Document:

Exhibit
      10.5

    ICONIX
      BRAND GROUP, INC.

    1450
      Broadway, 4th
      Floor

    New
      York, New York 10018

    

    June
      8,
      2006

    

    Mr.
      William Sweedler

    1599
      Post
      Road East

    Westport,
      Connecticut 06880

    

    Dear
      Mr.
      Sweedler:

    

    Reference
      is made to the Employment Agreement between Iconix Brand Group, Inc. (the
“Company”) and William Sweedler (the “Employee”) dated July 22, 2005, (the
“Employment Agreement”).

     

    For
      good
      and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Company and the Employee hereby agree as follows:

     

    1. The
      Employment Agreement, and each of the provisions set forth therein, is
      terminated and of no further force or effect as of the date hereof.

     

    2. The
      Employee is delivering to the Company, simultaneously herewith, his resignation
      as Executive Vice President and member of the Board of Directors of the Company,
      and President and Chief Executive Officer of its Joe Boxer Division and from
      any
      and all other positions he holds with the Company and its subsidiaries and
      divisions. 

     

    3. In
      order
      to assist the Company in the transition following the termination of the
      Employment Agreement, the Employee agrees to act as a non-executive part-time
      employee for such period ending on not earlier than the 30th
      day from
      the date hereof and not later than the 120th day from the date hereof as the
      Employee may determine and so notify the Company in writing (the “Transition
      Period”), at a salary to be mutually agreed upon between the Employee and the
      Company. Upon the expiration of the Transition Period, the Consulting Agreement
      between the Company and the Employee, in the form attached hereto as Exhibit
      A
      (the “Consulting Agreement”) will be executed and take effect and the Warrants
      referred to therein (the “Warrants”) will be issued.

     

    4.   
      4.1 The Company and the Employee acknowledge that in connection with the
      services previously performed by the Employee under the Employment Agreement
      and
      to be performed by the Employee during the Transition Period under this
      Agreement, the Employee shall be in possession of confidential information
      relating to the business practices of the Company. The term “confidential
      information” shall mean any and all information (oral and written) relating to
      the Company or any of its affiliates, or any of their respective activities
      acquired by the Employee in connection with the services previously performed
      by
      the Employee under the Employment Agreement or to be performed by the Employee
      during the Transition Period under this Agreement, other than such information
      which (i) can be shown by the Employee to be in the public domain other
      than as the result of breach of the provisions of this paragraph 4, or
      (ii) the Employee is required to disclose under any applicable laws,
      regulations or directives of any government agency, tribunal or authority having
      jurisdiction in the matter or under subpoena or other process of law. The
      Employee shall not, during or after the Transition Period, except as may be
      required during the Transition Period or during the term of the Consulting
      Agreement in the course of the performance by the Employee of his duties
      hereunder or thereunder, as applicable, directly or indirectly, use,
      communicate, disclose or disseminate to any person, firm or corporation any
      confidential information regarding the clients, customers, trade secrets or
      business practices of the Company acquired by the Employee, without the prior
      written consent of the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.2. Upon
      the
      termination of the Transition Period, all documents, records, notebooks,
      equipment, price lists, specifications, programs, customer and prospective
      customer lists and other materials, in each case, which contain confidential
      information and refer or relate to any aspect of the business of the Company
      which are in the possession of the Employee, including all copies thereof,
      shall
      be promptly returned to the Company, provided that such items as are necessary
      for performance of Employee’s duties under the Consulting Agreement, as
      determined by the Company, may be retained by the Employee pursuant to the
      terms
      of the Consulting Agreement. 

     

    4.3. In
      consideration for the Company’s entering into this Agreement, the Employee
      hereby agrees that he shall not, during the Transition Period, enter into any
      Qualified Employee Acquisition. Notwithstanding the foregoing, nothing herein
      shall prevent the Employee from (i) owning stock or other equity interests
      in
      Windsong Allegiance Group, LLC or any of its affiliates or related entities
      (collectively “WAG”) or (ii) from engaging, having an interest in, being
      employed by or rendering any services to WAG. For the avoidance of doubt,
      nothing set forth in this Section 4.3 shall be deemed to restrict the activities
      of WAG in any manner. For the purposes of the foregoing, (x) the term “Qualified
      Employee Acquisition” shall mean any direct or indirect investment or
      acquisition (by assignment, purchase, merger or otherwise, in a single
      transaction or series of transactions), or the entry into any agreement in
      respect of any such direct or indirect investment or acquisition, by the
      Employee of a greater than 10% voting equity interest in any Competing Entity,
      and (y) the term “Competing Entity” shall mean any entity, business, brand,
      trademark, license, revenue stream or other asset that is directly competitive
      with the Company’s licensing business. In the event that Employee shall breach
      any of his obligations under this Section 4.3, the Company shall not be entitled
      to any damages or equitable remedies (including specific performance) in respect
      thereof, and the Company’s sole remedy in respect of such breach shall be the
      right to terminate the payments payable during the Transition Period and not
      to
      enter into the Consulting Agreement or issue the Warrants.

     

    4.4. In
      consideration for the Company’s entering into this Agreement the Employee shall
      not, for a period of two (2) years after the date hereof, directly or
      indirectly, offer to hire, solicit or in any other manner persuade or attempt
      to
      persuade any officer or employee of the Company while employed by the Company
      (but only such officers or employees existing during the time of the Employee’s
      employment by the Company or during the Transition Period, or at the termination
      of the Transition Period), to terminate his or her employment with the Company;
      provided that the foregoing shall not be deemed to include general solicitations
      of employment not specifically directed toward employees of the
      Company.

     

    
      
        
        

      

      
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    4.5. At
      no
      time during or after the Transition Period shall either party hereto, directly
      or indirectly, disparage the commercial, business, professional or financial,
      as
      the case may be, reputation of the other party.

