Exhibit 10.1


 





EXECUTION VERSION




 





EMPLOYMENT AGREEMENT


 


EMPLOYMENT AGREEMENT, dated as of October
30, 2018, by and between Centric Brands, Inc., a Delaware corporation (the “Company”), and Anurup S. Pruthi
(the “the Executive”).


 


WITNESSETH


 


WHEREAS, the Executive possesses experience
and expertise concerning the type of business and operations conducted by the Company; and


 


WHEREAS, the Company desires to employ the
Executive as the Chief Financial Officer of the Company, and the Executive desires to be so employed by the Company, in each case,
upon the terms and subject to the conditions set forth in this Agreement.


 


NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Company and the Executive hereby agree as follows:


 


1.       Engagement
of Executive; Duties. During the Term (as hereinafter defined in Section 3 below), the Executive shall have the title of Chief
Financial Officer of the Company, reporting directly to the Company’s Chief Executive Officer or his successor. The Executive
will have such responsibilities, duties, and authority customarily associated with the position of Chief Financial Officer of a
publicly-traded company. In connection with his employment by the Company, the Executive shall be based in New York City, subject
to appropriate business travel.


 


2.       Time.
The Executive will devote substantially all of his working hours to his duties hereunder and towards the overall success of
the business of the Company, provided that nothing contained herein shall be deemed to restrict the Executive from engaging in
charitable, religious, civic or community activities, or from serving on the boards of directors of non-profit organizations and,
with the consent of the Board of Directors (the “Board”) (which consent shall not be unreasonably withheld),
other for-profit companies which do not compete with the Company, provided that such activities do not, individually or in the
aggregate, interfere with the Executive’s duties and responsibilities under this Agreement.


 


3.       Term.
The Executive’s engagement shall commence on an date to be mutually agreed (but no later than November 15, 2018) (the
“Effective Date”) and shall continue through December 31, 2021 (the “Term”), unless otherwise
terminated as provided in Section 5. In the event that the Executive remains an employee of the Company following expiration
of the Term and this Agreement is not extended, he shall be an employee “at will” and shall not be (i) at any time
during or following such “at will” employment, entitled to any of the benefits under this Agreement, or (ii) at any
time following such “at will employment”, subject to any of the restrictions (other than the undertakings contained
in Section 6 and the provisions of Section 10, in each case, which shall survive any termination or non-renewal of this Agreement),
contained in this Agreement (including, but not limited to, the non-solicitation provisions contained in Section 7). If the Company
does not intend to continue Executive’s employment following the expiration of the Term, it shall notify Executive, in writing,
by no later than six (6) months prior to the expiration of the Term.


 






     

     


    

 


4.       Compensation.


 


(a)       Base
Salary. During the Term, the Executive’s base salary will be at a rate of not less than $650,000 per annum (the “Base
Salary”). Such Base Salary shall be paid in accordance with the Company’s payroll practices and policies then in
effect. The Base Salary shall be subject to periodic review for increases, but in no event shall the Base Salary be decreased.


 


(b)       Bonus.
During the Term, the Executive shall be entitled to earn an annual bonus for each fiscal year (the “Annual Bonus”).
Except as provided herein, the Annual Bonus shall be based upon the adjusted EBITDA target set forth in the Board-approved budget
for the year. The target Annual Bonus amount shall be one hundred percent (100%) of the Base Salary, and shall be prorated for
partial years of employment. Notwithstanding the foregoing, for calendar year 2018 and calendar year 2019, the Executive shall
be entitled to an Annual Bonuses of at least one hundred percent (100%) of the Base Salary (together, the “Minimum Annual
Bonuses”); provided, the Minimum Annual Bonus in respect of calendar year 2018 shall be $162,500 and the Minimum Annual
Bonus for calendar year 2019 shall be $325,000. In the event of any acquisition, sale or other disposition of assets or any similar
corporate transaction, the Board shall adjust the EBITDA target for purposes of this Section 4(b) in good faith. Annual Bonuses,
if earned, shall be due and payable by the Company to the Executive annually, payable in the year following the year for which
such Annual Bonus was earned on the earlier of the date the Company files its Form 10-K or March 15th of such year,
subject to the Executive’s continued employment except as otherwise specifically provided in this Agreement.


 


(c)       Equity
Awards. Effective as of the Effective Date, the Executive shall be granted 600,000 restricted stock units (the “Inducement
RSUs”) with respect to the Company’s common stock, $0.10 par value (“Common Stock”) pursuant
to an award agreement between the Executive and the Company (the “Award Agreement”) that is substantially identical
to the form of restricted stock unit agreement under the Company’s 2016 Stock Incentive Compensation Plan (the “2016
Plan”); provided that the Inducement RSUs may be structured as an “inducement” award not granted pursuant
to the 2016 Plan which shall vest in full upon a termination by the Company without Cause (as defined below) or by the Executive
for Good Reason (as defined below), but otherwise subject to the same terms and conditions thereof. The Inducement RSUs shall vest
in one-third increments on each of the first three anniversaries of the Effective Date, subject in each case to the Executive’s
continued employment through the applicable vesting date except as otherwise specifically provided herein. Any vested Inducement
RSUs shall be settled through the issuance of Common Stock promptly following the applicable vesting date.


 


(d)       Signing
Bonus. Promptly following the Effective Date, the Company shall pay the Executive as cash signing bonus of $250,000.


 


(e)       Benefits.
the Executive shall receive the employee and fringe benefits generally made available to other executive officers of the Company
from time to time, including a “401(k)” plan, health, vision, dental and disability coverage. During any waiting period
under the Company’s group health plan following the commencement of the Term, the Company shall reimburse the Executive for
the cost of “COBRA” group health coverage if he elects such coverage under his prior employer’s plan.


