Exhibit 10.10


 


Execution Version


 



UNIT GRANT AGREEMENT


 


THIS UNIT GRANT AGREEMENT
(this “Agreement”) is dated as of August 9, 2019, by and among Authentic Brands Group LLC, a Delaware limited liability
company (the “Company”) and Jamie Salter (“Executive”).


 


W I T N E S S E T H


 


WHEREAS, on July 21, 2019,
the Company, BL Taurus LLC, BL ABG Holdings LLC, Jasper Ridge Diversified, L.P., Terrebonne Investments, L.P., JRP Professionals SPV,
L.P. Series M (ABG), JRP ABG Investors, L.P. and certain other parties have entered into that certain Membership Interest Purchase Agreement,
pursuant to which certain parties thereto will acquire interests in the Company (the transactions contemplated by such agreement, the
 “Transaction” and the closing of such Transaction, the “Transaction Closing”); and


 


WHEREAS, in connection with
the Transaction Closing, the Company desires to issue to Executive, and Executive desires to acquire from the Company, subject to the
terms and conditions set forth herein, at the Closing (as defined herein), an aggregate of 1,695,022.59 Common Units of the Company.


 


NOW THEREFORE, in consideration
of the premises and of the respective representations, warranties, covenants and conditions contained herein, the parties hereto, intending
to be legally bound, agree as follows:


 


1.           Certain
Definitions. Capitalized terms shall have the meanings set forth on Exhibit A hereto or otherwise in the LLC Agreement or
as defined herein.


 


2.           Issuance of Units.


 


2.1.      Issuance
of Units. Subject to the terms and conditions of this Agreement, the Company hereby issues to Executive at the Closing, 1,695,022.59
Class K-2 Common Units (the “Units”). The Units consist of (a) 1,017,013.56 Class K-2 Common Units subject to time-based
vesting in accordance with Section 3.1 (the “Time-Based Units”) and (b) 678,009.03 Class K-2 Common Units subject
to return-based vesting in accordance with Section 3.2 (the “Return-Based Units”). As of the date of grant, the Units
shall have a Benchmark Amount equal to $32.00 per Unit.


 


2.2.         Closing;
Deliveries.


 


(a)              
The issuance of the Units shall take place remotely via the exchange of documents and signatures effective as of immediately following
the Transaction Closing (which time and place are designated as the “Closing”). Notwithstanding anything to the contrary
herein, to the extent the Transaction is not consummated, this Agreement shall be null and void ab initio.


 


2.3.        Right
to Distributions. Notwithstanding anything to the contrary in the LLC Agreement or this Agreement, any distributions (or portions
thereof) with respect to any Unit that remains subject to forfeiture pursuant to Section 3.1(a) and 3.2(a) (each, a “Forfeitable
Unit”) that would otherwise be distributed to Executive pursuant to Section 10.1 of the LLC Agreement shall be held by the
Company in a segregated interest-bearing account (separate from and not commingled with the general funds of the Company) and shall be
invested in such manner as may be determined by the Board. Any such amount with respect to such a Unit (including any interest or other
income with respect thereto) shall be distributed to Executive when such Unit no longer constitutes a Forfeitable Unit; provided,
that if any such Unit has been forfeited pursuant to Section 3 or otherwise prior to such distribution, then such amount (including any
interest or other income with respect thereto) shall be distributed as determined by the Board pursuant to the provisions of Section
10.1 of the LLC Agreement. For the avoidance of doubt, this Section 2.3 shall not limit any Tax Distributions (as defined in the LLC
Agreement) payable to Executive pursuant to Section 10.2 of the LLC Agreement.


