<SEC-DOCUMENT>0001104659-22-067941.txt : 20220603
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<ACCEPTANCE-DATETIME>20220603120121
ACCESSION NUMBER:		0001104659-22-067941
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20220527
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220603
DATE AS OF CHANGE:		20220603

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XCel Brands, Inc.
		CENTRAL INDEX KEY:			0001083220
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				760307819
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37527
		FILM NUMBER:		22993473

	BUSINESS ADDRESS:	
		STREET 1:		1333 BROADWAY
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		(347) 727-2474

	MAIL ADDRESS:	
		STREET 1:		1333 BROADWAY
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETFABRIC HOLDINGS, INC
		DATE OF NAME CHANGE:	20050516

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOUSTON OPERATING CO
		DATE OF NAME CHANGE:	19990402
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<p style="margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, DC 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_900_edei--DocumentType_c20220527__20220527_z4l3eK8Gpp39"><ix:nonNumeric contextRef="From2022-05-27to2022-05-27" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d)<br />
of The Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event reported):
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
charter)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Registrant&#8217;s telephone number, including
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former Name or Former Address, if Changed Since
Last Report)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<i>see</i>
General Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="white-space: nowrap; width: 49px; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_905_edei--PreCommencementTenderOffer_c20220527__20220527_z5dgEOIx7PPl"><ix:nonNumeric contextRef="From2022-05-27to2022-05-27" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span></span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="white-space: nowrap; width: 49px; font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_901_edei--PreCommencementIssuerTenderOffer_c20220527__20220527_zc2f1NqXVLY7"><ix:nonNumeric contextRef="From2022-05-27to2022-05-27" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">Emerging growth company <span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings"><span id="xdx_904_edei--EntityEmergingGrowthCompany_c20220527__20220527_zh0vPvsg864e"><ix:nonNumeric contextRef="From2022-05-27to2022-05-27" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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 registered</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 1.01&#160;&#160;&#160;&#160;&#160;&#160;Entry into a Material
Definitive Agreement.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 2.01&#160;&#160;&#160;&#160;&#160;&#160;Completion of Acquisition
or Disposition of Assets</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Membership Interest Purchase Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 27, 2022, Xcel Brands,&#160;Inc.
(the &#8220;Company&#8221;) entered into a membership interest purchase agreement (the &#8220;Purchase Agreement) with IM Topco, LLC (&#8220;IM
Topco&#8221;), a Delaware limited liability company, and wholly-owned subsidiary of the Company, IM WHP, LLC (&#8220;WHP&#8221;) and IM
Brands, LLC, a wholly-owned subsidiary of the Company (&#8220;IMB&#8221;) pursuant to which, on May 31, 2022 (the &#8220;Closing Date&#8221;),
(i) the Company contributed assets owned by IMB, including the &#8220;Isaac Mizrahi&#8221; trademark and other intellectual property rights
relating thereto, among other things, into IM Topco and (ii) the Company sold 70% of the membership interests of IM Topco to WHP. The
purchase price paid by WHP to the Company at the closing of the transactions (the &#8220;Closing&#8221;) in exchange for the 70% membership
interest in IM Topco consisted of $46,200,000 in cash. Pursuant to the Purchase Agreement, the Company will also be entitled to receive
an &#8220;earnout&#8221; payment in the amount of $2,000,000 if, during the period from January 1, 2023 through December 31, 2023, (i)
IM Topco receives Net Royalty Revenue (as defined in the Purchase Agreement) in an amount equal to or greater than $17,500,000 and (ii)
IM Topco generates EBITDA (as defined in the Purchase Agreement) in an amount equal to or greater than $11,800,000 (collectively, the
&#8220;Earn-Out Event&#8221;). Additionally, in the event that IM Topco receives less than $13,347,000 in aggregate royalties for any
four consecutive calendar quarters over a three-year period ending on the third anniversary of the Closing, WHP will be entitled to receive
from the Company up to $16 million, less all amounts of net cash flow distributed to WHP for such period, as an adjustment to the purchase
price, payable in either cash or equity interests in IM Topco held by the Company. The Purchase Agreement also contains customary representations
and warranties, covenants, indemnification and other terms for transactions of this nature.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approximately $30.1 million
of the proceeds received by the Company from the transaction were used to repay all amounts outstanding under the Company&#8217;s credit
facility with First Eagle Alternative Credit, consisting of $28.4 million in principal amount, a $1.4 million prepayment fee, and approximately
$300,000 in interest and expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase
Agreement, which is filed as Exhibit 2.1 hereto and incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Business Venture Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the
Purchase Agreement, on the Closing Date, the Company and WHP entered into an Amended and Restated Limited Liability Company
Agreement of IM Topco (the &#8220;Business Venture Agreement&#8221;) governing the operation of IM Topco as a partnership between
the Company and WHP following the Closing. Pursuant to the Business Venture Agreement, IM Topco will be managed by a single Manager
appointed by the vote of a majority-in-interest of IM Topco&#8217;s members, and WHP will serve as the sole Manager of IM Topco. The
Business Venture Agreement contains customary provisions for the governance of a partnership, including with respect to decision
making, access to information, restrictions on transfer of interests and covenants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Business Venture
Agreement, IM Topco&#8217;s Net Cash Flow (as defined in the Business Venture Agreement) shall be distributed to the members during each
fiscal year no less than once per fiscal quarter, as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</span>first, 100% to WHP until WHP has received an aggregate amount during such fiscal year equal to $8,852,000 (the &#8220;Annual WHP
Priority Amount&#8221;);</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)<span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</span>second, 100% to the Company until the Company has received an aggregate amount during such fiscal year equal to $1,316,200 (the
&#8220;Annual Xcel Priority Amount&#8221; and, collectively with the Annual WHP Priority Amount, the &#8220;Annual Priority Amounts&#8221;);
and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)<span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</span>thereafter, in proportion to the members&#8217; respective percentage interests.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Annual Priority Amounts
are subject to adjustment in the following circumstances:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</span>With respect to the fiscal year ending December 31, 2022, the Annual WHP Priority Amount and the Annual Xcel Priority Amount shall
each be reduced by multiplying each such amount by a fraction, the numerator of which is equal to the number of days from and including
the Closing Date through and including December 31, 2022, and the denominator of which is 365.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)<span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</span>In the event that IM Topco&#8217;s royalty revenues received from QVC during the six-month period commencing on July 1, 2023 and
continuing through and including December 31, 2023 equal or exceeds $7,459,000, then, commencing with respect to the fiscal year beginning
on January 1, 2024 and continuing thereafter, the Annual WHP Priority Amount shall be decreased to $7,688,000 and the Annual Xcel Priority
Amount shall be increased to $3,295,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)<span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</span>In the event that the Earn-Out Event occurs on or prior to December 31, 2023, then, commencing with respect to the fiscal year
beginning on January 1, 2024 and continuing thereafter, the Annual WHP Priority Amount shall be increased by $365,000 and the Annual Xcel
Priority Amount shall be increased by $156,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Services Agreements</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, on the Closing
Date, (i) the Company entered into a Design Services, Interactive Television and Talent Support Agreement with IM Topco (the &#8220;Xcel
Services Agreement&#8221;), pursuant to which the Company will provide design and support services to IM Topco in exchange for payments
of $300,000 per fiscal year, payable only if the Company has incurred at least $52,000 in out-of-pocket costs and expenses included in
IM Topco&#8217;s budget for such year, and (ii) WHP entered into a Brand Support Services Agreement with IM Topco (the &#8220;WHP Services
Agreement&#8221;), pursuant to which WHP will provide additional consulting services to IM Topco in exchange for cash payments of $150,000
for each calendar quarter and reimbursement by IM Topco of out-of-pocket costs and expenses reasonably incurred by WHP in providing the
services thereunder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>QVC Assignment and Assumption Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Closing Date, the Company
entered into an Assignment and Assumption Agreement to the Second Amended and Restated Agreement and Consent to Assignment by and among
QVC,&#160;Inc., IMB, IM Ready-Made, LLC, the Company and Isaac Mizrahi, dated September&#160;28, 2011 (the &#8220;QVC Agreement&#8221;),
pursuant to which, among other things, the QVC Agreement was assigned by the Company and IMB to IM Topco as of the Closing Date, with
the Company and IMB remaining liable to QVC for any and all obligations, duties, costs and liabilities <span style="background-color: white">arising
under or related to the QVC Agreement arising prior to the Closing Date</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Isaac Mizrahi Novation and Amendment Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Closing Date, the Company
entered into a Novation and Amendment Agreement, by and among the Company, the Mr. Mizrahi and IM Topco, LLC (the &#8220;Novation Agreement&#8221;),
to the Employment Agreement, made on February 24, 2020 and effective as of January 1, 2020 as amended on September 30, 2020, by and between
the Company and Isaac Mizrahi (the Employment Agreement&#8221;), pursuant to which, among other things, (i) the Employment Agreement was
transferred to IM Topco and (ii) all 522,500 unvested shares of restricted stock of the Company held by Mr. Mizrahi were immediately vested,
with 240,000 of such shares being surrendered for cancellation in satisfaction of withholding tax obligations. In addition, on the Closing
Date, the Company issued $50,000 in additional shares of the Company to Mr. Mizrahi and made a $100,000 cash payment to Mr. Mizrahi.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>License Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Closing Date, the
Company entered into a License Agreement by and between the Company and IM Topco, pursuant to which IM Topco granted a License to
the Company a license to use certain Isaac Mizrahi trademarks on and in connection with the design, manufacture, distribution, sale
and promotion of women&#8217;s sportswear products in the United States and Canada during the term of the agreement in exchange for
the payment of royalties in connection therewith.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 5.02&#160;&#160;&#160;&#160;&#160;&#160;Departure of Directors
or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the closing
of the transactions described under Items 1.01 and 2.01 above, the Company&#8217;s Board of Directors awarded cash bonuses totaling $1,015,000
to certain members of the Company&#8217;s senior management, consisting of bonuses of $770,000 to Robert D&#8217;Loren, $115,000 to Jim
Haran and $130,000 to Seth Burroughs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements
and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Pro forma financial information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following unaudited pro
forma condensed consolidated financial information is attached as Exhibit 99.1 and incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Unaudited pro forma condensed consolidated statement of operations of the Company for the three months
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="text-align: left; width: 0.25in; vertical-align: top"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2021.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="width: 10%; font-size: 10pt; text-align: left"><a href="tm2217535d1_ex2-1.htm" style="-sec-extract: exhibit">2.1</a></td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 1%; font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">104</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td colspan="3" style="font-size: 10pt"><span style="font-size: 10pt"><b>XCEL BRANDS, INC.</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="3" style="font-size: 10pt"><span style="font-size: 10pt">(Registrant)</span></td>
    <td>&#160;</td></tr>
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    <td colspan="3">&#160;</td>
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="width: 3%">&#160;</td>
    <td style="width: 6%; font-size: 10pt"><span style="font-size: 10pt">Name:</span></td>
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    <td style="font-size: 10pt"><span style="font-size: 10pt">Title:</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: June 3, 2022</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 2.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-variant: small-caps"><I>Execution
Version</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Membership
Interest</B></FONT><B> PURCHASE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Among</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">IMWHP</FONT>,
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Buyer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Xcel Brands,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">IM Brands,
LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Seller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">IM TOPCO,
LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May 27, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Membership
Interest</FONT> PURCHASE AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This <FONT STYLE="text-transform: uppercase">Membership
Interest</FONT> PURCHASE AGREEMENT (the &ldquo;<U>Agreement</U>&rdquo;), dated as of May <FONT STYLE="text-transform: uppercase">27</FONT>,
2022 (the &ldquo;<U>Effective Date</U>&rdquo;), by and among IMWHP, LLC, a Delaware limited liability company (&ldquo;<U>Buyer</U>&rdquo;),
<FONT STYLE="text-transform: uppercase">Xcel Brands, Inc.</FONT>, a Delaware corporation (&ldquo;<U>Xcel</U>&rdquo;), <FONT STYLE="text-transform: uppercase">IM
Brands, LLC</FONT>, a Delaware limited liability company (&ldquo;<U>IMB</U>&rdquo; and, together with Xcel, &ldquo;<U>Seller</U>&rdquo;),
and IM TOPCO, LLC, a Delaware limited liability company (the &ldquo;<U>Company</U>&rdquo;). Buyer, Seller and the Company are sometimes
referred to herein individually as a &ldquo;<U>Party</U>&rdquo; and collectively as the &ldquo;<U>Parties</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Xcel owns
and will, as of immediately prior to Closing, own all of the issued and outstanding limited liability company interests of the Company
(the &ldquo;<U>Interests</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Seller owns
and/or controls intellectual property rights relating to an apparel and accessories business that produces, markets and sells various
goods under the &ldquo;Isaac Mizrahi&rdquo; brand;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Buyer desires
to purchase, and Xcel desires to sell to Buyer, seventy percent (70%) of the issued and outstanding Interests in the Company (the &ldquo;<U>Transaction</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, concurrently
with the execution and delivery of this Agreement, as a condition and inducement to Buyer&rsquo;s willingness to enter into this Agreement,
the board of directors of Xcel, on behalf of Xcel and for Xcel in its capacity as the sole member of IMB, are delivering to Buyer a written
consent of Xcel approving this Agreement, the other Transaction Documents and the consummation of the Transaction by Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Parties
desire to make certain representations, warranties, covenants and agreements in connection with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>, in
consideration of the representations, warranties, covenants and agreements of the Parties as hereinafter set forth and other good and
valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
1</FONT><BR>
DEFINITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the capitalized
terms defined elsewhere in this Agreement, the following capitalized terms shall have the meanings specified in this <U>&lrm;Article 1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>2011 APA</U>&rdquo;
means that certain Asset Purchase Agreement, dated as of May 19, 2011, by an among Xcel, IMB and IM ready-Made, LLC, as amended by the
First Amendment to Asset Purchase Agreement, dated as of July 28, 2011, further amended by the Second Amendment to Asset Purchase Agreement,
dated as of September 15, 2011, further amended by the Third Amendment to Asset Purchase Agreement, dated as of September 21, 2011, and
further amended by the Fourth Amendment to Asset Purchase Agreement, dated as of September 29, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adjusted Net Cash
Flow</U>&rdquo; means, with respect to any period, the Net Cash Flow for such period as increased or decreased, as appropriate, in respect
of reasonable &ldquo;run rate&rdquo; adjustments (as if such adjustments were in effect during the relevant period) reflecting the estimated
impact (made in good faith) of (i) the entry into, amendment of or termination of, any license agreements by the Company, (ii) any material
changes to business volumes resulting in reduced or increased revenues from existing licensees (in each case resulting from a change to
business volumes that has been corroborated by licensee communications as being likely to continue), and (iii) any material increases
or reductions in cost; provided that in the case of each of the foregoing (i), (ii), and (iii), such adjustments are reasonably identifiable
and factually supportable and projected by Buyer in good faith to result based on recent historical results, communications with licensees,
and from actions taken by the Company, or with respect to which substantial steps have been taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adjustment Amount</U>&rdquo;
means $16,000,000 <I><U>less</U></I> all amounts of Net Cash Flow distributed to Buyer by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adjustment Event</U>&rdquo;
has the meaning set forth in <U>Section &lrm;2.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adjustment Period</U>&rdquo;
means the period beginning on the first calendar day of the calendar quarter in which the Closing Date occurs and ending on the last calendar
day of the calendar quarter in which the third (3rd) anniversary of the Closing Date occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with, the specified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Alternative Transaction</U>&rdquo;
means a sale, transfer or other disposition, directly or indirectly, whether by means of an asset sale, merger, sale of stock, amalgamation,
reorganization, liquidation or otherwise, of any portion of the Company, the Business or the Contributed Assets, in a transaction or a
series of transactions with one or more Persons, other than Buyer and/or its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Appeal</U>&rdquo;
means any request for stay, motion or petition for reconsideration or rehearing, application or request for review, or notice of appeal
or other administrative or judicial petition for review or reconsideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable Royalty
Period</U>&rdquo; means the quarterly, semi-annual or other royalty period to which such Royalty relates, as set forth in the applicable
Contributed Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Acquired Interests</U>&rdquo;
means seventy percent (70%) of the issued and outstanding limited liability company interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment Consent</U>&rdquo;
has the meaning set forth in <U>Section &lrm;3.5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment of Marks</U>&rdquo;
has the meaning set forth in <U>Section &lrm;8.2(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assumed Liabilities</U>&rdquo;
has the meaning set forth in <U>Section &lrm;3.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Audit</U>&rdquo;
means any audit, assessment of Taxes, any other examination or claim by any Tax Authority, and any judicial, administrative or other proceeding
or litigation (including any appeal of any such judicial, administrative or other proceeding or litigation) relating to Taxes and/or Tax
Returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Basket</U>&rdquo;
has the meaning set forth in <U>Section &lrm;9.7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Bill of Sale</U>&rdquo;
has the meaning set forth in <U>Section &lrm;8.2(j)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business</U>&rdquo;
means the business of owning, exploiting, promoting, marketing, advertising and licensing of the Transferred IP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means a day other than Saturday, Sunday or a public holiday on which banks are closed under the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Buyer</U>&rdquo;
has the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Buyer Fundamental
Representations</U>&rdquo; means the representations and warranties contained in <U>Section &lrm;5.1</U> (Authorization), <U>Section &lrm;5.2</U>
(Organization) and <U>Section &lrm;5.5</U> (Broker&rsquo;s Fees).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Buyer Indemnified
Parties</U>&rdquo; has the meaning set forth in <U>Section &lrm;9.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Claim Notice</U>&rdquo;
has the meaning set forth in <U>Section &lrm;9.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Closing</U>&rdquo;
has the meaning set forth in <U>Section &lrm;8.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Closing Date</U>&rdquo;
has the meaning set forth in <U>Section &lrm;8.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company</U>&rdquo;
has the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company Losses</U>&rdquo;
has the meaning set forth in <U>Section &lrm;9.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company Royalty
Allocation</U>&rdquo; has the meaning set forth in <U>Section &lrm;2.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Consent Required
Contract</U>&rdquo; has the meaning set forth in <U>Section &lrm;3.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Consents</U>&rdquo;
means any and all consents, approvals, orders or authorizations of, or any declaration, filing or registration with, or any application
or report to, or any waiver by, or any other action (whether similar or dissimilar to any of the foregoing) of, by or with, any Person,
which are necessary to permit (i) Buyer and Seller to consummate the transactions contemplated hereby and perform their respective obligations
hereunder, (ii) Seller to transfer to the Company good and marketable title in and to the Contributed Assets or (iii) Xcel to transfer
to Buyer good and marketable title in and to the Acquired Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Continuing Liability
Licenses</U>&rdquo; has the meaning set forth in <U>Section &lrm;3.5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Continuing License
Obligations</U>&rdquo; has the meaning set forth in <U>Section &lrm;3.5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Contract</U>&rdquo;
means any written or oral contract, agreement, instrument, order, commitment or binding arrangement, express or implied of any nature
whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Contributed Assets</U>&rdquo;
has the meaning set forth in <U>Section &lrm;3.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Contributed Contracts</U>&rdquo;
means (i) licenses between Seller and third-party licensees and (ii) other Contracts entered into by Seller and relating primarily or
exclusively to the Transferred IP, in each case set forth in <U>Section 1.1</U> of the Disclosure Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Contributed IP Acquisition
Contracts</U>&rdquo; has the meaning set forth in <U>Section &lrm;4.10(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Data Activities</U>&rdquo;
has the meaning set forth in <U>Section &lrm;4.14</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Defense Counsel</U>&rdquo;
has the meaning set forth in <U>Section &lrm;9.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Defense Notice</U>&rdquo;
has the meaning set forth in <U>Section &lrm;9.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disclosure Letter</U>&rdquo;
means a letter sent by Seller to Buyer on even date herewith disclosing certain information referred to herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Domain Name Transfer</U>&rdquo;
has the meaning set forth in <U>Section &lrm;8.2(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Domains</U>&rdquo;
means the Internet domain names and URLs listed on <U>Section 1.2</U> of the Disclosure Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Earn-Out Amount</U>&rdquo;
has the meaning set forth in <U>Section &lrm;2.7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Earn-Out Event</U>&rdquo;
has the meaning set forth in <U>Section &lrm;2.7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>EBITDA</U>&rdquo;
means Adjusted Net Cash Flow, increased by any of the following to the extent deducted in the calculation of Net Cash Flow and not treated
as operating expenses under GAAP: (a) capital expenditures and investments, (b) interest, principal, and other amounts due under indebtedness
of the Company, (c) any cash taxes owed by the Company, and (d) the amount of any reasonable holdbacks or reserves established under the
definition of Net Cash Flow. Further, the following working capital amounts shall be added or subtracted (as indicated herein) from Adjusted
Net Cash Flow to calculate EBITDA: (i) add any revenues earned under GAAP but not yet received in cash, (ii) subtract any revenues received
in cash but not yet earned under GAAP, (iii) add expenses paid in cash but not yet accrued under GAAP, and (iv) subtract expenses accrued
under GAAP but not yet paid in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Electronic Delivery</U>&rdquo;
has the meaning set forth in <U>Section &lrm;11.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Employee Offer Letters</U>&rdquo;
has the meaning set forth in <U>Section &lrm;6.14(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Equity Securities</U>&rdquo;
means with respect to any Person, all (a) units, capital stock, partnership interests or other equity interests (including classes, groups
or series thereof having such relative rights, powers or obligations as may from time to time be established by the issuer thereof or
the governing body of such Persons, as the case may be, including rights, powers or duties different from, senior to or more favorable
than existing classes, groups and series of units, stock and other equity interests and including any so-called &ldquo;profits interests&rdquo;)
or securities or agreements providing for profit participation features, equity appreciation rights, phantom equity or similar rights
to participate in profits, (b) warrants, options or other rights to purchase or otherwise acquire, or contracts or commitments that could
require the issuance of, securities described in the foregoing clause of this definition and (c) obligations, evidences of indebtedness
or other securities or interests convertible or exchangeable into securities described in the foregoing clauses of this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded Assets</U>&rdquo;
has the meaning set forth in <U>Section &lrm;3.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Final Order</U>&rdquo;
means an Order (i)&nbsp;which has not been vacated, reversed, stayed, enjoined, set aside, annulled or suspended; (ii)&nbsp;in relation
to which no Appeal is pending or has been granted; and (iii)&nbsp;as to which the prescribed time for filing an Appeal, and for the entry
of orders staying, reconsidering, or reviewing on the applicable Governmental Body&rsquo;s own motion has expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&ldquo;<U>Financial
Information</U>&rdquo; means the financial performance of the &ldquo;Isaac Mizrahi&rdquo; brand made available to Buyer and set forth
on <U>Section 1.5</U> of the Disclosure Letter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&ldquo;<U>Force
Majeure Event</U>&rdquo; means (a) acts of God; (b), earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides,
explosions of any kind, fires, epidemics and pandemics (including any escalation or general worsening thereof); (c) outbreak of hostilities,
acts of war, sabotage, cyberterrorism, terrorist acts or riots; (d) embargoes or blockades; and (e) strikes or labor stoppages, shortages
or slowdowns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Full Amount</U>&rdquo;
has the meaning set forth in <U>Section &lrm;6.12(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means U.S. generally accepted accounting principles consistently applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Governmental Body</U>&rdquo;
means any: (a)&nbsp;nation, state, county, city, town, village or other equivalent jurisdiction; (b)&nbsp;federal, state, local, municipal,
foreign, multi-national or other government; (c)&nbsp;governmental authority of any nature (including any governmental agency (including
the SEC), branch, department, commission, board, instrumentality, official or entity and any court or other tribunal); or (d)&nbsp;organization
or association that sponsors, authorizes or conducts arbitration proceedings, or any arbitrator or panel of arbitrators, the decisions
of which are enforceable in any court of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Inbound Licenses</U>&rdquo;
has the meaning set forth in <U>Section &lrm;4.10(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified Party</U>&rdquo;
has the meaning set forth in <U>Section &lrm;9.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified Taxes</U>&rdquo;
has the meaning set forth in <U>Section &lrm;9.2(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnifying Party</U>&rdquo;
has the meaning set forth in <U>Section &lrm;9.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Intellectual Property
Rights</U>&rdquo; means any and all intellectual and industrial property and proprietary rights arising or enforceable under the laws
of the United States, any other jurisdiction, or any bilateral or multilateral treaty regime, including (i)&nbsp; (A) all works of authorship
directly related to the Trademarks, in whole or in part, including any copyrights in or to any logo, illustration, design, or artwork
and other copyrightable works (whether or not published), moral rights, and all applications, registrations, renewals and rights to prepare
derivative works in connection therewith and (B) all other works of authorship, including copyrights in or to clothing designs, patterns,
and other copyrightable works (whether or not published), website content, moral rights, design rights and all applications, registrations,
renewals and rights to prepare derivative works in connection therewith; (ii) all trade secrets, know-how and confidential business information;
(iii) the Trademarks; (iv) all internet domain names and all registrations thereof, URLs, websites, and Social Media Assets; (v) all copies
and tangible embodiments of the foregoing (in whatever form and medium); (vi) any license or similar right to or from a third party in
any of the foregoing; and (vii) the right to sue for past, present and future infringement, dilution, misappropriation or other violation
of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interim Period</U>&rdquo;
has the meaning set forth in <U>Section &lrm;6.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ITU Applications</U>&rdquo;
means the Pending US ITU Trademark listed on <U>Section 1.6</U> of the Disclosure Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>JAMS Rules</U>&rdquo;
has the meaning set forth in <U>Section &lrm;11.12(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Joint Venture Agreement</U>&rdquo;
means the Amended and Restated Limited Liability Company Agreement of the Company, dated as of the Closing Date, in the form attached
hereto as <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Key Man Policy</U>&rdquo;
means the Individual Renewable Term Life Insurance Policy insuring Isaac Mizrahi issued by Massachusetts Mutual Life Insurance Company,
Policy No. 24669790, in the face amount of $25,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Knowledge</U>&rdquo;
means, with respect to Seller, the actual knowledge of Robert D&rsquo;Loren, Seth Burroughs and James Haran, after due inquiry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Law</U>&rdquo; means
the common law of any state, or any provision of any foreign, federal, state or local law, statute, rule, regulation, order, permit, judgment,
injunction, decree or other decision of any court or other tribunal or Governmental Body legally binding on the relevant party or its
properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Liabilities</U>&rdquo;
means any indebtedness, liabilities or obligations of any nature whatsoever (whether accrued, absolute, contingent, direct, indirect,
perfected, inchoate, unliquidated or otherwise, whether due or to become due).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Licenses</U>&rdquo;
has the meaning set forth in <U>Section &lrm;4.10(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Liens</U>&rdquo;
means any claims, liens, charges, rights, restrictions, options, preemptive rights, mortgages, deeds of trust, easements, encroachments,
judgments, leases, hypothecations, assessments, options, pledges, encumbrances, claims of equitable interest or security interests, impositions,
imperfections or defects of title of any kind or nature whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loss</U>&rdquo;
means any and all liabilities, demands, claims, actions, causes of action, assessments, losses, costs, damages, deficiencies, Taxes, fines,
awards, judgments or expenses (whether or not arising out of third party claims), including, without limitation, interest, penalties,
reasonable attorneys&rsquo; and other professionals&rsquo; fees and expenses (including in connection with the enforcement of Buyer&rsquo;s
right to be indemnified for any such amount regardless of whether or not the loss, cost, liability, damage, fine, penalty, judgment fee,
award or expense related a third-party claim), and all amounts paid in investigation, defense or settlement of any of the foregoing, but
excluding any punitive, incidental, consequential, special or indirect damages, including loss of future revenue or income, loss of business
reputation or opportunity, or diminution of value or any damages based on any type of multiple (other than in the amounts paid to third
parties in respect of any Third-Party Claim for which indemnification hereunder is otherwise required).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Marketing Collateral</U>&rdquo;
means advertising and marketing materials and collateral (including all physical, digital or electronic imagery), copy, promotional material,
commercials, images, artwork, archival materials and product catalogs, in each case, that are primarily used in or primarily related to
the Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material Adverse
Effect</U>&rdquo; means any change, effect, event, occurrence, circumstance or other matter that, either alone or in combination with
any other change, effect, event, occurrence, circumstance or other matter, had, or would reasonably be expected to have or give rise to,
a material adverse effect on (i) the business, condition, capitalization, assets, liabilities, operations or financial performance of
the Company, the Business or the Contributed Assets, (ii) the ability of the Company and/or any permitted licensees to use and exploit
the Contributed Assets after the Closing, or (iii) the ability of Seller to consummate the transactions contemplated by this Agreement
or any of the Transaction Documents, <FONT STYLE="background-color: white"><U>provided</U> that none of the following shall be deemed,
either alone or in combination, to constitute a Material Adverse Effect on Seller: (i) a change in the market price or trading volume
of Seller&rsquo;s common stock, (ii) conditions affecting the economy as a whole, or (iii) conditions affecting the retail or rental clothing
industry as a whole</FONT>, unless in the cases of (ii) or (iii), such conditions had or would reasonably be expected to have a disproportionate
effect on the Business or the Contributed Assets relative to similarly situated Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Mizrahi Morals Event</U>&rdquo;
means any act, omission or statement by Isaac Mizrahi that would reasonably be considered: (i) to be immoral, scandalous or obscene or
(ii) to injure tarnish damage or otherwise negatively affect the reputation and goodwill associated with the &ldquo;Isaac Mizrahi&rdquo;
brand or the Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Cash Flow</U>&rdquo;
has the meaning set forth in the Joint Venture Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Royalty Revenue</U>&rdquo;
means the royalty payments actually received by the Company under an outbound license agreement (excluding any advertising royalties and
any taxes, foreign or domestic, withheld from or added to any royalties paid to the Company) less (i) any fees, costs and/or expenses
(including attorneys&rsquo; fees) incurred by the Company in connection with the enforcement by the Company of its rights to receive royalties
under any outbound license agreement, (ii) any unaffiliated third-party commissions payable by the Company on such royalty revenues and
(iii) any royalty payments (and any collections, recoveries, payments, supplements or other compensation made in lieu thereof) and any
other remuneration of any kind payable by the Company pursuant to any inbound license agreement with respect to such royalty payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Non-Disclosure Agreement</U>&rdquo;
means that certain Mutual Non-Disclosure and Non-Use Agreement, dated as of November 12, 2021, by and between WH Buyer, LLC, d/b/a WHP
Global, a Delaware limited liability company, and Xcel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Nonassigned Contract</U>&rdquo;
has the meaning set forth in <U>Section &lrm;3.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>OFAC</U>&rdquo;
has the meaning set forth in <U>Section &lrm;4.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Order</U>&rdquo;
means any judgment, order, injunction, writ, ruling, decree, stipulation, determination, decision, verdict or award of any Governmental
Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Outbound Licenses</U>&rdquo;
has the meaning set forth in <U>Section &lrm;4.10(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Lien</U>&rdquo;
means (i) Liens for Taxes not yet due and delinquent or being contested in good faith and for which adequate reserves have been established
in accordance with GAAP, (ii) statutory or common law liens in favor of carriers, warehousemen, mechanics and materialmen arising or incurred
in the ordinary course of business to secure claims for labor, materials or supplies that are not (A) past due or in default or are being
contested in good faith by appropriate proceedings and for which adequate reserves have been established on the Seller&rsquo;s financial
statements in accordance with GAAP, provided that in all cases such liens are discharged of record prior to the Closing, and (B) individually
or in the aggregate, impairing or interfering with, in a manner material to, the continued use, value or operation of the Contributed
Assets to which they relate in the conduct of the Business as it is currently conducted, (iii) licenses of Intellectual Property Rights
to Persons pursuant to (or otherwise included in) any Contributed Contracts, (iv) Liens created by or through Buyer or any of its Affiliates
and (v) the Assumed Liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated association, corporation,
entity or government (whether Federal, state, county, city or otherwise, including, without limitation, any instrumentality, division,
agency or department thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Personal Information</U>&rdquo;
means any information relating to a living identified or identifiable natural person, such as name, postal address, email address, telephone
number, date of birth, social security number or other unique government-issued identifier, financial information including unique financial
account identifiers, personal identification number, any other identification number, location data, online identifiers including IP addresses,
health or medical information, racial identity, ethnic origin, political opinions, religious or philosophical beliefs, trade union membership,
criminal charges (convicted or otherwise), information concerning health or sexual orientation, photographs and other images and any other
unique identifier or one or more factors specific to the individual&rsquo;s physical, physiological, mental, economic or social identity,
regardless of the media in which it is contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Privacy Agreements</U>&rdquo;
has the meaning set forth in <U>Section &lrm;4.14</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Privacy Laws</U>&rdquo;
has the meaning set forth in <U>Section &lrm;4.14</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pre-Closing Tax
Period</U>&rdquo; means any taxable period ending on or before the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Proceeding</U>&rdquo;
means any action, claim, arbitration, audit, charge, complaint, petition, mediation, equitable action, hearing, investigation, litigation,
or any other judicial or administrative proceeding of any kind or nature whatsoever, or suit (whether civil, criminal, administrative,
judicial, whether formal or informal, whether public or private) commenced, brought, conducted or heard by or before, or otherwise involving,
any arbiter or Governmental Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Purchase Price</U>&rdquo;
has the meaning set forth in <U>Section &lrm;2.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registered IP</U>&rdquo;
means all Intellectual Property issued or registered or applied for, respectively, with the United States Patent and Trademark Office,
the United States Copyright Office, or the trademark office, copyright office or other applicable filing office of any other jurisdiction
to which the registration or application pertains, or any ICANN-authorized domain name registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registered Marks</U>&rdquo;
means Registered IP constituting Trademarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Retained Liabilities</U>&rdquo;
has the meaning set forth in <U>Section &lrm;3.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Royalties</U>&rdquo;
means any guaranteed royalties, earned royalties, overage royalties, marketing fund payments (including any &ldquo;image fund&rdquo;,
 &ldquo;corporate advertising contribution&rdquo; and &ldquo;agency contribution&rdquo; payments, as such terms are used in the Contributed
Contracts), percentage royalties, other royalties, licensing receivables or other similar amounts under the Contributed Contracts generated
by the Contributed Assets for any period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sale of the Company</U>&rdquo;
means (a) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions,
by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a
whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of
the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease,
transfer, exclusive license or other disposition is to an Affiliate of Buyer, (b) the Transfer of a majority of the outstanding Equity
Securities of the Company (whether directly or indirectly through a sale by one or more Persons) to a Person or a group of Persons acting
in concert, or (c) the merger or consolidation of the Company with or into another Person, in each case in clauses (b) and (c) above,
under circumstances in which the holders of a majority in voting power of the outstanding Equity Securities of the Company immediately
prior to such transaction, own less than a majority in voting power of the outstanding Equity Securities of the Company, or the surviving
or resulting Person, immediately following such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC</U>&rdquo; means
the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Seller</U>&rdquo;
has the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Seller Fundamental
Representations</U>&rdquo; means the representations and warranties contained in <U>Section &lrm;4.1</U> (Authorization), <U>Section &lrm;4.2</U>
(Organization), <U>Section &lrm;4.6</U> (Title and Condition of Assets), <U>Section &lrm;4.10</U> (Intellectual Property), <U>Section
 &lrm;4.11</U> (Taxes) and <U>Section &lrm;4.15</U> (Broker&rsquo;s Fees).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Seller Indemnified
Parties</U>&rdquo; has the meaning set forth in <U>Section &lrm;9.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Social Media Assets</U>&rdquo;
means Seller&rsquo;s worldwide ownership, control, right, title, and interest in and to the social media accounts with the social media
platforms set forth on <U>Section 1.3</U> of the Disclosure Letter and the social media pages associated with such accounts, all rights
of an account holder as set forth in the terms of service or comparable agreement between Seller and the operator of the corresponding
social media platform, all copyrights in such social media pages and all content owned by Seller on such social media pages, including
all graphics used on the social media pages, all databases generated for the social media accounts and pages, online forms and scripts
used in connection with the social media accounts and pages and all advertisements for the social media accounts and pages, and the goodwill
associated with the social media accounts and pages and symbolized thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Social Media Handle
Transfer</U>&rdquo; has the meaning set forth in <U>Section &lrm;8.2(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Straddle Period</U>&rdquo;
means any taxable period which includes but does not end on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tax</U>&rdquo; means
(a) any federal, state, local or foreign income, gross receipts, franchise, estimated, alternative minimum, add-on minimum, sales, use,
transfer, registration, value added, ad valorem, excise, natural resources, production, severance, stamp, recordation, occupation, premium,
windfall profit, profits, environmental, customs, duties, real property, personal property, occupancy, capital stock, social security
(or similar), unemployment, disability, payroll, wage, license, employment or other withholding, or other tax, fee, charge, premium, duty,
levy, impost, assessment or imposition of any kind whatsoever, including any interest, penalties or additions to tax or additional amounts
in respect of the foregoing, (b) any liability for payment of amounts described in clause (a) whether as a result of transferee liability,
joint and several liability, or for being a member of an affiliated, consolidated, combined, unitary or other group (defined within the
meaning of Section 1504(a) of the Code or any similar provision of foreign, state or local applicable Law) for any period, or payable
by reason of contract assumption, operation of law, or otherwise, and (c) any liability for the payment of amounts described in clause
(a) as a result of any Tax sharing, Tax indemnity or Tax allocation agreement or any other express or implied agreement to pay or indemnify
any other Person whether by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tax Authority</U>&rdquo;
shall mean the Internal Revenue Service and any other taxing or other authority (whether within or outside the U.S.) competent to administer,
impose or collect Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tax Return</U>&rdquo;
shall mean any and all returns, declarations, reports, estimates, documents, claims for refund, or information returns, statements or
filings which are supplied or required to be supplied to any Tax Authority or any other Person, including any schedule or attachment thereto,
and including any amendments thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Termination Date</U>&rdquo;
has the meaning set forth in <U>Section &lrm;10.1(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Third Party Claim</U>&rdquo;
has the meaning set forth in <U>Section &lrm;9.5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trademark Consent</U>&rdquo;
has the meaning set forth in <U>Section &lrm;4.10(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trademark Consent
Rights</U>&rdquo; has the meaning set forth in <U>Section &lrm;4.10(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trademarks</U>&rdquo;
means the registered and unregistered trademarks, service marks and applications for trademark and service mark registration set forth
on <U>Section 1.4</U> of the Disclosure Letter, together with all other trademarks, trade names, service marks, service names, corporate
names, fictitious names (DBAs), slogans, tag lines, trade dress, elements comprising the look and feel, whether separately and/or as a
collective whole, logos, designs, symbols, and other designations of origin, together with all translations, adaptations, derivations
and combinations of the foregoing and all foreign equivalents thereof, together with all goodwill connected with the use thereof and symbolized
thereby, and all rights, applications, registrations, renewals and extensions in connection therewith arising or enforceable under the
laws of the United States, any other jurisdiction, or any bilateral or multilateral treaty regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transaction Documents</U>&rdquo;
means each of the Assignment of Marks, the Domain Name Transfer, the Social Media Handle Transfer, the Bill of Sale, the Joint Venture
Agreement, the Design, Interactive Television, and Talent Services Agreement, the Brand Support Services Agreement and the Shared Access
Agreement and each of the other agreements, documents, certificates and instruments, including the Disclosure Letter, being delivered
pursuant to, or in connection with, this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer</U>&rdquo;
means any sale, hypothecation, pledge, assignment, attachment, encumbrance or other transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer Tax</U>&rdquo;
means any and all transfer, documentary, sales, use, stamp, value-added, recording, registration, real and personal property transfer,
or other similar Taxes and fees imposed by any Governmental Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transferred Business
Information</U>&rdquo; means all books, financial information, records (including Tax Returns of the Company and records), files, ledgers,
documentation, instruments, research, papers, data, sales or similar information that, in each case, is in the possession or control of
Seller and, in each case, is (1) related to any license or use by any third party of, or rights of any third party with respect to, the
Transferred IP or the Contributed Contracts, (2) otherwise related to the Transferred IP in connection with the Business or (3) primarily
related to the operation of the Business, including, for the avoidance of doubt:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the User Information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>current and historical customer lists and customer data maintained by Seller with respect to the Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the websites (including the content contained therein), Social Media Assets (including the content contained therein), tech
packs, designs, design rights, design archives, patterns, diagrams, drawings, art and archive files, archive garments, style guides, prototypes,
molds, sample books, sample archives, sourcing codes, signage samples, supplies, domain names and all advertising and marketing materials
and collateral (including all physical, digital or electronic imagery and design files), copy, promotional material, commercials, images,
artwork, archival materials and product catalogs, in each case, that are primarily used in or primarily related to the Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transferred IP</U>&rdquo;
means (i) the Trademarks, all rights thereunder, remedies against infringements or other violations thereof, and rights to protection
of interests therein under the Laws of all jurisdictions, (ii) all Intellectual Property Rights covering or embodied by the Transferred
Business Information, and (iii) all other Intellectual Property Rights owned by Seller, or in which Seller has any interest or right,
and used or held for use by them primarily in the conduct of the Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>User Information</U>&rdquo;
means all Personal Information and other information provided by or relating to users of any websites, Social Media Assets (including
the Facebook, Instagram and Twitter accounts maintained by Seller with respect to the Business), email marketing platforms and other Internet
accessible marketing platforms directed to known customers of the Business or the general public, in each case, primarily used in connection
with the operation of the Business, together with all information compiled or otherwise relating to the use thereof by such users, whether
such information is specific to a particular user or is aggregated information relating to more than one specific user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
2</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Principal
</B></FONT><B>TRANSACTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sale and Purchase of Securities</U>. On the terms and subject to the conditions of this Agreement, at the Closing, Xcel shall
sell, transfer and deliver to Buyer, and Buyer shall purchase from Xcel, all of the rights, title and interests in and to the Acquired
Interests, free and clear of any Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purchase Price</U>. In consideration of the sale and transfer of the Acquired Interests to Buyer, at the Closing, Buyer will
pay to Xcel an aggregate amount equal to $46,200,000 in cash (the &ldquo;<U>Purchase Price</U>&rdquo;). The Purchase Price shall be payable
by wire transfer to the account(s) designated by Xcel in writing not less than three (3) days prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Royalties Waiver</U>. In consideration of the Purchase Price, effective as of the Closing, Seller hereby releases the Buyer
Indemnified Parties from any and all Liabilities, actions, rights of action, contracts, indebtedness, obligations, claims, causes of action,
suits, damages, demands, costs, expenses and attorneys&rsquo; fees whatsoever, of every kind and nature, known or unknown, disclosed or
undisclosed, accrued or unaccrued, existing at any time, in all circumstances, that Seller or its Affiliates and all such Persons&rsquo;
respective successors and assigns have or may have against any of the Buyer Indemnified Parties arising out of, related to or resulting
from any Royalties under the Contributed Contracts accruing at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Proration of Royalties</U>. For each Contributed Contract which was in effect as of the Closing Date, any Royalties (including any
guaranteed minimum royalties) due to the licensor under such Contributed Contract for the Applicable Royalty Period in which the Closing
Date occurs shall be allocated as follows: (a) to Seller, based on the number of days in the Applicable Royalty Period prior to the Closing
Date divided by the total number of days in the Applicable Royalty Period, and (b) to the Company, based on the number of days in the
Applicable Royalty Period on and after the Closing Date divided by the total number of days in the Applicable Royalty Period (the &ldquo;<U>Company
Royalty Allocation</U>&rdquo;). If any Royalty under a Contributed Contract for the Applicable Royalty Period in which the Closing Date
occurs has been or is paid to Seller on or prior to the Closing Date, Seller shall pay to the Company the Company Royalty Allocation
of such Royalty on the Closing Date, payable by wire transfer of immediately available funds to the account(s) designated by the Company
in writing at Closing. If any portion of a Royalty due to the other Party under this <U>Section <B><I>&lrm;</I></B>2.4</U> is paid to
the Company or Seller after the Closing Date, the recipient shall pay such amount to the Party entitled to such amount under this <U>Section
<B><I>&lrm;</I></B>2.4</U> in accordance with <U>Section <B><I>&lrm;</I></B>6.5</U>. The Parties agree that for the purposes of allocating
Royalties pursuant to this <U>Section <B><I>&lrm;</I></B>2.4</U>, the amount of any Royalty paid to Seller prior to the date such Royalty
amount is accrued shall be deemed to have been paid on the date such Royalty amount accrued under the terms of the applicable Contributed
Contract; <U>provided</U>, that the amount of any Royalty paid to Seller prior to Closing in respect of any period following the Closing
(other than the Applicable Royalty Period in which the Closing Date occurs) shall be paid by Seller to the Company on the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purchase Price Adjustment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>2.5</U>,
Buyer shall be entitled to receive the Adjustment Amount from Seller if, during any four (4) consecutive calendar quarters within the
Adjustment Period, the aggregate Royalties collected in respect of the Business, whether by Seller in respect of any pre-Closing periods
or by the Company in respect any post-Closing periods, are less than $13,347,000 (the &ldquo;<U>Adjustment Event</U>&rdquo;); <U>provided</U>,
<U>however</U>, that the failure to have collected aggregate Royalties equal to or greater than $13,347,000 during any such four (4) consecutive
calendar quarter period shall not constitute an Adjustment Event to the extent such failure is caused by a (i) Force Majeure Event or
(ii) a willful and material breach by Buyer of the provisions of <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>2.5(d)</U>
that directly reduces the collected Royalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Buyer shall promptly notify Seller if the Adjustment Event has occurred. If the Adjustment Event does not occur within the Adjustment
Period, the Adjustment Amount will not be due and payable. If the Adjustment Amount becomes due and payable, then Seller shall pay, or
cause to be paid, the Adjustment Amount to Buyer within ten (10) Business Days after Buyer has notified Seller that the Adjustment Event
has occurred. Buyer shall indicate in its notice to Seller its calculation of the Adjustment Amount payable (including Buyer&rsquo;s statement
of Net Cash Flow distributed to it) and may further indicate whether Buyer desires to receive the Adjustment Amount in cash, in Equity
Securities of the Company or any combination thereof; <U>provided</U> that (i) the final determination of whether such payment shall be
in cash, Equity Securities of the Company or a combination thereof shall be determined by Seller and (ii) if the WHP Member is entitled
to a distribution attributable to the Net Cash Flow for the period in which the Adjustment Event has occurred, such amounts owed to the
WHP Member shall be credited as paid to the extent of the distributions paid by the Company to the WHP Member. If Seller elects that all
or any portion of the Adjustment Amount is to be satisfied by the transfer from Seller to Buyer of any of Seller&rsquo;s Equity Securities
of the Company, all of Seller&rsquo;s Equity Securities of the Company shall be valued at an amount equal to (i) the aggregate EBITDA
of the Company during the four (4) consecutive calendar quarters in which the Adjustment event occurs, <U>multiplied by</U> (ii) six and
no tenths (6.0), <U>less</U> (iii) the aggregate Liabilities of the Company, <U>multiplied by</U> (iv) Seller&rsquo;s percentage interest
in the fully-diluted equity capital of the Company at the time the Adjustment Amount is to be paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that Buyer notifies Seller of the occurrence of the Adjustment Event and Seller believes that the Adjustment Event
has not occurred or that the Adjustment Amount is not accurate, then Seller shall so notify Buyer in writing and Buyer and Seller shall
attempt to resolve such dispute by good faith negotiations during a period of 30 days. If Seller and Buyer are unable to resolve such
dispute within such 30-day period, then either Seller or Buyer may commence arbitration proceedings within 30 days of the end of such
30-day period by making a written request to the American Arbitration Association, together with any appropriate filing fee. Such arbitration
shall be conducted exclusively in New York, New York, before an arbitral tribunal of between one and three arbitrators as Seller and Buyer
agree. If such Parties cannot agree on the number of arbitrators, there shall be three arbitrators. The arbitrator(s) shall be disinterested,
shall have knowledge of the legal, financial, corporate and technical issues relevant to the matters in dispute and shall otherwise be
chosen in the manner provided in the AAA arbitral rules. Any order or determination of the arbitration shall be final and binding upon
the parties to the arbitration. Any arbitration award shall not include attorney&rsquo;s fees or other costs, and each party shall share
equally the fees and expenses owed to the arbitrator(s). Notwithstanding any provision in this Agreement to the contrary, each Party shall
be entitled to institute litigation in accordance with <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>11.12</U>
immediately if litigation is necessary to prevent irreparable harm to that Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the period beginning on the Closing Date and ending at the end of the Adjustment Period (the &ldquo;<U>Buyer Operating Period</U>&rdquo;),
subject to each of (x) the Joint Venture Agreement, (y) the Design, Interactive Television, and Talent Services Agreement and (z) the
Brand Support Services Agreement, Buyer shall have sole discretion with regard to all matters relating to the operation of the Company,
<U>provided</U> that, during the Buyer Operating Period, Buyer shall, and shall cause any of its Affiliates to (i) use commercially reasonable
efforts to operate and support the Company; (ii) act in good faith and not take any action, or refrain from taking any action, that it
is reasonably highly likely to trigger the Adjustment Event; (iii) materially breach, terminate or materially amend any Contributed Contract,
in each case, that it is reasonably highly likely to trigger the Adjustment Event; or (iv) terminate the services of Isaac Mizrahi without
cause, as reasonably determined by Buyer in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Parties agree to treat the Adjustment Amount paid to Buyer, if any, made pursuant to this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>2.5</U>
as an adjustment to the Purchase Price for Tax purposes, except as otherwise required by applicable Tax Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The right to receive any potential Adjustment Amount (i) is solely a contractual right and is not a security for purposes of any
federal or state securities Laws, (ii) will not be represented by any form of certificate or instrument, (iii) does not give, directly
or indirectly, Buyer any rights as an equity holder of, or rights to acquire any equity of, the Company, Seller, or any of their Affiliates,
including any distribution rights, voting rights, liquidation rights, preemptive rights, anti-dilution rights or other rights common to
holders of equity securities, (iv) is not redeemable and (v) may not be transferred, except with the consent of Seller or by operation
of Law (and any transfer or assignment in violation of this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>2.5(f)</U>
shall be null and void <I>ab initio</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Withholding</U>. In the event that Buyer is required pursuant to applicable Law to deduct or withhold amounts from any payment
required to be made under this Agreement, Buyer shall be entitled to deduct and withhold such amounts as are required to be deducted or
withheld under applicable Law; <U>provided</U>, <U>however</U>, except as a result of the failure to provide the form required under <U>Section
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>8.2(q)</U>, the parties hereto do
not anticipate that any withholding is required on any amount payable pursuant to this Agreement (other than any such amount treated as
compensation for applicable Tax purposes), and if Buyer determines it is required to withhold, Buyer shall use reasonable efforts to give
Seller prior written notice thereof. Such amounts that are withheld or deducted shall be treated for all purposes of this Agreement as
having been paid to Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Earn-Out</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>2.7</U>,
Xcel shall be entitled to receive $2,000,000 of additional consideration (the &ldquo;<U>Earn-Out Amount</U>&rdquo;) from Buyer if both
of the following are achieved during the period from January 1, 2023, through December 31, 2023, inclusive: (i) the Company receives Net
Royalty Revenue in an amount equal to or greater than $17,500,000, and (ii) the Company generates EBITDA in an amount equal to or greater
than $11,800,000 (conditions (i) and (ii) collectively, the &ldquo;<U>Earn-Out Event</U>&rdquo;). Buyer shall promptly notify Seller if
the Earn-Out Event has been achieved. If either condition constituting the Earn-Out Event is not met, the Earn-Out Amount will not be
due and payable. If the Earn-Out Event does not occur on or prior to December 31, 2023, the Earn-Out Amount will not be due and payable.
