Document:

Exhibit
      10.3

    

    THE
      SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “1933
      ACT”).
      THESE
      SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
      OR
      AN EXEMPTION THEREFROM UNDER THE SECURITIES ACT OR UNDER STATE SECURITIES LAWS.
      THIS WARRANT MAY NOT BE SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF
      EXCEPT PURSUANT TO THE EXPRESS PROVISIONS OF THIS WARRANT, AND NO SALE,
      ASSIGNMENT, TRANSFER, OR OTHER DISPOSITION OF THIS WARRANT SHALL BE VALID OR
      EFFECTIVE UNLESS AND UNTIL SUCH PROVISIONS SHALL HAVE BEEN COMPLIED
      WITH.

    

    

    Date
      of
      Issuance: June 2, 2006

    ICONIX
      BRAND GROUP, INC.

    Stock
      Purchase Warrant

    

    Iconix
      Brand Group, Inc., a Delaware corporation (the “Company”), for value received,
      hereby certifies and agrees that D’Loren
      Realty LLC d/b/a Content Holdings,
      or its
      registered assigns (the “Registered Holder”), is entitled, subject to the terms
      set forth below, to purchase from the Company, at any time or from time to
      time
      on or after the date hereof (the “Date of Issuance”) and on or before the tenth
      (10th) anniversary of the Date of Issuance but not later than 5:00 p.m. New
      York
      time (such date and time, the “Expiration Time”), up to Two Hundred Twenty Five
      Thousand (225,000) duly authorized, validly issued, fully paid and nonassessable
      shares of the Company’s
      common stock, $0.001 par value per share (the “Common Stock”)
      at an
      initial exercise price equal to $15.93 (Fifteen dollars and ninety-three cents)
      per share, subject to adjustment in certain cases as described herein. The
      shares purchasable upon exercise of this Warrant, and the purchase price per
      share, are hereinafter referred to as the “Warrant Shares” and the “Exercise
      Price,” respectively. The term “Warrant” as used herein shall include this
      Warrant and any other warrants delivered in substitution or exchange therefor,
      as provided herein. The Warrant Shares shall vest (the “Vesting Date”) upon
      consummation of the Mossimo Acquisition (as such term is defined in that certain
      agreement dated as of even date herewith among the Company, UCC Consulting
      Corporation, D’Loren Realty LLC d/b/a Content Holdings, Robert D’Loren and James
      Haran (the “Mossimo Agreement”). 

     

    1. Exercise.
      

     

    1.1 Method
      of Exercise.

     

    (a) This
      Warrant may be exercised by the Registered Holder, in whole or in part, by
      surrendering this Warrant, with a Notice of Exercise in the form of Annex
      A
      hereto
      (the “Notice of Exercise”) duly executed by such Registered Holder or by such
      Registered Holder’s duly authorized attorney, at the principal office of the
      Company set forth on the signature page hereto, or at such other office or
      agency as the Company may designate in writing (the “Company’s Office”),
      accompanied by payment in full, in lawful money of the United States, of the
      Exercise Price payable in respect of the number of shares of Warrant Shares
      purchased upon such exercise.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Each
      exercise of this Warrant shall be deemed to have been effected immediately
      prior
      to the close of business on the day on which the Company receives at the
      Company’s Office the Warrant together with the appropriate completed Notice of
      Exercise. At such time, the person or persons in whose name or names any
      certificates for Warrant Shares shall be issuable upon such exercise as provided
      in Section 1.1(c) hereof shall be deemed to have become the holder or holders
      of
      record of the Warrant Shares represented by such certificates.

     

    (c) As
      soon
      as practicable after the exercise of this Warrant, in full or in part, and
      in
      any event within ten (10) days thereafter, the Company, at its expense, will
      cause to be issued in the name of, and delivered to, the Registered Holder,
      or
      as such Registered Holder (upon payment by such Registered Holder of any
      applicable transfer taxes) may direct:

     

    (i) a
      certificate or certificates for the number of full Warrant Shares to which
      such
      Registered Holder shall be entitled upon such exercise plus, in lieu of any
      fractional share to which such Registered Holder would otherwise be entitled,
      cash in an amount determined pursuant to Section 3 hereof; and

     

    (ii) in
      case
      such exercise is in part only, a new Warrant or Warrants (dated the date hereof)
      of like tenor, representing in the aggregate the balance of the Warrant Shares
      that may be purchased thereunder.

     

    1.2 Exercise
      by Surrender of Warrant.
      In
      addition to the method of payment set forth in Section 1.1 and in lieu of any
      cash payment required thereunder, the Warrant may be exercised by surrendering
      the Warrant in the manner specified in this Section 1.2, together with
      irrevocable instructions to the Company to issue in exchange for the Warrant
      the
      number of shares of Common Stock equal to the product of (x) the number of
      shares of Common Stock underlying the Warrants multiplied by (y) a fraction,
      the
      numerator of which is the Market Value (as defined below) of the Common Stock
      less the Exercise Price and the denominator of which is such Market Value.
      As
      used herein, the phrase “Market Value” at any date shall be deemed to be (i) the
      last reported sale price on the day prior to such date, or (ii) in case no
      such
      reported sale takes place on such day, the average of the last reported sale
      prices for the last three (3) trading days, in either case as (a) officially
      reported by the principal securities exchange on which the Common Stock is
      listed or admitted to trading or as reported in the Nasdaq National Market
      System, or, (b) if the Common Stock is not listed or admitted to trading on
      any
      national securities exchange or quoted on the Nasdaq National Market System,
      the
      closing sale price as furnished by (i) the National Association of Securities
      Dealers, Inc. through Nasdaq or (ii) similar organization if Nasdaq is no longer
      reporting such information, or (c) if such information is no longer reported
      by
      NASDAQ or similar organization, the fair market value of the Common Stock as
      determined in good faith by resolution of the Board of Directors of the Company,
      based on the best information available to it, but in the case of any such
      determination made under this clause (c), in no event less than the greater
      of
      (x) the per share Common Stock price of the last sale or issuance by the Company
      or (y) the last closing sale price as available under clause (a) or (b) above
      prior to such date.

     

    
      
        
        

      

      
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    2. Shares
      to be Fully Paid; Reservation of Shares.
      The
      Company covenants and agrees that all shares of Common Stock which may be issued
      upon the exercise of the rights represented by this Warrant will, upon issuance
      by the Company, be validly issued, fully paid and nonassessable, and free from
      preemptive rights and free from all taxes, liens and charges with respect
      thereto (other than any lien which may be imposed by the Registered Holder(s)
      of
      the Warrants). The Company further covenants and agrees that, from and after
      the
      Date of Issuance and during the period within which the rights represented
      by
      this Warrant may be exercised, the Company will at all times have authorized,
      and reserve, free from preemptive rights, out of its authorized but unissued
      shares of Common Stock, solely for the purpose of effecting the exercise of
      this
      Warrant, a sufficient number of shares of Common Stock to provide for the
      exercise of the rights represented by this Warrant. 

     

    3. Fractional
      Shares.
      The
      Company shall not be required upon the exercise of this Warrant to issue any
      fractional shares, but shall make an adjustment therefor in cash on the basis
      of
      the Market Value for each fractional share of the Company’s Common Stock which
      would be issuable upon exercise of this Warrant.

     

    4. Restrictions
      on Transfer.

     

    4.1 Warrant
      Register.
      The
      Company will maintain a register (the “Warrant Register”) containing the names
      and addresses of the Registered Holder or Registered Holders. Any Registered
      Holder of this Warrant or any portion thereof may change its address as shown
      on
      the Warrant Register by written notice to the Company requesting such change,
      and the Company shall promptly make such change. 