 






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(f)       Reimbursement
of Expenses. The Company shall pay to the Executive the reasonable expenses incurred by him in the performance of his duties
hereunder in accordance with the Company’s policy, or, if such expenses are paid directly by the Executive, the Company shall
promptly reimburse the Executive for such payments in accordance with the Company’s policy, provided that the Executive properly
accounts for such expenses in accordance with the Company’s policy. The Executive also shall receive a travel allowance of
$1,500 per month during the Term. In addition, the Company shall directly pay to the Executive’s counsel for the legal fees
incurred in connection with the negotiation and drafting of this Agreement and the Award Agreement, subject to a maximum payment
of $15,000.


 


(g)       Vacation.
the Executive shall be entitled to paid vacation on the same basis as provided to other senior executive officers of the Company.


 


5.       Termination
of Employment.


 


(a)       General.
The Executive’s employment under this Agreement may be terminated prior to the expiration of the Term without any breach
of this Agreement only on the following circumstances:


 


(b)       Death.
The Executive’s employment under this Agreement shall terminate upon his death.


 


(c)       Disability.
If the Executive suffers a Disability (as defined below in this sub-section (2)), the Company may terminate the Executive’s
employment under this Agreement upon thirty (30) days prior written notice; provided that the Executive has not returned to full
time performance of his duties during such thirty (30) day period. For purposes hereof, “Disability” shall mean the
Executive’s inability to perform his duties and responsibilities hereunder, with reasonable accommodation, due to any physical
or mental illness or incapacity, which condition either (i) has continued for a period of 180 days (including weekends and holidays)
in any consecutive 365-day period, or (ii) is determined by a doctor specializing in the illness or incapacity at issue, selected
by the Company and consented to by the Executive (or, in the event of the Executive’s incapacity, his legal representative),
such consent not to be unreasonably withheld, that the condition is likely to continue for a period of at least twelve (12) consecutive
months from its commencement.


 


(d)       Good
Reason. The Executive may terminate his employment under this Agreement for Good Reason after the occurrence of any of the
Good Reason events set forth in the following sentence. For purposes of this Agreement, “Good Reason” shall mean the
occurrence of any of the following events without the Executive’s prior written consent:


 


(i)       a
material diminution of the authorities, duties or responsibilities of the Executive set forth in Section 1 above or a change such
that the Executive does not report to the Chief Executive Officer;


 






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(ii)       a
reduction in the Base Salary or the target Annual Bonus opportunity;


 


(iii)       the
involuntary re-location of the Executive to an office outside of New York City;


 


(iv)       a
reduction of the Executive’s title; or


 


(v)       the
failure by the Company to timely comply with its material obligations and agreements contained in this Agreement, including granting
the Inducement RSUs.


 


provided, however, that, within
ninety (90) days of any such events having occurred, the Executive shall have provided the Company with written notice that such
events have occurred and afforded the Company thirty (30) days to cure and if the Company does not cure to the Executive’s
reasonable satisfaction then the Executive terminates his employment within thirty (30) days following the expiration of such cure
period.


 


(e)       Without
Good Reason. The Executive may voluntarily terminate his employment under this Agreement without Good Reason upon written notice
by the Executive to the Company at least thirty (30) days prior to the effective date of such termination (which termination the
Company may, in its sole discretion, make effective earlier than the date set forth in the Notice of Termination (as hereinafter
defined in sub-section (h) below)).


 


(f)       Cause.
The Company may terminate the Executive’s employment under this Agreement for Cause. Termination for “Cause”
shall mean termination of the Executive’s employment because of the occurrence of any of the following as determined by the
Board:


 


(i)       embezzlement,
theft, or misappropriation, or attempted embezzlement, theft, or misappropriation by the Executive of any property, funds or business
opportunity of the Company or any of its subsidiaries or affiliates;


 


(ii)       any
material breach by the Executive of the Executive’s restrictive covenants hereunder;


 


(iii)       any
material breach by the Executive of any other material provision of this Agreement;


 


(iv)       failure
or refusal by the Executive to perform any lawful directive of the Board or the duties of his employment hereunder;


 


(v)       the
Executive’s conviction of, or entry by the Executive of a guilty or no contest plea to (1) a felony or (2) any misdemeanor
involving moral turpitude (or their equivalent in any non-United States jurisdiction) or otherwise involving theft, fraud, dishonesty
or misrepresentation;


 






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(vi)       any
willful violation of any law, rule or regulation affecting business operations of the Company or its subsidiaries or affiliates
which has a materially adverse effect on the business or reputation of the Company;


 


(vii)       failure
to materially comply with any legal or compliance policies or code of ethics, code of business conduct or conflicts of interest
policy or similar policies of the Company or its subsidiaries or affiliates;


 


(viii)       the
Executive’s breach of his fiduciary obligations to the Company or any of its subsidiaries or affiliates; or


 


(ix)       gross
negligence or willful misconduct on the part of Executive in the performance of his duties as an employee, officer or director
of the Company or any of its subsidiaries or affiliates that the Board, acting in good faith, has a reasonable belief that such
act or failure to act is materially injurious to the Company;


 


provided, that, for the purposes of
this definition of Cause, no act or failure to act, on the part of the Executive shall be considered “willful,” unless
done, or omitted to be done, by him in bad faith and without reasonable belief that his action or omission was in, or not opposed
to, the best interest of the Company (including reputationally); provided further, that none of the events described in clause
(ii), (iii), (iv), (vii), (viii) or (ix) shall constitute Cause unless, if such event is reasonably subject to cure, (A) the Company
first delivers a written notice to the Executive of the occurrence of the applicable event(s) giving rise to Cause and (B) the
Executive fails to cure or correct such event(s) within thirty (30) days of receipt of such notice.


 


(g)       Without
Cause. The Company may terminate the Executive’s employment under this Agreement without Cause immediately upon written
notice by the Company to the Executive.


 


(h)       Notice
of Termination. Any termination of the Executive’s employment by the Company or by the Executive (other than termination
by reason of the Executive’s death) shall be communicated by written Notice of Termination to the other party of this Agreement.
For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.


