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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of Earliest Event Reported):
<FONT STYLE="color: black">February 22, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PEOPLE&rsquo;S LIBERATION, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 34%; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center">000-16075</TD>
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center">86-0449546</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">of incorporation)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">Identification No.)</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>1212 S. Flower Street, 5<SUP>th</SUP>
Floor, Los Angeles, CA 90015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">(Address of Principal Executive
Offices/Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(213) 745-2123</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see</I> General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 12pt"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 1.01.</TD><TD STYLE="text-align: justify">Entry into a Material Definitive Agreement.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 2.03</TD><TD STYLE="text-align: justify">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
of a Registrant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On February 2,
2012, People&rsquo;s Liberation, Inc. (the &ldquo;<B><I>Company</I></B>&rdquo;) entered into a Securities Purchase Agreement (the
&ldquo;<B><I>Purchase Agreement</I></B>&rdquo;) with TCP WR Acquisition, LLC (&ldquo;<B><I>TCP</I></B>&rdquo;). Pursuant to the
Purchase Agreement and as described in the Company&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission
on February 8, 2012 (the &ldquo;<B><I>Original Filing</I></B>&rdquo;), the Company agreed to sell Variable Rate Senior Secured
Convertible Debentures (the &ldquo;<B><I>Debentures</I></B>&rdquo;), warrants to purchase common stock (&ldquo;<B><I>Warrants</I></B>&rdquo;)
and Series A Preferred Stock to TCP. The Certificate of Designation of Preferences, Rights and Limitations of the Series A Preferred
Stock is attached as Exhibit 3.1 to the Original Filing. The terms of the Series A Preferred are summarized in the Original Filing,
which summary is incorporated herein by reference.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The first of two
closings of the financing occurred on February 3, 2012. At the first closing, the Company sold to TCP $3,000,000 in principal
amount of Debentures, issued to TCP a Warrant to purchase 3,428,571 shares of common stock and issued to TCP 3,000 shares of Series
A Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The second and
final closing of the financing occurred on February 22, 2012. At the second closing, the Company sold to TCP $11,500,000 in principal
amount of Debentures, issued to TCP a Warrant to purchase 13,142,857 shares of common stock and issued to TCP 11,500 shares of
Series A Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;The Purchase
Agreement, Form of Debenture and Form of Warrant are attached hereto as Exhibits 10.1, 10.2 and 10.3, respectively. The Security
Agreement and the Subsidiary Guarantee (both of which are defined and described in the Original Filing) are attached hereto as
Exhibits 10.5 and 10.6 respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Entry into Stockholders Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As contemplated
by the Purchase Agreement, at the second closing of the financing, the Company, TCP and Colin Dyne, the Company&rsquo;s Chief Executive
Officer and a director, entered into a Stockholders Agreement (the &ldquo;<B><I>Stockholders Agreement</I></B>&rdquo;). The terms
of the Stockholders Agreement are summarized in the Original Filing, which summary is incorporated herein by this reference. The
Stockholders Agreement is attached hereto as Exhibit 10.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Item 3.02 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales
of Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made
to the disclosure provided in response to Item 1.01 of this Form 8-K, with respect to our issuance of Debentures, Warrants and
Series A Preferred Stock, which disclosure is incorporated herein by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In connection with
the financing, TCP represented to us that it is an &ldquo;accredited investor&rdquo; within the meaning of Rule 501 of Regulation
D under the Securities Act of 1933, and that TCP is receiving the securities for investment and not in connection with a distribution
thereof. The issuance and sale of these securities was exempt from the registration and prospectus delivery requirements of the
Securities Act pursuant to Section 4(2) of the Securities Act and Rule 506 thereunder as a transaction not involving any public
offering.</P>

</P>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 5.01</TD><TD STYLE="text-align: justify">Changes in Control of Registrant</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made
to the Purchase Agreement and the other transaction documents entered into in connection therewith, and the transactions consummated
pursuant thereto, including the issuance of the Series A Preferred Stock, Debentures and Warrants to TCP, as described in Item
1.01 of this Current Report on Form 8-K, which description is incorporated into this Item 5.01 by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
Purchase Agreement, at the first closing we issued to TCP a Warrant to purchase 3,428,571 shares of Common Stock and 3,000 shares
of Series A Preferred Stock. At the second closing, the Company issued an additional 11,500 shares of Series A Preferred Stock
to TCP and Warrants to purchase 13,142,857 shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The holders of Series
A Preferred Stock vote together as a single class with the holders of Common Stock on all matters requiring approval of the holders
of Common Stock, except that each share of Preferred Stock is entitled to 5,714 votes.&nbsp; Therefore, after the second closing,
TCP has the right to vote 82,853,000 shares of the Company&rsquo;s Common Stock (which excludes any shares obtained upon exercise
of the warrants). This represents 69.7% of the Company&rsquo;s outstanding voting securities immediately after the second closing.