     

    4.6. Without
      intending to limit the remedies available to the Company, the Employee
      acknowledges that a breach of any of the covenants contained in Sections 4.1,
      4.2, 4.4 and 4.5 may result in material and irreparable injury to the Company,
      or its affiliates or subsidiaries, for which there is no adequate remedy at
      law,
      that it will not be possible to measure damages for such injuries precisely
      and
      that, in the event of such a breach or threat the Company shall be entitled
      to
      seek a temporary restraining order and/or a preliminary or permanent injunction
      restraining the Employee from engaging in activities prohibited by Sections
      4.1,
      4.2, 4.4 and 4.5 or such other relief as may be required specifically to enforce
      any of the covenants in Sections 4.1, 4.2, 4.4 and 4.5. If for any reason it
      is
      held that the restrictions under this Section 4 are not reasonable or that
      consideration therefor is inadequate, such restrictions shall be interpreted
      or
      modified to include as much of the duration and scope identified in this
      paragraph as will render such restrictions valid and enforceable.

     

    5. The
      Employee hereby permanently waives any obligations of the Company and Neil
      Cole
      under Section 9.1(b) of the Asset Purchase Agreement dated July 22, 2005 between
      the Employee and the parties thereto.

     

    6. Pursuant
      to Section 2.5 of the Employment Agreement and that certain Non-Qualified
      Non-Plan Stock Option Agreement, dated as of July 22, 2005, among the Company
      and the Employee (the “Option Agreement”), the Employee has heretofore been
      granted 1,425,000 options to purchase the common stock of the Company. Each
      of
      the Company and the Employee acknowledge and agree that, as of the date hereof,
      approximately 225,000 (such number to be finalized after the date hereof in
      the
      manner set forth in the Employment Agreement and Option Agreement) of such
      options have vested in accordance with the provisions of the Employment
      Agreement and the Option Agreement (the “Vested Options”) and the remainder of
      such options have not so vested (the “Unvested Options”). All of the Unvested
      Options shall be cancelled as of the date hereof. Notwithstanding anything
      set
      forth in the Employment Agreement or the Option Agreement to the contrary
      (including, without limitation, the provisions of Section 1(c) of the Option
      Agreement), the Company hereby acknowledges and agrees that, for the purposes
      of
      the Option Agreement, during the Transition Period, the Employee shall continue
      to be deemed employed by the Company. For the avoidance of doubt,
      notwithstanding the transactions contemplated by this Agreement, the Vested
      Options shall remain outstanding and the Employee shall be entitled to exercise
      such Vested Options until the expiration of the Transition Period. The Company
      hereby represents, warrants and agrees that the shares of Common Stock of the
      Company issuable to the Employee upon the exercise of the Vested Options are
      registered under the Securities Act pursuant to that certain Form S-8 filed
      by
      the Company with the Securities and Exchange Commission on August 11, 2005
      and
      the Company will use commercially reasonable efforts to maintain the
      effectiveness of such registration statement until the end of the Transition
      Period.

     

    7. Except
      with respect to any such claims, causes of action, suits, debts, liabilities
      or
      demands (collectively, “Claims”) arising out of or in connection with this
      Agreement or the Consulting Agreement and except for Claims arising out of
      fraud
      and to the extent permitted by applicable law, the Company and each of its
      subsidiaries (collectively,
      the “Company Group”) release and forever jointly and severally discharge the
      Employee from all Claims of any kind or nature, known or unknown, in law or
      in
      equity, that the Company Group ever had or now have, against the Employee
      relating to, or arising out of or in connection with, any matter from the
      beginning of the world to the date of this Agreement. The Company Group hereby
      acknowledges that factual matters now unknown to them may have given rise to
      Claims which are presently unknown, unanticipated and unsuspected, and the
      Company Group further acknowledges that the provisions of this Section 7 have
      been negotiated and agreed upon in light of that realization and that the
      Company Group nevertheless hereby intends to release and discharge the Employee,
      provided, however, that this release and discharge shall not apply to any Claim
      the existence of which (whether or not matured) has been fraudulently withheld
      by the Employee.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    8. Except
      with respect to Claims arising out of or in connection with this Agreement,
      the
      Option Agreement, as it relates to the Vested Options, or the Consulting
      Agreement and except for Claims arising out of fraud and to the extent permitted
      by applicable law, the Employee releases and forever discharges the Company
      Group from all Claims of any kind or nature, known or unknown, in law or in
      equity, that the Employee ever had or now has, against the Company Group
      relating to, or arising out of or in connection with any matter from the
      beginning of the world to the date of this Agreement. The Employee hereby
      acknowledges that factual matters now unknown to him may have given rise to
      Claims which are presently unknown, unanticipated and unsuspected, and the
      Employee further acknowledges that the provisions of this Section 8 have been
      negotiated and agreed upon in light of that realization and that the Employee
      nevertheless hereby intends to release and discharge the Company Group,
      provided, however, that this release and discharge shall not apply to any Claim
      the existence of which (whether or not matured) has been fraudulently withheld
      by the Company Group. 

     

    9. The
      Company hereby agrees that, in connection with any press release or other public
      disclosure made by any member of the Company Group with respect to the
      termination of the Employee’s employment with the Company, prior to the issuance
      or release of any such press release or the making of any such other public
      disclosure, the Company shall provide the Employee with a reasonable time to
      review and comment on the contents of such release or disclosure and will
      consider reasonable changes therein suggested by the Employee.

     

    10. All
      notices and other communications given or made pursuant hereto shall be in
      writing and shall be deemed to have been duly given or made as of the earlier
      of
      the date delivered or mailed if delivered personally, by overnight courier
      or
      mailed by express, registered or certified mail (postage prepaid, return receipt
      requested) or by facsimile transmittal, confirmed by express, certified or
      registered mail, to the parties at their respective addresses set forth above
      (or at such other address for a party as shall be specified by like notice,
      except that notices of changes of address shall be effective upon
      receipt).

     

    11. This
      Agreement represents and expresses the entire understanding and agreement
      between the parties with respect to the subject matter hereof. This Agreement
      may not be modified or terminated except by an agreement in writing signed
      by
      both of the parties hereto.