If the Earn-Out Amount becomes due and payable, Buyer shall pay, or cause to be paid, the Earn-Out Amount to Xcel on or before February
15, 2024, by wire transfer of immediately available funds to the account designated by Xcel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that, notwithstanding the fact that Buyer has not provided Seller notice of achievement of the Earn-Out Event as provided
in <U>Section <B>&lrm;&lrm;</B>2.7(a)</U>, Seller believes that the Earn-Out Event has been achieved by the Company, then Seller shall
so notify Buyer in writing and Buyer and Seller shall attempt to resolve such dispute by good faith negotiations during a period of 30
days. If Seller and Buyer are unable to resolve such dispute within such 30-day period, then either Seller or Buyer may commence arbitration
proceedings within 30 days of the end of such 30-day period by making a written request to the American Arbitration Association, together
with any appropriate filing fee. Such arbitration shall be conducted exclusively in New York, New York, before an arbitral tribunal of
between one and three arbitrators as Seller and Buyer agree. If such Parties cannot agree on the number of arbitrators, there shall be
three arbitrators. The arbitrator(s) shall be disinterested, shall have knowledge of the legal, financial, corporate and technical issues
relevant to the matters in dispute and shall otherwise be chosen in the manner provided in the AAA arbitral rules. Any order or determination
of the arbitration shall be final and binding upon the parties to the arbitration. Any arbitration award shall not include attorney&rsquo;s
fees or other costs, and each party shall share equally the fees and expenses owed to the arbitrator(s). Notwithstanding any provision
in this Agreement to the contrary, each Party shall be entitled to institute litigation in accordance with <U>Section <B>&lrm;</B>11.12
</U>immediately if litigation is necessary to prevent irreparable harm to that Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The right to receive any potential Earn-Out Amount (i) is solely a contractual right and is not a security for purposes of any
federal or state securities Laws, (ii) will not be represented by any form of certificate or instrument, (iii) does not give, directly
or indirectly, Seller any rights as an equity holder of, or rights to acquire any equity of, the Company, Buyer or any of their Affiliates,
including any distribution rights, voting rights, liquidation rights, preemptive rights, anti-dilution rights or other rights common to
holders of equity securities, (iv) is not redeemable and (v) may not be transferred, except with the consent of Buyer or by operation
of Law (and any transfer or assignment in violation of this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;&lrm;</B></FONT>2.7(c)</U>
shall be null and void <I>ab initio</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the period beginning on the Closing Date and ending on January 31, 2023 (the &ldquo;<U>Earn-Out Period</U>&rdquo;), subject
to each of (x) the Joint Venture Agreement, (y) the Design, Interactive Television, and Talent Services Agreement and (z) the Brand Support
Services Agreement, Buyer shall have sole discretion with regard to all matters relating to the operation of the Company, <U>provided</U>,
that, during the Earn-Out Period, Buyer shall, and shall cause any of its Affiliates to (i) use commercially reasonable efforts to operate
and support the Company; (ii) act in good faith and not take any action, or refrain from taking any action, that it is reasonably highly
likely to cause the Earn-Out Event not to occur; (iii) materially breach, terminate or materially amend any Contributed Contract, in each
case, that it is reasonably highly likely to cause the Earn-Out Event not to occur; or (iv) terminate the services of Isaac Mizrahi without
cause, as reasonably determined by Buyer in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Parties agree to treat the Earn-Out Amount paid to Xcel, if any, made pursuant to this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>2.7</U>
as an adjustment to the Purchase Price for Tax purposes, except as otherwise required by applicable Tax Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
3</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Pre-Closing
Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contribution of Assets to the Company</U>. Prior to the Closing, Seller will contribute, convey, transfer, assign and deliver
to the Company, and the Company will acquire and accept from Seller, all of Seller&rsquo;s worldwide right, title and interest in and
to the following assets, properties and rights of Seller, free and clear of any Liens (collectively, the &ldquo;<U>Contributed Assets</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trademarks;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Domains;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Social Media Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Transferred IP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the ITU Applications;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the right to enforce and to represent to third parties that the Company is the successor of the Transferred IP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>all originals and copies of all material files and assignment documentation pertaining to existence, validity, availability, registrability,
infringement, enforcement or ownership of any of the Transferred IP and material documentation of the development, conception or reduction
to practice thereof, in each case, under Seller&rsquo;s possession or control; provided that Seller shall be entitled to retain copies
thereof for legal record-keeping purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Contributed Contracts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all letters of credit for the benefit of Seller in respect of any of the Contributed Contracts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Transferred Business Information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Seller&rsquo;s e-mail addresses under the domain names primarily related to the Business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Marketing Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all tradeshow and showroom fixtures that are exclusively used in or exclusively related to the Business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all of Seller&rsquo;s prepaid expenses relating to any of the Contributed Contracts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all claims, causes of action, lawsuits, judgments, demands and other legal rights and remedies against other Persons, including
for royalties, fees or other income, past, present or future infringement, misappropriation or violation of, any of the Transferred IP,
whether or not known as of the Closing, to the extent arising from or relating to the (i) Contributed Assets, and (ii) Assumed Liabilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all rights of indemnity, warranty rights, rights of contribution, rights of reimbursement and other rights of recovery possessed
by Seller against other Persons and the prosecution files of Seller related thereto, in each case, to the extent related to the Contributed
Assets or the Assumed Liabilities (regardless of whether such rights are currently exerciseable), but excluding any of the foregoing to
the extent arising in connection with respect to Excluded Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any rights of publicity and all similar rights, including all commercial merchandising rights, owned or controlled by Seller and
either (i) derived from, based upon, inherent in or attaching to the Transferred IP or (ii) used or held for use by Seller primarily in
the conduct of the Business, in each case, to the extent permitted to be assigned by Seller under any Contract or applicable Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>insurance proceeds received by Seller and insurance awards received by Seller with respect to any of the Contributed Assets which
are not in respect of any Retained Liabilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all goodwill associated with the Business to the extent primarily related to the Contributed Assets; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all cash and cash equivalents held by Seller for the benefit of the Company or in respect of the Business or the assets set forth
this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>3.1</U> on or prior to the
Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assumption of Liabilities</U>. Subject to the terms and conditions of this Agreement, the Company agrees to assume, pay and
perform as and when due (or on such other terms (including amount and due date) as the Company may be able to negotiate with the Persons
to which such Liabilities are owed) only the following Liabilities of Seller after the Closing Date (collectively, the &ldquo;<U>Assumed
Liabilities</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Liabilities arising or incurred under the Contributed Contracts after the Closing Date, but only to the extent that such Liabilities
under the Contributed Contracts: (i) do not arise from or relate to, or are in connection with, any event, circumstance or condition occurring
or existing on or prior to the Closing that, with notice or lapse of time, would constitute or result in a breach, violation or default
of such Contributed Contract by Seller prior to the Closing Date; and (ii) are not required to be performed prior to the Closing Date;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Liabilities arising or incurred after the Closing Date in connection with the Company&rsquo;s use, ownership or possession
of the Contributed Assets after the Closing Date, other than to the extent such Liabilities (i) accrued on or prior to Closing or (ii)
arise from or are directly or indirectly caused by any actions or inactions of Seller and/or any of its subsidiaries or any of their Affiliates
on or prior to the Closing, including any infringement, misappropriation or violation of any third party Intellectual Property Right;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>provided</U>, <U>however</U>, that the Company shall have no obligation
to pay commissions to any third-parties other than QVC, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Excluded Assets</U>. Notwithstanding anything to the contrary herein, Seller is not contributing, and the Company is not acquiring
any assets or rights not specifically contributed to the Company in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>3.1</U>
above and all such assets and rights are reserved by Seller (the &ldquo;<U>Excluded Assets</U>&rdquo;) including, without limitation,
(i) the retained media rights owned by Isaac Mizrahi pursuant to Section 2.5 of that certain Asset Purchase Agreement, dated as of May
19, 2011, as amended, by and among Xcel, IMB, IM Ready-Made, LLC, Isaac Mizrahi and Marisa Gardini; and (ii) any employees of Seller or
its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Retained Liabilities</U>. The Company is assuming only the Assumed Liabilities and the Company is not, by virtue of its acceptance
of the Contributed Assets, the Closing of the transactions contemplated hereby, or otherwise, assuming or becoming responsible for any
Liabilities of Seller, whether arising prior to, at, or following the Closing (the &ldquo;<U>Retained Liabilities</U>&rdquo;) including,
without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Liabilities of Seller to any Person arising from a breach or violation of any Contract occurring or arising from the ownership
or use of the Contributed Assets on or prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Liability (i) for any Taxes (A) for transactions completed on or prior to the Closing Date or with respect to taxable periods
(or portions thereof) ending on or prior to the Closing Date arising from, attributable to, or related to the Business or the ownership
or use of the Contributed Assets or (B) of Seller (or any owner or Affiliate of Seller) of any kind or description or (ii) in respect
of any Excluded Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Liabilities or obligation (contingent or otherwise) of Seller arising out of any Proceeding pending or not on or prior to the
Closing Date, including, without limitation any judicial or administrative proceedings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Liabilities or obligations arising out of services provided or products sold by Seller or its Affiliates on or prior to the
Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except as provided in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>3.5(b)</U>
as a result of receiving the requisite written consent, any Liabilities under any of the Licenses set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>3.5(b)</U>
of the Disclosure Letter; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other Liabilities of Seller (whether known or unknown, direct or indirect, absolute or contingent, matured or unmatured, or
otherwise), whether the same currently exist or come to exist in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The intent and objective of
Seller, Buyer and the Company is that the Company shall not, and does not hereby, assume, and no transferee or successor liability of
any kind and nature shall attach to the Company pertaining to, any of the Excluded Assets or the Retained Liabilities, all of which shall
remain the sole responsibility of Seller. Seller shall pay, perform or otherwise discharge as the same shall become due and payable in
accordance with their respective terms, all of the Retained Liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Satisfaction of Third-Party Consents Under Contributed Contracts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision hereof, this Agreement shall neither constitute nor require an assignment to the Company of
any Contributed Contract if an attempted assignment of the same without the consent of any party to such Contributed Contract would constitute
a breach thereof or a violation of any Law or Order, unless and until such consent shall have been obtained. In the case of any such Contributed
Contract or other right that cannot be effectively transferred to the Company without such consent (a &ldquo;<U>Consent Required Contract</U>&rdquo;),
Seller shall use, whether before or after the Closing, its commercially reasonable efforts to obtain all necessary consents to the assignment
and transfer thereof, it being understood that, to the extent the foregoing shall require any action by Seller that would, or would continue
to, have an adverse effect on the Business or the business of the Company or any of its Affiliates after the Closing, such action shall
require the prior written consent of Buyer. The Parties agree that in the event the Parties shall have failed prior to the Closing to
obtain consents to the transfer of any Consent Required Contract, then the Parties shall use commercially reasonable efforts to obtain
any required consent to the assignment to, and assumption by, the Company of each Consent Required Contract that is not transferred at
the Closing (a &ldquo;<U>Nonassigned Contract</U>&rdquo;) as promptly as practicable after the Closing.&nbsp; With respect to any Nonassigned
Contract, the Nonassigned Contract shall be held by Seller in trust for the Company and shall be performed by Seller in the name of the
Company, and all benefits and obligations derived thereunder after the date hereof shall be for the account of the Company; <U>provided</U>,
<U>however</U>, that where entitlement of the Company to such assets contributed hereunder is not recognized by any third party, Seller
shall, at the request of Buyer, enforce in a commercially reasonable manner, at the cost of and for the account of the Company, any and
all rights of the Company against such third party. Upon satisfying any requisite consent requirement applicable to a Nonassigned Contract
after the Closing, such Nonassigned Contract shall promptly be transferred and assigned to the Company in accordance with the terms of
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Seller acknowledges and agrees that, absent the affirmative written consent of the applicable licensee (&ldquo;<U>Assignment Consent</U>&rdquo;),
assignment of the Licenses set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>3.5(b)</U>
of the Disclosure Letter (the &ldquo;<U>Continuing Liability Licenses</U>&rdquo;) by Seller to the Company requires that Seller remain
liable, whether primarily, secondarily, jointly and severally, or any combination thereof, for all of the Liabilities and obligations
of the licensor under the Continuing Liability Licenses (the &ldquo;<U>Continuing License Obligations</U>&rdquo;). With respect to each
Continuing Liability License, until such time as Assignment Consent is delivered to the Company with respect to such Continuing Liability
License, Seller shall remain liable to the respective counterparty for each of the Continuing License Obligations thereunder following
the Closing in accordance with the terms of such Continuing Liability License.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Pre-Closing Transactions</U>. Seller shall effect, pursuant to documentation reasonably acceptable
to Buyer and Seller, the restructuring and other transactions set forth in <B><I>&lrm;</I></B>this <U>&lrm;Article 3</U>. Seller shall
in good faith, and on a prompt and timely basis, consult with Buyer and keep Buyer reasonably apprised of the implementation of the transactions
contemplated by this <B><I><U>&lrm;</U></I></B><U>Article 3</U> and the execution of any transaction documentation related thereto. Without
limiting the generality of the foregoing and without reducing or waiving the obligations of Seller pursuant to <U>Section <B><I>&lrm;</I></B>3.1
</U>and <U>Section <B><I>&lrm;</I></B>7.2(d)</U>, Seller shall ensure that all Contributed Assets are contributed, conveyed, transferred,
assigned and delivered to the Company no later than (A) fourteen (14) calendar days following the Closing Date, in the case of the Contributed
Assets (including delivery of the duly-executed consents of third parties set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>&lrm;</I></B></FONT>4.3(f)
</U>of the Disclosure Letter) other than the Domains and electronic or digital Transferred Business Information and (B) sixty (60) calendar
days following the Closing Date, in the case of the Domains and electronic and digital Transferred Business Information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer Taxes and Closing Costs</U>. Any Transfer Taxes imposed by reason of the transfer of the Contributed Assets to the
Company or the sale of the Acquired Interests by Seller to Buyer provided hereunder and any deficiency, interest or penalty asserted with
respect thereto shall be borne 50% by Seller on the one hand and 50% by the Buyer on the other hand, regardless of the party responsible
for effectively paying or withholding such Transfer Taxes. Seller shall prepare and file any applicable Tax Returns and other filings
required with respect to such Transfer Taxes, and, if required by applicable Law, Buyer shall reasonably cooperate with respect thereto.
Seller and Buyer shall each bear 50% of, and shall promptly pay all of, any and all recording costs, filings fees and related expenses
associated with the assignment and transfer of the Contributed Assets to the Company and the registration and/or recordation of such assignment
and transfer with any applicable Governmental Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
4</FONT><BR>
REPRESENTATIONS AND WARRANTIES OF SELLER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Seller represents and warrants
that the statements contained in this <U>&lrm;Article 4</U> are true, correct and complete as of the Effective Date and as of the Closing
Date, other than as set forth in the Disclosure Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization</U>. Each of Seller and the Company has full corporate or limited liability company power, right and authority
to enter into and perform its obligations under this Agreement and each of the Transaction Documents to which it is a party that have
been or, upon the Closing, will be duly executed and delivered by Seller and the Company, as the case may be, and constitute or will constitute
upon execution the valid and binding obligations of Seller and the Company, enforceable against Seller and the Company in accordance with
their respective terms, except as the enforceability thereof may be limited by laws of general application relating to bankruptcy, insolvency
and debtors&rsquo; relief, and by general principles of equity. All corporate actions on the part of Seller and the Company, and their
respective shareholders, directors, members and managers necessary for the authorization, execution, delivery and performance by Seller
and the Company of this Agreement and each of the Transaction Documents to which it is a party have been taken and no other corporate
action on the part of Seller or the Company is necessary to authorize this Agreement and the Transaction Documents and to consummate the
transactions contemplated hereby and thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization</U>. Xcel is a corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware and has all requisite corporate power and authority to own, license, develop and operate the Contributed Assets and to carry
on the Business as now being conducted. IMB is a limited liability company duly organized, validly existing and in good standing under
the laws of the State of Delaware and has all requisite limited liability company power and authority to own, license, develop and operate
the Contributed Assets and to carry on the Business as now being conducted. The Company is a limited liability company duly organized,
validly existing and in good standing under the laws of the State of Delaware and has all requisite limited liability company power and
authority to own, license, develop and operate the Contributed Assets and to carry on the Business as now being conducted. Seller is duly
qualified or licensed to do business as a foreign corporation or limited liability company and is in good standing under the Laws of each
jurisdiction where the nature of the property owned or leased by it or the nature of the Business makes such qualification or license
necessary, except where the failure to be so qualified or licensed, individually or in the aggregate, would not result in a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Violation</U>. The execution, delivery and performance of this Agreement by Seller and the execution, delivery and performance
by Seller of each Transaction Document to which it is (or will become at Closing) a party, and the consummation of the transactions contemplated
hereby and thereby, do not and will not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>violate, conflict with or result in a breach of any Law or Order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>conflict with, result in any breach of or constitute a default under any provision of the certificate of incorporation, by-laws,
certificate of formation, limited liability company agreement or any other formation or organizational documents of Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>without giving effect to <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>7.1(d)</U>,
conflict with or result in the breach of the terms, conditions or provisions of or constitute a default (or an event which with notice
or lapse of time or both would become a default) under, or give rise to any right of termination, acceleration or cancellation of any
right or obligation or to a loss of any benefit under any provision of any Contributed Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>result in the creation or imposition of any Lien upon any of the Contributed Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>require any authorization, consent or approval of or designation, declaration or filing with any Governmental Body or any other
action by or notice to any court or Governmental Body pursuant to any Laws; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>require any Consents or notifications to any Persons except as set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.3(f)</U>
of the Disclosure Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company Capitalization; No Operations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All of the issued and outstanding equity interests, and interests convertible into or exchangeable for such equity interests, in
the Company are directly held of record and beneficially owned by Xcel. All of the issued and outstanding Interests and all the other
equity interests of the Company have been duly authorized and are validly issued, fully paid and nonassessable. There are no outstanding
or authorized options, warrants, purchase rights, subscription rights, conversion rights, anti-dilution rights, preemptive rights, rights
of first refusal, exchange rights or other Contracts that would require the Company to issue, sell or otherwise cause to become outstanding
any equity securities of the Company. The Company does not, either directly or indirectly, have any investments or ownership interests
in any other corporation, business association, joint venture, partnership, trust, limited liability company or other entity or any agreement
with respect to any of the foregoing. There are no outstanding or authorized stock appreciation, dividend equivalent, phantom interests,
profit participation or similar rights with respect to the Company. There are no voting trusts, proxies or other Contracts with respect
to the voting of the securities or other equity interests of any of the Company. The Company is not subject to any obligation (contingent
or otherwise) to repurchase or otherwise acquire or retire any equity interests or any warrants, options or other rights to acquire the
equity interests of the Company, nor has ever repurchased or otherwise acquired or retired any equity interests or any warrants, options
or other rights to acquire equity interests of the Company. All of the outstanding securities of the Company have been offered, issued,
sold and delivered in compliance with applicable federal and state securities Laws and are not subject to any preemptive right or right
of first refusal which has not been irrevocably waived. The Company does not have any outstanding bonds, debentures, notes or other obligations
the holders of which have the right to vote (or which are convertible into or exercisable for equity interests having the right to vote)
on any matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except for this Agreement, the Company does not have, nor has ever had, any assets, Liabilities or operations of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contracts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.5(a)</U> of the Disclosure
Letter contains a true, correct and complete list of all Contracts that are necessary for the transfer, assignment and use of the Transferred
IP. Subject to receipt of the Consents set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.3(f)</U>
of the Disclosure Letter, (i) each of the Contributed Contracts is in full force and effect and constitutes a valid and binding obligation
of Seller, and, to the Knowledge of Seller, each other party thereto, and (ii) Seller is not in breach or default in any material respect
under any of the Contributed Contracts and, to the Knowledge of Seller, the other parties to such Contracts are not in breach or default
in any material respect thereunder (and in each such case no event exists that with the passage of time or the giving of notice would
constitute such material breach or default in any material respect, result in a loss of material rights, result in the payment of any
damages or penalties or result in the creation of any Liens thereunder or pursuant thereto). None of the Contributed Contracts has been
cancelled or otherwise terminated by Seller or, to the Knowledge of Seller, any other party thereto, and Seller has not delivered any
written notice to any counterparty to such Contributed Contract regarding any such cancellation or termination by Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There is no existing material dispute between Seller and any Person with respect to any of the Contributed Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title and Condition of Assets</U>. Seller has good and marketable title to all of the Contributed Assets and, after Closing,
the Company will be vested with good and marketable title and interest in and to the Contributed Assets, free and clear of all Liens.
No subsidiary or Affiliate of Seller holds any Contributed Asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Information</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="background-color: white">The Financial Information is (i) consistent with and has been prepared from the books and
records of the Seller and (ii) true and correct in all material respects. The revenue reflected on the Financial Information (i) represents
all net sales of any products bearing any of the Trademarks which are operating in nature received during the periods presented; (ii)
does not include any net sales which have not been generated in the ordinary course of business; (iii) represents bona fide, arm&rsquo;s-length
sales transactions; and (iv) has been recorded consistently across the periods presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="background-color: white">The information set forth on <U>Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>4.7(b)</U>
of the Disclosure Letter is (i) true and correct in all material respects and (ii) presents all royalty income recorded on Seller&rsquo;s
books and records generated by third party licensees of Transferred IP for Seller&rsquo;s fiscal year ended December 31, 2021 and Seller&rsquo;s
fiscal year to date period ended April 30, 2022. &nbsp;Copies of the royalty reconciliation reports and the licensee net sales reports
related to the Business received from third party licensees of Transferred IP, in each case for the periods indicated above, are set forth
on <U>Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>4.7(b)</U> of the Disclosure Letter and, to Knowledge of Seller, such reports
are true and correct in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Litigation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.8(a)</U>
the Disclosure Letter, there is no Liability, Proceeding, Order or action of any nature or kind whatsoever pending or threatened against
Seller relating to the validity, enforceability, ownership or use of the Contributed Assets, before any court or Governmental Body; nor,
is there any reasonable basis for any such Proceeding or other such matter. Seller (i) is not subject to any Order of any court or Governmental
Body related to the Contributed Assets; and (ii) has not commenced preparations to initiate, and is not engaged in, any Proceeding related
to or affecting the Contributed Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.8(b)</U>
of the Disclosure Letter, to the Knowledge of Seller, since September 2011, Isaac Mizrahi has acted in an upstanding manner and no Mizrahi
Morals Event has occurred. Neither Seller nor any of its Affiliates are party to a settlement agreement and/or non-disclosure agreement
with a current or former manager, officer, employee or independent contractor of Seller or its Affiliates that involves allegations relating
to any Mizrahi Morals Event. To the Knowledge of Seller, there is no Liability, Proceeding, Order or action of any nature or kind whatsoever
pending or threatened against Isaac Mizrahi relating to any Mizrahi Morals Event. No party to any Contributed Contract has notified Seller
of its intention to terminate or amend its respective Contributed Contract, or withhold any payment to be made by it thereunder, or otherwise
notified Seller that such Person intends to decrease, limit or otherwise materially alter its ongoing commercial relationship with Seller
or the Business as a result of any Mizrahi Morals Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Applicable Laws</U>. Seller is not, and has not been since January 1, 2019, in violation of any Law in connection
with the conduct, ownership or use of the Contributed Assets or the Business or any services provided by Seller in connection with the
Transferred IP, in each case except as would not, individually or in the aggregate be, or would reasonably be expected to be, material
to the Contributed Assets or the Business, nor has Seller received written notice of any such violations. Since January 1, 2019, no notice,
citation, summons, or Order has been issued, no complaint has been filed, no penalty has been assessed, and no investigation or review
is pending or threatened by any Governmental Body or other Person with respect to (i) any alleged violation by Seller of any Law, rule,
regulation, judgment, Order, permit, or approval relating to the Contributed Assets, the Business or any services provided by Seller in
connection with the Transferred IP, or (ii) any alleged failure by Seller to have any license, permit, authorization, or other approval
relating to the Contributed Assets, the Business or any services provided by Seller in connection with the Transferred IP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intellectual Property</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as specifically identified and disclosed in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(a)</U>
of the Disclosure Letter, Seller is the sole and exclusive owner of all right, title and interest in, to and under the Transferred IP
or has an exclusive, irrevocable license to use the Transferred IP in the manner used in the Business at any time since January 1, 2017,
and the Transferred IP includes all of the Trademarks used in the Business at any time since January 1, 2017. Except as specifically identified
and disclosed in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(a)</U> of
the Disclosure Letter, all of Seller&rsquo;s rights in and to the Transferred IP are free and clear of any Liens other than Permitted
Liens. Except as set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(a)</U>
of the Disclosure Letter, to Seller&rsquo;s Knowledge, the ownership, use and operation of the Transferred IP in connection with the Business
does not infringe upon, misappropriate, dilute or otherwise violate the Intellectual Property Rights of any Person. Since January 1, 2017,
neither Seller nor any of its Affiliates has received any notice from any Person alleging any such infringement, misappropriation, dilution
or other violation. Except as set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(a)</U>
of the Disclosure Letter, (i) there are no Proceedings against Seller or any of Seller&rsquo;s Affiliates that are currently pending or,
to the Knowledge of Seller, threatened, alleging that Seller or any subsidiary of Seller has infringed, misappropriated, diluted or otherwise
violated any Intellectual Property Rights of any other Person in connection with the ownership, operation or use of any Transferred IP
and (ii) no Person is engaging in any activity or using any Intellectual Property Rights that infringe, misappropriate, otherwise violate
or, solely with respect to the Trademarks, dilute, the Transferred IP. Except as set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(a)</U>
of the Disclosure Letter, since January 1, 2017, neither Seller nor any of its Affiliates has received any notice from any Person asserting
any right, title or interest in or to the Transferred IP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(b)</U> of the Disclosure
Letter lists (i) all Contributed Contracts pursuant to which a Seller or any of its Affiliates uses or otherwise exploits any material
Intellectual Property Rights owned by a third party (the &ldquo;<U>Inbound Licenses</U>&rdquo;), (ii) all Contributed Contracts under
which a Seller or any of its Affiliates licenses or otherwise grants to another Person any material right to use or otherwise exploit
any Intellectual Property Rights (the &ldquo;<U>Outbound Licenses</U>&rdquo;, and collectively with the Inbound Licenses, the &ldquo;<U>Licenses</U>&rdquo;),
and (iii) all Contributed Contracts pursuant to which a Seller or any of its Affiliates acquired an ownership interest in any Transferred
IP (other than Transferred IP constituting a &ldquo;work made for hire&rdquo; as that term is defined in 17 U.S.C. &sect; 101, as amended)
from a third party (the &ldquo;<U>Contributed IP Acquisition Contracts</U>&rdquo;). Seller or its Affiliates are authorized, pursuant
to one or more Inbound Licenses, to use or exploit all material Intellectual Property Rights used in the Business that are not owned by
Seller. True, correct and complete copies of all of the Licenses and Contributed IP Acquisition Contracts (including, for the avoidance
of doubt, all amendments or modifications thereto) have been made available to Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except for the Licenses and except as set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(c)</U>
of the Disclosure Letter, neither Seller nor its Affiliates are currently licensing to any Person the right to use or otherwise exploit
the brand names &ldquo;Isaac Mizrahi&rdquo;, &ldquo;Isaac Mizrahi Jeans&rdquo;, &ldquo;Isaac Mizrahi New York&rdquo;, &ldquo;Isaac Mizrahi
Craft&rdquo;, &ldquo;True Isaac Mizrahi&rdquo;, &ldquo;Fabulous Isaac Mizrahi&rdquo;, &ldquo;IsaacMizrahiLive&rdquo;, &ldquo;Isaac Mizrahi
Live and Design&rdquo;, &ldquo;IsaacMizrahi with Horizontal Oval Design&rdquo;, &ldquo;IMNYC&rdquo;, &ldquo;Healthy Glamour&rdquo;, &ldquo;Magnifisoles&rdquo;,
 &ldquo;I Stylized&rdquo; (slim version), &ldquo;I Stylized&rdquo; (wider version), &ldquo;IM Stylized&rdquo;, &ldquo;Starburst Logo&rdquo;,
or any name, logo or design similar thereto or constituting an abbreviation or extension thereof (other than pursuant to the Contributed
Contracts), nor is Seller or any of its Affiliates obligated to pay any royalties or licensing fees to any Person in respect of any Transferred
IP. <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(b)</U> of the Disclosure
Letter sets forth all of the rights of third parties to directly or indirectly receive any Royalties paid to a Seller pursuant to any
Outbound License.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(d)</U> of the Disclosure
Letter contains a complete and accurate list of all Transferred IP constituting Registered IP. Except as set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(d)</U>
of the Disclosure Letter, (i) none of the Registered IP is now involved in any pending opposition, invalidation or cancellation Proceeding
or any other Proceeding relating to the validity, use, ownership, enforceability or registrability thereof, and, since January 1, 2017,
no such action has, to the Knowledge of Seller, been threatened to Seller or any of its Affiliates with respect to any of such Registered
IP; and (ii) since January 1, 2017, none of the Registered IP has been challenged (or, to the Knowledge of Seller, threatened) in any
way to Seller or any of its Affiliates. All necessary registration, maintenance, renewal and other fees and charges currently due in connection
with the Registered IP have been paid and all necessary documents and certificates in connection with such Registered IP have been filed
with the relevant governmental office, authority or registrar. Except as set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(d)</U>
of the Disclosure Letter, no unpaid registration, maintenance or renewal fees in respect of any Registered IP are required to be paid
on or before the date arising ninety (90) days after the Closing Date in order to register, maintain or renew any Registered IP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Following the Closing, neither Seller nor its Affiliates or any third parties will own or have any rights in any of the Transferred
IP except as set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(e)</U>
of the Disclosure Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(f)</U>
of the Disclosure Letter, there are no restrictions on the Company&rsquo;s use of the User Information after the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of the date hereof, Seller has paid all fees due associated with maintaining and advertising on and through the Social Media
Assets. Except as set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(g)</U>
of the Disclosure Letter, Seller has not deactivated or deleted any Social Media Asset in the six (6) months prior to the date of the
Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Seller has procured from Isaac Mizrahi a written consent (the &ldquo;<U>Trademark Consent</U>&rdquo;) granting to Seller (i) the
right throughout the United States to use and register any Registered Marks and other Trademarks included in the Transferred IP that comprise
the name ISAAC MIZRAHI in any classes of goods and services throughout the United States, and (ii) the right throughout the United States
to use, and seek registration of, new (i.e., not included in the Transferred IP) Trademarks comprising the name ISAAC MIZRAHI (collectively,
the &ldquo;<U>Trademark Consent Rights</U>&rdquo;). Seller has the full right, power and authority to assign the Trademark Consent to
Company. Upon consummation of the Transaction, Company will be entitled to exercise the Trademark Consent Rights to the same extent as
Seller had prior to Closing. A true, correct and complete copy of the Trademark Consent is set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.10(h)</U>
of the Disclosure Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Tax Returns required to be filed by, on behalf of or with respect to the Company, the Business and the Contributed Assets have
been duly and timely filed (taking into account valid extensions thereto) with the relevant Tax Authority. All such Tax Returns are true,
complete and correct in all material respects. All Taxes (whether or not required to be shown on any Tax Return) required to have been
paid by the Company or on behalf of or with respect to the Business and the Contributed Assets have been duly and timely paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Tax Return of the Company or with respect to the Business or the Contributed Assets has been subject to an Audit that has not
been resolved, nor is there any Audit or other inquiry in progress, pending or to the Knowledge of Seller, threatened involving the Company,
the Business or the Contributed Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There is not currently outstanding any waiver of any applicable statute of limitations nor any consent for the extension of the
time for the assessment of any Tax against the Company or with respect to the Business or the Contributed Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No power of attorney has been granted by or with respect to the Company, the Business or the Contributed Assets with respect to
any matter relating to Taxes which remains in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not liable for the Taxes of any Person including, without limitation, under Treasury Regulations Section 1.1502-6
(and comparable provisions of any other applicable Tax Law), as a transferee or successor, or by contract, indemnity or otherwise (other
than such Taxes of any Person imposed pursuant to commercial contracts entered into in the ordinary course of business not primarily related
to Taxes). The Company is not party to any Tax sharing agreement, Tax indemnity agreement or other similar Tax sharing arrangement (other
than commercial contracts entered into in the ordinary course of business not primarily related to Taxes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will not be required to include any item of income in, or exclude any item of deduction from, taxable income for any
period ending after the Closing Date as a result of any: (i) &ldquo;closing agreement&rdquo; as described in Section 7121 of the Code
(or any similar provision of state, local or foreign Law) executed on or prior to the Closing Date; (ii) installment sale or open transaction
disposition made on or prior to the Closing Date; or (iii) prepaid income received on or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has never filed an election to be classified as a corporation for U.S. federal income tax purposes. The Company has
not made any elections under the provisions of Subchapter C of Chapter 63 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No incentive equity interests have been issued by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except for Permitted Liens, there are no Liens for Taxes on the Acquired Interests or any of the Contributed Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.12</U> of the Disclosure
Letter contains a true, correct and complete list of all insurances policies as of the Effective Date (including the names and insurers
and policy numbers) that are owned by Seller or name Seller as an insured or loss payee and that relate primarily or exclusively to the
Contributed Assets and a description of all material pending claims under each of such insurance policies pertaining to the Contributed
Assets. Seller has within the past three (3) years reported all known material claims or incidents to the respective insurers that have
issued current and prior insurance policies insuring the Business to the extent that any such claims or incidents would reasonably be
expected to create a covered event under the terms and conditions of such policies and Seller was required to report them pursuant to
the terms of the policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A true and complete copy of the Key Man Policy has been made available to Buyer. The Key Man Policy is in full force and effect
and shall remain in full force and effect immediately following the consummation of the transactions contemplated by this Agreement. Neither
Seller nor any of its Affiliates has received any written notice of cancellation of, premium increase with respect to, or alteration of
coverage under, the Key Man Policy. All premiums due on the Key Man Policy have either been paid or, if due and payable prior to Closing,
will be paid prior to Closing in accordance with the payment terms of the Key Man Policy. The Key Man Policy (i) is valid and binding
in accordance with its terms and (ii) has not been subject to any lapse in coverage. None of Isaac Mizrahi, Seller or any of its Affiliates
is in default under, or has otherwise failed to comply with, in any material respect, any provision contained in the Key Man Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Anti-Corruption and Sanctions</U>. Since January 1, 2016, none of Seller nor any of its employees, directors or officers nor,
to the Knowledge of Seller, any supplier or distributor of the Business or any other Person on behalf of the Business: (i) has directly
or indirectly, taken any act in violation of the U.S. Foreign Corrupt Practices Act, as amended, or any other applicable anti-bribery
or anticorruption Law, (ii) has made any offer, payment, promise to pay, authorization, or ratification of the payment, directly or indirectly,
of any material gift, money or anything of value to a government official to secure an improper advantage or to obtain or retain business,
or (iii) is (A) listed on the U.S. Department of Treasury Office of Foreign Assets Control (&ldquo;<U>OFAC</U>&rdquo;) list of Specially
Designated Nationals and Blocked Persons or (B) otherwise subject to sanctions administered by OFAC or any equivalent Governmental Body
in any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Data Privacy</U>. Use of the Transferred Business Information by Seller and its Affiliates has, at all times during the three
(3) years preceding the Effective Date, been in compliance in all material respects with applicable Laws (the &ldquo;<U>Privacy Laws</U>&rdquo;)
pertaining to (A) the collection, storage, use, access, disclosure, processing, security, and transfer of Personal Information (referred
to collectively in this Agreement as &ldquo;<U>Data Activities</U>&rdquo;); and (B) all obligations imposed upon Seller or its Affiliates
pursuant to privacy policies of websites operated by Seller or its Affiliates and all other Contracts (or portions thereof) to which the
Company is a party that are applicable to Data Activities or Personal Information (collectively, &ldquo;<U>Privacy Agreements</U>&rdquo;).
At all times during the three (3) years preceding the Effective Date, Seller and its Affiliates have adopted and maintained commercially
reasonable security policies and procedures with respect to all Data Activities and all Personal Information in material compliance with
Privacy Laws and Privacy Agreements. Except as set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>4.14</U>
of the Disclosure Letter, Seller and its Affiliates do not possess Personal Information provided by natural persons located in any country
other than the United States. Neither the execution, delivery, or performance of this Agreement, nor the consummation of any of the transactions
contemplated under the Transaction Documents, will violate any of the Privacy Agreements or any applicable Privacy Laws, provided that
any legal or contractual obligations that attach to the Data Activities continue to be satisfied after the Effective Date. There is no
pending, nor has there been during the three (3) years preceding the Effective Date, any Proceeding asserted against, or, to the Knowledge
of Seller, any unresolved investigation of, Seller or its Affiliates initiated by any Person or Governmental Body alleging that any Data
Activity of Seller or any of its Affiliates is in material violation of any applicable Privacy Laws or Privacy Agreements or materially
constitutes an unfair, deceptive or misleading trade practice. There has not been, at any time during the three (3) years preceding the
Effective Date, any unauthorized access, use, or disclosure of Personal Information in the possession or control of the Seller or any
Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Broker&rsquo;s Fees</U>. Except for the fees of Harrison Group, Inc., whose fees with respect to the Transactions will be borne
by Seller, no broker, finder or investment banker is entitled to any brokerage, finder&rsquo;s or other fee or commission in connection
with the Transaction based upon arrangements made by or on behalf of Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
5</FONT><BR>
REPRESENTATIONS AND WARRANTIES OF BUYER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Buyer hereby represents and
warrants to Seller that the statements contained in <U>&lrm;Article 5</U> are true, correct and complete in all material respects as of
the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization</U>. Buyer has full power, right and authority to enter into and perform its obligations under this Agreement
and each of the Transaction Documents to which it is a party. The execution, delivery and performance by Buyer of this Agreement and each
of the Transaction Documents to which it is a party have been duly and properly authorized by all requisite action in accordance with
applicable Law. This Agreement to which Buyer is a party has been duly executed and delivered by Buyer and is the valid and binding obligation
of Buyer and is enforceable against Buyer in accordance with its terms. No Consents of or notifications to (i) any Governmental Body or
(ii) any other Persons are necessary in connection with the execution, delivery and performance by Buyer of this Agreement and the Transaction
Documents and the consummation by Buyer of the transactions contemplated hereby or thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization</U>. Buyer is a limited liability company duly organized, validly existing and in good standing under the laws
of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Violation</U>. Neither the execution and delivery of this Agreement and the Transaction Documents nor the performance by
Buyer of its obligations hereunder or thereunder will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>violate, conflict with or result in a breach of any Law or Order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>conflict with, result in any breach of or constitute a default under any provision of the certificate of formation, operating agreement
or any other formation or organizational documents of Buyer; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>require any authorization, consent or approval of or designation, declaration or filing with any Governmental Body or any other
action by or notice to any court or Governmental Body pursuant to any Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sufficiency of Funds</U>. Buyer has sufficient cash on hand or other sources of immediately available funds to enable it to
make payment of the Purchase Price in immediately available funds, and consummate the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Broker&rsquo;s Fees</U>. No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission
in connection with the Transaction based upon arrangements made by or on behalf of Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
6</FONT><BR>
COVENANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conduct of Business Pending the Closing</U>. During the period from the Effective Date and continuing until the earlier of the
termination of this Agreement in accordance with its terms and the Closing (the &ldquo;<U>Interim Period</U>&rdquo;), Seller shall (i)
carry on the Business in the ordinary course of business consistent with past practice and, to the extent consistent therewith, use commercially
reasonable efforts to preserve the Business intact and preserve the goodwill of and relationships with Governmental Bodies, customers,
suppliers, employees and others having business dealings with the Business and (ii) timely pay when due all registration, maintenance
and renewal fees in respect of any Registered IP that are required in order to register, maintain or renew any Registered IP. Notwithstanding
the first sentence of this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>7.1</U>,
during the Interim Period, Seller shall not, and shall cause its Affiliates not to, directly or indirectly, without the prior written
consent of Buyer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>modify, amend, terminate, waive any material rights or obligations under or otherwise seek to reject any Contributed Contract;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>license, surrender, relinquish, sell, transfer, convey, assign or otherwise dispose of any interest in any Contributed Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>mortgage, pledge or subject to Liens any of the Contributed Assets or any part thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>institute, settle, compromise or agree to settle any (i) material Proceeding before any Governmental Body relating primarily or
exclusively to the Contributed Assets or (ii) pending or threatened Claim that could give rise to Liabilities that are not Assumed Liabilities,
or modify in any manner that is adverse to the Contributed Assets, rescind, reject or terminate a permit (or application therefor) relating
primarily or exclusively to the Contributed Assets; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>cause the Company to make, change or revoke any Tax election or adopt any method of accounting with respect to Taxes or any annual
Tax period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>enter into any Contract to do any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Access</U>. Subject to applicable Law, during the Interim Period, Seller (a) shall give Buyer and its representatives reasonable
access during normal business hours to the offices, properties, officers, employees, accountants, auditors, counsel and other representatives,
books and records of Seller in each case to the extent relating primarily or exclusively to the Contributed Assets, as Buyer reasonably
deems necessary in connection with effectuating the transactions contemplated by this Agreement, (b) shall furnish to Buyer and its representatives
such information relating primarily or exclusively to the Contributed Assets as Buyer and its representatives reasonably request and (c)
shall cooperate reasonably with Buyer in its investigation of the Contributed Assets. It is acknowledged and understood that no investigation
by Buyer or other information received by Buyer shall operate as a waiver or otherwise affect any representation, warranty or other agreement
given or made by Seller hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Public Announcements</U>. No Party shall make, or cause or permit to be made, any press release or public announcement, or otherwise
communicate with any news media, in respect of this Agreement without the prior written consent of the other Parties, and the Parties
shall cooperate as to the timing and contents of any such press release or public announcement; <U>provided</U>, <U>however</U>, that
Seller may, without the prior consent of the other Parties, make such press release, public disclosure, securities law filings, or public
announcement as may be required in such party&rsquo;s opinion under applicable Laws, including stock exchange rules and regulations (including
the filing of Forms 8-K announcing the transaction contemplated by this Agreement and the filing of this Agreement with the SEC as may
be required under applicable Laws).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consents; Further Assurances</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the terms and conditions of this Agreement, each Party shall use its reasonable best efforts to take, or cause to be
taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other Parties in doing, all things necessary,
proper or advisable under applicable Law to consummate and make effective the transactions contemplated by this Agreement. Without limiting
the generality of the foregoing, the Parties will use their respective reasonable best efforts to (i) prepare and file as soon as practicable
all forms, registrations and notices relating to the consents of Governmental Bodies that are required by applicable Law to be filed in
order to consummate transactions contemplated by this Agreement that are material to the Contributed Assets or to Buyer and its Affiliates
as soon as reasonably possible following the Effective Date, and take such actions as are reasonably necessary to obtain any consents
from, or to avoid any action or proceeding by, any Governmental Body relating to such approvals, (ii) take all actions necessary to transfer
the Contributed Assets, (iii) take all actions necessary to cause all conditions set forth in <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B><U>&lrm;</U></B></FONT><U>Article
7</U> to be satisfied as soon as practicable, (iv) lift or rescind any existing Order preventing, prohibiting or delaying the consummation
of the transactions contemplated by this Agreement, and (v) execute and deliver any additional instruments necessary to fully carry out
the purposes of this Agreement; <U>provided</U>, <U>however</U>, that nothing in this Agreement, including this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>6.4</U>
shall require Buyer or the Company to (A) consent to any material condition or material concession required by any Governmental Body or
third party; (B) consent to any divestitures of any material subsidiary or material assets of Buyer or its Affiliates or the Company,
or of the Contributed Assets or accept any material limitation on or material condition on the manner in which any of the foregoing conducts
its business; (C) pay any material amounts required or requested by any Governmental Body; or (D) accept an agreement to hold separate
any material portion of any business or of any material assets of any material subsidiary of Buyer or its Affiliates or the Company, or
of the Contributed Assets. Buyer, Seller and the Company shall not, and shall cause their respective Affiliates not to, take any action
that would reasonably be expected to prevent or materially delay the approval of any Governmental Body of any of the filings referred
to in this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>6.4(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Party shall (i) respond as promptly as reasonably practicable to any inquiries or requests for additional information and
documentary material received from any Governmental Body relating to the matters described in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>6.4(a)</U>,
and (ii) not enter into any agreement with any Governmental Body agreeing not to consummate the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with and without limiting the foregoing, each Party shall, subject to applicable Law and except as prohibited by
any applicable representative of any applicable Governmental Body: (i) promptly notify the other Parties of any material written communication
to that Party from any Governmental Body concerning this Agreement or the transactions contemplated hereby, and permit the other Parties
to review in advance (and to consider any comments made by the other Parties in relation to) any proposed written communication to any
of the foregoing; (ii) not participate in or agree to participate in any substantive meeting, telephone call or discussion with any Governmental
Body in respect of any filings, investigation or inquiry concerning this Agreement or the transactions contemplated hereby unless it consults
with the other Parties in advance and, to the extent permitted by such Governmental Body, gives the other Parties the opportunity to attend
and participate in such meeting, telephone call or discussion; and (iii) subject to the attorney-client and similar applicable privileges,
furnish outside legal counsel for the other Parties with copies of all correspondence, filings, and written communications (and memoranda
setting forth the substance thereof) between such Party and its Affiliates and their respective representatives, on the one hand, and
any Governmental Body or its members or their respective staffs, on the other hand, with respect to this Agreement and the transactions
contemplated hereby; <U>provided</U>, <U>however</U>, that any such Party may limit the disclosure of filings to protect confidential
information, including limiting dissemination of filings on an &ldquo;outside counsel only&rdquo; basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Party shall, from time to time (whether before or after the Closing Date), upon the request of the other Party, execute, acknowledge
and deliver to the other Party such other documents or instruments, and take any and all actions as are reasonably necessary for the implementation
and consummation of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payments from Third Parties After Closing</U>. In the event that Seller receives any payment from a third party (other than
Buyer or any of its Affiliates) after the Closing Date pursuant to any of the Contributed Contracts (or with respect to the operation
by the Company of any Contributed Asset during the post-Closing period) and to the extent such payment is not in respect of an Excluded
Asset or an Excluded Liability, Seller shall (a) in respect of any Royalty, forward the Company Royalty Allocation with respect to such
Royalty according to the procedure provided in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>2.4</U>,
and (b) in respect of any other payment, forward such payment in its entirety, in each case as promptly as practicable but in any event
within ten (10) days after such receipt, to the Company (or other entity nominated by the Company in writing to Seller) and notify such
third party to remit all future payments (in each case, to the extent such payment is in respect of any post<FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT>Closing
period with respect to a Contributed Asset and is not in respect of an Excluded Asset or an Excluded Liability) pursuant to the Contributed
Contracts to the Company (or such other entity). Notwithstanding anything to the contrary in this Agreement, in the event that the Company
receives any payment from a third party after the Closing on account of, or in connection with, any Excluded Asset, or receives a Royalty
payment with respect to an Applicable Royalty Period ending prior to the Applicable Royalty Period in which the Closing Date occurs, the
Company shall forward such payment, or that portion of the payment allocable to Seller according to the procedures provided in <U>Section
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>2.4</U>, as promptly as practicable
but in any event within ten (10) days after such receipt, to Seller (or other entity nominated by Seller in writing to the Company) and
notify such third party to remit all future payments on account of or in connection with any Excluded Assets to Seller (or such other
entity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Seller Use of Transferred IP After Closing</U>. Other than as required by Law or as set forth on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>6.6</U>
of the Disclosure Letter, immediately after the Closing, Seller shall, and shall cause each of its Affiliates to, cease using the brand
name &ldquo;Isaac Mizrahi&rdquo; and any name similar thereto or constituting an abbreviation or extension thereof and any other trademarks,
trade names, service marks, corporate names, trade names, trade dress, logos or symbols, in each case, included in the Transferred IP
included in the Contributed Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Confidentiality</U>. The terms of the Non-Disclosure Agreement shall be deemed incorporated herein by reference as if set forth
herein and, notwithstanding the Closing, the Non-Disclosure Agreement shall continue in full force and effect in accordance with its terms;
<U>provided</U> that any obligation of the Company to maintain as confidential any information with respect to any of the Business or
the Contributed Assets shall terminate at the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exclusive Dealing</U>. During the period from the Effective Date through the Closing or the earlier termination of this Agreement,
Seller shall not, and shall direct its Affiliates and their respective representatives, officers, directors, employees, agents, consultants,
members, shareholders, representatives and advisors to not, directly or indirectly: (a) initiate, solicit, facilitate or encourage any
inquiry, proposal or offer from any Person (other than Buyer or its Affiliates) relating to a possible Alternative Transaction; (b) participate
in any discussions, communications (except for unconditional rejection), conversations or negotiations or enter into any agreement with
(whether of a binding or nonbinding nature), or provide any information to, any Person (other than Buyer or its Affiliates) relating to
or in connection with a possible Alternative Transaction; or (c) respond to or entertain any inquiry, proposal or offer from any Person
(other than Buyer or its Affiliates) relating to a possible Alternative Transaction. Seller further agrees that it shall, prior to the
earlier of the Closing or the termination of this Agreement in accordance with its terms, promptly notify Buyer in writing of any proposal
or offer relating to a possible Alternative Transaction, including the identity of the Person making or submitting such proposal or offer,
and the material terms thereof (including a copy of any written inquiry, proposal, offer, term sheet, letter of intent, indication of
interest or similar document or agreement) received by Seller or any of its representatives from the date hereof through the Closing and
shall promptly provide any information reasonably requested by Buyer related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trademarks</U>. From and after the date hereof and through and after the Closing, (a) to the extent that any Trademark or other
Transferred IP is not in the current legal name of Seller or is subject to a chain of title defects, Seller shall, at Seller&rsquo;s expense,
cause the preparation, execution, filing and recording of all instruments and documents reasonably necessary to cure such title defects
such that the end result reflects (i) &ldquo;IM Brands, LLC&rdquo; as the last listed recorded owner of all Transferred IP and (ii) &ldquo;IM
Brands, LLC, 1333 Broadway, 10th Floor, New York, New York 10018&rdquo; as the address of the last listed recorded owner of all Transferred
IP, (b) Seller shall file and record all releases with respect to the Trademarks so that all Liens on record are shown to be extinguished
and title as it appears in all trademark tribunals throughout the world (including the United States Patent and Trademark Office) as well
as copyright offices (including the United States Copyright Office) are free and clear, (c) Seller shall file and record releases and/or
notices of termination with respect to the Trademarks such that all licenses on record (other than those Contributed Contracts as set
forth under <U>Section 1.1</U> of the Disclosure Letter) are shown to have been terminated and therefore extinguished from the local records
throughout the world, (d) Seller shall timely respond to all deadlines through the later of (i) June 30, 2022 and (ii) thirty (30) days
following Closing, concerning the Transferred IP such that the Transferred IP is maintained and not abandoned or otherwise cancelled in
whole or in part, and to the extent any deadlines apply to contentious proceedings, Seller shall also timely respond in accordance with
the foregoing, (e) upon the reasonable request of Buyer, Seller shall use commercially reasonable efforts in providing information and
materials regarding Seller&rsquo;s use inclusive of the date of first use in commerce, list of goods and/or services bearing such use,
specimens of use suitable for filing with the U.S. Patent and Trademark Office, to the extent any of the foregoing particulars are applicable
and are in Seller&rsquo;s possession, custody and control, (f) by the later of (i) June 30, 2022 and (ii) thirty (30) days following Closing,
Seller shall deliver to Buyer a list of each foreign trademark agent or law firm retained or otherwise utilized by Seller, pursuant to
a power of attorney or otherwise, to prosecute, docket, report or otherwise maintain trademark and service mark applications, registrations
and contentious trademark office proceedings in each foreign territory in connection with the Transferred IP, including, only to the extent
such information is retained in Seller&rsquo;s files, the full name of the main contact person, firm name, address, e-mail and phone number,
and (g) to the extent requested by the Company or Buyer, use continuing best efforts to obtain from Isaac Mizrahi such written consents
and other instruments evidencing the approval and consent of Isaac Mizrahi to the use and registration of Trademarks comprising ISAAC
MIZRAHI and any matter that would otherwise suggest an association with Isaac Mizrahi throughout the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Enforcement of Specified Contracts</U>. From and after the Closing Date, Seller shall, and shall cause its Affiliates to, at the reasonable
request of Buyer or the Company, in accordance with Buyer&rsquo;s or the Company&rsquo;s reasonable instruction and at the cost of and
for the account of the Company (any such costs not to be incurred without the prior written consent of the Company), enforce any and
all rights of Seller against any other party to the 2011 APA until the termination of any covenant that survives the closing of the transactions
contemplated by the 2011 APA for the purpose of procuring, protecting, defending and enforcing the Company&rsquo;s interests in any Contributed
Asset. Seller shall cooperate in good faith with all reasonable instructions of Buyer or the Company given under this <U>Section &lrm;6.10
</U>and shall take any action, and execute, acknowledge and deliver to Buyer or the Company such other documents or instruments, in each
case reasonably requested by Buyer or the Company as soon as commercially feasible at the Company&rsquo;s expense, excluding initiating
or being a party to a Proceeding. In the event Buyer or the Company lacks standing to commence a Proceeding, and requests Seller to commence
a Proceeding at the Company&rsquo;s expense and under the Company&rsquo;s direction solely (a) to enforce the Company&rsquo;s interest
in any Contributed Asset or (b) for the purpose of enforcing any rights of Seller under the 2011 APA, Seller shall cooperate. All benefits
derived under the 2011 APA after the Closing Date as a result of such enforcement shall be for the account of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financing Cooperation</U>. Seller shall, and shall cause each of their respective officers, employees, directors, agents and
other representatives to, use commercially reasonable efforts to cooperate in connection with the arrangement of any debt financing as
may be reasonably requested by Buyer. Notwithstanding anything in this Agreement to the contrary, Buyer understands and acknowledges
that under the terms of this Agreement, Buyer&rsquo;s obligation to consummate the transactions contemplated by this Agreement is not
in any way contingent upon or otherwise subject to Buyer&rsquo;s consummation of any financing arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Key Man Insurance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From and after the Effective Date, Seller shall use its reasonable best efforts to facilitate the cooperation of Isaac Mizrahi
with Buyer to secure such &ldquo;key man&rdquo; insurance policies for the benefit of Buyer as Buyer may request from time to time in
its reasonable discretion. The premiums payable with respect to such insurance as procured for the benefit of Buyer under this <U>Section
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>6.12</U> shall be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the Closing, Seller shall designate Buyer as the sole beneficiary of the Key Man Policy in accordance with the terms thereof.
Following the Closing, Seller shall not change the beneficiary designation under the Key Man Policy, or name any other beneficiary thereunder,
until such time as Buyer delivers written notice to Seller that Buyer has secured insurance coverage on the life of Isaac Mizrahi in the
amount of $25,000,000 (the &ldquo;<U>Full Amount</U>&rdquo;). Buyer shall use its reasonable best efforts to promptly procure the Full
Amount of such insurance coverage with a cost of the associated premiums reasonably proportionate to the benefits of such coverage and,
upon procuring any insurance coverage on the life of Isaac Mizrahi, Buyer shall promptly deliver written notice thereof to Seller. From
the Effective Date until delivery of notice by Buyer to Seller that Buyer has obtained the Full Amount of such insurance coverage, the
Company shall pay all premiums payable with respect to the Key Man Policy, and Seller shall take all actions as are necessary to maintain
the Key Man Policy in full force and effect. Following delivery by Buyer to Seller of written notice of Buyer securing the Full Amount
of such insurance coverage, Seller shall be entitled change the beneficiary of the Key Man Policy, including removing Buyer as a beneficiary
thereof, and take such other actions with respect to the Key Man Policy as Seller may elect in its reasonable discretion. To the extent
that Buyer secures insurance coverage on the life of Isaac Mizrahi in an amount less than the Full Amount, Buyer shall remain a beneficiary
of such portion of proceeds under the Key Man Policy as is equal to the difference of Full Coverage over such insurance coverage obtained
by Buyer until such time as the Buyer has obtained the Full Amount of such insurance coverage. From and after the Effective Date, Seller
shall copy Buyer on all notices and correspondence with any insurers, agents, underwriters, carriers or other third parties regarding
the Key Man Policy and shall promptly, and in any event within two (2) Business Days, deliver to Buyer copies of any correspondence or
notices received from any of the foregoing regarding the Key Man Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Tax Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intended Tax Treatment</U>. The Parties intend and expect that the transactions contemplated by this Agreement will be treated,
for federal income tax purposes as resulting in the sale to Buyer by Xcel of 70% of the outstanding membership interests in the Company,
which purchase of membership interests, under Rev. Rul. 99-5, 1999-1 C.B. 434, is treated for federal income tax purposes as a sale by
Xcel of an undivided 70% interest in the Contributed Assets, followed by the contribution by each of Xcel and Buyer of an undivided 30%
and 70% interest, respectively, in such assets to a newly formed partnership corresponding in legal form to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Straddle Period Taxes</U>. In the case of any Straddle Period, the portion of Taxes that is attributable to the portion of any
Straddle Period ending on and including the Closing Date shall be (i) in the case of a Tax imposed on a periodic basis (such as real or
personal property Taxes), the total amount of such Tax for the full Straddle Period multiplied by a fraction, the numerator of which is
the number of days in the Straddle Period from the beginning of such Straddle Period and ending on and including the Closing Date and
the denominator of which is the total number of days in the entire relevant Straddle Period, and (ii) in the case of Taxes not described
in (i) above (including any Taxes based on net income), the Tax that would be due with respect to such partial period, if such partial
period were a full taxable period ending as of the end of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Allocation</U>. Seller and Buyer agree that the Purchase Price and the Assumed Liabilities (plus other relevant items) shall
be allocated among the Contributed Assets for all Tax purposes as shown on the allocation schedule attached hereto as <U>Schedule <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>6.13(c)</U>
(the &ldquo;<U>Allocation Schedule</U>&rdquo;). Buyer and Seller shall file all Tax Returns in a manner consistent with the Allocation
Schedule. Any adjustments to the Purchase Price pursuant to <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>2.5</U>
or <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B><U>&lrm;</U></B></FONT><U>Article 9</U> of this Agreement
shall be allocated in a manner consistent with the Allocation Schedule. Buyer and Seller shall each promptly provide written notice to
the other of any Audit that may be initiated in connection with the allocation of the Purchase Price for any tax purpose and agree to
consult with and keep one another informed with respect to the status of, and any discussion, proposal or submission with respect to,
any such Audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cooperation on Tax Matters</U>. After the Closing, upon reasonable written notice, Buyer, Seller, and the Company shall furnish
or cause to be furnished to each other such information and assistance (to the extent within the control of such party) relating to the
Company or the Business (including access to books and records) as is reasonably requested for the filing of all Tax Returns, the making
of any election related to Taxes, the preparation for any Audit, and the prosecution or defense of any action related to any Tax Return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employees</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within two (2) days after the Closing Date, the Company shall extend offers of employment to the employees of Seller set forth
on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>6.14</U> of the Disclosure
Letter on substantially similar terms and conditions as those under which such employees were employed by Seller on April 1, 2022, except
as otherwise shall be mutually agreed upon by Buyer and Seller (the &ldquo;<U>Employee Offer Letters</U>&rdquo;). The Employee Offer Letters
shall include a confidentiality agreement by such employees in favor of the Company in form and substance reasonably satisfactory to the
Company. Seller shall use its reasonable best efforts to induce such employees to accept employment with the Company in accordance with
the terms of the Employee Offer Letters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Seller shall be responsible for, and shall defend, indemnify and hold harmless (as set forth in <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;
<U>&lrm;</U></B></FONT><U>Article 9</U>) Buyer and the Company from and against any and all severance, accrued vacation, termination,
retention bonus, &ldquo;golden parachute,&rdquo; unemployment compensation or any similar or other payment, or any other Liabilities of
Seller, with respect to any of Seller&rsquo;s employees, whether or not the Company extends an offer of employment to such employee, whether
or not such employee accepts the Company&rsquo;s offer of employment, whether or not pursuant to an individual agreement or commitment
or group plan or corporate policy, or required by Law, including any liability under any of Seller&rsquo;s benefit plans, the Workers
Adjustment and Retraining Notification Act of 1988 as it may be amended from time to time and the provisions of Section 4980B of the Code
and Part 6 of Subtitle B of Title I of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company Operations Support</U>. Notwithstanding anything to the contrary in this Agreement or the other Transaction Documents,
Buyer and Seller agree that (i) on the Closing Date, Buyer and Seller shall deposit with Donnenfeld Law PLLC, as escrow agent, pursuant
to a separate escrow agreement among Buyer, Seller and Donnenfeld Law PLLC, initial capital contributions to the Company in the amounts
of $1,400,000 and $600,000, respectively, and (ii) during the period beginning on the Closing Date and ending on July 31, 2022, to the
extent the Company has exhausted (or reasonably expects to exhaust) the $2,000,000 of funds described in clause (i) before July 31, 2022,
Buyer and Seller shall make such additional capital contributions, pro rata based on their respective membership interest in the Company,
as shall reasonably be required to fund the operations of the Company through July 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
7</FONT><BR>
CONDITIONS TO BUYER&rsquo;S AND SELLER&rsquo;S OBLIGATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Seller&rsquo;s Obligations</U>. The obligations of Seller to consummate the transactions contemplated by this
Agreement are subject to the satisfaction (or written waiver of Seller), on or prior to the Closing Date, of each of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations, Warranties, and Covenants</U>. The representations and warranties of Buyer (i) contained in the Buyer Fundamental
Representations shall be true and correct in all material respects and (ii) contained in <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B><U>&lrm;</U></B></FONT><U>Article
5</U> (other than the Buyer Fundamental Representations) shall be true and correct (disregarding all qualifications or limitations as
to &ldquo;materiality&rdquo; or &ldquo;material adverse effect&rdquo; and words of similar import set forth therein), except where the
failure of such representations or warranties to be true and correct would not reasonably be expected to have a material adverse effect
on the ability of Buyer to consummate the transactions contemplated by this Agreement, in the case of each of clauses (i) and (ii), as
of the Effective Date and at and as of the Closing Date (except those representations and warranties that address matters only as of a
specified date, which case as of that specified date). Buyer shall have performed in all material respects all agreements and covenants
required hereby to be performed by it prior to or at the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Satisfaction of Third-Party Consents Required from Lienholders</U>. Seller shall have received any required Consents listed
on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>4.3(f)</U> of the Disclosure
Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Deliveries</U>. Buyer shall have made the Closing deliveries referenced in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>8.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Order</U>. No Governmental Body shall have enacted, issued, promulgated or entered any Law or Order which is in effect and
has the effect of making illegal or otherwise prohibiting the consummation of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Obligations of Buyer</U>. The obligations of Buyer to consummate the transactions contemplated by this Agreement
are subject to the satisfaction (or written waiver of Buyer), on or prior to the Closing Date, of each of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations, Warranties, and Covenants</U>. The representations and warranties of Seller (i) contained in the Seller Fundamental
Representations shall be true and correct in all material respects and (ii) contained in <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B><U>&lrm;</U></B></FONT><U>Article
4</U> (other than the Seller Fundamental Representations) shall be true and correct (disregarding all qualifications or limitations as
to &ldquo;materiality&rdquo; or &ldquo;material adverse effect&rdquo; and words of similar import set forth therein), except where the
failure of such representations or warranties to be true and correct would not reasonably be expected to have Material Adverse Effect,
in the case of each of clauses (i) and (ii), as of the Effective Date and at and as of the Closing Date (except those representations
and warranties that address matters only as of a specified date, which case as of that specified date). Seller shall have performed in
all material respects all agreements and covenants required hereby to be performed by it prior to or at the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Effect</U>. No Material Adverse Effect shall have occurred since the Effective Date, and Seller shall not
have entered into or negotiated any Contracts with any third party which would have a Material Adverse Effect on the Business or the Company&rsquo;s
acceptance and ownership of the Contributed Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consents</U>. Seller shall have delivered each of the Consents, in form and substance reasonably satisfactory to Buyer, duly
executed by the counterparty Person whose consent is required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pre-Closing Transactions</U>. Seller shall have completed in all respects the transactions contemplated by <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>3.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Deliveries</U>. Seller shall have made the Closing deliveries referenced in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>8.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Order</U>. No Governmental Body shall have enacted, issued, promulgated or entered any Law or Order which is in effect and
has the effect of making illegal or otherwise prohibiting the consummation of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Release of Security Interests</U>. Seller shall have delivered reasonable evidence to Buyer that the security interests encumbering
the Contributed Assets have been terminated (or will be terminated concurrently with the Closing) or, in the case of filings made under
the uniform commercial code or filings with respect to the Transferred IP, customary release documentation reasonably acceptable to Buyer
accompanied by duly-executed authorization from the applicable secured party for Buyer to file such release documentation at, or any time
after, the Closing, and any other Liens on the Contributed Assets shall have been released or terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
8</FONT><BR>
CLOSING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Time and Place</U>. The transactions contemplated by this Agreement shall be consummated (the &ldquo;<U>Closing</U>&rdquo;)
at (a) 10:00 a.m. (Eastern time) on the second (2nd) Business Day after the date that all of the conditions to the Closing set forth in
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I><U>&lrm;</U></I></B></FONT><U>Article 7</U> (other than
those conditions which, by their terms, are to be satisfied or waived at the Closing, but subject to the satisfaction (or due waiver)
of such conditions at the Closing) shall have been satisfied or waived by the Party entitled to waive the same, or (b) such other time
or date as the Parties hereto may mutually agree in writing (the &ldquo;<U>Closing Date</U>&rdquo;). The Parties anticipate that Closing
will occur remotely without a face-to-face meeting and will be accomplished by Seller then authorizing Buyer&rsquo;s legal counsel to
release previously deposited signed documents to Buyer contingent upon Seller&rsquo;s receipt of the signed documents required by this
Agreement and initiation of the wire transfer of the Purchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deliveries of Seller</U>. At the Closing, Seller will deliver, or cause to be delivered, to Buyer (all of which shall be in
form and substance reasonably satisfactory to Buyer and its counsel):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Joint Venture Agreement</U>. A copy of the Joint Venture Agreement, executed by a duly authorized officer of Xcel;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment(s) of Marks</U>. One or more Assignment(s) of Marks, in the forms attached as <U>Exhibit B</U> (the &ldquo;<U>Assignment
of Marks</U>&rdquo;), executed by a duly authorized officer of Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment of Domains</U>. A Domain Name Transfer Agreement, in the form attached as <U>Exhibit C</U> (the &ldquo;<U>Domain
Name Transfer</U>&rdquo;), executed by a duly authorized officer of Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment of Social Media Handles</U>. A Social Media Handle Transfer Agreement, in the form attached as <U>Exhibit D</U> (the
 &ldquo;<U>Social Media Handle Transfer</U>&rdquo;), executed by a duly authorized officer of Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment of Trademark Consent</U>. An assignment agreement, in the form attached as <U>Exhibit E</U> (the &ldquo;<U>Trademark
Consent Assignment</U>&rdquo;), executed by a duly authorized officer of Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transaction Documents</U>. Copies of each of the other Transaction Documents to which Seller or the Company is a party, executed
by a duly authorized officer of Seller or the Company, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Social Media and Domain Access Information</U>. A schedule setting forth all of the usernames, passwords, security question
responses and other credentials for each of (i) the social media accounts related to the Business and included in the Contributed Assets
and (ii) the accounts through which the domain names included in the Contributed Assets are managed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Domain Registration Information</U>. A schedule setting forth all of the names of the registrars, registration dates and expiration
dates for all domain names included in the Contributed Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Release of Security Interests and Consents</U>. The documents required pursuant to <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt">&lrm;</FONT>7.2(g)</U>
and any Consent necessary for Seller&rsquo;s full and complete performance under this Agreement and the assignment of the Contributed
Contracts as listed on <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt">&lrm;</FONT>4.3(f)</U> of
the Disclosure Letter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bill of Sale</U>. A bill of sale in the form attached hereto at <U>Exhibit F</U> (the &ldquo;<U>Bill of Sale</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officer&rsquo;s Certificate</U>. A certificate, in a form reasonably satisfactory to Buyer, signed by an authorized officer
of Seller, dated the date of the Closing Date, certifying (i) that the conditions specified in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>7.2</U>
have been satisfied as of the Closing and (ii) as to certain corporate matters and attaching thereto a true, correct and complete copy
of resolutions of the board of directors of Seller authorizing the execution, delivery and performance of this Agreement, the Transaction
Documents and other obligations of Seller;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Design, Interactive Television, and Talent Services Agreement</U>. A copy of the Design, Interactive Television, and Talent
Services Agreement, in the form attached hereto as <U>Exhibit G</U>, executed by a duly authorized officer of Seller and the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Brand Support Services Agreement</U>. A copy of the Brand Support Services Agreement, in the form attached hereto as <U>Exhibit
H</U>, executed by a duly authorized officer of Seller and the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Xcel License Agreement</U>. A copy of the License Agreement, in the form attached hereto as <U>Exhibit I</U>, executed by a
duly authorized officer of Seller and the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contributed Contract Assignments</U>. Documents sufficient to evidence assignment and assumption of the Contributed Contracts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Key Man Policy</U>. Evidence satisfactory to Buyer, in its sole discretion, of the effective designation of Buyer as the sole
beneficiary of the Key Man Policy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxpayer Identification</U>. An Internal Revenue Service Form W-9 for Seller, executed by a duly authorized officer of Seller;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shared Access Agreement</U>. A copy of the Shared Access Agreement, in the form attached hereto as <U>Exhibit J</U>, executed
by a duly authorized officer of Seller and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deliveries of Buyer</U>. At the Closing, Buyer will deliver, or cause to be delivered to Seller (all of which shall be in form
and substance reasonably satisfactory to Seller and its counsel):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purchase Price</U>. The Purchase Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Joint Venture Agreement</U>. A copy of the Joint Venture Agreement, executed by a duly authorized officer of Buyer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transaction Documents</U>. Copies of each of the Transaction Documents to which Buyer is a party, executed by a duly authorized
officer of Buyer; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officers&rsquo; Certificate</U>. A certificate, in a form reasonably satisfactory to Seller, signed by an authorized officer
of Buyer, dated the date of the Closing Date, certifying (i) that the conditions specified in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>7.1</U>
have been satisfied as of the Closing and (ii) as to certain corporate matters and attaching thereto a true, correct and complete copy
of resolutions of the board of managers of Buyer authorizing the execution, delivery and performance of this Agreement, the Transaction
Documents and the other obligations of Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
9</FONT><BR>
INDEMNIFICATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Survival</U>. The representations and warranties contained in this Agreement or in any certificate delivered pursuant to <U>Section
 &lrm;8.2(k)</U> and <U>Section &lrm;8.3(d)</U>, including any rights arising out of any breach of such representations and warranties
and any right to indemnification pursuant to <U>Section &lrm;9.2</U> or <U>Section &lrm;9.3</U>, shall survive the Closing until the eighteen
(18) month anniversary of the Closing Date; <U>provided</U>, <U>however</U>, that each of (i) the Seller Fundamental Representations and
(ii)&nbsp;the Buyer Fundamental Representations shall, in each case, survive until the expiration of the applicable statute of limitations.
