On January 24, 2017, and effective as of January 1, 2017, Xcel Brands, Inc. entered into a three-year employment agreement with Giuseppe Falco for him to serve as chief merchant and president. Following the initial three-year term, the employment agreement will be automatically renewed for a two-year term thereafter unless either party gives written notice of intent to terminate at least 30 days prior to the expiration of the then current term.