 


(i)       Date
of Termination. The “Date of Termination” shall mean (a) if the Executive’s employment is terminated
by his death, the date of his death, (b) if the Executive’s employment is terminated pursuant to subsection 5(c) above, thirty
(30) days after Notice of Termination is given (provided that the Executive shall not have returned to the performance of his duties
on a full-time basis during such thirty (30) day period), (c) if the Executive’s employment is terminated pursuant to subsections
5(d) or 5(f) above, the date specified in the Notice of Termination after the expiration of any applicable cure periods, (d) if
the Executive’s employment is terminated pursuant to subsection 5(e) above, the date specified in the Notice of Termination
which shall be at least thirty (30) days after Notice of Termination is given, or such earlier date as the Company shall determine,
in its sole discretion, (e) if the Executive’s employment is terminated pursuant to subsection 5(g), the date on which a
Notice of Termination is given and (f) if the Executive is terminated upon expiration of the Term, the date of the expiration of
the Term.


 






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(j)       Compensation
Upon Termination.


 


(i)       Termination
for Cause, without Good Reason. If the Executive’s employment shall be terminated by the Company for Cause or by the
Executive without Good Reason, the Executive shall receive from the Company: (1) any earned but unpaid Base Salary through the
Date of Termination, paid in accordance with the Company’s standard payroll practices; (2) reimbursement for any unreimbursed
expenses properly incurred and to be paid in accordance with Section 4(e) through the Date of Termination; (3) payment for any
accrued but unused vacation time in accordance with Company policy; and (4) such benefits, and other payments, if any, as to which
the Executive (and his eligible dependents) may be entitled under, and in accordance with the terms and conditions of, the employee
benefit arrangements, plans and programs of the Company as of the Date of Termination, other than any severance pay plan ((1) though
(4), (the “Amounts and Benefits”), and the Company shall have no further obligation with respect to this Agreement
other than as provided in Section 8 of this Agreement. In addition, any portion of any outstanding equity or incentive award that
remains unvested on the Date of Termination shall be treated in accordance with the terms and conditions of such award agreements.


 


(ii)       Termination
without Cause, for Good Reason. If prior to the expiration of the Term, the Executive resigns from his employment hereunder
for Good Reason or the Company terminates the Executive’s employment hereunder without Cause (other than a termination by
reason of death or Disability), then the Company shall pay or provide the Executive the Amounts and Benefits and the following:


 


(1)       an
amount equal to the then-current Base Salary, which shall be payable in ratable installments pursuant to the Company’s standard
payroll procedures for twelve (12) months following the Date of Termination;


 


(2)       any
Annual Bonus earned but unpaid for a prior year (the “Prior Year Bonus”), which shall be payable in full in
a lump sum cash payment to be made to the Executive on the date that is sixty (60) days following the Date of Termination or the
date such bonus would be paid if the Executive had remained an employee of the Company, if later; provided, the Release
is executed in one taxable year and becomes effective in another taxable year, payment shall not be made until the second taxable
year;


 


(3)       in
the event such resignation or termination occurs following the Company’s first fiscal quarter of any year, a pro-rata portion
of the Executive’s Annual Bonus for the fiscal year in which the Executive’s termination occurs based on actual results
for such year (determined by multiplying the amount of such Annual Bonus which would be due for the full fiscal year by a fraction,
the numerator of which is the number of days during the fiscal year of termination that the Executive is employed by the Company
and the denominator of which is 365), paid in accordance with Section 4(b) (“Pro Rata Bonus”). The Pro Rata Bonus shall
be payable at the time the Annual Bonus would have been paid if Executive’s employment had not terminated;


 






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(4)       subject
to the Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended (“COBRA”), with respect to the Company’s group health insurance plans in which the Executive participated
immediately prior to the Date of Termination (“COBRA Continuation Coverage”), the Company shall pay the full
cost of COBRA Continuation Coverage for the Executive and his eligible dependents until the earlier of (a) when the Executive becomes
eligible for coverage under another employer’s health plan, or (b) eighteen (18) months following the Date of Termination;
and


 


(5)       any
unvested portion of the Inducement RSUs shall accelerate and become fully vested on the Date of Termination and the shares covered
by the Inducement RSUs shall be distributed to the Executive on the date that is thirty (30) days following the Date of Termination
(subject to any securities law restrictions).


 


(iii)       Termination
upon Death. In the event of the Executive’s death, the Company shall pay or provide to the Executive’s estate:
(1) the Amounts and Benefits, (2) the Prior Year Bonus, and (3) a Pro Rata Bonus. These payments shall be in addition to and not
in lieu of any benefits available under any policy maintained by the Executive or the Company with respect to Executive’s
death.


 


(iv)       Termination
upon Disability. In the event the Company terminates the Executive’s employment hereunder for reason of Disability, the
Company shall pay or provide to the Executive: (1) the Amounts and Benefits, (2) the Prior Year Bonus, and (3) a Pro Rata Bonus.
These payments shall be in addition to and not in lieu of any benefits available under any policy maintained by the Executive or
the Company with respect to Executive’s disability.


 


(v)       Release
of Claims. Notwithstanding anything in this Agreement to the contrary, as a condition of receiving any payment or benefits
under Sections 5(j)(ii)-(v) (other than the Amounts and Benefits), the Executive agrees to execute, deliver and not revoke a general
release and covenant not to sue in favor of the Company and its subsidiaries and their respective affiliates in substantially the
form attached here to as Exhibit A (the “Release”), and the Release becomes fully irrevocable within sixty (60)
days following the Date of Termination. In the event the Release is not executed and non-revocable prior to the date that is sixty
(60) days following the Date of Termination, all payments and benefits under Section 5(j)(ii)-(v) (other than the Amounts and Benefits)
shall be forfeited.