     

    4.2 Warrant
      Agent.
      The
      Company may, by written notice to the Registered Holder, appoint an agent for
      the purpose of maintaining the Warrant Register referred to in Section 4.1
      hereof, issuing the Common Stock issuable upon the exercise of this Warrant,
      exchanging this Warrant, replacing this Warrant or any or all of the foregoing.
      Thereafter, any such registration, issuance, exchange, or replacement, as the
      case may be, may be made at the office of such agent.

     

    4.3 No
      Right to Transfer.
      This
      Warrant is non-transferable. 

     

    5. Investment
      Representation and Legend.
      The
      Registered Holder, by acceptance of this Warrant, represents and warrants to
      the
      Company that the holder is acquiring the Warrant for its own account for
      investment purposes and not with a view toward the distribution thereof. Unless
      the offering and sale of the Warrant Shares to be issued upon the particular
      exercise of the Warrant shall have been effectively registered under the 1933
      Act, the Company shall be under no obligation to issue the Warrant Shares
      covered by such exercise unless and until the Registered Holder who exercises
      the Warrant shall provide the Company with such information that it may
      reasonably request to satisfy itself that the issuance of the Warrant Shares
      upon exercise of the Warrant complies with an applicable federal and state
      securities laws, including, but not limited to, a representation by such
      Registered Holder to the Company, at the time of such exercise, that such person
      or entity is acquiring such Warrant Shares for its own account, for investment
      and not with a view to, or for sale in connection with, the distribution of
      any
      such Warrant Shares, in which event the person acquiring such Warrant Shares
      shall be bound by the provisions of a legend, substantially as follows, which
      shall be endorsed upon the certificate(s) evidencing the Warrant Shares issued
      pursuant to such exercise:

     

    
      
        
        

      

      
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    “The
      shares represented by this certificate have not been registered under the
      Securities Act of 1933, as amended (the “Securities 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.”

     

    6. Adjustment
      of Exercise Price.
      

     

    6.1 Adjustment.
      If at
      any time after the date of grant of this Warrant the Company shall engage in
      a
      split-up, subdivision or combination or exchange of its Common Stock, then
      the
      number of shares covered by this Warrant and the Exercise Price shall be
      proportionately adjusted for any such change by the Board of Directors of the
      Company, whose determination shall be conclusive.

     

    6.2 Dividend
      or Distribution.
      If the
      Company shall pay a dividend with respect to the Common Stock or make any other
      distribution with respect to the Common Stock, except any distribution
      specifically provided for in this Section 6, payable in shares of Common Stock,
      then the Exercise Price shall be adjusted, from and after the date of
      determination of the stockholders entitled to receive such dividend or
      distribution, to that price determined by multiplying the Exercise Price in
      effect immediately prior to such date of determination by a fraction (i) the
      numerator of which shall be the total number of shares of Common Stock
      outstanding immediately prior to such dividend or distribution, and (ii) the
      denominator of which shall be the total number of shares of Common Stock
      outstanding immediately after such dividend or distribution.

     

    6.3 Reclassification,
      Merger, etc.
      In the
      case of any reclassification of the Common Stock or in the case of any
      consolidation or merger of the Company with or into another corporation (other
      than a merger with another corporation in which the Company is the surviving
      corporation and which does not result in any reclassification of the Common
      Stock) or in the case of any sale of all or substantially all of the assets
      of
      the Company, then the Company, or such successor or purchasing corporation,
      as
      the case may be, shall execute a new Warrant Certificate, providing that the
      Holder shall have the right to exercise such new warrant (the “New Warrant”) and
      upon such exercise to receive, in lieu of each share of Common Stock theretofore
      issuable upon exercise of this Warrant, the number and kind of shares of stock,
      other securities, money or property receivable upon such reclassification,
      change, consolidation or merger by a holder of shares of the Common Stock with
      respect to one share of Common Stock. Such New Warrant certificate shall provide
      for adjustments which shall be as nearly equivalent as may be practicable to
      the
      adjustments provided for herein. The provisions of this Section 6.3 shall
      similarly apply to successive reclassifications, changes, consolidations or
      mergers. 

     

    
      
        
        

      

      
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    6.4 Notice
      of Adjustment.
      Upon
      the occurrence of any event which requires any adjustment of the Exercise Price,
      then and in each such case the Company shall give notice thereof to the
      Registered Holder, which notice shall state the Exercise Price resulting from
      such adjustment and the increase or decrease, if any, in the number of Warrant
      Shares purchasable at such price upon exercise, setting forth in reasonable
      detail the method of calculation and the facts upon which such calculation
      is
      based.  

     

    6.5 Adjustment
      in Number of Securities.
      Upon
      each adjustment of the Exercise Price pursuant to the provisions of this Section
      6, the number of securities issuable upon the exercise of each Warrant shall
      be
      adjusted to the nearest full amount by multiplying a number equal to the
      Exercise Price in effect immediately prior to such adjustment by the number
      of
      Warrant Shares issuable upon exercise of the Warrants immediately prior to
      such
      adjustment and dividing the product so obtained by the adjusted Exercise
      Price.

     

    7. Notices
      of Record Date, Etc.
      In case
      the Company shall take a record of the holders of its Common Stock (or other
      stock or securities at the time deliverable upon the exercise of this Warrant)
      for the purpose of entitling or enabling them to receive any dividend or other
      distribution, or to receive any right to subscribe for or purchase any shares
      of
      stock of any class or any other securities, or to receive any other right;
      or of
      any capital reorganization of the Company, any reclassification of the capital
      stock of the Company, any consolidation or merger of the Company with or into
      another corporation (other than a consolidation or merger in which the Company
      is the surviving entity), or any transfer of all or substantially all of the
      assets of the Company; or of the voluntary or involuntary dissolution,
      liquidation or winding-up of the Company, then, and in each such case, the
      Company will mail or cause to be mailed to the Registered Holder of this Warrant
      a notice specifying, as the case may be, (i) the date on which a record is
      to be
      taken for the purpose of such dividend, distribution or right, and stating
      the
      amount and character of such dividend, distribution or right, or (ii) the
      effective date on which such reorganization, reclassification, consolidation,
      merger, transfer, dissolution, liquidation or winding-up is to take place,
      and
      the time, if any is to be fixed, as of which the holders of record of Common
      Stock (or such other stock or securities at the time deliverable upon the
      exercise of this Warrant) shall be entitled to exchange their shares of Common
      Stock (or such other stock or securities) for securities or other property
      deliverable upon such reorganization, reclassification, consolidation, merger,
      transfer, dissolution, liquidation or winding-up. Such notice shall be mailed
      at
      least ten (10) days prior to the record date or effective date for the event
      specified in such notice unless such prior notice is waived by the Registered
      Holder. Failure by the Company to give such notice or any defect therein shall
      not affect the validity of any action taken by the Company in connection with
      the declaration or payment of any such dividend or distribution, or the issuance
      of any subscription or other rights, or any proposed reorganization,
      reclassification, consolidation, merger, transfer, liquidation, dissolution
      or
      winding up or other corporate action referred to in this Section 7; provided,
      however, in
      the
      event of failure to give notice or any defect therein, the Registered Holder
      shall not waive any rights he would have otherwise had had timely notice been
      given. 

     

    
      
        
        

      

      
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    8. No
      Rights of Stockholders.
      Subject
      to other Sections of this Warrant, the Registered Holder shall not be entitled
      to vote, to receive dividends or subscription rights, nor shall anything
      contained herein be construed to confer upon the Registered Holder, as such,
      any
      of the rights of a stockholder of the Company, including, without limitation,
      any right to vote for the election of directors or upon any matter submitted
      to
      stockholders, to give or withhold consent to any corporate action (whether
      upon
      any recapitalization, issuance of stock, reclassification of stock, change
      of
      par value or change of stock to no par value, consolidation, merger, conveyance,
      or otherwise), to receive notices, or otherwise, until the Warrant shall have
      been exercised as provided herein.

