Preview | Employment Agreement |

THIS AGREEMENT (the Agreement), made in New York, New York as of April 19, 2007, between I.C. Isaacs & Company, Inc., a Delaware corporation (the Company), and Robert S. Stec (Executive).

WHEREAS, the Company desires to employ Executive as its interim Chief Executive Officer, and Executive desires to accept such employment on the terms and conditions hereinafter set forth;

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and agreements hereinafter set forth, the Company and Executive agree as follows:

Unless earlier terminated in accordance with Section 4 hereof, the term of this Agreement shall be the one-year period commencing on April 5, 2007 and ending on April 4, 2008 (the Term). The Term may be extended by mutual written agreement of the parties under terms and conditions that are mutually agreed by the parties.

(a) Employment by the Company; Director. Executive agrees to be employed by the Company during the Term upon the terms and subject to the conditions set forth in this Agreement. Executive shall serve as the interim Chief Executive Officer of the Company and shall report to the Board of Directors of the Company (the Board of Directors). Executive is currently a member of the Companys Board of Directors and agrees to continue serving in such capacity.

(b) Performance of Duties. Throughout the Term, Executive shall faithfully and diligently perform Executives duties in conformity with the directions of the Board of Directors and serve the Company to the best of Executives ability. Executive shall devote at least eighty percent (80%) of his business time and best efforts to the business and affairs of the Company. In his capacity as the Chief Executive Officer of the Company, Executive shall have such duties and responsibilities as are customary for Executives position and any other duties or responsibilities that he may be assigned by the Board of Directors.

(c) Place of Performance. Executive shall be principally based at the Companys offices in New York, New York. Executive recognizes that his duties may require, at the Companys expense, travel to domestic and international locations.

(a) Base Salary. The Company agrees to pay to Executive a base salary (Base Salary) at the annual rate of $660,000. Payments of the Base Salary shall be payable in accordance with the Companys standard payroll practices.

(b) Performance Bonus. Unless otherwise determined by the Board of Directors, in its sole discretion, Executive shall not be eligible to receive any bonus payment.

(c) Stock Options. The Company shall grant to Executive an option to purchase 75,000 shares of the common stock of the Company, in accordance with and subject to the provisions of the I.C. Isaacs & Company, Inc. Amended and Restated Omnibus Stock Option Plan, as it may be amended from time to time, and a Nonstatutory Stock Option Grant Agreement in substantially the form attached hereto as Exhibit A.

(d) Benefits and Perquisites. Except as set forth herein, Executive shall not be entitled to participate in any benefit plans and programs, or to receive any benefits and perquisites, generally provided by the Company to senior executives of the Company, including without limitation family medical insurance (subject to applicable employee contributions). Executive shall be entitled to receive twenty (20) days of annual paid vacation.

(e) Business Expenses. The Company agrees to reimburse Executive, in accordance with its standard senior executive policies from time to time in effect, for all reasonable and necessary travel, business entertainment and other business expenses incurred by Executive in connection with the performance of his duties under this Agreement. Such reimbursements shall be made by the Company on a timely basis upon submission by Executive of reasonable documentation supporting such expenses.

(f) Personal Travel and Expenses. The Company agrees to reimburse Executive for the cost of one roundtrip, economy class airline ticket each month during the Term for travel between New York, New York and Greensboro, North Carolina. Executive shall be solely responsible for, and the Company shall not be obligated to reimburse Executive for, Executives housing and living expenses. Notwithstanding anything to the contrary herein, the Company agrees to reimburse Executive once during the Term for the reasonable cost of two nights stay by Executive in a hotel in New York, New York during the period that Executive searches for an apartment in New York.

(g) No Other Compensation or Benefits; Payment. The compensation and benefits specified in this Section 3 and in Section 5 of this Agreement shall be in lieu of any and all other compensation and benefits. Payment of all compensation and benefits to Executive specified in this Section 3 and in Section 5 of this Agreement (i) shall be made in accordance with the relevant Company policies in effect from time to time to the extent the same are consistently applied, and (ii) shall be subject to all legally required and customary withholdings.