 


(vi)       No
Duty to Mitigate. The Executive shall not be required to mitigate the amount of any payment provided for in this Section 5
by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Section 5 be reduced by any
compensation earned by the Executive as the result of the Executive’s employment by another employer or business or by profits
earned by the Executive from any other source at any time before and after the Executive’s Date of Termination (other than
as provided in Section 5(j)(ii)(4)); provided, in the event that the Executive engages, has an interest in or renders any
services to any person or entity (whether as owner, manager, operator, licensor, licensee, lender, partner, stockholder, joint
venturer, employee, consultant or otherwise) that derives at least thirty-five percent (35%) from the sale of premium apparel (each
such case, a “Competing Business”) during any period in which he is receiving payments under Section 5, the
payments received under Section 5 shall be reduced by the compensation received by the Executive from such Competing Business.
For purposes of the preceding sentence “premium apparel” shall not include luxury or designer apparel.


 






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(vii)       Expiration
of the Term. If the Executive’s employment terminates for any reason upon the end of the Term and the Company has not
offered to extend this Agreement or offered the Executive an employment agreement on equal or greater aggregate financial terms,
then, in addition to the Amounts and Benefits, the Company shall pay the Executive an amount equal to twelve (12) months of his
Base Salary, which shall be payable in full in a lump sum cash payment to be made to the Executive on the date that is thirty (30)
days following the Date of Termination, subject to Section 5(j)(v). The Company also shall pay the Executive the earned Annual
Bonus for the fiscal year ended December 31, 2021. The Company shall have no further obligation with respect to this Agreement
other than as provided in Section 8 of this Agreement.


 


(k)       Effect
of Termination. Upon the Executive’s termination of employment for any reason, he shall be deemed to have immediately
resigned from all positions with the Company and its subsidiaries.


 


6.       Confidentiality.


 


(a)       The
Executive acknowledges that all customer lists and information, vendor or supplier lists and information, inventions, trade secrets,
software and computer code (whether in object code or source code format), databases, or other non-public, confidential or proprietary
knowledge, information or data with respect to the products, prices, marketing, services, operations, finances, business or affairs
of the Company or its subsidiaries and affiliates or with respect to confidential, proprietary or secret processes, methods, inventions,
services, research, techniques, customers (including, without limitation, the identity of the customers of the Company or its subsidiaries
and affiliates and the specific nature of the services provided by the Company or its subsidiaries and affiliates), employees or
plans of or with respect to the Company or its subsidiaries and affiliates or the terms of this Agreement (all of the foregoing
collectively hereinafter referred to as, “Confidential Information”) are property of the Company or its applicable
subsidiaries or affiliates. Notwithstanding the generality of the foregoing, Confidential Information shall not include information
known the Executive prior to his employment with the Company, information that is or becomes generally available or known in the
industry through no fault of the Executive, and contact information contained in the Executive’s rolodex (whether in paper
or electronic form). The Executive further acknowledges that the Company and its subsidiaries and affiliates intend, and make reasonable
good faith efforts, to protect the Confidential Information from public disclosure. Therefore, the Executive agrees that, except
as (a) required by law or regulation or as legally compelled by court order (provided that in such case, the Executive shall
promptly notify the Company of such order, shall cooperate with the Company in attempting to obtain a protective order or to otherwise
restrict such disclosure, and shall only disclose Confidential Information to the minimum extent necessary to comply with any such
law, regulation or order) or (b) required in order to enforce his rights under this Agreement or any other agreement with the Company
and/or its affiliates, during the Term and at all times thereafter, the Executive shall not, directly or indirectly, divulge, transmit,
publish, copy, distribute, furnish or otherwise disclose or make accessible any Confidential Information, or use any Confidential
Information for the benefit of anyone other than the Company and its subsidiaries and affiliates, unless and to the extent that
the Confidential Information becomes generally known to and available for use by the general public by lawful means and other than
as a result of the Executive’s acts or omissions or such disclosure is necessary in the course of the Executive’s proper
performance of his duties under this Agreement. Nothing in this Section 6(a) is intended to limit or affect the Executive’s
right to respond to a subpoena or an inquiry by a government or self-regulatory agency or to exercise the Executive’s rights
under the Defend Trade Secrets Act.


 






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(b)       The
Company and its subsidiaries and affiliates do not wish to incorporate any unlicensed or unauthorized material into their products
or services. Therefore, the Executive agrees that he will not disclose to the Company, use in the Company’s business, or
cause the Company to use, any information or material which is a trade secret, or confidential or proprietary information, of any
third party, including, but not limited to, any former employer, competitor or client, unless the Company has a right to receive
and use such information or material. The Executive will not incorporate into his work any material or information which is subject
to the copyrights of any third party unless the Company has a written agreement with such third party or otherwise has the right
to receive and use such material or information.


 


7.       Covenants.


 


(a)       Nonsolicitation
of Employees. The Executive shall not, while he is employed by the Company and during the Restricted Period, directly or indirectly,
induce or attempt to induce any employee of the Company or any of its subsidiaries or affiliates to terminate such individual’s
employment with the Company or such subsidiary or affiliate, or in any way interfere with the relationship between the Company
or any such subsidiary or affiliate and any such employee. For purposes of this Section 7, the “Restricted Period”
shall mean a period of twelve (12) months.


 


(b)       Company
IP; Work Product.


 


(i)       “Intellectual
Property” means all intellectual property and industrial property recognized by applicable requirements of law and all
physical or tangible embodiments thereof, including all of the following, whether domestic or foreign: (1) patents and patent applications,
patent disclosures and inventions (whether or not patentable), as well as any reissues, continuations, continuations in part, divisions,
revisions, renewals, extensions or reexaminations thereof; (2) registered and unregistered trademarks, service marks, trade names,
trade dress, logos, slogans and corporate names, and other indicia of origin, pending trademark and service mark registration applications,
and intent-to-use registrations or similar reservations of marks; (3) registered and unregistered copyrights and mask works, and
applications for registration of either; (4) Internet domain names, applications and reservations therefor, uniform resource locators
and the corresponding Internet websites (including any content and other materials accessible and/or displayed thereon); (5) Confidential
Information; and (6) intellectual property and proprietary information not otherwise listed in (1) through (6) above, including
unpatented inventions, invention disclosures, rights of publicity, rights of privacy, moral and economic rights of authors and
inventors (however denominated), methods, artistic works, works of authorship, industrial and other designs, methods, processes,
technology, patterns, techniques, data, plant variety rights and all derivatives, improvements and refinements thereof, howsoever
recorded, or unrecorded; and (7) any goodwill associated with any of the foregoing, damages and payments for past or future infringements
and misappropriations thereof, and all rights to sue for past, present and future infringements or misappropriations thereof.