     

    9. Replacement
      of Warrant.
      Upon
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and (in the case of loss, theft or
      destruction) upon delivery of an indemnity agreement reasonably satisfactory
      to
      the Company, or (in the case of mutilation) upon surrender and cancellation
      of
      this Warrant, the Company will issue, in lieu thereof, a new Warrant of like
      tenor.

     

    10. Registration
      Rights.
      

     

    10.1 Demand
      Registration.
      

     

    (a) At
      any
      time after the Vesting Date, the Registered Holders of at least a majority
      of
      the Registrable Securities may deliver a written request to the Company
      requesting that the Company file, on one (1) occasion, a registration statement
      under the Act covering the registration of the Registrable Securities (as
      hereinafter defined); provided,
      however,
      that
      (i) the Company shall not be obligated to effect any such registration pursuant
      to this Section 10.1 if Form S-3 is not available for such offering by the
      Registered Holders and (ii) the Company shall not be required to enter into
      any
      underwriting agreement with respect to any registration statement filed under
      Section 10.1 If the Company shall receive any such written request, then the
      Company shall use its commercially reasonable efforts to file a registration
      statement (the “Registration Statement”) with the Securities and Exchange
      Commission (“SEC”) as soon as practicable, and in any event within forty-five
      (45) days of the receipt of such request (“Request Date”) as would permit or
      facilitate the sale and distribution of all or such portion of such Registrable
      Securities that the Registered Holders request to be registered; provided,
      however,
      that the
      45 day period shall be subject to availability of audited financial statements
      of the Company or to an event which the Company must report on Form 8-K, or
      another appropriate SEC form, that prevents such filing, in which case such
      Registration Statement shall be filed as soon as practicable following the
      availability of audited financial statements or the reporting of such event
      on
      Form 8-K or other appropriate form. The Company shall (i) use commercially
      reasonable efforts to have such Registration Statement declared effective by
      the
      SEC as soon thereafter as is practical, but in any event within one hundred
      and
      fifty (150) days of its receipt of the written request to effect the
      registration, and (ii) cause such Registration Statement to remain effective
      until the date which is the earlier of such time as (A) the Registered Holders
      have completed the distribution described in the Registration Statement relating
      thereto or (B) the Registered Holders have publicly sold the Registrable
      Securities other than pursuant to the registration statement or (C) all of
      the
      Registrable Securities thereunder may be sold pursuant to Rule 144(k) under
      the
      1933 Act or any successor rule (the “Effectiveness Period”)
      provided, however,
      that
      the Company shall not be obligated to maintain the effectiveness of any such
      registration pursuant to this Section 10.1 if Form S-3 is not available for
      such
      offering by the Registered Holders. However, in the event of any failure of
      the
      Company to maintain the effectiveness of the Registration Statement for the
      period set forth above other than by reason of Form S-3 not being available,
      the
      demand registration provisions of this Section 10.1 (limited to the filing
      of
      one additional registration statement only on Form S-3 if available) shall
      be
      available to the Registered Holders, as if such holders had never made a demand
      for registration pursuant to the provisions of this Section 10.1. For purposes
      of this Agreement, the term “Registrable Securities” shall mean the Warrant
      Shares issuable upon the exercise of the Warrants; provided, however, that
      securities shall only be treated as Registrable Securities if and only for
      so
      long as they (A) have not been disposed of pursuant to a registration statement
      declared effective by the SEC, or (B) have not been sold in a transaction exempt
      from the registration and prospectus delivery requirements of the 1933 Act
      (such
      as Rule 144(k) or any successor rule) so that all transfer restrictions and
      restrictive legends with respect thereto are removed upon the consummation
      of
      such sale or (C) are not eligible to be sold pursuant to Rule 144(k) or any
      successor rule. 

     

    
      
        
        

      

      
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    (b) Notwithstanding
      the requirement to file the Registration Statement as described above, if the
      Company shall furnish to the Registered Holders a certificate signed by the
      Chief Executive Officer or President of the Company stating that in the good
      faith judgment of the Board of Directors of the Company it would not be in
      the
      best interest of the Company for such registration statement to be filed, the
      Company shall have the right to defer taking action with respect to such filing
      for a period of not more than ninety (90) days after the date of such
      certificate; provided,
      however,
      that
      the Company shall not defer its obligation in this manner more than once in
      any
      twelve (12) month period.

     

    (c) All
      expenses (other than (i) underwriting discounts and commissions, brokerage
      fees
      and applicable transfer taxes and (ii) any fees or expenses of any advisor
      or
      counsel to the Registered Holders (except as may arise under subsection (e)
      below) incurred in connection with registrations, filings or qualifications
      pursuant to Section 10 hereof, including, without limitation, all registration,
      filing and qualification fees, printers’ and accounting fees, fees and
      disbursements of counsel for the Company shall be borne by the Company. Further,
      the Company shall pay its internal expenses (including, without limitation,
      all
      salaries and expenses of its officers and employees performing legal or
      accounting duties), the expense of any annual audit or quarterly review, the
      expense of any liability insurance obtained by the Company and the expenses
      and
      fees for listing or authorizing for quotation the securities to be registered
      on
      each securities exchange, market or automated quotation system on which it
      Common Stock is then listed or quoted.

     

    
      
        
        

      

      
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    (d) Prior
      to
      any resale of Registrable Securities by any Registered Holder, the Company
      shall
      register or qualify or cooperate with the Registered Holder in connection with
      the registration or qualification (or exemption from the registration or
      qualification) of such Registrable Securities for the resale by the Registered
      Holder under the securities or Blue Sky laws of such jurisdictions within the
      United States as any Registered Holder reasonably requests in writing and as
      reasonably acceptable to the Company, to keep each registration or qualification
      (or exemption therefrom) effective during the Effectiveness Period and to do
      any
      and all other acts or things reasonably necessary to enable the disposition
      in
      such jurisdictions of the Registrable Securities covered by the Registration
      Statement; provided, that the Company shall not be required to qualify generally
      to do business in any jurisdiction where it is not then so qualified, consent
      to
      service of process in any jurisdiction in which it has not so consented, subject
      the Company to any material tax in any such jurisdiction where it is not then
      so
      subject or file a general consent to service of process in any such
      jurisdiction.

     

    (e) Each
      of
      the Company and each Registered Holder shall indemnify the other party hereto
      and their respective officers, directors, employees and agents against all
      claims, losses, damages and liabilities (or actions in respect thereof) arising
      out of or based on any untrue statement (or alleged untrue statement) by the
      indemnifying party of a material fact contained in any prospectus or other
      document (including any related registration statement, notification or the
      like) incident to any registration of the type described in this Section 10,
      or
      any omission (or alleged omission) by the indemnifying party to state in any
      such document a material fact required to be stated therein or necessary to
      make
      the statements therein not misleading, and shall reimburse such indemnified
      party for any legal and any other expenses reasonably incurred in connection
      with investigating and defending any such claim, loss, damage, liability or
      action; provided
      that no
      party will be eligible for indemnification hereunder to the extent that any
      such
      claim, loss, damage, liability or expense arises out of or is based on any
      untrue statement or omission based upon written information furnished by such
      party for use in connection with such registration. Notwithstanding
      the foregoing, no Requesting Holder shall be entitled to indemnification under
      this Section 10 where either (i) a prospectus was required to be delivered
      to
      the purchaser of Registrable Securities and was available to be delivered by
      the
      selling Registered Holder or its broker but was not so delivered, (ii) prior
      to
      consummation of such sale either a supplement or amendment to the Company’s
      prospectus correcting any alleged untrue statement or alleged untrue statement
      or omission or alleged omission was transmitted to the selling Registered Holder
      but not transmitted by the Registered Holder or its broker to the purchaser
      of
      the Registrable Securities or (iii) the Registered Holder was advised by the
      Company in writing that the prospectus could no longer be used. 
      In
      addition, if the indemnifying party is a Registered Holder, in no event shall
      its indemnification obligation exceed the net proceeds received by the
      Registered Holder upon a sale of the Registrable Securities. 