Any representation or warranty that is the subject of any Claim with respect to which a Claim Notice meeting the requirements of <U>Section
 &lrm;9.5(a)</U> is delivered by the Indemnified Party to the Indemnifying Party prior to the expiration of the applicable survival period
set forth in this <U>Section &lrm;9.1</U> shall survive solely for purposes of resolution of such Claim until such Claim is fully and
finally resolved. The covenants and agreements contained in this Agreement shall survive indefinitely, until fully performed in accordance
with their respective terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification by Seller</U>. Seller, jointly and severally, hereby agrees, from and after the Closing, to indemnify Buyer
and its Affiliates, and each of their respective managers, partners, officers, employees, directors, agents, representatives, successors
and permitted assigns (the &ldquo;<U>Buyer Indemnified Parties</U>&rdquo;) and save and hold each of them harmless from and against and
pay on behalf of or reimburse the Buyer Indemnified Parties as and when incurred for all Losses which any Buyer Indemnified Party may
suffer, sustain or become subject to, in connection with, incident to, resulting from or arising out of or in any way relating to or by
virtue of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any breach of any representation or warranty on the part of Seller (or the inaccuracy of any representation) under <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B><U>&lrm;</U></B></FONT><U>Article
4</U> of this Agreement or contained in any of the Transaction Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any nonfulfillment or breach of any covenant or agreement on the part of Seller under this Agreement or contained in any of the
Transaction Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Excluded Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all Taxes (or the non-payment thereof): (i) attributable to the Company, the Business or the Contributed Assets for any Pre-Closing
Tax Period and for the portion of any Straddle Period ending on and including the Closing Date as determined in accordance with <U>Section
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>6.13(b)</U>, (ii) of any member of an affiliated,
consolidated, combined or unitary group of which the Company (or any predecessor of the Company) is or was a member on or prior to the
Closing Date, including pursuant to Treasury Regulation Section 1.1502-6 or any analogous or similar state, local, or foreign Law or regulation,
(iii) of any Person (other than the Company) imposed on the Company as a transferee or successor, by contract or pursuant to any Law,
rule, or regulation, which Taxes relate to an event or transaction occurring before the Closing or are otherwise properly allocable to
a Pre-Closing Tax Period or the portion of any Straddle Period ending on and including the Closing Date, and (iv) any Transfer Taxes required
to be paid by Seller pursuant to <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>3.7</U>
(collectively &ldquo;<U>Indemnified Taxes</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Retained Liabilities; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>those matters set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.2(f)</U>
of the Disclosure Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without limiting the foregoing, if (i) there shall
have occurred any breach of any representation, warranty, covenant or agreement of, or any inaccuracy in any representation or warranty
of, the Company or Seller contained herein, (ii) the Company or any of its subsidiaries incurs or is subject to any Losses (&ldquo;<U>Company
Losses</U>&rdquo;) and (iii) such Company Losses would not have been incurred, or the Company and its subsidiaries would not have been
subject to such Company Losses, in absence of such breach or inaccuracy, then Buyer shall be deemed to have suffered Losses in the amount
of 70% of such Company Losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification by Buyer</U>. Buyer hereby agrees, from and after the Closing, to indemnify Seller and its Affiliates, and each
of their respective managers, partners, officers, employees, directors, agents, representatives, successors and permitted assigns (the
 &ldquo;<U>Seller Indemnified Parties</U>&rdquo;) and save and hold each of them harmless from and against and pay on behalf of or reimburse
the Seller Indemnified Parties as and when incurred for all Losses which any Seller Indemnified Party may suffer, sustain or become subject
to, in connection with, incident to, resulting from or arising out of or in any way relating to or by virtue of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any breach of any representation or warranty on the part of Buyer (or the inaccuracy of any representation) under <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B><U>&lrm;</U></B></FONT><U>Article
5</U> of this Agreement or contained in any of the Transaction Documents; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any nonfulfillment or breach of any covenant or agreement on the part of Buyer under this Agreement or contained in any of the
Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without limiting the foregoing, if (i) there shall
have occurred any breach of any representation, warranty, covenant or agreement of, or any inaccuracy in any representation or warranty
of, the Buyer contained herein, (ii) the Company or any of its subsidiaries incurs or is subject to any Company Losses and (iii) such
Company Losses would not have been incurred, or the Company and its subsidiaries would not have been subject to such Company Losses, in
absence of such breach or inaccuracy, then Seller shall be deemed to have suffered Losses in the amount of 30% of such Company Losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification by the Company</U>. The Company hereby agrees, from and after the Closing, to indemnify the Seller Indemnified
Parties and save and hold each of them harmless from and against and pay on behalf of or reimburse the Seller Indemnified Parties as and
when incurred for all Losses which any Seller Indemnified Party may suffer, sustain or become subject to, in connection with, incident
to, resulting from or arising out of or in any way relating to or by virtue of the Assumed Liabilities (excluding any Losses incurred
by the Company in respect of an Assumed Liability).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification Procedure for Third Party Claims</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that subsequent to the Closing any Person entitled to indemnification under this Agreement (an &ldquo;<U>Indemnified
Part</U>y&rdquo;) asserts a claim for indemnification or receives notice of the assertion of any claim or of the commencement of any action
or proceeding by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement (including, but not limited
to any domestic or foreign court or governmental authority, federal, state or local) (a &ldquo;<U>Third Party Claim</U>&rdquo;) against
such Indemnified Party, against which a party to this Agreement is required to provide indemnification under this Agreement (an &ldquo;<U>Indemnifying
Party</U>&rdquo;), the Indemnified Party shall deliver written notice together with a reasonably detailed description of the Third Party
Claim, the Third Party Claim&rsquo;s nature and basis, the damages claimed by the third party and all legal pleading for the Third Party
Claim (a &ldquo;<U>Claim Notice</U>&rdquo;) to the Indemnifying Party within thirty (30) days after receipt by the Indemnified Party of
notice of a Third Party Claim. The Indemnifying Party shall have the right, upon written notice to the Indemnified Party (the &ldquo;<U>Defense
Notice</U>&rdquo;) within fifteen (15) days after receipt from the Indemnified Party of a Claim Notice, to assume the defense of such
Third Party Claim by sending a notice of assumption to the Indemnified Party. Promptly after sending the Defense Notice, the Indemnifying
Party shall choose and employ independent legal counsel of reputable standing. After sending the Defense Notice, the Indemnifying Party
is entitled to contest, pay, settle or compromise the Third Party Claim, subject to the other provisions of this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.5</U>.
Notwithstanding anything in this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.5(a)</U>
to the contrary, an Indemnified Party is entitled to participate in the defense of a Third Party Claim at its own expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Indemnifying Party shall fail to give the Defense Notice within said 15-day period, it shall be deemed to
have elected not to conduct the defense of the subject claim, and in such event the Indemnified Party shall have the right to conduct
the defense in good faith and to compromise and settle the claim in good faith without prior consent of the Indemnifying Party and the
Indemnifying Party will be liable for all Losses paid or incurred in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Indemnifying Party shall not be entitled to control, but may participate in, and the Indemnified Party shall be entitled to
have sole control over, the defense or settlement of any claim to the extent that such claim (i) seeks, as the claim&rsquo;s sole remedy,
a temporary restraining order, a preliminary or permanent injunction or specific performance against the Indemnified Party, (ii) involves
criminal allegations against the Indemnified Party, (iii) if successful, would operate as res judicata or collateral estoppel for other
non-indemnifiable claims which would have a material adverse effect on the business or financial condition of the Indemnified Party or
(iv) imposes liability on the part of the Indemnified Party for which the Indemnified Party is not entitled to indemnification hereunder.
In such an event, the Indemnifying Party will still have all of its obligations hereunder provided that the Indemnified Party will not
settle the subject claim without the prior written consent of the Indemnifying Party, which consent will not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided in this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.5</U>,
if an Indemnifying Party assumes the defense of a Third Party Claim, it may not compromise or settle the Third Party Claim without the
Indemnified Party&rsquo;s prior written consent, which shall not be unreasonably withheld, conditioned, or delayed; <U>provided</U>, <U>however</U>,
that an Indemnifying Party may compromise or settle a Third Party Claim without an Indemnified Party&rsquo;s consent if the following
three conditions are met: (i) there is no finding or admission that any Indemnified Party violated any Law or any Person&rsquo;s rights;
(ii) the sole relief provided is monetary damages that are fully paid by the Indemnifying Party; and (iii) the compromise or settlement
includes, as an unconditional term, the claimant&rsquo;s or the plaintiff&rsquo;s full release of the Indemnified Party from all liability
in respect of the Third Party Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Claims</U>. A claim for indemnification for any matter not involving a Third Party Claim must be asserted by a Claim Notice
meeting the requirements of <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT><U>Section
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>9.5(b)</U> to the Indemnifying Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Limitations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Seller shall not be required to make any indemnification payment pursuant to <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.2(a)</U>
until such time as the total amount of all Losses (including the Losses arising from such inaccuracy or breach and all other Losses arising
from any other inaccuracies or breaches of any representations or warranties) that have been directly or indirectly suffered or incurred
by any one or more of the Buyer Indemnified Parties, or to which any one or more of the Buyer Indemnified Parties has or have otherwise
directly or indirectly become subject, exceeds $219,000 in the aggregate (the &ldquo;<U>Basket</U>&rdquo;), and then only for the excess
over the Basket; <U>provided</U>, <U>however</U>, that this limitation shall not apply to Losses arising out of or resulting from any
Seller Fundamental Representation. Buyer shall not be required to make any indemnification payment pursuant to <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.3(a)</U>
until such time as the total amount of all Losses (including the Losses arising from such inaccuracy or breach and all other Losses arising
from any other inaccuracies or breaches of any representations or warranties) that have been directly or indirectly suffered or incurred
by any one or more of the Seller Indemnified Parties, or to which any one or more of the Seller Indemnified Parties has or have otherwise
directly or indirectly become subject, exceeds the Basket, and then only for the excess over the Basket; <U>provided</U>, <U>however</U>,
that this limitation shall not apply to Losses or Taxes arising out of or resulting from any Buyer Fundamental Representation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The maximum aggregate amount that the Indemnitees are entitled to recover in the aggregate from the Indemnitors under <U>Sections
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.2(a)</U> and <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B><U>&lrm;</U></B></FONT><U>9.3(a)</U>
shall be capped at $6,930,000; <U>provided</U>, <U>however</U>, that this limitation shall not apply to Losses or Taxes arising out of
or resulting from any Seller Fundamental Representation or any Buyer Fundamental Representation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The limitations set forth in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.7(a)</U>
and <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.7(b)</U> shall not apply
in the case of, and shall not limit the rights of an Indemnified Party to recover in respect of any Losses or Taxes, arising out, relating
to or resulting from, intentional misrepresentation, willful misconduct or fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For all purposes of this <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT><U>Article
9</U>, the amount of any Losses arising from any inaccuracy or breach of the representations and warranties contained in this Agreement
shall be determined without reference to the terms &ldquo;material,&rdquo; &ldquo;materially,&rdquo; &ldquo;Material Adverse Effect,&rdquo;
 &ldquo;material adverse effect&rdquo; or other similar qualifications as to materiality contained or incorporated directly or indirectly
in any such representation or warranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exclusive Remedy</U>. Except in the case of intentional misrepresentation, willful breach of covenants or fraud, claims for
indemnification, compensation and reimbursement brought in accordance with and subject to this <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I><U>&lrm;</U></I></B></FONT><U>Article
9</U> shall be the sole and exclusive remedy of any Indemnitee for monetary damages from and after the Closing with respect to breaches
of this Agreement by the Buyer or Seller. Without limiting the generality of the foregoing, nothing contained in this Agreement shall
limit the rights of any Indemnitee to seek or obtain injunctive relief, including specific performance, or any other equitable remedy
to which such Indemnitee is otherwise entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Determination of Losses; Satisfaction of Claims</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>After the giving of a Claim Notice under this <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B><U>&lrm;</U></B></FONT><U>Article
9</U>, the amount of Losses to which an Indemnified Party shall be entitled under this <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;
<U>&lrm;</U></B></FONT><U>Article 9</U> shall be determined (i) by written agreement between Seller and Buyer, (ii) by a Final Order or
(iii) by any other means as to which Seller and Buyer shall agree in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within ten (10) Business Days of the determination pursuant to <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>9.9(a)</U>
of the amount of Losses with respect to which any Indemnified Party is entitled to indemnification with respect to any claim (or at such
later other time as the Indemnified Party shall agree), the Indemnifying Party shall pay to the applicable Indemnified Party an amount
equal to the amount of such Losses by wire transfer of immediately available funds to the bank account or accounts designated by the Indemnified
Party in a notice to the Indemnifying Party not less than two (2) Business Days prior to the anticipated date of such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjusted Purchase Price</U>. Any payment of a claim for indemnification under this <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I><U>&lrm;</U></I></B></FONT><U>Article
9</U> will be accounted for as an adjustment to the Purchase Price for all Tax purposes except to the extent otherwise required by applicable
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
10</FONT><BR>
TERMINATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>. This Agreement may be terminated prior to the Closing Date by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>mutual written consent of Buyer and Seller; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>either Buyer or Seller if there shall be an Order from a Governmental Body that makes consummation of the transactions contemplated
by this Agreement illegal or otherwise prohibited and such Order shall have become final and non-appealable; <U>provided</U> that the
right to terminate this Agreement under this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>10.1(b)</U>
shall not be available to any Party whose failure to fulfill any of such Party&rsquo;s obligations under this Agreement has cause or resulted
in such Order; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>either Buyer or Seller if the transactions contemplated by this Agreement have not been consummated by June 30, 2022 (the &ldquo;<U>Termination
Date</U>&rdquo;); <U>provided</U>, that no termination may be made under this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>10.1(c)</U>
(i) if the failure to close shall be caused by the action or inaction of the Party seeking to terminate this Agreement or (ii) if the
Party seeking to terminate this Agreement is in material breach of any provision of this Agreement and has not cured such breach on or
before such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Termination</U>. If this Agreement is terminated as provided in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>10.1</U>,
this Agreement will be of no further force or effect; <U>provided</U>, <U>however</U>, that: (a) this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>10.2</U>
(Effect of Termination), <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I><U>&lrm;</U></I></B></FONT><U>Article
11</U> (Miscellaneous), and the Non-Disclosure Agreement will survive the termination of this Agreement and remain in full force and effect,
and (b) the termination of this Agreement will not relieve any party from any liability for any breach of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
11</FONT><BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices, Consents, etc</U>. Any notices, consents or other communications required or permitted to be sent or given hereunder
by any of the Parties shall in every case be in writing and shall be deemed properly served if (a) delivered personally, (b) sent by registered
or certified mail, in all such cases with first class postage prepaid, return receipt requested, (c) delivered by a recognized overnight
courier service, or (d) sent by email transmission with written request of confirmation of receipt, to the Parties at the addresses as
set forth below or at such other addresses as may be furnished in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If to Seller (or to the Company prior to the Closing), to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Xcel Brands, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">1333 Broadway, 10th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">New York, NY 10018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Attn: James Haran, Chief Financial
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Email: jharan@xcelbrands.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">With a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Blank Rome LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">1271 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">New York, NY 10020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attn: Robert J. Mittman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Email: robert.mittman@blankrome.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If to Buyer (or to the Company following the Closing), to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">IMWHP, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">530 Fifth Avenue, 25th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attn: Ephraim Zinkin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: ezinkin@whp-global.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">With a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Pryor Cashman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">7 Times Square, 40<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attn: Brad D. Rose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: brose@pryorcashman.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date of service of such notice shall be (w) the
date such notice is personally delivered, (x) five (5) Business Days after the date of mailing if sent by certified or registered mail,
(y) one (1) Business Day after date of receipt if sent by overnight courier or (z) the date such notice is delivered by email if sent
before 5:00 p.m. Eastern time, otherwise the next succeeding Business Day after transmission by email.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. The unenforceability or invalidity of any provision of this Agreement shall not affect the enforceability
or validity of any other provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment and Waiver</U>. This Agreement may be amended only by a written instrument signed by the Parties. Any provision of
this Agreement may be waived, provided that (a) any such waiver by Buyer will be binding on Buyer only if such waiver is set forth in
a writing executed by Buyer, and (b) any such waiver by Seller will be binding upon Seller only if such waiver is set forth in a writing
executed by Seller. No failure on the part of any Person to exercise any power, right privilege or remedy under this Agreement, and no
delay on the part of any Person in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of
such power, right, privilege or remedy and no single or partial exercise of any such power, right, privilege or remedy shall preclude
any other or further exercise thereof or of any other power, right, privilege or remedy. The waiver by any Party hereto of a breach of
any provision of this Agreement shall not operate or be construed as a continuing waiver or as a waiver of any other breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same agreement and shall become effective when one or more counterparts have been signed
by each of the Parties hereto and delivered to the other. Any such counterpart, to the extent delivered by means of a .pdf, .tif, .gif,
..jpeg or similar attachment to electronic mail (any such delivery, an &ldquo;<U>Electronic Delivery</U>&rdquo;) shall be treated in all
manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. No Party hereto shall raise the use of Electronic Delivery to deliver a signature
or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a
defense to the formation of a contract, and each such party forever waives any such defense, except to the extent that such defense relates
to lack of authenticity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U>. Except as otherwise provided in this Agreement, each of the parties to this Agreement shall pay all costs and
expenses incurred or to be incurred by it in negotiating and preparing this Agreement and the Transaction Documents and in the closing
and carrying out of the transactions contemplated hereunder and thereunder, including, but not limited to, legal and accounting fees and
expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third Party Beneficiaries</U>. Nothing expressed or referred to in this Agreement will be construed to give any Person other
than the parties to this Agreement (and their successors and assigns) any legal or equitable right, remedy, or claim under or with respect
to this Agreement or any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Headings</U>. The subject headings of Articles and Sections of this Agreement are included for purposes of convenience only
and shall not affect the construction or interpretation of any of its provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement will be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns
but will not be assignable or delegable by any Party without the prior written consent of the other Parties. Notwithstanding anything
to the contrary contained in this <U>Section 10.9</U>, after the Closing Date, there shall be no restriction on either Party&rsquo;s ability
to assign any of its rights (including its indemnification rights hereunder) or obligations to any of its Affiliates from time to time
or in connection with a sale of all or substantially all of its assets to a third party or a merger with and into any other unaffiliated
Person; <U>provided</U> that (i) the Party seeking to assign such rights or obligations demonstrates to the reasonable satisfaction of
the other Party that the assignee is creditworthy and (ii) such assignee (and any guarantor reasonably requested by the other Party) executes
a joinder to this Agreement expressly assuming all of the obligations of the assigning Party hereunder. Any attempted assignment in violation
of this <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13pt"><B>&lrm;</B></FONT>11.8</U> shall be null
and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with the Closing, Buyer may, with the consent of Seller (not to be unreasonably withheld, delayed or conditioned)
designate, in accordance with the terms of this paragraph and effective as of the Closing, one or more existing or to-be-formed Affiliates
of Buyer to acquire the Acquired Interests or any rights or obligations of the Buyer hereunder; <U>provided</U> that no such designation
shall relieve Buyer from its obligations or Liabilities hereunder. The above designation may be made by Buyer by written notice to Seller
no later than three (3) Business Days prior to the Closing Date. The Parties agree to modify any Closing deliverables in accordance with
the foregoing designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. Except for the Non-Disclosure Agreement, this Agreement, the Transaction Documents and all the exhibits
attached hereto and thereto (all of which shall be deemed incorporated in the Agreement and made a part hereof), set forth the entire
understanding of the Parties with respect to the subject matter hereof and supersede all prior agreements, written or oral, of the Parties
(including but not limited to any letter of intent), and shall not be modified or affected by any offer, proposal, statement or representation,
oral or written, made by or for any Party in connection with the negotiation of the terms hereof, and may be modified only by instruments
signed by all of the Parties hereto. The disclosing, furnishing or making available for review of any document or other information to
Buyer shall not be construed to modify, qualify or disclose any exception to any representation or warranty of Seller herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Interpretative Matters</U>. Unless the context otherwise requires, (a) all references to Articles, Sections, or Exhibits are
to Articles, Sections, or Exhibits in this Agreement, (b) each accounting term not otherwise defined in this Agreement has the meaning
assigned to it in accordance with GAAP, (c) words in the singular or plural include the singular and plural and pronouns stated in either
the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter and (d) the use of the word &ldquo;including&rdquo;
in this Agreement shall be by way of example rather than limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Strict Construction</U>. The language used in this Agreement will be deemed to be the language chosen by the Parties to express
their mutual intent, and no rule of strict construction will be applied against any Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Dispute Resolution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall be governed by and construed under the laws of the State of Delaware, exclusive of the body of law known as
conflicts of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except with respect to any Party&rsquo;s right to injunctive relief hereunder, the parties agree that any controversy, claim or
dispute arising out of or relating to this Agreement (including the determination of the scope or applicability of this Agreement to arbitrate)
shall be determined by confidential arbitration in New York, New York, before one arbitrator. The arbitration shall be administered by
JAMS pursuant to its Comprehensive Arbitration Rules and Procedures (the &ldquo;<U>JAMS Rules</U>&rdquo;); <U>provided</U>, <U>however</U>,
that notwithstanding the JAMS Rules, the arbitrator shall not have the power to award injunctive or other equitable relief, and nothing
herein shall preclude or prevent a party from pursuing, injunctive or other equitable relief in a New York state or federal court of competent
jurisdiction. The Federal Arbitration Act shall govern the interpretation and enforcement of such arbitration proceeding. The arbitrator
shall apply the substantive law (and the law of remedies, if applicable) of the State of Delaware, or federal law, if the law of the State
of Delaware is preempted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party (as determined
by the trier of fact) shall be entitled to reasonable attorneys&rsquo; fees, costs and necessary disbursements in addition to any other
relief to which such party may be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Jury Trial</U>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT, THE DOCUMENTS
AND AGREEMENTS CONTEMPLATED HEREBY AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES AND THEREFORE HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
PROCEEDING BASED ON, ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY OR THE TRANSACTIONS CONTEMPLATED
HEREBY AND THEREBY. EACH OF THE PARTIES AGREES AND CONSENTS THAT ANY SUCH PROCEEDING WILL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND
THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES TO THE IRREVOCABLE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Specific Performance</U>. The Parties agree that irreparable damage would occur if any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled
to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement in the courts specified in <U>Section <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><I>&lrm;</I></B></FONT>11.12</U>,
and the Parties hereby waive any requirement for the posting of any bond or similar collateral in connection therewith. The Parties agree
that they shall not object to the granting of injunctive or other equitable relief on the basis that there exists adequate remedy at Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;[<I>remainder of page intentionally left blank; signature page
follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
have executed this Asset Purchase Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&ldquo;<U>Buyer</U>&rdquo;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>IMWHP</B></FONT><B>, LLC </B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><B></B>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 5%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Yehuda Shmidman<U></U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Yehuda Shmidman</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD> Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<FONT STYLE="font-variant: small-caps">[Signature Page to Membership
Interest Purchase Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&ldquo;<U>Seller</U>&rdquo;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="text-transform: uppercase"><FONT STYLE="text-transform: uppercase"><B></B></FONT><B>Xcel Brands, Inc.&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><B></B>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 5%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Seth Burroughs<U></U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Seth Burroughs</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD> EVP</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="text-transform: uppercase"><B>IM Brands, LLC</B>,&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><B></B>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 5%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Seth Burroughs<U></U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Seth Burroughs</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD> EVP</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&ldquo;<U>Company</U>&rdquo;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>IM TOPCO, LLC </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><B></B>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 5%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Seth Burroughs<U></U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Seth Burroughs</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD> EVP</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps">[Signature Page to Membership
Interest Purchase Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBITS AND SCHEDULES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 10pt; text-align: justify"><B>Exhibit A</B></TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: justify">-</TD>
    <TD STYLE="width: 75%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Joint Venture Agreement</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibit B</B></P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Assignment of Mark</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibit C</B></P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Domain Name Transfer Agreement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibit D</B></P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Social Media Handle Transfer Agreement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibit E</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Assignment of Trademark Consent</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Exhibit F</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bill of Sale</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Exhibit G</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Design, Interactive Television and Talent
Services Agreement</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibit H</B></P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Brand Support Agreement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Exhibit I</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Xcel License Agreement</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Exhibit J</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shared Access Agreement</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Schedule 6.13(c)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">-</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Allocation Schedule</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Disclosure Letter</B></P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>exhibit
a</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 2pt double; padding-bottom: 2.5pt; width: 0.25in; text-align: left">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE SECURITIES REPRESENTED BY AND ISSUED PURSUANT
TO THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION. THE SECURITIES MAY NOT BE TRANSFERRED WITHOUT REGISTRATION UNDER SUCH LAWS
OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER SUCH LAWS. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IM TOPCO, LLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">A DELAWARE LIMITED LIABILITY COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May [&#9679;], 2022</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 2pt double; padding-bottom: 2.5pt; text-align: left; width: 0.25in">&nbsp;</TD>
</TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT<BR>
OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IM TOPCO, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT </B>is entered into as of May [&#9679;], 2022, by and among those parties whose names are set forth
on the signature pages hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, on May 11,
2022, a Certificate of Formation of IM TOPCO, LLC, a limited liability company organized under the Laws of the State of Delaware (the
 &ldquo;<U>Company</U>&rdquo;), was filed with the Delaware Secretary of State;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, immediately
prior to the date hereof, the Company was governed by that certain Limited Liability Company Agreement, dated as of May 23, 2022 (the
 &ldquo;<U>Original Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, concurrently
herewith or immediately prior to the date hereof, Xcel Brands, Inc., a Delaware corporation (&ldquo;<U>Xcel</U>&rdquo;), and IM Brands,
LLC, a Delaware limited liability company and a wholly-owned subsidiary of Xcel (&ldquo;<U>IMB</U>&rdquo;), contributed to the Company,
among other things, certain intellectual property rights relating to an apparel and accessories business that produces, markets and sells
various goods under the &ldquo;Isaac Mizrahi&rdquo; brand, in exchange for which Xcel received 100% of the issued and outstanding limited
liability company interests of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Company,
IMWHP, LLC, a Delaware limited liability company (&ldquo;<U>WHP</U>&rdquo;), Xcel and IMB entered into that certain Membership Interest
Purchase Agreement, dated as of the date hereof (the &ldquo;<U>Purchase Agreement</U>&rdquo;), pursuant to which WHP acquired from Xcel
70% of the issued and outstanding limited liability company interests of the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Members
intend that the Company will engage in the Business, which will involve matters requiring the parties to exercise towards each other their
trust, taste and confidence in order to assure the integrity of the enterprise and to protect and assure the quality of the business conducted;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the parties
hereto desire to enter into this Agreement in order to: (i) amend and restate the Original Agreement in its entirety; (ii) provide for
the management of the business and the affairs of the Company, the allocation of profits and losses, the distribution of cash of the Company
among the Members, the rights, obligations and interests of the Members to each other and to the Company; and (iii) provide for certain
other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>, the
Original Agreement is hereby amended and restated in its entirety, and the parties hereto agree, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
I</FONT><BR>
<BR>
DEFINITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms used in
this Agreement have the meanings specified in this Article or elsewhere in this Agreement. In referring to sections or provisions of the
Code or Regulations, it is intended that the terms &ldquo;<U>partner</U>&rdquo; and &ldquo;<U>partnership</U>&rdquo; (or variations thereof)
appearing therein shall be read, respectively, as Member or Company (or variations thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Act</U>&rdquo; means
the Delaware Limited Liability Company Act, codified in the Delaware General Corporation Law, Section 18-101 <U>et seq</U>., as the same
may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adjusted Capital
Account</U>&rdquo; means, with respect to any Member, the balance in such Member&rsquo;s Capital Account as of the end of the relevant
Fiscal Year or other period, after giving effect to the following adjustments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Add to such Capital Account the following items:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the amount, if any, that such Member is obligated to contribute to the Company upon liquidation of such Member&rsquo;s Units; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the amount that such Member is obligated to restore or is deemed to be obligated to restore pursuant to Treasury Regulations Section
1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subtract from such Capital Account such Member&rsquo;s share of the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4),
(5) and (6).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0.5in">The foregoing definition
of Adjusted Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means with respect to a specified Person: (a) any Person that directly or indirectly through one or more intermediaries, alone or through
an affiliated group, controls, is controlled by, or is under common control with, such specified Person, (b) any Person that is an officer,
director, partner or trustee of, or serves in a similar capacity with respect to, such specified Person (or an Affiliate of such specified
Person), or (c) any Person that, directly or indirectly, is the beneficial owner of ten percent (10%) or more of any outstanding voting
Equity Securities of the specified Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
means this amended and restated limited liability company agreement, as originally executed and as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Annual Priority
Amounts</U>&rdquo; has the meaning set forth in <B>Section 4.4(a)(ii)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Annual WHP Priority
Amount</U>&rdquo; has the meaning set forth in <B>Section 4.4(a)(i)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Annual Xcel Priority
Amount</U>&rdquo; has the meaning set forth in <B>Section 4.4(a)(ii)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Anticipated Initial
Annual Budget</U>&rdquo; has the meaning set forth in <B>Section 5.8</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignee</U>&rdquo;
means a Person who has acquired a Member&rsquo;s Membership Interest in the Company by way of a Transfer, but who has not been admitted
as a Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Bankruptcy</U>&rdquo;
means, with respect to any Person, the occurrence of any of the following: (a) the commencement of a case or of any proceeding under any
federal or state Law for the relief of debtors, including the filing by or against that Person of a voluntary or involuntary petition
under the United States Bankruptcy Code, which case or proceeding, if involuntary, is not dismissed within sixty (60) days after its filing;
(b) an assignment of the property of that Person for the benefit of creditors; (c) the appointment of a receiver, trustee or conservator
of any substantial portion of the assets of that Person, which appointment, if obtained <I>ex parte</I>, is not dismissed within sixty
(60) days thereafter; (d) the seizure by a sheriff, receiver, trustee or conservator of any substantial portion of the assets of that
Person; (e) the failure by that Person generally to pay its debts as they become due within the meaning of Section 303(h)(1) of the United
States Bankruptcy Code, as determined by the Bankruptcy Court; or (f) that Person&rsquo;s admission in writing of its inability to pay
its debts as they become due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Book Value</U>&rdquo;
means, with respect to any asset of the Company, the asset&rsquo;s adjusted basis for federal income tax purposes, except as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The initial Book Value of any asset contributed by a Member to the Company shall be such asset&rsquo;s gross fair market value
at the time of such contribution, as determined by the mutual agreement of the Manager and the contributing Member;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Book Value shall be adjusted in the same manner as would the asset&rsquo;s adjusted basis for federal income tax purposes,
except that the depreciation deduction taken into account each Fiscal Year for purposes of adjusting the Book Value of an asset shall
be the amount of Depreciation with respect to such asset taken into account for purposes of computing Net Income or Net Loss for the Fiscal
Year;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Book Value of any asset (other than cash) distributed to a Member by the Company shall be such asset&rsquo;s gross fair market
value at the time of such distribution, as reasonably determined in good faith by the Manager; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Book Values of all Company assets immediately prior to the occurrence of any event described in subparagraphs (i) through (v)
below shall be adjusted to equal their respective gross fair market values, as determined by the Manager using such reasonable method
of valuation as it may adopt, as of the following times:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the acquisition of an interest in the Company by a new Member or the acquisition of an additional Membership Interest in the Company
by an existing Member, in either case in exchange for more than a de minimis Capital Contribution, if the Manager reasonably determines
that such adjustment is necessary or appropriate to reflect the relative Membership Interests of the Members in the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for a Membership
Interest in the Company, if the Manager reasonably determines that such adjustment is necessary or appropriate to reflect the relative
Membership Interests of the Members in the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the liquidation or dissolution of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the grant of a Membership Interest in the Company (other than a de minimis interest) as consideration for the provision of services
to or for the benefit of the Company by an existing Member acting in a member capacity, or by a new Member acting in a member capacity
or in anticipation of becoming a Member of the Company, if the Manager reasonably determines that such adjustment is necessary or appropriate
to reflect the relative Membership Interests of the Members in the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at such other times as the Manager shall reasonably determine to be necessary or advisable in order to comply with Regulations
Sections 1.704-1(b) and 1.704-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Book Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets
pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining
Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); <I>provided, however</I>, that Book Values shall not be adjusted
pursuant to this subparagraph (e) to the extent that an adjustment pursuant to subparagraph (d) above is made in connection with a transaction
that would otherwise result in an adjustment pursuant to this subparagraph (e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business</U>&rdquo;
means the business of (i) exploiting, promoting, protecting, advertising and licensing the Company Intellectual Property Rights, (ii)
promoting and advertising the products or services of third Persons through the use or exploitation of the Company Intellectual Property
Rights, and (iii) using the name, image and likeness of Mr. Isaac Mizrahi in connection with the advertising, marketing, merchandising
and promotion of the &ldquo;Isaac Mizrahi&rdquo; brand and the exploitation of the Company Intellectual Property Rights (but excluding,
for the avoidance of doubt, the retained media rights owned by Mr. Isaac Mizrahi, as described in clause (i) of Section 3.3(a) of the
Purchase Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means any day that is not a Saturday, Sunday or other day on which the Federal Reserve Bank in New York, New York, is closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capital Account</U>&rdquo;
means, in respect of any Member, the account reflecting the capital interest of the Member in the Company, consisting of the Member&rsquo;s
Initial Capital Contribution and any additional Capital Contributions, maintained and adjusted for such Member in accordance with the
provisions of Regulations Section 1.704-1(b)(2)(iv), and the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capital Contribution</U>&rdquo;
means, with respect to any Member, the amount of money and the Book Value of any property (other than money) contributed to the Company
(net of liabilities secured by such contributed property that the Company is considered to assume or take &ldquo;subject to&rdquo; under
Code Section 752) with respect to the Membership Interest held by such Member, including, for the avoidance of doubt, the Initial Capital
Contributions. A Capital Contribution shall not be deemed a loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capital Event</U>&rdquo;
means (i) a Change of Control of the Company or (ii) a sale or disposition of any of the Company&rsquo;s capital assets (such as the outright
sale or disposition of the Company Intellectual Property Rights, as opposed to a license thereof), the receipt of insurance and other
proceeds derived from the involuntary conversion of any Company property, the receipt of proceeds from a refinancing of any Company property,
or a similar event with respect to any Company property or assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Certificate of Formation</U>&rdquo;
means the Certificate of Formation of the Company filed pursuant to <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>2.1</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Change of Control</U>&rdquo;
means: (i) a liquidation, dissolution or winding up of such Person; (ii) a sale, transfer, assignment, conveyance or exclusive license
of a majority of the assets of such Person; (iii) in the case of Xcel, if during any twelve (12) consecutive month period, the individuals
who, at the beginning of such period, constitute the board of directors of Xcel (the &ldquo;<U>Incumbent Directors</U>&rdquo;) cease (other
than due to death) to constitute a majority of the members of the board of directors of Xcel at the end of such period, <I>provided</I>
that directors elected by or on the recommendation of a majority of the directors who so qualify as Incumbent Directors shall be deemed
to be Incumbent Directors; or (iv) any other change in ownership or series of changes (whether resulting from any sale of stock, merger,
consolidation, share exchange, reorganization, combination or other event) that causes the equity holders of such Person before the change
to hold less than a majority of all economic rights, or less than a majority of the voting rights, following such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended, or any corresponding provision of any succeeding Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company</U>&rdquo;
has the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company Intellectual
Property Rights</U>&rdquo; means the &ldquo;Transferred IP&rdquo; under (and as defined in) the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company Minimum
Gain</U>&rdquo; has the meaning ascribed to the term &ldquo;partnership minimum gain&rdquo; in the Regulations Section 1.704-2(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Contributed Assets</U>&rdquo;
has the meaning ascribed to such term in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Controls</U><B>,</B>&rdquo;
 &ldquo;<U>Control</U><B>,</B>&rdquo; &ldquo;<U>Controlling</U><B>,</B>&rdquo; whether or not capitalized, means the power, directly or
indirectly, to direct or cause the direction of the management and policies of a person or entity through ownership of voting securities,
contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Covered Transfer</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.7(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Covered Xcel Party</U>&rdquo;
has the meaning set forth in <B>Section 8.8(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Deemed Offer Event</U>&rdquo;
has the meaning set forth in <B>Section 8.8(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Deemed Offer Notice</U>&rdquo;
has the meaning set forth in <B>Section 8.8(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Depreciation</U>&rdquo;
means an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for the Fiscal
Year or other period, except that if the Book Value of an asset differs from its adjusted tax basis at the beginning of the Fiscal Year
or other period, Depreciation will be an amount which bears the same ratio to the beginning Book Value as the federal income tax depreciation,
amortization or other cost recovery deduction for the Fiscal Year or other period bears to the beginning adjusted tax basis; <I>provided,
however</I>, that if the adjusted tax basis of an asset for the Fiscal Year or other period is zero, Depreciation will be determined by
reference to the beginning Book Value using any reasonable method selected by the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Drag-Along Price</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.7(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Drag-Along Right</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.7(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Earn-Out Amount</U>&rdquo;
has the meaning set forth in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Earn-Out Event</U>&rdquo;
has the meaning set forth in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Earn-Out-Related
Waterfall Adjustment</U>&rdquo; has the meaning set forth in <B>Section 4.4(d)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Economic Risk of
Loss</U>&rdquo; shall have the meaning specified in Regulations Section 1.752-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Equity Securities</U>&rdquo;
means with respect to any Person, all (a) Membership Interests or other limited liability company interests, units, capital stock, partnership
interests or other equity interests (including classes, groups or series thereof having such relative rights, powers or obligations as
may from time to time be established by the issuer thereof or the governing body of such Persons, as the case may be, including rights,
powers or duties different from, senior to or more favorable than existing classes, groups and series of units, stock and other equity
interests and including any so-called &ldquo;profits interests&rdquo;) or securities or agreements providing for profit participation
features, equity appreciation rights, phantom equity or similar rights to participate in profits, (b) warrants, options or other rights
to purchase or otherwise acquire, or contracts or commitments that could require the issuance of, securities described in the foregoing
clause of this definition and (c) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable
into securities described in the foregoing clauses of this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fiscal Year</U>&rdquo;
means the Company&rsquo;s fiscal year, which shall be the calendar year (except as otherwise required by Law), and any partial year with
respect to the fiscal years in which the Company is organized and dissolved or terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fiscal Year 2022</U>&rdquo;
has the meaning set forth in <B>Section 4.4(d)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis throughout
the term of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Governmental Body</U>&rdquo;
means any (a)&nbsp;nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature,
(b)&nbsp;federal, state, local, municipal, foreign, supranational or other government or (c)&nbsp;governmental, self-regulatory or quasi-governmental
authority of any nature (including any governmental division, department, agency, commission, instrumentality, official, organization,
unit, body or entity and any court or other tribunal).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Gross Revenues</U>&rdquo;
means, with respect to any period of determination, all cash revenues (including royalties, which, for the avoidance of doubt, includes,
without limitation, all royalties payable by Xcel to the Company pursuant to the Xcel License Agreement) actually received by the Company
during such period, but excluding all revenues received by the Company with respect to a Capital Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>IMB</U>&rdquo; has
the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Incumbent Directors</U>&rdquo;
has the meaning set forth in the definition of the term &ldquo;Change of Control.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified Parties</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>10.2</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Capital
Contributions</U>&rdquo; has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>3.2</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Members</U>&rdquo;
means the Members set forth on <U>Exhibit A</U> on the date of this Agreement. A reference to an &ldquo;Initial Member&rdquo; means any
of the Initial Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>IRS</U>&rdquo; shall
mean the Internal Revenue Service and any successor agency or entity thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>JAMS Rules</U>&rdquo;
has the meaning set forth in <B>Section 14.4</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Law</U>&rdquo; means
any federal, state, local, municipal, foreign or international, multinational or other law, statute, constitution, principle of common
law, resolution, ordinance, code, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented
or otherwise put into effect by or under the authority of any Governmental Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Liabilities</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>10.2(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Majority-in-Interest</U>&rdquo;
means Members holding more than fifty percent (<FONT STYLE="font-family: Times New Roman, Times, Serif">50%)</FONT> of the Percentage
Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Manager</U>&rdquo;
means the Person designated initially as such in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>5.1(a)</B>, or such other
Person as may be designated or become the Manager pursuant to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Member</U>&rdquo;
means an Initial Member or a Person who otherwise acquires a Membership Interest and has joined this Agreement as a Member, as permitted
under this Agreement and the Act, whose Membership Interest has not been terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Member Minimum Gain</U>&rdquo;
has the meaning ascribed to the term &ldquo;partner nonrecourse debt minimum gain&rdquo; in Regulations Section 1.704-2(i)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Member Nonrecourse
Debt</U>&rdquo; has the meaning ascribed to the term &ldquo;partner nonrecourse debt&rdquo; in Regulations Section 1.704-2(b)(4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Member Nonrecourse
Deductions</U>&rdquo; means items of Company loss, deduction, or Code Section 705(a)(2)(B) expenditures that are attributable to Member
Nonrecourse Debt within the meaning of Regulations Section 1.704-2(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Membership Interest</U>&rdquo;
means a Member&rsquo;s collective rights in the Company, including the Member&rsquo;s Percentage Interest, right to vote and to participate
in the management of the Company, the right to information concerning the business and affairs of the Company and all other benefits to
which such Member may be entitled as provided in this Agreement or the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Membership Representative</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>7.7</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Mr. Isaac Mizrahi</U>&rdquo;
means Isaac Mizrahi, an individual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Capital Proceeds</U>&rdquo;
means the proceeds actually received by the Company from any Capital Event, <I>minus</I> (i) all cash expenses that the Company incurs
with respect to such Capital Event; (ii) any repayments of debt made in connection with such Capital Event, (iii) any brokerage commissions
payable with respect to such Capital Event; (iv) any cash taxes owed by the Company with respect to such Capital Event, <I>provided</I>,
that this clause (iv) shall not include any taxes withheld or paid with respect to a Member pursuant to <B>Section 4.6</B> hereof; (v)
the amount of any reasonable holdbacks and reserves established by the Manager; and (vi) any other costs customarily taken into account
in calculating net proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Cash Flow</U>&rdquo;
means, with respect to any period of determination, (a) the Net Revenues actually received by the Company during such period, <I>minus</I>
(b) all cash operating expenses of the Company (excluding any expense already subtracted in determining Net Revenue with respect to such
period, pursuant to clauses (i) or (ii) of the definition of Net Revenue), including, without limitation: (i) all payroll and related
expenses; (ii) all advertising expenses; (iii) all capital expenditures and investments; (iv) all interest, principal and other amounts
due during such period with respect to any indebtedness of the Company; (v)&nbsp;the WHP Brand Support Services Amount due during such
period; (vi) the Xcel Design, Interactive Television, and Talent Services Amount due during such period; (vii) any cash taxes owed by
the Company, <I>provided</I>, that this clause (vii) shall not include any taxes withheld or paid with respect to a Member pursuant to
<B>Section 4.6</B> hereof; and (viii) the amount of any reasonable holdbacks and reserves established from time to time by the Manager.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Income</U>&rdquo;
and &ldquo;<U>Net Loss</U>&rdquo; means, for each Fiscal Year of the Company (or other period for which Net Income and Net Loss must be
computed), an amount equal to the Company&rsquo;s taxable income or loss for such year or period, determined in accordance with Code Section
703(a) and the Regulations, and, for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant
to Code Section 703(a)(1) shall be included in taxable income or loss. The determination of Net Income and Net Loss pursuant to the previous
sentence shall be subject to the following adjustments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Income or
Net Loss shall be added to such taxable income or loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Regulations Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Net Income or Net Loss shall be subtracted
from Net Income or Net Loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Gains or losses resulting from any disposition of a Company asset with respect to which gains or losses are recognized for federal
income tax purposes shall be computed with reference to the Book Value of the Company asset disposed of, notwithstanding the fact that
the adjusted tax basis of such Company asset differs from its Book Value;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing the taxable income
or loss, there will be taken into account Depreciation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent an adjustment to the adjusted tax basis of any asset included in Company assets pursuant to Code Section 734(b) or
Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts
as a result of a distribution other than in liquidation of a Member&rsquo;s Membership Interest, the amount of such adjustment shall be
treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the
asset) from the disposition of the asset and shall be taken into account for the purposes of computing Net Income and Net Loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Book Value of any Company asset is adjusted pursuant to the definition of &ldquo;Book Value,&rdquo; the amount of the adjustment
will be taken into account as gain or loss from the disposition of the asset for purposes of computing Net Income or Net Loss; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this definition, any items of income, gain, loss or deduction that are specially allocated
pursuant to <B>Sections 4.2</B> and <B>4.8</B> shall not be taken into account in computing Net Income or Net Loss. The amounts of the
items of Company income, gain, loss or deduction available to be specially allocated pursuant to <B>Sections 4.2 </B>and <B>4.8</B> hereof
shall be determined by applying rules analogous to those set forth in this definition of Net Income and Net Loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Revenue</U>&rdquo;
means, with respect to any period of determination, the Gross Revenues actually received during such period, less (i) any revenue sharing
or similar payments made by the Company to third parties during such period and (ii) any commissions paid by the Company during such period
that are directly attributable to the Gross Revenues received during such period, in all instances, as determined on a cash basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>New Securities</U>&rdquo;
has the meaning set forth in <B>Section 8.9(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Non-Participating
Member</U>&rdquo; has the meaning set forth in <B>Section 8.9(d)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Nonrecourse Liability</U>&rdquo;
has the meaning set forth in Regulations Section 1.752-1(a)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Notice</U>&rdquo;
means a written notice required or permitted under this Agreement. A Notice shall be deemed given or sent when deposited, as certified
mail, return receipt requested, postage and fees prepaid, in the United States mails; when personally delivered to the recipient; or when
transmitted by electronic means, and such transmission is electronically confirmed as having been successfully transmitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Original Agreement</U>&rdquo;
has the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Other Activities</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>5.1(d)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Other Members</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.7(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Percentage Interest</U>&rdquo;
means, with respect to a Member, the Percentage Interest of such Member as set forth opposite such Member&rsquo;s name on <U>Exhibit A</U>
attached hereto, representing the number of Units owned by such Member <I>divided by</I> the total number of Units that are issued and
outstanding, which exhibit shall be amended from time to time in accordance with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means any natural person, corporation, firm, joint venture, partnership, limited liability company, trust, unincorporated organization,
government or any department, political subdivision or agency of a government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Prohibited Transfer</U>&rdquo;
has the meaning set forth in <B>Section 8.6(g)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Proprietary Information</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>12.1</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Purchase Agreement</U>&rdquo;
has the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Qualified Appraiser</U>&rdquo;
has the meaning set forth in <B>Section 8.8(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>QVC</U>&rdquo; means
QVC, Inc., a division of Qurate Retail Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>QVC-Related Waterfall
Adjustment</U>&rdquo; has the meaning set forth in <B>Section 4.4(d)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>QVC Royalty Revenue</U>&rdquo;
means, with respect to any period of determination, the Company&rsquo;s Net Revenue solely related to sales made by or through QVC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Regulations</U>&rdquo;
means the income tax regulations promulgated by the United States Department of the Treasury and published in the Federal Register for
the purpose of interpreting and applying the provisions of the Code, as such Regulations may be amended from time to time, including corresponding
provisions of applicable successor regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Regulatory Allocations</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2(g)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
means the Securities Act of 1933, as amended, or any similar federal statute then in effect, and any reference to a particular section
thereof shall include a reference to the comparable section, if any, of any such similar federal statute, and the rules and regulations
promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ROFR Interest</U>&rdquo;
has the meaning set forth in <B>Section 8.8(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ROFR Trigger Sale</U>&rdquo;
has the meaning set forth in <B>Section 8.8(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sale Price</U>&rdquo;
has the meaning set forth in <B>Section 8.7(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Selling Member</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.6(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Selling Notice</U>&rdquo;
has the meaning set forth in <B>Section 8.8(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tag-Along Buyer</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.6(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tag-Along Notice</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.6(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tag-Along Participant</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.6(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tag-Along Participation
Notice</U>&rdquo; has the meaning set forth in <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.6(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Tag-Along Transfer</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.6(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transaction Document</U>&rdquo;
has the meaning set forth in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer</U>&rdquo;
means and includes, in respect of a Membership Interest, or any element thereof, when used as a noun, any direct or indirect sale, hypothecation,
pledge, assignment, attachment, gift or other disposition of any kind, including, but not limited to transfers to receivers, levying creditors,
trustees or receivers in bankruptcy proceedings, or general assignees for the benefit of creditors, whether voluntary or by operation
of law, of a Membership Interest or any element thereof, and, when used as a verb, to, directly or indirectly, sell, hypothecate, pledge,
assign, attach, bequest or otherwise dispose of a Membership Interest or any element thereof; <I>provided</I>, <I>however</I>, that notwithstanding
any provision of this Agreement to the contrary, (a) any indirect sale, transfer or assignment of the WHP Member&rsquo;s Membership Interest
to any Person or group of Persons which results from a sale of the Equity Securities of WHP or any parent or successor company of WHP
(whether through a sale to third Persons, public offering of the Equity Securities of WHP or any parent or successor company of WHP or
otherwise) shall not be a &ldquo;Transfer&rdquo; pursuant to this Agreement and no limitations on &ldquo;Transfer&rdquo; set forth in
this Agreement shall apply to any such sale, (b) any hypothecation or pledge by the WHP Member or the Xcel Member of its Membership Interest
that creates a mere security interest in the pledged Membership Interest shall not be a &ldquo;Transfer&rdquo; pursuant to this Agreement
and no limitations on &ldquo;Transfer&rdquo; set forth in this Agreement shall apply to any such hypothecation or pledge (<I>provided</I>,
<I>however</I>, that, for the avoidance of doubt, in the case of the Xcel Member, any potential ROFR Trigger Sale with respect to the
Xcel Member&rsquo;s Membership Interest (whether pursuant to the Xcel Member&rsquo;s hypothecation or pledge of such Membership Interest
or otherwise) shall be subject to the WHP ROFR and, if otherwise applicable, to the WHP Purchase Right), and (c) subject to <B>Section
6.1</B>, any indirect sale, transfer or assignment of the Xcel Member&rsquo;s Membership Interest to any Person or group of Persons, which
results from a sale of the Equity Securities of Xcel or any parent or successor company of Xcel (whether through a sale to third Persons,
public offering of the Equity Securities of Xcel or any parent or successor company of Xcel or otherwise), shall not be a &ldquo;Transfer&rdquo;
pursuant to this Agreement and no limitations on &ldquo;Transfer&rdquo; set forth in this Agreement shall apply to any such sale. Notwithstanding
the foregoing, (i) a Transfer of the publicly traded equity of Xcel, or (ii) a Change of Control of Xcel or its direct or indirect parent
company, shall not be treated as a Transfer for the purposes of this Agreement, <I>provided</I> that the Membership Interest continues
to be held, directly or indirectly, by Xcel, its successors or assigns (or subsidiaries thereof), and <I>further provided</I>, <I>however</I>,
that, for the avoidance of doubt, the Membership Interest shall be subject to the WHP Purchase Right (and all applicable provisions of
<B>Section 8.8(b)</B>) in connection with any such Change of Control of any Covered Xcel Party. In addition, notwithstanding the foregoing,
(x) a Transfer of the publicly traded equity of WHP, or (y) a Change of Control of WHP or its direct or indirect parent company, shall
not be treated as a Transfer for the purposes of this Agreement, <I>provided</I> that the Membership Interest continues to be held, directly
or indirectly, by WHP, its successors or assigns (or subsidiaries thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transferee</U>&rdquo;
means a Person who obtains or receives a Membership Interest or any element thereof by means of a Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transferring Members</U>&rdquo;
has the meaning set forth in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.7(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trustee</U>&rdquo;
has the meaning set forth in Section <B>8.8(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unit</U>&rdquo;
means a unit of limited liability company interest, which represents a Member&rsquo;s interest in the capital, income, gains, losses,
deductions and expenses of the Company and the right to vote on certain Company matters as provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Valuation Process</U>&rdquo;
has the meaning set forth in <B>Section 8.8(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP</U>&rdquo; has
the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP Brand Support
Services Agreement</U>&rdquo; means that certain Brand Support Services Agreement, dated as of the date hereof, between WHP Global and
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP Brand Support
Services Amount</U>&rdquo; means all fees and other expenses payable by the Company pursuant to the WHP Brand Support Services Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP Direct Competitor</U>&rdquo;
means any company whose primary business is the acquisition and licensing of consumer brands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP Global</U>&rdquo;
means WHP Global, LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP Member</U>&rdquo;
means WHP and its Affiliates that hold Membership Interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP Parent</U>&rdquo;
means WH Topco, L.P., a Delaware limited partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP Purchaser</U>&rdquo;
has the meaning set forth in <B>Section 8.8(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP Purchase Right</U>&rdquo;
has the meaning set forth in <B>Section 8.8(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP Purchase Right
Period</U>&rdquo; has the meaning set forth in <B>Section 8.8(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP ROFR</U>&rdquo;
has the meaning set forth in <B>Section 8.8(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>WHP ROFR Period</U>&rdquo;
has the meaning set forth in <B>Section 8.8(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Xcel</U>&rdquo;
has the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Xcel Interest</U>&rdquo;
has the meaning set forth in <B>Section 8.8(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Xcel Design, Interactive
Television, and Talent Services Agreement</U>&rdquo; means that certain Design, Interactive Television, and Talent Services Agreement,
dated as of the date hereof, between Xcel and IMB, on the one hand, and the Company, on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Xcel Design, Interactive
Television, and Talent Services Amount</U>&rdquo; means all fees and other expenses payable by the Company pursuant to the Xcel Design,
Interactive Television, and Talent Services Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Xcel License Agreement</U>&rdquo;
means that certain License Agreement, dated as of the date hereof, between Xcel-CT MFG, LLC and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Xcel Member</U>&rdquo;
means Xcel and its Affiliates that hold Membership Interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
II</FONT><BR>
<BR>
ORGANIZATIONAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Filing of Certificate of Formation</U>. Xcel has organized the Company pursuant to the Act and, for that purpose, has caused
the Certificate of Formation to be prepared, executed and filed with the Delaware Secretary of State on May 11, 2022. The Members agree
that the rights, duties and liabilities of the Members and the Manager shall be as provided in the Act, except as otherwise expressly
provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Name of Company</U>. The name of the Company is &ldquo;IM TOPCO, LLC.&rdquo; The Company may do business under that name and
under any other name or names which the Manager selects. If the Company does business under a name other than that set forth in its Certificate
of Formation, then the Company shall comply with any requirements of the Act or applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Address of Company</U>. The principal executive office of the Company shall be situated at 530 Fifth Avenue, 25th Floor, New
York, New York 10036, or such other place or places as may be determined by the Manager from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Agent for Service of Process</U>. The agent for service of process on the Company shall be Corporation Service Company, 251
Little Falls Drive, Wilmington, Delaware 19808, or such other agent as may be determined by the Manager from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Business Purposes</U>. The purpose of the Company is to engage in any lawful act or activity for which a limited liability company
may be organized under the Act; however, the primary purpose of the Company shall be to own and operate the Business and to do any and
all other acts or things that may be incidental or necessary to carry on the Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Treatment as Partnership</U>. It is the intent of the Members that the Company shall always be operated in a manner consistent
with its treatment as a &ldquo;partnership&rdquo; for federal, state, and local income tax purposes. Except as provided in the foregoing
sentence, the Members intend the Company to be a limited liability company under the Act, and that they be Members, and not partners in
a partnership. No Member or Manager shall take any action inconsistent with the express intent of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Term of Company&rsquo;s Existence</U>. The term of existence of the Company commenced on the effective date of filing of the
Certificate of Formation with the Delaware Secretary of State, and shall continue in perpetuity, unless sooner terminated by the provisions
of this Agreement or as provided by Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Units</U>. Each Member&rsquo;s interest in the Company, including such Member&rsquo;s interest in the capital, income, gains,
losses, deductions and expenses of the Company and the right to vote on certain Company matters as provided in this Agreement, shall be
represented by Units. As of the date of this Agreement, the Company shall have one (1) authorized class of Units, and the Company shall
have one (1) class of Members. The Company has issued on the date hereof One Thousand (1,000) Units. The ownership by a Member of Units
shall entitle such Member to allocations of Net Income and Net Loss and other items of income, gain, loss or deduction, and distributions
of cash and other property, as set forth in <B>Article </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>IV</B>. For purposes of this Agreement,
Units held by the Company shall be deemed not to be outstanding. The Company may issue fractional Units and all Units shall be rounded
to the third decimal place. The names of the Members shall be as set forth on <U>Exhibit A</U> attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
III</FONT><BR>
<BR>
CAPITAL ACCOUNTS AND CAPITAL CONTRIBUTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capital Accounts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall maintain a Capital Account for each Member on the Company&rsquo;s books and records in accordance with this <B>Section
</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>3.1</B>. At any time, each Member&rsquo;s Capital Account shall be equal to (i) such
Member&rsquo;s Capital Contributions, <I>plus</I> (ii) such Member&rsquo;s allocable share of Net Income and any items in the nature of
income or gain that are specially allocated to such Member, including pursuant to <B>Sections </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2</B>
and <B>4.8</B>, <I>plus</I> (iii) the amount of any Company liabilities assumed by such Member or that are secured by any property distributed
to such Member, <I>minus</I> (iv) the amount of cash and the Book Value of any Company asset other than cash distributed to such Member,
<I>minus</I> (v) such Member&rsquo;s allocable share of Net Loss and any other items in the nature of deductions or losses that are specially
allocated to such Member, including pursuant to <B>Sections </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2</B> and <B>4.8</B>, and
<I>minus</I> (vi) the amount of any liabilities of such Member assumed by the Company or that are secured by any property contributed
by such Member to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In determining the amount of any liability for purposes of <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>3.1</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>(a)</B>
there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Member Transfers all or a portion of its Units in accordance with the terms of this Agreement, the Transferee shall succeed
to the Capital Account of the transferor to the extent such Capital Account relates to the transferred Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>3.1</B> and the other provisions of this Agreement relating to
the maintenance of Capital Accounts are intended to comply with Treasury Regulation Sections 1.704-1(b) and 1.704-2 and shall be interpreted
and applied consistently therewith. In the event that the Manager shall determine that it is prudent to modify the manner in which the
Capital Accounts, or any credits or debits thereto, are computed in order to comply with such Treasury Regulations, the Manager may make
such modification provided such modification does not and is not likely to have a material effect on the amounts distributable to any
Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capital Contributions; Percentage Interest</U>. In exchange for their initial Membership Interests in the Company, on the date
hereof, the Initial Members shall contribute cash or property to the Company in the amounts set forth opposite such Member&rsquo;s name
on <U>Exhibit A</U> hereto (the &ldquo;<U>Initial Capital Contributions</U>&rdquo;). Each Member shall initially own the number of Units,
and have the initial Percentage Interest, in each case as set forth opposite such Member&rsquo;s name on <U>Exhibit A</U>, which shall
be amended from time to time in accordance with the terms of this Agreement. Except as required pursuant to Section 6.15 of the Purchase
Agreement, no Member shall be required to make any additional Capital Contribution without such Member&rsquo;s consent. Members may, at
their option and with the consent of the Manager, make additional Capital Contributions, subject to the Company&rsquo;s compliance with
the provisions of <B>Section 8.9</B>. Notwithstanding anything to the contrary contained in this Agreement, and for the avoidance of doubt,
in the event that the Earn-Out Amount is earned by Xcel and paid by WHP to Xcel pursuant to the Purchase Agreement, appropriate adjustments
shall be made to the Capital Accounts of WHP and Xcel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Return of Capital Contributions</U>. Except in accordance with the terms of this Agreement, no Member shall be entitled to withdraw,
or to receive a return of, any part of a Capital Contribution or to receive any distributions, whether of money or property, from the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Interest on Capital Contributions or Capital Accounts</U>. Except as otherwise provided in this Agreement, no interest shall
be paid on any Capital Contributions or on the balance of any Capital Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
IV</FONT><BR>
<BR>
PROFITS, LOSSES AND DISTRIBUTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Allocations of Net Income and Net Loss</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Net Income and Net Loss</U>. After giving effect to the special allocations set forth in <B>Sections </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2</B>
and <B>4.8</B>, Net Income and Net Loss for each Fiscal Year shall be allocated among the Members in a manner such that the Capital Account
of each Member, immediately after making such allocation, is, as nearly as possible, equal (proportionately) to the distributions that
would be made to such Member if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Book Values,
all Company liabilities were satisfied (limited with respect to each Nonrecourse Liability to the Book Value of the assets securing such
liability), and the net assets of the Company were distributed in accordance with <B>Section 4.4(a)</B> or <B>Section 4.4(b)</B> (depending
on whether the items being allocated are attributable to Net Cash Flow and Net Capital Proceeds immediately after making such allocations),
provided that such target Capital Account amounts shall be calculated by adding back a Member&rsquo;s share of Company Minimum Gain and
Member Minimum Gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Net Loss</U>. Notwithstanding the foregoing, the Net Loss allocated pursuant to this <B>Section 4.1</B> shall
not exceed the maximum amount of Net Loss that can be so allocated without causing any Member to have an Adjusted Capital Account deficit
at the end of any Fiscal Year. In the event that some but not all Members would have Adjusted Capital Account deficits as a consequence
of an allocation of Net Losses pursuant to this <B>Section 4.1</B>, this limitation shall be applied on a Member by Member basis so as
to allocate the maximum permissible Net Losses to each Member under Regulations Section 1.704-1(b)(2)(ii)(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Allocations</U>. Notwithstanding any other provision of this Agreement, the following special allocations shall be
made in the following order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Minimum Gain Chargeback</U>. If there is a net decrease in Company Minimum Gain during any Fiscal Year, each Member shall be
specially allocated items of Company income and gain for such year (and, if necessary, for subsequent years) in an amount equal to such
Member&rsquo;s share of the net decrease in Company Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant
to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto.