 






     


     


    

 


3.             Forfeiture.


 


3.1.          Time-Based
Units.


 


(a)              
In the event of (i) Termination Event prior to the earliest of (A) the applicable Time-Based Vesting Date set forth below, (B)
a Change in Control, or (C) a Qualifying Event and (ii) the absence of a Change in Control during the twelve-month period immediately
following such termination, Executive shall automatically forfeit the number of Units set forth below adjacent to such Time-Based Vesting
Date for no consideration on the first day following the twelve-month anniversary of such termination of Employment:


 


	Time-Based Vesting 

Date	
    Number of 

    Time-Based Units

 Forfeited

     

	October 26, 2019	254,253.39
	October 26, 2020	254,253.39
	October 26, 2021	254,253.39


 


provided that, no such forfeiture
shall occur with respect to any Units that upon such termination of Employment would become vested in accordance with the terms of the
Employment Agreement. For the avoidance of doubt, except as set forth in the Employment Agreement, the number of Time-Based Units forfeited
on the twelve-month anniversary of a termination of Employment pursuant to this Section 3.1(a) will equal the aggregate sum of all Time-Based
Units related to each Time-Based Vesting Date occurring after the date of such termination of Employment (as set forth on the table above).


 


(b)              
In the event of (i) termination of Executive’s Employment with the Company and its Affiliates by the Company for Cause, or
(ii) Executive’s breach of the covenants incorporated by reference into Section 7, Executive shall automatically forfeit all Time-Based
Units for no consideration on the date of such breach or termination of Employment.


 






     2


     


    

 


3.2.         Return-Based
Units.


 


(a)              
In the event of a Termination Event before a Threshold Event, Executive shall automatically forfeit the Maximum Forfeitable Units
(defined below) for no consideration on the date of such Termination Event. In the event of a Termination Event on or after a Threshold
Event, Executive shall automatically forfeit all or a portion of the Return-Based Units based on the Liquidity Event Price achieved in
a Liquidity Event on or prior to the date of such Termination Event, as set forth below, for no consideration, on the date of such Termination
Event:


 


	Liquidity Event Price	Number of Return-

Based Units Forfeited
	<$40.65	339,004.52 (the “Maximum Forfeitable Units”)
	≥$40.65, but <$44.34	169,502.26
	≥$44.34	0


 


For the avoidance of doubt,
(i) once a Liquidity Event Price set forth above is achieved in a Liquidity Event, the applicable Return-Based Units will no longer be
subject to forfeiture, regardless of the Liquidity Event Price in any subsequent Liquidity Event, and (ii) the parties acknowledge and
agree that the terms of the Employment Agreement relating to the treatment of Return-Based Units following a termination of Executive’s
Employment shall apply to the Return-Based Units.


 


(b)              
In the event of (i) termination of Executive’s Employment with the Company and its Affiliates by the Company for Cause or
(ii) Executive’s breach of the covenants incorporated by reference into Section 7, Executive shall automatically forfeit all Return-Based
Units for no consideration on the date of such breach or termination of Employment.


 


(c)              
In the event that both (i) the Liquidity Event Price does not equal or exceed $44.34 as of the Green Exit, and (ii) the Liquidity
Event Price does not equal or exceed $44.34 as of the GA Exit, Executive shall automatically forfeit all Return-Based Units that remain
subject to forfeiture pursuant to Section 3.2(a) for no consideration on the date of the Green Exit or GA Exit, as applicable.


  


3.3.          Company
Call Right.


 


(a)              
Subject to Section 3.3(b), in the event of termination of Executive’s Employment with the Company and its Affiliates by Executive
for any reason, the Company or any assignee or delegee of the Company, as applicable (including, without limitation an Affiliate of the
Company), shall, for a period of 210 days following such termination, have the right to purchase Executive’s unforfeited Units as
of the date of termination (after giving effect to the forfeiture provisions contemplated by Sections 3.1(a) and 3.2(a) above) (the “Call
Right”) by delivery of a written notice of exercise of such right to Executive, at a price equal to the Call Price. The Call
Price shall be paid by the Company (or its applicable assignee or delegee) in cash. Such purchase shall be effective immediately upon
payment of the Call Price to Executive. For purposes of this Section 3.3, the “Call Price” of any Units means the fair
market value of such Units as of the date the Company (or its applicable assignee or delegee) exercises the Call Right, taking into consideration,
among other things, the provisions applicable to Incentive Common Units and their respective Benchmark Amount set forth in Schedule 1.1(a)
of the LLC Agreement, the then-most recent valuations for internal reporting by the Green Parties and GA Parties and any equity issuances
to, or purchases by, any third parties after such valuations. The Call Price shall be determined by the Board in its good faith discretion.
For the avoidance of doubt, (i) in the event of a termination of Executive’s Employment with the Company and its Affiliates by the
Company other than for Cause, the Call Right shall not apply, and (ii) in the event of (A) a termination of Executive’s Employment
with the Company and its Affiliates by the Company for Cause or (B) Executive’s breach of the covenants incorporated by reference
into Section 7, Executive shall automatically forfeit all Units for no consideration on the date of such termination of Employment or
breach.


