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MarketScreener Homepage  >  Equities  >  Nasdaq  >  XCel Brands Inc    XELB

XCEL BRANDS INC

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XCEL BRANDS, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

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06/25/2019 | 03:09pm EDT

Item 1.01 Entry Into a Material Definitive Agreement

On June 20, 2019 and effective as of May 1, 2019, Xcel Brands, Inc., (the "Company") and Isaac Mizrahi ("Mizrahi") entered into the Second Amendment (the "Amendment") to the Employment Agreement dated as of December 24, 2013 (the "Agreement'). Pursuant to the Amendment, Mizrahi agreed to use his best efforts to schedule twenty (20) extra appearances on QVC for 2019 and the Company agreed to pay to Mizrahi Six Thousand Dollars ($6,000) per extra appearance. In addition, the DRT Revenue Bonus (as defined in the Agreement) was amended for 2019 to provide that the 2019 DRT Revenue Bonus shall be equal to (i) 7.5% of the aggregate DRT Revenue to up to DRT Revenue based on annual gross sales plan given to the Company by QVC for 2019 (the "2019 Plan") plus (ii) 25% of DRT Revenue based on QVC sales in excess of the 2019 Plan.

Item 9.01 Financial Statements and Exhibits.




(d) Exhibits.



  99.1     Second Amendment to Employment Agreement by and between Xcel       .
         Brands, Inc. and Isaac Mizrahi made as of June 20, 2019 and
         effective as of May 1, 2019.



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© Edgar Online, source Glimpses

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