     

    
      
        
        

      

      
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    (f) Each
      Registered Holder shall furnish to the Company such information regarding the
      Registered Holder and the distribution proposed by it as the Company may
      reasonably request in connection with any registration or offering referred
      to
      in this Section 10 and the Company’s registration obligations under this Section
      10 shall be subject to the Company’s receipt of such information. Each
      Registered Holder shall cooperate as reasonably requested by the Company in
      connection with the preparation of the registration statement with respect
      to
      such registration, and for so long as the Company is obligated to file and
      keep
      effective such registration statement, shall provide to the Company, in writing,
      for use in the registration statement, all such information regarding the
      Registered Holder and its plan of distribution of the Registrable Securities
      included in such registration as may be reasonably necessary to enable the
      Company to prepare such Registration Statement, to maintain the currency and
      effectiveness thereof and otherwise to comply with all applicable requirements
      of law in connection therewith.

     

    10.2 Piggyback
      Registration.
      In
      addition to the demand registration provisions of Section 10.1, if at any time
      during the term of this Warrant, the Company shall determine to prepare and
      file
      with the SEC a registration statement relating to an offering for its own
      account or the account of others under the 1933 Act of any of its equity
      securities, other than on Form S-4 or Form S-8 (each as promulgated
      under the Act) or their then equivalents relating to equity securities to be
      issued solely in connection with any acquisition of any entity or business,
      any
      share exchange or recapitalization or equity securities issuable in connection
      with the stock option or other employee benefit plans, then the Company shall
      send to each Registered Holder a written notice of such determination and,
      if
      within 15 days after the date of such notice, the Registered Holder shall so
      request in writing delivered to the Company, the Company shall include in such
      registration statement all or any part of such Registrable Securities such
      Registered Holder requests to be registered, subject to customary underwriter
      cutbacks applicable to all holders of registration rights (other than the holder
      that exercised a demand registration right that has contractual priority rights
      with respect to such cutbacks); provided, that, the Company shall not be
      required to register any Registrable Securities pursuant to this
      Section 10.2 that are eligible for resale pursuant to Rule 144(k) or
      that are the subject of a then effective Registration Statement or that have
      been publicly sold. Notwithstanding the provisions of this Section 10.2, the
      Company shall have the right at any time after it shall have given notice
      pursuant to this Section 10.2 (irrespective of whether any written request
      for
      inclusion of such securities shall have already been made) to elect not to
      file
      any such proposed registration statement, or to withdraw the same after the
      filing but prior to the effective date thereof. Whether or not such registration
      is withdrawn, the registration expenses of such withdrawn registration shall
      be
      borne by the Company in accordance with Section 10.1(c) hereof.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    11. Mailing
      of Notices, Etc.
      All
      notices and other communications from the Company to each Registered Holder
      of
      this Warrant shall be mailed by first-class certified or registered mail,
      postage prepaid, to the last address furnished to the Company in writing by
      the
      Registered Holder of this Warrant. All notices and other communications from
      the
      Registered Holder of this Warrant or in connection herewith to the Company
      shall
      be mailed by first-class certified or registered mail, postage prepaid, to
      the
      Company at its principal office set forth below. If the Company should at any
      time change the location of its principal office to a place other than as set
      forth below, then it shall give prompt written notice to each Registered Holder
      of this Warrant and thereafter all references in this Warrant to the location
      of
      its principal office at the particular time shall be as so specified in such
      notice.

     

    12. Change
      or Waiver; Severability.
      Any
      term of this Warrant may be changed or waived only by an instrument in writing
      signed by the party against which enforcement of the change or waiver is sought.
      If any provision of this Warrant shall be held to be invalid and unenforceable,
      such invalidity or unenforceability shall not affect any other provision of
      this
      Warrant.

     

    13. Headings;
      Severability.
      The
      headings in this Warrant are for purposes of reference only and shall not limit
      or otherwise affect the meaning of any provision of this Warrant. If any
      provision of this Warrant shall be held to be invalid and unenforceable, such
      invalidity or unenforceability shall not affect any other provision of this
      Warrant.

     

    14. Governing
      Law and Submission to Jurisdiction.
      This
      Warrant will be governed by and construed in accordance with the laws of the
      State of New York without regard to principles of conflict or choice of laws
      of
      any jurisdiction. The parties hereby agree that any action, proceeding or claim
      against it arising out of, or relating in any way to this Warrant shall be
      brought and enforced in the courts of the State of New York, and irrevocably
      submit to such jurisdiction, which jurisdiction shall be exclusive.

     

    15. Certificate.
      Upon
      request by a Registered Holder of this Warrant, the Company shall promptly
      deliver to such holder a certificate executed by its President or Chief
      Financial Officer setting forth the total number of outstanding shares of
      capital stock, convertible debt instruments and options, rights, warrants or
      other agreements relating to the purchase of such capital stock or convertible
      debt instruments, together with its calculation of the number of shares
      remaining available for issuance upon exercise of this Warrant, and a
      certificate of the accuracy of the statements set forth therein. 

     

    16. Supplements
      and Amendments.
      The
      Company and the initial Registered Holder may from time to time supplement
      or
      amend this Warrant in order to cure any ambiguity, to correct or supplement
      any
      provision contained herein which may be defective or inconsistent with any
      provision herein, or to make any other provisions in regard to matters or
      questions arising hereunder which the Company and the Holder may deem necessary
      or desirable.

     

    17. Successors.
      All the
      covenants and provisions of this Warrant shall be binding upon and inure to
      the
      benefit of the Company and the Registered Holders and their respective
      successors and assigns hereunder.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    18. Benefits
      of this Warrant.
      Nothing
      in this Warrant shall be construed to give to any person, entity or corporation
      other than the Company and the Registered Holder(s) of the Warrant Certificate
      any legal or equitable right, remedy or claim under this Warrant; and this
      Warrant shall be for the sole and exclusive benefit of the Company and the
      Registered Holder(s) of the Warrant Certificate.

     

    19. Counterparts.
      This
      Warrant may be executed in any number of counterparts and each such counterpart
      shall for all purposes be deemed to be an original, and such counterparts shall
      together constitute but one and the same instrument.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, ICONIX BRAND GROUP, INC. has caused this Warrant to be signed
      by its duly authorized officers under its corporate seal and to be dated on
      the
      day and year first written above.

     

    
       

      
        	 	 	 
	 	ICONIX
                BRAND
                GROUP, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Neil
                Cole
	 	
                
                  

                

                 
Name:
                  Neil Cole 

                 
                  Title: Chief Executive Officer

              
	 	
                 
Principal
                  Office: 

                 
                  215 West 40th
                  Street 

                 
                  New York, NY 10018 

              

      

      

        
          
            
            

          

          
            12

            
              

            

          

          
            
            

          

        

      

       

    

    ANNEX
      A

    

    NOTICE
      OF EXERCISE FORM

    

    
      	To:	
              Iconix
                Brand Group, Inc. 