 






     3


     


    

 


(b)              
Notwithstanding Section 3.3(a), (i) the Call Right with respect to unforfeited Time-Based Units shall expire on, and the Company
shall have no right to purchase such unforfeited Time-Based Units under Section 3.3(a) on or after, October 26, 2021, and (ii) the Call
Right with respect to unforfeited Return-Based Units shall expire on, and the Company shall have no right to purchase such unforfeited
Return-Based Units under Section 3.3(a) on or after, the date of a Qualifying Event, in each case, subject to Executive’s continued
Employment with the Company and its Affiliates through the applicable date.


 


4.            Tag-Along
Rights. Notwithstanding anything to the contrary in the LLC Agreement, the number of Common Units held by Executive for purposes
of determining the number of Common Units that may be included in a Tag-Along Sale (as defined in the LLC Agreement) pursuant to Section
11.3(a) of the LLC Agreement shall exclude all Forfeitable Units.


 


5.             Representations
and Warranties of the Company. The Company hereby represents and warrants to Executive as follows:


 


5.1.         Organization,
Good Standing, Corporate Power and Qualification. The Company is a limited liability company duly organized, validly existing and
in good standing under the laws of the State of Delaware and has all requisite limited liability company power and authority to carry
on its business as presently conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in
good standing in each jurisdiction in which it currently conducts business.


 


5.2.          Authorization.
All limited liability company action required to be taken by the Company in order to authorize the Company to enter into this Agreement,
and to issue the Units at the Closing, has been taken or will be taken prior to the Closing. This Agreement, when executed and delivered
by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance
with their respective terms except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance,
or other laws of general application relating to or affecting the enforcement of creditors’ rights generally or (b) as limited
by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.


 






     4


     


    

 


5.3.         Valid
Issuance of Units. The Units, when issued, sold and delivered in accordance with the terms and for the consideration set forth in
this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on
transfer under this Agreement or the LLC Agreement, applicable state and federal securities laws and liens and restrictions created by
or imposed by Executive.


 


5.4.         Compliance. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement will not result in any violation or be in conflict with or constitute, with or without the passage of time and giving
of notice, either (a) a default under, or (b) an event which results in the suspension, revocation, forfeiture, or nonrenewal of, (i)
any provision of the Company’s certificate of formation or limited liability company agreement, (ii) any material instrument, judgment,
order, writ or decree applicable to the Company, or (iii) any material provision of federal or state statute, rule or regulation applicable
to the Company.


 


6.             Representations and Warranties of Executive. Executive hereby represents and warrants to the Company that:


 


6.1.         Authorization.
Executive has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by Executive, will constitute
valid and legally binding obligations of Executive, enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting enforcement of creditors’
rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies.


 


6.2.         Compliance
The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement
will not result in any violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either
(a) a default under, or (b) an event which results in the suspension, revocation, forfeiture, or nonrenewal of, (i) any material instrument,
judgment, order, writ or decree applicable to Executive, or (ii) any material provision of federal or state statute, rule or regulation
applicable to Executive.


