Document:

Exhibit 10.1

  

FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS FIRST AMENDMENT
TO EMPLOYMENT AGREEMENT (this “First Amendment”) is made as of December 02, 2015, by and among XCEL BRANDS,
INC. (the “Company”) and Isaac Mizrahi (“Executive”) (Company and Executive hereinafter are
referred to collectively as the “Parties” and each individually as a “Party”, unless stated
otherwise).

 

WHEREAS, the Executive
serves as the Company’s Chief Design Officer of the Isaac Mizrahi brand pursuant to an amended and restated employment agreement
dated as of December 24, 2013 (the “Employment Agreement”); and

 

WHEREAS, the Parties
desire to amend the terms of the Executive’s employment with 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:

 

		1.	Section 1.2(a)(iii) of the Employment Agreement shall be deleted in its entirety and replaced with
the following:

 

“(A)
Make appearances on direct-response television limited to Appearances on QVC pursuant to the license agreement between IM Brands,
LLC and QVC, Inc. such that the Company will not be in a breach of Section 4 of the QVC Agreement, as in effect on the date hereof,
(B) travel to Toronto, Canada for one (1) press and media day per year for The Shopping Channel and for in-store appearances for
Hudson’s Bay Company as reasonably requested by the Company, provided that Xcel will provide Executive with travel in a private
plane, specifically the Challenger 604 or a substantially similar plane, for any such travel requested to and from Canada, and
(C) such other appearances as may be mutually agreed in writing by the Company and the Executive.

 

Notwithstanding
anything herein to the contrary, Executive agrees that he will use best efforts to make all such appearances on QVC as reasonably
requested by the Company, and that his appearances on QVC shall include up to three (3) two-hour "static" shows per week
(in addition to "hits" during the Adjacent Periods as defined herein) and up to fourteen (14) Today’s Special Value
(TSV) promotions each year. Notwithstanding the foregoing, provided that Executive is using best efforts to make such appearances
on QVC pursuant to this Section 1.2(a)(iii), the Company shall use commercially reasonable efforts to accommodate Executive's schedule
with respect to the Retained Media Rights.

 

For the purposes
of this Agreement, “Adjacent Periods” shall be defined as periods before and/or after each one-hour or longer
show that Executive does on QVC based upon the time of day of such show, such that (i) for evening shows (8pm EST/EDT to 12am EST/EDT
the Adjacent Period shall include four (4) hours before each show, and one (1) hour after each show, (ii) for afternoon shows (12pm
EST/EDT to 8pm EST/EDT) the Adjacent Period shall be four (4) hours before each show, and four (4) hours after each show, and (iii)
for morning shows (8am EST/EDT to 12pm EST/EDT) the Adjacent Period shall be zero (0) hours before each show, and four (4) hours
after each show. ”

 

     

     

    

 

Xcel-IM First Amendment to Employment Agreement

December 02, 2015

Page 2

 

 

		2.	Section 1.3(b)(1) of the Employment Agreement shall be deleted in its entirety and replaced with
the following:

  

		“(1)	DRT Revenue Bonus

 

Provided that
Executive makes at least eighty percent (80%) of the appearances for the IsaacMizrahiLIVE brand on QVC during any calendar year,
with the first such calendar year commencing January 1, 2015, Executive shall be entitled to a bonus based on the Company’s
revenues from QVC (the “DRT Revenue Bonus”), until the bonus payable for such calendar year equals the Maximum
Bonus. The DRT Revenue Bonus for any calendar year shall be equal to (i) 7.5% of the aggregate of DRT Revenue up to DRT Revenue
based on the annual gross sales plan given to the Company by QVC for each calendar year (“QVC Sales Plan”),
plus (ii) 15% of the DRT Revenue based sales in excess of the QVC Sales Plan. The Company has previously provided the QVC Sales
Plan for the year ending December 31, 2015 to the Executive, and the Company shall provide the QVC Sales Plan to Executive promptly
upon its receipt of the final QVC Sales Plan for each subsequent calendar year.”