The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2(a)</B>
is intended to comply with the &ldquo;minimum gain chargeback&rdquo; requirements of Regulations Section 1.704-2(f) and shall be interpreted
consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Chargeback Attributable to Member Nonrecourse Debt</U>. If there is a net decrease in Member Minimum Gain during any Fiscal
Year, each Member with a share of Member Minimum Gain at the beginning of such Fiscal Year shall be specially allocated items of income
and gain for such Fiscal Year (and, if necessary, for subsequent Fiscal Years) in an amount equal to such Member&rsquo;s share of the
net decrease in Member Minimum Gain, determined in accordance with Regulations Section 1.704-2(i)(4) and (5). Allocations pursuant to
the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto.
The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2)(i). This <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2(b)</B>
is intended to comply with the &ldquo;partner minimum gain chargeback&rdquo; requirements of Regulations Section 1.704-2(i)(4) and shall
be interpreted consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Qualified Income Offset</U>. If any Member unexpectedly receives any adjustment, allocation or distribution described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) which increases or results in an Adjusted Capital Account deficit for the Member, such Member
shall be allocated items of income and gain in an amount and manner sufficient to eliminate such Adjusted Capital Account deficit as quickly
as possible; <I>provided, however</I>, an allocation pursuant to this <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2(c)</B>
shall be made if and only to the extent that such Member would have an Adjusted Capital Account deficit after all other allocations provided
for in this <B>Article&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>IV</B> have been tentatively made as if this <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2(c)</B>
were not in the Agreement. This <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2(c)</B> is intended to constitute
a &ldquo;qualified income offset&rdquo; as provided by Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Gross Income Allocation</U>. In the event any Member has an Adjusted Capital Account deficit, such Member shall be allocated
items of income and gain in an amount and manner sufficient to eliminate such Member&rsquo;s Adjusted Capital Account deficit as quickly
as possible; <I>provided</I>, that an allocation pursuant to this <FONT STYLE="font-size: 10pt"><B>&lrm;</B></FONT><B>Section 4.2(d)</B>
shall be made only if and to the extent that such Member would have an Adjusted Capital Account deficit after all other allocations provided
for in this <FONT STYLE="font-size: 10pt">&lrm;</FONT><B>Section 4.2</B> have been tentatively made as if <B>Section 4.2(c)</B> and this
<FONT STYLE="font-size: 10pt">&lrm;</FONT><B>Section 4.2(d)</B> were not in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Member Nonrecourse Deductions</U>. Member Nonrecourse Deductions shall be allocated among the Members who bear the Economic
Risk of Loss for the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in the ratio in which they share
Economic Risk of Loss for such Member Nonrecourse Debt. This provision is to be interpreted in a manner consistent with the requirements
of Regulations Section 1.704-2(b)(4) and (i)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nonrecourse Deductions</U>. Any Nonrecourse Deductions (as defined in Regulations Section 1.704-2(b)(1)) for any Fiscal Year
or other period shall be specially allocated to the Members in proportion to their Percentage Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Additional Adjustments</U>. To the extent that an adjustment to the adjusted tax basis of any Company asset pursuant
to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section
1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Member in complete
liquidation of its Membership Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if
the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially
allocated to the Members in accordance with their Membership Interests in the Company in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2)
applies, or to the Members to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Allocations</U>. The allocations set forth in <B>Section 4.1(b)</B> and this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.2</B>
(the &ldquo;<U>Regulatory Allocations</U>&rdquo;) are intended to comply with certain requirements of the applicable Regulations promulgated
under Code Section 704(b). Notwithstanding any other provision of this <B>Article&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>IV
</B>(other than the Regulatory Allocations), the Regulatory Allocations shall be taken into account in allocating Net Income, Net Loss
and other items of income, gain, loss and deduction to the Members for Capital Account purposes so that, to the extent possible, the net
amount of such allocations of Net Income, Net Loss and other items shall be equal to the amount that would have been allocated to each
Member if the Regulatory Allocations had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Allocations of Built-In Items</U>. In accordance with Code Sections 704(b) and 704(c) and the Treasury Regulations thereunder,
income, gain, loss and deduction with respect to property actually or constructively contributed to the capital of the Company shall,
solely for tax purposes, be allocated among the Members so as to take account of any variation at the time of the contribution between
the tax basis of the property to the Company and the fair market value of that property. Any allocations under this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.3</B>
shall be made using any method permitted under Code Section 704(c) as determined by the Manager. Allocations of income, gain, loss and
deduction pursuant to this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.3</B> are solely for purposes of federal,
state and local taxes and shall not affect, or in any way be taken into account in computing, the Capital Account of any Member or the
share of Net Cash Flow, Net Income, Net Loss, other tax items or distributions of any Member pursuant to any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions of Net Cash Flow</U>. During each Fiscal Year, the Net Cash Flow shall be distributed to the Members, no less
than once per fiscal quarter, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>first</I>, 100% to the WHP Member until the WHP Member has received an aggregate amount during such Fiscal Year pursuant to
this <B>Section 4.4(a)(i)</B> equal to $8,852,000, as such amount may be adjusted as provided in <B>Section 4.4(d)</B> (the &ldquo;<U>Annual
WHP Priority Amount</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>second</I>, 100% to the Xcel Member until the Xcel Member has received an aggregate amount during such Fiscal Year pursuant
to this <B>Section 4.4(a)(ii)</B> equal to $1,316,200, as such amount may be adjusted as provided in <B>Section 4.4(d)</B> (the &ldquo;<U>Annual
Xcel Priority Amount</U>&rdquo; and, collectively with the Annual WHP Priority Amount, the &ldquo;<U>Annual Priority Amounts</U>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>thereafter</I>, the balance, if any, in proportion to the Members&rsquo; respective Percentage Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions of Net Capital Proceeds</U>. Net Capital Proceeds shall be distributed, within thirty (30) days of the event giving
rise to such proceeds, to the Members in proportion to their respective Percentage Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Right of Set-Off</U>. Notwithstanding anything to the contrary contained in this <B>Section 4.4</B>, the Manager shall be allowed
to set off against any amounts payable to the Xcel Member pursuant to this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.4</B>,
and pay such amounts to the WHP Member, (i) any amount which WHP or its Affiliates are actually entitled, pursuant to a mutual written
agreement of the parties or pursuant to a final and non-appealable judgment or order requiring such amount to be paid by the Xcel Member
or its Affiliates, pursuant to the Purchase Agreement in respect of claims for indemnification or otherwise, and (ii) the Adjustment Amount,
if WHP or its Affiliates are actually entitled to be paid such amount by the Xcel Member or its Affiliates pursuant to the Purchase Agreement.
Any amounts that reduce distributions to the Xcel Member that are used to satisfy claims for indemnification or payment of the Adjustment
Amount shall for purposes of this Agreement be treated as if actually distributed by the Company to the Xcel Member and then used by the
Xcel Member to satisfy claims for indemnification or payment of the Adjustment Amount, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustments to Annual Priority Amounts</U>. Notwithstanding anything to the contrary contained in this <B>Section 4.4</B>, the
Annual Priority Amounts shall be subject to adjustment, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Fiscal Year ending December 31, 2022 (&ldquo;<U>Fiscal Year 2022</U>&rdquo;), the Annual WHP Priority Amount
and the Annual Xcel Priority Amount shall each be reduced by multiplying each such amount by a fraction, the numerator of which shall
equal the number of days from and including the date of this Agreement through and including December 31, 2022, and the denominator of
which shall equal 365.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Company&rsquo;s QVC Royalty Revenue during the six-month period commencing on July 1, 2023 and continuing
through and including December 31, 2023 equals or exceeds $7,459,000, then, commencing with respect to the Fiscal Year beginning on January
1, 2024 and continuing thereafter, the Annual WHP Priority Amount shall be decreased to $7,688,000 and the Annual Xcel Priority Amount
shall be increased to $3,295,000 (a &ldquo;<U>QVC-Related Waterfall Adjustment</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to any QVC-Related Waterfall Adjustment, if applicable, in the event that the Earn-Out Event occurs on or prior to
December 31, 2023, as definitively determined in accordance with Section 2.7 of the Purchase Agreement, then, commencing with respect
to the Fiscal Year beginning on January 1, 2024 and continuing thereafter, the Annual WHP Priority Amount shall be increased by $365,000
and the Annual Xcel Priority Amount shall be increased by $156,000 (an &ldquo;<U>Earn-Out-Related Waterfall Adjustment</U>&rdquo;). For
the avoidance of doubt and by way of examples: (A) in the event that both a QVC-Related Waterfall Adjustment and an Earn-Out-Related Waterfall
Adjustment occur, then, effective January 1, 2024, the Annual WHP Priority Amount shall become $8,053,000 (i.e., $7,688,000 + $365,000)
and the Annual Xcel Priority Amount shall become $3,451,000 (i.e., $3,295,000 + $156,000); and (b) in the event that an Earn-Out-Related
Waterfall Adjustment occurs, but a QVC-Related Waterfall Adjustment does not occur, then, effective January 1, 2024, the Annual WHP Priority
Amount shall become $9,217,000 (i.e., $8,852,000 + $365,000) and the Annual Xcel Priority Amount shall become $1,472,200 (i.e., $1,316,200
+ $156,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Varying Interests</U>. For purposes of determining Net Income, Net Loss and any other items of income, gain, loss and deduction
allocable to any Member for any period, Net Income, Net Loss and any such other items will be determined on a daily, monthly or other
basis, as determined by the Manager using any permissible method under Code Section 706 and the Treasury Regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Withholding Taxes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall withhold taxes from distributions to, and allocations among, the Members to the extent required by Law. Except
as otherwise provided in this <B>Section 4.6</B>, any amount so withheld by the Company with regard to a Member shall be treated for purposes
of this Agreement as an amount actually distributed to such Member pursuant to <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>4.4</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Member hereby agrees to indemnify the Company and the other Members for any liability they may incur for failure to properly
withhold taxes in respect of such Member; moreover, each Member hereby agrees that neither the Company nor any other Member shall be liable
for any excess taxes withheld and paid to the appropriate governmental authority in respect of such Member&rsquo;s interest and that,
in the event of overwithholding, a Member&rsquo;s sole recourse shall be to apply for a refund from the appropriate governmental authority.
Each Member will furnish the Manager with such information as may reasonably be requested by the Manager from time to time to determine
whether withholding is required, and each Member will promptly notify the Manager if such Member determines at any time that it is subject
to withholding. The obligations of a Member as set forth in this <B>Section 4.6(b)</B> shall survive the withdrawal of any Member from
the Company or any Transfer of a Member&rsquo;s Membership Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Restoration of Negative Capital Accounts</U>. No Member shall be obligated to restore a Capital Account with a balance of
less than zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws and Regulations</U>. It is the intent of the Members that each Member&rsquo;s distributive share of Company
tax items be determined in accordance with this Agreement to the fullest extent permitted by Code Sections 704(b) and 704(c).&nbsp; Therefore,
notwithstanding anything to the contrary contained herein, if the Company is advised that the allocations provided in this Agreement are
unlikely to be respected for federal income tax purposes, the Manager, with the consent of each of the Members (which shall not be unreasonably
withheld, conditioned or delayed), is hereby granted the power to amend the allocation provisions of this Agreement, on advice of accountants
and legal counsel, to the minimum extent necessary to cause such allocation provisions to be respected for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
V</FONT><BR>
<BR>
MANAGEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Management</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Management by the Manager</U>. In accordance with Section 18-401 of the Act, the business, property and affairs of the Company
shall be managed, and all powers of the Company shall be exercised, by or under the direction of a single &ldquo;manager&rdquo; of the
Company within the meaning of the Act (the &ldquo;<U>Manager</U>&rdquo;), who shall be appointed by a vote of a Majority-in-Interest of
the Members. WHP is hereby designated the initial Manager. Except for matters for which approval by the Members or the Xcel Member is
expressly required by this Agreement or the mandatory provisions of the Act, all decisions concerning the management, operation and policy
of the Company&rsquo;s business shall be made by the Manager and the Manager shall have full, complete and exclusive authority, power
and discretion to manage and control the business, property and affairs of the Company, to make all decisions regarding those matters
and to perform any and all acts or activities customary or incident to the management, operation and policy of the Company&rsquo;s business,
property or affairs. For the purpose of clarification, each reference in the immediately preceding sentence to the word &ldquo;<U>business</U>&rdquo;
includes, but is not limited to, the Business. Decisions of the Manager within its scope of authority shall be binding upon the Company
and each Member (as such decision affects the Company and, therefore, each Member&rsquo;s Membership Interest). Except for matters for
which approval by any of the Members is expressly required by this Agreement or the mandatory provisions of the Act, no Member shall have
the right to vote on any matters concerning the affairs of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Actions on Behalf of Company</U>. Without limiting the generality of <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>5.1</B>,
but subject to the limitations set forth elsewhere in this Agreement, the Manager or its designee hereby is authorized and empowered to
carry out and implement any and all of the following actions on behalf of the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to engage personnel, including the officers of the Company, and to do such other acts and incur such other expenses on behalf of
the Company as it may deem necessary or advisable in connection with the conduct of the Company&rsquo;s affairs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to engage independent attorneys, accountants, investment advisers, agents or other such Persons as it may deem necessary or advisable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to open, maintain, conduct and close accounts, including depositary, custodial, brokerage, margin, client or discretionary accounts,
with banks, brokers, investment advisers, or other Persons and to pay the fees and charges for transactions in such accounts; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to execute, deliver and perform such other contracts, agreements, and such other undertakings as it may deem necessary or advisable
for the conduct of the business of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restriction on Members&rsquo; Authority</U>. No Member is an agent of the Company solely by virtue of being a Member, and no
Member, except those members that are Managers, has the authority to act for or bind the Company or any other Member solely by virtue
of being a Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Devotion of Time as Manager</U>. It is acknowledged that the Manager has other business interests to which it may devote part
of its time. The Manager shall devote to the Company such efforts as are reasonably necessary to manage the business and affairs of the
Company, it being understood that nothing herein shall require the Manager to devote its full time to the business and affairs of the
Company. Nothing contained in this Agreement shall preclude the Manager or any of its employees or agents from acting as a director, stockholder,
officer, official, consultant or employee of any Person, from receiving compensation for services rendered in connection with the foregoing,
from acting as a principal or employee of any Person with whom the Company may contract for services or otherwise in accordance with the
terms of this Agreement, or participating in profits derived from investments in any such Person, or from investing in any securities
or other property for its, his or her own account, provided that such participation or involvement shall not interfere with the performance
by such Person of its, his or her duties for the Company or its, his or her obligations under this Agreement or any other agreement between
such Person and the Company. In addition to the foregoing, and subject to (a) with respect to the Xcel Member and the WHP Member, the
other express provisions of this Agreement, the Purchase Agreement and any other agreement or arrangement between the Members and (b)
the ownership by the Company of the Contributed Assets formerly held by the Xcel Member or its Affiliates, each Member, including the
Manager, shall be entitled to engage in any lawful business activity (&ldquo;<U>Other Activities</U>&rdquo;), and none of the other Members
(in their capacity as a Member of the Company) or the Company shall have any right in or to the Other Activities or to the income or proceeds
derived therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Performance of Duties; Reliance</U>. The Manager shall perform its managerial duties in good faith and in a manner it believes
to be in, or not opposed to, the best interests of the Company and the Business. In performing its duties, the Manager shall be entitled
to rely on information, opinions, reports or statements, including financial statements and other financial data, of any attorney, independent
accountant or other Person as to matters which the Manager believes to be within such Person&rsquo;s professional or expert competence
unless the Manager has actual knowledge concerning the matter in question that would cause such reliance to be unwarranted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exculpation</U>. The Manager shall not be liable to the Company or any Members for any claims, costs, expenses, damages or losses
arising out of or in connection with the performance of its duties as the Manager, or for any act or omission performed or omitted to
be performed by the Manager in good faith and for a purpose believed by the Manager to be in, or not opposed to, the best interests of
the Company, and pursuant to the authority granted to the Manager under this Agreement, other than those attributable to the Manager&rsquo;s
gross negligence or willful misconduct. Subject to <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>5.1(e)</B>, the Manager
shall not be liable to any Member for claims, costs, expenses, damages or losses due to circumstances beyond the Manager&rsquo;s control,
including, without limitation, due to the negligence, dishonesty, bad faith or misfeasance of any employee, broker or other agent of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Decisions</U>. Notwithstanding any other provision in this Agreement, the Manager shall not be authorized to take, and
shall not take, any of the actions or make any of the decisions that are set forth below, in each case solely as they relate to the Company,
without the prior written consent of the Xcel Member:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>amend, modify or waive the Certificate of Formation or this Agreement, except as expressly provided in <B>Section 14.2</B>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>redeem or repurchase any Units, other than on a pro rata basis from all Members;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>alter the primary purpose of the Company set forth in <B>Section 2.5</B>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>establish any subsidiary or enter into any joint venture or similar business arrangement, other than licensing and exploiting assets
of the Company in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any investments in any controlled Affiliate of WHP Parent or in any Person in which WHP Parent has an economic interest;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>other than pursuant to the WHP Brand Support Services Agreement, the Xcel Design, Interactive Television, and Talent Services Agreement,
and the Xcel License Agreement, enter into any contracts, arrangements or agreements with any Affiliate of WHP, except on terms and conditions
that are in all material respects no less favorable to the Company than could be obtained by the Company in the same type of transaction
with an independent third party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>declare or pay any distribution to any Member that is not pro rata, except as otherwise required or permitted by the terms of this
Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>guarantee obligations of any Person other than the Company or utilize assets of the Company or any subsidiary of the Company as
security for any loans of obligations of any Person other than the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>terminate the Xcel Design, Interactive Television, and Talent Services Agreement, or the Xcel License Agreement, except to the
extent permitted pursuant to the terms thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>approve any change of the Company&rsquo;s fiscal year; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for so long as the WHP Brand Support Services Agreement is in effect, make any payment to WHP Global or any other Affiliate of
WHP with respect to any of the services expressly required to be provided by WHP Global to the Company pursuant to the WHP Brand Support
Services Agreement, other than payment of the WHP Brand Support Services Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officers</U>. The Manager may appoint officers of the Company in its discretion, which may include a chief executive officer,
chief financial officer, one or more vice presidents, a secretary and one or more assistant secretaries. Any number of offices may be
held by the same person. The Manager may choose such other officers and agents, as it shall deem necessary, who shall hold their offices
for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Manager. The officers
of the Company shall be empowered to carry out the day-to-day operations of the Company and to implement the actions authorized by the
Manager. Any officer may be removed either with or without cause by the Manager at any time. Any officer may resign at any time by giving
written notice to the Manager. No officer need be a Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Assets</U>. The Manager shall cause all assets of the Company (including, without limitation, all intellectual property
assets) to be held in the name of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Manager</U>. The Manager may voluntarily resign at any time by giving written notice to the Members.
The Manager may only be removed without cause pursuant to an affirmative vote of Members holding in the aggregate at least a Majority-in
Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conflicts of Interest; Business Opportunities</U>. Subject to (a) the terms of this <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>5.6</B>,
(b) with respect to the Xcel Member, the other express provisions of this Agreement, the Purchase Agreement and any other agreement or
arrangement between the Members, and (c) the ownership by the Company of the Contributed Assets formerly held by the Xcel Member or its
Affiliates, each Member and each officer of the Company at any time and from time to time may engage in and own interests in other business
ventures of any and every type and description, independently or with others (including ones in competition with the Company) with no
obligation to offer to the Company or any other Member, Manager or officer the right to participate therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fiduciary Duties</U>. All fiduciary duties of the Manager are hereby waived to the fullest extent permitted by Law except for
those duties specifically set forth in this <B>Article V</B>, it being understood that applicable Law does not, as of the date hereof,
permit the waiver of the implied contractual covenant of good faith and fair dealing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Annual Budget</U>. The Company&rsquo;s anticipated budget for Fiscal Year 2022 shall be based on the budget set forth on <U>Exhibit
B</U> attached hereto (the &ldquo;<U>Anticipated Initial Annual Budget</U>&rdquo;). The Manager shall set the annual budgets for Fiscal
Years beginning after December 31, 2022 at least sixty (60) days prior to the end of the Fiscal Year preceding the Fiscal Year to which
the annual budget relates. Notwithstanding the foregoing, and for the avoidance of doubt, the Manager shall have absolute and sole discretion
to determine any and all deviations by the Company from the Anticipated Initial Annual Budget during Fiscal Year 2022, and to determinate
all budgets of the Company and all deviations by the Company therefrom for all periods thereafter; <I>provided</I>, <I>however</I>, that,
(a) in setting any annual budget or approving any deviations therefrom, the Manager shall act in good faith and without the actual intention
to cause the Adjustment Amount to be payable by the Xcel Member or to cause the Earn-Out Event not to occur, and (b) the event the Manager
determines that, (i) during Fiscal Year 2022, the Company will materially deviate from the Anticipated Initial Annual Budget, the Manager
shall afford the Xcel Member the opportunity to consult with the Manger and provide the Manager with input into the decision making process
relating to such material budget deviations for Fiscal Year 2022, and (ii) in setting any the annual budget for any subsequent Fiscal
Year, that overall annual budget will materially deviate from the annual budget from the prior Fiscal Year, or after setting the annual
budget for any subsequent Fiscal Year the Company will materially deviate from that annual budget, the Manager shall afford the Xcel Member
the opportunity to consult with the Manager and provide the Manager with input into the decision making process relating to setting such
annual budget or such material budget deviations during such Fiscal Year; <I>provided</I>, <I>further</I>, <I>however</I>, that the Xcel
Member&rsquo;s right to provide such input shall in no way limit the Manager&rsquo;s absolute and sole discretion to set all annual budgets
and to determine any and all deviations by the Company from any such budgets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
VI</FONT><BR>
<BR>
MEMBERSHIP, MEETINGS, VOTING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Members and Voting Rights</U>. Except as expressly set forth in this Agreement, no Member shall have any rights or preferences
in addition to or different from those possessed by any other Member. Members shall have the right to vote upon all of those matters as
to which this Agreement or the Act requires such Member action. Except as otherwise provided in this <B>Section 6.1 </B>and in <B>Section
8.1</B>, each Member shall vote in proportion to his, her or its Percentage Interest as of the governing record date, determined in accordance
with <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>6.3</B> hereof. Notwithstanding anything to the contrary contained
in this Agreement, (a) upon the consummation of a ROFR Trigger Sale or (b) upon a Change of Control of any Xcel Covered Party pursuant
to which the Xcel Member&rsquo;s Membership Interest becomes, directly or indirectly, controlled by a Person (or by a group of Persons
that includes at least one Person) that is a WHP Direct Competitor, the Xcel Member&rsquo;s Membership Interest shall thereupon immediately
become non-voting with respect to any and all matters as to which this Agreement or the Act requires Member action or otherwise entitles
the Xcel Member with the right to vote or provides the Xcel Member with a consent right; <I>provided</I> that such event shall not deprive
the Xcel Member of any of its economic rights and entitlements under this Agreement unless and until consummation of a Transfer of the
Xcel Member&rsquo;s Membership Interest resulting from such ROFR Trigger Sale or Change of Control. Unless otherwise provided in this
Agreement, including <B>Section &lrm;5.2 </B>hereof, actions of Members shall be pursuant to the prevailing vote of a Majority-in-Interest.
Unless otherwise expressly provided in this Agreement, no Member shall be prohibited from voting merely by reason of the fact that the
Member would be voting on a matter of particular interest to that Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Admission of Additional Members</U>. Except as expressly set forth in this Agreement, additional or new Members may be admitted
only with the approval of the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Record Dates</U>. The record date for determining the Members entitled to Notice at any meeting or to vote, or entitled to receive
any distribution, or to exercise any right in respect of any other lawful action, shall be the date set by the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Membership Certificates</U>. The Company may, but shall not be required, to issue certificates evidencing Units to Persons who,
from time to time, are Members of the Company; <I>provided</I> that once such certificates have been issued, they shall continue to be
issued as necessary to reflect current Units held by Members. Certificates shall be in such form as may be approved by the Manager, shall
be manually signed by the Manager, and shall bear conspicuous legends evidencing the restrictions on transfer described in, and the purchase
rights of the Company and Members set forth in, <B>Article </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>VIII</B>. All issuances, reissuances,
exchanges and other transactions in Units involving Members shall be recorded in a permanent ledger as part of the books and records of
the Company. The failure of any person signing as Manager to continue to be Manager shall not affect the validity of the certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Meetings: Call, Notice and Quorum</U>. The Company shall not be required to hold an annual meeting of Members. Special meetings
of the Members may be called at any time by the Manager, for the purpose of addressing any matters on which the Members may vote by delivering
Notice to the Members. Meetings may be held at the principal executive office of the Company or at such other location as may be designated
by the Manager. Following the call of a meeting, the Manager shall give Notice of such meeting not less than five (5) or more than sixty
(60) days prior to the date of the meeting to all Members entitled to vote at the meeting.&nbsp; The Notice shall state the place, date,
and hour of the meeting and the general nature of business to be transacted.&nbsp; No other business may be transacted at the meeting.
A quorum at any meeting of Members shall consist of a Majority-in-Interest, represented in person or by proxy; <I>provided</I> that a
quorum shall require the presence of the Xcel Member at any meeting to vote on a matter over which the Xcel Member has an approval right
under <B>Section 5.2</B>. The Members present at a duly called or held meeting at which a quorum is present may continue to transact business
until adjournment, notwithstanding the withdrawal of enough Members to leave less than a quorum, if the action taken, other than adjournment,
is approved by the requisite Percentage Interests as specified in this Agreement or the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjournment of Meetings</U>. A meeting of Members at which a quorum is present may be adjourned to another time or place and
any business which might have been transacted at the original meeting may be transacted at the adjourned meeting.&nbsp; If a quorum is
not present at an original meeting, that meeting may be adjourned by the vote of a Majority-in-Interest represented at that meeting either
in person or by proxy. Notice of the adjourned meeting need not be given to Members entitled to Notice if the time and place thereof are
announced at the meeting at which the adjournment is taken, unless the adjournment is for more than forty-five (45) days, or if, after
the adjournment, a new record date is fixed for the adjourned meeting, in which cases Notice of the adjourned meeting shall be given to
each Member of record entitled to vote at the adjourned meeting in the manner provided in <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>6.5</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Notice</U>. The transactions of any meeting of Members, however called and noticed, and wherever held, shall be as
valid as though consummated at a meeting duly held after regular call and notice, if a quorum is present at that meeting, either in person
or by proxy, and if, either before or after the meeting, each of the persons entitled to vote, not present in person or by proxy, signs
either a written waiver of notice, a consent to the holding of the meeting, or an approval of the minutes of the meeting. Attendance of
a Member at a meeting shall constitute waiver of notice, except when that Member objects, at the beginning of the meeting, to the transaction
of any business on the ground that the meeting was not lawfully called or convened. Attendance at a meeting is not a waiver of any right
to object to the consideration of matters required to be described in the notice of the meeting and not so included, if the objection
is expressly made at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proxies</U>. At all meetings of Members, a Member may vote in person or by proxy, which must be in writing. Such proxy shall
be filed with the Manager before or at the time of the meeting, and may be filed by facsimile transmission to the Manager at the principal
office of the Company or such other address as may be given by the Manager to the Members for such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Participation in Meetings by Conference</U>. Members may participate in a meeting through use of telephone, video, or electronic
conference or similar communications equipment, so long as all Members participating in such meeting can hear one another. Such participation
shall be deemed attendance at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Action by Members Without a Meeting</U>. Any action that may be taken at any meeting of the Members may be taken without a meeting
if a consent in writing, setting forth the action so taken, is signed by all the Members that would have been required to approve such
action at a meeting of the Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
VII</FONT><BR>
<BR>
ACCOUNTING AND FINANCIAL REPORTING; TAX MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accounts and Accounting</U>. Proper and complete books of account of the Company&rsquo;s business, in which each Company transaction
shall be fully and accurately entered, shall be kept at the Company&rsquo;s principal executive office, and at such other locations as
the Manager shall determine from time to time, and shall be open to inspection and copying by each Member or his, her or its authorized
representatives upon reasonable Notice and for a proper purpose during normal business hours or shall be copied and delivered by Manager
to the requesting Member promptly following a request therefor. The costs of such inspection, copying and delivery shall be borne by the
Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accounting</U>. The financial statements of the Company shall be prepared in accordance with GAAP and certified by the Company&rsquo;s
chief accounting officer. The annual accounting period of the Company shall be its taxable year. The Company&rsquo;s taxable year shall
be selected by the Manager, subject to the requirements of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Records</U>. At all times during the term of existence of the Company, and beyond that term if the Manager deems it necessary,
the Manager shall keep or cause to be kept the books of account referred to in <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>7.1</B>,
together with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A current list of the full name and last known business or residence address of each Member, together with the Capital Contributions
of each Member;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A copy of the Certificate of Formation and all amendments thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Copies of the Company&rsquo;s federal, state, and local income tax or information returns and reports, if any, for the six (6)
most recent taxable years, if available;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An executed counterpart of this Agreement, as amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Copies of all written consents of the Members which are required pursuant to the terms of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Copies of the financial statements of the Company for the six (6) most recent Fiscal Years, if available;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The books and records of the Company as they relate to the Company&rsquo;s internal affairs for the current and past four (4) Fiscal
Years of the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All customary information and records that are requested by Xcel in good faith and reasonably necessary for Xcel and its auditors
to complete the preparation of its financial statements in order for Xcel to be able to timely file the periodic quarterly and annual
reports that Xcel is required to file with the Securities and Exchange Commission, but only if and to the extent that such information
and records may be maintained by the Company through commercially reasonable efforts. For the avoidance of doubt, and notwithstanding
anything to the contrary contained in this Agreement, neither the Company, nor WHP, nor any Affiliate of WHP shall be required to certify
that any financial statements of the Company meet any public company reporting requirements (e.g., Sarbanes-Oxley controls).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Member&rsquo;s Rights to Records</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the request of any Member, for purposes reasonably related to the interest of such a Member, the Manager shall cause to be
promptly delivered to such Member, at the expense of the Member, a copy of the information required to be maintained pursuant to <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>7.3</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Member has the right, upon reasonable request, for purposes reasonably related to the interests of such a Member, to each
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To inspect and copy during normal business hours any of the records required by <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>7.3</B>;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To obtain from the Company promptly after becoming available, a copy of the Company&rsquo;s federal, state and local income tax
or information returns and reports, if any, for each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Manager shall cause to be promptly furnished to each Member a copy of any amendment to the Certificate of Formation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial and Other Reports</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governmental Reports</U>. The Manager shall cause to be filed all documents and reports required to be filed with any Governmental
Body in accordance with the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Reports</U>. The Manager shall cause to be sent to each Member (a) a preliminary estimate to be provided not later
than sixty (60) days after the close of each Fiscal Year and a final statement to be provided not later than seventy (70) days after the
close of each Fiscal Year, the Company&rsquo;s unaudited financial statements for that Fiscal Year, including a balance sheet as of the
end of that Fiscal Year and an income statement and statement of changes in financial position for that Fiscal Year, (b) a preliminary
statement within thirty-seven (37) days after the end of each of the first three (3) fiscal quarters of each Fiscal Year and a final statement
within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each Fiscal Year, the Company&rsquo;s unaudited
financial statements for such fiscal quarter, including a balance sheet as of the end of that fiscal quarter and an income statement and
statement of changes in financial position for such fiscal quarter, all of the foregoing to be prepared in accordance with GAAP, and (c)
prior to the end of each Fiscal Year, the Company&rsquo;s annual budget for the following Fiscal Year (including an operations budget,
capital expenditures, debt financing requirements and capital lease arrangements). The Company&rsquo;s accountants shall be a PCAOB approved
national accounting firm. The Company and its accountants shall cooperate with each Member as may be reasonably requested by such Member
and provide such additional information as such Member may reasonably require in order to comply with its financial reporting requirements
under applicable securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Reports</U>. The Manager shall cause to be prepared at least annually, at Company expense, information necessary for the
preparation of the Members&rsquo; federal, state, and local franchise and income tax returns. The Manager shall use reasonable efforts
to send or cause to be sent to each Member within ninety (90) days after the end of each taxable year such information as is necessary
to complete federal and state income tax or information returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Elections</U>. All tax elections of the Company not otherwise specifically addressed herein shall be authorized to be made
by the Manager, including any election pursuant to Code Section 754.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Designation of Membership Representative</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>WHP shall act as the &ldquo;partnership representative&rdquo; of the Company for purposes of Section 6223 of the Code (the &ldquo;<U>Membership
Representative</U>&rdquo;) to manage administrative tax proceedings conducted at the Company level by the IRS with respect to Company
matters. Each Member hereby approves of such designation, agrees and acknowledges that WHP may engage such professional advisors as it
may deem appropriate in carrying out its duties as the Membership Representative, and agrees to execute such documents as may reasonably
be necessary or appropriate to evidence such approval. WHP shall have the power and perform the obligations required of a partnership
representative to the extent and in the manner provided by applicable Code sections and Treasury Regulations. Without limiting the foregoing,
WHP shall have the right to defend against any proposed adjustment by all appropriate proceedings; <I>provided, however</I>, that any
settlement, adjustment or compromise with respect to any Member, which does not affect all Members proportionately, shall require the
written consent of all of the Members. If the Company is required to pay an imputed underpayment pursuant to Section 6225 of the Code,
to the extent possible, the portion thereof attributable to a Member (determined by taking into account any applicable modifications under
Section 6225(c) of the Code) shall be treated as a withholding tax with respect to such Member under <B>Section 4.6</B>. Without limiting
the generality of the foregoing, the Membership Representative shall be entitled to cause the Company to elect the application of Section
6226 of the Code or make any other decision or election, or take any action pursuant to Sections 6221 through 6235 and 6241 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall reimburse the Membership Representative for all reasonable out-of-pocket expenses incurred by the Membership
Representative, including reasonable fees of any professionals or attorneys, in carrying out its duties as the Membership Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The provisions of this <B>Section </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>7.7</B> shall survive the termination of any
Member&rsquo;s interest in the Company, the termination of this Agreement and the termination of the Company and shall remain binding
on each Member for the period of time necessary to resolve with the IRS all federal income tax matters relating to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
VIII</FONT><BR>
<BR>
WITHDRAWAL OF MEMBERS;<BR>
TRANSFERS OF MEMBERSHIP INTERESTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer and Assignment of Interests</U>. Except for Transfers made pursuant to <B>Sections </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.4</B>
and <FONT STYLE="font-size: 10pt">&lrm;</FONT><B>8.6</B>, and subject to the requirements of this <B>Article </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>VIII</B>,
a Member may only Transfer all or any part of its Membership Interest upon the prior written approval of the Manager and upon fulfillment
of all conditions precedent to such a Transfer. No Transfer of a Membership Interest to a Person not already a Member of the Company shall
be deemed completed until the prospective Transferee is admitted as a Member of the Company in accordance with <B>Section 6.2 </B>of this
Agreement. After the consummation of any Transfer of any part of a Member&rsquo;s Membership Interest, the Membership Interest so Transferred
shall continue to be subject to the terms and provisions of this Agreement (<I>provided</I> that any consent or other voting rights of
the Xcel Member set forth in this Agreement shall not transfer to any Transferee of the Xcel Member&rsquo;s Membership Interest hereunder,
to the extent provided in <B>Section 6.1</B>) and any further Transfers shall be required to comply with all the terms and provisions
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Further Restrictions on Transfer of Interests</U>. In addition to other restrictions contained in this Agreement, no Member
shall Transfer all or any part of its Membership Interest: (i) without compliance with all federal and state securities Laws to the extent
applicable; (ii) if such Transfer would affect the Company&rsquo;s existence or qualification as a limited liability company under the
Act; (iii) if such Transfer would cause the Company to lose its status as a partnership for federal income tax purposes; (iv) if such
Transfer would cause the Company to be required to register as an investment company under the Investment Company Act of 1940, as amended;
(v) if such Transfer would result in the Company being treated as a &ldquo;publicly traded partnership&rdquo; within the meaning of Code
Section 7704; and (vi) unless the transferor pays all expenses reasonably incurred by the Company, including reasonable attorneys&rsquo;
fees and costs, in connection with the Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Substitution of Members</U>. An Assignee of a Membership Interest shall have the right to become a substitute Member only if:
(i) the requirements of <B>Sections 8.1</B> and <B>8.2</B> relating to approval of the Manager, and the securities and tax requirements
hereof are met; (ii) the Assignee executes an instrument reasonably satisfactory to the Members accepting and adopting the terms and provisions
of this Agreement as such were applicable to the transferring Member at the time of transfer; and (iii) the Assignee pays any reasonable
expenses in connection with its admission as a substitute Member. The admission of an Assignee as a substitute Member shall not result
in the release of the Member who assigned the Membership Interest from any liability that such Member may have to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Permitted Transfers</U>. Notwithstanding the provisions of <B>Sections 8.1</B> and <B>8.6</B>, all or any part of the Membership
Interest of any Member may be Transferred, with or without consideration, by gift, devise, intestate succession, sale, by operation of
Law, upon termination of trust, upon death or other voluntary or involuntary conveyance, subject to compliance with <B>Section 8.2</B>,
to a corporation, partnership, limited liability company or other entity that is an Affiliate of that Member; <I>provided</I> that the
Transferring Member shall remain responsible for or otherwise guarantee performance of the obligations under this Agreement by such Transferee.