 


6.3.          Purchase
Entirely for Own Account. This Agreement is made with Executive in reliance upon Executive’s representation to the Company,
which by Executive’s execution of this Agreement, Executive hereby confirms, that the Units to be acquired by Executive will be
acquired for investment for Executive’s own account, not as a nominee or agent, and not with a view to the resale or distribution
of any part thereof in violation of applicable securities laws, and that Executive has no present intention of selling, granting any
participation in, or otherwise distributing the same. By executing this Agreement, Executive further represents that, except for the
LLC Agreement, Executive does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer
or grant participations to such Person or to any third Person, with respect to any of the Units.


 






     5


     


    

 


6.4.          Disclosure
of Information. Executive has had an opportunity to discuss the Company’s business, management, financial affairs and the terms
and conditions of the offering of the Units with the Company’s management and has had an opportunity to review the Company’s
facilities.


 


6.5.          Restricted
Securities. Executive understands that the Units have not been, and will not be, registered under the Securities Act, by reason of
a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature
of the investment intent and the accuracy of Executive’s representations as expressed herein. Executive understands that the Units
are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, Executive
must hold the Units indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities,
or an exemption from such registration and qualification requirements is available. Executive acknowledges that the Company has no obligation
to register or qualify the Units for resale except as set forth in the LLC Agreement. Executive further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time
and manner of sale, the holding period for the Units, and requirements relating to the Company which are outside of Executive’s
control, and which the Company is under no obligation and may not be able to satisfy.


 


6.6.          No Public Market. Executive understands that no public market now exists for the Units, and that the Company has made no
assurances that a public market will ever exist for the Units.


 


6.7.          Legends.
Executive understands that the Units and any securities issued in respect of or exchange for the Units, may bear one or all of the following
legends:


 


(a)              Any
legend set forth in, or required by, the LLC Agreement.


 


(b)           Any
legend required by the securities laws of any state to the extent such laws are applicable to the Units represented by the certificate
so legended.


 


6.8.         
Accredited Investor. Executive is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the
Securities Act.


 


6.9.         No
General Solicitation. Neither Executive nor Executive’s agents or partners (if any) has either, directly or indirectly, including
through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement in either case in connection with
the offer and sale of the Units.


 


6.10.        Residence.
The principal place of business or residence of Executive is identified in the address of Executive set forth in Section 8.7.


 


7.             Restrictive
Covenants.


 


7.1.          Executive acknowledges and agrees that he shall remain subject to, and will comply with, all of the restrictive covenants and confidentiality
obligations set forth in any agreement entered into between Executive and the Company or any of its Affiliates, including, without limitation,
the Employment Agreement and any other unit grant or equity-based award plan or agreement, and, without limiting any rights under such
agreements, in consideration for the Company’s obligations set forth herein and other good and valuable consideration, the sufficiency
of which is hereby acknowledged and agreed, the restrictive covenants and the confidentiality obligations (and all interpretative, remedial,
third-party beneficiary and other related provisions) set forth in the Employment Agreement are hereby incorporated by reference into
this Section 7 as if set forth in full herein.


 






     6


     


    

 


7.2.        Executive
acknowledges that the Company has provided him with the following notice of immunity rights in compliance with the requirements of the
Defend Trade Secrets Act of 2016: (a) Executive shall not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney
solely for the purpose of reporting or investigating a suspected violation of law, (b) Executive shall not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal and (c) if Executive files a lawsuit for retaliation by the
Company for reporting a suspected violation of law, Executive may disclose the trade secret to his attorney and use the trade secret
information in the court proceeding, if Executive files any document containing the trade secret information under seal, and does not
disclose the trade secret information, except pursuant to court order.


  


7.3.          In
addition to any other right or remedy the Company may have against Executive for breach of the covenants incorporated by reference into
this Section 7, effective as of the date of any such breach, an amount equal to the amount of any distributions received by Executive
with respect to the Units on or prior to such breach shall immediately become due and payable by Executive to the Company, and the Company
shall have the right to offset such amount against any other payments to be made to Executive after such breach, subject to any limitations
under Section 409A of the Internal Revenue Code, as amended. For purposes of Section 3 and this Section 7.3, the Board shall determine
in its sole and absolute discretion whether a breach of the covenants incorporated by reference into this Section 7 has occurred, and
the date of any such breach.


