XCEL BRANDS, INC. (NASDAQ:XELB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement |
On January 31, 2017, Xcel Brands, Inc. (the Company) entered into
a two-year consulting agreement (the Consulting Agreement) with
Jones Texas, Inc. (JTI), a company wholly-owned by Edward Jones,
III, a director of the Company, to which JTI shall cause Mr.
Jones to provide consulting services in connection with the
Companys quick-response fashion program, assisting the Company
with sourcing suppliers for its womens apparel and establishing
and managing a mens quick-time response platform.
to the Consulting Agreement, the Company shall (i) issue to JTI
an aggregate of 78,334 shares of its common stock, vesting as to
39,167 shares on the date of the Consulting Agreement and 39,167
of the shares on January 30, 2018 and (ii) pay to JTI an
aggregate cash consulting fee of $300,000 payable $75,000 on each
of January 31, April 30, July 31 and October 31, 2017; provided
however, that (i) up to 25,000 shares of common stock shall be
subject to forfeiture if the Companys business with suppliers of
womens apparel is materially diminished and (ii) up to $150,000
of the cash consulting fee is subject to forfeiture in the event
a contemplated project for which JTI will be performing services
is not completed.
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About XCEL BRANDS, INC. (NASDAQ:XELB)
Xcel Brands, Inc. is a brand development and media company. The Company is engaged in the design, production, licensing, marketing, and direct to consumer sales of branded apparel, footwear, accessories, jewelry, home goods, and other consumer products, and the acquisition of consumer lifestyle brands. The Company’s brand portfolio consists of the Isaac Mizrahi, Judith Ripka, H Halston, C Wonder and Highline Collective brands. The Company also manages and designs the Liz Claiborne New York brand (LCNY Brand). Isaac Mizrahi has over 150 different product categories, including sportswear, footwear, handbags, watches, eyewear, fragrance, tech accessories, intimates, bridal gowns and accessories, pet products, home and other merchandise. The Company’s Judith Ripka is a luxury jewelry brand. Wonder brand offers women’s clothing, footwear, jewelry and accessories; housewares, and home decor and gifts. The Liz Claiborne New York includes women’s apparel, footwear, outerwear and accessories. XCEL BRANDS, INC. (NASDAQ:XELB) Recent Trading Information
XCEL BRANDS, INC. (NASDAQ:XELB) closed its last trading session down -0.10 at 3.75 with 0 shares trading hands.