              Attention:
                President

            

    

     

    1. The
      undersigned hereby elects to purchase _______________ (leave blank if you choose
      Alternative No. 2 below) shares of Common Stock of Iconix Brand Group, Inc.
      pursuant to the terms of this Warrant, and tenders herewith payment of the
      purchase price of such shares in full. (Initial here if the undersigned elects
      this alternative). _________

     

    2. In
      lieu
      of exercising the attached Warrant for cash or check, the undersigned hereby
      elects to effect the exercise by surrender of warrant provision of Section
      1.2
      of this Warrant and receive ____________ (leave blank if you choose Alternative
      No. 1 above) shares of Common Stock of Iconix Brand Group, Inc. pursuant to
      the
      terms of this Warrant. (Initial here if the undersigned elects this
      alternative). ___________

     

    3. Please
      issue a certificate or certificates representing said securities in the name
      of
      the undersigned or in such other name as is specified below:

     

    
       

      
        	 	
                 

                
                  

                

                (Name)

              
	 	 
	 	
                 

                
                  

                

                (Address)

              

      

      

       

       

      
        
          

        

      

      Signature
        

      

      Date:_____________________________Exhibit
      10.4

    

    THE
      SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “1933
      ACT”).
      THESE
      SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
      OR
      AN EXEMPTION THEREFROM UNDER THE SECURITIES ACT OR UNDER STATE SECURITIES LAWS.
      THIS WARRANT MAY NOT BE SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF
      EXCEPT PURSUANT TO THE EXPRESS PROVISIONS OF THIS WARRANT, AND NO SALE,
      ASSIGNMENT, TRANSFER, OR OTHER DISPOSITION OF THIS WARRANT SHALL BE VALID OR
      EFFECTIVE UNLESS AND UNTIL SUCH PROVISIONS SHALL HAVE BEEN COMPLIED
      WITH.

    

    

    Date
      of
      Issuance: June 2, 2006

     

    ICONIX
      BRAND GROUP, INC.

     

    Stock
      Purchase Warrant

    

    Iconix
      Brand Group, Inc., a Delaware corporation (the “Company”), for value received,
      hereby certifies and agrees that James
      Haran
      or his
      registered assigns (the “Registered Holder”), is entitled, subject to the terms
      set forth below, to purchase from the Company, at any time or from time to
      time
      on or after the date hereof (the “Date of Issuance”) and on or before the tenth
      (10th) anniversary of the Date of Issuance but not later than 5:00 p.m. New
      York
      time (such date and time, the “Expiration Time”), up to Twenty Five Thousand
      (25,000) duly authorized, validly issued, fully paid and nonassessable shares
      of
      the Company’s
      common stock, $0.001 par value per share (the “Common Stock”)
      at an
      initial exercise price equal to $15.93 (Fifteen dollars and ninety-three cents)
      per share, subject to adjustment in certain cases as described herein. The
      shares purchasable upon exercise of this Warrant, and the purchase price per
      share, are hereinafter referred to as the “Warrant Shares” and the “Exercise
      Price,” respectively. The term “Warrant” as used herein shall include this
      Warrant and any other warrants delivered in substitution or exchange therefor,
      as provided herein. The Warrant Shares shall vest (the “Vesting Date”) upon
      consummation of the Mossimo Acquisition (as such term is defined in that certain
      agreement dated as of even date herewith among the Company, UCC Consulting
      Corporation, D’Loren Realty LLC d/b/a Content Holdings, Robert D’Loren and James
      Haran (the “Mossimo Agreement”). 

     

    1. Exercise.
      

     

    1.1 Method
      of Exercise.

     

    (a) This
      Warrant may be exercised by the Registered Holder, in whole or in part, by
      surrendering this Warrant, with a Notice of Exercise in the form of Annex
      A
      hereto
      (the “Notice of Exercise”) duly executed by such Registered Holder or by such
      Registered Holder’s duly authorized attorney, at the principal office of the
      Company set forth on the signature page hereto, or at such other office or
      agency as the Company may designate in writing (the “Company’s Office”),
      accompanied by payment in full, in lawful money of the United States, of the
      Exercise Price payable in respect of the number of shares of Warrant Shares
      purchased upon such exercise.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) Each
      exercise of this Warrant shall be deemed to have been effected immediately
      prior
      to the close of business on the day on which the Company receives at the
      Company’s Office the Warrant together with the appropriate completed Notice of
      Exercise. At such time, the person or persons in whose name or names any
      certificates for Warrant Shares shall be issuable upon such exercise as provided
      in Section 1.1(c) hereof shall be deemed to have become the holder or holders
      of
      record of the Warrant Shares represented by such certificates.

     

    (c) As
      soon
      as practicable after the exercise of this Warrant, in full or in part, and
      in
      any event within ten (10) days thereafter, the Company, at its expense, will
      cause to be issued in the name of, and delivered to, the Registered Holder,
      or
      as such Registered Holder (upon payment by such Registered Holder of any
      applicable transfer taxes) may direct:

     

    (i) a
      certificate or certificates for the number of full Warrant Shares to which
      such
      Registered Holder shall be entitled upon such exercise plus, in lieu of any
      fractional share to which such Registered Holder would otherwise be entitled,
      cash in an amount determined pursuant to Section 3 hereof; and

     

    (ii) in
      case
      such exercise is in part only, a new Warrant or Warrants (dated the date hereof)
      of like tenor, representing in the aggregate the balance of the Warrant Shares
      that may be purchased thereunder.

     

    1.2 Exercise
      by Surrender of Warrant.
      In
      addition to the method of payment set forth in Section 1.1 and in lieu of any
      cash payment required thereunder, the Warrant may be exercised by surrendering
      the Warrant in the manner specified in this Section 1.2, together with
      irrevocable instructions to the Company to issue in exchange for the Warrant
      the
      number of shares of Common Stock equal to the product of (x) the number of
      shares of Common Stock underlying the Warrants multiplied by (y) a fraction,
      the
      numerator of which is the Market Value (as defined below) of the Common Stock
      less the Exercise Price and the denominator of which is such Market Value.
      As
      used herein, the phrase “Market Value” at any date shall be deemed to be (i) the
      last reported sale price on the day prior to such date, or (ii) in case no
      such
      reported sale takes place on such day, the average of the last reported sale
      prices for the last three (3) trading days, in either case as (a) officially
      reported by the principal securities exchange on which the Common Stock is
      listed or admitted to trading or as reported in the Nasdaq National Market
      System, or, (b) if the Common Stock is not listed or admitted to trading on
      any
      national securities exchange or quoted on the Nasdaq National Market System,
      the
      closing sale price as furnished by (i) the National Association of Securities
      Dealers, Inc. through Nasdaq or (ii) similar organization if Nasdaq is no longer
      reporting such information, or (c) if such information is no longer reported
      by
      NASDAQ or similar organization, the fair market value of the Common Stock as
      determined in good faith by resolution of the Board of Directors of the Company,
      based on the best information available to it, but in the case of any such
      determination made under this clause (c), in no event less than the greater
      of
      (x) the per share Common Stock price of the last sale or issuance by the Company
      or (y) the last closing sale price as available under clause (a) or (b) above
      prior to such date.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    2. Shares
      to be Fully Paid; Reservation of Shares.
      The
      Company covenants and agrees that all shares of Common Stock which may be issued
      upon the exercise of the rights represented by this Warrant will, upon issuance
      by the Company, be validly issued, fully paid and nonassessable, and free from
      preemptive rights and free from all taxes, liens and charges with respect
      thereto (other than any lien which may be imposed by the Registered Holder(s)
      of
      the Warrants). The Company further covenants and agrees that, from and after
      the
      Date of Issuance and during the period within which the rights represented
      by
      this Warrant may be exercised, the Company will at all times have authorized,
      and reserve, free from preemptive rights, out of its authorized but unissued
      shares of Common Stock, solely for the purpose of effecting the exercise of
      this
      Warrant, a sufficient number of shares of Common Stock to provide for the
      exercise of the rights represented by this Warrant. 

     

    3. Fractional
      Shares.
      The
      Company shall not be required upon the exercise of this Warrant to issue any
      fractional shares, but shall make an adjustment therefor in cash on the basis
      of
      the Market Value for each fractional share of the Company’s Common Stock which
      would be issuable upon exercise of this Warrant.

     

    4. Restrictions
      on Transfer.

     

    4.1 Warrant
      Register.
      The
      Company will maintain a register (the “Warrant Register”) containing the names
      and addresses of the Registered Holder or Registered Holders. Any Registered
      Holder of this Warrant or any portion thereof may change his address as shown
      on
      the Warrant Register by written notice to the Company requesting such change,
      and the Company shall promptly make such change. 