 


8.            Miscellaneous.


 


8.1.        Survival
of Representations and Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the Company
and Executive contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing
and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of Executive or
the Company.


 


8.2.        Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.


 






     7


     


    

 


8.3.        Jurisdiction.
The Company and Executive hereby irrevocably and unconditionally consent to the jurisdiction of any New York court or federal court of
the United States sitting in the Southern District of New York in any action or proceeding relating to this Agreement and consents to
service of process in connection therewith by the delivery of notice to such Person’s address at the address for notices to such
Person pursuant to this Agreement.


 


8.4.        Governing
Law. This Agreement shall be governed in all respect by the laws of the State of New York without regard to choice of laws or conflict
of laws provisions thereof that would require the application of the laws of any other jurisdiction.


 


8.5.        Counterparts.
This Agreement may be executed in one or more counterparts, all of which taken together shall be deemed one original.


 


8.6.        Headings;
Interpretation. When a reference is made in this Agreement to a Section or Exhibit such reference shall be to a Section or Exhibit
of this Agreement unless otherwise indicated. The headings contained in this Agreement or in any Exhibit are for convenience of reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in this Agreement will
be construed to be of such gender or number as the circumstances require. Any capitalized terms used in any Exhibit but not otherwise
defined therein shall have the meaning as defined in this Agreement. All Exhibits annexed hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth herein. The word “including” and words of similar import when used in
this Agreement will mean “including, without limitation,” unless otherwise specified.


 


8.7.         Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent
by facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid,
or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day
delivery, with written verification of receipt.


 


All communications to the
Company shall be sent to:


 


Authentic Brands Group LLC


1411 Broadway, 4th Floor


New York, NY 10018


Facsimile: (212) 760-2419


Attention: James Salter and Jay Dubiner


 


with copies to:


 


Simpson Thacher & Bartlett LLP


425 Lexington Avenue


New York, NY 10017


Email: Andrew.Blau@stblaw.com


Attention: Andrew Blau


 


All communications to Executive
shall be sent to his residence address at the last address set forth on the Company’s records or email address as set forth below,
or to such residence address or email address as subsequently modified by written notice given in accordance with this Section 8.7:


 


Email: ####


 






     8


     


    

 


8.8.         No
Finder’s Fees. Each party represents that he or it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. Executive agrees to indemnify and to hold harmless the Company from any liability for any commission
or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of
defending against such liability or asserted liability) for which Executive or any of Executive’s representatives is responsible.


 


8.9.        Amendments
and Waivers; Units Subject to LLC Agreement. Any term of this Agreement may be amended, terminated or waived only with the written
consent of the Company and Executive. Any amendment or waiver effected in accordance with this Section 8.9 shall be binding upon Executive
and each transferee of the Units, each future holder of all such securities, and the Company. The issuance of the Units under this Agreement
shall in no way restrict the adoption of any amendment to the LLC Agreement in accordance with the terms of such agreement. By entering
into this Agreement, Executive agrees and acknowledges that (i) Executive has received and read a copy of the LLC Agreement and
(ii) the Units are subject to the LLC Agreement, the terms and provisions of which are hereby incorporated herein by reference.
In the event of a conflict between any term or provision contained herein and a term or provision of the LLC Agreement, the applicable
terms and provisions of the LLC Agreement will govern and prevail.


 


8.10.      Severability.
If any provision of this Agreement shall be invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision
and shall not in any manner affect or render invalid or unenforceable any other severable provision of this Agreement, and this Agreement
shall be carried out as if any such invalid or unenforceable provision were not contained herein.


 


8.11.       Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach
or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach
or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any
breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must
be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement
or by law or otherwise afforded to any party, shall be cumulative and not alternative.


 






     9


     


    

 


8.12.      
Entire Agreement. This Agreement (including the Exhibits hereto), the Employment Agreement and the LLC Agreement constitute
the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or
oral agreement relating to the subject matter hereof existing between the parties are expressly canceled; provided that, nothing
herein shall supersede or otherwise modify any restrictive covenants to which Executive is subject as of the date hereof. In the event
of a conflict between the terms and provisions of this Agreement and the Employment Agreement, the Employment Agreement shall control.