     

    12. This
      Agreement shall be governed by, and construed in accordance with, the law of
      the
      State of New York without regard to its choice of law principles. The
      Company and 

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    Employee
      hereby irrevocably and unconditionally consent to submit to the exclusive
      jurisdiction of the New York State Supreme Court, County of New York or the
      United States District Court for Southern District of New York for any actions,
      suits or proceedings arising out of or relating to this Agreement. The Company
      and Employee also hereby irrevocably and unconditionally waive any objection
      to
      the laying of venue of any action, suit or proceeding arising out of this letter
      or the transactions contemplated hereby, in the New York State Supreme Court
      or
      the United States District Court for the Southern District of New York, and
      hereby further irrevocably and unconditionally waive and agree not to plead
      to
      claim in any such court that any such action, suit or proceeding brought in
      any
      such court has been brought in an inconvenient forum.

     

    If
      the
      foregoing reflects your understanding, please sign the enclosed copy of this
      letter and return it to the undersigned.

     

    
      	 	 	 
	 	
              Very
                truly yours, 

               

              ICONIX
                BRAND GROUP, INC.

            
	 
 	 
 	 
 
	 	By:  	/s/ Neil
              Cole
	 	
              
                

              
      Name: Neil
              Cole
	 	     
              Title:   Chief Executive
              Officer

    

     

    

    ACCEPTED
      AND AGREED:

    

    

    /s/
      William
      Sweedler                    

    
      
        

      

    

    WILLIAM
      SWEEDLER

    

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    
EXHIBIT
      A

    CONSULTING
      AGREEMENT

     

    AGREEMENT,
      dated as of __________, 2006, by and between Iconix Brand Group, Inc., a
      Delaware corporation with an address at 1450 Broadway, 4th
      Floor,
      New York, New York 10018 (the "Company"), and William Sweedler, having an
      address at c/o Windsong, Inc., 1599 Post Road East, Westport, Connecticut 06880
      (the “Consultant”).

     

    WHEREAS,
      on June 8, 2006, the Consultant resigned as Executive Vice President and as
      President and Chief Executive Officer of its Joe Boxer Division and as a member
      of the Board of Directors of the Company;

     

    WHEREAS,
      in connection with such resignation, the Consultant’s employment agreement with
      the Company was terminated;

     

    WHEREAS,
      upon the Consultant’s resignation as an executive officer and director, the
      Company continued to retain the Consultant as a non-executive, part-time
      employee during a transition period (the “Transition Period”) which has now
      terminated and the Company now wishes to retain the Consultant, and the
      Consultant has agreed to be retained by the Company as a consultant, subject
      to
      the terms hereof;

     

    NOW,
      THEREFORE, in consideration of the promises, covenants and agreements set forth
      in this Agreement, and other good and valuable consideration, the sufficiency
      and receipt of which are hereby acknowledged, the parties agree as
      follows:

     

    1. Engagement
      of Consultant; Duties.
      The
      Company hereby engages the Consultant, and the Consultant agrees to be engaged,
      as a consultant on the terms and conditions set forth below. The Consultant
      shall perform services for the Company, from time to time, with respect to
      finding, negotiating or otherwise advising the Company regarding potential
      acquisition opportunities (which for purposes of this Agreement shall exclude
      the pending acquisition of Mossimo, Inc. and the proposed transaction to acquire
      certain commission rights of Mossimo, Inc. from Cherokee, Inc.) (collectively,
      the “Services”).

     

    2. Term;
      Termination.
      

     

    2.1. General.
      The
      Consultant’s engagement hereunder shall commence effective on the date hereof
      and shall continue until the earlier of (a) the consummation of the third
      Qualified Company Acquisition (as defined below) after the date hereof or (b)
      the date of termination relative to an earlier termination of this Agreement
      as
      described in Section 2.2 hereof (the “Term”).

     

     

    2.2. Early
      Termination.
      The
      Company may terminate the Consultant’s consultancy under this Agreement only for
      Cause. Termination for “Cause” shall mean termination of the Consultant’s
      consultancy because of the occurrence of any of the following as determined
      in
      good faith by the Board of Directors of the Company:

     

    (i) the
      death of the Consultant;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (ii) the
      breach by the Consultant of any of the Consultant’s post-closing obligations set
      forth in Section 9.1(a) of the Asset Purchase Agreement dated July 22, 2005
      between the Consultant and the other parties thereto; 

     

    (iii) the
      indictment of the Consultant for a felony or other crime involving moral
      turpitude or dishonesty; or

     

    (iv) any
      breach by the Consultant of his obligations under Section 4.3
      hereof.

     

    3. Compensation.
      In
      consideration for entering into this Agreement and for performing the Services
      hereunder, (a) the Company is issuing to the Consultant on the date hereof
      ten-year warrants to purchase 400,000 shares of the Common Stock of the Company
      at an exercise price of $8.81 per share, in the form attached hereto as
      Exhibit A. A portion of such warrants shall vest upon each of the first
      three Qualified Company Acquisitions consummated during the Term as follows:
      (x)
      to the extent that the term of the warrants shall have not yet expired, 133,334
      of such warrants shall vest upon the first Qualified Company Acquisition
      consummated during the Term, and (y) to the extent that the term of the warrants
      shall have not yet expired, 133,333 of such warrants shall vest upon each of
      the
      second and third Qualified Company Acquisition consummated during the Term;
      and
      (b) the Company shall pay to the Consultant a fee in the amount of (x) $333,334
      for the first Qualified Company Acquisition consummated during the Term and
      (y)
      $333,333 for each of the second and third Qualified Company Acquisitions
      consummated during the Term, for total fees of up to $1,000,000. The amounts
      payable pursuant to the immediately prior sentence shall be paid by the Company
      to the Consultant in cash at the time of the closing of the Qualified Company
      Acquisition to which such payment relates. A “Qualified Company Acquisition”
shall mean any direct or indirect investment or acquisition (by assignment,
      purchase, merger or otherwise, in a single transaction or series of
      transactions) by the Company or any of its subsidiaries or affiliates in or
      of
      any entity, business, brand, trademark, license, revenue stream or other asset
      which satisfies any of the following conditions:

     

    (i) such
      entity, business, brand, trademark, license, revenue stream or other asset
      has
      an enterprise value or fair market value equal to or greater than $10,000,000;
      or

     

    (ii) the
      aggregate purchase price paid by the Company, its subsidiaries or its affiliates
      in respect of the investment or acquisition in or of such entity, business,
      brand, trademark, license, revenue stream or other asset is equal to or greater
      than $10,000,000 (provided, that, for the purposes of determining the aggregate
      purchase price so paid, (A) any indebtedness or other monetary obligations
      assumed by any of the Company, its subsidiaries or its affiliates shall be
      included, and (B) in the event that the acquisition includes an obligation
      to
      pay any deferred purchase price, earnout or other similar amounts, the purchase
      price shall include (x) in the event that such deferred purchase price, earnout
      or other similar amount is then determinable, the determinable amount of such
      deferred purchase price, earnout or other similar amount or (y) in the event
      that such deferred purchase price, earnout or other similar amount is not then
      determinable, an amount that is mutually agreed by the Company and the
      Consultant in good faith to be equal to the then projected amount of such
      deferred purchase price, earnout or other similar amount that will be so
      paid);

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    provided,
      however, that, the pending acquisition of Mossimo, Inc. and the proposed
      transaction to acquire certain commission rights of Mossimo, Inc. from Cherokee,
      Inc. shall not constitute a “Qualified Company Acquisition.”

     

    4. Confidentiality;
      Noncompetition; Nonsolicitation; Nondisparagement.

     

    4.1. The
      Company and the Consultant acknowledge that in connection with the services
      previously performed by the Consultant under his employment agreement and to
      be
      performed by the Consultant under this Agreement, the Consultant shall be in
      possession of confidential information relating to the business practices of
      the
      Company. The term “confidential information” shall mean any and all information
      (oral and written) relating to the Company or any of its affiliates, or any
      of
      their respective activities acquired by the Consultant in connection with the
      services previously performed by the Consultant under his employment agreement
      or during the Transition Period or to be performed by the Consultant under
      this
      Agreement, other than such information which (i) can be shown by the
      Consultant to be in the public domain other than as the result of breach of
      the
      provisions of this paragraph 4, or (ii) the Consultant is required to
      disclose under any applicable laws, regulations or directives of any government
      agency, tribunal or authority having jurisdiction in the matter or under
      subpoena or other process of law. The Consultant shall not, during or after
      the
      Term, except as may be required during Consultant’s consultancy in the course of
      the performance of his duties hereunder, directly or indirectly, use,
      communicate, disclose or disseminate to any person, firm or corporation any
      confidential information regarding the clients, customers, trade secrets or
      business practices of the Company acquired by the Consultant, without the prior
      written consent of the Company.

     

    4.2. Upon
      the
      termination of the Consultant’s consultancy for any reason whatsoever, all
      documents, records, notebooks, equipment, price lists, specifications, programs,
      customer and prospective customer lists and other materials, in each case,
      which
      contain confidential information and refer or relate to any aspect of the
      business of the Company which are in the possession of the Consultant, including
      all copies thereof, shall be promptly returned to the Company. 

     

    4.3. In
      consideration for the Company’s entering into this Agreement, the Consultant
      hereby agrees that he shall not, during the period from the date hereof through
      June 8, 2007, enter into any Qualified Consultant Acquisition. Notwithstanding
      the foregoing, nothing herein shall prevent the Consultant from (i) owning
      stock
      or other equity interests in Windsong Allegiance Group, LLC or any of its
      affiliates or related entities (collectively “WAG”) or (ii) from engaging,
      having an interest in, being employed by or rendering any services to WAG.
      For
      the avoidance of doubt, nothing set forth in this Section 4.3 shall be deemed
      to
      restrict the activities of WAG in any manner. For the purposes of the foregoing,
      (x) the term “Qualified Consultant Acquisition” shall mean any direct or
      indirect investment or acquisition (by assignment, purchase, merger or
      otherwise, in a single transaction or series of transactions), or the entry
      into
      any agreement in respect of any such direct or indirect investment or
      acquisition, by the Consultant of a greater than 10% voting equity interest
      in
      any Competing Entity, and (y) the term “Competing Entity” shall mean any entity,
      business, brand, trademark, license, revenue stream or other asset that is
      directly competitive with the Company’s licensing business. In the event that
      Consultant shall breach any of his obligations under this Section 4.3, the
      Company shall not be entitled to any damages or equitable remedies (including
      specific performance) in respect thereof and the Company’s sole remedy in
      respect of such breach shall be the right to terminate this Agreement in
      accordance with Section 2.2(iv) hereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    4.4. In
      consideration for the Company’s entering into this Agreement the Consultant
      shall not, during the period from the date hereof through June 8, 2008, directly
      or indirectly, offer to hire, solicit or in any other manner persuade or attempt
      to persuade any officer or employee of the Company while employed by the Company
      (but only such officers or employees existing during the time of the
      Consultant’s employment by the Company, or at the termination of his
      employment), to terminate his or her employment with the Company; provided
      that
      the foregoing shall not be deemed to include general solicitations of employment
      not specifically directed toward employees of the Company.

     

    4.5. At
      no
      time during or after the Term shall either party hereto, directly or indirectly,
      disparage the commercial, business, professional or financial, as the case
      may
      be, reputation of the other party.

     

    4.6. Without
      intending to limit the remedies available to the Company, the Consultant
      acknowledges that a breach of any of the covenants contained in Sections 4.1,
      4.2, 4.4 and 4.5 may result in material and irreparable injury to the Company,
      or its affiliates or subsidiaries, for which there is no adequate remedy at
      law,
      that it will not be possible to measure damages for such injuries precisely
      and
      that, in the event of such a breach or threat the Company shall be entitled
      to
      seek a temporary restraining order and/or a preliminary or permanent injunction
      restraining the Consultant from engaging in activities prohibited by Sections
      4.1, 4.2, 4.4 and 4.5 or such other relief as may be required specifically
      to
      enforce any of the covenants in Sections 4.1, 4.2, 4.4 and 4.5. If for any
      reason it is held that the restrictions under this Section 4 are not reasonable
      or that consideration therefor is inadequate, such restrictions shall be
      interpreted or modified to include as much of the duration and scope identified
      in this paragraph as will render such restrictions valid and
      enforceable.