The issuance of the securities to TCP in the financing will allow TCP to control all matters submitted for approval to the holders
of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
TCP&rsquo;s ownership of 69.7% of the Company&rsquo;s outstanding voting securities immediately after the second closing, TCP
agrees in the Stockholders Agreement to limit to three, out of an initial total of six directors, the number of directors TCP
has the right to nominate for election to the Board. A Special Committee of the Board comprised solely of directors then serving
on the Board who were not nominated or appointed by TCP shall have the right to nominate the other three directors. If the size
of the Board is increased to seven directors, the additional director will be appointed to the Board by a majority vote of the
entire Board of Directors. Consequently, pursuant to the Stockholders Agreement, and notwithstanding TCP&rsquo;s ownership of
a majority of our voting securities, TCP will not have the right to elect a majority of the directors serving on the Board.
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 5.02</TD><TD STYLE="text-align: justify">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;<FONT STYLE="font-weight: normal">At
the second closing and as contemplated by the Purchase Agreement and the Stockholders Agreement, the Company increased the size
of its Board of Directors (the &ldquo;</FONT><I>Board</I><FONT STYLE="font-weight: normal">&rdquo;) from three members to six
members and appointed William Sweedler, Matthew D. Eby and Richard Gersten, each a Partner at Tengram Capital Partners, an affiliate
of TCP, to serve as directors. Mr. Sweedler, Mr. Eby and Mr. Gersten will serve as Class I, Class II and Class III directors,
respectively, for terms expiring at the 2012, 2013 and 2014 annual meeting of stockholders, respectively, and/or until their respective
successors have been elected and qualified. At the second closing, William Sweedler was also appointed to serve as Chairman of
the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal"><I><U>William
Sweedler</U></I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Mr. Sweedler
is presently Co-Founder and Partner of Tengram Capital Partners, a consumer private equity firm formed to invest in the consumer
and retail sectors. He was formerly Chairman &amp; CEO of Windsong Brands, a diversified brand development and investment company
that specialized in the acquisition, growth, licensing, and comprehensive management of consumer branded intellectual property
and businesses. Mr. Sweedler has over 20 years of experience in the consumer sector as an operator and strategic investor. Current
portfolio companies and investments include Ellen Tracy, Joe's Jeans, Field &amp; Stream, Caribbean Joe, Atlantis Weathergear,
Carlos Falchi, Sharper Image, and Design Within Reach.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Prior to
founding Windsong Brands, he was president &amp; CEO of Joe Boxer, a wholly owned division of the Iconix Brand Group (NASDAQ: ICON)
of which he was Executive Vice President and Director. Prior to Mr. Sweedler joining Iconix Brand Group, he was a founder of Windsong
Allegiance Group (&ldquo;<B><I>WAG</I></B>&rdquo;), a diverse apparel marketer and brand manager. While CEO of WAG, he led the
acquisition and restructuring of Joe Boxer, Hathaway Shirt Company, Como Sport, and New Frontier. He was responsible for licensing
the Joe Boxer brand to Kmart, now Sears Holding Corporation, and Hathaway to Costco. Mr. Sweedler also led the merger, re-structure,
and sale of the Joe Boxer, Hathaway, and New Frontier divisions of WAG.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Mr. Sweedler
has served as a director to Iconix Brand Group and Bank of Westport (NASDAQ: BWST). He is currently Co-Chairman of Ellen Tracy,
Caribbean Joe and Carlos Falchi. He is also a director at Field &amp; Stream, Skip Barber Racing, and Design Within Reach (OTC:
DWRI). Mr. Sweedler graduated from Babson College with a BS in Finance and Investments and joined Polo Ralph Lauren for four years
prior to co-founding WAG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal"><I><U>Matthew
Eby</U></I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Mr. Eby is
presently Co-Founder and Partner of Tengram Capital Partners. From 2003 to 2010, prior to founding Tengram, Mr. Eby was the founder
and Chief Investment Officer of JAWS Estates Capital, the private investment office of Barry Sternlicht and the Sternlicht family.