 


8.13.        No
Presumption Against Drafting Party. Each of the parties hereto acknowledges that he or it has been represented by counsel in connection
with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law or any legal decision that would
require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application and is expressly waived.


 


8.14.      Adjustments.
Without limiting the terms and conditions of the LLC Agreement, in the event of (a) any dividend (other than regular cash dividends)
or other distribution (whether in the form of cash, Common Units, other securities, or other property), recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, extraordinary sale or repurchase
transactions, or exchange of Common Units or other securities of the Company, or other similar corporate transaction or event that affects
the Common Units (including a Change in Control), or (b) any unusual or nonrecurring events affecting the Company, including changes
in applicable laws, rules or regulations, extraordinary sale or repurchase transactions, or the dissolution or liquidation of the Company,
that the Company determines, in its sole discretion, warrants adjustment in order to maintain or satisfy the intended purpose of this
Agreement (any event in (a) or (b), an “Adjustment Event”), the Company shall, in respect of any such Adjustment Event,
make such proportionate substitution or adjustment, if any, as it deems equitable, to any or all of the terms of the Units, including,
without limitation, the Benchmark Amount, the Liquidity Event Price, the number of Common Units or other securities of the Company (or
number and kind of other securities or other property) subject to this Agreement or to which this Agreement relates and any applicable
performance measures. Any adjustment under this Section 8.14 shall be conclusive and binding for all purposes.


 


8.15.       Acknowledgment.
Each of the parties hereto acknowledge that the Transaction is not a Change in Control for purposes of this Agreement.


 






     10


     


    

 


IN WITNESS WHEREOF, the undersigned,
intending to be legally bound hereby, have duly executed this Agreement as of the day first above written.


 


	 	AUTHENTIC BRANDS GROUP LLC
	 	  
	 	By:	/s/ Jay Dubiner
	 	 	Name: Jay Dubiner
	 	 	Title: General Counsel
	 	 
	 	JAMES  SALTER
	 	 
	 	/s/ James Salter




 


Signature Page to Unit
Grant Agreement


 






     


     


    

 


EXHIBIT
A


 


DEFINITIONS


 


		(a)	“Affiliate” of any Person shall mean (i) any other Person that directly or indirectly,
through one or more intermediaries, Controls, is Controlled by, or is under common Control with such first Person and (ii) with respect
to a natural Person, any Person that is in the same Group as such first Person.



 


		(b)	“Blackrock Parties” means, collectively, (i) BL Taurus LLC and (ii) BL ABG Holdings LLC.



 


		(c)	“Board” shall mean the board of directors of the Company.



 


		(d)	“Cause” shall have the meaning set forth in the Employment Agreement.



 


		(e)	“Change in Control” means either (i) the sale of all or substantially all of the assets of the Company, to any
other person or entity (other than to any of the Principal Unitholders or their Affiliates (other than a portfolio company of any Principal
Unitholder), or any employee benefit plan maintained by the Company or any of its subsidiaries), or (ii) a change in beneficial ownership
or control of the Company, through a transaction or series of related transactions (other than an offering of Common Units or other securities
to the general public through a registration statement filed with the Securities and Exchange Commission), whereby any “person”
or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other
than the Company, any of its subsidiaries, the Principal Unitholders, any of their respective Affiliates (other than a portfolio company
of any Principal Unitholder), or any employee benefit plan maintained by the Company or any of its subsidiaries), directly or indirectly
acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than
50% of the total combined voting power of such entity’s securities outstanding immediately after such acquisition (or 35% to the
extent such transaction occurs following a Public Offering solely to the extent that, following such transaction, the beneficial ownership
of Company securities of such “person” or related “group” of “persons” is greater than the Principal
Unitholders’ and the Blackrock Parties’ beneficial ownership of Company securities).