     

    5. Reduction
      of Payments.
      Anything in this Agreement to the contrary notwithstanding, if :

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (a) any
      payment or benefit to which Consultant is entitled from the Company, any
      affiliate, or trusts established by the Company or by any affiliate (the
“Payments,” which shall include, without limitation, the vesting of a warrant,
      option or other non-cash benefit or property) are more likely than not to be
      subject to the tax imposed by section 4999 of the Internal Revenue Code of
      1986
      or any successor provision to that section; and

     

    (b) reduction
      of the Payments to the amount necessary to avoid the application of such tax
      would result in the Consultant retaining an amount that is greater than the
      amount he would retain if the Payments were made without such reduction but
      after the application of such tax;

     

    the
      Payments shall be reduced to the extent required to avoid application of such
      tax. The Consultant shall be entitled to select the order in which payments
      are
      to be reduced in accordance with the preceding sentence. Determination of
      whether Payments would result in the application of the tax under section 4999,
      and the amount of reduction that is necessary so that no such tax is applied,
      shall be made, at the Company’s expense, by the independent accounting firm
      employed by the Company immediately prior to the occurrence of any change of
      control of the Company which will result in the imposition of such
      tax.

     

    6. Severability.
      If any
      provision of this Agreement shall be held to be invalid or unenforceable, such
      invalidity or unenforceability shall attach only to such provision and shall
      not
      affect or render invalid or unenforceable any other provision of this Agreement,
      and this Agreement shall be construed as if such provision had been drawn so
      as
      not to be invalid or unenforceable.

     

    7. Independent
      Contractor.
      It is
      expressly agreed that Consultant is acting as an independent contractor in
      performing the Services hereunder. Consultant shall not have the authority
      to
      obligate or commit the Company in any manner whatsoever.

     

    8. Notices.
      All
      notices and other communications given or made pursuant hereto shall be in
      writing and shall be deemed to have been duly given or made as of the earlier
      of
      the date delivered or mailed if delivered personally, by overnight courier
      or
      mailed by express, registered or certified mail (postage prepaid, return receipt
      requested) or by facsimile transmittal, confirmed by express, certified or
      registered mail, to the parties at their respective addresses set forth above
      (or at such other address for a party as shall be specified by like notice,
      except that notices of changes of address shall be effective upon
      receipt).

     

    9. Entire
      Agreement.
      This
      Agreement represents and expresses the entire understanding and agreement
      between the parties with respect to the subject matter hereof. This Agreement
      may not be modified or terminated except by an agreement in writing signed
      by
      both of the parties hereto.

     

    10. Assignment.
      This
      Agreement is personal in nature and shall not be assigned by any party hereto
      without the prior written consent of the other party. Any assignment by any
      party hereto in violation of this Agreement shall be void and of no force and
      effect.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    11. Governing
      Law; Jurisdiction.
      This
      Agreement shall be governed by, and construed in accordance with, the law of
      the
      State of New York without regard to its choice of law principles. The
      Company and Consultant hereby irrevocably and unconditionally consent to submit
      to the exclusive jurisdiction of the New York State Supreme Court, County of
      New
      York or the United States District Court for Southern District of New York
      for
      any actions, suits or proceedings arising out of or relating to this Agreement.
      The Company and Consultant also hereby irrevocably and unconditionally waive
      any
      objection to the laying of venue of any action, suit or proceeding arising
      out
      of this letter or the transactions contemplated hereby, in the New York State
      Supreme Court or the United States District Court for the Southern District
      of
      New York, and hereby further irrevocably and unconditionally waive and agree
      not
      to plead to claim in any such court that any such action, suit or proceeding
      brought in any such court has been brought in an inconvenient
      forum.

     

    IN
      WITNESS WHEREOF, the parties hereto have set their hands as of the date first
      written above.

     

    
      	 	 
	 	
              COMPANY:

            
	 	 
	 	
              ICONIX
                BRAND GROUP, INC.

            
	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title

            
	 	 
	 	
              CONSULTANT:

            
	 	 
	 	 
	 	
              WILLIAM
                SWEEDLER

            

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    ICONIX
      BRAND GROUP, INC.

    WARRANT
      AGREEMENT

     

    ICONIX
      BRAND GROUP, INC., a Delaware corporation (the “Company”), hereby grants to
William
      Sweedler,
      a
      financial consultant of the Company pursuant to the Consulting Agreement
      described below (the “Holder”), as of ______
      __, 2006
      (the
“Grant Date”), a warrant to purchase a total of 400,000
      shares
      (the
“Warrant Shares”) of the Company’s common stock, par value $.001 per share
      (“Common Stock”). This warrant (the “Warrant”) is being granted pursuant to the
      Consulting Agreement, dated the date hereof, between the Company and the Holder
      (the “Consulting Agreement”), a copy of which is attached hereto as Exhibit
      A.

     

    1. Duration.

     

    (a) This
      Warrant was granted as of the Grant Date.

     

    (b) This
      Warrant shall expire on [Insert tenth anniversary of Grant Date].

     

    2. Price.

     

    The
      purchase price for each share of Common Stock upon exercise of this Warrant
      (the
“Purchase Price”) shall be $8.81, subject to adjustment as provide in Section 5
      hereof.

     

    3. Non-Qualified
      Stock Option.

     

    This
      Warrant is a non-qualified stock option, the exercise of which is subject to
      Section 83 of the Internal Revenue Code of 1986, as amended (the
“Code”).

     

    4. Written
      Notice of Exercise.

     

    This
      Warrant, to the extent it is exercisable as provided in Section 11 herein,
      may
      be exercised only by delivering to the Company, at its principal office within
      the time specified in Section 1 hereof or such shorter time as is otherwise
      provided for herein, a written notice of exercise substantially in the form
      described in Section 11. 

