to the Lessor, according the calculation – 1% of unpaid rent rate for
every calendar  day of delay. The fees are transferred according 3.2.
of Contract.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      5.3.
Responsibility of Sides for violation of Contract obligations, caused by
force-majeur are regulated by legislation of Russian Federation.

      5.4.
Under the violation of Leaseholder of state registration terms of the Contract,
it considered to be cancelled from the day of delay, pointed in
4.4.8.

      5.5. For
untimely passing of the Parcel after the termination of the Contract according
the receiving-assignation act, the Leaseholder charges a fine at the rate of 1%
of the rent rate for the last year of a tenancy.

      

      
        	
                 
      

              	
                6.

              	
                The
      cancellation of the Contract

              

      

      6.1. The
Contract can be cancelled under the Lessor’s demand under the court decision on
basis and in order, determined by civil legislation and in cases, pointed in
4.1.1.

      

      
        	
                 
      

              	
                7.

              	
                Consideration
      and regulation of disputes.

              

      

      7.1. All
the disputes between the sides are settled according the legislation of Russian
Federation.

      

      
        	
                 
      

              	
                8.

              	
                Special
      conditions of the Contract

              

      

      

      8.1. The
contract on sub tenancy is to be registered in justice institution of state
registration of rights of possession of immovable property and bargains with it
and is to be sent to the Lessor to the following calculation.

      8.2. The
term of contract on sub tenancy cannot exceed the term of the
Contract.

      8.3. At
prescheduled cancellation of the Contract the contract on sub tenancy is ceased
to be effective.

      8.4. The
expenses, connected with state registration of the Contract lays on the
Leaseholder.

      8.5. The
contract is worked out in three copies, having equal validity, each Side have
one of them, one copy deeds in  justice institution of state
registration of rights of possession of immovable property and bargains with it,
one copy deeds to organ, pointed in 4.2.4.

      

      
        	
                 
      

              	
                9.

              	
                Requisites
      of Sides

              

      

      

      The
Lessor : Property and Land relations Committee

      215010,
#8, Sovetskaya str., town of Gagarin, Smolensk district.

      

      Leaseholder

      

      
        	
                 
      

              	
                10.

              	
                Signatures
      of Sides.

              

      

      

      
        
          	
                  The
      Lessor: Kovshirova T.N.

                	
                  (legal
      seal)__________signature

                
	
                  June,
      19, 2007

                	 
      

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          	
                  The
      Leaseholder: Plavnik R.G.

                	
                  (legal
      seal)___________signature

                
	 
      	 
      
	
                  June,
      19, 2006.

                	 
      

        

      

      

      Supplement
to the Contract:

      Cadastre
map (plan) of the Parcel

      Calculation
of rental rate.

      

      Supplement
#2.

      

      The Act
of establishment of rental rate on the parcel, displayed on Auction, situated in
Krasnoarmeyskaya str., town of Gagarin.

      

      
        	
                 
      

              	
                1.

              	
                Permission
      for use of Parcel of land:

              

      

      For
constructing of many-storied dwelling house

      
        	
                 
      

              	
                2.

              	
                Cadastre
      # of Parcel : 67:03:001 01 24:0243

              

      

      
        	
                 
      

              	
                3.

              	
                Calculation
      of rental rate on the Parcel:

              

      

      The area
of Parcel , sq.m. – 8000

      The
annual rental rate according the account of market value of the Parcel – 400400
rub

      The
annual rental rate of the Parcel, rub – 400400 rub

      

      4.Starting
annual rental rate of the Parcel is :400400 (four hundred thousand four hundred)
Rub

      
        	
                 
      

              	
                4.

              	
                The
      step of auction is 5% from starting annual rental rate – 20020 (twenty
      hundred twenty)rub.

              

      

      

      Chairman
of Property and land relations committee of Municipal formation “Gagarin
district”

      

      Signature/
legal seal/ T.N. Kovshirova

       

      
        
          

        

      

      

      
        
          	
                  (PUNCH)

                
	
                  ???—
      Russian Federation

                
	
                  Federal
      registers Department in Smolensk region

                
	
                  67/02

                
	
                  At
      Gagarin Department

                
	
                  The
      state registration was given

                
	
                  Contract
      on tenancy

                
	
                  May,
      30, 2003

                
	
                  Registration
      number ???      legal seal

                
	
                  Registrar___________

                
	
                  Signature___________

                
	 
      
	