Any transferee(s) permitted under the preceding sentence and any transferee pursuant to a ROFR Trigger Sale shall hold the Transferred
Membership Interest or part thereof subject to all the provisions of this Agreement and shall execute a joinder to this Agreement upon
the consummation of such Transfer.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effective Date of Permitted Transfers</U>. Any permitted Transfer of all or any portion of a Member&rsquo;s Membership Interest
shall be effective on the day following the date upon which the requirements applicable to such Transfer pursuant to this Agreement have
been satisfied. The Member that is a party to the permitted Transfer shall provide all other Members with written notice of such Transfer
as promptly as possible after the requirements applicable to such Transfer pursuant to this Agreement have been met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tag-Along Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the WHP Member (the &ldquo;<U>Selling Member</U>&rdquo;) agrees to Transfer any of the Membership Interest then
held by the WHP Member (a &ldquo;<U>Tag-Along Transfer</U>&rdquo;) to any Person or group of Persons other than another Member (a &ldquo;<U>Tag-Along
Buyer</U>&rdquo;) or other than pursuant to <B>Section 8.4</B>, the Selling Member must first notify the other Members in writing (a &ldquo;<U>Tag-Along
Notice</U>&rdquo;) of such intended Transfer at least thirty (30) days prior to the proposed date for the consummation of such transfer,
which notice will contain all of the terms of the proposed Transfer, including the name and address of the prospective purchaser(s), the
purchase price (which is to be determined on the basis of all consideration paid or to be paid in connection with such Transfer) and other
terms and conditions of payment (or the basis for determining the purchase price and other terms and conditions), a copy of any form agreement
proposed to be executed in connection therewith, and the date on or about which such sale is to be consummated and the Membership Interests
are to be transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within fifteen (15) days (the &ldquo;<U>Tag-Along Period</U>&rdquo;) after receipt of the Tag-Along Notice (the &ldquo;<U>Tag-Along
Participation Notice</U>&rdquo;), each other Member shall have the option, exercisable by written notice to the Selling Member to participate
in the proposed Tag-Along Transfer (such other Members, each a &ldquo;<U>Tag-Along Participant</U>&rdquo;). In the event the Tag-Along
Buyer is unwilling to purchase all of the Selling Member&rsquo;s Membership Interests and all of the Tag Along Participants&rsquo; Membership
Interests, then each of the Selling Member and each of the Tag-Along Participants will be entitled to sell to the Tag-Along Buyer Units
in an amount determined by multiplying the total number of Units which are to be purchased by the Tag-Along Buyer by a fraction, the numerator
of which is the Percentage Interest of such Member and the denominator of which is the aggregate Percentage Interests held by the Selling
Member and the Tag-Along Participants together.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Member shall be required to make individual representations and warranties in connection with a Transfer to a Tag-Along Buyer
other than customary representations and warranties, on a several and not joint basis, including regarding the power and authority of
such Member to engage in the Transfer, the receipt of appropriate corporate or similar authorizations, the absence of any consents or
approvals applicable to such Member (other than those which have been obtained), and that such Member has good and marketable title to
its Membership Interests, free and clear of all liens, claims and other encumbrances. In addition, with respect to any indemnification
obligations in connection with a Transfer to a Tag-Along Buyer, no Member shall be obligated to assume joint and several liability with
respect to such indemnification obligations, but shall be obligated only with respect to its proportionate share of any escrow and indemnification
obligations and for all indemnification obligations with respect to the matters that are personal to such Member, capped at that portion
of the aggregate purchase price that such Member or its designee actually receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the closing of any proposed Tag-Along Transfer the Tag-Along Participants shall deliver, free and clear of all liens, to the
Tag-Along Buyer, the Membership Interests or Membership Interests, applicable to be transferred and shall receive in exchange therefore,
pro-rata based upon Percentage Interests sold, the consideration to be paid or delivered by the Tag-Along Buyer as described in the Tag-Along
Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Selling Member shall have one hundred and eighty (180) days following the expiration of the Tag-Along Period in which to Transfer
the Membership Interests described in the Tag-Along Notice, on the terms set forth in the Tag-Along Notice. If at the end of such one
hundred and eighty (180) day period, the Selling Member has not completed such Transfer, the Selling Member may not then effect a Transfer
of Membership Interests without again fully complying with the provisions of this <B>Section 8.6</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The exercise or non-exercise of the rights of the Tag-Along Participants hereunder to participate in one or more sales of Membership
Interests made by Selling Member hereunder shall not affect their rights to participate in subsequent sales by Selling Member that meet
the conditions specified in this <B>Section 8.6</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Selling Member purports to sell any Membership Interest in contravention of the rights of the Tag-Along Participants to
participate in the Tag-Along Transfer (a &ldquo;<U>Prohibited Transfer</U>&rdquo;), each Tag-Along Participant who desires to participate
in the Tag-Along Transfer under this <B>Section 8.6</B> may, in addition to such remedies as may be available by law, in equity or hereunder,
require the Selling Member to purchase from such Tag-Along Participant the type and portion of such Tag-Along Participant&rsquo;s Membership
Interest that such Tag-Along Participant would have been entitled to sell to the Tag-Along Buyer had the Prohibited Transfer been effected
in compliance with the terms of this <B>Section 8.6</B>. The sale will be made on the same terms, including, without limitation, as provided
in this <B>Section 8.6</B>, and subject to the same conditions as would have applied had the Selling Member not made the Prohibited Transfer,
except that the sale (including, without limitation, the delivery of the purchase price) must be made within ninety (90) days after the
Tag-Along Participant delivers notice to the Selling Member of the Tag-Along Participant&rsquo;s exercise of its rights under this Section
8.6(g), as opposed to the timeframe prescribed in this <B>Section 8.6</B>. In addition, in the event that the Tag-Along Participant fails
to provide such notice to the Selling Member within fifteen (15) days following such Tag-Along Participant learning of the Prohibited
Transfer, such Tag-Along Participant&rsquo;s sale right pursuant to this Section 8.6(g) shall terminate with respect to such Prohibited
Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Drag-Along Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time after the date hereof the WHP Member (the &ldquo;<U>Transferring Member</U>&rdquo;) desires to transfer in a bona
fide arm&rsquo;s-length sale to Persons who are unrelated third parties (for purposes of this <B>Section 8.7</B>, collectively, the &ldquo;<U>Proposed
Transferee</U>&rdquo;) all of its Membership Interests in the Company, whether in a single transaction or in a series of related transactions,
then the Transferring Member shall have the right (the &ldquo;<U>Drag-Along Right</U>&rdquo;) to require all Members which are not Transferring
Members (collectively, the &ldquo;<U>Other Members</U>&rdquo;) to sell to the Proposed Transferee their entire Membership Interests. The
sale price (&ldquo;<U>Sale Price</U>&rdquo;) to be paid to each Member will be an amount equal to the amount that would be distributed
to such Member assuming that the Company distributed the aggregate Sale Price for all of the Membership Interests, net of closing and
transaction costs, other than finder&rsquo;s fees, consulting fees, equity grants and other compensation payable to a Member or an Affiliate
of a Member that would not be considered to be in the ordinary course, and escrows (<I>provided</I> that any monies subsequently released
from escrow will be paid to the Members when released) and closing adjustments, in accordance with <B>Section 4.4(b)</B> (the &ldquo;<U>Drag-Along
Price</U>&rdquo;). Sale Price shall include any amounts paid to a Member or an Affiliate of a Member, including any finder&rsquo;s fees,
consulting fees, payments for confidentiality or other restrictive covenants, equity grants and other compensation, other than compensation
payable at market rates for future employment or other bona fide services. The Transfer of Membership Interests in connection with the
exercise of the Drag-Along Right is referred to herein as a &ldquo;<U>Covered Transfer</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To exercise the Drag-Along Right, the Transferring Members shall give the Other Members a Notice, delivered not less than thirty
(30) days prior to the consummation of the proposed Covered Transfer, containing (i) the name and address of the Proposed Transferee,
(ii) the terms and conditions of the proposed Covered Transfer and (iii) the Drag-Along Price (based on a reasonable estimate of transaction
costs, escrows and closing adjustments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with a Covered Transfer pursuant to <B>Section 8.7(a)</B>, the Other Members shall execute and deliver all related
documentation and take such other action in support of such Covered Transfer as shall reasonably be requested by the Transferring Members
or the Company in order to carry out the terms and provisions of this Section 8.7, including, without limitation, executing and delivering
instruments of conveyance and transfer, and any purchase agreement, merger agreement, indemnity agreement, escrow agreement, consent,
waiver, governmental filing or any similar or related documents; <I>provided</I> that the terms contained in any such agreements shall
not be more onerous to the Other Members than those contained in the agreements to be executed, delivered and performed by the Transferring
Members. In addition, the Other Members shall refrain from exercising appraisal rights (if any) under applicable law or under this Agreement
(as it may be amended from time to time) at any time with respect to such Covered Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Member shall be required to make individual representations and warranties or be subject to any restrictive covenants in connection
with the exercise of a Drag-Along Right, other than representations and warranties on a several and not joint basis. In addition, with
respect to any indemnification obligations in connection with the exercise of a Drag-Along Right, no Member shall be obligated to assume
joint and several liability with respect to such indemnification obligations but shall be obligated only with respect to its proportionate
share of any escrow and indemnification obligations and for all indemnification obligations with respect to matters that are personal
to such Member, capped at that portion of the aggregate purchase price that such Member or its designees actually receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An Other Member will not be required to comply with this <B>Section 8.7</B> above in connection with any Covered Transfer, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any representations and warranties to be made by such Other Member in connection with the Covered Transfer are limited to representations
and warranties related to authority, ownership and the ability to convey title to such Membership Interests, including, but not limited
to, representations and warranties that (A) the Other Member holds all right, title and interest in and to the Membership Interests such
Other Member purports to hold, free and clear of all liens and encumbrances, (B) the obligations of the Other Member in connection with
the transaction have been duly authorized, if applicable, (C) the documents to be entered into by the Other Member have been duly executed
by the Other Member and delivered to the acquirer and are enforceable (subject to customary limitations) against the Other Member in accordance
with their respective terms; and (D) neither the execution and delivery of documents to be entered into by the Other Member in connection
with the transaction, nor the performance of the Other Member&rsquo;s obligations thereunder, will cause a breach or violation of the
terms of any agreement to which the Other Member is a party, or any law or judgment, order or decree of any court or governmental agency
that applies to the Other Member;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such Other Member is not required to agree (unless such Other Member is a Company officer or employee) to any restrictive covenant
in connection with the Covered Transfer (including, without limitation, any covenant not to compete or covenant not to solicit customers,
employees or suppliers of any party to the Covered Transfer) or any release of claims other than a release in customary form of claims
arising solely in such Other Member&rsquo;s capacity as a Member of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such Other Member and its Affiliates are not required to amend, extend or terminate any contractual or other relationship with
the Company, the acquirer or their respective Affiliates, except that the Other Member may be required to agree to terminate the investment-related
documents between or among such Other Member, the Company and/or Other Members of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Other Member is not liable for the breach of any representation, warranty or covenant made by any other Person in connection
with the Covered Transfer, other than the Company and any of its controlled Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>liability shall be limited to such Other Member&rsquo;s applicable share (determined based on the respective proceeds payable to
each Other Member in connection with such Covered Transfer) of a negotiated aggregate indemnification amount that applies equally to all
Other Members but that in no event exceeds the amount of consideration otherwise payable to such Other Member in connection with such
Covered Transfer, except with respect to claims related to fraud by such Other Member, the liability for which need not be limited as
to such Other Member; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon the consummation of the Covered Transfer each Other Member will receive the same form of consideration for their Membership
Interests of such class or series as is received by Other Members in respect of their Membership Interests of such same class or series,
and if any Other Members are given a choice as to the form of consideration to be received as a result of the Covered Transfer, all Other
Members will be given the same option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>WHP Right of First Refusal; Deemed Offer to Sell and WHP Purchase Right</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>WHP Right of First Refusal</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without in any way limiting the conditions and prohibitions on Transfers provided in this Agreement, and in addition to, and without
limiting, the WHP Purchase Right provided for in <B>Section 8.8(b)</B>, in the event of any proposed direct or indirect voluntary or involuntary
sale or disposition of all or any part of the Xcel Member&rsquo;s Membership Interest (the &ldquo;<U>ROFR Interest</U>&rdquo;) by the
Xcel Member or any other Covered Xcel Party, or by a trustee in bankruptcy for the Xcel Member or any other Covered Xcel Party (including
Xcel or any other Covered Xcel Party in its capacity as a debtor-in-possession, as the case may be) (a &ldquo;<U>Trustee</U>&rdquo;),
in each case, at any creditor&rsquo;s foreclosure sale or at any judicial sale, or by any other means compelled by law or judicial process
(a &ldquo;<U>ROFR Trigger Sale</U>&rdquo;), the Xcel Member or applicable Trustee, receiver or other authorized legal representative shall,
before making any such sale and as a condition precedent to the closing and effectiveness of any such sale, deliver to the WHP Member
and the Company a written notice including the price and all terms and conditions upon which the ROFR Interest is proposed to be sold,
and if in a voluntary sale, also including a copy of the proposed purchaser&rsquo;s definitive form of purchase agreement (the &ldquo;<U>Selling
Notice</U>&rdquo;). If a Selling Notice is not provided at least five (5) days before the Xcel Member&rsquo;s (or applicable Trustee&rsquo;s,
receiver&rsquo;s or other authorized legal representative&rsquo;s) acceptance of an offer to sell the ROFR Interest in a ROFR Trigger
Sale, the Xcel Member or applicable Trustee, receiver or other authorized legal representative may not transfer such ROFR Interest without
first permitting the WHP Member and any of its designees (collectively, the &ldquo;<U>WHP Purchaser</U>&rdquo;) to exercise their rights
under this <B>Section 8.8(a)</B>. The WHP Member may, but shall not be required to, treat such notice as having been made on such 5th
day and proceed with its rights to purchase the ROFR Interest as provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>For thirty (30) days after its receipt of the Selling Notice (the &ldquo;<U>WHP ROFR Period</U>&rdquo;), the WHP Purchaser
shall have the unconditional right (the &ldquo;<U>WHP ROFR</U>&rdquo;), but not the obligation, to purchase the ROFR Interest for the
purchase price and on the terms and conditions set forth in such Selling Notice. Failure to exercise the WHP ROFR shall not be deemed
a waiver of such right until the Selling Notice is delivered to the WHP Member and the Company, the WHP ROFR Period has expired without
the WHP ROFR being exercised, and written notice is delivered by the Xcel Member (or, if applicable, its Trustee, receiver or other authorized
legal representative) to the WHP Member stating that the WHP ROFR Period has expired. For the avoidance of doubt, the WHP ROFR is in addition
to, and without limitation of, the WHP Purchase Right under Section <B>8.8(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The WHP ROFR may be exercised by the WHP Purchaser by providing written notice to the Xcel Member within the WHP ROFR Option
Period. In the event that the WHP ROFR is exercised, the closing of the purchase shall occur at the offices of the Company&rsquo;s legal
counsel on the 60th day following the date of delivery of the Selling Notice to the WHP Member (or the next business day thereafter in
the event that such 60th day is not a business day) or on such other date as the WHP Purchaser and the Xcel Member (or applicable Trustee,
receiver or other authorized legal representative) may agree upon. If the WHP Purchaser does not deliver written notice of its exercise
of the WHP ROFR to the Xcel Member prior to the expiration of the WHP ROFR Period, the WHP ROFR shall be deemed to have expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If the WHP Purchaser does not elect to purchase the ROFR Interest, then, subject to the WHP Purchase Right under <B>Section
8.8(b)</B>, the Xcel Member (or applicable Trustee, receiver or other authorized legal representative) may sell the ROFR Interest to the
original proposed purchaser or another Person at a price not below or upon terms more advantageous to such purchaser than those contained
in the Selling Notice. If the ROFR Trigger Sale is not made and consummated within sixty (60) days after the date of the Selling Notice,
the Xcel Member (or applicable Trustee, receiver or other authorized legal representative) may not then or thereafter sell or otherwise
dispose of any of the ROFR Interest without complying anew with this <B>Section 8.8(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deemed Offer to Sell; WHP Purchase Right</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without in any way limiting the conditions and prohibitions on Transfers provided in this Agreement, and in addition to, and without
limiting, the WHP ROFR provided for in <B>Section 8.8(a)</B>, the Xcel Member shall be deemed to have offered to sell all of the Xcel
Member&rsquo;s Membership Interest to the WHP Purchaser, and the WHP Purchaser shall have the unconditional right, but not the obligation,
to purchase from the Xcel Member all of the Xcel Member&rsquo;s Membership Interest (the &ldquo;<U>Xcel Interest</U>&rdquo;), as provided
below (the &ldquo;<U>WHP Purchase Right</U>&rdquo;), upon the occurrence of any of the following events (each, a &ldquo;<U>Deemed Offer
Event</U>&rdquo;): (A) the Bankruptcy of the Xcel Member, any successor of the Xcel Member or any direct or indirect parent of the Xcel
Member (a &ldquo;<U>Covered Xcel Party</U>&rdquo;); or (B) the Change of Control of any Covered Xcel Party. For the avoidance of doubt,
the WHP ROFR under <B>Section 8.8(a)</B> shall apply to any ROFR Trigger Sale proposed by a Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>When a Deemed Offer Event occurs as provided above, the Xcel Member (or, if applicable, its Trustee, receiver or other authorized
legal representative) shall deliver written notice to the WHP Member and the Company within five (5) days after the occurrence of the
Deemed Offer Event (the &ldquo;<U>Deemed Offer Notice</U>&rdquo;). If a Deemed Offer Notice is not provided within such five (5) day period,
the WHP Purchaser may, but shall not be required to, treat such notice as having been made on the 5th day and proceed with its rights
to purchase as provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For thirty (30) days after receipt of the Deemed Offer Notice (the &ldquo;<U>WHP Purchase Right Period</U>&rdquo;), the WHP Purchaser
shall have the unconditional right, but not the obligation, to purchase the Xcel Interest at the price determined in accordance with <B>Section
8.8(b)(v) </B>and on the terms and conditions set forth in <B>Section 8.8(b)(vi)</B>. The WHP Purchase Right may be exercised by the WHP
Purchaser providing written notice to the Xcel Member within the WHP Purchase Right Period. Failure to exercise such right shall not be
deemed a waiver of such right until the Deemed Offer Notice is delivered to the WHP Member and the Company, the WHP Purchase Right Period
has expired without the WHP Purchase Right being exercised, and written notice is delivered by the Xcel Member (or, if applicable, its
Trustee, receiver or other authorized legal representative) to the WHP Member stating that the WHP Purchase Right Period has expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the WHP Purchaser does not deliver written notice of its exercise of the ROFR Purchase Right to the Xcel Member prior to the
expiration of the WHP Purchase Right Period, the WHP Purchase Right with respect to the particular Deemed Offer Event that triggered such
WHP Purchase Right shall be deemed to have expired (<I>provided</I>, <I>however</I>, that future occurrences of the same event with respect
to the Xcel Member shall constitute separate Deemed Offer Events, each of which shall be subject to compliance anew with this <B>Section
8.8(b)</B>). For the avoidance of doubt, the WHP Purchase Right is in addition to, and without limitation of, the WHP ROFR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of the acquisition by the WHP Purchaser of the Xcel Interest pursuant to the WHP Purchase Right, the purchase price
for the Xcel Interest shall be the fair market value of such interest, determined as described in this paragraph (the &ldquo;<U>Valuation
Process</U>&rdquo;). The valuation shall be determined as of the day of the occurrence of the Deemed Offer Event. The purchase price shall
be determined for the Company as a whole using the same methods as would be used for determining the fair market value of a similar business
involving a sale between a willing buyer and a willing seller, without applying any minority ownership discount, and the value of the
Xcel Interest shall be calculated by multiplying (A) the Percentage Interest represented by the Xcel Interest by (B) the Company&rsquo;s
equity value, but taking into account its relative right to receive distributions and applicable allocations of profit and loss pursuant
to <B>Section 4.4</B>, at that time. The Xcel Member (or, if applicable, its trustee, receiver or other authorized legal representative)
and the WHP Purchaser shall each designate by written notice one (1) Qualified Appraiser to value the Company. If either party fails to
designate an appraiser within thirty (30) days after a written request to do so is made, the defaulting party&rsquo;s appraiser may be
named by the other party. If the values of the Xcel Interest determined by each of the two (2) Qualified Appraisers are within 15% of
one another (i.e., the amount of higher valuation is not more than 15% greater than the amount of the lower valuation), then an amount
equal to the average of the two (2) valuations shall be deemed to be the value of the Xcel Interest for purposes of the WHP Purchase Right
and that determination shall be binding on the Xcel Member and the WHP Purchaser. If the values of the Xcel Interest determined by each
of the two (2) Qualified Appraisers are not within 15% of one another, then the appraisers shall appoint a third Qualified Appraiser to
value the Xcel Interest, on the same basis as is set forth above, and the value of the Xcel Interest fixed by the Qualified Appraiser
falling in the middle of the three (3) valuations shall be the value of the Xcel Interest for purposes of the WHP Purchase Right and be
binding on the Excel Member and the WHP Purchaser. The term &ldquo;<U>Qualified Appraiser</U>&rdquo; as used in this paragraph shall mean
a reputable independent appraiser, of national or regional standing, regularly paid to give opinions as to the value of businesses similar
to the Company. The appraisers named by or on behalf of the Excel Member and the WHP Purchaser shall be paid by those parties on whose
behalf they were named and the third appraiser named by such appraisers shall be paid in equal shares by the Xcel Member and the WHP Purchaser.
The running of all time periods provided herein shall be tolled until all such appraisers have completed and delivered their appraisals
and applicable purchase price determinations to the Xcel Member and the WHP Purchaser. Notwithstanding the foregoing and for the avoidance
of doubt, nothing contained in this paragraph shall prevent the WHP Purchaser and the Xcel Member (or, if applicable, its Trustee, receiver
or other authorized legal representative) from agreeing at any time on a purchase price for the Xcel Interest without commencing or completing
the Valuation Process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the WHP Purchase Right is exercised, the closing of the purchase shall occur at the offices of the Company&rsquo;s
legal counsel on the 60th day following the date of delivery of the Deemed Offer Notice to the WHP Member (or the next business day thereafter
in the event that such 60th day is not a business day) or on such other date as the WHP Purchaser and the Xcel Member (or applicable Trustee,
receiver or other authorized legal representative) may agree upon. The WHP Purchaser shall pay the purchase price by paying such amount
in full in cash, by certified or official bank check or by wire transfer of immediately available funds. Upon the tender of payment of
the purchase price as described herein, the Xcel Member (or, if applicable, its Trustee, receiver or other authorized legal representative)
shall execute and deliver such documents or instruments of conveyance as may be necessary or appropriate to transfer the Xcel Interest
to the WHP Purchaser, free and clear of any and all liens, encumbrances and rights of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preemptive Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice and Exercise</U>. The Company shall, prior to any proposed issuance by the Company (i) to any Person of any Equity Security
or any securities representing the right to acquire any Equity Security or (ii) to WHP or any of its Affiliates of any form of debt security
with no equity feature (collectively, &ldquo;<U>New Securities</U>&rdquo;), offer to the Members by written notice the right, for a period
of fifteen (15) days from the date on which such notice is delivered, to purchase for cash at an amount equal to the price or other consideration
for which such New Securities are to be issued, a number of such New Securities so that, after giving effect to such issuance (and the
conversion, exercise and exchange into or for (whether directly or indirectly) Membership Interests of all New Securities), each such
Member will continue to maintain its same Percentage Interest owned by such Member as of the date of such notice. In the event that the
New Securities proposed to be issued by the Company consist of debt securities with no equity feature, each Member shall be offered the
right to purchase such portion of such New Securities equal to the Percentage Interest owned by such Member as of the date of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exceptions</U>. Notwithstanding any other provision of this Agreement to the contrary, the preemptive rights of the Members
pursuant to this <B>Section 8.9</B> shall not apply to securities issued upon exercise, exchange or conversion of securities with respect
to which the Members were provided the notice required by <B>Section 8.9(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceptance</U>. The Company&rsquo;s written notice to the Members shall describe the New Securities proposed to be issued by
the Company and specify the amount, price and payment terms. Each Member may accept the Company&rsquo;s offer as to the full number of
New Securities offered to it or any lesser number, by written notice thereof given by it to the Company prior to the expiration of the
aforesaid 15-day period, in which event the Company shall promptly sell and each Member shall buy, upon the terms specified, the number
of New Securities agreed to be purchased by such Member. The Company shall be free at any time prior to ninety&nbsp;(90) days after the
date of its notice of offer to the Members, to offer and sell to any Person the remainder of such New Securities proposed to be issued
by the Company (including but not limited to the securities not agreed by the Members to be purchased by them), at a price and on payment
terms no less favorable to the Company than those specified in such notice of offer to the Members. However, if such third party sale
or sales are not consummated within such ninety&nbsp;(90) day period, the Company shall not sell such New Securities as shall not have
been purchased within such period without again complying with this <B>Section 8.9</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provision hereof to the contrary, in lieu of complying with the foregoing provisions of this <B>Section 8.9</B>,
the Company may elect to give notice to the Members within thirty (30) days after the issuance of New Securities. Such notice shall describe
the type, price and terms of the New Securities. Each Member that did not otherwise receive timely notice of, and have the right to participate
in, the previous issuance of the New Securities by the Company, in accordance with <B>Sections 8.9(a)-(c)</B> (a &ldquo;<U>Non-Participating
Member</U>&rdquo;), shall have twenty (20) days from the date notice is given to elect to purchase up to the number of New Securities
that would, if purchased by such Member, maintain such Member&rsquo;s Percentage Interest, calculated as set forth in <B>Section 8.9(a)</B>
before giving effect to the issuance of any such New Securities. In the event that the New Securities proposed to be issued by the Company
consist of debt securities with no equity feature, each Non-Participating Member shall be offered the right to purchase up to an amount
of New Securities that would, if purchased by such Non-Participating Member, equal such Non-Participating Member&rsquo;s Percentage Interest
in the total amount of New Securities to actually be issued by the Company, including the New Securities to actually be issued to all
Non-Participating Members participating pursuant to this <B>Section 8.9(d)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Legal Representatives</U>. Subject to the terms of <B>Section 8.4</B>, if a Member who is an individual dies or is
adjudged by a court of competent jurisdiction to be incompetent to manage the Member&rsquo;s person or property, the Member&rsquo;s executor,
administrator, guardian, conservator, or other legal representative shall be entitled to receive such Member&rsquo;s share of income,
losses and distributions and shall be entitled to exercise all rights of the Member. Subject to the terms of <B>Section 8.4</B>, if a
Member is a corporation, trust, or other entity and is dissolved or terminated, the powers of that Member may be exercised by its legal
representative or successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Violative Transfers</U>. To the fullest extent permitted by Law, any purported Transfer of a Membership Interest in violation
of this <B>Article VIII</B> shall be void and ineffectual and shall not bind or be recognized by the Company or any other party. The purported
transferee in any such Transfer shall have no right to vote or participate in the management of the Business, property and affairs of
the Company or to exercise any rights of a Member. Each Member acknowledges and agrees that the limitations and restrictions on Transfer
set forth in this <B>Article VIII</B> are reasonable and properly required for the adequate protection of the business of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
IX</FONT><BR>
<BR>
DISSOLUTION AND WINDING UP</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Events of Dissolution</U>. The Company shall be dissolved immediately upon the first to occur of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The happening of any event of dissolution specified in the Certificate of Formation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The sale of all or of substantially all of the Company&rsquo;s assets; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The entry of a decree of judicial dissolution pursuant to Section 18-802 of the Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The occurrence of any event which makes it unlawful for the Business of the Company to be continued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Winding Up</U>. Upon the dissolution of the Company, the Company shall engage in no further business other than that necessary
to wind up the business and affairs of the Company. The Manager shall wind up the affairs of the Company in an orderly manner. The Manager
shall give Notice of the commencement of winding up by mail to all known creditors and claimants against the Company whose addresses appear
in the records of the Company. After paying or adequately providing for the payment of all known debts and liabilities of the Company
(including all costs of dissolution) and all indebtedness to any Member, the remaining assets of the Company shall be distributed or applied
to the Members as follows in accordance with <B>Section 4.4(b)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deficits</U>. Each Member shall look solely to the assets of the Company for the return of his, her or its investment, and if
the Company property remaining after the payment or discharge of the debts and liabilities of the Company is insufficient to return the
investment of each Member, such Member shall have no recourse against any other Member for indemnification, contribution or reimbursement
except as specifically provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
X</FONT><BR>
<BR>
LIABILITY/INDEMNIFICATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Member shall be personally liable for any debt, obligation or liability of the Company, whether that liability or obligation
arises in contract, tort or otherwise, except as otherwise provided in the Act or in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Member or Manager shall be liable, responsible or accountable, in damages or otherwise, to any Member or to the Company for
any act or omission by such Member or Manager in good faith reliance on this provisions of this Agreement and the Act, except for any
liability that results from such Member&rsquo;s or Manager&rsquo;s actual fraud, gross negligence or willful misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as may be prohibited by applicable Law, the Company shall indemnify and hold harmless each Member, the Manager, the Membership
Representative, and each Company officer, their respective partners, officers, directors, Affiliates, shareholders, managers, members
and trustees and the partners, officers, directors, shareholders, managers, members and trustees of such parties, and any employee or
agent of, or adviser to, each Member, the Manager and officer, and their respective Affiliates (such Persons, to the extent they are required
to be indemnified hereunder, are herein collectively referred to as &ldquo;<U>Indemnified Parties</U>&rdquo;) from and against any and
all losses, claims, demands, costs, damages, liabilities, expenses of any nature (including reasonable attorneys&rsquo; fees and expenses),
judgments, fines, settlements and other amounts (collectively, the &ldquo;<U>Liabilities</U>&rdquo;) arising from, or related or incidental
to, any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which such Indemnified
Party may be involved, or threatened to be involved, as a party or otherwise, and arising out of or related to the initial offering of
Membership Interests in the Company (other than any claims or proceedings under the Purchase Agreement), any other offering of Membership
Interests in the Company, or the business, operation, administration or termination of the Company, including, without limitation, (x)
all activities to exploit, monetize and/or operate the assets of the Company and (y) Liabilities under federal or state securities Laws
(and regardless of whether such Indemnified Party continues to be a Member, Manager and officer, or Affiliate of the Company, or a partner,
officer, director, shareholder, trustee, employee or agent of, or adviser to, a Member, Manager and officer, or any of their respective
Affiliates at the time any such Liabilities are paid or incurred); <I>provided</I>, that such Indemnified Party (i) acted in good faith
and in a manner it believed to be in, or not opposed to, the interests of the Company and (ii) with respect to any criminal proceeding,
did not in good faith believe its conduct was unlawful; <I>provided</I>, <I>however</I>, that such Indemnified Party shall not be indemnified
against any such Liabilities, (and the Indemnified Party shall repay all amounts previously advanced by the Company pursuant to and in
accordance with <B>Section 10.2(c)</B> hereof), that were caused by such Indemnified Party&rsquo;s actual fraud, gross negligence or willful
misconduct. Notwithstanding the foregoing, to the extent that an Indemnified Party has been successful on the merits or otherwise in defense
of any action, suit or proceeding referred to in this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>10.2</B>, or in
connection with any appeal therein, or in defense of any claim, issue or matter therein, the Company shall indemnify such Indemnified
Party against the expenses, including, without limitation, attorneys&rsquo; and accountants&rsquo; fees and expenses, incurred by such
Indemnified Party in connection therewith. The termination of any pending or threatened action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, in and of itself, create a presumption or otherwise
constitute evidence that the Indemnified Party did not satisfy standards for indemnification set forth in this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>10.2</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained in this <B>Section 10.2</B> or elsewhere in this Agreement, no Member shall
be entitled to any indemnification by the Company in connection with any claim, demand, action, suit or proceeding (i) arising out of
or related to the Purchase Agreement, any other Transaction Document or any of transactions contemplated thereunder (which, for the avoidance
of doubt, shall include any claim, action, suit or proceeding brought or otherwise asserted (including, without limitation, any counterclaims)
by WHP against Xcel or by Xcel against WHP thereunder), or (ii) initiated by such Member against any other Member or initiated against
such Member by any other Member. For the avoidance of doubt, nothing contained in this <B>Section 10.2(b)</B> shall limit the right of
the Manager or the Membership Representative to be indemnified by the Company in connection with any claim, demand, action, suit or proceeding
brought or otherwise asserted by any Member against the Manager, in its capacity as the Manager, or asserted by any Member against the
Membership Representative, in its capacity as the Membership Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liabilities incurred by any Indemnified Party in defending any pending or threatened claim, demand, action, suit or proceeding
shall, from time to time, be paid by the Company in advance of the final disposition or settlement of such claim, demand, action, suit
or proceeding, to the extent the Company has the necessary cash available, upon receipt of an undertaking by or on behalf of the Indemnified
Party to repay such amounts (or a proportionate share of such amounts determined in accordance with <B>Section 10.2(d)</B> if applicable)
if it is ultimately determined that the Indemnified Party is not to be indemnified by the Company as provided in this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>10.2</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If for any reason (other than the actual fraud or the gross negligence or the willful misconduct or bad faith of the Indemnified
Party), the foregoing indemnification is unavailable to such Indemnified Party, then the Company shall contribute to the amount paid or
payable by such Indemnified Party as a result of such Liabilities in such proportion as is appropriate to reflect not only the relative
benefits received by the Company, on the one hand, and such Indemnified Party on the other hand, but also the relative fault of the Company
and such Indemnified Party as well as any relevant equitable considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The indemnification (or contribution) and advancement of amounts provided pursuant to this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>10.2</B>
shall not be deemed exclusive of, but shall be in addition to, any other rights to which those persons seeking indemnification (or contribution)
or advancement of amounts may otherwise be entitled and shall continue as to any Indemnified Party notwithstanding the dissolution or
other cessation to exist of such Indemnified Party or the withdrawal, adjudication of bankruptcy or insolvency of such Indemnified Party,
such Indemnified Party&rsquo;s no longer serving in the capacity entitling it to indemnification under the provisions of this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>10.2</B>,
or the termination of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall purchase and maintain insurance on behalf of any of the Indemnified Parties, and such other Persons as the Manager
shall determine against any Liabilities that may be asserted against or that may be incurred by such persons arising out of or related
to the initial offering of Membership Interests, any other offering of Membership Interests or other interests in the Company, and/or
the business, operation, administration or termination of the Company, regardless of whether the Company would be required to indemnify
any such persons against such Liabilities under the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The advancement, indemnity and
contribution obligations of the Company under this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>10.2</B> shall be
in addition to any obligation which the Company may otherwise have, shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Company and each of the Indemnified Parties and shall not be deemed to create any rights
for the benefit of any other party. The provisions of this <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>10.2</B> shall
survive any termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
XI</FONT><BR>
<BR>
POWER OF ATTORNEY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Manager as Attorney-in-Fact</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the restrictions set forth in this Agreement, each Member, by the execution of this Agreement, irrevocably constitutes
and appoints the Manager its true and lawful attorney-in-fact with full power and authority in its name, place and stead to execute, acknowledge,
deliver, swear to, file and record at the appropriate public offices the following documents as may be necessary or appropriate to carry
out the provisions of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All fictitious name certificates and all certificates and other instruments (including the Certificate of Formation and counterparts
of this Agreement), and any amendment or restatement thereof, which the Manager deems appropriate to form, qualify or continue the Company
as a limited liability company in the jurisdictions in which the Company may conduct business or in which such formation, qualification
or continuation is, in the opinion of the Manager, necessary or desirable to protect the limited liability of the Members;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All amendments to the Certificate of Formation adopted in accordance with the terms hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All conveyances and other instruments which the Manager deems appropriate to reflect the dissolution and termination of the Company
in accordance with the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The foregoing appointment shall be deemed to be a power coupled with an interest, in recognition of the fact that each of the Members
under this Agreement will be relying upon the power of the Manager to act as contemplated by this Agreement in any filing and other action
by it on behalf of the Company, and shall survive the bankruptcy, death, adjudication of incompetence or insanity, or dissolution of any
Member hereby giving such power and the transfer or assignment of all or any part of the Membership Interest of such Member; <I>provided,
however</I>, that in the event of the Transfer by a Member of all of its Membership Interest, the foregoing power of attorney of a transferor
Member shall survive such transfer only until such time as the transferee shall have been admitted to the Company as a Member or Assignee,
as the case may be, and all required documents and instruments shall have been duly executed, filed and recorded to effect such substitution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For greater certainty, the Manager shall not take any action pursuant to this <B>Section 11.1</B> in contravention of any other
provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
XII</FONT><BR>
<BR>
CONFIDENTIALITY; NON-DISPARAGEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proprietary Information</U>. The Members each acknowledge and agree that it, he or she will receive and become aware of certain
information which is proprietary to the Company, including, without limitation, prices, costs, personnel, knowledge, data and techniques,
other non-public information concerning the business or finances of the Company, and other information the disclosure of which might harm
or destroy the competitive advantage of the Company (all of the foregoing shall hereinafter be referred to as the &ldquo;<U>Proprietary
Information</U>&rdquo;). Notwithstanding the foregoing, the Proprietary Information shall not include any information which (a) a Member
obtains other than as a result of being a Member, (b) is generally known or becomes publicly available through no fault of a Person, or
(c) is required to be disclosed in the context of any administrative or judicial proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Confidentiality</U>. Subject to any obligation to comply with (a)&nbsp;any applicable Law, (b)&nbsp;any rule or regulation of
any Governmental Body or securities exchange or (c)&nbsp;any subpoena or other legal process to make information available to the Persons
entitled thereto, each Member covenants and agrees that it shall not, directly or indirectly, during the period such Person owns or holds
any interest in the Company or renders services to the Company (as the case may be) and for a period of five (5) years thereafter, disclose
any Proprietary Information to third parties, copy or use any Proprietary Information, or publish any Proprietary Information, except
for the purpose of fulfilling its, his or her obligations to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Disparagement</U>. Each Member covenants and agrees that it shall not, directly or indirectly, during the period such Person
owns or holds any interest in the Company or it or any of its Affiliates renders services to the Company (as the case may be) and for
a period of one (1) year thereafter, make, publish or otherwise disseminate disparaging or derogatory statements or allegations, whether
written, oral or otherwise, regarding the other party or its Affiliates, or any officers, directors, managers, employees, products, services,
policies or operations of the other party or its Affiliates. The provisions of this <B>Section 12.3</B> in no way restrict or prohibit
a person from providing truthful testimony compelled pursuant to subpoena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Equitable Relief</U>. The Members each hereby acknowledge and agree that the breach by such Person of its covenants and obligations
under this <B>Article </B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>XII</B> will cause irreparable harm and significant injury to the
Company which could be difficult to limit or quantify. Accordingly, such Person agrees that the Company will have the right to seek an
immediate injunction, specific performance or other equitable relief due to any such breach, without posting any bond therefor, in addition
to any other remedies that may be available to the Company or the other Members at Law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
XIII</FONT><BR>
<BR>
SECURITIES LAWS AND INVESTMENT REPRESENTATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Laws</U>. The initial sale of Membership Interests in the Company to the Members has not been qualified or registered
under the securities Laws of any state, nor registered under the Securities Act, in reliance upon exemptions from the registration provisions
of those Laws.&nbsp; In addition, no attempt has been made to qualify the offering and sale of Membership Interests to Members under any
state&rsquo;s &ldquo;blue sky&rdquo; Laws, also in reliance upon an exemption from the requirement that a permit for issuance of securities
be procured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Each Member hereby represents and warrants
(as to only such Member) to the other Members and the Company as follows:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preexisting Relationship or Experience</U>. Each Member is capable of evaluating the risks and merits of an investment in the
Company and of protecting his, her or its own interests in connection with this investment. Each Member has been afforded ample opportunity
to investigate the business of the Company, and its proposed Business, as well as to ask any questions of the Company or the Manager and
has been satisfied with the responses to any such questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>High Risk Investment</U>. Each Member understands that there is an extremely high degree of risk in this investment. Investment
into this Company should not be purchased by any purchaser who cannot afford the loss of his, her or its entire investment. An investment
in a Membership Interest is riskier than an investment in publicly traded securities of companies traded on exchanges or over-the-counter,
mutual funds, certificates of deposit, municipal bonds, corporate bonds, government obligations or securities purchased in firmly underwritten
offerings. Only those investors who can tolerate such risk should purchase the Membership Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclaimer Regarding Projections</U>. Any financial projections and assumptions in the Company&rsquo;s use of funds, or other
materials, have been provided outside of this Agreement for illustrative purposes only and must not be relied upon. The projections reflect
estimates of future operating results developed by the Company without independent evaluation or analysis, based on assumptions that may
not occur and over which the Company has very little control. To the extent that the assumptions are inaccurate or incomplete, the financial
condition of the Company may be adversely affected. There can be no assurance that any of the assumptions in the projections will be accurate.
In the event that the assumptions are inaccurate or incomplete, the Company&rsquo;s profitability would be materially affected. There
can be no assurance that actual results will correspond with the financial projections. If the Company were unable to sell all of the
Membership Interests, it is possible that the Company may not be able to meet its projections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Advertising</U>. No Member has seen, received, been presented with, or been solicited by any leaflet, public promotional
meeting, article or any other form of advertising or general solicitation with respect to the sale of the Membership Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Intent</U>. Each Member is acquiring the Membership Interest for investment purposes for such Member&rsquo;s own
account and not with a view to or for sale in connection with any distribution of all or any part of the Membership Interest. No other
person will have any direct or indirect beneficial interest in or right to the Membership Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accredited Investor</U>. Each Member is an &ldquo;accredited investor&rdquo; as defined by Rule&nbsp;501 under Regulation D
of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Partnership Limitation</U>. The principal purpose of each Member&rsquo;s ownership arrangement is not to permit the Company
to satisfy the 100 partner limitation set forth in Treasury Regulation Section 1.7704-1(h)(1)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
XIV</FONT><BR>
<BR>
GENERAL PROVISIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices, Consents, Etc</U>. Any notices, consents or other communications required or permitted to be sent or given hereunder
by any Member shall in every case be in writing and shall be deemed properly served if (a) delivered personally, (b) sent by registered
or certified mail, in all such cases with first class postage prepaid, return receipt requested, (c) delivered by a recognized overnight
courier service, or (d) sent by email transmission with written request of confirmation of receipt, to such Member at the addresses set
forth under such Member&rsquo;s name on <U>Exhibit&nbsp;A</U> hereto or at such other address as may be furnished by such Member in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement; Amendment</U>. This Agreement, the Purchase Agreement, and the other Transaction Documents shall constitute
the whole and entire agreement of the parties hereto with respect to the matters set forth herein. This Agreement shall not be modified
or amended in any respect except by a written instrument signed by each of the Members and the Manager; <I>provided</I>, <I>however</I>,
that (a) the Manager may at any time make modifications to the manner in which the Members&rsquo; Capital Accounts or any credits or debits
thereto, are computed, as expressly contemplated by <B>Section 3.1(d)</B>, without the consent of the Members, (b) the Manager may at
any time amend <U>Exhibit A</U> in order to (i) add permitted transferees or other permitted acquirors of any Membership Interests in
compliance with the terms of this Agreement, (ii) add new Members who acquire any Membership Interests as part of New Securities issued
by the Company in compliance with <B>Section 8.9</B>, and (iii) update the number of Units and Percentage Interests held by the Members,
as applicable, in each case under the foregoing clauses (i)-(iii) without the consent of the Members, and (c) the Manager may at any time
otherwise amend or amend and restate this Agreement (I) in any manner that the Manager deems necessary or appropriate in order to incorporate
the rights, powers and privileges associated with any new class or series of Membership Interests that may be authorized, issued and sold
by the Company, <I>provided</I> that such Membership Interests are New Securities issued by the Company in compliance with <B>Section
8.9</B> or (II) in any other manner that does not materially and adversely affect any Member disproportionately as compared to any other
Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Choice of Law</U>. THIS AGREEMENT AND THE OBLIGATIONS OF THE PARTIES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY CONFLICTS-OF-LAWS PROVISION THEREOF THAT WOULD OTHERWISE REQUIRE THE APPLICATION
OF THE LAW OF ANY OTHER JURISDICTION, AND NOTWITHSTANDING THE FACT THAT ONE OR MORE COUNTERPARTS HEREOF MAY BE EXECUTED OUTSIDE OF THE
STATE, OR ONE OR MORE OF THE OBLIGATIONS OF THE PARTIES HEREUNDER ARE TO BE PERFORMED OUTSIDE OF THE STATE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dispute Resolution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except with respect to any party&rsquo;s right to injunctive relief hereunder, the parties agree that any controversy, claim or
dispute arising out of or relating to this Agreement (including the determination of the scope or applicability of this Agreement to arbitrate)
shall be determined by confidential arbitration in New York, New York, before one arbitrator. The arbitration shall be administered by
JAMS pursuant to its Comprehensive Arbitration Rules and Procedures (the &ldquo;<U>JAMS Rules</U>&rdquo;); <I>provided</I>, <I>however</I>,
that notwithstanding the JAMS Rules, the arbitrator shall not have the power to award injunctive or other equitable relief, and nothing
herein shall preclude or prevent a party from pursuing, injunctive or other equitable relief in a New York state or federal court of competent
jurisdiction. The Federal Arbitration Act shall govern the interpretation and enforcement of such arbitration proceeding. The arbitrator
shall apply the substantive law (and the law of remedies, if applicable) of the State of Delaware, or federal law, if the law of the State
of Delaware is preempted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Member further agrees that personal jurisdiction over it may be effected by service of process by registered or certified
mail addressed as provided in <B>Section&nbsp;</B><FONT STYLE="font-size: 10pt">&lrm;</FONT><B>14.1</B>, and that when so made shall be
as if served upon it personally within the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party (as determined
by the trier of fact) shall be entitled to reasonable attorneys&rsquo; fees, costs and necessary disbursements in addition to any other
relief to which such party may be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. This Agreement shall be binding upon and inure to the benefit of the Members, Assignees, and their
respective legal representatives and successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Injunctive Relief; Specific Performance</U>. The parties hereby agree and acknowledge that a breach of any material term, condition
or provision of this Agreement that provides for an obligation other than the payment of money would result in severe and irreparable
injury to the other party, which injury could not be adequately compensated by an award of money damages, and the parties therefore agree
and acknowledge that they shall be entitled to injunctive relief in the event of any breach of any material term, condition or provision
of this Agreement, or to enjoin or prevent such a breach, including without limitation an action for specific performance hereof, and
the parties hereby irrevocably consent to the issuance of any such injunction. The parties further agree that no bond or surety shall
be required in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all
of which shall constitute one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Number and Gender</U>. The use of the neuter gender herein shall be deemed to include the feminine and masculine genders. The
use of either the singular or the plural includes the other unless the context clearly requires otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Further Assurances</U>. Each of the parties hereto shall timely execute and deliver any and all additional documents, instruments,
notices, and other assurances, and shall do any and all acts and things reasonably necessary in connection with the performance of their
obligations hereunder and to carry out the intent of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Partition</U>. Each party hereto irrevocably waives any right which it may have to maintain an action for partition with respect
to property of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authority to Contract</U>. Each Member hereby represents and covenants to the other Members that he, she or it has the capacity
and authority to enter into this Agreement without the joinder of any other person. All undertakings and agreements herein shall be binding
upon the Members hereto, their permitted successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Titles and Headings</U>. The Article, Section and Paragraph titles and headings contained in this Agreement are inserted only
as matter of convenience and for ease of reference and in no way define, limit, extend or proscribe the scope of this Agreement or the
intent or content of any provision hereof. All references to sections, articles, schedules or exhibits contained herein mean sections,
articles, schedules or exhibits of this Agreement unless otherwise stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Validity and Severability</U>. If any provision of this Agreement is held invalid or unenforceable, such decision shall not
affect the validity or enforceability of any other provision of this Agreement, all of which other provisions shall remain in full force
and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statutory References</U>. Each reference in this Agreement to a particular statute or regulation, or a provision thereof, shall
be deemed to refer to such statute or regulation, or provision thereof, or to any similar or superseding statute or regulation, or provision
thereof, as is from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>remainder of page intentionally left blank;
signature page follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF, </B>the
parties hereto have executed this Agreement as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 50%">&ldquo;<U>Member</U>&rdquo; and &ldquo;<U>Manager</U>&rdquo;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">IMWHP, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a Delaware limited liability company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 103 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF, </B>the
parties hereto have executed this Agreement as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">&ldquo;<U>Member</U>&rdquo;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>XCEL
    BRANDS, INC.</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">a Delaware
    corporation</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><B></B></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Split-Segment; Name: a7 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit&nbsp;B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>(Authorized Retailers)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 96%"><FONT STYLE="font-size: 10pt">The following department stores and their dotcoms:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt">Bealls</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">B.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Belk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">C.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Bloomingdale' s</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">D.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Boscov's</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">E.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Dillard's</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">F.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Hudson's Bay</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">G.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">JC Penney</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">H.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Lord&nbsp;&amp; Taylor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">I.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Macy's</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">J.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Neiman Marcus</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">K.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Nordstrom</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">L.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Saks 5th Avenue</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">M.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Urban Outfitters Group stores</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">N.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">VonMaur</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The following online retailers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt">Amazon.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">B.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Dressbarn.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">C.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The following flash sale sites:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 89%"><FONT STYLE="font-size: 10pt">Dia&nbsp;&amp; Co.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Gilt</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Haute Look</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Revolve</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Shopbop</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Stitch Fix</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">D.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt">Lordandtaylor.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">E.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Zappos.com; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">F.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Live-Stream shopping e-commerce sites with similarly positioned fashion brands (specific sites subject to Licensor&rsquo;s prior written approval on a case by case basis, with such approval not to be unreasonably withheld, conditioned or delayed).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. The following elevated Off-Price Retailers
and their dotcoms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt">Bloomingdale's Outlet</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">B.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Neiman Marcus Last Call</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">C.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Nordstrom Rack</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">D.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Saks Off 5<SUP>th</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 96%"><FONT STYLE="font-size: 10pt">The following Off-Price Retailers and their dotcoms, such as:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt">Beall's Outlet</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">B.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Burlington Coat Factory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">C.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Gilt</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">D.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Haute Look</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">E.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt">Macy's Back Stage</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">F.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Marshall&rsquo;s</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">G.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Ross Stores</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">H.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rue LaLa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">I.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Stein Mart</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">J.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">TJ Maxx</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">K.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">TJX</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">L.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Winners (Canada)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">M.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Zulily</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 96%"><FONT STYLE="font-size: 10pt">The following club retailers:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt">BJs (brick and mortar, e-commerce)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">B.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Costco (Canada)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">C.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Costco (US)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">D.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Sam's Club (Canada)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">E.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Sam's Club (US)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. The Branded E-Com Site</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7. Duty-Free Stores in the Territory (with any
sales to Duty-Free Stores outside of the Territory subject to Licensor&rsquo;s prior written approval)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8. AAFES / Military; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9. Such other retailers or customers as may be
approved by Licensor in writing on a case-by-case basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT OF MARKS AND ANCILLARY IP ASSETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This ASSIGNMENT OF MARKS (this
 &ldquo;<U>Assignment</U>&rdquo;), dated as of May <B>[&#9679;]</B>, 2022 (the &ldquo;<U>Effective Date</U>&rdquo;) is between XCEL BRANDS,
INC., a Delaware corporation, and IM BRANDS, LLC, a Delaware limited liability company (each, together with its and their successors and
assigns, an &ldquo;<U>Assignor</U>,&rdquo; and, collectively, the &ldquo;<U>Assignors</U>&rdquo;), on the one hand, and IM TOPCO, LLC,
a Delaware limited liability company (&ldquo;<U>Assignee</U>&rdquo;), on the other, and is entered into in connection with that certain
Membership Interest Purchase Agreement, dated as of May <B>[&#9679;]</B>, 2022, among Assignors, Assignee and IMWHP, LLC (the &ldquo;<U>Purchase
Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BACKGROUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD STYLE="text-align: justify">Assignors, either separately or jointly, own all rights in the Assigned IP;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD STYLE="text-align: justify">Assignors and Assignee are parties to the Purchase Agreement, pursuant to which Assignors have agreed
to execute and deliver this Assignment, pursuant to which Assignors shall assign all of their rights in the Assigned IP, to the extent
that each has any, to Assignee subject to the terms and conditions set forth herein;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD STYLE="text-align: justify">Assignors wish to assign to Assignee all rights in the Assigned IP, and Assignee wishes to acquire such
rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Assignor and Assignee,
in consideration of the mutual promises contained in this Assignment, and for other good and valuable consideration, including that under
the Purchase Agreement, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound hereby, agrees as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
The following terms have the meanings set forth below in this Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">a.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms used and not defined herein shall have the meanings ascribed to such terms in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">b.&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Ancillary
IP Assets</U>&rdquo; means all Transferred IP other than the Marks, Domain Names and Social Medial Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">c.&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Assigned
IP</U>&rdquo; means (i) any and all intellectual and industrial property and proprietary rights arising or enforceable under the laws
of the United States, any other jurisdiction, or any bilateral or multilateral treaty regime covering, embodied by or otherwise relating
to the Trademarks and Ancillary IP Assets, including (A) all works of authorship directly related to the Trademarks and Ancillary IP Assets,
in whole or in part, including copyrights in or to any logo, illustration, design, artwork and other copyrightable works (whether or not
published), moral rights, and all applications, registrations, renewals and rights to prepare derivative works in connection therewith
and (B) all other works of authorship, including copyrights in or to clothing designs, patterns, and other copyrightable works (whether
or not published), website content, moral rights, design rights and all applications, registrations, renewals and rights to prepare derivative
works in connection therewith; (C) the Marks and all other trademarks, trade names, service marks, brand names, logos, trade dress, whether
registered or unregistered, and/or marks included in the Transferred IP together with the goodwill of the business symbolized by and associated
with the same; (D) all trade secrets, know-how and confidential business information; (E) all copies and tangible embodiments of the Marks
and Ancillary IP Assets (in whatever form and medium); (F) any license or similar right to or from a third party in any of the foregoing;
and (G) the right to sue for past, present and future infringement, dilution, misappropriation or other violation of any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Marks</U>&rdquo;
means the trademarks, trade names, service marks, brand names, logos, trade dress, whether registered or unregistered, and/or marks included
in the Transferred IP, including, without limitation, those specified in <U>Exhibit A</U> attached hereto, together with the applications
and registrations identified therewith, and the goodwill of the business symbolized by and associated with the same, all licenses and
similar contractual rights with respect to any of the foregoing granted by Assignors to any third party, any and all royalties, fees,
income, payments and other proceeds now or hereafter due or payable with respect to any and all of the foregoing rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
Assignors hereby grant, convey, transfer, and assign to Assignee all of Assignors&rsquo; right, title, and interest in and to the Assigned
IP including all Marks and all registrations and applications therefor, and all goodwill of the business with which the Marks are used
and that is symbolized by the Marks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recordation</U>.
Each Assignor authorizes the United States Patent and Trademark Office, and any Official of any country or countries foreign to the United
States whose duty it is to receive or register trademarks or applications therefor, to record Assignee as the owner of the Assigned IP
and to issue all registrations for the Assigned IP, to be in the name of Assignee, as assignee of the Assigned IP, for the sole use of
Assignee in accordance with the terms of this Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. None of the representations, warranties, covenants, rights or remedies of any party under the Purchase Agreement
shall be deemed to be abrogated, enlarged, modified or altered in any way by such execution and acceptance of this Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Documentation</U>. At Assignee&rsquo;s reasonable expense, each Assignor agrees to promptly, upon Assignee&rsquo;s request, execute documents,
testify and take other acts as Assignee may deem necessary or desirable to procure, maintain, perfect, evidence and enforce the full benefits,
enjoyment, rights, title and interest, on a worldwide basis of the Assigned IP and all rights assigned hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Impact on Terms of the Purchase Agreement</U>. Notwithstanding any provision to the contrary set forth herein or in the Purchase Agreement
or in any document, instrument, or agreement executed in connection herewith or therewith, no provision of this Assignment in any way
waives, restricts, alters, adds to, diminishes, or limits the express provisions set forth in the Purchase Agreement, with this Assignment
being intended solely to effect the transfer of the Trademark Rights strictly in accordance with the terms of the Purchase Agreement.
In the event of a conflict between the terms of this Assignment and the terms of the Purchase Agreement, the terms of the Purchase Agreement
shall prevail and govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Assignment shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving
effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Assignment may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall be
deemed to be one and the same agreement. A signed copy of this Assignment delivered by facsimile or other means of electronic transmission
(i.e., PDF) shall be deemed to have the same legal effect as delivery of an original signed copy of this Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>. This Assignment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[The next page is the signature page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have executed this
Assignment as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><B>XCEL BRANDS, INC.</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 46%">Name:</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 46%">Title:</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><B>IM BRANDS, LLC</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 46%">Name:</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 46%">Title:</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><B>IM TOPCO, LLC</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 46%">Name:</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 46%">Title:</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Assignment of Marks]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 110 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: a8 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DOMAIN NAME TRANSFER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This DOMAIN NAME TRANSFER
(this &ldquo;<U>Assignment</U>&rdquo;), dated as of <B>[&#9679;]</B>, 2022 (the &ldquo;<U>Effective Date</U>&rdquo;) is between XCEL BRANDS,
INC., a Delaware corporation, and IM BRANDS, LLC, a Delaware limited liability company (each, together with its and their successors and
assigns, an &ldquo;<U>Assignor</U>,&rdquo; and, collectively, the &ldquo;<U>Assignors</U>&rdquo;), on the one hand, and IM TOPCO, LLC,
a Delaware limited liability company (&ldquo;<U>Assignee</U>&rdquo;), on the other, and is entered into in connection with that certain
Membership Interest Purchase Agreement, dated as of May <B>[&#9679;]</B>, 2022, by and among Assignors, Assignee and IMWHP, LLC, a Delaware
limited liability company (the &ldquo;<U>Purchase Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, for good and
valuable consideration and pursuant to the Purchase Agreement, and upon the terms and conditions set forth below, Assignors desire to
contribute, convey, transfer, assign and deliver all of its right, title, and interest in and to the domain name registrations listed
on <U>Schedule A</U> attached hereto (the &ldquo;<U>Domain Names</U>&rdquo;) to Assignee, and Assignee desires to acquire and accept such
assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>, in
consideration of the transactions contemplated by the Purchase Agreement and this Assignment and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Assignment</U>. Assignors hereby assign and transfer unto Assignee all right, title, and interest in and to the Domain Names,
in all countries of the world including the United States of America, its territories and possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Recordation</U>. Within five (5) business days of the Effective Date, Assignors shall execute all documents, papers, forms and
authorizations, and take such other actions as are necessary to effectuate the transfer of ownership and control of the Domain Names from
the Assignors to the Assignee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Representations and Warranties</U>. None of the representations, warranties, covenants, rights or remedies of any party under
the Purchase Agreement shall be deemed to be abrogated, enlarged, modified or altered in any way by such execution and acceptance of this
Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Terms of the Purchase Agreement</U>. In the event of any conflict or inconsistency between the terms of the Purchase Agreement
and the terms hereof, the terms of the Purchase Agreement shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Additional Documentation</U>. At Assignee&rsquo;s reasonable expense, each Assignor agrees to promptly, upon Assignee&rsquo;s
request, execute documents, testify and take other acts as Assignee may deem necessary or desirable to procure, maintain, perfect, evidence
and enforce the full benefits, enjoyment, rights, title and interest, on a worldwide basis of the Domain Names and all rights assigned
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 111 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Terms of the Purchase Agreement</U>. In the event of any conflict or inconsistency between the terms of the Purchase Agreement
and the terms hereof, the terms of the Purchase Agreement shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Governing Law</U>. This Assignment shall be governed by and construed under the laws of the State of Delaware, exclusive of
the body of law known as conflicts of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Counterparts</U>. This Assignment may be executed in two or more counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same agreement and shall become effective when one or more counterparts have been signed
by each of the Parties hereto and delivered to the other. Any such counterpart, to the extent delivered by means of a .pdf, .tif, .gif,
..jpeg or similar attachment to electronic mail (any such delivery, an &ldquo;<U>Electronic Delivery</U>&rdquo;) shall be treated in all
manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. No Party hereto shall raise the use of Electronic Delivery to deliver a signature
or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a
defense to the formation of a contract, and each such party forever waives any such defense, except to the extent that such defense relates
to lack of authenticity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Successors and Assigns</U>. This Assignment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Third Party Beneficiary</U>. IMWHP, LLC, a Delaware limited liability company, shall be a third party beneficiary of this Assignment
and shall be entitled to enforce the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Notices</U>. Any notice given pursuant to this Assignment shall be given in the same manner and addressed to the intended recipient
as set forth in Section 11.1 of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[The next page is the signature page]</I></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have executed
this Assignment as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>XCEL BRANDS, INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>Title:</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>IM BRANDS, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>IM TOPCO, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Domain Name Transfer]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SOCIAL MEDIA HANDLE TRANSFER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This SOCIAL MEDIA HANDLE TRANSFER
(this &ldquo;<U>Assignment</U>&rdquo;), dated as of <B>[&#9679;]</B>, 2022 (the &ldquo;<U>Effective Date</U>&rdquo;) is between XCEL BRANDS,
INC., a Delaware corporation, and IM BRANDS, LLC, a Delaware limited liability company (each, together with its and their successors and
assigns, an &ldquo;<U>Assignor</U>,&rdquo; and, collectively, the &ldquo;<U>Assignors</U>&rdquo;), on the one hand, and IM TOPCO, LLC,
a Delaware limited liability company (&ldquo;<U>Assignee</U>&rdquo;), on the other, and is entered into in connection with that certain
Membership Interest Purchase Agreement, dated as of May <B>[&#9679;]</B>, 2022, by and among Assignors, Assignee and IMWHP, LLC, a Delaware
limited liability company (the &ldquo;<U>Purchase Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, for good and
valuable consideration and pursuant to the Purchase Agreement, and upon the terms and conditions set forth below, Assignors desire to
contribute, convey, transfer, assign and deliver all of its right, title, and interest in and to the Social Media Assets listed on <U>Schedule
A</U> attached hereto to Assignee, and Assignee desires to acquire and accept such assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>, in
consideration of the transactions contemplated by the Purchase Agreement and this Assignment and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions</U>.
The following terms have the meanings set forth below in this Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">a.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Capitalized terms used and not defined herein shall have the meanings ascribed to such terms in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">b.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Social Media Assets</U>&rdquo; means Assignors&rsquo; worldwide ownership, control, right, title, and interest in and
to the social media accounts with the social media platforms set forth on <U>Schedule A</U> and the social media pages associated with
such accounts, all rights of an account holder as set forth in the terms of service or comparable agreement between Assignors and the
operator of the corresponding social media platform, all copyrights in such social media pages and all content owned by Assignors on such
social media pages, including all graphics used on the social media pages, all databases generated for the social media accounts and pages,
online forms and scripts used in connection with the social media accounts and pages and all advertisements for the social media accounts
and pages, and the goodwill associated with the social media accounts and pages and symbolized thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Assignment and Acceptance</U>. Assignors hereby contribute, convey, transfer, assign and deliver to Assignee, and Assignee hereby
accepts from Assignors, all of Assignors&rsquo; right, title, and interest in and to the Social Media Assets, including, without limitation,
all Intellectual Property Rights, together with all goodwill in connection therewith, in all countries of the world including the United
States of America, its territories and possessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Recordation</U>. Within five (5) business days of the Effective Date, Assignors shall execute all documents, papers, forms and
authorizations, and take such other actions as are necessary to effectuate the transfer of ownership and control of the Social Media Assets
from the Assignors to the Assignee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Representations and Warranties</U>. None of the representations, warranties, covenants, rights or remedies of any party under
the Purchase Agreement shall be deemed to be abrogated, enlarged, modified or altered in any way by such execution and acceptance of this
Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Additional Documentation</U>. At Assignee&rsquo;s reasonable expense, each Assignor agrees to promptly, upon Assignee&rsquo;s
request, execute documents, testify and take other acts as Assignee may deem necessary or desirable to procure, maintain, perfect, evidence
and enforce the full benefits, enjoyment, rights, title and interest, on a worldwide basis of the Social Media Assets and all rights assigned
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Terms of the Purchase Agreement</U>. In the event of any conflict or inconsistency between the terms of the Purchase Agreement
and the terms hereof, the terms of the Purchase Agreement shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Governing Law</U>. This Assignment shall be governed by and construed under the laws of the State of Delaware, exclusive of
the body of law known as conflicts of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Counterparts</U>. This Assignment may be executed in two or more counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same agreement and shall become effective when one or more counterparts have been signed
by each of the Parties hereto and delivered to the other. Any such counterpart, to the extent delivered by means of a .pdf, .tif, .gif,
..jpeg or similar attachment to electronic mail (any such delivery, an &ldquo;<U>Electronic Delivery</U>&rdquo;) shall be treated in all
manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. No Party hereto shall raise the use of Electronic Delivery to deliver a signature
or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a
defense to the formation of a contract, and each such party forever waives any such defense, except to the extent that such defense relates
to lack of authenticity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Successors and Assigns</U>. This Assignment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Third Party Beneficiary</U>. IMWHP, LLC, a Delaware limited liability company, shall be a third party beneficiary of this Assignment
and shall be entitled to enforce the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Notices</U>. Any notice given pursuant to this Assignment shall be given in the same manner and addressed to the intended recipient
as set forth in Section 11.1 of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[The next page is the signature page]</I></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have executed this
Assignment as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>XCEL BRANDS, INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>IM BRANDS, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>IM TOPCO, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-top: Black 0.5pt solid">Name:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Domain Name Transfer]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT E</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ASSIGNMENT AND ASSUMPTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS ASSIGNMENT AND ASSUMPTION
AGREEMENT made, executed and delivered as of this [___] day of [___], 2022, by and by and between IM TOPCO, LLC, a Delaware limited liability
company (&ldquo;<U>Assignee</U>&rdquo;), on the one hand, and XCEL BRANDS, INC., a Delaware corporation (&ldquo;<U>Xcel</U>&rdquo;) and
IM BRANDS, LLC, a Delaware limited liability company, on the other hand (&ldquo;<U>IMB</U>&rdquo; and, together with Xcel, &ldquo;<U>Assignors</U>&rdquo;).