In his capacity as CIO, he was responsible for investment and asset allocation decisions and recommendations across a broad spectrum
of asset classes and investment strategies. His responsibilities included leading investments in hedge funds, private equity funds,
direct transactions in a broad array of public markets and direct transactions in private companies.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">During his
tenure at JAWS, Mr. Eby invested in and led numerous private equity transactions. Mr. Eby developed an investment strategy that
focused on branded consumer goods and intellectual property. In this space, Mr. Eby led investments in Field &amp; Stream, Ellen
Tracy, Joe&rsquo;s Jeans, Caribbean Joe, and Carlos Falchi. Mr. Eby currently serves on the Boards of Directors of Brand Matter,
Field &amp; Stream, and Carlos Falchi.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Prior to
founding JAWS, Mr. Eby was an associate at Morgan Stanley from 2002-2003 and prior to entering the investment industry, he served
five years as an officer in the U.S. Navy. Mr. Eby is a graduate of the United States Naval Academy and Harvard Business School.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-weight: normal"><I><U>Richard
Gersten</U></I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Mr. Gersten
is presently a Partner of Tengram Capital Partners. Mr. Gersten has over 18 years of experience in the private equity industry
and has spent the last 13 years focused exclusively on the consumer sector. Prior to joining Tengram, he was a Partner at Catterton
Partners, a leading private equity firm with an exclusive focus on providing equity capital to small to middle market consumer
companies. During his time at Catterton, he was responsible for sourcing, evaluating and executing transactions in the consumer
industry and post investment monitoring for companies. Mr. Gersten served on the board of directors of Strivectin, Aquasana, Van's
Natural Foods, Monosol, and Dr. Miracle&rsquo;s.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Prior to
joining Catterton, Mr. Gersten was a Partner at North Castle Partners, a private equity firm focused on consumer investments that
benefit from healthy living and aging trends. During his time at North Castle, he originated, executed and monitored investments
primarily in the personal care, fitness and recreation and nutrition industries. He led the firm's focus in the Aesthetics and
Personal Care industry and successfully completed investments in Avalon Natural Products, DDF Skincare and GloMinerals.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Prior to
joining North Castle, Mr. Gersten was a Principal at NMS Capital, the merchant banking arm of NationsBanc Montgomery Securities.