     

    5. Anti-Dilution
      Provisions.

     

    (a) If
      there
      is any stock dividend or recapitalization resulting in a stock split, or
      combination or exchange of shares of Common Stock of the Company, the number
      of
      shares of Common Stock then subject to this Warrant and the Purchase Price
      shall
      be proportionately and appropriately adjusted by the Board of Directors of
      the
      Company (the “Board”); provided, however, that any fractional shares resulting
      from any such adjustment shall be eliminated.

     

    (b) If
      there
      is any other change in the Common Stock of the Company, including
      recapitalization, reorganization, sale or exchange of assets, exchange of
      shares, offering of subscription rights, or a merger or consolidation in which
      the Company is the surviving corporation, an adjustment, if any, shall be made
      in the shares then subject to this Warrant as the Board in its sole discretion
      may deem appropriate. Failure of the Board to provide for an adjustment pursuant
      to this subparagraph prior to the effective date of any Company action referred
      to herein shall be conclusive evidence that no adjustment has been approved
      by
      the Board in consequence of such action and that no such adjustment will be
      made
      in consequence of such action.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6. Investment
      Representation.

     

    The
      Holder agrees that until such time as a registration statement under the
      Securities Act of 1933, as amended (the “Act”), becomes effective with respect
      to this Warrant and/or the shares of Common Stock underlying this Warrant,
      the
      Holder is taking this Warrant and shall take the shares of Common Stock
      underlying this Warrant, for the Holder’s own account, for investment, and not
      for resale or distribution.

     

    7. Transferability.
      This
      Warrant shall not be transferable.

     

    8. Certain
      Rights Not Conferred by Warrant.

     

    The
      Holder shall not, by virtue of holding this Warrant, be entitled to any rights
      of a stockholder in the Company.

     

    9. Transfer
      Taxes.

     

    The
      Company shall pay all original issue and transfer taxes with respect to the
      issuance and transfer of shares of Common Stock of the Company pursuant hereto
      provided that the shares are issued in the name of the Holder.

     

    10. Vesting
      of Warrants.

     

    The
      amount of shares of Common Stock pursuant to this Warrant shall become
      exercisable as follows: (i) 133,334
      shall
      vest upon the first Qualified Company Acquisition, as defined in the Consulting
      Agreement, consummated during the Term, and (ii) 133,333
      shall
      vest upon each of the second and third Qualified Company Acquisitions
      consummated during the Term. 

     

    11. Exercise
      of Warrants.

     

    (a) This
      Warrant shall be exercisable by written notice of such exercise, in the form
      prescribed by the Board to the Company, at its principal executive office.
      The
      notice shall specify the number of shares for which the Warrant is being
      exercised and be signed by the Holder. The date such notice, accompanied by
      payment as described in subsection (b), is received by the Company shall be
      referred to herein as the “Exercise Date”.

     

    (b) Purchase
      Price.
      Upon
      exercise of this Warrant, the Holder shall pay the Purchase Price in one of
      the
      following manners:

     

     (i)
      Cash Exercise. Payment may be made in cash or by certified or official
      bank check payable to the order of the Company.

     

    (ii) Cashless
      Exercise.
      In lieu
      of payment of the Purchase Price as provided in clause (i), the Holder may
      elect
      a cashless net exercise. In the case of such cashless net exercise, the Holder
      shall surrender this Warrant for cancellation and receive in exchange therefor
      the full number of duly authorized, validly issued, fully paid and nonassessable
      shares of Common Stock as is computed using the following formula:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    X
      =
Y
      * (A
      - B)

          A

    where:

    

    
      	 	 	
              X
                =

            	
              the
                number of shares of Common Stock to be issued to the Holder upon
                cashless
                exercise of this Warrant

            

    

    

    
      	 	 	
              Y
                =
                

            	
              the
                total number of shares Common Stock covered by this Warrant and then
                exercisable which the Holder has surrendered at such time for cashless
                exercise (including both shares to be issued to the Holder upon cashless
                exercise of this Warrant and shares to be canceled as payment
                therefor)

            

    

    

    
      	 	 	
              A
                =

            	
              the
                Current Market Value as of the business day on which the Holder surrenders
                this Warrant to the Company

            

    

    

    
      	 	 	
              B
                =

            	
              the
                Purchase Price then in effect under this Warrant at the time at which
                the
                Holder surrenders this Warrant to the
                Company

            

    

    

    
      	
            	*
              =	
              multiplied
                by

            

    

     

    For
      the
      purposes of the foregoing, the term “Current Market Value” shall mean the fair
      market value of the shares of Common Stock on the Exercise Date, or if the
      Exercise Date is not a trading day, the next trading day after the Exercise
      Date, as determined as follows:

     

    (A) if
      the
      Common Stock is traded on a securities exchange or the NASDAQ Stock Market,
      the
      value shall be deemed to be the closing price of the Common Stock on such
      exchange or market on the trading day prior to the date of
      determination;

    

    (B) if
      the
      Common Stock is actively traded over-the-counter, the value shall be deemed
      to
      be the mean of the closing bid and asked prices on the trading day prior to
      the
      date of determination; or

    

    (C) if
      there
      is no active public market for the Common Stock, the value shall be the fair
      market value thereof, as determined in good faith by the Board of Directors
      of
      the Company.

    

    (c) No
      shares
      shall be delivered upon exercise of this Warrant until all laws, rules and
      regulations which the Board may deem applicable have been complied with. If
      a
      registration statement under the Act is not then in effect with respect to
      the
      shares issuable upon such exercise, the Company may require as a condition
      precedent, among other things (i) that the person exercising the Warrant give
      to
      the Company a written representation and undertaking, satisfactory in form
      and
      substance to the Company, that such person is acquiring the shares for his
      own
      account for investment and not with a view to the distribution thereof and/or
      (ii) an opinion of counsel satisfactory to the Company with respect to the
      existence of an exemption from the registration requirements of the Act, in
      which event the person(s) acquiring the Common Stock shall be bound by the
      provisions of the following legend which shall be endorsed upon the
      certificate(s) evidencing his Warrant Shares issued pursuant to such
      exercise:

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

      “The
        shares represented by this certificate have not been registered under the
        Securities Act of 1933, as amended (the “Act”). Such shares may not be sold,
        transferred or otherwise disposed of unless they have first been registered
        under the Act or, unless, in the opinion of counsel satisfactory to the
        Company’s counsel, such registration is not required.”