     

    4.2 Warrant
      Agent.
      The
      Company may, by written notice to the Registered Holder, appoint an agent for
      the purpose of maintaining the Warrant Register referred to in Section 4.1
      hereof, issuing the Common Stock issuable upon the exercise of this Warrant,
      exchanging this Warrant, replacing this Warrant or any or all of the foregoing.
      Thereafter, any such registration, issuance, exchange, or replacement, as the
      case may be, may be made at the office of such agent.

     

    4.3 No
      Right to Transfer.
      This
      Warrant is non-transferable. 

     

    5. Investment
      Representation and Legend.
      The
      Registered Holder, by acceptance of this Warrant, represents and warrants to
      the
      Company that the holder is acquiring the Warrant for his own account for
      investment purposes and not with a view toward the distribution thereof. Unless
      the offering and sale of the Warrant Shares to be issued upon the particular
      exercise of the Warrant shall have been effectively registered under the 1933
      Act, the Company shall be under no obligation to issue the Warrant Shares
      covered by such exercise unless and until the Registered Holder who exercises
      the Warrant shall provide the Company with such information that it may
      reasonably request to satisfy itself that the issuance of the Warrant Shares
      upon exercise of the Warrant complies with an applicable federal and state
      securities laws, including, but not limited to, a representation by such
      Registered Holder to the Company, at the time of such exercise, that such person
      or entity is acquiring such Warrant Shares for his own account, for investment
      and not with a view to, or for sale in connection with, the distribution of
      any
      such Warrant Shares, in which event the person acquiring such Warrant Shares
      shall be bound by the provisions of a legend, substantially as follows, which
      shall be endorsed upon the certificate(s) evidencing the 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 “Securities 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.”

       

    

    6. Adjustment
      of Exercise Price.
      

     

    6.1 Adjustment.
      If at
      any time after the date of grant of this Warrant the Company shall engage in
      a
      split-up, subdivision or combination or exchange of its Common Stock, then
      the
      number of shares covered by this Warrant and the Exercise Price shall be
      proportionately adjusted for any such change by the Board of Directors of the
      Company, whose determination shall be conclusive.

     

    6.2 Dividend
      or Distribution.
      If the
      Company shall pay a dividend with respect to the Common Stock or make any other
      distribution with respect to the Common Stock, except any distribution
      specifically provided for in this Section 6, payable in shares of Common Stock,
      then the Exercise Price shall be adjusted, from and after the date of
      determination of the stockholders entitled to receive such dividend or
      distribution, to that price determined by multiplying the Exercise Price in
      effect immediately prior to such date of determination by a fraction (i) the
      numerator of which shall be the total number of shares of Common Stock
      outstanding immediately prior to such dividend or distribution, and (ii) the
      denominator of which shall be the total number of shares of Common Stock
      outstanding immediately after such dividend or distribution.

     

    6.3 Reclassification,
      Merger, etc.
      In the
      case of any reclassification of the Common Stock or in the case of any
      consolidation or merger of the Company with or into another corporation (other
      than a merger with another corporation in which the Company is the surviving
      corporation and which does not result in any reclassification of the Common
      Stock) or in the case of any sale of all or substantially all of the assets
      of
      the Company, then the Company, or such successor or purchasing corporation,
      as
      the case may be, shall execute a new Warrant Certificate, providing that the
      Holder shall have the right to exercise such new warrant (the “New Warrant”) and
      upon such exercise to receive, in lieu of each share of Common Stock theretofore
      issuable upon exercise of this Warrant, the number and kind of shares of stock,
      other securities, money or property receivable upon such reclassification,
      change, consolidation or merger by a holder of shares of the Common Stock with
      respect to one share of Common Stock. Such New Warrant certificate shall provide
      for adjustments which shall be as nearly equivalent as may be practicable to
      the
      adjustments provided for herein. The provisions of this Section 6.3 shall
      similarly apply to successive reclassifications, changes, consolidations or
      mergers. 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    6.4 Notice
      of Adjustment.
      Upon
      the occurrence of any event which requires any adjustment of the Exercise Price,
      then and in each such case the Company shall give notice thereof to the
      Registered Holder, which notice shall state the Exercise Price resulting from
      such adjustment and the increase or decrease, if any, in the number of Warrant
      Shares purchasable at such price upon exercise, setting forth in reasonable
      detail the method of calculation and the facts upon which such calculation
      is
      based.  

     

    6.5 Adjustment
      in Number of Securities.
      Upon
      each adjustment of the Exercise Price pursuant to the provisions of this Section
      6, the number of securities issuable upon the exercise of each Warrant shall
      be
      adjusted to the nearest full amount by multiplying a number equal to the
      Exercise Price in effect immediately prior to such adjustment by the number
      of
      Warrant Shares issuable upon exercise of the Warrants immediately prior to
      such
      adjustment and dividing the product so obtained by the adjusted Exercise
      Price.

     

    7. Notices
      of Record Date, Etc.
      In case
      the Company shall take a record of the holders of its Common Stock (or other
      stock or securities at the time deliverable upon the exercise of this Warrant)
      for the purpose of entitling or enabling them to receive any dividend or other
      distribution, or to receive any right to subscribe for or purchase any shares
      of
      stock of any class or any other securities, or to receive any other right;
      or of
      any capital reorganization of the Company, any reclassification of the capital
      stock of the Company, any consolidation or merger of the Company with or into
      another corporation (other than a consolidation or merger in which the Company
      is the surviving entity), or any transfer of all or substantially all of the
      assets of the Company; or of the voluntary or involuntary dissolution,
      liquidation or winding-up of the Company, then, and in each such case, the
      Company will mail or cause to be mailed to the Registered Holder of this Warrant
      a notice specifying, as the case may be, (i) the date on which a record is
      to be
      taken for the purpose of such dividend, distribution or right, and stating
      the
      amount and character of such dividend, distribution or right, or (ii) the
      effective date on which such reorganization, reclassification, consolidation,
      merger, transfer, dissolution, liquidation or winding-up is to take place,
      and
      the time, if any is to be fixed, as of which the holders of record of Common
      Stock (or such other stock or securities at the time deliverable upon the
      exercise of this Warrant) shall be entitled to exchange their shares of Common
      Stock (or such other stock or securities) for securities or other property
      deliverable upon such reorganization, reclassification, consolidation, merger,
      transfer, dissolution, liquidation or winding-up. Such notice shall be mailed
      at
      least ten (10) days prior to the record date or effective date for the event
      specified in such notice unless such prior notice is waived by the Registered
      Holder. Failure by the Company to give such notice or any defect therein shall
      not affect the validity of any action taken by the Company in connection with
      the declaration or payment of any such dividend or distribution, or the issuance
      of any subscription or other rights, or any proposed reorganization,
      reclassification, consolidation, merger, transfer, liquidation, dissolution
      or
      winding up or other corporate action referred to in this Section 7; provided,
      however, in
      the
      event of failure to give notice or any defect therein, the Registered Holder
      shall not waive any rights he would have otherwise had had timely notice been
      given. 

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    8. No
      Rights of Stockholders.
      Subject
      to other Sections of this Warrant, the Registered Holder shall not be entitled
      to vote, to receive dividends or subscription rights, nor shall anything
      contained herein be construed to confer upon the Registered Holder, as such,
      any
      of the rights of a stockholder of the Company, including, without limitation,
      any right to vote for the election of directors or upon any matter submitted
      to
      stockholders, to give or withhold consent to any corporate action (whether
      upon
      any recapitalization, issuance of stock, reclassification of stock, change
      of
      par value or change of stock to no par value, consolidation, merger, conveyance,
      or otherwise), to receive notices, or otherwise, until the Warrant shall have
      been exercised as provided herein.