Prior to joining NMS Capital, he spent five years at BT Capital Partners, the private equity arm of Bankers Trust, where he helped
originate, evaluate and monitor both control and minority investments in middle market companies.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Prior to
joining BT Capital, Mr. Gersten was an Associate at Chemical Bank. Mr. Gersten received a B.S. in Economics from Union College
(N.Y.) and an M.B.A. from the Wharton School at the University of Pennsylvania.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 9.01.</TD><TD STYLE="text-align: justify">Financial Statements and Exhibits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">(d)&#9;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">The following exhibits are filed herewith:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; line-height: 115%; text-align: justify">Exhibit</TD>
    <TD STYLE="width: 89%; line-height: 115%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-decoration: underline; text-align: justify">Number</TD>
    <TD STYLE="line-height: 115%; text-decoration: underline; text-align: justify">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">10.1</TD>
    <TD STYLE="line-height: 115%; text-align: justify">Securities Purchase Agreement, dated February 2, 2012, between the Company and each purchaser identified on the signature page thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">10.2</TD>
    <TD STYLE="line-height: 115%; text-align: justify">Form of Debenture.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">10.3</TD>
    <TD STYLE="line-height: 115%; text-align: justify">Form of Warrant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">10.4</TD>
    <TD STYLE="line-height: 115%; text-align: justify">Stockholders Agreement dated February 22, 2012, by and among the Company, Colin Dyne, TCP WR Acquisition, LLC, and the other stockholders party thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">10.5</TD>
    <TD STYLE="line-height: 115%; text-align: justify">Security Agreement, dated February 3, 2012, by and among the Company, certain subsidiaries of the Company and the holders of the Company&rsquo;s Variable Rate Senior Secured Convertible Debentures signatory thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; text-align: justify">10.6</TD>
    <TD STYLE="line-height: 115%; text-align: justify">Subsidiary Guarantee, dated February 3, 2012, by and among certain subsidiaries of the Company in favor of the purchasers signatory to that certain Securities Purchase Agreement, dated February 2, 2012, between the Company and such purchasers.</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">PEOPLE&rsquo;S LIBERATION, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 51%">Date:&#9;February
28, 2012</TD>
    <TD STYLE="width: 3%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%"></U>/s/ Colin Dyne</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Colin Dyne,
Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: center"><B>EXHIBIT INDEX</B></P>

</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">Exhibit</TD>
    <TD STYLE="width: 89%; padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph; text-decoration: underline">Number</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">10.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">Securities Purchase Agreement, dated February 2, 2012, between the Company and each purchaser identified on the signature page thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">10.2</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">Form of Debenture.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">10.3</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">Form of Warrant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 6pt; padding-left: 0; text-align: justify; text-justify: inter-ideograph">10.4</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">Stockholders Agreement dated February 22, 2012, by and among the Company, Colin Dyne, TCP WR Acquisition, LLC, and the other stockholders party thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">10.5</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">Security Agreement, dated February 3, 2012, by and among the Company, certain subsidiaries of the Company and the holders of the Company&rsquo;s Variable Rate Senior Secured Convertible Debentures signatory thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-justify: inter-ideograph">10.6</TD>
    <TD STYLE="padding-right: 0; padding-left: -0.24in; text-align: justify; text-justify: inter-ideograph">Subsidiary Guarantee, dated February 3, 2012, by and among certain subsidiaries of the Company in favor of the purchasers signatory to that certain Securities Purchase Agreement, dated February 2, 2012, between the Company and such purchasers.</TD></TR>
</TABLE>



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[{"type": "8-K", "sequence": "1", "filename": "v304052_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 36509}]
{"company-data": {"conformed-name": "PEOPLES LIBERATION INC", "cik": "0000791770", "assigned-sic": "2300", "irs-number": "860449546", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-16075", "film-number": "12648872"}, "business-address": {"street1": "1212 S FLOWER STREET", "street2": "5TH FLOOR", "city": "LOS ANGELES", "state": "CA", "zip": "90015", "phone": "213-745-2123"}, "mail-address": {"street1": "1212 S FLOWER STREET", "street2": "5TH FLOOR", "city": "LOS ANGELES", "state": "CA", "zip": "90015"}, "former-company": {"former-conformed-name": "CENTURY PACIFIC FINANCIAL CORP", "date-changed": "19991101"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
February 22, 2012
PEOPLE'S LIBERATION, INC.
(Exact name of registrant as specified in its
charter)
Delaware
000-16075
86-0449546
(State or other jurisdiction
(Commission File Number)
(I.R.S. Employer
of incorporation)
Identification No.)
1212 S. Flower Street, 5
th
Floor, Los Angeles, CA 90015
(Address of Principal Executive
Offices/Zip Code)
(213) 745-2123
(Registrant's telephone number, including
area code)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(
see
General Instruction A.2. below):
¨
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.
Entry into a Material Definitive Agreement.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
of a Registrant.