 






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(ii)       Work
Product. The Executive agrees to promptly disclose to the Company any and all work product, including Intellectual Property
relating to the business of the Company and any of its affiliates, that is created, developed, acquired, authored, modified, composed,
invented, discovered, performed, reduced to practice, perfected, or learned by the Executive (either solely or jointly with others)
directly relating to the Company’s and its affiliates’ business or within the scope of the Executive’s employment
during the Term (collectively, “Work Product,” and together with such Intellectual Property as may be owned,
used, held for use, or acquired by the Company and its affiliates, the “Company IP”). The Company IP, including
the Work Product, is and shall be the sole and exclusive property of the Company and its affiliates, as applicable. All Work Product
that is copyrightable subject matter shall be considered a “work made for hire” to the extent permitted under applicable
copyright law (including within the meaning of Title 17 of the United States Code) and will be considered the sole property of
the Company. To the extent such Work Product is not considered a “work made for hire,” the Executive hereby grants,
transfers, assigns, conveys and relinquishes, without any requirement of further consideration, all right, title, and interest
to the Work Product (whether now or hereafter existing, including all associated goodwill, damages and payments for past or future
infringements and misappropriations thereof and rights to sue for past and future infringements and misappropriates thereof) to
the Company in perpetuity or for the longest period permitted under applicable law. The Executive agrees, at the Company’s
expense, to execute any documents requested by the Company or any of its affiliates at any time to give full and proper effect
to such assignment. The Executive acknowledges and agrees that the Company is and will be the sole and absolute owner of all Intellectual
Property, including all Company IP. The Executive will cooperate with the Company and any of its affiliates, at no additional cost
to such parties (whether during or after the Term), in the confirmation, registration, protection and enforcement of the rights
and property of the Company and its affiliates in such intellectual property, materials and assets, including, without limitation,
the Company IP. The Executive hereby waives any so-called “moral rights of authors” in connection with the Work Product
and acknowledges and agrees that the Company may use, exploit, distribute, reproduce, advertise, promote, publicize, alter, modify
or edit the Work Product or combine the Work Product with other works including other Company IP, at the Company’s sole discretion,
in any format or medium hereafter devised. The Executive further waives any and all rights to seek or obtain any injunctive or
equitable relief in connection with the Work Product.


 






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(c)       Company
Property. All Confidential Information, Company IP, files, records, correspondence, memoranda, notes or other documents (including,
without limitation, those in computer-readable form) or property relating or belonging to the Company and its subsidiaries and
affiliates, whether prepared by the Executive or otherwise coming into his possession or control in the course of the performance
of his services under this Agreement, shall be the exclusive property of the Company and shall be delivered to the Company, and
not retained by the Executive (including, without limitation, any copies thereof), promptly upon request by the Company and, in
any event, promptly upon termination of the Executive’s employment hereunder. Upon termination of the Executive’s employment
hereunder, the Executive shall have no rights to and shall make no further use of any Company IP, including Work Product. The Executive
acknowledges and agrees that he has no expectation of privacy with respect to the Company’s telecommunications, networking
or information processing systems (including, without limitation, stored computer files, email messages and voice messages), and
that the Executive’s activity and any files or messages on or using any of those systems may be monitored at any time without
notice. Nothing in this Section 7 shall require the Executive to return to the Company any computers or telecommunication
equipment or tangible property which he owns, including, but not limited to, personal computers, phones and tablet devices; provided,
however, that the Executive shall identify each such device or item to the Company prior to termination of employment and
afford the Company a reasonable opportunity to remove from all such devices or items any confidential or proprietary information
of the Company stored or programmed thereon.


 


(d)       Non-disparagement.
During the Term and thereafter, Executive shall not, directly or indirectly, take any action, or encourage others to take any action,
to disparage or criticize the Company and/or its subsidiaries and affiliates or their respective officers, directors, products
and services or the Company’s largest shareholder. In addition, the Company shall instruct its directors, officers and largest
shareholder not to, directly or indirectly, take any action, or encourage others to take any action, to disparage or criticize
Executive. Nothing contained in this Section 7(e) shall preclude Executive or the Company (or its directors or officers) from enforcing
their respective rights under this Agreement or truthfully testifying in response to legal process or a governmental inquiry. In
addition, notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as
to impede Executive (or any other individual) from reporting possible violations of federal law or regulation to any governmental
agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress,
and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation.
Executive does not need the prior authorization of the Company to make any such reports or disclosures and the Employee shall not
be not required to notify the Company that such reports or disclosures have been made.


 






    	 	11	 



     


    

 


(e)       Enforcement.
Executive and the Company acknowledge that a breach of the covenants and agreements contained in Sections 6 and 7 would
cause irreparable damage to the other party, the exact amount of which would be difficult to ascertain, and that the remedies at
law for any such breach or threatened breach would be inadequate. Accordingly, Executive and the Company (and its subsidiaries
and affiliates) agree that if either breaches or threatens to breach any of the covenants or agreements contained in Sections
6 and 7, in addition to any other remedy which may be available at law or in equity, Executive, the Company and its subsidiaries
and affiliates, as applicable, shall be entitled to institute and prosecute proceedings in any court of competent jurisdiction
for specific performance and injunctive and other equitable relief to prevent the breach or any threatened breach thereof without
bond or other security or a showing of irreparable harm or lack of an adequate remedy at law. The Company and Executive further
acknowledge that the time, scope, geographic area and other provisions of Sections 6 and 7 have been specifically negotiated
by sophisticated commercial parties and agree that they consider the restrictions and covenants contained in Sections 6 and
7 to be reasonable and necessary for the protection of the interests of the Company and its subsidiaries and affiliates, but
if any such restriction or covenant shall be held by any court of competent jurisdiction to be void but would be valid if deleted
in part or reduced in application, such restriction or covenant shall apply in such jurisdiction with such deletion or modification
as may be necessary to make it valid and enforceable. Executive acknowledges and agrees that the restrictions and covenants contained
in Sections 6 and 7 shall be construed for all purposes to be separate and independent from any other covenant, whether
in this Agreement or otherwise, and shall each be capable of being reduced in application or severed without prejudice to the other
restrictions and covenants or to the remaining provisions of this Agreement. The existence of any claim or cause of action by Executive
against the Company or any of its subsidiaries and affiliates, whether predicated upon this Agreement or otherwise, shall not excuse
Executive’s breach of any covenant, agreement or obligation contained in Section 6 or Section 7 and shall not
constitute a defense to the enforcement by the Company or any of its subsidiaries of such covenant, agreement or obligation.