 

		3.	Section 1.3(d) of the Employment Agreement shall be deleted in its entirety and replaced with the
following:

 

“Notwithstanding
the foregoing, the Company shall reimburse Executive for the direct expenses related to a second car and driver of up to One Hundred
and Twenty Thousand Dollars ($120,000) per year for Executive’s use in connection with his responsibilities pursuant to this
Agreement. Executive shall provide the Company each year with the portion of use of the car and driver for personal use versus
use related to Executive’s employment with the Company, and Executive acknowledges that any use of the car and driver for
personal use shall be taxable to Executive.””

 

		4.	The definition of DRT Revenue in Section 2.1 of the Employment Agreement shall be deleted in its
entirety and replaced with the following:

 

““DRT
Revenue” means Excess QVC DRT Revenue.”

 

		5.	The definition of Excess QVC DRT Revenue in Section 2.1 of the Employment Agreement shall be deleted
in its entirety and replaced with the following:

 

““Excess
QVC DRT Revenue” for a calendar year means (i) Gross Royalty Revenue in excess of $8,000,000 from Net Retail Sales (as
each term is defined in the QVC Agreement) under the QVC Agreement for such calendar year, as determined in accordance with U.S.
generally accepted accounting principles.”

 

		6.	The definition of TSC DRT Revenue in Section 2.1 of the Employment Agreement shall be deleted in
its entirety.

 

		7.	This First Amendment shall not constitute an amendment of any other provision of the Employment
Agreement not expressly referred to herein. Except as expressly amended, the provisions of the Employment Agreement are and shall
remain in full force and effect, and this First Amendment shall be effective and binding upon the parties upon execution and delivery.

 

		8.	This First Amendment may be executed in any number
of counterparts, each of which shall be deemed an original. Delivery of executed signature pages hereof by facsimile transmission
shall constitute effective and binding execution and delivery hereof.

 

     

     

    

 

Xcel-IM First Amendment to Employment Agreement

December 02, 2015

Page 3

 

IN WITNESS WHEREOF, the parties have executed this First
Amendment as of the date first above written.

 

 

	 	XCEL BRANDS, INC. 	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/
    Robert D’Loren	 
	 	 	Name: Robert D’Loren	 
	 	 	Title: Chairman and CEO	 
	 	 	12/11/2015	 
	 	 	 	 
	 	ISAAC MIZRAHI	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Isaac Mizrahi	 
	 	 	Name:  Isaac Mizrahi	 
	 	 	12/10/2015Exhibit

FIRST AMENDMENT TO
RIGHTS AGREEMENT

This FIRST AMENDMENT TO RIGHTS AGREEMENT (this “Amendment”) entered into as of December 16, 2015, by and between Advanced Emissions Solutions, Inc., a Delaware corporation (the “Company”) and Computershare Trust Company, N.A. a federally chartered trust company (“Rights Agent”).  All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in that certain Rights Agreement dated as of February 1, 2015 by and between the Company and the Rights Agent (the “Rights Agreement”).

RECITALS

WHEREAS, the Company and the Rights Agent are parties to the Rights Agreement;

WHEREAS, the Board of Directors of the Company has authorized an amendment of the definition of “Acquiring Person” in the Rights Agreement to increase the beneficial ownership threshold in such definition from 10% to 20%;

WHEREAS, pursuant to Section 27 of the Rights Agreement, the Company and the Rights Agent desire to amend the Rights Agreement as set forth in this Amendment.

AGREEMENT

NOW, THEREFORE, in consideration of the promises and the mutual agreements herein set forth, the parties hereby agree as follows:

1.Amendment of Section 1(a).  The definition of “Acquiring Person” set forth in Section 1(a) of the Rights Agreement is hereby amended and restated to read in its entirety as follows:
(a) “Acquiring Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person, shall be the Beneficial Owner of 20% or more of the Common Stock then outstanding, but shall not include an Exempt Person. Notwithstanding the foregoing: 
(i) any Person who or which, together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 20% or more of the Common Stock then outstanding as a result of a reduction in the number of shares of Common Stock outstanding due to the repurchase of Common Stock by the Company shall not be deemed an “Acquiring Person” unless and until such Person, together with all Affiliates and Associates of such Person, acquires Beneficial Ownership of any additional shares of Common Stock (other than as a result of a stock dividend, stock split, or similar transaction effected by the Company in which all registered holders of Common Stock are treated substantially equally) while the Beneficial Owner of 20% or more of the Common Stock then outstanding; 
(ii) if the Board determines in good faith that a Person who would otherwise be an “Acquiring Person” has become such inadvertently (including, without limitation, because (A) such Person was unaware that it beneficially owned a percentage of Common Stock that would otherwise cause such Person to be an “Acquiring Person” or (B) such Person was aware of the extent of its Beneficial Ownership of Common Stock but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement and had no intention of changing or influencing control of the Company), and such Person divests as promptly as practicable (as determined by the Board in its sole discretion) a sufficient number of shares of Common Stock (without exercising or retaining any power, including, without limitation, voting power, with respect to such shares) (or, in the case solely of shares of Common Stock beneficially owned, directly or indirectly, by such Person pursuant to Section 1(f)(v) hereof, such Person terminates the subject Derivatives Contract(s) or disposes of the subject derivative security or securities, or establishes to the satisfaction of the Board that such shares of Common Stock are not held with any intention of changing or influencing control of the Company) so that such Person is no longer the Beneficial Owner of 20% or more of the Common Stock then outstanding, then such Person shall not be deemed to be or ever to have been an “Acquiring Person” for any purposes of this Agreement as a result of such inadvertent acquisition; 
(iii) if a bona fide swaps dealer who would otherwise be an “Acquiring Person” has become so as a result of its actions in the ordinary course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence the management or policies of the Company, then, and unless and until the Board shall otherwise determine, such person shall not be deemed to be an “Acquiring Person” for any purposes of this Agreement; and 

(iv) if a Person would otherwise be deemed an “Acquiring Person” upon the execution of this Agreement, such Person (herein referred to as a “Grandfathered Stockholder”) shall not be deemed an “Acquiring Person” for purposes of this Agreement unless and until, subject to Section 1(a)(i) and Section 1(a)(ii) above, such Grandfathered Stockholder acquires Beneficial Ownership of additional shares of Common Stock representing 1.0% of the shares of Common Stock then outstanding (other than as a result of a stock dividend, stock split, or similar transaction effected by the Company in which all registered holders of Common Stock are treated substantially equally) after execution of this Agreement and while the Beneficial Owner of 20% or more of the Common Stock then outstanding, in which case such Person shall no longer be deemed a Grandfathered Stockholder and shall be deemed an “Acquiring Person”. 
For all purposes of this Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding Common Stock of which any Person is the Beneficial Owner, shall include the number of shares of Common Stock not outstanding at the time of such calculation that such Person is otherwise deemed to beneficially own for purposes of this Agreement. The number of shares of Common Stock not outstanding that such Person is otherwise deemed to beneficially own for purposes of this Agreement shall be deemed to be outstanding for the purpose of computing the percentage of the outstanding number of shares of Common Stock beneficially owned by such Person but shall not be deemed to be outstanding for the purpose of computing the percentage of outstanding Common Stock beneficially owned by any other Person. 

2.Amendment of Exhibit C (Summary of Rights to Purchase Preferred Stock).  Exhibit C to the Rights Agreement is hereby amended such that references in Section 2 thereof (Distribution Date; Beneficial Ownership) to “10%” are changed to “20%.”

3.Agreement as Amended.  The term “Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights Agreement as amended hereby. Except as set forth herein, the Rights Agreement shall remain in full force and effect and otherwise shall be unaffected hereby, and each of the Company and the Rights Agent shall continue to be subject to its terms and conditions.

4.Severability.  If any term, provision, covenant, or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void, or unenforceable, the remainder of the terms, provisions, covenants, and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired, or invalidated; provided, however, that if such excluded terms provisions, covenants or restrictions shall affect the rights, immunities, liabilities, duties, responsibilities or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately.

5.Governing Law.  This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State

6.Counterparts.  This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A facsimile or .pdf signature delivered electronically shall constitute an original signature for all purposes. 

7.Descriptive Headings.  Descriptive headings of the several Sections of this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.
[Signature Pages Follow]
    

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed as of the date first above written.
ADVANCED EMISSIONS SOLUTIONS, INC.
By:   /s/ L. Heath Sampson                                        
Name: L. Heath Sampson
Title: President and Chief Executive Officer
COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:
	  /s/ Patrick Hayes                                                  

Name: Patrick Hayes
Title: VP & Manager

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