 


		(f)	“Control” (including the correlative term “Controlled”) shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person whether through
ownership of voting securities, by contract or otherwise and “Control” used as a verb shall have a corresponding meaning.



 


		(g)	“Dividend Payment” means any cash dividend or distribution (other than any Tax Distributions
(as defined in the LLC Agreement)) to the holders of Class A Common Units.



 


		(h)	“Disability” shall have the meaning set forth in the Employment Agreement.



 






    A-1


     


    

 


		(i)	“Employment” and “termination of Employment” and similar references
shall mean, respectively, employment or service with, and termination of employment or service from, the Company and/or its Affiliates.
For this purpose, “service” shall include service as an employee, consultant or other independent contractor, but, with respect
to non-employee services, only for periods of a continuing significant service relationship. All determinations regarding employment and
service (for purposes of this Agreement) shall be made by the Board in its sole and absolute discretion. In addition, the Board shall,
in its sole and absolute discretion, determine whether or not a leave of absence is a termination of Employment for purposes of this Agreement.



 


		(j)	“Employment Agreement” shall mean the Third Amended and Restated Employment Agreement,
dated as of July 21, 2019, by and between the Executive, Authentic Brands Group, LLC and ABG Ontario, Inc., as may be amended and/or restated
from time to time.



 


		(k)	“Exchange Act” means the Securities Exchange Act of 1934, as amended.



 


		(l)	“GA Exit” means the GA Sale immediately following which the GA Parties and their Affiliates
hold no equity interests in the Company (or any successor thereof) or any of its subsidiaries (or, if earlier, a complete dissolution
or liquidation of the Company).



 


		(m)	“GA Parties” means, collectively, (i) General Atlantic (AB) Collections, LP and (ii)
such other Affiliates of General Atlantic LLC as may hold GA Units from time to time. 



 


		(n)	“GA Sale” means any sale by the GA Parties of all or a portion of their equity interests
in the Company, whether through a Public Offering or otherwise, to any other person or entity (other than to any of the other GA Parties
or their Affiliates, or any employee benefit plan maintained by the Company or any of its subsidiaries).



 


		(o)	“Good Reason” shall have the meaning set forth in the Employment Agreement.



 


		(p)	“Green Exit” means the Green Sale immediately following which the Green Parties and
their Affiliates hold no equity interests in the Company (or any successor thereof) or any of its subsidiaries (or, if earlier, a complete
dissolution or liquidation of the Company).



 


		(q)	“Green Parties” means, collectively, Green Equity Investors V, L.P., a Delaware limited
partnership, LGP License II LLC, a Delaware limited liability company, and LGP License Coinvest LLC, a Delaware limited liability company.



 


		(r)	“Green Sale” means any sale by the Green Parties of all or a portion of their equity
interests in the Company, whether through a Public Offering or otherwise, to any other person or entity (other than to any of the other
Green Parties or their Affiliates, or any employee benefit plan maintained by the Company or any of its subsidiaries).



 


		(s)	“Group” shall mean, with respect to a Person, such Person and (i) such Person’s
Spouse, (ii) a lineal descendant, by birth or adoption, of such Person or such Person’s parents, the Spouse of any such descendant
or a lineal descendant of any such Spouse, (iii) a trustee of a trust (whether inter vivos or testamentary), all of the current beneficiaries
and presumptive remaindermen of which are such Person and/or one or more Persons described in clauses (i) or (ii) of this definition,
(iv) a corporation, limited liability company, trust, cooperative or partnership or any other entity of which all of the outstanding shares
of capital stock or interests therein are owned by such Person and/or Persons described in clauses (i) through (iii) of this definition,
(v) an individual covered by a qualified domestic relations order with such Person or any Persons described in clauses (i) or (ii) of
this definition or (vi) a legal or personal representative of such Person or any Person described in clause (i), (ii), or (v) in the event
of any such Person’s death or disability. For purposes of this definition, “presumptive remaindermen” refers to those
Persons entitled to a share of a trust’s assets if it were then to terminate.



 






    A-2


     


    

 


		(t)	“Liquidity Event” means any Sale Event or Dividend Payment.