     

    9. Replacement
      of Warrant.
      Upon
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and (in the case of loss, theft or
      destruction) upon delivery of an indemnity agreement reasonably satisfactory
      to
      the Company, or (in the case of mutilation) upon surrender and cancellation
      of
      this Warrant, the Company will issue, in lieu thereof, a new Warrant of like
      tenor.

     

    10. Registration
      Rights.
      

     

    10.1 Demand
      Registration.
      

     

    (a) At
      any
      time after the Vesting Date, the Registered Holders of at least a majority
      of
      the Registrable Securities may deliver a written request to the Company
      requesting that the Company file, on one (1) occasion, a registration statement
      under the Act covering the registration of the Registrable Securities (as
      hereinafter defined); provided,
      however,
      that
      (i) the Company shall not be obligated to effect any such registration pursuant
      to this Section 10.1 if Form S-3 is not available for such offering by the
      Registered Holders and (ii) the Company shall not be required to enter into
      any
      underwriting agreement with respect to any registration statement filed under
      Section 10.1 If the Company shall receive any such written request, then the
      Company shall use its commercially reasonable efforts to file a registration
      statement (the “Registration Statement”) with the Securities and Exchange
      Commission (“SEC”) as soon as practicable, and in any event within forty-five
      (45) days of the receipt of such request (“Request Date”) as would permit or
      facilitate the sale and distribution of all or such portion of such Registrable
      Securities that the Registered Holders request to be registered; provided,
      however,
      that the
      45 day period shall be subject to availability of audited financial statements
      of the Company or to an event which the Company must report on Form 8-K, or
      another appropriate SEC form, that prevents such filing, in which case such
      Registration Statement shall be filed as soon as practicable following the
      availability of audited financial statements or the reporting of such event
      on
      Form 8-K or other appropriate form. The Company shall (i) use commercially
      reasonable efforts to have such Registration Statement declared effective by
      the
      SEC as soon thereafter as is practical, but in any event within one hundred
      and
      fifty (150) days of its receipt of the written request to effect the
      registration, and (ii) cause such Registration Statement to remain effective
      until the date which is the earlier of such time as (A) the Registered Holders
      have completed the distribution described in the Registration Statement relating
      thereto or (B) the Registered Holders have publicly sold the Registrable
      Securities other than pursuant to the registration statement or (C) all of
      the
      Registrable Securities thereunder may be sold pursuant to Rule 144(k) under
      the
      1933 Act or any successor rule (the “Effectiveness Period”)
      provided, however,
      that
      the Company shall not be obligated to maintain the effectiveness of any such
      registration pursuant to this Section 10.1 if Form S-3 is not available for
      such
      offering by the Registered Holders. However, in the event of any failure of
      the
      Company to maintain the effectiveness of the Registration Statement for the
      period set forth above other than by reason of Form S-3 not being available,
      the
      demand registration provisions of this Section 10.1 (limited to the filing
      of
      one additional registration statement only on Form S-3 if available) shall
      be
      available to the Registered Holders, as if such holders had never made a demand
      for registration pursuant to the provisions of this Section 10.1. For purposes
      of this Agreement, the term “Registrable Securities” shall mean the Warrant
      Shares issuable upon the exercise of the Warrants; provided, however, that
      securities shall only be treated as Registrable Securities if and only for
      so
      long as they (A) have not been disposed of pursuant to a registration statement
      declared effective by the SEC, or (B) have not been sold in a transaction exempt
      from the registration and prospectus delivery requirements of the 1933 Act
      (such
      as Rule 144(k) or any successor rule) so that all transfer restrictions and
      restrictive legends with respect thereto are removed upon the consummation
      of
      such sale or (C) are not eligible to be sold pursuant to Rule 144(k) or any
      successor rule. 

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (b) Notwithstanding
      the requirement to file the Registration Statement as described above, if the
      Company shall furnish to the Registered Holders a certificate signed by the
      Chief Executive Officer or President of the Company stating that in the good
      faith judgment of the Board of Directors of the Company it would not be in
      the
      best interest of the Company for such registration statement to be filed, the
      Company shall have the right to defer taking action with respect to such filing
      for a period of not more than ninety (90) days after the date of such
      certificate; provided,
      however,
      that
      the Company shall not defer its obligation in this manner more than once in
      any
      twelve (12) month period.

     

    (c) All
      expenses (other than (i) underwriting discounts and commissions, brokerage
      fees
      and applicable transfer taxes and (ii) any fees or expenses of any advisor
      or
      counsel to the Registered Holders (except as may arise under subsection (e)
      below) incurred in connection with registrations, filings or qualifications
      pursuant to Section 10 hereof, including, without limitation, all registration,
      filing and qualification fees, printers’ and accounting fees, fees and
      disbursements of counsel for the Company shall be borne by the Company. Further,
      the Company shall pay its internal expenses (including, without limitation,
      all
      salaries and expenses of its officers and employees performing legal or
      accounting duties), the expense of any annual audit or quarterly review, the
      expense of any liability insurance obtained by the Company and the expenses
      and
      fees for listing or authorizing for quotation the securities to be registered
      on
      each securities exchange, market or automated quotation system on which it
      Common Stock is then listed or quoted.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (d) Prior
      to
      any resale of Registrable Securities by any Registered Holder, the Company
      shall
      register or qualify or cooperate with the Registered Holder in connection with
      the registration or qualification (or exemption from the registration or
      qualification) of such Registrable Securities for the resale by the Registered
      Holder under the securities or Blue Sky laws of such jurisdictions within the
      United States as any Registered Holder reasonably requests in writing and as
      reasonably acceptable to the Company, to keep each registration or qualification
      (or exemption therefrom) effective during the Effectiveness Period and to do
      any
      and all other acts or things reasonably necessary to enable the disposition
      in
      such jurisdictions of the Registrable Securities covered by the Registration
      Statement; provided, that the Company shall not be required to qualify generally
      to do business in any jurisdiction where it is not then so qualified, consent
      to
      service of process in any jurisdiction in which it has not so consented, subject
      the Company to any material tax in any such jurisdiction where it is not then
      so
      subject or file a general consent to service of process in any such
      jurisdiction.

     

    (e) Each
      of
      the Company and each Registered Holder shall indemnify the other party hereto
      and their respective officers, directors, employees and agents against all
      claims, losses, damages and liabilities (or actions in respect thereof) arising
      out of or based on any untrue statement (or alleged untrue statement) by the
      indemnifying party of a material fact contained in any prospectus or other
      document (including any related registration statement, notification or the
      like) incident to any registration of the type described in this Section 10,
      or
      any omission (or alleged omission) by the indemnifying party to state in any
      such document a material fact required to be stated therein or necessary to
      make
      the statements therein not misleading, and shall reimburse such indemnified
      party for any legal and any other expenses reasonably incurred in connection
      with investigating and defending any such claim, loss, damage, liability or
      action; provided
      that no
      party will be eligible for indemnification hereunder to the extent that any
      such
      claim, loss, damage, liability or expense arises out of or is based on any
      untrue statement or omission based upon written information furnished by such
      party for use in connection with such registration. Notwithstanding
      the foregoing, no Requesting Holder shall be entitled to indemnification under
      this Section 10 where either (i) a prospectus was required to be delivered
      to
      the purchaser of Registrable Securities and was available to be delivered by
      the
      selling Registered Holder or his broker but was not so delivered, (ii) prior
      to
      consummation of such sale either a supplement or amendment to the Company’s
      prospectus correcting any alleged untrue statement or alleged untrue statement
      or omission or alleged omission was transmitted to the selling Registered Holder
      but not transmitted by the Registered Holder or his broker to the purchaser
      of
      the Registrable Securities or (iii) the Registered Holder was advised by the
      Company in writing that the prospectus could no longer be used. 
      In
      addition, if the indemnifying party is a Registered Holder, in no event shall
      his indemnification obligation exceed the net proceeds received by the
      Registered Holder upon a sale of the Registrable Securities. 