On February 2,
2012, People's Liberation, Inc. (the "
Company
") entered into a Securities Purchase Agreement (the
"
Purchase Agreement
") with TCP WR Acquisition, LLC ("
TCP
"). Pursuant to the
Purchase Agreement and as described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission
on February 8, 2012 (the "
Original Filing
"), the Company agreed to sell Variable Rate Senior Secured
Convertible Debentures (the "
Debentures
"), warrants to purchase common stock ("
Warrants
")
and Series A Preferred Stock to TCP. The Certificate of Designation of Preferences, Rights and Limitations of the Series A Preferred
Stock is attached as Exhibit 3.1 to the Original Filing. The terms of the Series A Preferred are summarized in the Original Filing,
which summary is incorporated herein by reference.
The first of two
closings of the financing occurred on February 3, 2012. At the first closing, the Company sold to TCP $3,000,000 in principal
amount of Debentures, issued to TCP a Warrant to purchase 3,428,571 shares of common stock and issued to TCP 3,000 shares of Series
A Preferred Stock.
The second and
final closing of the financing occurred on February 22, 2012. At the second closing, the Company sold to TCP $11,500,000 in principal
amount of Debentures, issued to TCP a Warrant to purchase 13,142,857 shares of common stock and issued to TCP 11,500 shares of
Series A Preferred Stock.
The Purchase
Agreement, Form of Debenture and Form of Warrant are attached hereto as Exhibits 10.1, 10.2 and 10.3, respectively. The Security
Agreement and the Subsidiary Guarantee (both of which are defined and described in the Original Filing) are attached hereto as
Exhibits 10.5 and 10.6 respectively.
Entry into Stockholders Agreement
As contemplated
by the Purchase Agreement, at the second closing of the financing, the Company, TCP and Colin Dyne, the Company's Chief Executive
Officer and a director, entered into a Stockholders Agreement (the "
Stockholders Agreement
"). The terms
of the Stockholders Agreement are summarized in the Original Filing, which summary is incorporated herein by this reference. The
Stockholders Agreement is attached hereto as Exhibit 10.4.
Item 3.02           Unregistered Sales
of Equity Securities
Reference is made
to the disclosure provided in response to Item 1.01 of this Form 8-K, with respect to our issuance of Debentures, Warrants and
Series A Preferred Stock, which disclosure is incorporated herein by this reference.
In connection with
the financing, TCP represented to us that it is an "accredited investor" within the meaning of Rule 501 of Regulation
D under the Securities Act of 1933, and that TCP is receiving the securities for investment and not in connection with a distribution
thereof. The issuance and sale of these securities was exempt from the registration and prospectus delivery requirements of the
Securities Act pursuant to Section 4(2) of the Securities Act and Rule 506 thereunder as a transaction not involving any public
offering.
Item 5.01
Changes in Control of Registrant
Reference is made
to the Purchase Agreement and the other transaction documents entered into in connection therewith, and the transactions consummated
pursuant thereto, including the issuance of the Series A Preferred Stock, Debentures and Warrants to TCP, as described in Item
1.01 of this Current Report on Form 8-K, which description is incorporated into this Item 5.01 by this reference.
Pursuant to the
Purchase Agreement, at the first closing we issued to TCP a Warrant to purchase 3,428,571 shares of Common Stock and 3,000 shares
of Series A Preferred Stock. At the second closing, the Company issued an additional 11,500 shares of Series A Preferred Stock
to TCP and Warrants to purchase 13,142,857 shares of Common Stock.
The holders of Series
A Preferred Stock vote together as a single class with the holders of Common Stock on all matters requiring approval of the holders
of Common Stock, except that each share of Preferred Stock is entitled to 5,714 votes.  Therefore, after the second closing,
TCP has the right to vote 82,853,000 shares of the Company's Common Stock (which excludes any shares obtained upon exercise
of the warrants). This represents 69.7% of the Company's outstanding voting securities immediately after the second closing.
The issuance of the securities to TCP in the financing will allow TCP to control all matters submitted for approval to the holders
of Common Stock.