 


8.       Indemnification.
The Company shall represent, indemnify and hold the Executive harmless from and against any claim, demand, obligation, losses,
costs, expenses (including reasonable attorney’s fees), judgments, settlements and damages arising from or relating to services
rendered by the Executive for the Company or his relationship with the Company, to the fullest extent permitted by law; provided,
however, that the Company shall not indemnify the Executive for any losses incurred by the Executive as a result of or in
connection with (a) acts or omissions described in Section 5(f), or (b) a cause of action by the Executive against the Company
or its affiliates or their respective directors, officers, agents, representatives or employees unless the Executive is pursuing
his rights under this Section 8. If the Executive has any knowledge of any actual or threatened action, suit or proceeding, whether
civil, criminal, administrative or investigative, as to which the Executive may request indemnity under this provision, the Executive
shall give the Company prompt written notice thereof. The Company shall be entitled to assume the defense of any such proceeding,
and the Executive shall cooperate with such defense. The benefits set forth in this Section 8 shall be in addition to and not in
lieu of any rights that the Executive may have under any insurance policy, including any D&O policy, maintained by the Company.
This Section 8 shall survive the expiration of the Term, and shall also continue to apply in the event that Executive’s employment
converts to an at-will employment relationship pursuant to the terms of Section 1.


 






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9.       Section
409A of the Code.


 


(a)       It
is intended that the provisions of this Agreement comply with Section 409A of Code and the regulations and guidance promulgated
thereunder (collectively “Code Section 409A”), and all provisions of this Agreement shall be construed in a
manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. If any provision of this Agreement
(or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional
tax or interest under Code Section 409A, the Company shall, upon the specific request of the Executive, use its reasonable business
efforts to in good faith reform such provision to comply with Code Section 409A; provided, that to the maximum extent practicable,
the original intent and economic benefit to the Executive and the Company of the applicable provision shall be maintained, but
the Company shall have no obligation to make any changes that could create any additional economic cost or loss of benefit to the
Company. Notwithstanding the foregoing, the Company shall have no liability with regard to any failure to comply with Code Section
409A so long as it has acted in good faith with regard to compliance therewith.


 


(b)       A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “Separation
from Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to
a “resignation,” “termination,” “termination of employment” or like terms shall mean Separation
from Service. Any provision of this Agreement to the contrary notwithstanding, if at the time of the Executive’s Separation
from Service, the Company determines that the Executive is a “Specified Employee,” within the meaning of Code Section
409A, based on an identification date of December 31, then to the extent any payment or benefit that the Executive becomes entitled
to under this Agreement on account of such separation from service would be considered nonqualified deferred compensation under
Code Section 409A, such payment or benefit shall be paid or provided at the date which is the earlier of (i) six (6) months and
one day after such separation from service, and (ii) the date of the Executive’s death (the “Delay Period”).
Within five days of the end of the Delay Period, all payments and benefits delayed pursuant to this Section 10(b) (whether they
would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or provided to
the Executive in a lump-sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance
with the normal payment dates specified for them herein.


 


(c)       With
regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not
affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided
that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b)
of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such
payments shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the
expense was incurred.


 






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(d)       Each
payment made under this Agreement shall be designated as a “separate payment” within the meaning of Code Section 409A.


 


10.       Section
280G. 


 


(a)       Notwithstanding
anything to the contrary contained herein, in the event that any payment by the Company to you or for your benefit, whether paid
or payable, would be subject to the excise tax imposed by Section 4999 of the U.S. Internal Revenue Code (the “Code”)
or any comparable federal, state, or local excise tax (such excise tax, together with any interest and penalties, are hereinafter
collectively referred to as the “Excise Tax”), then the Executive shall receive either the full payment amount or a
lesser amount that does not trigger an Excise Tax, whichever produces a greater after-tax benefit to the Executive, as determined
by an independent accounting firm, paid for by the Company, which firm will take into consideration, in good faith, all available
exemptions, including a fair valuation of reasonable compensation for services rendered by you. If a payment intended to be provided
under this Agreement is required to be reduced pursuant to this Section, the payments shall be reduced in the following order of
priority: reduction of payments that do not constitute non-qualified deferred compensation; reduction of deferred cash payments
subject to Section 409A of the Code; cancellation of accelerated vesting of stock awards; reduction of employee benefits. In the
event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled
in the reverse order of the date of grant of the Company’s stock awards.


 


(b)       The
Executive will be entitled to reimbursement of reasonable and documented legal, accounting and other professional fees incurred
by him relating to the Executive’s compensation or payments under this Agreement, or any other agreement between the Executive
and the company, in connection with a change in control, subject to a maximum payment of $50,000.


 


11.       Miscellaneous.


 


(a)       This
Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed
in accordance with those laws. Subject to Section 11(b), the Company and the Executive unconditionally consent to submit to the
exclusive jurisdiction of the New York State Supreme Court, County of New York or the United States District Court for the Southern
District of New York for any actions, suits or proceedings arising out of or relating to this Agreement and the transactions contemplated
hereby (and agree not to commence any action, suit or proceeding relating thereto except in such courts).