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    (f) Each
      Registered Holder shall furnish to the Company such information regarding the
      Registered Holder and the distribution proposed by it as the Company may
      reasonably request in connection with any registration or offering referred
      to
      in this Section 10 and the Company’s registration obligations under this Section
      10 shall be subject to the Company’s receipt of such information. Each
      Registered Holder shall cooperate as reasonably requested by the Company in
      connection with the preparation of the registration statement with respect
      to
      such registration, and for so long as the Company is obligated to file and
      keep
      effective such registration statement, shall provide to the Company, in writing,
      for use in the registration statement, all such information regarding the
      Registered Holder and his plan of distribution of the Registrable Securities
      included in such registration as may be reasonably necessary to enable the
      Company to prepare such Registration Statement, to maintain the currency and
      effectiveness thereof and otherwise to comply with all applicable requirements
      of law in connection therewith.

     

    10.2 Piggyback
      Registration.
      In
      addition to the demand registration provisions of Section 10.1, if at any time
      during the term of this Warrant, the Company shall determine to prepare and
      file
      with the SEC a registration statement relating to an offering for its own
      account or the account of others under the 1933 Act of any of its equity
      securities, other than on Form S-4 or Form S-8 (each as promulgated
      under the Act) or their then equivalents relating to equity securities to be
      issued solely in connection with any acquisition of any entity or business,
      any
      share exchange or recapitalization or equity securities issuable in connection
      with the stock option or other employee benefit plans, then the Company shall
      send to each Registered Holder a written notice of such determination and,
      if
      within 15 days after the date of such notice, the Registered Holder shall so
      request in writing delivered to the Company, the Company shall include in such
      registration statement all or any part of such Registrable Securities such
      Registered Holder requests to be registered, subject to customary underwriter
      cutbacks applicable to all holders of registration rights (other than the holder
      that exercised a demand registration right that has contractual priority rights
      with respect to such cutbacks); provided, that, the Company shall not be
      required to register any Registrable Securities pursuant to this
      Section 10.2 that are eligible for resale pursuant to Rule 144(k) or
      that are the subject of a then effective Registration Statement or that have
      been publicly sold. Notwithstanding the provisions of this Section 10.2, the
      Company shall have the right at any time after it shall have given notice
      pursuant to this Section 10.2 (irrespective of whether any written request
      for
      inclusion of such securities shall have already been made) to elect not to
      file
      any such proposed registration statement, or to withdraw the same after the
      filing but prior to the effective date thereof. Whether or not such registration
      is withdrawn, the registration expenses of such withdrawn registration shall
      be
      borne by the Company in accordance with Section 10.1(c) hereof.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    11. Mailing
      of Notices, Etc.
      All
      notices and other communications from the Company to each Registered Holder
      of
      this Warrant shall be mailed by first-class certified or registered mail,
      postage prepaid, to the last address furnished to the Company in writing by
      the
      Registered Holder of this Warrant. All notices and other communications from
      the
      Registered Holder of this Warrant or in connection herewith to the Company
      shall
      be mailed by first-class certified or registered mail, postage prepaid, to
      the
      Company at its principal office set forth below. If the Company should at any
      time change the location of its principal office to a place other than as set
      forth below, then it shall give prompt written notice to each Registered Holder
      of this Warrant and thereafter all references in this Warrant to the location
      of
      its principal office at the particular time shall be as so specified in such
      notice.

     

    12. Change
      or Waiver; Severability.
      Any
      term of this Warrant may be changed or waived only by an instrument in writing
      signed by the party against which enforcement of the change or waiver is sought.
      If any provision of this Warrant shall be held to be invalid and unenforceable,
      such invalidity or unenforceability shall not affect any other provision of
      this
      Warrant.

     

    13. Headings;
      Severability.
      The
      headings in this Warrant are for purposes of reference only and shall not limit
      or otherwise affect the meaning of any provision of this Warrant. If any
      provision of this Warrant shall be held to be invalid and unenforceable, such
      invalidity or unenforceability shall not affect any other provision of this
      Warrant.

     

    14. Governing
      Law and Submission to Jurisdiction.
      This
      Warrant will be governed by and construed in accordance with the laws of the
      State of New York without regard to principles of conflict or choice of laws
      of
      any jurisdiction. The parties hereby agree that any action, proceeding or claim
      against it arising out of, or relating in any way to this Warrant shall be
      brought and enforced in the courts of the State of New York, and irrevocably
      submit to such jurisdiction, which jurisdiction shall be exclusive.

     

    15. Certificate.
      Upon
      request by a Registered Holder of this Warrant, the Company shall promptly
      deliver to such holder a certificate executed by its President or Chief
      Financial Officer setting forth the total number of outstanding shares of
      capital stock, convertible debt instruments and options, rights, warrants or
      other agreements relating to the purchase of such capital stock or convertible
      debt instruments, together with its calculation of the number of shares
      remaining available for issuance upon exercise of this Warrant, and a
      certificate of the accuracy of the statements set forth therein. 

     

    16. Supplements
      and Amendments.
      The
      Company and the initial Registered Holder may from time to time supplement
      or
      amend this Warrant in order to cure any ambiguity, to correct or supplement
      any
      provision contained herein which may be defective or inconsistent with any
      provision herein, or to make any other provisions in regard to matters or
      questions arising hereunder which the Company and the Holder may deem necessary
      or desirable.

     

    17. Successors.
      All the
      covenants and provisions of this Warrant shall be binding upon and inure to
      the
      benefit of the Company and the Registered Holders and their respective
      successors and assigns hereunder.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    18. Benefits
      of this Warrant.
      Nothing
      in this Warrant shall be construed to give to any person, entity or corporation
      other than the Company and the Registered Holder(s) of the Warrant Certificate
      any legal or equitable right, remedy or claim under this Warrant; and this
      Warrant shall be for the sole and exclusive benefit of the Company and the
      Registered Holder(s) of the Warrant Certificate.

     

    19. Counterparts.
      This
      Warrant may be executed in any number of counterparts and each such counterpart
      shall for all purposes be deemed to be an original, and such counterparts shall
      together constitute but one and the same instrument.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, ICONIX BRAND GROUP, INC. has caused this Warrant to be signed
      by its duly authorized officers under its corporate seal and to be dated on
      the
      day and year first written above.

     

    
      	 	 	 
	 	ICONIX
              BRAND
              GROUP, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Neil
              Cole
	 	
              
                

              

               
Name:
                Neil Cole 

               
                Title: Chief Executive Officer

            
	 	
               
Principal
                Office: 

               
                215 West 40th
                Street 

               
                New York, NY 10018 

            

    

    

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

     

    ANNEX
      A

    

    NOTICE
      OF EXERCISE FORM

    

    
      	
              To:

            	
              Iconix
                Brand Group, Inc. 

            
	 	
              Attention:
                President

            

    

    

     

    1. The
      undersigned hereby elects to purchase _______________ (leave blank if you choose
      Alternative No. 2 below) shares of Common Stock of Iconix Brand Group, Inc.
      pursuant to the terms of this Warrant, and tenders herewith payment of the
      purchase price of such shares in full. (Initial here if the undersigned elects
      this alternative). _________

     

    2. In
      lieu
      of exercising the attached Warrant for cash or check, the undersigned hereby
      elects to effect the exercise by surrender of warrant provision of Section
      1.2
      of this Warrant and receive ____________ (leave blank if you choose Alternative
      No. 1 above) shares of Common Stock of Iconix Brand Group, Inc. pursuant to
      the
      terms of this Warrant. (Initial here if the undersigned elects this
      alternative). ___________

     

    3. Please
      issue a certificate or certificates representing said securities in the name
      of
      the undersigned or in such other name as is specified below:

     

    
      	 	
               

              
                

              

              (Name)

            
	 	 
	 	
               

              
                

              

              (Address)

            

    

    

     

     

    
      
        

      

    

    Signature
      

    

    Date:_____________________________

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