    

     

    (d) Without
      limiting the generality of the foregoing, the Company may delay issuance of
      the
      shares of Common Stock underlying this Warrant until completion of any action
      or
      obtaining of any consent, which the Company deems necessary under any applicable
      law (including without limitation state securities or “blue sky”
laws).

     

    (e) The
      person exercising this Warrant shall not be considered a record holder of the
      stock so purchased for any purpose until the date on which such person is
      actually recorded as the holder of such stock in the records of the
      Company.

     

    12. Notices.

     

    Any
      notice required or permitted by the terms of this Agreement shall be given
      by
      registered or certified mail, return receipt requested, addressed as
      follows:

     

    
      	
              To
                the Company:

            	 
	 	
              Iconix
                Brand Group, Inc.

              1450
                Broadway, 4th
                floor 

              New
                York, N.Y. 10018

            
	 	
              Attention:
                President

            
	
              To
                the Holder:

            	 
	 	
              William
                Sweedler

              c/o
                Windsong Inc.

              1599
                Post Road East

              Wesport,
                CT 06880

            
	 	 

    

    or
      to
      such other address or addresses of which notice in the same manner has
      previously been given when mailed in accordance with the foregoing provisions.
      Either party hereto may change the address to which such notices shall be given
      by providing the other party hereto with written notice of such
      change.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    13. Tax
      Withholding.
      

     

    Not
      later
      than the date as of which an amount first becomes includable in the gross income
      of the Holder or other holder for federal income tax purposes with respect
      to
      this Warrant, the Holder or other holder shall pay to the Company, or make
      arrangements satisfactory to the Company regarding the payment of, any federal,
      state and local taxes of any kind required by law to be withheld or paid with
      respect to such amount. The obligations of the Company under this Agreement
      shall be conditional upon such payment or arrangements and the Company shall,
      to
      the extent permitted by law, have the right to deduct any such taxes from any
      payment of any kind otherwise due to the holder of the Warrant from the Company
      or any of its subsidiaries.

     

    14. Short-Term
      Deferral.

     

    This
      Warrant is intended to constitute a short-term deferral and, therefore, not
      result in a deferral of compensation, as those terms are used in guidance
      provided by the Internal Revenue Service under section 409A of the Code.
      Accordingly, this Warrant may not be exercised at a date that is later than
      the
      15th day of the third month following the end of the first calendar year in
      which the Warrant is no longer subject to a substantial risk of forfeiture,
      or
      at such other time as may be provided by such guidance.

     

    15. Registration.
      

     

    The
      Company hereby covenants and agrees that it shall take all actions necessary
      to
      file a registration statement under the Securities Act covering all of the
      shares of Common Stock issuable upon exercise of this Warrant on or prior to
      the
      earlier of (i) the first date following the date of this Warrant on which the
      Company shall file a registration statement under the Securities Act of any
      other shares of its Common Stock on a form other than Form S-4, S-8 or similar
      form, and other than with respect to an underwritten public offering; or (ii)
      December 31, 2006. The Company will use commercially reasonable efforts to
      cause
      such registration statement to be declared effective as soon as practicable
      after filing, including responding as soon as practicable to comments of the
      Securities and Exchange Commission.

     

    16. Benefit
      of Agreement.
      

     

    This
      Agreement shall be for the benefit of and shall be binding upon the heirs,
      executors, administrators and successors of the parties hereto.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    17. Governing
      Law.

     

    This
      Agreement shall be construed and enforced in accordance with the law of the
      State of New York, except to the extent that the laws of the State of Delaware
      may be applicable.

     

    
      	 	
              ICONIX
                BRAND GROUP, INC.

            
	 	 
	 	
              By:

            	 
	 	 	
              Name:
                Neil Cole

              Title:  
                President and CEO

            
	 	 

    

    

    
      	
              Accepted
                as of the date

              first
                set above:

            
	 
	 
	
              
                
                  
Signature
                  required with return

              

              of
                document to the Company to

              formalize
                issuance of agreement.

            

    

    

    

    
      
        
        

      

      
        6Exhibit
      10.1

    COMMON
      STOCK PURCHASE AGREEMENT

    

    AGREEMENT
      entered
      into as of the 17th
      day of
      May, 2006, by and between SRKP
      7,
      Inc., a Delaware corporation with an address at 1900 Avenue of the Stars, Suite
      310, Los Angeles, CA 90067 (the “Company”) and TMC Ulster Holdings Inc., a New
      York corporation with an address at 86 Ponche Terrace, Showkan, New York 12481
      (the “Purchaser”).

    

    WHEREAS,
      the Purchaser desires to purchase, and the Company desires to sell, an aggregate
      of 905,000 shares (the “Shares”) of the Company’s Common Stock, par value $.0001
      per share (the “Common Stock”) upon the terms and conditions
      hereof.

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual agreements herein
      contained, the Purchaser and the Company hereby agree as follows:

    

    SECTION
      1: SALE OF THE SHARES

    

    1.1
      Sale
      of the Shares.
      Subject
      to the terms and conditions hereof, the Company will sell and deliver to the
      Purchaser and the Purchaser will purchase from the Company, upon the execution
      and delivery hereof, the Shares for a purchase price equal to $100,000.

     

    SECTION
      2: CLOSING DATE; DELIVERY

    

    2.1
      Closing
      Date.
      The
      closing of the purchase and sale of the Shares hereunder (the “Closing”) shall
      be held immediately following the execution and delivery of this
      Agreement.