Notwithstanding
TCP's ownership of 69.7% of the Company's outstanding voting securities immediately after the second closing, TCP
agrees in the Stockholders Agreement to limit to three, out of an initial total of six directors, the number of directors TCP
has the right to nominate for election to the Board. A Special Committee of the Board comprised solely of directors then serving
on the Board who were not nominated or appointed by TCP shall have the right to nominate the other three directors. If the size
of the Board is increased to seven directors, the additional director will be appointed to the Board by a majority vote of the
entire Board of Directors. Consequently, pursuant to the Stockholders Agreement, and notwithstanding TCP's ownership of
a majority of our voting securities, TCP will not have the right to elect a majority of the directors serving on the Board.
2
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
At
the second closing and as contemplated by the Purchase Agreement and the Stockholders Agreement, the Company increased the size
of its Board of Directors (the "
Board
") from three members to six
members and appointed William Sweedler, Matthew D. Eby and Richard Gersten, each a Partner at Tengram Capital Partners, an affiliate
of TCP, to serve as directors. Mr. Sweedler, Mr. Eby and Mr. Gersten will serve as Class I, Class II and Class III directors,
respectively, for terms expiring at the 2012, 2013 and 2014 annual meeting of stockholders, respectively, and/or until their respective
successors have been elected and qualified. At the second closing, William Sweedler was also appointed to serve as Chairman of
the Board.
William
Sweedler
Mr. Sweedler
is presently Co-Founder and Partner of Tengram Capital Partners, a consumer private equity firm formed to invest in the consumer
and retail sectors. He was formerly Chairman & CEO of Windsong Brands, a diversified brand development and investment company
that specialized in the acquisition, growth, licensing, and comprehensive management of consumer branded intellectual property
and businesses. Mr. Sweedler has over 20 years of experience in the consumer sector as an operator and strategic investor. Current
portfolio companies and investments include Ellen Tracy, Joe's Jeans, Field & Stream, Caribbean Joe, Atlantis Weathergear,
Carlos Falchi, Sharper Image, and Design Within Reach.
Prior to
founding Windsong Brands, he was president & CEO of Joe Boxer, a wholly owned division of the Iconix Brand Group (NASDAQ: ICON)
of which he was Executive Vice President and Director. Prior to Mr. Sweedler joining Iconix Brand Group, he was a founder of Windsong
Allegiance Group ("
WAG
"), a diverse apparel marketer and brand manager. While CEO of WAG, he led the
acquisition and restructuring of Joe Boxer, Hathaway Shirt Company, Como Sport, and New Frontier. He was responsible for licensing
the Joe Boxer brand to Kmart, now Sears Holding Corporation, and Hathaway to Costco. Mr. Sweedler also led the merger, re-structure,
and sale of the Joe Boxer, Hathaway, and New Frontier divisions of WAG.
Mr. Sweedler
has served as a director to Iconix Brand Group and Bank of Westport (NASDAQ: BWST). He is currently Co-Chairman of Ellen Tracy,
Caribbean Joe and Carlos Falchi. He is also a director at Field & Stream, Skip Barber Racing, and Design Within Reach (OTC:
DWRI). Mr. Sweedler graduated from Babson College with a BS in Finance and Investments and joined Polo Ralph Lauren for four years
prior to co-founding WAG.
Matthew
Eby
Mr. Eby is
presently Co-Founder and Partner of Tengram Capital Partners. From 2003 to 2010, prior to founding Tengram, Mr. Eby was the founder
and Chief Investment Officer of JAWS Estates Capital, the private investment office of Barry Sternlicht and the Sternlicht family.
In his capacity as CIO, he was responsible for investment and asset allocation decisions and recommendations across a broad spectrum
of asset classes and investment strategies. His responsibilities included leading investments in hedge funds, private equity funds,
direct transactions in a broad array of public markets and direct transactions in private companies.
During his
tenure at JAWS, Mr. Eby invested in and led numerous private equity transactions. Mr. Eby developed an investment strategy that
focused on branded consumer goods and intellectual property. In this space, Mr. Eby led investments in Field & Stream, Ellen
Tracy, Joe's Jeans, Caribbean Joe, and Carlos Falchi. Mr. Eby currently serves on the Boards of Directors of Brand Matter,
Field & Stream, and Carlos Falchi.