Capitalized terms used and not otherwise defined herein shall have the meaning ascribed to such terms in the Purchase Agreement (as defined
below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS,</B> Assignee and
Assignors are party to a Membership Interest Purchase Agreement, dated as of the date hereof by and among Assignee, Assignors and IMWHP,
LLC, a Delaware limited liability company (the &ldquo;<U>Purchase Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE, FOR AND
IN CONSIDERATION </B>of the mutual promises contained in the Purchase Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by Assignors, and pursuant to the Purchase Agreement, Assignors hereby contribute, transfer,
assign and deliver unto Assignee, its successors and assigns, all of Assignors&rsquo; right, title and interest in, to and under the Trademark
Consent, which is attached as <U>Exhibit A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>TO HAVE AND TO HOLD </B>the
same unto Assignee, its successors and assigns from and after the date hereof for all the rest of the term of the Trademark Consent (and
any renewals, extensions and other options therein contained), subject to the covenants, conditions and provisions therein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN ADDITION, </B>from time
to time after the date hereof, without further consideration, Assignors shall execute and deliver such other instruments of assignment,
transfer and conveyance and shall take such other action as Assignee may reasonably request to more effectively assign, transfer and convey
to Assignee, all of Assignors&rsquo; right, title and interest in, to and under the Trademark Consent, or to enable Assignee to exercise
and enjoy all rights and benefits of Assignors with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>ASSIGNEE HEREBY</B> assumes
and agrees to perform any and all liabilities and obligations under the Trademark Consent to the extent, and only to the extent, first
arising after the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall inure
to the benefit of and be binding upon Assignors and Assignee and their respective successors and assigns. IMWHP, LLC, a Delaware limited
liability company, shall be a third party beneficiary of this Assignment and shall be entitled to enforce the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement is expressly
made subject to the terms of the Purchase Agreement. The delivery of this Agreement shall not amend, affect, enlarge, diminish, supersede,
modify, replace, rescind, waive or otherwise impair any of the representations, warranties, covenants, indemnities, terms or provisions
of the Purchase Agreement or any of the rights, remedies or obligations of Assignors or Assignee provided for therein or arising therefrom
in any way, all of which shall remain in full force and effect in accordance with their terms. This Agreement shall be governed and enforced
in accordance with the laws of the State of Delaware without regard to conflicts of law principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same agreement
and shall become effective when one or more counterparts have been signed by each of the Parties hereto and delivered to the other. Any
such counterpart, to the extent delivered by means of a .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery,
an &ldquo;<U>Electronic Delivery</U>&rdquo;) shall be treated in all manner and respects as an original executed counterpart and shall
be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No Party hereto
shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted
or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives
any such defense, except to the extent that such defense relates to lack of authenticity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">[<I>Remainder of page left
intentionally blank</I>]</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, and intending to be
legally bound hereby, Assignor and Assignee have caused this Assignment and Assumption Agreement to be executed and delivered by their
duly authorized representatives as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ASSIGNEE:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">IM TOPCO, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ASSIGNORS:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">XCEL BRANDS, INC.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">IM BRANDS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT F</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF BILL OF SALE, ASSIGNMENT AND ASSUMPTION
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">This BILL OF SALE,
ASSIGNMENT AND ASSUMPTION AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is executed as of the [&#9679;] day of May, 2022 (the &ldquo;<U>Closing
Date</U>&rdquo;), by and between IM TOPCO, LLC, a Delaware limited liability company (the &ldquo;<U>Company</U>&rdquo;), on the one hand,
and XCEL BRANDS, INC., a Delaware corporation (&ldquo;<U>Xcel</U>&rdquo;) and IM BRANDS, LLC, a Delaware limited liability company, on
the other hand (&ldquo;<U>IMB</U>&rdquo; and, together with Xcel, &ldquo;<U>Seller</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">WHEREAS, this
Agreement is being delivered in connection with the Closing under the Membership Interest Purchase Agreement, dated as of May [&#9679;],
2022, by and among Xcel, IMB, the Company and IMWHP, LLC, a Delaware limited liability company (the &ldquo;<U>Purchase Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant
to the Purchase Agreement, Seller has agreed to contribute, transfer, assign and deliver to the Company, and the Company has agreed to
acquire and accept from Seller, all of Seller&rsquo;s right, title and interest in and to certain assets; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">WHEREAS, this
Agreement, as duly executed by the Company and Seller, is being delivered as of the date hereof and shall be effective as of the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the foregoing and the covenants and agreements herein contained and intending to be legally bound hereby, the Company
and Seller do hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">I.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">BILL OF SALE; ASSIGNMENT
AND ASSUMPTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U>. Capitalized terms used but not defined in this Agreement have the meanings given to such terms in the
Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Assignment of Contributed Assets</U>. In accordance with and subject to the terms of the Purchase Agreement, Seller does
hereby contribute, transfer, assign and deliver to the Company, effective as of the Closing, all of Seller&rsquo;s right, title and interest
in and to the Contributed Assets, as provided in Section 3.1 of the Purchase Agreement, free and clear of all Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Excluded Assets</U>. Seller excepts, reserves, and excludes all of Seller&rsquo;s right, title and interest in and to
the Excluded Assets, as provided in Section 3.3 of the Purchase Agreement. Without limiting the foregoing, Seller does not hereby contribute,
transfer, assign and deliver to the Company any right, title or interest in any assets, properties and rights of Seller that are not Contributed
Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Assumed Liabilities</U>. In accordance with and subject to the terms of the Purchase Agreement, the Company, effective
as of the Closing, does hereby assume, and does hereby agree to perform, pay and discharge in full when due (or on such other terms (including
amount and due date) as the Company may be able to negotiate with the Persons to which such Liabilities are owed), all the Assumed Liabilities
as provided in Section 3.2 of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Retained Liabilities</U>. The Company shall not assume, be deemed to have assumed or be liable or obligated to pay, perform
or otherwise discharge or in any other manner be liable or responsible for the Retained Liabilities, as provided in Section 3.4 of the
Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: windowtext">II.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: windowtext">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: windowtext"></FONT>MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Purchase Agreement</U>. This Agreement is expressly made subject to the terms of the Purchase Agreement. The delivery
of this Agreement shall not amend, affect, enlarge, diminish, supersede, modify, replace, rescind, waive or otherwise impair any of the
representations, warranties, covenants, indemnities, terms or provisions of the Purchase Agreement or any of the rights, remedies or obligations
of Seller or the Company provided for therein or arising therefrom in any way, all of which shall remain in full force and effect in accordance
with their terms. The representations, warranties, covenants, indemnities, terms and provisions contained in the Purchase Agreement shall
not be merged with or into this Agreement but shall survive the execution and delivery of this Agreement to the extent, and in the manner,
set forth in the Purchase Agreement. In the event of any conflict or inconsistency between the terms of the Purchase Agreement and the
terms of this Agreement, the terms of the Purchase Agreement shall control. Without limiting the foregoing, in no event shall this Agreement
deliver to the Company any right, title or interest in or to any asset other than a Contributed Asset or require the Company to assume
any Liability other than an Assumed Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Successors and Assigns</U>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendment and Waiver</U>. This Agreement may be amended only by a written instrument signed by the parties. Any provision
of this Agreement may be waived, provided that (a) any such waiver by the Company will be binding on the Company only if such waiver is
set forth in a writing executed by the Company, and (b) any such waiver by Seller will be binding upon Seller only if such waiver is set
forth in a writing executed by Seller. No failure on the part of any Person to exercise any power, right privilege or remedy under this
Agreement, and no delay on the part of any Person in exercising any power, right, privilege or remedy under this Agreement, shall operate
as a waiver of such power, right, privilege or remedy and no single or partial exercise of any such power, right, privilege or remedy
shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. The waiver by any party hereto
of a breach of any provision of this Agreement shall not operate or be construed as a continuing waiver or as a waiver of any other breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Severability</U>. The unenforceability or invalidity of any provision of this Agreement shall not affect the enforceability
or validity of any other provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Further Assurances</U>. Each party hereto shall, from time to time (whether before or after the Closing Date), upon the
request of the other party hereto, execute, acknowledge and deliver to the other party hereto such other documents or instruments, and
take any and all actions, as are reasonably necessary for the implementation and consummation of the transactions contemplated by this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Governing Law; Dispute Resolution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>This Agreement shall be governed by and construed under the laws of the State of Delaware, exclusive of the body of law
known as conflicts of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The parties agree that any controversy, claim or dispute arising out of or relating to this Agreement (including the determination
of the scope or applicability of this Agreement to arbitrate) shall be determined by confidential arbitration in New York, New York, before
one arbitrator. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures (the &ldquo;<U>JAMS
Rules</U>&rdquo;); provided, however, that notwithstanding the JAMS Rules, the arbitrator shall not have the power to award injunctive
or other equitable relief, and nothing herein shall preclude or prevent a party from pursuing, injunctive or other equitable relief in
a New York state or federal court of competent jurisdiction. The Federal Arbitration Act shall govern the interpretation and enforcement
of such arbitration proceeding. The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of the State of
Delaware, or federal law, if the law of the State of Delaware is preempted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party
(as determined by the trier of fact) shall be entitled to reasonable attorneys&rsquo; fees, costs and necessary disbursements in addition
to any other relief to which such party may be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Waiver of Jury Trial</U>. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT,
THE DOCUMENTS AND AGREEMENTS CONTEMPLATED HEREBY AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES AND THEREFORE HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY PROCEEDING BASED ON, ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY OR THE
TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. EACH OF THE PARTIES AGREES AND CONSENTS THAT ANY SUCH PROCEEDING WILL BE DECIDED BY COURT
TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT
AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE IRREVOCABLE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH PARTY (I) CERTIFIES
THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Headings</U>. The subject headings of Articles and Sections of this Agreement are included for purposes of convenience
only and shall not affect the construction or interpretation of any of its provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same agreement and shall become effective when one or more counterparts have been
signed by each of the Parties hereto and delivered to the other. Any such counterpart, to the extent delivered by means of a .pdf, .tif,
..gif, .jpeg or similar attachment to electronic mail (any such delivery, an &ldquo;<U>Electronic Delivery</U>&rdquo;) shall be treated
in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it
were the original signed version thereof delivered in person. No Party hereto shall raise the use of Electronic Delivery to deliver a
signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery
as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent that such defense
relates to lack of authenticity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Third Party Beneficiary</U>. IMWHP, LLC, a Delaware limited liability company, shall be a third party beneficiary of
this Assignment and shall be entitled to enforce the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notices</U>. Any notice given pursuant to this Assignment shall be given in the same manner and addressed to the intended
recipient as set forth in Section 11.1 of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Pages Follow]</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Executed on the Closing Date,
to be effective as of the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SELLER:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">XCEL BRANDS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">IM BRANDS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page to Bill of Sale, Assignment
and Assumption Agreement]</I></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<!-- Field: Page; Sequence: 125 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">COMPANY:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">IM TOPCO, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page to Bill of Sale, Assignment
and Assumption Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<!-- Field: Split-Segment; Name: a10 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>EXHIBIT G</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>DESIGN, INTERACTIVE TELEVISION AND TALENT<BR>
SERVICES AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Design, Interactive Television, and Talent
Services Agreement (the &ldquo;<U>Agreement</U>&rdquo;), effective as of May [&#9679;], 2022 (the &ldquo;<U>Effective Date</U>&rdquo;),
is made between Xcel Brands, Inc., a Delaware corporation (&ldquo;<U>Xcel</U>&rdquo; or &ldquo;<U>Consultant</U>&rdquo;), IM Brands, LLC
(&ldquo;<U>IM</U>&rdquo;), a Delaware limited liability company, and IM TOPCO, LLC (&ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, in connection with the consummation of
a transaction governing trademarks and related assets owned by Company, Consultant has agreed to provide, and Company desires to retain
Consultant to provide, the services (the &ldquo;<U>Services</U>&rdquo;) more fully described in <U>Exhibit A</U> attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW THEREFORE, for good and valuable consideration,
the sufficiency of which is hereby acknowledged, Company and Consultant hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Services and Work Product</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description
of Services</U>. Consultant hereby agrees to provide to Company, and Company hereby specifically commissions Consultant to provide to
the Company, the Services more specifically described in <U>Exhibit A</U>. Consultant will provide the Services in a manner consistent
with the manner in which Consultant provided substantially the same services for its own account prior to the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Not
An Agent</U>. Neither party is appointed as the other party&rsquo;s agent for any purpose whatsoever hereunder. Neither party will hold
itself out as the agent of the other or otherwise purport to bind the other party to any third-party obligations without that other party&rsquo;s
express prior consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property and Confidentiality</U>. (A) Consultant hereby agrees that Company shall be the owner of any and all work product first created
during the course of Consultant providing the Services to Company pursuant to this Agreement (the &ldquo;<U>Work Product</U>&rdquo;) and
that the same shall constitute &ldquo;works made for hire&rdquo; (as that term is defined in the United States Copyright Act, as amended)
by Consultant because they have been specifically ordered or commissioned from Consultant for use by Company. Consultant hereby acknowledges
and agrees that, to the extent any Work Product is not, for whatever reason, deemed to be &ldquo;works made for hire,&rdquo; Consultant
hereby grants, transfers, conveys, and assigns to Company and its successors and assigns, all of Consultant&rsquo;s right, title, interest,
ownership and all subsidiary rights in and to such Work Product and all trademark, copyrights, trade secret, patent and other intellectual
and industrial property rights of whatever nature throughout the world covering or embodied by such Work Product. Consultant covenants
and agrees, at Company&rsquo;s sole cost and expense, to sign such documents and do such things as Company may reasonably require in order
to perfect the foregoing assignments and Company&rsquo;s ownership of the Work Product and all intellectual and industrial property rights
covering or embodied by such Work Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 127 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that Consultant uses or incorporates into any Work Product created in the course of Consultant providing the Services pursuant
to this Agreement any works of authorship or other information of any nature compiled, authored, developed or otherwise created by Consultant
prior to, or outside the scope of, Consultant providing the Services pursuant to this Agreement (collectively, the &ldquo;<U>Pre-existing
Work Product</U>&rdquo;), Consultant hereby grants to Company a perpetual, fully-paid, royalty-free, non-exclusive, transferable, assignable
and sublicensable right, under any and all trademarks, copyrights, trade secrets, patents and other intellectual and industrial property
rights of whatever nature throughout the world covering or embodied by the Pre-existing Work Product, to use such Pre-existing Work Product,
in the form incorporated into, and in connection with the use of, the Work Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this Agreement, the term &ldquo;Confidential Information&rdquo; shall mean the Work Product and any information not generally
known or available to the public which was obtained from or disclosed to Consultant by or on behalf of Company in the course of Consultant
providing the Services to Company pursuant to this Agreement. For so long as Consultant provides Services pursuant to this Agreement,
and thereafter for so long as the Confidential Information has not otherwise been publicly disclosed by Company, Consultant agrees that
(i) Consultant shall not divulge Confidential Information, directly or indirectly, other than in the course of providing Services to Company
pursuant to this Agreement, and (ii) Consultant shall not use, directly or indirectly, any Confidential Information for the benefit of
anyone other than Company without Company&rsquo;s prior written consent; <U>provided</U>, <U>however</U>, that Consultant shall have no
obligation, express or implied, to refrain from using or disclosing to others any Confidential Information which is or hereafter shall
become generally available to the public other than through Consultant&rsquo;s breach of this Agreement or which Consultant learns of
from a person not known to the Consultant to have a duty of confidentiality to the Company with respect to such Confidential Information.
Pre-existing Work Product shall not constitute Confidential Information unless otherwise expressly agreed by Consultant in writing. In
the event Consultant is or may foreseeably be compelled to disclose any Confidential Information pursuant to any law, regulation, order
of a court of competent jurisdiction or other legal process, Consultant shall give Company prior written notice, reasonable in light of
the circumstances, of such compelled disclosure and cooperate, at Company&rsquo;s sole cost and expense, with Company&rsquo;s efforts
to obtain a protective order or otherwise prevent or limit such compelled disclosure under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultant
covenants and agrees that all employees, independent contractors and other persons providing the Services shall be bound by written agreements
necessary to ensure Consultant&rsquo;s compliance with the requirements of this Section 1.3. Consultant shall make such agreements available
for review by Company upon Company&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultant
acknowledges and agrees that a breach of this Section 1.3 by Consultant may cause Company irreparable harm for which monetary damages
alone would be an inadequate remedy and, accordingly, without limiting the remedies to which Company is entitled at law, Company shall
be entitled to seek equitable relief, including injunctive relief and specific performance, as a result of any breach or threatened breach
of this Section 1.3 by Consultant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultant
and Company shall cooperate to ensure that all emails, designs, marketing materials and other Work Product and Confidential Information
prepared or received by Consultant in the course of providing the Services are digitally copied and transferred to Company within a period
of time (but in any case, not more frequently than quarterly or less frequently than annually), and using technological means, reasonably
acceptable to Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultant
shall be solely responsible for the cost of employment, including benefits, of all Consultant employees providing the Services. Consultant
covenants and agrees that it shall, at all times during the Term, retain a number of employees reasonably necessary to timely provide
the Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fee</U>.
In consideration of the Services, Company shall pay to Consultant three hundred thousand dollars ($300,000) (the &ldquo;<U>Service Fee</U>&rdquo;)
for each fiscal year (each a &ldquo;<U>Fiscal Year</U>&rdquo;) that is the subject of an Annual Budget (as defined in the Amended and
Restated Limited Liability Company Agreement of Company, dated as of [___], 2022 (the &ldquo;<U>Operating Agreement</U>&rdquo;)); provided,
however, that prior to payment of the Service Fee, Consultant shall directly incur, and Company shall not be obligated to pay the Service
Fee to Consultant until Consultant has in fact incurred, the initial fifty-two thousand dollars ($52,000) in out-of-pocket costs and expenses
included in the Annual Budget for that Fiscal Year (the &ldquo;<U>Qualifying Expense Threshold</U>&rdquo;). The Service Fee for any particular
Fiscal Year shall be payable in three equal installments of one hundred thousand dollars $100,000 each, payable as follows: (i) the first
installment shall be due and owing on the later of April 10 of the relevant Fiscal Year and the date Consultant incurs out-of-pocket costs
and expenses in excess of the Qualifying Expense Threshold for that Fiscal Year; (ii) the second installment shall be due and owing on
the later of July 10 of the relevant Fiscal Year and the date arising three months after the date the first installment for that Fiscal
Year becomes due and owing as set forth in Section 2.1(i) above, and (iii) the third installment shall be due and owing on the later of
October 10 of the relevant Fiscal Year and the date arising three months after the date the second installment for that Fiscal Year becomes
due and owing as set forth in Section 2.1(ii) above. The first installment shall be paid not later than thirty (30) days after Company&rsquo;s
receipt of an invoice, including supporting documentation reasonably acceptable to Company, establishing that Consultant has incurred
out-of-pocket costs and expenses in excess of the Qualifying Expense Threshold for that Fiscal Year; each of the second and third installment
shall be paid not later than the date on which the relevant installment becomes due and owing as set forth in Sections 2.1(ii) and (iii)
above; provided, however, that so long as the Qualifying Expense Threshold for the Fiscal Year has been met, all installments shall be
paid not later than the last day of that Fiscal Year. Consultant shall not be entitled to receive, and Company shall have no obligation
to pay, the Service Fee, or any installment therefor, for any Fiscal Year during which Consultant does not incur out-of-pocket costs and
expenses included in the Annual Budget for that Fiscal Year that are equal to or greater than the Qualifying Expense Threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
The term of this Agreement (the &ldquo;<U>Term</U>&rdquo;) shall commence on the Effective Date and continue, unless earlier terminated
in accordance with Section 3.2 below, until December 31, 2024. Upon expiration or termination of this Agreement in accordance with its
terms, all Fees accrued and reimbursable expenses incurred but not yet paid shall become immediately due and owing, and payable in accordance
with Section 2.1 and 2.2 above, but no further Fees shall accrue hereunder and Consultant shall have no obligation to provide any further
or additional Services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Early
Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Company may terminate this Agreement (i) in the event that the amount of Gross Revenues (as defined in
the Operating Agreement) received by Company pursuant to the QVC License (&ldquo;<U>QVC Revenues</U>&rdquo;) for any calendar quarter
arising during the Term decline by 10% or more year-over-year, (ii) in the event that Consultant becomes a party to a bankruptcy or other
insolvency proceeding, Consultant makes a general assignment for the benefit of its creditors or a receiver is appointed on account of
Consultant&rsquo;s insolvency, (iii) if QVC notifies Company of its election to materially modify or terminate the QVC License, or (iv)
in the event that there is a material breach of the Operating Agreement caused by Consultant, in each case upon thirty (30) days&rsquo;
prior written notice to Consultant, and, if capable of cure, Consultant&rsquo;s failure to cure within such thirty (30) day period. Notwithstanding
the above, Company shall have no right to terminate this Agreement in accordance with Section 3.2(a)(i) above if any failure to meet the
required target for QVC Revenues is attributable to Force Majeure (defined below)<I>. </I>In addition, and notwithstanding the above,
not more frequently than once in any four consecutive calendar quarters, if a change in QVC Revenues giving rise to a Company termination
right in accordance with Section 3.2(a)(i) above is attributable to a lesser number of &ldquo;Today Special Purchases&rdquo; programs
on QVC during the calendar quarter for which the determination is being made, as compared to the corresponding prior year calendar quarter,
then Company&rsquo;s termination right shall not arise, if at all, until the end of the immediately following quarter, and then only if
the aggregate QVC Revenues for the two preceding quarters, as compared to the corresponding prior year calendar quarters, declines by
10% or more, year-over-year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Force Majeure</U>&rdquo; means
(a) acts of God; (b), earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, explosions of any kind, fires,
epidemics and pandemics (including any escalation or general worsening thereof); (c) outbreak of hostilities, acts of war, sabotage, cyberterrorism,
terrorist acts or riots; (d) embargoes or blockades; and (e) strikes or labor stoppages, shortages or slowdowns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Xcel and IM shall be jointly and severally liable for any breach of this Agreement by Consultant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclaimer</U>.
Except as expressly set forth in this Agreement, Consultant makes no representations or warranties, express or implied, in respect of
the Services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.
(A) The Company will indemnify, defend, exonerate and hold harmless the Consultant and its former, current or future affiliates or any
of its or their members, managers, officers, directors, employees, controlling persons, agents or representatives (together with Consultant,
the &ldquo;<U>Consultant Related Parties</U>&rdquo;) from and against any and all actions, causes of action, suits, claims, liabilities,
losses, damages, costs and expenses (including, without limitation reasonable attorneys&rsquo; fees, expenses and disbursements) (collectively,
the &ldquo;<U>Liabilities</U>&rdquo;) incurred by the Consultant Related Parties or any of them, on or after the date of this Agreement,
arising out of, incurred in connection with or as a result of, or in any way relating to, (i) a breach of this Agreement by Company or
(ii) Consultant&rsquo;s enforcement or preservation of any rights or remedies under this Agreement (collectively, the &ldquo;<U>Company
Indemnified Liabilities</U>&rdquo;); <U>provided</U> that the foregoing indemnification rights will not be available to the extent that
a court of competent jurisdiction determines by final non-appealable judgment or order that such Indemnified Liabilities arose on account
of such Consultant Related Party&rsquo;s gross negligence or willful misconduct; and <U>provided</U>, <U>further</U>, that if and to the
extent that the foregoing right to indemnification may be unavailable or unenforceable for any reason, the Company hereby agrees to make
the maximum contribution to the payment and satisfaction of each of the Company Indemnified Liabilities which is permissible under applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(B) Xcel and IM will jointly
and severally indemnify, defend, exonerate and hold harmless the Company and its former, current or future affiliates or any of its or
their members, managers, officers, directors, employees, controlling persons, agents or representatives (together with Company, the &ldquo;<U>Company
Related Parties</U>&rdquo;) from and against any and all Liabilities incurred by the Company Related Parties, or any of them, on or after
the date of this Agreement, arising out of, incurred in connection with or as a result of, or in any way relating to, (i) a breach of
this Agreement by Consultant, or (ii) Company&rsquo;s enforcement or preservation of any rights or remedies under this Agreement (collectively,
the &ldquo;<U>Consultant Indemnified Liabilities</U>&rdquo; and together with the Company Indemnified Liabilities, as the case may be,
the &ldquo;<U>Indemnified Liabilities</U>&rdquo;); <U>provided</U> that the foregoing indemnification rights will not be available to
the extent that a court of competent jurisdiction determines by final non-appealable judgment or order that such Consultant Indemnified
Liabilities arose on account of such Company Related Party&rsquo;s gross negligence or willful misconduct; and <U>provided</U>, <U>further</U>,
that if and to the extent that the foregoing right to indemnification may be unavailable or unenforceable for any reason, the Consultant
hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Consultant Indemnified Liabilities which
is permissible under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(C) The Company shall reimburse
any Consultant Related Party, and Xcel and IM shall jointly and severally reimburse any Company Related Party, for all reasonable costs
and expenses (including reasonable attorneys&rsquo; fees and expenses and any other litigation-related expenses), as they are incurred
in connection with investigating, preparing, pursuing, defending or assisting in the defense of any action, claim, suit, investigation
or proceeding for which the Consultant Related Party or Company Related Party, as the case may be, would be entitled to indemnification
under the terms of this Section, or any action or proceeding arising therefrom, whether or not such Consultant Related Party or Company
Related Party is a party thereto. The indemnifying party agrees that it will not, without the prior written consent (which consent shall
not be unreasonably withheld, conditioned or delayed) of the Consultant Related Party or Company Related Party, as the case may be, settle,
compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated
hereby (if any Consultant Related Party or Company Related Party is a party thereto or has been threatened to be made a party thereto)
unless such settlement, compromise or consent includes an unconditional release of the applicable Consultant Related Party or Company
Related Party from all liability, without future obligation or prohibition on the part of the applicable Consultant Related Party or Company
Related Party, arising or that may arise out of such claim, action or proceeding, and does not contain an admission of guilt or liability
on the part of the applicable Consultant Related Party or Company Related Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(D) The rights of any Consultant
Related Party or Company Related Party to indemnification hereunder will be in addition to any other rights any such person may have under
any other agreement or instrument referenced above or any other agreement or instrument to which such Consultant Related Party or Company
Related Party is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. The Company hereby acknowledges
that each Consultant Related Party may have, and the Consultant hereby acknowledges that each Company Related Party may have, certain
rights to indemnification, advancement of expenses and/or insurance provided by one or more persons or entities with whom or which such
Consultant Related Party or Company Related Party may be associated (including, without limitation, any other Consultant Related Party
or Company Related Party). The Company and Consultant each hereby acknowledges and agrees that (i) the indemnifying party under this Agreement
shall be the indemnitor of first resort with respect to any Indemnified Liability, (ii) the indemnifying party under this Agreement shall
be primarily liable for all Indemnified Liabilities and any indemnification afforded to any Consultant Related Party or Company Related
Party in respect of any Indemnified Liabilities, whether created by law, organizational or constituent documents, contract (including
this Agreement) or otherwise, (iii) any obligation of any other person or entity with whom or which any Consultant Related Party or Company
Related Party may be associated (including, without limitation, any other Consultant Related Party or Company Related Party) to indemnify
such Consultant Related Party or Company Related Party and/or advance expenses to such Consultant Related Party or Company Related Party
in respect of any proceeding shall be secondary to the obligations of the indemnifying party hereunder, (iv) the indemnifying party hereunder
shall be required to indemnify each Consultant Related Party or Company Related Party, as the case may be, and advance expenses to each
such Consultant Related Party or Company Related Party hereunder to the fullest extent provided herein without regard to any rights such
Consultant Related Party or Company Related Party may have against any other person or entity with whom or which such Consultant Related
Party or Company Related Party may be associated (including, without limitation, any other Consultant Related Party or Company Related
Party) or insurer of any such person or entity and (v) the indemnifying party hereunder (on behalf of itself and its insurers) irrevocably
waives, relinquishes and releases any other person or entity with whom or which any Consultant Related Party or Company Related Party
may be associated from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by the indemnifying
party hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(E) In the event any other
person or entity with whom or which any Consultant Related Party or Company Related Party may be associated (including, without limitation,
any other Consultant Related Party or Company Related Party) or their insurers advances or extinguishes any liability or loss which is
the subject of any Indemnified Liability owed by the indemnifying party hereunder or payable under any insurance policy provided under
this Agreement, the payor shall have a right of subrogation against the indemnifying party or its insurer or insurers for all amounts
so paid which would otherwise be payable by the indemnifying party or its insurer or insurers under this Agreement. In no event will payment
of an Indemnified Liability under this Agreement by any other person or entity with whom or which any Consultant Related Party or Company
Related Party may be associated (including, without limitation, other Consultant Related Parties or Company Related Parties) or their
insurers affect the obligations of the indemnifying party hereunder or shift primary liability for any Indemnified Liability to any other
person or entity with whom or which such Consultant Related Party or Company Related Party may be associated (including, without limitation,
any other Consultant Related Party or Company Related Party).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Costs
of Collection</U>. In any dispute involving monies owed to Consultant hereunder, the prevailing party shall be entitled to receive from
the other party all costs of collection or defense (as the case may be), including reasonable attorneys&rsquo; fees and interest on unpaid
amounts found to be owing, calculated at a rate of 12% per annum or the highest rate allowed by law, whichever is less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
on Damages</U>. <FONT STYLE="font-variant: small-caps">In no event shall (i) either party be liable to the other for special, punitive,
consequential or other speculative damages of any nature including, without limitation, lost profits, even if a party has been informed
of the possibility of such damages or (ii) Consultant be liable to Company in an amount greater than four hundred thousand dollars ($400,000).
The foregoing limitation of liability shall not apply to the indemnification obligations of the parties hereunder. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-disparagement</U>.
Consultant and Company each covenants and agrees that it shall not, directly or indirectly, during the longer of the Term and the period
any affiliate of Consultant owns or holds any interest in the Company, and for one (1) year thereafter, make, publish or otherwise disseminate
disparaging or derogatory statements or allegations, whether written, oral or otherwise, regarding the other party or its affiliates,
or any officers, directors, managers, members, employees, products, services, policies or operations of the other party or its affiliates.
The provisions of this Section 4.5 in no way restrict or prohibit a person from providing truthful testimony compelled pursuant to subpoena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Provisions</U>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which
together shall be deemed to be one and the same instrument. This Agreement shall inure to the benefit of and be binding upon the parties
and their respective lawful successors, assigns, heirs, and personal representatives. Consultant may not assign this Agreement or delegate
its duties and obligations hereunder without the prior written consent of the Company, which consent may be withheld for any reason or
no reason at Company&rsquo;s sole discretion. Any assignment in violation of this provision shall be void <I>ab initio</I> and of no force
or effect. Company may assign this Agreement without the consent of Consultant. This Agreement may be modified, amended, or supplemented
only by means of a written instrument signed by both parties. This Agreement constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes any and all prior or contemporaneous oral and prior written agreements and understandings.
In the event that any provision of this Agreement shall, for any reason, be held to be invalid or unenforceable in any respect, such invalidity
or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid or unenforceable
provision had not been included herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices, requests, demands and other communications required or permitted to be given pursuant to this Agreement shall be in writing
and shall be deemed to have been duly given upon the date of receipt if delivered by FedEx or UPS, or via email transmission (with confirmation
of receipt) to the email addresses set forth below, in each case to the attention of the person identified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to Consultant:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Brands, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">1333 Broadway, 10<SUP>th</SUP>
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">New York, NY 10018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Attn: Seth Burroughs, EVP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Email: <U>sburroughs@xcelbrands.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Blank Rome LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">1271 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">New York, NY 10020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attn: Robert J. Mittman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Email: <U>Robert.Mittman@blankrome.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">IMWHP, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">530 Fifth Avenue, 25<SUP>th</SUP>
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Attn: Ephraim Zinkin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Email: <U>ezinkin@whp-global.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Pryor Cashman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">7 Times Square, 40<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attn: Brad D. Rose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">Email: <U>brose@pryorcashman.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Either party may change its designated address
and email address by notice to the other party in the manner provided in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>.
Except with respect to either party&rsquo;s right to injunctive relief hereunder, the parties agree that any controversy, claim or dispute
arising out of or relating to this Agreement (including the determination of the scope or applicability of this Agreement to arbitrate)
shall be determined by confidential arbitration in New York, New York, before one arbitrator. The arbitration shall be administered by
JAMS pursuant to its Comprehensive Arbitration Rules and Procedures (the &ldquo;<U>JAMS Rules</U>&rdquo;); provided, however, that notwithstanding
the JAMS Rules, the arbitrator shall not have the power to award injunctive or other equitable relief, and nothing herein shall preclude
or prevent a party from pursuing, injunctive or other equitable relief in a New York state or federal court of competent jurisdiction.
The Federal Arbitration Act shall govern the interpretation and enforcement of such arbitration proceeding. The arbitrator shall apply
the substantive law (and the law of remedies, if applicable) of the State of Delaware, or federal law if the law of the State of Delaware
is preempted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware irrespective of any conflict
of laws principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature page follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I></I></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, each of the parties hereto
have caused this Agreement to be executed as a binding agreement between the parties effective as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IM TOPCO, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xcel Brands, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IM Brands LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 29%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT H</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>BRAND SUPPORT SERVICES AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Brand Support Services Agreement (the &ldquo;<U>Agreement</U>&rdquo;),
effective as of April [&#9679;], 2022 (the &ldquo;<U>Effective Date</U>&rdquo;), is made between WHP Global, LLC, a Delaware limited liability
company (&ldquo;<U>Consultant</U>&rdquo;), and IM TOPCO, LLC, a Delaware limited liability company (&ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, an affiliate of Consultant is a party
to that certain Amended and Restated Limited Liability Company Agreement of IM TOPCO, LLC dated as of April [&#9679;], 2022 (the &ldquo;<U>Operating
Agreement</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, Consultant has agreed to provide, and
Company desires to retain Consultant to provide, the brand support services (the &ldquo;<U>Services</U>&rdquo;) more fully described in
<U>Exhibit A</U> attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW THEREFORE, for good and valuable consideration,
the sufficiency of which is hereby acknowledged, Company and Consultant hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Services and Work Product</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description
of Services</U>. Consultant hereby agrees to provide to Company, and Company hereby specifically commissions Consultant to provide to
the Company, the Services more specifically described in <U>Exhibit A</U>. Consultant will provide the Services in a manner reasonably
consistent with the manner in which it manages other brands owned or otherwise controlled by affiliates of Consultant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Not
An Agent</U>. Neither party is appointed as the other party&rsquo;s agent for any purpose whatsoever hereunder. Neither party will hold
itself out as the agent of the other or otherwise purport to bind the other party to any third-party obligations without that other party's
express prior consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual Property and Confidentiality</U>.&#9;(A)&#9;Consultant
hereby agrees that Company shall be the owner of any and all work product first created during the course of Consultant providing the
Services to Company pursuant to this Agreement (the &ldquo;<U>Work Product</U>&rdquo;) and that the same shall constitute &ldquo;works
made for hire&rdquo; (as that term is defined in the United States Copyright Act, as amended) by Consultant because they have been specifically
ordered or commissioned from Consultant for use by Company. Consultant hereby acknowledges and agrees that, to the extent any Work Product
is not, for whatever reason, deemed to be &ldquo;works made for hire,&rdquo; Consultant hereby grants, transfers, conveys, and assigns
to Company and its successors and assigns, all of Consultant's right, title, interest, ownership and all subsidiary rights in and to such
Work Product and all trademark, copyrights, trade secret, patent and other intellectual and industrial property rights of whatever nature
throughout the world covering or embodied by such Work Product. Consultant covenants and agrees, at Company&rsquo;s sole cost and expense,
to sign such documents and do such things as Company may reasonably require in order to perfect the foregoing assignments and Company&rsquo;s
ownership of the Work Product and all intellectual and industrial property rights covering or embodied by such Work Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that Consultant uses or incorporates into any Work Product created in the course of Consultant providing the Services pursuant
to this Agreement any works of authorship or other information of any nature compiled, authored, developed or otherwise created by Consultant
prior to, or outside the scope of, Consultant providing the Services pursuant to this Agreement (collectively, the &ldquo;<U>Pre-existing
Work Product</U>&rdquo;),&nbsp;Consultant hereby grants to Company&nbsp;a perpetual, fully-paid, royalty-free, non-exclusive, transferable,
assignable and sublicenseable right, under any and all trademarks, copyrights, trade secrets, patents and other intellectual and industrial
property rights of whatever nature throughout the world covering or embodied by the Pre-existing Work Product, to use such Pre-existing
Work Product, in the form incorporated into, and in connection with the use of, the Work Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this Agreement, the term &ldquo;Confidential Information&rdquo; shall mean the Work Product and any information not generally
known or available to the public which was obtained from or disclosed to Consultant by or on behalf of Company in the course of Consultant
providing the Services to Company pursuant to this Agreement. For so long as Consultant provides Services pursuant to this Agreement and
thereafter for so long as the Confidential Information has not otherwise been publicly disclosed by Company, Consultant agrees that (i)
Consultant shall not divulge Confidential Information, directly or indirectly, other than in the regular and proper course of providing
Services to Company pursuant to this Agreement, and (ii) Consultant shall not use, directly or indirectly, any Confidential Information
for the benefit of anyone other than Company without Company&rsquo;s prior written consent; <U>provided</U>, <U>however</U>, that Consultant
shall have no obligation, express or implied, to refrain from using or disclosing to others any Confidential Information which is or hereafter
shall become generally available to the public other than through Consultant's breach of this Agreement. Pre-existing Work Product shall
not constitute Confidential Information unless otherwise expressly agreed by Consultant in writing. In the event Consultant is or may
foreseeably be compelled to disclose any Confidential Information pursuant to any law, regulation, order of a court of competent jurisdiction
or other legal process, Consultant shall give Company prior written notice, reasonable in light of the circumstances, of such compelled
disclosure and cooperate, at Company&rsquo;s sole cost and expense, with Company&rsquo;s efforts to obtain a protective order or otherwise
prevent or limit such compelled disclosure under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultant
covenants and agrees that all employees, independent contractors and other persons providing the Services shall be bound by written agreements
necessary to ensure Consultant&rsquo;s compliance with the requirements of this Section 1.3. Consultant shall make such agreements available
for review by Company upon Company&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultant
acknowledges and agrees that a breach of this Section 1.3 by Consultant may cause Company irreparable harm for which monetary damages
alone would be an inadequate remedy and, accordingly, without limiting the remedies to which Company is entitled at law, Company shall
be entitled to equitable relief, including injunctive relief and specific performance, as a result of any breach or threatened breach
of this Section 1.3 by Consultant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fee</U>.
In consideration of the Services, Company shall pay to Consultant an indirect overhead reimbursement equal to one-hundred fifty thousand
dollars ($150,000.00) for each calendar quarter of the Term (the &ldquo;<U>Service Fees</U>&rdquo;). The Service Fees shall be payable
quarterly in advance on or before the first day of each calendar quarter during the Term. The Service Fees for the calendar quarter during
which the Effective Date arises, and for the calendar quarter during which the Term ends, shall be pro-rated as a fraction equal to the
fraction of the quarter during which the Effective Date or the end of the Term (as the case may be) occurs. In the event that this Agreement
is terminated pursuant to Section 3.2 prior the end of a calendar quarter, then Consultant shall promptly reimburse to Company any undisputed
Service Fees paid to Consultant for the remainder of such calendar quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reimbursement</U>.
Company shall reimburse Consultant's out-of-pocket costs and expenses reasonably incurred in providing the Services provided Consultant
provides to Company receipts or other documentary evidence of such costs and expenses in a form reasonably acceptable to Company. Requests
for reimbursement, and supporting documentation therefor, shall be included with Consultant invoices provided pursuant to Section 2.1
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
The term of this Agreement (the &ldquo;<U>Term</U>&rdquo;) shall commence on the Effective Date and, unless earlier terminated in accordance
with Section 3.2 below, shall expire on the earlier of (i) the dissolution of the Company in accordance with Article IX of the Operating
Agreement, and (ii) the mutual agreement of the Parties. Upon expiration or termination of this Agreement in accordance with its terms,
all Fees accrued and reimbursable expenses incurred but not yet paid shall become immediately due and owing, and payable in accordance
with Section 2.1 and 2.2 above, but no further Fees shall accrue hereunder and Consultant shall have no obligation to provide any further
or additional Services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
for Cause</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Either party may terminate this Agreement upon thirty (30) days prior written notice if the other party
breaches this Agreement and fails to cure such breach, to the reasonable satisfaction of the non-breaching party, prior to the end of
the notice period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Either party may terminate this Agreement in the event that Consultant is no longer the Manager (as defined
in the Operating Agreement) of Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclaimer</U>.
Except as expressly set forth in this Agreement, Consultant makes no representations or warranties, express or implied, in respect of
the Services hereunder. In no event will Consultant or any of its former, current or future affiliates or any of its or their members,
managers, officers, directors, employees, controlling persons, agents or representatives (together with Consultant, the <I>&ldquo;</I><U>Consultant
Related Parties</U><I>&rdquo;</I>) be liable to the Company or any of its affiliates or any of its or their members, managers, officers,
directors, employees, controlling persons, agents or representatives (together with Company the &ldquo;<U>Company Related Parties</U>&rdquo;)
for any act, alleged act, omission or alleged omission that does not constitute gross negligence or willful misconduct of such Consultant
Related Party, as determined by a final, non-appealable determination of a court of competent jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Freedom
to Pursue Opportunities</U>. In recognition that the Consultant Related Parties currently have, and will in the future have or will consider
acquiring, investments in numerous companies with respect to which one or more Consultant Related Parties may invest in, provide services
similar in nature to the Services to, or otherwise serve as an advisor or in some other capacity for, companies that compete with Company,
and in anticipation that the Company Related Parties, on the one hand, and the Consultant Related Parties, on the other hand, may engage
in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities, and in recognition
of the benefits to be derived by the Company Related Parties hereunder, the provisions of this Section 4.2 are set forth to regulate,
define and guide the conduct of certain affairs of the Company and its affiliates as they may involve the Consultant Related Parties.
Except as Consultant may otherwise agree in writing after the date hereof, each Consultant Related Party will have the right: (a) to directly
or indirectly engage in any business (including, without limitation, any business activities or lines of business that are the same as
or similar to those pursued by, or competitive with, the Company or any of its affiliates), (b) to directly or indirectly do business
with any client or customer of the Company or any of its affiliates, (c) to take any other action that such Consultant Related Party believes
in good faith is necessary to or appropriate to fulfill its obligations owing to third parties, and (d) not to communicate or present
potential transactions, matters or business opportunities to the Company or any of its affiliates, and to pursue, directly or indirectly,
any such opportunity for itself or any persons or entities other than the Company and its affiliates, and to direct any such opportunity
to another person or entity. No Consultant Related Party will have any duty (contractual or otherwise) to communicate or present any corporate
opportunities to the Company or any of its affiliates or to refrain from any actions specified in this Section 4.2, and the Company, on
behalf of itself and its affiliates, hereby renounces and waives any right to require any Consultant Related Party to act in a manner
inconsistent with the provisions of this Section 4.2. Except as provided in this Section 4.2, no Consultant Related Party will be liable
to any Company Related Parties for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types
authorized by this Section 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.
(A) The Company will indemnify, defend, exonerate and hold harmless the Consultant Related Parties from and against any and all actions,
causes of action, suits, claims, liabilities, losses, damages, costs and expenses (including, without limitation reasonable attorneys&rsquo;
fees, expenses and disbursements) incurred by the Consultant Related Parties or any of them, on or after the date of this Agreement, arising
out of, incurred in connection with or as a result of, or in any way relating to, (i) this Agreement, (ii) the Services or (iii) the enforcement
or preservation of any rights or remedies under this Agreement (collectively, the &ldquo;<U>Indemnified Liabilities</U>&rdquo;); <U>provided</U>
that the foregoing indemnification rights will not be available to the extent that a court of competent jurisdiction determines by final
non-appealable judgment or order that such Indemnified Liabilities arose on account of such Consultant Related Party&rsquo;s gross negligence
or willful misconduct; and <U>provided</U>, <U>further</U>, that if and to the extent that the foregoing right to indemnification may
be unavailable or unenforceable for any reason, the Company hereby agrees to make the maximum contribution to the payment and satisfaction
of each of the Indemnified Liabilities which is permissible under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(B) The Company shall reimburse
any Consultant Related Party for all reasonable costs and expenses (including reasonable attorneys&rsquo; fees and expenses and any other
litigation-related expenses), as they are incurred in connection with investigating, preparing, pursuing, defending or assisting in the
defense of any action, claim, suit, investigation or proceeding for which the Consultant Related Party would be entitled to indemnification
under the terms of Section 4.3(A), or any action or proceeding arising therefrom, whether or not such Consultant Related Party is a party
thereto. The Company agrees that it will not, without the prior written consent of the Consultant Related Party (which consent shall not
be unreasonably withheld, conditioned or delayed), settle, compromise or consent to the entry of any judgment in any pending or threatened
claim, action or proceeding relating to the matters contemplated hereby (if any Consultant Related Party is a party thereto or has been
threatened to be made a party thereto) unless such settlement, compromise or consent includes an unconditional release of the Consultant
Related Party from all liability, without future obligation or prohibition on the part of the Consultant Related Party, arising or that
may arise out of such claim, action or proceeding, and does not contain an admission of guilt or liability on the part of the Consultant
Related Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(C) The rights of any Consultant
Related Party to indemnification hereunder will be in addition to any other rights any such person may have under any other agreement
or instrument referenced above or any other agreement or instrument to which such Consultant Related Party is or becomes a party or is
or otherwise becomes a beneficiary or under law or regulation. The Company hereby acknowledges that each Consultant Related Party may
have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more persons or entities with whom
or which such Consultant Related Party may be associated (including, without limitation, any other Consultant Related Party). The Company
hereby acknowledges and agrees that (i) the Company shall be the indemnitor of first resort with respect to any Indemnified Liability,
(ii) the Company shall be primarily liable for all Indemnified Liabilities and any indemnification afforded to any Consultant Related
Party in respect of any Indemnified Liabilities, whether created by law, organizational or constituent documents, contract (including
this Agreement) or otherwise, (iii) any obligation of any other person or entity with whom or which any Consultant Related Party may be
associated (including, without limitation, any other Consultant Related Party) to indemnify such Consultant Related Party and/or advance
expenses to such Consultant Related Party in respect of any proceeding shall be secondary to the obligations of the Company hereunder,
(iv) the Company shall be required to indemnify each Consultant Related Party and advance expenses to each Consultant Related Party hereunder
to the fullest extent provided herein without regard to any rights such Consultant Related Party may have against any other person or
entity with whom or which such Consultant Related Party may be associated (including, without limitation, any other Consultant Related
Party) or insurer of any such person or entity and (v) the Company (on behalf of itself and its insurers) irrevocably waives, relinquishes
and releases any other person or entity with whom or which any Consultant Related Party may be associated from any claim of contribution,
subrogation or any other recovery of any kind in respect of amounts paid by the Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(D) In the event any other
person or entity with whom or which any Consultant Related Party may be associated (including, without limitation, any other Consultant
Related Party) or their insurers advances or extinguishes any liability or loss which is the subject of any Indemnified Liability owed
by the Company or payable under any insurance policy provided under this Agreement, the payor shall have a right of subrogation against
the Company or its insurer or insurers for all amounts so paid which would otherwise be payable by the Company or its insurer or insurers
under this Agreement. In no event will payment of an Indemnified Liability under this Agreement by any other person or entity with whom
or which any Consultant Related Party may be associated (including, without limitation, other Consultant Related Parties) or their insurers
affect the obligations of the Company hereunder or shift primary liability for any Indemnified Liability to any other person or entity
with whom or which such Consultant Related Party may be associated (including, without limitation, any other Consultant Related Party).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Costs
of Collection</U>. In any dispute involving monies owed to Consultant hereunder, the prevailing party shall be entitled to receive from
the other party all costs of collection or defense (as the case may be), including reasonable attorneys&rsquo; fees and interest on unpaid
amounts found to be owing, calculated at a rate of 12% per annum or the highest rate allowed by law, whichever is less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
on Damages</U>. <FONT STYLE="font-variant: small-caps">In no event shall (i) either party be liable to the other for special, punitive,
consequential or other speculative damages of any nature including, without limitation, lost profits, even if a party has been informed
of the possibility of such damages or (ii) Consultant be liable to Company in an amount greater than six hundred thousand dollars ($600,000).
The foregoing limitation of liability shall not apply to the indemnification obligations of Company hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-disparagement</U>.
Consultant and Company each covenants and agrees that it shall not, directly or indirectly, during the longer of the Term and the
period any affiliate of Consultant owns or holds any interest in the Company, and for one (1) year thereafter, make, publish or
otherwise disseminate disparaging or derogatory statements or allegations, whether written, oral or otherwise, regarding the other
party or its affiliates, or any officers, directors, managers, members, employees, products, services, policies or operations of the
other party or its affiliates. The provisions of this Section 4.6 in no way restrict or prohibit a person from providing truthful
testimony compelled pursuant to subpoena.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Provisions</U>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which
together shall be deemed to be one and the same instrument. This Agreement shall inure to the benefit of and be binding upon the parties
and their respective lawful successors, assigns, heirs, and personal representatives. Consultant may not assign this Agreement or delegate
its duties and obligations hereunder without the prior written consent of the Company, which consent may be withheld for any reason or
no reason at Company's sole discretion. Any assignment in violation of this provision shall be void <I>ab initio</I> and of no force or
effect. Company may assign this Agreement without the consent of Consultant. This Agreement may be modified, amended, or supplemented
only by means of a written instrument signed by both parties. This Agreement constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes any and all prior or contemporaneous oral and prior written agreements and understandings.
In the event that any provision of this Agreement shall, for any reason, be held to be invalid or unenforceable in any respect, such invalidity
or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid or unenforceable
provision had not been included herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices, requests, demands and other communications required or permitted to be given pursuant to this Agreement shall be in writing
and shall be deemed to have been duly given upon the date of receipt if delivered by Fedex or UPS, or via email transmission (with confirmation
of receipt) to the email addresses set forth below, in each case to the attention of the person identified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to Consultant:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHP Global, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">530 Fifth Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: Ephraim Zinkin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: <U>ezinkin@whp-global.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With a copy, which shall not constitute notice,
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pryor Cashman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7 Times Square, 40th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: Brad D. Rose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: brose@pryorcashman.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If to Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Either party may change its designated address
and facsimile number by notice to the other party in the manner provided in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>.
Except with respect to either party&rsquo;s right to injunctive relief hereunder, the parties agree that any controversy, claim or dispute
arising out of or relating to this Agreement (including the determination of the scope or applicability of this Agreement to arbitrate)
shall be determined by confidential arbitration in New York, New York, before one arbitrator. The arbitration shall be administered by
JAMS pursuant to its Comprehensive Arbitration Rules and Procedures (the &ldquo;<U>JAMS Rules</U>&rdquo;); provided, however, that notwithstanding
the JAMS Rules, the arbitrator shall not have the power to award injunctive or other equitable relief, and nothing herein shall preclude
or prevent a party from pursuing, injunctive or other equitable relief in a New York state or federal court of competent jurisdiction.
The Federal Arbitration Act shall govern the interpretation and enforcement of such arbitration proceeding. The arbitrator shall apply
the substantive law (and the law of remedies, if applicable) of the State of Delaware, or federal law if the law of the State of Delaware
is preempted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware irrespective of any conflict
of laws principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, each of the parties hereto have caused this Agreement
to be executed as a binding agreement between the parties effective as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">IM TOPCO, LLC</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">WHP Global, LLC</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3%">By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 42%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 47%"></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">Name:</TD>
  <TD STYLE="width: 50%">Name:</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>Title:</TD>
  <TD>Title:&#9;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"><B>EXHIBIT&nbsp;I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>License Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This License Agreement (this &ldquo;<U>Agreement</U>&rdquo;) is made
and entered into as of this __ day of May, 2022 (the &ldquo;<U>Effective Date</U>&rdquo;) by and between IM TOPCO, LLC, a Delaware limited
liability company with its principal place of business at 530 Fifth Avenue, 25<SUP>th</SUP> Floor, New York, NY 10036 (&ldquo;<U>Licensor</U>&rdquo;)
and Xcel-CT MFG, LLC, a Delaware limited liability company with its principal place of business at 1333 Broadway, 10<SUP>th</SUP> Floor,
New York, NY 10018 (&ldquo;<U>Licensee</U>&rdquo;).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, on and subject to the terms and conditions herein, Licensor
desires to grant to Licensee, and Licensee desires to receive from Licensor, a license to use the Marks on and in connection with design,
manufacture, distribution, sale and promotion of Products in the Territory during the Term;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Licensor and Licensee (together, the &ldquo;<U>parties</U>&rdquo;) agree as follows:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Capitalized Terms</U>. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them
in <U>Exhibit&nbsp;A</U> of this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Corporate Guaranty</U>. Licensee represents that it is a wholly-owned subsidiary of Xcel Brands,&nbsp;Inc. Simultaneously with
its execution and delivery of this Agreement, and as a condition to the effectiveness of this Agreement, Licensee shall cause Xcel Brands,&nbsp;Inc.
to sign and deliver to Licensor a Guaranty in the form annexed at <U>Exhibit&nbsp;B</U> hereto.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Grant and Reservation of Rights</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify">On and subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee the exclusive right (subject to the
exceptions below) to use the Marks on and in connection with the design, manufacture, distribution, sale and promotion of Products, solely
during the Term and solely for sales by Licensee through Permitted Trade Channels.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify">All rights in the Intellectual Property not expressly granted herein to Licensee are reserved by Licensor. Licensor will not itself,
or license others to, make wholesale sales of Products bearing the Marks or any derivatives thereof in the Territory during the Term of
this Agreement. Notwithstanding the above and/or anything to the contrary in the Agreement, Licensor expressly reserves for itself the
right to use and/or sublicense use of the Marks and any derivates thereof for (1)&nbsp;design, manufacture, distribution, sale and/or
promotion in the Territory of Products for sale through Excluded Trade Channels; (2)&nbsp;general advertising and promotion of any goods
and/or services offered under the Marks in the Territory; (3)&nbsp;design, manufacture, distribution, sale and/or promotion in the Territory
of Products that at any time may be produced under a co-brand between Licensor (and/or any of Licensor&rsquo;s licensees) and a particular
retailer covering retail store locations of such retailer inside and outside the Territory; (4)&nbsp;design, manufacture, distribution,
sale and/or promotion of Products under Licensor&rsquo;s direct-to-retail agreement with TJX as of the date hereof (and/or entry into
any successor license with a DTR licensee should such TJX license be amended, expire or terminate during the Term, provided that the grant
of rights by Licensor to such successor licensee cannot include use of the Marks on or in connection with any Products other than any
Products covered by the grant of rights by Licensor to TJX as of the date hereof); (5)&nbsp;design, manufacture, distribution, sale and/or
promotion of Products under Licensor&rsquo;s agreement with QVC as of the date hereof (and/or entry into any successor license with a
an interactive/DTR licensee should such QVC license be amended, expire or terminate during the Term); and (6)&nbsp;any and all other purposes
not expressly granted to Licensee on an exclusive basis under the Agreement. Additionally, notwithstanding anything to the contrary herein,
Licensor shall not be in breach of this Agreement if and to the extent the grant of rights granted to Licensee under this Agreement on
an exclusive basis is inconsistent with a grant of rights to a third-party under a pre-existing agreement acquired by Licensor from Licensee&rsquo;s
affiliate,&nbsp;IM Brands, LLC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>Payments to Licensor</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Royalties and Guaranteed Minimum Royalties</U>. Licensee shall pay Royalties to Licensor; provided, however, Royalties paid by
Licensee to Licensor with respect to each Contract Year shall total no less than the Guaranteed Minimum Royalties applicable to such Contract
Year. For avoidance of doubt, Guaranteed Minimum Royalties shall not be cross-collateralized (i.e., no shortfalls or overages of payments
in any Contract Year may be applied to any other Contract Year).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Payment Timing</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Licensee shall pay Guaranteed Minimum Royalties on the following schedule: (a)&nbsp;such payments as applicable to Contract Year 1
shall be paid in three equal installments, with the first such installment due on the Effective Date, the second such installment due
on or before July&nbsp;1, 2022 and the third such installment due on or before October&nbsp;1, 2022; and (b)&nbsp;such payments as applicable
to each Contract Year after Contract Year 1 shall be paid in four (4)&nbsp;equal quarterly installments, with the first such installment
due on January&nbsp;1 of such Contract Year, the second such installment due on April&nbsp;1 of such Contract Year, the third such installment
due on July&nbsp;1 of such Contract Year, and the fourth such installment due on October&nbsp;1 of such Contract Year. If and when Licensee&rsquo;s
payments of actual Royalties for an applicable period should total the Guaranteed Minimum Royalties for such period, then Licensee need
no longer make further payments of Guaranteed Minimum Royalties for such period.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Royalties arising from actual Net Sales in any calendar quarter shall be paid by Licensee to Licensor within thirty (30) days following
the end of such calendar quarter, less the amount of any Guaranteed Minimum Royalties paid with respect to such elapsed calendar quarter.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify">In any instance where this Agreement requires that Licensee reimburse Licensor for any cost or expense then, unless the applicable
provision expressly provides otherwise, Licensee shall make such reimbursement payment to Licensor within thirty (30) days following receipt
of invoice from Licensor.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Taxes</U>. All payments made by Licensee to Licensor under this Agreement shall be made without withholding or deduction of any
tax under&nbsp;applicable&nbsp;laws of the Territory unless Licensee is required by law to make such a payment subject to the deduction
or withholding of tax, in which case the sum payable by Licensee in respect of which such deduction or withholding is required to be made
shall be increased to the extent necessary to ensure that, after implementing such deduction or withholding, Licensor receives and retains
(free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which Licensor would have received
and so retained had no such deduction or withholding been made or required to be made, and Licensee shall furnish Licensor with an official
receipt (together with a certified translation thereof into English, when applicable) promptly after each such payment of any such taxes.
In the event that any such taxes are not paid when due, all resulting penalties and interest related thereto shall be borne by Licensee.