                  (PUNCH)

                

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            
              
                	
                        Paginated,
      tied and ratified by  seal and signature

                      
	
                        Pages

                      
	
                        Chairman
      of ИиЗО?
      Committee

                      
	
                        T.N.
      Kovshirova

                      
	 
      
	 
      
	 
      
	
                        Supplement
      #1

                      
	 
      
	
                        Plan
      (draft, scheme) of the Parcel confines

                      
	 
      
	
                        Scale
      1:10000

                      
	
                        Head of territorial inter-district department #2 (signature) Mikhalev

                      
	
                               

                      	
                                

                      	
                        Legal sealAGREEMENT

     

    AGREEMENT
dated December 24, 2008, by and between Iconix Brand Group, Inc., a Delaware
corporation (the “Company”), and Neil R. Cole (the “Executive”).

     

    

     

    WITNESSETH:

     

    WHEREAS,
on January 28, 2008, the Company and the Executive entered into
an   employment agreement, effective as of January 1, 2008 (the
“Employment Agreement”);

     

    WHEREAS,
Pursuant to Section 2.4.1 of the Employment Agreement on February 19, 2008 the
Executive was granted an award of 1,181,684 restricted stock units (the
“RSU’s”);

     

    WHEREAS,
the RSU’s are evidenced by a Restricted Stock Unit Agreement dated February 19,
2008  (the “RSU Agreement”);

     

    WHEREAS,
pursuant to (i) Section 2.4.1(i)  of the Employment Agreement and (ii)
the RSU Agreement, the RSU’s shall vest in five (5) substantially equal annual
installments subject to the Executive’s continuous employment with the Company
through each such vesting date, with the first installment vesting on December
31, 2008 and each subsequent installment vesting each December 31 thereafter,
with the final installment vesting on December 31, 2012 (each a “Time Vesting
Date”).  Notwithstanding the foregoing, in the event of a “Change in
Control” (as defined  in Section 5.4.4 of the Employment Agreement),
one hundred (100%) of the then remaining unvested RSU’s shall immediately become
vested;

     

    WHEREAS,
(i) Section 2.4.1(ii) of the Employment Agreement and (ii) the RSU Agreement
provide that any vested portion of the RSU’s shall be distributed to the
Executive in shares of the Company’s common stock fifteen (15) days after the
applicable Time Vesting Date  (or simultaneously upon the occurrence
of a Change of Control);

     

    WHEREAS,
the Executive and the Company believe it would be in the best interests of the
Company to provide for a delay in the distribution to the Executive of the
shares of the Company’s common stock to which he will be entitled to receive
under the RSU’s upon occurrence of any of the Time Vesting Dates upon the terms
provided below;

     

    WHEREAS,  in
consideration of Executive’s agreement to delay the distribution to the
Executive of the shares of the Company’s common stock to which he will be
entitled to receive under the RSU’s as provided above the Company believes it
would be in the best interests of the Company to provide the Executive with the
opportunity to receive under the Company’s Executive Incentive Bonus Plan an
additional annual bonus of $500,000 for each of the four calendar years in the
period commencing  January 1, 2009 and ending December 31,
2012;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    WHEREAS,
capitalized terms used but not defined herein shall have the meanings set forth
in the Employment Agreement.

     

    NOW,
THEREFORE, in consideration of the covenants and agreements hereinafter set
forth, the parties hereto agree as follows:

     

    1.1.           Notwithstanding
anything in the Employment Agreement or in the RSU Agreement to the contrary,
the shares of the Company’s common stock to which the Executive shall be
entitled to receive under the RSU’s upon the occurrence of any Time Vesting Date
shall not be issued by the Company and shall not be distributed to the Executive
until the earlier of (i) the date the Executive is no longer employed by either
(a) the Company or (b) any corporation or other entity owning, directly or
indirectly, 50% or more of the outstanding common stock of the Company, or in
which the Company or any such corporation or other entity owns, directly or
indirectly, 50% or more of the outstanding capital stock (determined by
aggregate voting rights) or other voting interests or (ii) a Change in Control.
Executive shall have no rights to vote or dispose of the shares of the Company’s
common stock issuable under the RSU’s until such shares are issued

     

