Company withholds shares to cover tax liability and exercise price
NEW YORK, Oct. 16 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company") today announced that Neil Cole, Chairman of the Board, President and Chief Executive Officer of the Company, has exercised options to purchase 660,000 shares of the Company's common stock pursuant to 10-year stock options, 650,000 of which were due to expire on October 14, 2008, the date of exercise, and the remaining 10,000 shortly thereafter. In connection with these option exercises, the Company withheld 421,214 shares of the Company's common stock to cover Mr. Cole's withholding tax liability and the exercise price of the options. After giving effect to these transactions, Mr. Cole received 238,786 shares, which will result in his beneficial ownership of 2,890,366 million shares of the Company's common stock.
Iconix Brand Group Inc. (Nasdaq: ICON) owns, licenses and markets a growing portfolio of consumer brands including CANDIE'S (R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R), RAMPAGE (R), MUDD (R), LONDON FOG (R), MOSSIMO (R), OCEAN PACIFIC (R), DANSKIN (R), ROCA WEAR(R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R) and WAVERLY (R). The Company licenses it brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and around the world. Iconix, through its in-house advertising, promotion and public relations agency, markets its brands to continually drive greater consumer awareness and equity.
Director of Strategic Development
Iconix Brand Group, Inc.
SOURCE Iconix Brand Group, Inc.