In the event that, following the making of any increased payment by Licensee under this Agreement resulting from a requirement for Licensee
to make any deduction or withholding under law, Licensor receives a tax refund and/or tax credit which directly arises from such deduction
or withholding then Licensor shall reimburse or credit Licensee such amount so as to leave Licensor, after such reimbursement, in the
same position as Licensor would have been had there been no deduction or withholding. All sales, use, value added, local privilege, excise
taxes, tariffs, duties or other charges of any kind, character or description which may be levied or imposed upon any of the Licensed
Products or on any aspect of performance of this Agreement, shall be Licensee&rsquo;s responsibility, except Licensor shall be responsible
for the actual taxes on Licensor&rsquo;s net income to the extent arising from sums paid by Licensee to Licensor under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Currency</U>. All payments made by Licensee to Licensor under this Agreement shall be made in United States Dollars. Any payments
calculated by reference to Net Sales (and/or otherwise) in a currency other than United States Dollars shall be computed on the basis
of the average conversion rate of the applicable currency into United States Dollars, as quoted in the Wall Street Journal online, during
each applicable calendar quarter.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>Payments by Wire</U>. Licensee shall be solely responsible for any of its costs and/or fees associated with making any and all
payments to Licensor as required under this Agreement, including, without limitation, wire transfer fees. All payments made by Licensee
to Licensor under this Agreement shall be made by wire transfers of immediately available cash, to the wire coordinates of Licensor to
be designated by Licensor in writing.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify"><U>Acceptance Not A Waiver</U>. Acceptance of any payment(s)&nbsp;by Licensor shall not be deemed a waiver by Licensor of any of its
rights, remedies and/or defenses under this Agreement with respect to such payment(s)&nbsp;and/or otherwise.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">G.</TD><TD STYLE="text-align: justify"><U>No Offsets</U>. Except to the extent expressly provided for herein, Licensee shall not be permitted to offset from payments due
by Licensee to Licensor any sums allegedly or actually due by Licensor to Licensee.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">H.</TD><TD STYLE="text-align: justify"><U>Payment Defaults</U>. If Licensee fails to timely make any payment to Licensor in full and such payment failure remains unpaid
after five (5)&nbsp;business days following the original payment due date then, without limitation of Licensor&rsquo;s rights and remedies
(including without limitation any termination right) with respect to such payment default, (i)&nbsp;Licensee shall pay Licensor interest
on the unpaid balance at a rate equal to the lesser of one percent (1%) per month or the maximum rate of interest allowed by law; and
(ii)&nbsp;Licensee shall reimburse Licensor for all of Licensor&rsquo;s costs of collection, including without limitation Licensor&rsquo;s
reasonable attorneys&rsquo; fees.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">5.</TD><TD STYLE="text-align: justify"><U>Term</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Initial Term</U>. The term of this Agreement (the &ldquo;<U>Term</U>&rdquo;) means the Initial Term together with any Renewal Term
if this Agreement is renewed in accordance with the terms and conditions herein.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Renewal Term</U>. Licensee shall have the right to renew the Term for a Renewal Term; provided that, in order to exercise such
renewal right: (a)&nbsp;Licensee must deliver written notice of its intent to renew no later than ten (10)&nbsp;months prior to expiration
of the Initial Term (a &ldquo;<U>Notice of Renewal</U>&rdquo;); (b)&nbsp;at the time Licensee delivers any such Notice of Renewal, Licensee&rsquo;s
actual Net Sales for the penultimate Contract Year of the Initial Term (i.e., Contract Year 5) must have equaled or exceeded the Renewal
Sales Threshold; and (c)&nbsp;at the time any such Notice of Renewal is delivered, Licensee must not have been in material breach of this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">6.</TD><TD STYLE="text-align: justify"><U>Design</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Costs and Expenses</U>. Licensee shall be solely responsible for all costs and expenses relating to its design of Licensed Products.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Approval Stages</U>. Licensee shall not manufacture any Licensed Products without having first obtained Licensor&rsquo;s approvals
at each of the following stages (&ldquo;<U>Approval Stages</U>&rdquo;): (a)&nbsp;CADs; and (b)&nbsp;salesman samples. Licensor shall not
be permitted to proceed from any one such stage to the next such stage with respect to any product absent having first received Licensor&rsquo;s
approval at the earlier such stage. All of Licensee&rsquo;s manufacturing activities following any approval stage in which Licensee received
approval to proceed must strictly conform to the applicable CAD and salesman sample which was so approved.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Minimum Seasonal Collections</U>. Licensee shall design, manufacture and sell no fewer than two (2)&nbsp;seasonal collections of
Licensed Products per Contract Year.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Tech Packs</U>. Within thirty (30) days following the end of each Contract Year, and within ten (10)&nbsp;business days following
the end of the Term, Licensee shall deliver to Licensor electronic copies of any and all tech-packs developed and/or used by Licensee
and/or any approved sublicensee in connection with design and manufacture of Licensed Products (inclusive of all technical specifications).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">7.</TD><TD STYLE="text-align: justify"><U>Manufacture</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Costs and Expenses</U>. Licensee shall be solely responsible for all costs and expenses relating to its manufacture of Licensed
Products.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Manufacturers</U>. Licensee shall not make use of any Manufacturer without Licensor&rsquo;s prior written approval and, to position
Licensor to make such determination, Licensee shall provide Licensor with the name and address of each proposed Manufacturer, together
with any other information which Licensor may request concerning the Manufacturer. In the event Licensor approves a particular Manufacturer,
Licensee shall not use such Manufacturer in connection with its performance under this Agreement unless and until such Manufacturer has
entered into a written agreement with Licensee in form and substance subject to Licensor&rsquo;s prior written approval, and Licensee
shall deliver to Licensor a copy of such agreement if and when signed by Licensee and the Manufacturer. Licensee shall be liable for any
and all acts or omissions of its Manufacturers, and any act or omission by a Manufacturer which would constitute a breach of this Agreement
if the act or omission was by Licensee shall be deemed a breach of this Agreement by Licensee. Licensee at its own cost and expense shall
monitor the performance of all Manufacturers on an ongoing basis. Licensee shall immediately terminate use of any Manufacturer that commits
any act or omission which would constitute a breach of this Agreement by Licensee.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Packaging</U>. The form of all hangtags, labels and packaging material used by Licensee in connection with Licensed Products (all
the foregoing, collectively, &ldquo;<U>Packaging Materials</U>&rdquo;) shall be subject to Licensor&rsquo;s prior written approval, and
Licensee shall not make use of any such Packaging Materials absent such approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Licensee Cooperation</U>. Licensee acknowledges that (1)&nbsp;Licensor has other licensees of the Marks (e.g., for use on different
products and/or for use outside the Territory,&nbsp;etc.); and (2)&nbsp;Licensor&rsquo;s goal is to have its multiple licensees produce
products which are reasonably consistent and cohesive (e.g., in terms of theme, style, design, coloration, fabric, trim, identification,&nbsp;etc.),
and which cause the consumer to perceive that such products (although coming from different manufacturers and licensees) emanate from
a single source. Licensee acknowledges the value of this perception by both retailers and consumers and the benefit of this perception
both to Licensee and to all other licensees of the Mark and, therefore, agrees to make commercially reasonable efforts to participate
and comply with respect to any requests which Licensor may make regarding (1)&nbsp;sharing of information regarding fabrication and other
resources; (2)&nbsp;joint purchasing of fabric and other materials where price discounts, fabric or color consistency or other significant
advantages are available from joint purchasing; (3)&nbsp;sharing of design concepts, and marketing ideas, concepts and materials; and
(4)&nbsp;other aspects of the production and sale of Licensed Products where cooperation may be materially helpful to other licensees.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">8.</TD><TD STYLE="text-align: justify"><U>Distribution and Sales</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Efforts</U>. Licensee shall use commercially reasonable efforts to market, promote, and sell the Licensed Products throughout the
entire Territory throughout the Term.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Authorized Customers</U>. Notwithstanding anything to the contrary in this Agreement, Licensee shall not sell Licensed Products
to any person or entity, except to the following, on and subject to the terms and conditions of this Agreement: (1)&nbsp;Authorized Retailers
in the Territory, (2)&nbsp;Excluded Trade Channel Operators. and/or (3)&nbsp;the WHP E-Com Operator.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Minimum Net Sales</U>. Licensee further agrees that its Net Sales for each Contract Year shall total no less than the Minimum Net
Sales applicable to such Contract Year.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Sales to Authorized Retailers</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement, Licensee shall not sell Licensed Products to any Authorized Retailer (a)&nbsp;unless
Licensee believes in good-faith that such Authorized Retailer has a reputation and standing as a high-quality store selling Products consistent
with the high quality of the Licensed Products and the reputation, image and prestige of the Marks; (b)&nbsp;if Licensee has or should
have reason to believe that the Authorized Retailer intends to sell, ship or otherwise divert such Licensed Products outside the Territory;
and/or (c)&nbsp;if Licensee has or should have reason to believe that the Authorized Retailer intends to sell or ship such Licensed Products
to a distributor and/or wholesale account in the Territory where such distributor and/or wholesale account is not itself an Authorized
Retailer.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Additionally, if Licensor in its good-faith judgment should ever determine that a particular account constituting an Authorized Retailer
for any reason has failed to acquire and/or maintain a reputation and standing as a high-quality store selling Products consistent with
the reputation, image and prestige of the Marks, then Licensor shall have the right to remove such account from the definition of Authorized
Retailer with such removal effective upon sixty (60) days notice to Licensee; provided, however, that Licensee shall have the right to
fulfill any orders already received in writing from such account as of the removal date, with any such sales constituting Net Sales for
purposes of this Agreement. The removal of any account from the list of Authorized Retailers shall not result in any reduction of any
minimum payment obligations and/or minimum renewal thresholds under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Licensee shall have sole discretion to set its wholesale pricing to Authorized Retailers; provided, however, such pricing shall be
consistent with the prestige of the Marks and high-quality products associated therewith.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(4)</TD><TD STYLE="text-align: justify">If in any Contract Year Licensee&rsquo;s sales of Licensed Products to Off-Price Retailers should total between forty percent (40%)
and sixty percent (60%) of Licensee&rsquo;s total Net Sales in such Contract Year, then (a)&nbsp;Licensee&rsquo;s sales of Licensed Products
to Off-Price Retailers, to the extent above such forty percent (40%) threshold, shall be subject to a royalty rate of five percent (5%)
of Net Sales instead of four percent (4%) of Net Sales. In no event shall Licensee&rsquo;s sales of Licensed Products to Off-Price Retailers
in any Contract Year exceed sixty percent (60%) of total Net Sales in such Contract Year without prior written approval from Licensor;
provided that should Licensee make such a request due to a good-faith need arising despite Licensee&rsquo;s commercially reasonable efforts
to sell Licensed Products to full-price retailers, then the parties agree to negotiate such approval request in good faith, including
as it relates to any terms and conditions such as increased royalty rates that would be applicable to such excess sales in the event of
Licensor&rsquo;s written approval.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Licensee shall promptly disclose in writing to Licensor the identity of any Authorized Retailer with which Licensee has any form of
direct or indirect ownership, voting right, control and/or other affiliation. For purposes of calculating Net Sales under this Agreement,
any sales by Licensee to any such affiliated Authorized Retailer shall be deemed to have been made at the highest price invoiced by Licensee
to any non-affiliated customer for the Licensed Products at issue.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>Sales to Excluded Trade Channel Operators</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">If and as Licensor may request, Licensee shall use commercially reasonable efforts to supply Licensor and/or Excluded Trade Channel
Operators with the following as it relates to Licensed Products: (i)&nbsp;initial concept/themes, (ii)&nbsp;product development calendars,
(iii)&nbsp;line sheets, and (vi)&nbsp;wholesale and retail pricing lists.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Excluded Trade Channel Operators shall have the right to purchase full sample lines of Licensed Products from Licensee, to be delivered
at or about the same time Licensee delivers such sample lines to its sales representatives, at a price equal to Licensee&rsquo;s actual
cost for such sample line.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary herein, subject to Licensor&rsquo;s prior written approval on a case-by-case basis, Excluded
Trade Channel Operators shall have the right to purchase Licensed Products from Licensee for sale through Excluded Trade Channels on net
thirty (30) terms (subject to reasonable credit approval) and at the following pricing (and in all other respects consistent with most
favorable terms and practices offered by Licensee to its best customers):</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">(i)</TD><TD STYLE="text-align: justify">for Licensed Products also sold by Licensee to Authorized Retailers: (a)&nbsp;where delivered by or on behalf of Licensee to an Excluded
Trade Channel Operator on an FOB basis:&nbsp; 15% above FOB cost; or (b)&nbsp;where such product has already landed in the USA and is
then sold to an Excluded Trade Channel Operator:&nbsp; 15% above LDP (provided, in each case, that Licensor and Licensee shall review
such terms each year in good faith and make adjustments to the extent that such Excluded Trade Channel Operators require additional services
or if such business is not profitable to Licensee); and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">for Licensed Products that are special makeup products without standard wholesale pricing:&nbsp;(a)&nbsp;where delivered by or on
behalf of Licensee to an Excluded Trade Channel Operator on an FOB basis:&nbsp; Thirty Percent (30%) above FOB cost; or (b)&nbsp;where
such product has already landed in the USA and is then sold to an Excluded Trade Channel Operator:&nbsp;Thirty Percent (30%) above LDP
cost. In the event an Excluded Trade Channel Operator wishes to purchase such special makeup products, such purchases must meet commercially
reasonable minimum order quantities as reasonably established by Licensee&rsquo;s suppliers (provided further that such minimums may be
satisfied by &ldquo;tagging onto&rdquo; other third-party orders).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement, any sales by Licensee to Excluded Trade Channel Operators in accordance
with this Agreement shall be excluded from the definition of Net Sales and, as such, such sales (a)&nbsp;shall not be subject to payments
of Royalties, (b)&nbsp;shall not count towards satisfaction of Minimum Net Sales, Guaranteed Minimum Royalties and/or any Renewal Sales
Threshold.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Licensor shall not be responsible for the contractual and/or other commitments of any Excluded Trade Channel Operators.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sales
Through a Branded E-Com Site</U>.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify"><U>General Framework</U>. The WHP E-Com Operator shall have the right to offer Licensed Products for sale
through a Branded E-Com Site. The WHP E-Com Operator shall make good-faith efforts to purchase such Products from Licensee; provided,
however, the WHP E-Com Operator shall not be required to purchase such Products from Licensee if Licensee is unable to satisfy the WHP
E-Com Operator&rsquo;s desired price points, quality standards, timelines, order volumes and/or other reasonable requirements.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">As between the parties, the WHP E-Com
Operator shall be responsible for, and bear all associated costs relating to, the development, operation and maintenance of the Branded
E-Com Site, including with respect to:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify">staffing an internal team to oversee operations;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify">lifestyle imagery creation;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify">social media feed management;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(d)</TD><TD STYLE="text-align: justify">customer service call center (outsourced);</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(e)</TD><TD STYLE="text-align: justify">managing a customer loyalty program;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(f)</TD><TD STYLE="text-align: justify">email and/or sms blasts to a customer base;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(g)</TD><TD STYLE="text-align: justify">develop and operate the Shopify platform;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(h)</TD><TD STYLE="text-align: justify">maintain order management system;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(i)</TD><TD STYLE="text-align: justify">data analytics;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(j)</TD><TD STYLE="text-align: justify">track sales reports; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(k)</TD><TD STYLE="text-align: justify">system oversight.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">As between the parties, Licensee shall
be responsible for, and bear all associated costs relating to:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify">design and manufacture of Licensed Products;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify">providing product imagery consistent with what would be provided for drop-ship accounts;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(c)</TD><TD STYLE="text-align: justify">providing copy for item description and information;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(d)</TD><TD STYLE="text-align: justify">warehousing, storage and associated inventory risk (provided that such inventory shall be managed at Licensee&rsquo;s
good-faith discretion and shall be omni-inventory available to sell for other drop-ship customers);</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(e)</TD><TD STYLE="text-align: justify">storage and handling fees;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(f)</TD><TD STYLE="text-align: justify">pick&nbsp;&amp; pack;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(g)</TD><TD STYLE="text-align: justify">fulfillment of orders;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(h)</TD><TD STYLE="text-align: justify">shipping to customers (and paying for the shipping);*</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(i)</TD><TD STYLE="text-align: justify">processing returns; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in">(j)</TD><TD STYLE="text-align: justify">logistics and any technology integration costs on Licensee&rsquo;s platforms that may be required among
Licensee&rsquo;s internal ERP, the e-commerce platform and any third-party shipping facility consistent with Licensee&rsquo;s set-up for
other drop-ship customers (for the avoidance of doubt, Licensee shall not be responsible for any costs incurred on the technology utilized
by the WHP E-Commerce Operator).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">*</TD><TD STYLE="text-align: justify">During the sixty (60) day period following the end of Contract Year 1, the parties will give good faith
consideration to whether or not the Revenue Allocations result in a disproportionately unprofitable structure for Licensee as compared
to the WHP E-Com Operator (reviewed on a cash-flow basis giving consideration to the WHP E-Com Operator&rsquo;s build-out of the Branded
E-Com Site, relevant operating expenses,&nbsp;etc.) and, in the event of any material disproportionality, the parties will discuss potential
amendment of the parties&rsquo; shipping cost arrangement/allocation in good-faith, with any such amendment subject to written agreement
of the parties.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify"><U>Product Offerings</U>. At all times throughout the Term (and any Sell-off Period), Licensee shall make available to the WHP E-Com
Operator a collection of Licensed Products comprised of all styles and skus offered by Licensee to drop-ship customers, except for Licensed
Products which Licensee may sell to a particular account on an exclusive basis (but no more than 10% of Licensee&rsquo;s entire seasonal
collection may fall within such exclusivity exception). Subject to any recommendations which Licensee may wish to provide to the WHP E-Com
Operator (which the WHP E-Com Operator shall consider in its good-faith discretion), the WHP E-Com Operator at any time shall have the
right to select any or all skus of Licensed Products from such offerings for sale on a Branded E-Com Site.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify"><U>Reasonable Reserves</U>. Licensee shall set aside reasonable reserves of core and replenishment products in amounts reasonably
necessary to satisfy the WHP E-Com Operator&rsquo;s projected sales volumes through a Branded E-Com Site, on an ongoing rolling basis
of projected operations. Projections shall be determined by the parties collaboratively, using Licensee&rsquo;s planning teams to formulate
reasonable projections based on relevant variables such as sales trends and projected growth plans.&nbsp; Licensee shall work with the
WHP E-Com Operator to integrate and implement a system designed to provide the parties with just-in-time inventory updates.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(4)</TD><TD STYLE="text-align: justify"><U>Product Imagery and Descriptions</U>. The WHP E-Com Operator shall be responsible, at its own expense, for creating any <I>lifestyle</I>
product imagery depicting Licensed Products for display on the Branded E-Com Site. Licensee shall deliver (or at its own expense retain
a third-party studio to deliver) to the WHP E-Com Operator <I>product</I> imagery, information and descriptions of such Licensed Products
in forms designed for the WHP E-Com Operator to display on the Branded E-Com Site.&nbsp; Licensee&rsquo;s delivery of such imagery, information
and descriptions shall be of a quality consistent with that which Licensee provides to its department store customers for use on such
customers&rsquo; authorized websites. &nbsp; The WHP E-Com Operator shall have the right to independently modify any such product imagery,
information and/or descriptions, provided that Licensee shall not be responsible for any such modifications and Licensor shall indemnify
Licensee for any such modifications pursuant to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(5)</TD><TD STYLE="text-align: justify"><U>Third-Party Promo Product</U>. From time to time, Licensor may desire to include in shipments of Licensed Products ordered through
the Branded E-Com Site a promotional product sold under a Mark by a third-party licensee (e.g., a fragrance sampler). In any such case,
Licensor shall be responsible for coordinating delivery of such third-party product to Licensee&rsquo;s warehouse (or other applicable
location designated by Licensee), and Licensee shall include the product in any orders shipped by Licensee and shall charge Licensor the
actual value-added service (VAS) cost (if any) charged by Licensee&rsquo;s warehouse for such service.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(6)</TD><TD STYLE="text-align: justify"><U>Pricing</U>. The WHP E-Com Operator shall consult in good faith with Licensee regarding the pricing of Licensed Products offered
by the WHP E-Com Operator through a Branded E-Com Site, with pricing consistent to the pricing and promotional strategies of Licensed
Products being sold on ecommerce sites of department stores forming part of Licensee&rsquo;s otherwise permitted distribution channels.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(7)</TD><TD STYLE="text-align: justify"><U>Title</U>. Licensee shall drop-ship Licensed Products to the WHP E-Com Operator&rsquo;s customers that purchased such products
and, each time that Licensee drop-ships, title to such product shall be deemed transferred from Licensee to the WHP E-Com Operator at
the moment of shipment so as to position the WHP E-Com Operator as the lawful seller of such product to the WHP E-Com Operator&rsquo;s
customer.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(8)</TD><TD STYLE="text-align: justify"><U>Service Levels</U>. Licensee shall service the WHP E-Com Operator&rsquo;s orders with the same levels of priority than Licensee
services its other best customers.&nbsp; Licensee shall make commercially reasonable efforts to ship orders to the WHP E-Com Operator&rsquo;s
customers within thirty-six (36) hours of its electronic receipt of an order.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(9)</TD><TD STYLE="text-align: justify"><U>Returns</U>. Licensor shall be responsible for processing returns due to damage through its outside vendor; provided, however,
if a customer returns a damaged product that was damaged when shipped to such customer (such determination to be made by Licensee in its
commercially reasonably discretion consistent with generally accepted industry standards), then Licensee at its own expense shall ship
to the customer an equivalent replacement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(10)</TD><TD STYLE="text-align: justify"><U>Compensation</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify">For purposes hereof, the following terms shall have the following meanings:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; padding-right: 4pt; width: 0.25in">i.</TD><TD STYLE="text-align: justify">&ldquo;<U>Licensee&rsquo;s LDP Cost</U>&rdquo; means amounts paid by Licensee for Licensee&rsquo;s factory charge for manufacture
of the applicable Licensed Products plus amounts for shipping from such factory to port, and duty, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="padding-right: 4pt; text-align: justify; width: 0.25in">ii.</TD><TD STYLE="text-align: justify">&ldquo;<U>E-Com Sale Payments</U>&rdquo; means payments made by the WHP E-Com Operator&rsquo;s customer to the WHP E-Com Operator
for the applicable Licensed Products sold (excluding any amounts paid for taxes, shipping and/or insurance);</TD></TR></TABLE>

<P STYLE="text-align: justify; text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="padding-right: 4pt; text-align: justify; width: 0.25in">iii.</TD><TD STYLE="text-align: justify">&ldquo;<U>Revenue Share Amounts</U>&rdquo; means E-Com Sale Payments minus associated Licensee&rsquo;s LDP Cost;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="padding-right: 4pt; text-align: justify; width: 0.25in">iv.</TD><TD STYLE="text-align: justify">&ldquo;<U>E-Com Shipping Payments</U>&rdquo; means any payments made by the WHP E-Com Operator&rsquo;s customer to the WHP E-Com Operator
for shipping costs of Licensed Products (provided that the WHP E-Com Operator shall have the right to offer its customers free shipping
subject to Licensee&rsquo;s prior approval, not to be unreasonably withheld, conditioned or delayed with deference to market norms);</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="padding-right: 4pt; text-align: justify; width: 0.25in">v.</TD><TD STYLE="text-align: justify">&ldquo;<U>Total Sale Price&rdquo;</U> means the sum of E-Com Sale Payments and E-Com Shipping Payments; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="padding-right: 4pt; text-align: justify; width: 0.25in">vi.</TD><TD STYLE="text-align: justify">&ldquo;<U>Digital Marketing Amounts</U>&rdquo; means seven and one-half percent (7.5%) of E-Com Sale Payments.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify">Each calendar month, the parties shall report, allocate, distribute and/or otherwise reconcile revenues from the WHP E-Com Operator&rsquo;s
sales of Licensed Products sold through the Branded E-Com Site so as to conform to the following revenue allocations:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="padding-right: 4pt; text-align: justify; width: 0.25in">i.</TD><TD STYLE="text-align: justify">Licensee shall be entitled to Licensee&rsquo;s LDP Cost;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="padding-right: 4pt; text-align: justify; width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Each party shall be entitled to fifty percent (50%) of Revenue Share Amounts;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="padding-right: 4pt; text-align: justify; width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Licensee shall be entitled to one hundred percent (100%) of E-Com Shipping Payments; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1in"></TD><TD STYLE="padding-right: 4pt; text-align: justify; width: 0.25in">iv.</TD><TD STYLE="text-align: justify">Licensee shall pay to Licensor amounts equal to Digital Marketing Amounts.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary above, any payments made to Licensee for a product that was returned shall be refunded to
the WHP E-Com Operator and, without limiting the foregoing, the WHP E-Com Operator shall have the right to offset payments due to Licensee
by any such amounts for which the WHP E-Com Operator is entitled to refund.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(11)</TD><TD STYLE="text-align: justify"><U>Excluded Sales</U>. Notwithstanding anything to the contrary in this Agreement, Licensee&rsquo;s sales to the WHP E-Com Operator
for fulfillment of sales through a Branded E-Com Site shall be excluded from the definition of Net Sales and, as such, such sales (a)&nbsp;shall
not be subject to payments of Royalties, and (b)&nbsp;shall not count towards satisfaction of Minimum Net Sales, Guaranteed Minimum Royalties
and/or any Renewal Sales Threshold.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(12)</TD><TD STYLE="text-align: justify"><U>Reporting</U>. If and as Licensee may reasonably request, Licensor shall provide Licensee with data (concerning visitors, conversion
rates, sales and margin) concerning sale of Licensed Products over the Branded E-Com Site.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">G.</TD><TD STYLE="text-align: justify"><U>Unauthorized Sales</U>. If Licensee at any time should sell any Licensed Products to any unauthorized customer then, without limitation
of any and all rights and remedies which Licensor may have arising from such breach, Licensee shall pay to Licensor, as liquidated damages,
and not as a penalty, fifty percent (50%) of the total sale price of such unauthorized sales, and such liquidated damages shall not be
applied towards satisfaction of any minimum thresholds and/or minimum payments under this Agreement. The parties hereby agree that this
liquidated damage provision is reasonable in light of the anticipated or actual harm caused by a breach of this paragraph, the difficulties
of proof of loss and the inconvenience or infeasibility of otherwise obtaining an adequate remedy.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 154 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: a12 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">9.</TD><TD STYLE="text-align: justify"><U>Promotion</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Marketing</U>. Licensee at its own expense and in its reasonable
                                            good-faith discretion shall be responsible for engaging in advertising initiatives specifically
                                            designed to promote Licensed Products in the Territory (e.g., point of purchase signage,
                                            in store events or promotions, direct to retailer advertising, cooperative advertising, digital,
                                            social media and/or direct mail advertising, loyalty programs, trade or product advertising,&nbsp;etc.)
                                            throughout the Term, and with any creative assets utilized in such initiatives (and/or other
                                            materials bearing the Marks) subject to Licensor&rsquo;s prior written approval.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Licensor Marketing Assets</U>. Notwithstanding anything to the
                                            contrary in this Agreement, Licensor at any time shall have the right to undertake its own
                                            efforts to market, advertise and/or promote Licensed Products within the Territory, including,
                                            for example, celebrity endorsements, national consumer advertising, social media promotions
                                            (Instagram, Facebook,&nbsp;etc.), marketing personnel, event promotions, y photoshoots, banners
                                            and strategic brand positioning and marketing direction (&ldquo;<U>Licensor Marketing Assets</U>&rdquo;).
                                            In any instance where Licensor provides Licensor Marketing Assets to Licensee, Licensee may
                                            deploy such Licensor Marketing Assets throughout the Territory at Licensee&rsquo;s expense
                                            and sole discretion.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Marketing Materials</U>. Licensee shall not make use of any form
                                            of materials advertising, marketing and/or promoting Licensed Products and/or otherwise incorporating
                                            any Intellectual Property (any or all such materials, collectively, &ldquo;<U>Marketing Materials</U>&rdquo;)
                                            without first having received Licensor&rsquo;s prior written approval at each of the following
                                            stages: (1)&nbsp;proposed concept for the particular Marketing Materials; (2)&nbsp;proposed
                                            copy for the particular Marketing Materials; and (3)&nbsp;final artwork for such Marketing
                                            Materials. Notwithstanding the foregoing, prior written approval by Licensor of images and
                                            creative direction for a particular marketing campaign shall constitute ongoing approval
                                            for the duration of such campaign, and, unless required by a third-party agreement (e.g.
                                            concerning the name, image and/or likeness rights of a celebrity endorser), Licensee shall
                                            not be required to seek approval for each use of such images or immaterial variations thereof.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Showroom</U>. At Licensee&rsquo;s sole cost and expense Licensee
                                            shall maintain an area of a high-quality showroom with such area exclusively designated to
                                            display of Licensed Products. The location, build-out and d&eacute;cor of such dedicated
                                            area and showroom shall be subject to Licensor&rsquo;s prior written approval, which approval
                                            shall not be unreasonably withheld. Licensor acknowledges and agrees that Licensee has flexible
                                            showroom space and that the Licensed Products shall not be shown in such showroom on a permanent
                                            basis, but rather during market periods and other times during the Term at Licensee&rsquo;s
                                            discretion consistent with the manner in which Licensee showcases its other top brands.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>Sample Lines</U>. At the same time Licensee provides sample lines
                                            to its sales representatives, Licensee shall provide Licensor (free of charge) with one (1)&nbsp;full
                                            sample line of each Licensed Product for use in connection with fashion shows (including
                                            runway shows and ready-to-wear presentations), showroom displays, promotional photoshoots
                                            and/or other promotional efforts to be conducted by Licensor and/or Excluded Trade Channel
                                            Operators. To the extent such promotional activities occur prior to production, Licensee
                                            shall make commercially reasonable efforts to provide Licensor with prototypes and/or pre-production
                                            samples for such purpose. Licensor shall not be required to return any such samples delivered
                                            to it under this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify"><U>Product Contribution</U>. Separate and apart from samples that
                                            Licensee is required to provide Licensor pursuant to any other provisions of this Agreement,
                                            each Contract Year, Licensor shall have the right to order from Licensee and Licensee shall
                                            deliver to Licensor, free of charge, Licensed Products in amounts (at wholesale) totaling
                                            Five Thousand Dollars ($5,000), which Licensor may use in its discretion for purposes of
                                            promoting and/or marketing the Marks and/or Licensed Products (&ldquo;<U>Product Contribution
                                            Products</U>&rdquo;). The assortment of Product Contribution Products shall be at Licensor&rsquo;s
                                            discretion. On a seasonal basis Licensee shall schedule an appointment with Licensor (&ldquo;<U>Licensor
                                            Market Appointment</U>&rdquo;) to solicit Licensor&rsquo;s potential orders of Product Contribution
                                            Products, provided that such products may only be ordered for items which (i)&nbsp;Licensee
                                            actually orders from its suppliers, and (ii)&nbsp;where Licensee takes an inventory position
                                            in such items. For any Product Contribution Products so ordered by Licensor, Licensee shall
                                            ship such product to Licensor&nbsp;when available at Licensee&rsquo;s warehouse. Licensor
                                            may additionally choose to order Product Contribution Products at any other time Licensor
                                            desires; provided that any such other orders placed outside the scope of Licensor Market
                                            Appointments shall be ordered from Licensee&rsquo;s then&nbsp;available available-to-sell
                                            inventory, and shall be shipped by Licensee to Licensor as soon as reasonably possible, but
                                            in no event later than the time at which Licensee ships product to Authorized Retailers in
                                            the normal course. If Licensor does not request its allotted quantity of product with respect
                                            to any particular Contract Year then the unallotted portions for such Contract Year shall
                                            carry forward to subsequent Contract Year(s).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">G.</TD><TD STYLE="text-align: justify"><U>No Promotional Uses</U>. Licensee shall not use the Marks and/or
                                            Licensed Products in connection with any giveaway, tie-in, charitable donation and/or gift-with-purchase
                                            program absent Licensor&rsquo;s prior written approval.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">H.</TD><TD STYLE="text-align: justify"><U>No Third-Party Endorsements</U>. Licensee shall not enter into
                                            any endorsement, sponsorship and/or other like agreement with any person or entity as it
                                            relates to the Marks and/or Licensed Products absent Licensor&rsquo;s prior written approval.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">I.</TD><TD STYLE="text-align: justify"><U>Press Releases</U>. Licensee shall not publish any form of press
                                            release regarding this Agreement absent Licensor&rsquo;s prior written approval.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">10.</TD><TD STYLE="text-align: justify"><U>Quality Control</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>High Quality</U>. Licensee represents and warrants that all Licensed
                                            Products shall (1)&nbsp;be of high quality and free of defects in design, material and workmanship;
                                            (2)&nbsp;be suitable for their intended purpose, (3)&nbsp;not be injurious, poisonous, or
                                            deleterious; (4)&nbsp;be safe to consumers; (5)&nbsp;have been manufactured in compliance
                                            with all applicable approval procedures set forth herein; (6)&nbsp;conform in all respects
                                            to designs and samples approved by Licensor in accordance with this approval processes in
                                            this Agreement; (7)&nbsp;conform at all times to all applicable laws, rules&nbsp;and/or regulations;
                                            and (8)&nbsp;not injure the reputation and goodwill associated with Marks.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Seconds</U>. Licensee shall not distribute or sell any damaged,
                                            imperfect, flawed, substandard quality or defective goods under any Mark without Licensor&rsquo;s
                                            prior written approval (to be granted or withheld in Licensor&rsquo;s sole discretion on
                                            case-by-case basis) and, in any such case, shall do so strictly on and subject to the terms
                                            and conditions upon which Licensor grants such approval. In the absence of any such approval,
                                            Licensee shall destroy such products, or distribute such products only after having removed
                                            any and all references to any Marks used on or in connection with such product in a manner
                                            which causes no reputational and/or other harm to Licensor and/or the Marks.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Compliance with Laws and Social Compliance Standards</U>. Licensee
                                            represents and warrants that all Licensed Products shall be designed, manufactured, distributed,
                                            sold and promoted in compliance with (1)&nbsp;all applicable laws, rules&nbsp;and regulations,
                                            including without limitation all customs requirements and country of origin regulations,
                                            all laws and regulations relating to health and safety, all flammability-related laws and
                                            regulations, all environmental laws, all employment and anti-discrimination laws, and all
                                            laws and regulations relating to consumer disclosures, such as truth-in-advertising and fiber
                                            content labeling laws; and (2)&nbsp;industry standard social compliance standards (e.g.,
                                            no child labor; no prison labor; safe and healthy workplaces; no animal testing; etc.). Licensee
                                            shall promptly inform Licensor in writing of any complaint by any consumer, governmental
                                            or other regulatory or self-regulatory body relevant to the Licensed Products, and the status
                                            and resolution thereof. Licensee shall act expeditiously to resolve any such complaint at
                                            its sole cost and expense.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Inspections</U>. At any time Licensor may request, Licensee shall
                                            permit Licensor (and/or any of Licensor&rsquo;s representatives) to inspect any of Licensee&rsquo;s
                                            offices, showrooms, warehouses and/or other facilities which are in any way involved in design,
                                            manufacture, storage, distribution, sale and/or promotion of Licensed Products, and Licensee
                                            shall cause its Manufacturers to permit Licensor (and/or any of Licensor&rsquo;s representatives)
                                            to inspect any factories and/or facilities used by such Manufacturers in connection with
                                            manufacture of Licensed Products (and/or any labeling, packaging and/or other materials using
                                            any Intellectual Property). If any such inspection(s)&nbsp;reveals any material breach of
                                            this Agreement then Licensee shall pay or reimburse Licensor for the full cost(s)&nbsp;and
                                            expense(s)&nbsp;of such inspection(s).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>Testing</U>. Licensee at its own expense shall periodically test,
                                            and at any time Licensor has cause to require such a test Licensee shall test, all Licensed
                                            Products using independent certified laboratories to determine fiber content, physical properties
                                            and otherwise to assess compliance with applicable laws and regulations, and shall provide
                                            Licensor with copies of all test results upon Licensee&rsquo;s receipt of same.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify"><U>Security Programs</U>. Licensee shall maintain a strict, accurate
                                            and current inventory of all hangtags, labels and other like matter to preclude diversion.
                                            Licensee shall implement any security label program that Licensor may implement to protect
                                            the Marks and to help identify and/or prevent diverted and/or counterfeit product.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">11.</TD><TD STYLE="text-align: justify"><U>Approvals</U>. Except if and to the extent a different approval procedure
                                            is expressly provided for under this Agreement with respect to a particular matter, the following
                                            provisions shall govern approvals by Licensor under this Agreement:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify">Approvals may be granted or withheld by Licensor in its reasonable
                                            and good-faith discretion. If Licensor fails to approve a style or artwork, Licensor shall
                                            give Licensee constructive feedback so that Licensee can revise such style or artwork for
                                            approval;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify">Licensor&rsquo;s failure to respond to any approval request within
                                            four (4)&nbsp;business days following the date of the request shall be deemed a denial of
                                            such request; provided, however, if Licensee then follows up on such request with a second
                                            request then Licensor&rsquo;s failure to respond to such second approval request within three
                                            (3)&nbsp;business days following the date of such second request shall be deemed an approval
                                            of such request; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify">Licensor shall have the right to revoke any approval by delivering
                                            written notice of same to Licensee; provided, however, if revocation of an approval request
                                            would cause Licensee material prejudice based upon Licensee&rsquo;s good-faith reliance upon
                                            the previously granted approval then, unless the revocation is motivated by a legal, health
                                            and/or safety concern (or other reason that may adversely impact the image, reputation and/or
                                            prestige of the Marks), Licensor in its good-faith discretion shall give Licensee reasonable
                                            wind-down rights as applicable to the subject matter at issue.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">12.</TD><TD STYLE="text-align: justify"><U>Reports and Plans</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Monthly Reports</U>. Within twenty (20) days after the end of
                                            each calendar month of the Term (and or any Sell-Off Period), Licensee shall deliver to Licensor
                                            a report setting forth Licensor&rsquo;s then good-faith estimate of total Gross Sales for
                                            such elapsed calendar month.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Quarterly Reports</U>. Within twenty (20) days after the end of
                                            each calendar quarter of the Term (and of any Sell-Off Period), Licensee shall deliver to
                                            Licensor statements detailing Gross Sales, Permitted Deductions, Net Sales (including a reconciliation
                                            of the calculation from Gross Sales to Net Sales), and sales to Excluded Trade Channel Operators,
                                            and identifying the &ldquo;top-15&rdquo; best-selling Licensed Products for such elapsed
                                            calendar quarter.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Annual Reports</U>. Within thirty (30) days after the end of each
                                            calendar year of the Term (and/or of any Sell-Off Period), Licensee shall deliver to Licensor
                                            (1)&nbsp;statements detailing Gross Sales, Permitted Deductions, Net Sales and sales to Excluded
                                            Trade Channel Operators for such elapsed calendar year; and (2)&nbsp;a schedule of all of
                                            Licensee&rsquo;s then-existing inventory of Licensed Products.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Sales and Marketing Plans</U>. Prior to the commencement of each
                                            Contract Year of the Term (and within thirty (30) days following the Effective Date for the
                                            first Contract Year), Licensee shall deliver to Licensor sales and marketing plans covering
                                            Licensee&rsquo;s sales and marketing plans for the then-next Contract Year.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>Audited Financials</U>. Within forty-five (45) days following
                                            issuance of Licensee&rsquo;s audited financial statements each Contract Year of the Term,
                                            Licensee shall deliver a copy of such financial statements to Licensor.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify"><U>Form&nbsp;of Reports</U>. All statements and reports delivered
                                            by Licensee pursuant to this Agreement shall (1)&nbsp;be signed and certified by Licensee&rsquo;s
                                            Chief Financial Officer as accurate; (2)&nbsp;be delivered by Licensee in electronic and/or
                                            other formats requested by Licensor; (3)&nbsp;be in form reasonably requested by Licensor
                                            (and broken down into categories and/or other form of information and/or detail as Licensor
                                            may request); and (4)&nbsp;be supplemented with any additional information or material as
                                            Licensor at any time may request relating to Licensee&rsquo;s performance hereunder.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">G.</TD><TD STYLE="text-align: justify"><U>Licensee Summits</U>. If Licensor in its discretion should choose
                                            to organize a &ldquo;licensee summit&rdquo; for its various licensees of the Marks to attend
                                            then, provided that such summit takes place in New York, NY, Licensee shall send its appropriate
                                            staff as determined at Licensee&rsquo;s sole discretion to attend such summit at Licensee&rsquo;s
                                            own cost and expense.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">13.</TD><TD STYLE="text-align: justify"><U>Intellectual Property</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Prior Approval</U>. Licensee shall not make use of any Mark in
                                            any manner absent Licensor&rsquo;s prior approval in accordance with the terms and conditions
                                            of this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Ownership</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify"><U>Marks</U>. Licensor owns all rights to the Marks. Licensee acknowledges
                                            and agrees that the Marks are valid, protectible, inherently distinctive, strong and famous.
                                            All use of the Marks by, for and/or under the authority of Licensee shall inure to the benefit
                                            of Licensor.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify"><U>Other Intellectual Property</U>. As between the parties, except
                                            for Licensee I.P. (as hereinafter defined), Licensor shall own any and all forms of intellectual
                                            property (including without limitation trademark rights, trade dress rights, copyright rights,
                                            inventorship rights and patent rights) used by, for and/or under the authority of Licensee
                                            on or in connection with design, manufacture, distribution, sale and/or promotion of Licensed
                                            Products. Licensee hereby assigns to Licensor (and/or immediately upon creation shall assign
                                            to Licensor, and shall be deemed to have done so automatically) any and all such rights.
                                            All use of any such trademark and/or trade dress rights by, for and/or under the authority
                                            of Licensee shall inure to the benefit of Licensor.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify"><U>Creation</U>. To the extent that any of Licensee&rsquo;s employees
                                            or contractors create any intellectual property used on or in connection with design, manufacture,
                                            distribution, sale and/or promotion of Licensed Products, Licensee shall ensure that such
                                            employees and/or contractors do so having a prior written agreement in place vesting ownership
                                            of all such intellectual property rights in and to Licensor (or to Licensee, subject to Licensee&rsquo;s
                                            immediate and automatic assignment of such rights to Licensor in accordance with the ownership
                                            rights provided for herein).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(4)</TD><TD STYLE="text-align: justify"><U>Licensee I.P.</U> For purposes of this Agreement, &ldquo;<U>Licensee
                                            I.P.</U>&rdquo; means intellectual property created by Licensee in connection with Licensee&rsquo;s
                                            performance under this Agreement where such intellectual property satisfies all the following
                                            requirements: (1)&nbsp;it was not created at the request of Licensor; (2)&nbsp;it does not
                                            incorporate or reference any Marks or other intellectual property owned by Licensor; (3)&nbsp;it
                                            is not utilized by Licensee exclusively for Licensed Products; and (4)&nbsp;it has not become
                                            exclusively associated with the Marks. As between the parties, Licensee shall own Licensee
                                            I.P.; provided, however, Licensee hereby grants (and/or upon creation shall grant) to Licensor
                                            the perpetual royalty-free right to use and/or sublicense use of such Licensee I.P. on and
                                            in connection with design, manufacture, distribution, sale and/or promotion of any goods
                                            or services bearing the Marks.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Registration</U>. Licensor in its sole discretion shall apply
                                            for and/or maintain any trademark, copyright and/or other forms of applications and/or registrations
                                            covering Intellectual Property. Licensee shall not directly or indirectly file for registration
                                            of any Intellectual Property and/or of any derivatives, imitations, translations and/or transliterations
                                            of any Intellectual Property and/or of any intellectual property substantially and/or confusingly
                                            similar to any Intellectual Property, without Licensor&rsquo;s prior written consent. If
                                            Licensee should do so without such prior written consent then, in addition to constituting
                                            a material breach of this Agreement, Licensee shall be deemed to have acted as an agent for
                                            the benefit of Licensor, Licensee shall execute, for no consideration, any and all documents
                                            requested by Licensor to assign all right, title and interest in and to such intellectual
                                            property to Licensor and, should Licensee fail to do so within three (3)&nbsp;business days
                                            following request, then Licensee hereby appoints Licensor as its attorney in fact and grants
                                            Licensor the power of attorney to execute the same in the name of Licensee.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>No Challenges</U>. Licensee at no time during or after the Term
                                            shall challenge and/or directly or indirectly take any action which may adversely affect
                                            any of Licensor&rsquo;s rights in and to any Intellectual Property.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>Intellectual Property Notices</U>. Licensee shall use any intellectual
                                            property notices which may be required by Licensor in connection with Licensee&rsquo;s uses
                                            of any Intellectual Property.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify"><U>Brand Guidelines</U>. From time to time, Licensor shall have the
                                            right to provide Licensee with brand guidelines concerning the Marks, and all of Licensee&rsquo;s
                                            uses of the Marks shall conform to such guidelines; provided, however, if Licensee&rsquo;s
                                            adoption of any such modifications would result in material expense to Licensee based on
                                            Licensee&rsquo;s reliance upon a previously issued set of guidelines then the parties shall
                                            work in good-faith to agree upon reasonable transition periods and/or other ways to minimize
                                            any such additional expense.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">G.</TD><TD STYLE="text-align: justify"><U>Other Uses</U>. Licensee shall not use any Mark as part of a corporate
                                            name or domain name. Licensee shall not register in its own name any domain name and/or social
                                            media handle incorporating any Mark and if Licensee desires use of any such domain name and/or
                                            social media handle Licensee must seek Licensor&rsquo;s prior written approval and, if and
                                            to the extent any such approval is granted, only use such domain name and/or social media
                                            handle under license from Licensor and only for so long as Licensor may permit.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">H.</TD><TD STYLE="text-align: justify"><U>Other Trademarks</U>. Licensee shall not make use of any Mark
                                            in connection with any other trademark (whether by way of co-brand and/or otherwise) without
                                            Licensor&rsquo;s prior written approval.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">I.</TD><TD STYLE="text-align: justify"><U>Changes to Form&nbsp;of Mark</U>. If Licensor for any reason should
                                            decide to change the design or form of any Mark with respect to all of its licensees in the
                                            Territory then Licensee shall promptly implement such change; provided shall have the right
                                            to sell-off any of its then-existing inventory bearing the prior form of any Mark for a three
                                            (3)&nbsp;month period if and to the extent Licensee has rights to sell Licensed Products
                                            pursuant to the terms and conditions of this Agreement throughout such period.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">J.</TD><TD STYLE="text-align: justify"><U>Infringements and/or Counterfeits</U>. If Licensee at any time
                                            learns of any attempted and/or actual counterfeiting, infringement, imitation, unauthorized
                                            and/or illegal use of any of the Intellectual Property (any or all the foregoing, &ldquo;<U>Infringements</U>&rdquo;),
                                            then Licensee immediately shall report the Infringements to Licensor in writing, and immediately
                                            provide Licensor with any additional information or material which Licensor may request concerning
                                            the Infringements. Licensor, in its sole and exclusive discretion shall have the right to
                                            decide whether or not to take, and to implement, any and all enforcement and/or other decisions
                                            in connection with any Infringements. Absent Licensor&rsquo;s express prior written approval,
                                            which may be granted or withheld in Licensor&rsquo;s discretion, Licensee shall not take
                                            any action with respect to any Infringements. To the extent Licensor takes or pre-approves
                                            in writing any action with respect to any Infringements, Licensee shall fully cooperate in
                                            connection therewith. Unless otherwise agreed in writing, Licensor shall retain any and all
                                            compensation, proceeds and/or recoveries recovered in connection with any enforcement proceeding
                                            and/or other form of claim arising from an Infringement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">14.</TD><TD STYLE="text-align: justify"><U>Confidentiality</U>. For purposes of this Agreement, &ldquo;<U>Confidential
                                            Information</U>&rdquo; means (a)&nbsp;the terms and conditions of this Agreement; and (b)&nbsp;any
                                            information relating to Licensor&rsquo;s business that is not generally known to the public
                                            and that at any time was used, developed or obtained by Licensee in connection with its performance
                                            under this Agreement; provided, however, Confidential Information shall not include information
                                            which (i)&nbsp;at any time becomes generally known or available to the public through no
                                            unauthorized act by or on behalf of Licensee; (ii)&nbsp;was known to Licensee, by lawful
                                            means, at the time Licensee received the same from Licensor; (iii)&nbsp;was furnished to
                                            Licensee by a third party that does not have an obligation of confidentiality to Licensor
                                            with respect thereto; and/or (iv)&nbsp;was independently developed by Licensee without use
                                            of or access to Licensor&rsquo;s Confidential Information. Recognizing that Confidential
                                            Information is a valuable asset and the harm that may befall Licensor if any of its Confidential
                                            Information is disclosed, Licensee agrees that, during and after the Term, it shall hold
                                            all of Licensor&rsquo;s Confidential Information in strict confidence and not use or otherwise
                                            disclose any such Confidential Information to any third parties without having received Licensor&rsquo;s
                                            prior written consent and a written agreement from such third party to maintain such Confidential
                                            Information in confidence. Notwithstanding the foregoing, Licensee may share Licensor&rsquo;s
                                            Confidential Information if and as reasonably necessary for Licensee&rsquo;s legitimate and
                                            good-faith business needs with its actual or prospective lenders, attorneys and/or accountants,
                                            subject to any such third-parties first agreeing in writing to maintain the Confidential
                                            Information as strictly confidential. If Licensee at any time during or after the Term becomes
                                            legally compelled by order of a court or other competent governmental agency, or by applicable
                                            law to disclose any of Licensor&rsquo;s Confidential Information, then Licensee shall promptly
                                            notify Licensor of such circumstance in writing to enable Licensor, at Licensor&rsquo;s discretion,
                                            to seek a protective order or other appropriate remedy and Licensee shall reasonably cooperate
                                            with respect to any such effort by Licensor.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">15.</TD><TD STYLE="text-align: justify"><U>Indemnifications</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Licensor Indemnification</U>. Licensor shall indemnify, defend
                                            and hold harmless Licensee from and against any and all claims, losses, liabilities, damages
                                            and expenses (including, without limitation, reasonable attorneys&rsquo; fees and court costs)
                                            for which it may become liable or be compelled to pay, to the extent arising from a third-party
                                            claim arising from Licensor&rsquo;s breach of any of its promises, obligations, representations
                                            and/or warranties under this Agreement. For avoidance of doubt, the provisions of this paragraph
                                            shall survive expiration or termination of this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Licensee Indemnification</U>. Licensee shall indemnify, defend
                                            and hold harmless Licensor, Licensor&rsquo;s Affiliates and Licensor&rsquo;s licensees, and
                                            each of their respective members, partners, directors, officers, employees, agents and representatives
                                            (Licensor, together with all the foregoing, the &ldquo;<U>Licensor Indemnitees</U>&rdquo;)
                                            from and against any and all claims, losses, liabilities, damages and expenses (including,
                                            without limitation, reasonable attorneys&rsquo; fees and court costs) for which it may become
                                            liable or be compelled to pay, to the extent arising from a third-party claim arising from
                                            (i)&nbsp;any acts or omissions of Licensee in connection with its performance under this
                                            Agreement, including without limitation as it relates to design, manufacture, distribution,
                                            sale and/or promotion of Licensed Products, Packaging Materials and/or Marketing Materials,
                                            including without limitation to the extent arising from product liability claims; (ii)&nbsp;Licensee&rsquo;s
                                            breach of any of its promises, obligations, representations and/or warranties under this
                                            Agreement; (iii)&nbsp;a claim that Licensee&rsquo;s use of any Mark on and in connection
                                            with design, manufacture, distribution, sale and/or promotion of any Products in the Territory
                                            infringes upon the trademark and/or other rights of any third-party; (iv)&nbsp;any act or
                                            omission of any of Licensee&rsquo;s employees, Manufacturers and/or other contractors; and/or
                                            (v)&nbsp;Licensee&rsquo;s gross negligence, willful misconduct and/or failure to comply with
                                            any applicable law or regulation. Licensee shall not settle any such claim without Licensor&rsquo;s
                                            prior written consent. For avoidance of doubt, the provisions of this paragraph shall survive
                                            expiration or termination of this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">16.</TD><TD STYLE="text-align: justify"><U>Insurance</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify">Licensee, at its sole cost and expense, shall procure and maintain
                                            throughout the Term and for a period of three (3)&nbsp;years thereafter, comprehensive general
                                            liability insurance (including, without limitation, product liability insurance, inventory
                                            insurance, worker&rsquo;s compensation insurance, operations liability insurance, advertising
                                            injury insurance and cyber liability insurance) to defend and protect against claims arising
                                            from Licensee&rsquo;s acts and/or omissions under and/or relating to this Agreement. Licensee
                                            shall obtain such insurance from a carrier reasonably acceptable to Licensor, in an amount
                                            not less than Five Million U.S. Dollars ($5,000,000) in the aggregate. Each policy required
                                            hereunder shall name Licensor as an additional insured. In the event that any insurance policy
                                            required hereunder includes or permits a waiver of subrogation, such waiver shall apply to
                                            all such additional insureds. Licensee shall require the insurance carrier(s)&nbsp;to provide
                                            at least thirty (30) days notice to Licensor of any modification, cancellation, renewal or
                                            replacement of any insurance policy required hereunder.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify">Within ten (10)&nbsp;business days following the Effective Date,
                                            Licensee shall deliver to Licensor a certificate of insurance confirming the coverages required
                                            herein; provided, however, whether or not Licensor receives such a certificate during such
                                            time frame shall not constitute a waiver of any of Licensee&rsquo;s obligations herein. Licensee&rsquo;s
                                            failure to maintain any of the coverages and endorsements required under this Agreement shall
                                            be a material breach of this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify">Licensee&rsquo;s indemnification obligations shall not be limited
                                            by insurance requirements hereunder.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">17.</TD><TD STYLE="text-align: justify"><U>Audit Rights</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Books and Records</U>. Licensee shall prepare and maintain throughout
                                            the Term and for five (5)&nbsp;years thereafter, in accordance with generally accepted accounting
                                            principles and with this Agreement and in a manner which will enable Licensor&rsquo;s representatives
                                            to audit same, complete and accurate books of account and records (including the originals
                                            or copies of documents supporting entries in the books of account) covering all transactions
                                            relating to this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Audit Right</U>. Licensor&rsquo;s representatives may, during
                                            regular business hours with at least twenty-four (24) hours advance notice, during the Term
                                            and for three (3)&nbsp;years thereafter, inspect, copy and/or audit Licensee&rsquo;s books
                                            of account and records and examine and copy any or all documents and materials relating to
                                            this Agreement. Any such audit commenced within such period may continue through completion
                                            in the ordinary course.&nbsp;Licensee shall cooperate in all respects with any such inspection
                                            and/or audit, including without limitation by promptly responding to any inquiries and/or
                                            providing any information or material requested by Licensor (and/or Licensor&rsquo;s representatives)
                                            in connection therewith.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Underpayments</U>. If any audit of Licensee&rsquo;s books and
                                            records discloses an underpayment by Licensee hereunder, the amount of such underpayment,
                                            plus interest at a rate equal to one and one-half percent (1&frac12;%) per month or the maximum
                                            rate of interest allowed by law, whichever is less, from the date such payments were originally
                                            due, shall be made immediately to Licensor. If the underpayment is five percent (5%) or more,
                                            or any lesser amount if such underpayment was intentional, then: (1)&nbsp;Licensee shall
                                            immediately pay to Licensor all of Licensor&rsquo;s fees and costs incurred in connection
                                            with the audit, and (2)&nbsp;Licensor shall have the right to terminate this Agreement upon
                                            written notice to Licensee.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">18.</TD><TD STYLE="text-align: justify"><U>Representations and Warranties</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Licensor Representations</U>. Licensor
                                            represents and warrants to Licensee that (i)&nbsp;Licensor has full right, power and authority
                                            to enter into this Agreement and to perform all of its obligations hereunder; and (ii)&nbsp;the
                                            execution and delivery of this Agreement and the performance of Licensor&rsquo;s obligations
                                            hereunder do not and will not conflict with, violate or breach, or constitute a default under
                                            any contractual obligation of Licensor.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Licensee Representations</U>. Licensee
                                            represents and warrants to Licensor that (i)&nbsp;Licensee has full right, power and authority
                                            to enter into this Agreement and to perform all of its obligations hereunder; (ii)&nbsp;the
                                            execution and delivery of this Agreement and the performance of Licensee&rsquo;s obligations
                                            hereunder do not and will not conflict with, violate or breach, or constitute a default under
                                            any contractual obligation of Licensee; (iii)&nbsp;Licensee&rsquo;s operations and performance
                                            in any way concerning its design, manufacture, distribution, sale and/or promotion of Licensed
                                            Products under this Agreement shall comply with all laws, rules&nbsp;and regulations applicable
                                            thereto; and (iv)&nbsp;there is no pending or threatened litigation which may affect Licensee&rsquo;s
                                            ability to fully perform all of its obligations herein.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>No Other Representations</U>. Except
                                            if and as expressly set forth in this Agreement, neither party has made and is not making
                                            any representation or warranty hereunder. Without limiting the foregoing, Licensor has not
                                            made, and does not make, any representation or warranty to Licensee in any way concerning
                                            projections, sales, Net Sales and/or profits which Licensee should expect under this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">19.</TD><TD STYLE="text-align: justify"><U>Termination</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Licensor&rsquo;s Right to Terminate</U>. Licensor shall have the
                                            right to terminate this Agreement (and/or any Sell-Off Period) immediately upon notice to
                                            Licensee:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">if Licensee breaches an obligation to make any payment required under
                                            this Agreement and such payment is not made within five (5)&nbsp;business days following
                                            Licensor&rsquo;s delivery of written notice of such breach;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">if Licensee&rsquo;s Net Sales for any two (2)&nbsp;consecutive Contract
                                            Years total less than the Minimum Net Sales applicable to such Contract Years;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify">if Licensee fails to procure and/or maintain the insurance policy(ies)
                                            required by this Agreement and such breach is not cured within thirty (30) days following
                                            Licensor&rsquo;s delivery of written notice of such breach; and/or</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(4)</TD><TD STYLE="text-align: justify">if Licensee breaches any representation, warranty, covenant and/or
                                            agreement in this Agreement of a nature not otherwise expressly provided for in above subsections
                                            of this provision, and such breach is not cured within thirty (30) days following Licensor&rsquo;s
                                            delivery of written notice of such breach;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(5)</TD><TD STYLE="text-align: justify">if Licensee knowingly and intentionally breaches any provision of
                                            this Agreement; and/or</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(6)</TD><TD STYLE="text-align: justify">if Licensee experiences an event of insolvency, petition in bankruptcy
                                            and/or dissolution.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Cure Periods</U>. Notwithstanding
                                            any cure period provided to Licensee under this Agreement, Licensee shall not have an opportunity
                                            to cure any breach which, by its terms, cannot be cured, including, for example, selling
                                            Licensed Products outside the Territory and/or making any use of the Marks without having
                                            received Licensor&rsquo;s prior approvals as required by this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Licensee&rsquo;s Right to Terminate</U>. Licensee shall have the
                                            right, but not the obligation, to terminate this Agreement in its entirety upon the occurrence
                                            of the material breach by Licensor of this Agreement or any of its express representations
                                            or express warranties herein, and such breach is not cured within thirty (30) business days
                                            of Licensor&rsquo;s receipt of written notice from Licensee of the same.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Termination Without Prejudice</U>. Any termination right exercised
                                            by Licensor under this Agreement shall be without prejudice to and/or waiver of any other
                                            remedy which Licensor may have arising in connection with any breach of this Agreement by
                                            Licensee.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>Costs and Fees</U>. If this Agreement is terminated by Licensor
                                            for any reason provided for herein then Licensee shall reimburse Licensor for all of Licensor&rsquo;s
                                            costs and reasonable attorneys&rsquo; fees incurred in connection therewith, including without
                                            limitation as it relates to Licensor&rsquo;s efforts to collect any sums then or thereafter
                                            owed to it by Licensee under this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify"><U>Bankruptcy</U>. If Licensee experiences an event of insolvency,
                                            petition in bankruptcy and/or dissolution then, to the fullest extent enforceable by law,
                                            no assignee for the benefit of creditors, custodian, receiver, trustee in bankruptcy, sheriff
                                            or any other officer of the court or official charged with responsibility for taking custody
                                            of Licensee&rsquo;s assets or business may continue this Agreement or exploit or use the
                                            Marks. Licensee further agrees that Licensed Products may not be sold or otherwise transferred
                                            in any such case without first offering the Licensed Products to Licensor at a price of fifty
                                            percent (50%) off Licensee&rsquo;s Manufacturing Cost, and the Marks may not be used by a
                                            secured party, a creditor, or by the Licensee in a disposition of Licensed Products in enforcement
                                            of a security interest, attachment, or other seizure.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">20.</TD><TD STYLE="text-align: justify"><U>Effects of Expiration and/or Termination</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Termination of Licensee&rsquo;s Rights</U>. At expiration and/or
                                            termination of this Agreement for any reason, except as it relates to any limited rights
                                            which Licensee may have pursuant to the express terms of this Agreement with respect to a
                                            Sell-Off Period, all rights granted by Licensor to Licensee under this Agreement automatically
                                            and immediately shall terminate and revert to Licensor. Without limiting the foregoing, at
                                            expiration and/or termination of this Agreement, Licensee immediately shall cause its Manufacturers
                                            to cease and desist from any further manufacture of any Licensed Products (and/or of any
                                            labeling, packaging and/or other materials using any Intellectual Property). Licensee acknowledges
                                            that Licensor will have no adequate remedy at law if Licensee continues to design, manufacture,
                                            distribute, sell, and/or promote Licensed Products following expiration or termination of
                                            this Agreement outside the scope of any rights which Licensee may have pursuant to the express
                                            terms of this Agreement with respect to a Sell-Off Period. Accordingly, Licensee agrees that,
                                            in addition to any and all other remedies available to Licensor at law, Licensor shall have
                                            the right to have any such activity by Licensee restrained by equitable relief, including,
                                            but not limited to, a temporary restraining order, a preliminary injunction, a permanent
                                            injunction, or such other alternative relief as may be appropriate, without the necessity
                                            of posting any bond.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Unpaid Amounts</U>. At expiration and/or termination of this Agreement
                                            for any reason, Licensee immediately shall pay to Licensor any and all unpaid amounts then
                                            due or owing to Licensor (including without limitation Royalties and Guaranteed Minimum Royalties).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Acceleration of Guaranteed Minimum Royalties</U>. At termination
                                            of this Agreement for any reason other than Section&nbsp;19.A(2)&nbsp;(failure to achieve
                                            Minimum Net Sales), the following amounts shall be accelerated and become immediately due
                                            and payable by Licensee to Licensor, without prejudice to any other rights and remedies which
                                            Licensor may have: all Guaranteed Minimum Royalties that would have been payable to Licensor
                                            for the balance of the Term had such termination not occurred. The parties agree that such
                                            payment obligation shall not be deemed a penalty and shall not be deemed the sole and exclusive
                                            remedy of Licensor in the event of termination of this Agreement based on Licensee&rsquo;s
                                            breach.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Inventory</U>. No later than sixty (60) days prior to natural
                                            expiration of the Term and/or ten (10)&nbsp;business days after an early termination of this
                                            Agreement, Licensee shall deliver to Licensor a schedule (signed and certified by Licensee&rsquo;s
                                            Chief Financial Officer as accurate) itemizing all inventory of Licensed Products then in
                                            Licensee&rsquo;s possession, custody and/or control, broken down by style number, color,
                                            size, quantity, and including Licensee&rsquo;s Manufacturing Cost for each such product together
                                            with any other descriptive information which Licensor may request. At any time over the sixty
                                            (60) day period following Licensee&rsquo;s delivery of all such information, Licensor (or
                                            any third-party which Licensor may designate) then shall have the option (but not the obligation),
                                            exercisable upon notice to Licensee, to purchase any or all such inventory at a price equal
                                            to eighty percent (80%) of Licensee&rsquo;s Manufacturing Cost applicable to the inventory
                                            so purchased. If such purchase option is exercised then Licensee shall deliver the applicable
                                            inventory to Licensor (or its designee) within five (5)&nbsp;business days from the date
                                            of exercise, and Licensor (or its designee) shall pay Licensee for such inventory within
                                            thirty (30) days following its receipt thereof; provided, however, Licensor (or its designee)
                                            shall have the right to offset from such payment any sums then owed by Licensee to Licensor,
                                            without limitation of remedy.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>Sell-Off Period</U>. If this Agreement naturally expires or is
                                            terminated by Licensee pursuant to this Agreement based on Licensor&rsquo;s uncured material
                                            breach then, only if and for so long as Licensee is not in breach of this Agreement, Licensee
                                            shall have the non-exclusive right, for a period of one hundred and eighty (180) days following
                                            the expiration of this Agreement (a &ldquo;<U>Sell-Off Period</U>&rdquo;) to sell-off its
                                            inventory (solely to the extent Licensee owned such inventory as of the expiration or termination
                                            date of this Agreement) with such sales to be made (i)&nbsp;solely in the Territory; (ii)&nbsp;solely
                                            to Authorized Retailers, (iii)&nbsp;subject to payments of Royalties; and (iv)&nbsp;otherwise
                                            on and subject to the terms and conditions of this Agreement. Any sales made by Licensee
                                            during a Sell-Off Period shall not be credited towards any of Licensee&rsquo;s obligations
                                            to pay Guaranteed Minimum Royalties.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify"><U>Transition Period</U>. At any time during the Term, Licensor shall
                                            have the right to negotiate and enter into agreements with one or more third-parties under
                                            which such third-parties receive license(s)&nbsp;to use the Marks on and/or in connection
                                            with design, manufacture, distribution, sale and/or promotion of Products in the Territory
                                            following the Term. The terms of any such successor license may permit the successor licensees
                                            to engage in any and all such or other preparatory activities during the Term (including
                                            without limitation designing product, manufacturing product, showing product and accepting
                                            orders for product) so long as they do not ship any such product during the Term.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">21.</TD><TD STYLE="text-align: justify"><U>Sublicensing</U>. Licensee shall not sublicense any of its rights
                                            or obligations hereunder without having first received Licensor&rsquo;s prior written approval
                                            which Licensor may grant or withhold in its reasonable discretion. In any case where Licensor
                                            should elect to grant written approval for a sublicense, (a)&nbsp;the sublicensee shall be
                                            bound by all terms and conditions of this Agreement as though it were Licensee and without
                                            limiting the foregoing, no sublicensee shall be granted any rights beyond the scope of rights
                                            granted to Licensee hereunder; (b)&nbsp;Licensee and its sublicensee shall be jointly and
                                            severally liable for any and all liabilities arising in connection with the sublicense; and
                                            (c)&nbsp;the sublicense shall be further conditioned upon the sublicensee&rsquo;s entry into
                                            a written sublicense agreement in form and substance pre-approved in writing by Licensor.