    

    2.2
      Delivery
      at Closing.
      At the
      Closing, the Company will deliver to the Purchaser a stock certificate
      registered in the Purchaser’s name, representing the number of Shares to be
      purchased by Purchaser hereunder, against payment of the purchase price therefor
      as indicated above. 

    

    SECTION
      3: REPRESENTATIONS AND WARRANTIES OF PURCHASER

    

    The
      undersigned Purchaser hereby represents and warrants to the Company as
      follows:

     

    3.1
      Transfer
      of Shares.
      The
      Shares have not been registered under the Securities Act and cannot be sold
      or
      otherwise transferred without an effective registration or an exemption
      therefrom, but may not be sold pursuant to the exemptions provided by Section
      4(1) of the Securities Act or Rule 144 under the Securities Act, in accordance
      with the letter from Richard K. Wulff, Chief
      of
      the Office of Small Business Policy of the Securities and Exchange Commission’s
      Division of Corporation Finance,
      to Ken
      Worm of NASD Regulation, Inc., dated January 21, 2000.

    

    3.2
      Experience.
      The
      undersigned has such knowledge and experience in financial and business matters
      that the undersigned is capable of evaluating the merits and risks of investment
      in the Company and of making an informed investment decision. The undersigned
      has adequate means of providing for the undersigned's current needs and possible
      future contingencies and the undersigned has no need, and anticipates no need
      in
      the foreseeable future, to sell the Shares for which the undersigned subscribes.
      The undersigned is able to bear the economic risks of this investment and,
      consequently, without limiting the generality of the foregoing, the undersigned
      is able to hold the Shares for an indefinite period of time and has sufficient
      net worth to sustain a loss of the undersigned's entire investment in the
      Company in the event such loss should occur. Except as otherwise indicated
      herein, the undersigned is the sole party in interest as to its investment
      in
      the Company, and it is acquiring the Shares solely for investment for the
      undersigned's own account and has no present agreement, understanding or
      arrangement to subdivide, sell, assign, transfer or otherwise dispose of all
      or
      any part of the Shares subscribed for to any other person. 

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    3.3
      Investment;
      Access to Data.
      The
      undersigned has carefully reviewed and understands the risks of, and other
      considerations relating to, a purchase of the Common Stock and an investment
      in
      the Company. The undersigned has been furnished materials relating to the
      Company, the private placement of the Common Stock or anything else that it
      has
      requested and has been afforded the opportunity to ask questions and receive
      answers concerning the terms and conditions of the offering and obtain any
      additional information which the Company possesses or can acquire without
      unreasonable effort or expense. Representatives of the Company have answered
      all
      inquiries that the undersigned has made of them concerning the Company, or
      any
      other matters relating to the formation and operation of the Company and the
      offering and sale of the Common Stock. The
      undersigned has not been furnished any offering literature other than the
      materials that the Company may have provided at the request of the undersigned;
      and the undersigned has relied only on such information furnished or made
      available to the undersigned by the Company as described in this Section. The
      undersigned is acquiring the Shares for investment for the undersigned's own
      account, not as a nominee or agent and not with the view to, or for resale
      in
      connection with, any distribution thereof. The undersigned acknowledges that
      the
      Company is a start-up company with no current operations, assets or operating
      history, which may possibly cause a loss of Purchaser’s entire investment in the
      Company. 

    

    3.4
      Authorization.
      (a)
      This Agreement, upon execution and delivery thereof, will be a valid and binding
      obligation of Purchaser, enforceable in accordance with its terms, subject
      to
      applicable bankruptcy, insolvency, reorganization and moratorium laws and other
      laws of general application affecting enforcement of creditors' rights
      generally.

    

    (b)
      The
      execution, delivery and performance by Purchaser of this Agreement and
      compliance therewith and the purchase and sale of the Shares will not result
      in
      a violation of and will not conflict with, or result in a breach of, any of
      the
      terms of, or constitute a default under, any provision of state or Federal
      law
      to which Purchaser is subject, or any mortgage, indenture, agreement,
      instrument, judgment, decree, order, rule or regulation or other restriction
      to
      which the Purchaser is a party or by which the undersigned Purchaser is bound,
      or result in the creation of any mortgage, pledge, lien, encumbrance or charge
      upon any of the properties or assets of Purchaser pursuant to any such
      term.

    

    3.5
      Accredited
      Investor.
      Purchaser is an accredited investor as defined in Rule 501(a) of Regulation
      D
      under the Securities Act of 1933, as amended.

    

    SECTION
      4: MISCELLANEOUS

    

    4.1
      Governing
      Law.
      This
      Agreement shall be governed in all respects by the laws of the State of New
      York, without regard to conflicts of laws principles thereof.

    

    4.2
      Survival.
      The
      terms, conditions and agreements made herein shall survive the Closing.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    4.3
      Successors
      and Assigns.
      Except
      as otherwise expressly provided herein, the provisions hereof shall inure to
      the
      benefit of, and be binding upon, the successors, assigns, heirs, executors
      and
      administrators of the parties hereto.

    

    4.4
      Entire
      Agreement; Amendment; Waiver.
      This
      Agreement constitutes the entire and full understanding and agreement between
      the parties with regard to the subject matter hereof. Neither this Agreement
      nor
      any term hereof may be amended, waived, discharged or terminated, except by
      a
      written instrument signed by all the parties hereto.

    

    4.5
      Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original, but all of which together, shall constitute one
      instrument.

    

    IN
      WITNESS WHEREOF,
      the
      undersigned have hereunto set their hands as of the day and year first above
      written.

    

     

    

    
      	 	SRKP 7, INC.
	 	 
	 	By:  /s/
              Anthony
              Pintsopoulos                       
              
	 	Name: Anthony Pintsopoulos
	 	Title: Secretary
	 	 
	 	 
	 	TMC ULSTER HOLDINGS
              INC.
	 	 
	 	By:  /s/
              Guido
              DaLessio                                   
              
	 	Name: Guido DaLessio
	 	Title:
              President

    

      

    
      
        
        

      

      
        6

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