 


(b)       Except
for injunctive or other equitable relief or as otherwise provided in this Agreement, any and all legal proceedings arising out
of or relating to this Agreement, whether sounding in contract, tort or statute, shall be resolved by binding arbitration in New
York, New York, before an arbitrator independent of the parties and selected in accordance with, and the arbitration shall be administered
by JAMS pursuant to, JAMS’ Comprehensive Arbitration Rules and Procedures excluding its optional Arbitration Appeal procedures;
provided, however, that any arbitrator designated pursuant to this Section 11(b) shall be a lawyer experienced in employment disputes.


 






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(c)       The
Executive may not delegate his duties or assign his rights hereunder. The Company shall assign its rights and obligations under
this Agreement in connection with a merger or consolidation in which the Company is not the continuing entity, or a sale, liquidation
or other disposition of all or substantially all of the assets of the Company, provided that the assignee expressly assumes
the liabilities, obligations and duties of the Company under this Agreement. In the event of any such assignment, the term “Company”
shall include the Company’s successor or assign. This Agreement shall inure to the benefit of, and be binding upon, the parties
hereto and their respective heirs, legal representatives, and permitted successors and assigns.


 


(d)       The
invalidity or unenforceability of any provision hereof shall not in any way affect the validity or enforceability of any other
provision. This Agreement reflects the entire understanding between the parties.


 


(e)       This
Agreement represents the entire understanding of the Executive and the Company with respect to the employment of the Executive
by the Company and contain all of the covenants and agreements between the parties with respect to such employment. Any modification
or termination of this Agreement will be effective only if it is in writing signed by the party to be charged.


 


(f)       This
Agreement may be executed by the parties in one or more counterparts, each of which shall be deemed to be an original but all of
which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has
been signed by each of the parties hereto and delivered to each of the other parties hereto.


 


(g)       All
amounts payable hereunder shall be subject to the withholding of all applicable taxes and deductions required by any applicable
law.


 


12.       Notices.
All notices relating to this Agreement shall be in writing and shall be either personally delivered, sent by telecopy (receipt
confirmed) or mailed by certified mail, return receipt requested, to be delivered at such address as is indicated below, or at
such other address or to the attention of such other person as the recipient has specified by prior written notice to the sending
party. Notice shall be effective when so personally delivered, one business day after being sent by telecopy or five days after
being mailed.


 


To the Company:


 


Centric Brands Inc.


c/o Tengram Capital Partners, L.P.


602 West 26th Street


New York, NY 10001


Attention: Andrew R. Tarshis


 



    	 	15	 



     


    

 


To the Executive:


 


Anurup S. Pruthi, at the address
on file with the Company


 


with copy to:


 


Outten & Golden LLP


685 Third Ave., 25th
Floor


New York, NY 10022


Attention: Wendi S. Lazar


[signature pages follows]

 






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IN WITNESS WHEREOF, the parties hereto have
entered into this Agreement as of October 30, 2018.








 





	CENTRIC BRANDS INC.	 	EXECUTIVE	 
	 	 	 	 	 
	By: 	/s/ Lori Nembirkow	 	/s/ Anurup S.
    Pruthi	 
	Name:	Lori Nembirkow	 	Anurup S. Pruthi	 
	Title:	Secretary	 	 	 


  






    	 	17	 



     


    

 


EXHIBIT A


 


EXECUTIVE RELEASE AND COVENANT NOT TO
SUE


 


Except as otherwise provided herein, in consideration of
the severance payments and/or benefits I am eligible to receive pursuant to the employment agreement between Centric Brands
Inc., a Delaware corporation (the “Company”), and me, dated October __, 2018 (the “Employment
Agreement”), I, Anurup S. Pruthi, on behalf of myself, and on behalf of my heirs, successors and assigns, hereby
knowingly and voluntarily release and discharge, to the fullest extent permitted by law, the Company, and all of their
respective past and present subsidiaries, affiliates, predecessors, successors and assigns (“Company Entities”)
and, with respect to each and all of the Company Entities, all of their respective directors, officers, employees, agents,
each individually and in their representative capacities (“Company Entity Officials”) (Company Entities and
Company Entity Officials collectively referred to herein as “Released Parties”) from any and all claims, demands,
agreements, obligations, expenses, actions, judgments and liabilities of any kind whatsoever, in law, equity or otherwise,
whether known or unknown, suspected or claimed, specifically mentioned herein or not, which I had, have or may have against
any of the Released Parties by reason of any actual or alleged act, event, occurrence, omission, practice or other matter
whatsoever from the beginning of time up to and including the date that I sign this Separation and General Release Agreement
(this “Claims”), including that but not limited to Claims arising out of or in any way relating to: (i) my
employment with any and all of the Company Entities, including the termination of that employment; (ii) any common law,
public policy, company policy, contract (whether oral or written, express or implied) or tort law having any
bearing whatsoever on the terms and conditions of my employment; and/or (iii) any federal, state or local law, ordinance or
regulation including, but not limited to, the following (each as amended, if applicable): Age Discrimination in Employment
Act (including Older Workers Benefit Protection Act); Americans with Disabilities Act; Civil Rights Act of 1866; Civil Rights
Act of 1991; Equal Pay Act; Family and Medical Leave Act of 1993; National Labor Relations Act; Title VII of the Civil Rights
Act of 1964; Worker Adjustment and Retraining Notification Act; New York State and New York City Human Rights Laws; New York
State Labor Law; New York State Worker Adjustment and Retraining Notification Act; and any other law, ordinance or regulation
regarding discrimination or harassment or terms or conditions of employment. In addition, notwithstanding the foregoing, my
release of claims against Company Entity Officials shall be limited to claims relating to my employment with the Company.


 


I agree that I have entered into this Release as a compromise
and in full and final settlement of all Claims, if any, that I have or may have against any and all of the Released Parties up
to and including the date that I sign this Release (except as otherwise expressly set forth below). I also agree that, although
I may hereafter discover Claims presently unknown or unsuspected, or new or additional facts from those which I now knows or believe
to be true, I intend to provide a complete waiver of all Claims based on any facts and circumstances, whether known or unknown,
up to and including the date that I sign this Agreement (except as otherwise expressly set forth below).