                                            Any attempted sublicense by Licensee in violation of any of the foregoing shall be deemed
                                            void and of no force or effect.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">22.</TD><TD STYLE="text-align: justify"><U>Assignment</U>. This Agreement is of a nature such that the rights
                                            granted to Licensee hereunder are personal to Licensee, including in that Licensee acknowledges
                                            and recognizes that: (a)&nbsp;Licensee has been granted the license herein because of its
                                            particular expertise, knowledge, judgment, skill and ability; and (b)&nbsp;Licensor is relying
                                            on Licensee&rsquo;s unique knowledge, experience and capabilities to perform this Agreement
                                            in specific manner consistent with the high standards of integrity and quality associated
                                            with the Marks. As such, Licensee shall not assign this Agreement or any of its rights or
                                            obligations hereunder, directly or indirectly, whether pursuant to any change of ownership,
                                            control or otherwise, without having first received Licensor&rsquo;s prior written approval
                                            which Licensor may grant or withhold in its sole discretion. In any case where Licensor grants
                                            written consent to an assignment then, as a further condition of the requested assignment,
                                            Licensee shall pay to Licensor a transfer fee equal to fifty percent (50%) of the sum of
                                            Guaranteed Minimum Royalties for the then current Contract Year in which Licensee is seeking
                                            to assign its rights or obligations under this Agreement (irrespective of whether such guaranteed
                                            payments were paid). Any attempted assignment by Licensee in violation of any of the foregoing
                                            shall be deemed void and of no force or effect. Licensor shall have the right to assign any
                                            or all of its rights and/or obligations under this Agreement, in any form or manner, without
                                            the prior consent or approval of Licensee. This Agreement shall be binding upon and inure
                                            to the benefit of the parties to this Agreement and their respective successors and permitted
                                            assigns.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">23.</TD><TD STYLE="text-align: justify"><U>Dispute Resolution</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Governing Law</U>. This Agreement shall be governed by the laws
                                            of the State of New York, without giving effect to principles governing conflicts of laws.
                                            The United Nations Convention on Contracts for the International Sale of Goods shall not
                                            apply to this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Forum</U>. Any dispute between the parties relating to and/or
                                            arising out of this Agreement shall be adjudicated exclusively in the courts of the State
                                            of New York, New York County. Each party irrevocably submits to the jurisdiction of such
                                            courts and waives any claim or defense of inconvenient forum or lack or personal jurisdiction
                                            in such forum under any applicable law, decision or otherwise. Notwithstanding the foregoing,
                                            Licensor in its discretion shall be permitted to seek and obtain injunctive relief in New
                                            York and/or any other jurisdiction where Licensor deems appropriate by reason of its subject
                                            matter and in any such case Licensor shall be permitted to combine claims for injunctive
                                            and non-injunctive relief in such forum.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Equitable Relief.</U> Licensee acknowledges that any breach by
                                            Licensee shall cause Licensor irreparable harm for which there is no adequate remedy at law,
                                            and in the event of such breach, Licensor shall be entitled to, in addition to other available
                                            remedies, injunctive or other equitable relief, including, without limitation, interim or
                                            emergency relief, including, without limitation, a temporary restraining order or injunction,
                                            before any court with applicable jurisdiction, to protect or enforce its rights.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>LIMITATION OF LIABILITY</U>. TO THE MAXIMUM EXTENT PERMISSIBLE
                                            UNDER APPLICABLE LAW, NEITHER LICENSOR NOR ANY OF LICENSOR&rsquo;S OWNERS, OFFICERS, EMPLOYEES
                                            AND/OR AGENTS SHALL BE LIABLE TO LICENSEE FOR ANY CONSEQUENTIAL,&nbsp;INCIDENTAL, PUNITIVE,
                                            EXEMPLARY, OR SPECIAL DAMAGES, OR FOR LOSS OF GOOD WILL OR BUSINESS PROFITS, REGARDLESS OF
                                            THE FORM&nbsp;OR ACTION, WHETHER IN CONTRACT, TORT AND/OR OTHERWISE,&nbsp;IN RELATION TO
                                            THIS AGREEMENT. ADDITIONALLY,&nbsp;IN NO EVENT SHALL LICENSOR&rsquo;S TOTAL LIABILITY UNDER
                                            THIS AGREEMENT UNDER ANY THREORY OF RECOVERY EXCEED THE AMOUNTS ACTUALLY RECEIVED BY LICENSOR
                                            FROM LICENSEE HEREUNDER, REGARDLESS OF THE NUMBER OR TYPE OF CLAIMS.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>JURY TRIAL WAIVER</U>. EACH PARTY HEREBY WAIVES ANY AND ALL RIGHTS
                                            THAT IT MAY&nbsp;HAVE NOW OR HEREAFTER HAVE UNDER THE LAWS OF THE UNITED STATES OF AMERICA
                                            OR ANY STATE TO A TRIAL BY JURY OF ANY AND ALL ISSUES ARISING EITHER DIRECTLY OR INDIRECTLY
                                            IN ANY ACTION OR PROCEEDING BETWEEN THEM IN ANY WAY CONNECTED TO THIS AGREEMENT. IT IS INTENDED
                                            THAT THIS WAIVER OF JURY TRIAL SHALL APPLY TO ANY AND ALL CLAIMS, DEFENSES, RIGHTS AND/OR
                                            COUNTERCLAIMS IN ANY SUCH ACTION OR PROCEEDING.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">24.</TD><TD STYLE="text-align: justify"><U>Miscellaneous</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>Notices</U>. All notices under this Agreement shall be in writing,
                                            be written in English, be delivered by nationally recognized overnight delivery service which
                                            provides proof of delivery (e.g., UPS or Federal Express), and shall be deemed to have been
                                            given one (1)&nbsp;business day following deposit with such delivery service, and shall be
                                            delivered as follows (or to such other address as one party may notify the other in accordance
                                            with this notice provision):</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>If to Licensor</U>:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IM TOPCO, LLC</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">530 Fifth Avenue</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Floor 25</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">New York, NY 10036</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Attn: Effy Zinkin,&nbsp;Esq.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">with a copy simultaneously delivered by email to each of (i)&nbsp;EZinkin@WHP-Global.com
and (ii)&nbsp;Gregg@DonnenfeldLaw.com.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>If to Licensee</U>:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Xcel-CT MFG, LLC</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1333 Broadway, 10<SUP>th</SUP> Floor</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">New York, NY 10018</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Attn: President</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Relationship</U>. The parties are and shall remain independent
                                            contractors, and neither party may obligate or bind the other to any form of contractual
                                            and/or other obligation. Nothing herein contained shall be construed to have the effect of
                                            placing the parties hereto in the relationship of partners or joint venturers, or create
                                            any agency, or any other relationship other than that of licensor and licensee.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>No Franchise</U>. Each party acknowledges and agrees that this
                                            Agreement is an intellectual property rights license agreement and does not constitute, and
                                            shall not be construed as, a franchise agreement. Each party further acknowledges and agrees
                                            that state and federal franchise laws do not and will not apply to this Agreement or to the
                                            relationship between the parties and their respective rights and obligations hereunder. Without
                                            limiting the foregoing, the parties agree that, due to their respective business backgrounds
                                            and prior licensing experience, they do not need the protection of state or federal franchise
                                            laws.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify"><U>Survival</U>. Any provisions under this Agreement which by their
                                            express terms and/or implication have a continuing effect shall survive any expiration or
                                            termination of this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify"><U>Further Assurances</U>. Licensee shall execute and deliver to
                                            Licensor any and all documents requested by Licensor to confirm and perfect Licensor&rsquo;s
                                            right, title and interest in and to the Marks and/or otherwise with respect to the licensing
                                            arrangement provided for herein.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify"><U>No Waiver</U>. If any acts or omissions by either party not in
                                            conformity with any requirement hereof are not objected to by the other party, the failure
                                            to object shall not be a waiver of the requirement and timely and proper performance may
                                            be insisted upon at any time. The waiver by any party to this Agreement of any breach or
                                            violation of any provision of this Agreement by the other party shall not operate or be constructed
                                            to be a waiver of any subsequent breach or violation thereof.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">G.</TD><TD STYLE="text-align: justify"><U>Severability</U>. Invalidity of any term of this Agreement shall
                                            not affect the validity or operation of any other term, and the invalid term shall be deemed
                                            severed from this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">H.</TD><TD STYLE="text-align: justify"><U>Construction</U>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">In the event of any dispute concerning a definition in this Agreement
                                            which impacts the scope of rights granted hereunder (e.g., definition of the term &ldquo;Marks&rdquo;,
                                            &ldquo;Products&rdquo; and/or &ldquo;Territory&rdquo;), the final determination shall be
                                            made in Licensor&rsquo;s good-faith discretion.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">If it is necessary to construe the terms and conditions of this Agreement,
                                            it will be done without giving any consideration or effect as to which party drafted this
                                            Agreement. The parties acknowledge that all terms of this Agreement were negotiated at arms&rsquo;
                                            length, with independent counsel, and that this Agreement was prepared and executed without
                                            duress, undue influence or coercion.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">I.</TD><TD STYLE="text-align: justify"><U>Captions and Exhibits</U>. Captions used herein are for convenience
                                            only. The exhibits to this Agreement (including without limitation any terms and conditions
                                            contained therein) are incorporated herein by reference and shall form part of this Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">J.</TD><TD STYLE="text-align: justify"><U>Signature Exchange</U>: This Agreement may be executed in counterpart
                                            copy format, with each copy an original hereof, and all copies being one and the same agreement.
                                            Signatures affixed hereto by photocopy, facsimile transmission, e-mail, PDF, TIFF, JPEG,
                                            Docusign or other like digital format shall have the full force and effect of original signatures.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">K.</TD><TD STYLE="text-align: justify"><U>Complete Agreement / No Oral Modification</U>. This Agreement
                                            represents the complete Agreement between the parties with respect to its subject matter,
                                            and this Agreement replaces and supersedes any prior written and oral agreements, understanding
                                            or statements between the parties, whether express or implied, with respect to the subject
                                            matter contained in this Agreement. Without limiting the foregoing, the express terms of
                                            this Agreement shall control and supersede any course of dealing or performance, and/or usage
                                            of trade, that is inconsistent with any of the terms hereof. Any amendments to this Agreement
                                            must be in writing and signed by the parties.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">{Signature Page(s)&nbsp;Follow}</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, by their signatures below,
the parties enter into this Agreement as of the Effective Date.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="text-align: justify">LICENSOR</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD COLSPAN="2" STYLE="text-align: justify">LICENSEE</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="text-align: justify">IM TOPCO, LLC</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD COLSPAN="2" STYLE="text-align: justify">XCEL-CT MFG, LLC</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: justify; width: 2%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 2%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="text-align: justify">Name:Yehuda Shmidman</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD COLSPAN="2" STYLE="text-align: justify">Name:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="text-align: justify">Title:Chief Executive Officer</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD COLSPAN="2" STYLE="text-align: justify">Title:</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS AGREEMENT SHALL NOT BE BINDING UNLESS AND
UNTIL FULLY-EXECUTED.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Exhibit&nbsp;B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>(Authorized Retailers)</U></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify">The
                                            following department stores and their dotcoms:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify">Bealls</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify">Belk</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify">Bloomingdale'
                                            s</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify">Boscov's</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify">Dillard's</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify">Hudson's
                                            Bay</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">G.</TD><TD STYLE="text-align: justify">JC
                                            Penney</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">H.</TD><TD STYLE="text-align: justify">Lord&nbsp;&amp;
                                            Taylor</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">I.</TD><TD STYLE="text-align: justify">Macy's</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">J.</TD><TD STYLE="text-align: justify">Neiman
                                            Marcus</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">K.</TD><TD STYLE="text-align: justify">Nordstrom</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">L.</TD><TD STYLE="text-align: justify">Saks
                                            5th Avenue</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">M.</TD><TD STYLE="text-align: justify">Urban
                                            Outfitters Group stores</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">N.</TD><TD STYLE="text-align: justify">VonMaur</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. The following online retailers:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify">Amazon.com</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify">Dressbarn.com</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify">The
                                            following flash sale sites:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Dia&nbsp;&amp;
                                            Co.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Gilt</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Haute
                                            Look</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Revolve</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Shopbop</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(6)</TD><TD STYLE="text-align: justify">Stitch
                                            Fix</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify">Lordandtaylor.com</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify">Zappos.com;
                                            and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify">Live-Stream
                                            shopping e-commerce sites with similarly positioned fashion brands (specific sites subject
                                            to Licensor&rsquo;s prior written approval on a case by case basis, with such approval not
                                            to be unreasonably withheld, conditioned or delayed).</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. The following elevated Off-Price Retailers
and their dotcoms:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify">Bloomingdale's
                                            Outlet</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify">Neiman
                                            Marcus Last Call</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify">Nordstrom
                                            Rack</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify">Saks
                                            Off 5<SUP>th</SUP></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">4.</TD><TD STYLE="text-align: justify">The
                                            following Off-Price Retailers and their dotcoms, such as:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify">Beall's
                                            Outlet</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify">Burlington
                                            Coat Factory</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify">Gilt</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify">Haute
                                            Look</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify">Macy's
                                            Back Stage</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">F.</TD><TD STYLE="text-align: justify">Marshall&rsquo;s</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">G.</TD><TD STYLE="text-align: justify">Ross
                                            Stores</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">H.</TD><TD STYLE="text-align: justify">Rue
                                            LaLa</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">I.</TD><TD STYLE="text-align: justify">Stein
                                            Mart</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">J.</TD><TD STYLE="text-align: justify">TJ
                                            Maxx</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">K.</TD><TD STYLE="text-align: justify">TJX</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">L.</TD><TD STYLE="text-align: justify">Winners
                                            (Canada)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">M.</TD><TD STYLE="text-align: justify">Zulily</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">5.</TD><TD STYLE="text-align: justify">The
                                            following club retailers:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">A.</TD><TD STYLE="text-align: justify">BJs
                                            (brick and mortar, e-commerce)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">B.</TD><TD STYLE="text-align: justify">Costco
                                            (Canada)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">C.</TD><TD STYLE="text-align: justify">Costco
                                            (US)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">D.</TD><TD STYLE="text-align: justify">Sam's
                                            Club (Canada)</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">E.</TD><TD STYLE="text-align: justify">Sam's
                                            Club (US)</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6. The Branded E-Com Site</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7. Duty-Free Stores in the Territory (with any
sales to Duty-Free Stores outside of the Territory subject to Licensor&rsquo;s prior written approval)</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8. AAFES / Military; and</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9. Such other retailers or customers as may be
approved by Licensor in writing on a case-by-case basis.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>EXHIBIT J</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SHARED ACCESS AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This SHARED ACCESS AGREEMENT
(this &ldquo;<U>Agreement</U>&rdquo;), dated as of May [__], 2022, is by and between <FONT STYLE="text-transform: uppercase">Xcel Brands,
Inc.</FONT>, a Delaware limited liability company (the &ldquo;<U>Seller</U>&rdquo;), and IM TOPCO, LLC, a Delaware limited liability company
(the &ldquo;<U>Company</U>&rdquo;). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed thereto in
the Purchase Agreement (as defined below). Each of the Seller, on the one hand, and the Company, on the other hand, are referred to herein
individually as a &ldquo;<U>Party</U>&rdquo; and collectively as the &ldquo;<U>Parties</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">WITNESSETH:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to that
certain Membership Interest Purchase Agreement, dated as of May [__], 2022, among IMWHP, LLC, the Seller, IM Brands, LLC and the Company
(the &ldquo;<U>Purchase Agreement</U>&rdquo;), among other things, the Seller is contributing the Contributed Assets to the Company, and
thereafter the Seller is selling 70% of the limited liability company membership interests of the Company to IMWHP, LLC;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in connection with
the Purchase Agreement, the employees of the Seller listed on <U>Schedule A</U> hereto participate in the operation of the Business (the
 &ldquo;<U>Business Employees</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, following the transactions
contemplated by the Purchase Agreement, the Seller will continue to have a direct financial interest in the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Parties desire
that, following the contribution of the Contributed Assets to the Company and the sale of the Acquired Interests to IMWHP, LLC in accordance
with the Purchase Agreement, the Seller provide to the Business Employees access to certain office space occupied by the Seller, as more
fully described herein and as further described on <U>Schedule B</U> hereto (the &ldquo;<U>Facilities</U>&rdquo;), following the Closing
Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Parties desire
that during the Transition Period (as defined below), the Seller and its affiliates will continue to employ the Business Employees and
will continue to allow the Business Employees to continue to participate in the Seller&rsquo;s benefit plans in which the Business Employees
participate prior to the Closing, in each case at the sole cost of the Company and until the Company has established its own payroll systems
and can create equivalent benefit plans; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Seller is willing
to provide such services and access as set forth herein to the Company on the terms and subject to the conditions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual agreements and covenants herein contained and intending to be legally bound hereby, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: windowtext">ARTICLE
I</FONT><BR>
Business Employees; ACCESS to FACILITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Business Employees; Transition Period</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(a) Subject to the terms
and conditions of this Agreement, during the Transition Period, the Seller agrees to make, or cause to be made, available the Business
Employees to the Company for purposes of operating the Business. The Seller will not fire, discipline or set or adjust the wages, benefits
or terms and conditions of employment of any Business Employee without the prior written consent of the Company. The Seller shall require
each Business Employee to acknowledge in writing that, notwithstanding that such Business Employee is an employee of the Seller (or its
affiliate), he or she (i) is bound by the policies established by the Company as if such Business Employee were an employee of the Company
and (ii) understand that his or her appointment with the Company or employment with the Seller may be terminated for failure to comply
with such policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(b) The period during which
the Business Employees shall be made available to the Company for purposes of operating the Business shall commence immediately following
the Closing on the Closing Date and end as of the Personnel Transfer Date (the &ldquo;<U>Transition Period</U>&rdquo;). For purposes of
this Agreement, unless otherwise mutually agreed between the Parties in writing, the &ldquo;<U>Personnel Transfer Date</U>&rdquo; means
the earlier to occur of (i) 90 days following the Closing Date or (ii) the first date that the Company and its affiliates can organize
payroll administration and replacement benefit plans under their own system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employment or Engagement Status; Management of Business Employees</U>. The Business Employees shall at all times during the
Transition Period remain employees of the Seller and shall not be considered to be employees of the Company or any of its affiliates;
<U>provided</U>, <U>however</U>, that the Company shall direct the day-to-day activities of, and supervise, the Business Employees in
connection with the operation of the Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation and Benefits</U>. During the Transition Period, the Seller shall provide each Business Employee with compensation
and employee benefits that are consistent with the compensation and employee benefits provided to such Business Employee immediately prior
to the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Service Costs</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(a) The Company shall, in
accordance with the requirements of this <U>Section 1.4</U>, reimburse the Seller for all Service Costs that are incurred during the Transition
Period by the Seller or its affiliates (without duplication). For purposes of this Agreement, &ldquo;<U>Service Costs</U>&rdquo; means
any (i) any amounts paid or payable during the Transition Period by the Seller or its affiliates to its professional employer organization
(PEO) in respect of the Business Employees and (ii) any other costs or expenses (including, without limitation, compensation, benefits
and payroll taxes) incurred by the Seller or its affiliates in respect of Business Employees during the Transition Period, in each case
of clause (i) and (ii) as listed, summarized and estimated in good faith (on a non-binding basis) on <U>Schedule C</U> hereto (collectively,
the &ldquo;<U>Service Costs</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(b) No later than five (5)
Business Days following the end of any calendar month during the Transition Period, the Seller shall provide the Company with an invoice
itemizing in reasonable detail, including supporting documentation, the Service Costs incurred by the Seller or its affiliates during
such calendar month (each a &ldquo;<U>Service Costs Invoice</U>&rdquo;). Within five (5) Business Days after receipt of the Service Costs
Invoice from the Seller, the Company shall pay to the Seller an amount equal to the Service Costs for such calendar month by wire transfer
in immediately available funds to the account designated by the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: windowtext"><U>Intellectual Property and Confidentiality</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(a) The Seller hereby agrees
that the Company shall be the owner of any and all work product (the &ldquo;<U>Work Product</U>&rdquo;) and other programming, compilations
of data, inventions, discovery, know-how and information of any nature first conceived, discovered, compiled, authored or otherwise developed
by the Business Employees during the Term (the &ldquo;<U>Inventions and Works of Authorship</U>&rdquo;) and that the same shall constitute
 &ldquo;works made for hire&rdquo; (as that term is defined in the United States Copyright Act) by the Business Employees because they
have been specifically ordered or commissioned from the Seller and the Business Employees for use by the Company. The Seller hereby acknowledges
and agrees that, to the extent any Inventions and Works of Authorship are not, for whatever reason, deemed to be &ldquo;works made for
hire,&rdquo; the Seller hereby grants, transfers, conveys, and assigns to the Company and its successors and assigns, all of the Seller&rsquo;s
right, title, interest, ownership and all subsidiary rights in and to, and shall cause each of the Business Employees to grant, transfer,
convey and assign to the Company and its successors and assigns all of such Business Employees&rsquo; right, title, interest, ownership
and all subsidiary rights in and to, the Inventions and Works of Authorship and all trademark, copyrights, trade secret, patent and other
intellectual and industrial property rights of whatever nature throughout the world covering or embodied by such Inventions and Works
of Authorship.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(b) The Seller covenants
and agrees, without further consideration and at any time whether during or after the Term, to itself sign such documents and do such
things, and to cause each of the Business Employees to sign such documents and do such things, as the Company may reasonably require in
order to perfect the foregoing assignments and the Company&rsquo;s ownership of the Inventions and Works of Authorship, and will execute
all papers and perform any other lawful acts requested by the Company for the preparation, prosecution, procurement, maintenance, enforcement
and defense of any trademark, copyright, trade secret, patent and/or other intellectual or industrial property rights in and for such
Inventions and Works of Authorship throughout the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(c) To the extent that the
Seller or the Business Employees use or incorporate into any Inventions and Works of Authorship or other Work Product any programming,
compilations of data, inventions, discovery, know-how or information of any nature conceived, discovered, compiled, authored or otherwise
developed by the Seller or the Business Employees prior to the Term, (collectively, the &ldquo;<U>Pre-existing Inventions and Works</U>&rdquo;),
the Seller hereby grants, and shall cause the Business Employees to grant, to the Company a perpetual, fully-paid, royalty-free, non-exclusive,
transferable, assignable and sublicenseable right, under any and all trademarks, copyrights, trade secrets, patents and other intellectual
and industrial property rights of whatever nature throughout the world covering or embodied by the Pre-existing Inventions and Works,
to make, have made, use, copy, distribute, display, perform, modify, translate, offer to sell, sell, and otherwise transfer or dispose
of such Pre-existing Inventions and Works and any products and services embodying or covered by such trademark, copyright, patent, trade
secret and other intellectual and industrial property rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(d) To the extent permitted
by law, the Seller does hereby irrevocably waive, and shall cause each of the Business Employees to irrevocably waive, any and all moral
rights or rights of droite morale, including without limitation rights of paternity (i.e., authorship), disclosure, withdrawal (i.e.,
the right to disclaim authorship in a work) and integrity (i.e., a right to prevent changes to a work), with respect to the Work Product,
Inventions and Works of Authorship.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(e) The Seller acknowledges
and agrees that a breach of this <B>&lrm;</B><U>Section 1.5</U> by the Seller may cause the Company irreparable harm for which monetary
damages alone would be an inadequate remedy and, accordingly, without limiting the remedies to which the Company is entitled at law, the
Company may be entitled to equitable relief, including injunctive relief and specific performance, as a result of any breach or threatened
breach of this <B>&lrm;</B><U>Section 1.5</U> by the Seller or any Business Employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(f) This <U>Section 1.5</U>
shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Access</U>. The Seller hereby grants to the Company, and the Company accepts from the Seller, the right to use and occupy, on
a non-exclusive basis in common with the Seller, the Facilities for the purpose of providing the Business Employees a workplace location
in connection with the conduct of the Business, upon all of the terms and conditions set forth herein during the Term (as defined below)
applicable to each Facility. The Seller hereby grants to the Company, and the Company accepts from the Seller, the right to access and
use any and all common entrances, elevators, stairways, corridors, foyers, lobbies and lavatories located within the Facilities which
are reasonably necessary for the Company&rsquo;s use and enjoyment of the Facilities, during the Term and upon all of the terms and conditions
set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>As Is Condition</U>. The Company accepts the Facilities in &ldquo;As Is&rdquo; condition with no representations or warranties
from the Seller whatsoever. The Seller shall not be obligated to provide or pay for any improvement, remodeling or refurbishment work
or services related to the improvement, remodeling or refurbishment of the Facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use Restrictions</U>. The Facilities may be used by the Company only for general office purposes, primarily by the Business
Employees, consistent with the prior use by the Seller in the course of operating the Business prior to the Closing. In no event shall
the Company&rsquo;s use of the Facilities unreasonably interfere with the Seller&rsquo;s use of the Facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Rules and Regulations</U>. The Company&rsquo;s use of each Facility shall, at the Company&rsquo;s expense, comply
with the applicable lease and all applicable statutes, ordinances, rules, regulations, orders, restrictions of record and requirements
in effect during the Term or any part of the Term regulating the use by the Company of the Facilities. Without limiting the generality
of the foregoing, the Company shall keep in force at all times all licenses, consents and permits necessary for the lawful conduct of
the Company&rsquo;s business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Force Majeure</U>. If the performance of either Party under this Agreement is prevented, restricted or interfered with by any
Force Majeure Event, such Party shall give prompt notice to the other Party, and shall not be deemed to have breached this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: windowtext">ARTICLE
II</FONT><BR>
TERM AND TERMINATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Term</U>. The term of this Agreement (the &ldquo;<U>Term</U>&rdquo;) shall commence on the Closing Date and shall, subject to
<U>Section 2.2</U>, be coextensive with the term of the Design, Interactive Television and Talent Services Agreement, dated as of [_____],
2022, by and among the Seller, IM Brands, LLC and the Company (the &ldquo;<U>DIT Agreement</U>&rdquo;); <U>provided</U>, <U>however</U>,
that, in the event of any termination of this Agreement in accordance herewith, this Agreement (other than <FONT STYLE="font-size: 13pt"><B><U>&lrm;</U></B></FONT><U>Section
1.5</U>, this <U>Section 2.1</U>, <U>Section 3.2</U> and <U>Article IV</U>) shall be of no further force or effect with no liability on
the part of any Party hereto; <U>provided</U>, <U>further</U>, that, subject to the terms of this Agreement, no such termination shall
relieve any Party hereto from liability for any breach of this Agreement prior to termination hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>. Notwithstanding anything to the contrary contained herein, this Agreement may be terminated, in whole or in
part, at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(a) by the mutual consent
of the Seller and the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">(b) by either Party upon
thirty (30) days prior written notice if the other Party breaches this Agreement and fails to cure such breach, to the reasonable satisfaction
of the non-breaching party, prior to the end of the notice period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: windowtext">ARTICLE
III</FONT><BR>
CONSIDERATION; Non-Solicitation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consideration</U>. The Seller making the Facilities available to the Company following the Closing is a material inducement
to IMWHP, LLC to purchase the Acquired Interests and is a material inducement to the Company to enter into the Purchase Agreement and
the DIT Agreement. Without this Agreement and the continued access to the Facilities, neither IMWHP, LLC nor the Company would enter into
the transactions contemplated by the Purchase Agreement or the DIT Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Solicitation</U>. During the Term and for a period of two years following the termination of this Agreement for any reason
(the &ldquo;<U>Non-Solicitation Period</U>&rdquo;), the Seller will not, and will not permit its affiliates to, directly or indirectly
(including through representatives), for or for the benefit of itself or any other Person, solicit for employment, employ, engage, induce
to leave, hire or retain (as an employee or independent contractor or otherwise) any employee of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="color: windowtext">ARTICLE
IV</FONT><BR>
MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall indemnify, defend and hold harmless the Seller from and against any and all liability, claims, demands, causes of action,
judgments, costs, expenses, and all losses and damages for bodily injury, death and property damage arising from (i) the Company&rsquo;s
use and occupancy of the Facilities, (ii) a breach by the Company of the terms of this Agreement, (iii) any action or inaction taken by
any Business Employee at the direction of the Company or its affiliates; or (iv) any gross negligence or willful misconduct in the operation
of the Business by any Business Employee while acting under the direction of the Company or any of its affiliates, and (v) from all costs,
reasonable attorneys&rsquo; fees and disbursements, and liabilities incurred in the defense of any such claim (the &ldquo;<U>Indemnified
Liabilities</U>&rdquo;); <U>provided</U>, <U>however</U>, that such indemnification shall not be available to the Seller with respect
to any claim that arose from the gross negligence or willful misconduct of the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall reimburse Seller for all reasonable costs and expenses (including reasonable attorneys&rsquo; fees and expenses and any
other litigation-related expenses), as they are incurred in connection with investigating, preparing, pursuing, defending or assisting
in the defense of any action, claim, suit, investigation or proceeding for which the Seller would be entitled to indemnification under
the terms of this Section, or any action or proceeding arising therefrom, whether or not Seller is a party thereto. The Company agrees
that it will not, without the prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed) of the
Seller settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to
the matters contemplated hereby (if Seller is a party thereto or has been threatened to be made a party thereto) unless such settlement,
compromise or consent includes an unconditional release of the Seller from all liability, without future obligation or prohibition on
the part of Seller, arising or that may arise out of such claim, action or proceeding, and does not contain an admission of guilt or liability
on the part of the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(C) The rights of the Seller
to indemnification hereunder will be in addition to any other rights it may have under any other agreement or instrument referenced above
or any other agreement or instrument to which the Seller is or becomes a party or is or otherwise becomes a beneficiary or under law or
regulation. The Company hereby acknowledges that the Seller may have certain rights to indemnification, advancement of expenses and/or
insurance provided by one or more persons or entities with whom or which the Seller may be associated. The Company hereby acknowledges
and agrees that (i) the Company shall be the indemnitor of first resort with respect to any Indemnified Liability, (ii) the Company shall
be primarily liable for all Indemnified Liabilities and any indemnification afforded to the Seller in respect of any Indemnified Liabilities,
whether created by law, organizational or constituent documents, contract (including this Agreement) or otherwise, (iii) any obligation
of any other person or entity with whom or which the Seller may be associated to indemnify the Seller and/or advance expenses to the Seller
in respect of any proceeding shall be secondary to the obligations of the Company, (iv) the Company shall be required to indemnify the
Seller and advance expenses to the Seller to the fullest extent provided herein without regard to any rights the Seller may have against
any other person or entity with whom or which the Seller may be associated or insurer of any such person or entity and (v) the Company
(on behalf of itself and its insurers) irrevocably waives, relinquishes and releases any other person or entity with whom or which the
Seller may be associated from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(D) In the event any other
person or entity with whom or which the Seller may be associated or their insurers advances or extinguishes any liability or loss which
is the subject of any Indemnified Liability owed by the Company or payable under any insurance policy provided under this Agreement, the
payor shall have a right of subrogation against the Company or its insurer or insurers for all amounts so paid which would otherwise be
payable by the Company or its insurer or insurers under this Agreement. In no event will payment of an Indemnified Liability under this
Agreement by any other person or entity with whom or which the Seller may be associated or its insurers affect the obligations of the
Company or shift primary liability for any Indemnified Liability to any other person or entity with whom or which the Seller may be associated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Costs of Collection</U>. In any dispute involving monies owed to Seller hereunder, the prevailing party shall be entitled to
receive from the other party all costs of collection or defense (as the case may be), including reasonable attorneys&rsquo; fees and interest
on unpaid amounts found to be owing, calculated at a rate of 12% per annum or the highest rate allowed by law, whichever is less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Relationship of Parties</U>. Nothing contained in this Agreement shall be construed as creating a partnership, joint venture,
agency, trust, single or joint employer relationship, employer-employee relationship, or other association of any kind, each Party being
individually responsible only for its obligations as set forth in this Agreement. Notwithstanding anything contained in this Agreement
to the contrary, the Parties acknowledge and agree that no employee or agent of either Party will have any authority of any kind to authorize
or cause the disbursement of any funds of the other Party. No Party shall have the authority to assume or create any liability or obligation,
express or implied, on behalf of, or bind in any manner, the other Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. All notices, communications and deliveries under this Agreement will be made in writing signed by or on behalf
of the Party making the same, will specify the Section under this Agreement pursuant to which it is given or being made, and will be delivered
personally or by e-mail or other electronic transmission or sent by registered or certified mail (return receipt requested) or by next
day courier (with evidence of delivery and postage and other fees prepaid) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">If to the Seller:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">Xcel Brands, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">1333 Broadway, 10th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">New York, NY 10018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Attention: James Haran, Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">E-mail: jharan@excelbrands.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Blank Rome LLP<BR>
1271 Avenue of the Americas<BR>
New York, NY 10020<BR>
Attention: Robert J. Mittman<BR>
E-mail: robert.mittman@blankrome.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">If to the Company:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">IM Topco, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">530 Fifth Avenue, 25th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Attention: Ephraim Zinkin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">E-mail: ezinkin@whp-global.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">with a copy (which shall not constitute
notice) to:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">Pryor Cashman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">7 Times Square</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">New York, NY 10036-6569</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">Attention: Brad D. Rose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">E-mail: brose@pryorcashman.com;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -1.5in">or to such other representative or at
such other address of a party as such party may furnish to the other parties in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment; Successors in Interest</U>. No assignment or transfer by any Party of such Party&rsquo;s rights and obligations
under this Agreement will be made except with the prior written consent of the other Parties to this Agreement; <U>provided</U>, <U>however</U>,
that the Company may assign any or all of its rights, obligations and interests hereunder without any such written consent to any affiliate
of the Company. This Agreement will be binding upon and will inure to the benefit of the Parties and their successors and permitted assigns,
and any reference to a Party will also be a reference to a successor or permitted assign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Number; Gender</U>. Whenever the context so requires, the singular number will include the plural and the plural will include
the singular, and the gender of any pronoun will include the other genders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Captions</U>. The titles, captions and descriptive headings contained in this Agreement are inserted in this Agreement only
as a matter of convenience and for reference and in no way define, limit, extend or describe the scope of this Agreement or the intent
of any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Controlling Law; Amendment</U>. This Agreement will be governed by and construed and enforced in accordance with the internal
laws of the State of Delaware without reference to its choice of law rules. No provision of this Agreement shall be modified, amended,
extended, supplemented, discharged, terminated or waived except by a writing specifically referring thereto, signed by all of the Parties
hereto, and delivered by all Parties to the other Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Arbitration</U>. Except with respect to either party&rsquo;s right to injunctive relief hereunder, the parties agree that any
controversy, claim or dispute arising out of or relating to this Agreement (including the determination of the scope or applicability
of this Agreement to arbitrate) shall be determined by confidential arbitration in New York, New York, before one arbitrator. The arbitration
shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures (the &ldquo;<U>JAMS Rules</U>&rdquo;); <U>provided</U>,
<U>however</U>, that notwithstanding the JAMS Rules, the arbitrator shall not have the power to award injunctive or other equitable relief,
and nothing herein shall preclude or prevent a party from pursuing, injunctive or other equitable relief in a New York state or federal
court of competent jurisdiction. The Federal Arbitration Act shall govern the interpretation and enforcement of such arbitration proceeding.
The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of the State of Delaware, or federal law if the
law of the State of Delaware is preempted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. This Agreement and the Purchase Agreement constitute the entire agreement of the Parties hereto, and supersedes
all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitation on Damages</U>. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR SPECIAL, PUNITIVE, CONSEQUENTIAL OR OTHER
SPECULATIVE DAMAGES OF ANY NATURE INCLUDING, WITHOUT LIMITATION, LOST PROFITS, EVEN IF A PARTY HAS BEEN INFORMED OF THE POSSIBILITY OF
SUCH DAMAGES. THE FOREGOING LIMITATION OF LIABILITY SHALL NOT APPLY TO THE INDEMNIFICATION OBLIGATIONS OF THE PARTIES HEREUNDER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this
Agreement, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision
in any other jurisdiction. To the extent permitted by Law, the Parties waive any provision of Law which renders any such provision prohibited
or unenforceable in any respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts and Electronic Delivery</U>. This Agreement may be executed in two (2) or more counterparts, each of which will
be deemed an original, and it will not be necessary in making proof of this Agreement or the terms of this Agreement to produce or account
for more than one (1) of such counterparts. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more
Parties hereto, and an executed copy of this Agreement may be delivered by one or more Parties hereto by facsimile or other means of electronic
transmission (including .pdf files) pursuant to which the signature of or on behalf of such Party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Enforcement of Certain Rights</U>. Nothing expressed or implied in this Agreement is intended, or will be construed, to confer
upon or give any Person other than the Parties, and their successors or permitted assigns, any rights, remedies or liabilities under or
by reason of this Agreement, or result in such Person being deemed a third party beneficiary of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver</U>. Any agreement on the part of a Party to any extension or waiver of any provision of this Agreement will be valid
only if set forth in an instrument in writing signed on behalf of such Party. A waiver by any Party of the performance of any act will
not constitute a waiver of the performance of any other act or an identical act required to be performed at a later time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Interpretation</U>. In the event of an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of
the authorship of any provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>remainder of page intentionally
left blank; signature page follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Parties
hereto have executed this Agreement as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><B><U>Company</U>:</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><B>IMTOPCO, LLC</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 47%"> </TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 53%">&nbsp;</TD>
  <TD STYLE="width: 47%">Name:</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Title:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><B><U>Seller</U>:</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><B>XCEL BRANDS, INC.</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 47%"></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 53%">&nbsp;</TD>
  <TD STYLE="width: 47%">Name:</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Title:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">[Signature
Page to Shared Access Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238.3pt; text-align: justify"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2217535d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro
forma Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 27, 2022, Xcel Brands,
Inc. (the &#8220;Company&#8221;) entered into a membership interest purchase agreement (the &#8220;Purchase Agreement) with IM Topco,
LLC (&#8220;IM Topco&#8221;), a Delaware limited liability company, and wholly-owned subsidiary of the Company, IM WHP, LLC (&#8220;WHP&#8221;)
and IM Brands, LLC, a wholly-owned subsidiary of the Company (&#8220;IMB&#8221;) pursuant to which, on May 31, 2022 (the &#8220;Closing
Date&#8221;), (i) the Company contributed assets owned by IMB, including the &#8220;Isaac Mizrahi&#8221; trademark and other intellectual
property rights relating thereto, among other things, into IM Topco and (ii) the Company sold 70% of the membership interests of IM Topco
to WHP. The purchase price paid by WHP to the Company at the closing of the transactions (the &#8220;Closing&#8221;) in exchange for the
70% membership interest in IM Topco consisted of $46,200,000 in cash. Pursuant to the Purchase Agreement, the Company will also be entitled
to receive an &#8220;earnout&#8221; payment in the amount of $2,000,000 if, during the period from January 1, 2023 through December 31,
2023, (i) IM Topco receives Net Royalty Revenue (as defined in the Purchase Agreement) in an amount equal to or greater than $17,500,000
and (ii) IM Topco generates EBITDA (as defined in the Purchase Agreement) in an amount equal to or greater than $11,800,000 (collectively,
the &#8220;Earn-Out Event&#8221;). Additionally, in the event that IM Topco receives less than $13,347,000 in aggregate royalties for
any four consecutive calendar quarters over a three-year period ending on the third anniversary of the Closing, WHP will be entitled to
receive from the Company up to $16 million, less all amounts of net cash flow distributed to WHP for such period, as an adjustment to
the purchase price, payable in either cash or equity interests in IM Topco held by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following unaudited pro
forma condensed consolidated financial statements are based on the historical financial statements of the Company after giving effect
to the transaction described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
consolidated balance sheet as of March 31, 2022 is presented as if the transaction occurred on March 31, 2022. The unaudited pro forma
condensed consolidated statement of operations for the three months ended March 31, 2022 is presented as if the transaction had taken
place on January 1, 2022. The unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2021
is presented as if the transaction had taken place on January 1, 2021. These unaudited pro forma condensed consolidated financial statements
should not be taken as representative of the future results of operations or financial position of the Company. The fair value of the
retained interest is preliminary and subject to change based on final valuation of the retained interest and completion of the evaluation
of the accounting for all elements of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pro Forma Financial Statements</B></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">3/31/2021 Pro Forma Balance Sheet</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">3/31/2022 Pro Forma Statement of Operations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">12/31/2021 Pro Forma Statement of Operations</TD></TR></TABLE>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Xcel Brands, Inc. and Subsidiaries</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated Pro Forma Balance Sheet</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(in thousands, except share and per share data)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Pro Forma</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2022</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2022</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Unaudited)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Unaudited)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-decoration: underline">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Current Assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,063</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">15,325</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">18,388</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts receivable, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,676</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,676</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Inventory</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,941</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,941</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Prepaid expenses and other current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,480</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,480</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,160</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,325</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,485</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Property and equipment, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,293</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,293</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Right of use asset - operating leases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,097</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,097</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Trademarks and other intangibles, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">96,775</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(44,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">52,275</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Restricted cash</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">608</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">608</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Retained interest Isaac Mizrahi Brand</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax assets, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">141</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">141</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">635</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">635</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">106,549</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(28,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">78,549</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left; padding-bottom: 2.5pt">Total Assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">123,709</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(12,675</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">111,034</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Liabilities and Stockholders' Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Current Liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable, accrued expenses and other current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accrued payroll</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,563</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,563</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">604</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">604</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Current portion of operating lease liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,045</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,045</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Current portion of long-term debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,963</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,463</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Long-Term Liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Long term portion of operating lease obligation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,963</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,963</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Long-term debt, less current portion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24,998</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(24,998</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Contingent liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,539</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,539</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax liabilities, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other long-term liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total long-term liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">39,513</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(24,998</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,515</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left; padding-bottom: 1pt">Total Liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">52,476</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(27,498</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24,978</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Commitments and Contingencies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0in">Equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Preferred stock, $.001 par value, 1,000,000 shares authorized, none issued and outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock, $.001 par value, 50,000,000 shares authorized and 19,571,119 issued and outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Paid-in capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">103,069</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">103,069</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Retained earnings (accumulated deficit)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(32,266</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,823</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(17,443</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total Xcel Brands, Inc. Stockholders' Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">70,823</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,823</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">85,646</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Non-controlling interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">410</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">410</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">71,233</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,823</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">86,056</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Liabilities and Stockholders' Equity</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">123,709</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(12,675</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">111,034</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Xcel Brands, Inc. and Subsidiaries</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Consolidated Pro Forma Statements of Operations</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(in thousands, except share and per share data)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">Pro Forma</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2022</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2022</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">Revenues</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Unaudited)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Net licensing revenue</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,961</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(3,555</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,406</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Net sales</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,786</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,786</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Net revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,747</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,555</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,192</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Cost of goods sold (sales)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,680</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,680</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 27pt; padding-left: 5.4pt">Gross profit</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,067</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,555</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,512</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 0.25in; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Operating costs and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Salaries, benefits and employment taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,853</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(859</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,994</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Other selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,392</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(412</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,980</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Stock-based compensation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,820</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,820</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Total operating costs and expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,097</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,271</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,826</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: 0.25in; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Operating loss</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,030</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,284</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,314</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Interest and finance expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Interest expense - term loan debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">708</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(708</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Other interest and finance charges (income), net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Total interest and finance expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">709</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(708</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Loss before income taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,739</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,576</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,315</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax benefit</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(441</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(441</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(3,739</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,135</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(4,874</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(252</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(252</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss attributable to Xcel Brands, Inc. stockholders</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(3,487</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(1,135</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(4,622</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in; padding-left: 5.4pt">Basic and&nbsp;&nbsp;diluted net loss per share:</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.18</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.06</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.24</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Basic and Diluted weighted average common shares outstanding</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">19,571,119</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">19,571,119</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">19,571,119</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Xcel Brands, Inc. and Subsidiaries</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Consolidated Pro Forma Statements of Operations</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(in thousands, except share and per share data)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Pro&nbsp;&nbsp;Forma</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">For the Twelve<BR>
 Months Ended</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">For the Twelve<BR>
 Months Ended</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Net licensing revenue</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">21,876</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(14,578</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">7,298</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Net sales</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,056</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,056</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;Net revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">37,932</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14,578</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,354</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Cost of goods sold (sales)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,667</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,667</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 27pt; padding-left: 5.4pt">Gross profit</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">27,265</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(14,578</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,687</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: 0.25in; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Operating costs and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Salaries, benefits and employment taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,535</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,450</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,085</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Other selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,364</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,302</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,062</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Stock-based compensation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">720</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">720</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,830</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,830</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Asset impairment&nbsp;&nbsp;charge</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,372</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,372</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Total operating costs and expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">39,821</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,752</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">35,069</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: 0.25in; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Income from retained interest of the Isaac Mizrahi brand</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">44</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">44</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Operating loss income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(12,556</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(9,782</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(22,338</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Interest and finance expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Interest expense - term loan debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,916</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,916</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0.25in; padding-left: 5.4pt">Other interest and finance charges (income), net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">147</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(135</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Loss on extinguishment of debt</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,516</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,516</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0.25in; padding-left: 5.4pt">Total interest and finance expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,579</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,051</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,528</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Loss before income taxes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(16,135</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,731</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(23,866</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax benefit</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,106</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,165</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,271</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(13,029</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(5,566</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(18,595</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Net loss attributable to non-controlling interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(845</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(845</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss attributable
    to Xcel Brands, Inc. stockholders</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(12,184</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(5,566</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(17,750</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in; padding-left: 5.4pt">Basic and&nbsp;&nbsp;diluted net loss per share:</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(0.63</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(0.29</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">(0.91</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; text-indent: 0.25in; padding-left: 5.4pt">Basic&nbsp;&nbsp;and&nbsp;&nbsp;diluted weighted average common shares outstanding</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">19,455,987</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">19,455,987</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">19,455,987</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the Unaudited Condensed Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pro Forma Balance Sheet, as at March 31, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total pro forma assets decreased by $12.7 million
which is attributable to the decrease in intangible assets of $44.5 million, the carrying value of the Isaac Mizrahi trademarks. This
was partially offset by an increase the retained interest in the Isaac Mizrahi brands of $16.5 million and an increase in pro forma cash
of $15.3 million. The increase in the retained interest of the Isaac Mizrahi brand is based on the estimated fair value of the Company&#8217;s
ownership and rights under the operating agreement. The increase in pro forma cash of $15.3 million is attributable to $46.2 million of
proceeds from the sale of the Isaac Mizrahi brand, less $30.1 of payments made to satisfy the company&#8217;s debt, including early termination
fees, interest and expense, and direct deal costs of $0.8 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pro forma total liabilities decreased by
$27.5 million attributable to satisfying the company&#8217;s term debt. Pro forma equity increased by $14.8 million attributable to
a gain on the sale of the Isaac Mizrahi brand and partially offset by fees associated with paying off the Company&#8217;s term
debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pro Forma Statement of Operations, for the
Three Months ended March 31, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pro forma net loss increased by $1.1 million for
the three months ended March 31, 2022. The additional loss was attributable to eliminating the net revenues and expenses associated with
the Isaac Mizrahi brand of approximately of $2.2 million. This was partially offset by interest and financing savings of $0.7 million
and a tax benefit of $0.4 million. Interest and financing charges were adjusted on a pro forma basis with the Company being debt free.
The income tax benefit was based on the pro forma loss before income taxes multiplied by the incremental marginal tax rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pro Forma Statement of Operations, for the
Year ended December 31, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pro forma net loss increased by $5.6 million for
the year ended December 31, 2021. The additional loss was attributable to eliminating the net revenues and expenses associated with the
Isaac Mizrahi brand of approximately of $9.8 million. This was partially offset by interest and financing savings of $2.0 million and
a tax benefit of $2.2 million. Interest and financing charges were adjusted on a pro forma basis with the Company being debt free. The
income tax benefit was based on the pro forma loss before income taxes multiplied by the incremental marginal tax rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>


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<TYPE>EX-101.SCH
<SEQUENCE>4
<FILENAME>xelb-20220527.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
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    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>xelb-20220527_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>xelb-20220527_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.13b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://xcelbrands.com/role/Cover" xlink:href="xelb-20220527.xsd#Cover" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://xcelbrands.com/role/Cover" xlink:title="00000001 - Document - Cover">
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140173026889512">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>May 27, 2022</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May 27,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-37527<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">XCEL BRANDS, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001083220<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">76-0307819<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1333 Broadway<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10018<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">347<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">727-2474<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">XELB<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