3
Prior to
founding JAWS, Mr. Eby was an associate at Morgan Stanley from 2002-2003 and prior to entering the investment industry, he served
five years as an officer in the U.S. Navy. Mr. Eby is a graduate of the United States Naval Academy and Harvard Business School.
Richard
Gersten
Mr. Gersten
is presently a Partner of Tengram Capital Partners. Mr. Gersten has over 18 years of experience in the private equity industry
and has spent the last 13 years focused exclusively on the consumer sector. Prior to joining Tengram, he was a Partner at Catterton
Partners, a leading private equity firm with an exclusive focus on providing equity capital to small to middle market consumer
companies. During his time at Catterton, he was responsible for sourcing, evaluating and executing transactions in the consumer
industry and post investment monitoring for companies. Mr. Gersten served on the board of directors of Strivectin, Aquasana, Van's
Natural Foods, Monosol, and Dr. Miracle's.
Prior to
joining Catterton, Mr. Gersten was a Partner at North Castle Partners, a private equity firm focused on consumer investments that
benefit from healthy living and aging trends. During his time at North Castle, he originated, executed and monitored investments
primarily in the personal care, fitness and recreation and nutrition industries. He led the firm's focus in the Aesthetics and
Personal Care industry and successfully completed investments in Avalon Natural Products, DDF Skincare and GloMinerals.
Prior to
joining North Castle, Mr. Gersten was a Principal at NMS Capital, the merchant banking arm of NationsBanc Montgomery Securities.
Prior to joining NMS Capital, he spent five years at BT Capital Partners, the private equity arm of Bankers Trust, where he helped
originate, evaluate and monitor both control and minority investments in middle market companies.
Prior to
joining BT Capital, Mr. Gersten was an Associate at Chemical Bank. Mr. Gersten received a B.S. in Economics from Union College
(N.Y.) and an M.B.A. from the Wharton School at the University of Pennsylvania.
Item 9.01.
Financial Statements and Exhibits
(d)	Exhibits.
The following exhibits are filed herewith:
Exhibit
Number
Description
10.1
Securities Purchase Agreement, dated February 2, 2012, between the Company and each purchaser identified on the signature page thereto.
10.2
Form of Debenture.
10.3
Form of Warrant.
10.4
Stockholders Agreement dated February 22, 2012, by and among the Company, Colin Dyne, TCP WR Acquisition, LLC, and the other stockholders party thereto.
10.5
Security Agreement, dated February 3, 2012, by and among the Company, certain subsidiaries of the Company and the holders of the Company's Variable Rate Senior Secured Convertible Debentures signatory thereto.
10.6
Subsidiary Guarantee, dated February 3, 2012, by and among certain subsidiaries of the Company in favor of the purchasers signatory to that certain Securities Purchase Agreement, dated February 2, 2012, between the Company and such purchasers.
4
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
PEOPLE'S LIBERATION, INC.
Date:	February
28, 2012
By:
/s/ Colin Dyne
Colin Dyne,
Chief Executive Officer
5
EXHIBIT INDEX
Exhibit
Number
Description
10.1
Securities Purchase Agreement, dated February 2, 2012, between the Company and each purchaser identified on the signature page thereto.
10.2
Form of Debenture.
10.3
Form of Warrant.
10.4
Stockholders Agreement dated February 22, 2012, by and among the Company, Colin Dyne, TCP WR Acquisition, LLC, and the other stockholders party thereto.
10.5
Security Agreement, dated February 3, 2012, by and among the Company, certain subsidiaries of the Company and the holders of the Company's Variable Rate Senior Secured Convertible Debentures signatory thereto.
10.6
Subsidiary Guarantee, dated February 3, 2012, by and among certain subsidiaries of the Company in favor of the purchasers signatory to that certain Securities Purchase Agreement, dated February 2, 2012, between the Company and such purchasers.
6