 






    	 	18	 



     


    

 


However, notwithstanding the foregoing, I am not releasing,
and for the avoidance of doubt Claims do not include, my rights, if any, (i) to representation and indemnification by the Company
or any of its affiliates, however arising, to the maximum extent permitted by law, for all claims or proceedings, or threatened
claims or proceedings, arising out of or relating to my service as an officer, director or employee, as the case may be, of the
Company or any of its subsidiaries, (ii) to payment of any authorized but unreimbursed business expenses incurred prior to the
termination of my employment with the Company or any of its subsidiaries in accordance with Section 4(e) of my Employment Agreement,
(iii) under any employee pension or welfare plan or program in which I participate or participated, (iv) to receive payments, severance
and benefits under the Employment Agreement, (v) to be represented and indemnified pursuant to Section 8 of the Employment Agreement
or pursuant to other agreements to which I may be entitled to indemnification, (vi) to my right to elect health continuation coverage
under “COBRA” (or its state-law equivalent) and (vii) to any equity awards I have received prior to the date of termination
of my employment, including any Inducement RSUs. Furthermore, I am not releasing any rights or claims that may arise after the
date on which I sign this Release or that cannot be released by a private settlement agreement (such as statutory claims for worker’s
compensation/disability insurance benefits and unemployment compensation).


 


I represent that I have not assigned or transferred my rights
with respect to any Claims covered by this Release and that I have not filed, directly or indirectly any legal proceeding against
the Released Parties regarding any such Claims. If I commence (or commenced) or participate in any action or proceeding (including
as a member of a class of persons) regarding Claims covered by this Release, I acknowledge and agree that this Release shall be
a complete defense in such action or proceeding and, to the maximum extent permitted by law, I and my heirs, successors and assigns
will have no right to obtain or receive, and will not seek or accept, any damages, settlement or relief of any kind (including
attorneys’ fees and costs) as a result of such action or proceeding.


 


In addition, I acknowledge and agree that I am and will continue
to be bound by the terms and conditions set forth in the Employment Agreement (including the restrictive covenants) (the “Continuing
Obligations”),all of which continue to remain in full force and effect for the periods set forth therein notwithstanding
the termination of my employment and are hereby incorporated herein by reference.


 


In further consideration of the payment and/or benefits I am
eligible to receive pursuant to the Employment Agreement, I agree to reasonably cooperate with the Company Entities, their legal
counsel and designees regarding any current or future claim, investigation (internal or otherwise), inquiry or litigation relating
to any matter with which I was involved or had knowledge or which occurred during my employment, with such assistance including,
but not limited to, meetings and other consultations, signing affidavits and documents that are factually accurate, attending depositions
and providing truthful testimony (in each case, without requiring a subpoena); provided, however, that the Company will reimburse
me for my reasonable expenses (including attorneys’ fees and travel expenses) actually incurred by me in connection with
such cooperation (it being understood that if any such expenses are expected to exceed $5,000, I shall inform the Company prior
to incurring such expenses to provide the Company with an opportunity to either agree to reimburse me for such expenses or advise
me not to provide such cooperation necessitating the incurrence of such expenses).


 






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I acknowledge and agree that:


 


1. The payment and/or benefits I am receiving under the Employment
Agreement constitute consideration over and above any payments and/or benefits that I might be entitled to receive without executing
this Release.


 


2. The Company advised me to consult with an attorney prior
to executing this Release.


 


3. I was given a period of at least [21]/[45] days within which
to consider this Release and that I must sign and return this Release no later than __________, 201_.


 


4. The Company has advised me of my statutory right to revoke
my acceptance of the terms of this Release at any time within seven (7) days of my signing of this Release.


 


5. I warrant and represent that my decision to accept this Release
was (a) entirely voluntary on my part; (b) not made in reliance on any inducement, promise or representation, whether express or
implied, other than the inducements, representations and promises expressly set forth in the Employment Agreement or in the Release;
and (c) did not result from any threats or other coercive activities to induce acceptance of this Release.


 


In the event I decide to exercise my right to revoke within
seven (7) days of my acceptance of this Release, I warrant and represent that I will do the following: (1) notify the Company in
writing of my intent to revoke my agreement, and (2) simultaneously return in full the consideration, if any, received from the
Company Entities pursuant to the Employment Agreement and which consideration was expressly subject to my signing this Release.


 


Upon its effectiveness, this Release, the Employment Agreement
and the Continuing Obligations, together with any applicable equity award agreements and equity plans, contains the entire agreement
and understanding of the parties relating to the subject matter hereof and supersedes and replaces all prior and contemporaneous
agreements, representations and understandings (whether oral or written) regarding the subject matter hereof. Once executed by
me, this Release may be modified only in a document signed by me and the Company and referring specifically hereto, and no handwritten
changes to this Release will be binding unless initialed by me and the Company. If any portion of this Release is held to be unenforceable
by any court of competent jurisdiction, the parties intend that such portion be modified to make it enforceable to the maximum
extent permitted by law. If any such portion (other than the general release provisions) cannot be modified to be enforceable,
such portion shall become null and void leaving the remainder of this Release in full force and effect.


 


This Release shall be binding upon and inure to the benefit
of (i) the Released Parties, including the successors and assigns of the Released Parties, all of which are intended third-party
beneficiaries, and (ii) me and my heirs, successors and assigns. This Release is not an admission of liability or wrongdoing by
any of the Released Parties, and such wrongdoing or liability is expressly denied.


 






    	 	20	 



     


    

 


I further warrant and represent that I fully understand and
appreciate the consequence of my signing this Release and that I am signing it voluntarily.


 


IN WITNESS WHEREOF, the parties hereto have entered into this
Release as of _________, 20__.


 





	 
	Anurup S. Pruthi
	 	 
	 	 
	Centric Brands Inc.
	 	 
	By: 	                 
	Name:  	 
	Title: 	 











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