    1.2.           Notwithstanding
anything in the Employment Agreement to the contrary, in addition to Base
Salary, the Annual Bonus and any other compensation to which the Executive is
currently entitled to under the Employment Agreement, for each of the four
completed calendar years of the Company commencing with the calendar year from
January 1, 2009 though December 31, 2009, and ending with the calendar year from
January 1, 2012 through December 31, 2012, the Executive shall be entitled to
receive an additional bonus in the amount of five hundred thousand dollars
($500,000.00) (“Additional Annual Bonus”) if either of the two following
performance measures have been satisfied:

     

    
      	
               
      

            	
              (i)

            	
              the
      percentage determined by dividing the Company’s EBITDA by its revenues for
      the calendar year in question places it in the top fifty percent (50%) of
      those companies contained in the Standard & Poor’s SmallCap Retailing
      Index at the end of that calendar year;
or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Company’s annual revenue percentage growth for the calendar year in
      question when compared to the immediately preceding calendar year places
      it in the top 50% of those companies contained in the Standard &
      Poor’s SmallCap Retailing Index at the end of that calendar year.
      

            

    

     

    For
purposes of determining whether the conditions of either Sections 1.2(i) or
1.2(ii) above for the payment of an Additional Annual Bonus have been met, the
calculations will be made on the first business day after April 16 of the year
following the applicable performance period (the “Measurement Date”). The
calculations will be made using the audited fiscal year end financial
information available to the Company at the Measurement Date for the most recent
fiscal year of those companies contained in the Standard & Poor’s SmallCap
Retailing Index at the end of the applicable performance period.  If
such audited financial information for any such company contained in the
Standard & Poor’s SmallCap Retailing Index is not publicly available at the
Measurement Date, then such company shall not be considered to be included in
the list of companies referred to in Sections 1.2(i) and 1.2(ii) above. In
addition, if the information necessary to determine  EBITDA of any
company in the Standard & Poor’s SmallCap Retailing Index is not publicly
available at the Measurement Date, then such company shall not be considered to
be included in the list of companies referred to in Section 1.2(i)
above.   

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    The
payment of any such Additional Annual Bonus shall be made as soon as reasonably
practicable following the Measurement Date upon a certification of the amount
due by the Compensation Committee, and in accordance with the Company’s normal
payroll practices for the payment of bonuses to senior executives. The
Compensation Committee shall use reasonable business efforts to meet for the
purposes of such certification within 30 days after the Measurement
Date.  If the Executive’s employment with the Company is terminated
before the expiration of the Term, for purposes of determining the right of the
Executive under Section 5 of the Employment Agreement to receive any amount of
an earned but unpaid Additional Annual Bonus for a prior fiscal year or a
pro-rata portion of such bonus for any portion of a fiscal year in which such
resignation occurs,  the terms Prior Year Bonus and Pro Rata Bonus as
set forth in Section 5 of the Employment Agreement shall be deemed to include
the Additional Annual Bonus as well as the Annual Bonus. Except as otherwise
provided above, any Additional Annual Bonus payable under this Section shall be
contingent on the Executive’s continued employment with the Company through the
date such payment is made.

     

    1.3.           This
Agreement shall not modify the Time Vesting Date of any RSU nor, except as
otherwise specifically provided in Section 1.1 or Section 1.2 above, amend or
supersede any provision of the Employment Agreement or the RSU
Agreement.

     

    1.4.           This
Agreement, together with the Employment Agreement and RSU
Agreement  (each as amended above), represents the entire agreement of
the parties with respect to the subject matter hereof and shall supersede any
and all previous contracts, arrangements or understandings between the Company
and the Executive.  This Agreement may be amended at any time by
mutual written agreement of the parties hereto

     

    1.5.           The
payment of any amount pursuant to this Agreement shall be subject to applicable
withholding and payroll taxes, and such other deductions as may be required by
applicable law.

     

    1.6.           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.

     

    1.7.           This
Agreement may be executed in counterparts (including by fax or pdf) which, when
taken together, shall constitute one and the same agreement of the
parties.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the Company has caused this Agreement to be duly executed, and
the Executive has hereunto set his hand.

     

    

     

    
      
        	
                THE
      COMPANY:

              
	 
      
	
                ICONIX
      BRAND GROUP, INC

              
	 
      
	 
      
	
                By:

              	
                /s/
      Mark Friedman

              
	
                Name:
      Mark Friedman

                Title:  Chairman
      of the Compensation Committee

              
	 
	
                EXECUTIVE

              
	 
	
                /s/
      Neil R. Cole

              
	
                Neil
      R. Cole

              

      

    

    

    
      
         

      

      
        4

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