 


		(u)	“Liquidity Event Price” means (i) with respect to any Liquidity Event that constitutes a Sale Event, the sum of
(A) the price paid in such Sale Event for a Class A Common Unit and (B) the aggregate amount of cash dividends or distributions (other
than Tax Distributions and without duplication of any amounts taken into account in clause (i)(A)) paid in respect of a Class A Common
Unit following the Transaction Closing and on or prior to the date of such Sale Event, and (ii) with respect to any Liquidity Event that
constitutes a Dividend Payment, the sum of (A) the aggregate amount of cash dividends or distributions (other than Tax Distributions)
paid in respect of a Class A Common Unit following the Transaction Closing and on or prior to the date of the Sale Event occurring prior
to the Dividend Payment (if any) in which the highest price per Class A Common Unit is paid (the “Reference Sale Event”) or,
if no Sale Event has occurred after the Transaction Closing, all such dividends and distributions following the Transaction Closing, and
(B) solely to the extent a Sale Event has occurred prior to a Dividend Payment, the greater of (x) the price paid for a Class A Common
Unit in the Reference Sale Event occurring immediately prior to such Dividend Payment and (y) the aggregate amount of cash dividends or
distributions (other than Tax Distributions and without duplication of any amounts taken into account in clause (ii)(B)) paid in respect
of a Class A Common Unit following such Reference Sale Event; provided that, in connection with a Sale Event consisting of more than one
consecutive and related transaction, the price included in subsections (i)(A), (ii)(A) and (ii)(B) of this definition shall be the lowest
price paid in exchange for a Class A Common Unit in the transactions included in such Sale Event.



 


		(v)	“LLC Agreement” means the Fifth Amended & Restated Limited Liability Company Agreement of the Company, to be
effective immediately upon the Transaction Closing, and as may be further amended from time to time.



 


		(w)	“Permitted Holder” means any “group” (within the meaning of Rules 13d-3
and 13d-5 under the Exchange Act as in effect on the date of this Agreement) the members of which include any Principal Unitholder and
that, directly or indirectly, hold or acquire beneficial ownership of the voting equity interests of the Company (a “Permitted
Holder Group”), so long as the Principal Unitholders beneficially own more than 50% (or, following an initial public offering,
no other person or other “group” owns more than the greater of 50% and the percentage beneficially owned by the Principal
Unitholders) on a fully diluted basis of the voting equity interests of the Company held by the Permitted Holder Group.



 






    A-3


     


    

 


		(x)	“Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity.



 


		(y)	“Principal Unitholders” means, collectively, the Green Parties, Salter LLC and the
GA Parties.



 


		(z)	“Public Offering” means a public offering of the Company’s Common Units or other
securities of the Company or one of its Affiliates pursuant to a registration statement declared effective under the Securities Act.



 


		(aa)	“Qualifying Event” means a Green Exit or GA Exit that is (i) a Liquidity Event and (ii) where the Liquidity Event
Price achieved on or prior to such Liquidity Event equals or exceeds $44.34.



 


		(bb)	“Sale Event” means any sale of Class A Common Units (through one or more consecutive
and related transactions) pursuant to which a number of Common Units equaling 10% or more of the total number of Common Units of the Company
outstanding as of immediately prior to such transaction (on a fully-diluted basis) are, directly or indirectly, acquired by any Persons
(other than the Principal Unitholders or their Affiliates (other than a portfolio company of any Principal Unitholder), the Company or
any of its subsidiaries, or any employee benefit plan maintained by the Company or any of its subsidiaries).



 


		(cc)	“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.



 


		(dd)	“Spouse” shall include a Person’s then current wife, husband, or domestic partner
(or any other equivalent term) under applicable law.



 


		(ee)	“Termination Event” means a termination of Executive’s Employment with the Company
and its Affiliates (i) by Executive for any reason, (ii) by the Company other than for Cause or (iii) due to death or Disability.



 


		(ff)	“Threshold Event” means a Liquidity Event where the Liquidity Event Price equals or exceeds $40.65.



 






    A-4