Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

SUBSCRIPTION AGREEMENT 

THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into as of November 13, 2018, by and among
Empire Resorts, Inc., a Delaware corporation (the “Company”), and Kien Huat Realty III Limited, a corporation organized in the Isle of Man (the “Purchaser”). 

WHEREAS, the Company and the Purchaser entered into that certain amended and restated commitment letter agreement, dated as of
November 9, 2018 (the “Commitment Letter”), pursuant to which the Purchaser agreed to make an aggregate financing commitment to the Company that would be funded in installments and subject to reduction from time to time in
accordance therewith; and 
 WHEREAS, pursuant to the Commitment Letter and consistent with the installment schedule included therein, the
Company desires to issue shares of its Series F Convertible Preferred Stock, par value $0.01 per share as set forth in Section 1.1 (the “Preferred Stock”), and the Purchaser desires to acquire such Preferred Stock and
contribute to the capital of the Company the amount set forth in Section 1.1 hereof. 
 NOW, THEREFORE, in
contemplation of the foregoing and in consideration of the mutual agreements, covenants, representations and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and
intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

SUBSCRIPTION FOR PREFERRED STOCK 

Section 1.1. Subscription for Preferred Stock. Subject to the terms and conditions hereinafter set forth, the Purchaser hereby
subscribes for 120 shares of the Preferred Stock (the Shares”) and agrees to pay to the Company cash on the date hereof, as the purchase price for the Preferred Stock, in the amount of $100,000 per share of Preferred Stock, in the
aggregate amount of $12,000,000, and the Company agrees to sell such Shares to the Purchaser. 
 Section 1.2. Issuance of
Shares. The Company shall issue to and register in the name of the Purchaser one (1) certificate evidencing the Shares. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to the Purchaser as of the date hereof as follows: 

Section 2.1. Organization. The Company is a corporation duly organized, validly existing and in good standing under the laws of
the State of Delaware. 

 Section 2.2. Authority. 

(a) The execution, delivery, and performance by the Company of this Agreement have been duly authorized by all necessary action. 

(b) This Agreement constitutes a valid and legally binding obligation of the Company, enforceable against the Company in accordance with its
terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles.

 Section 2.3. Title to Shares. Upon the issuance by the Company to the Purchaser of the Shares in accordance with the terms of
this Agreement, the Shares will be validly issued, fully paid, and non-assessable and free of preemptive rights, and will represent 100% of the issued and outstanding shares of the Preferred Stock (taking into
account all previous issuances of Preferred Stock to Purchaser) and upon delivery by the Company to the Purchaser of such Shares in accordance with the terms of this Agreement, the Purchaser will acquire good and marketable title to the Shares. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby represents and warrants to the Company as of the date hereof as follows: 

Section 3.1. Organization. The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of
the Isle of Man. 
 Section 3.2. Authority and Execution. 

(a) The Purchaser has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution,
delivery, and performance by the Purchaser of this Agreement have been duly authorized by all necessary action. 
 (b) This Agreement
constitutes a valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles. 

Section 3.3. Experience. The Purchaser has such knowledge and experience in financing and business matters that it is capable of
evaluating the merits and risks of an investment in the Shares and of making an informed decision and has the capacity to protect its own interests. 

Section 3.4. Accredited Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D under the
Securities Act of 1933, as amended. 

  
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 Section 3.5. Investment; Access to Data. The Purchaser is acquiring the Shares
for its own account, not as a nominee or agent and not with the view to, or for resale in connection with, any distribution thereof. It has had an opportunity to discuss the Company’s business, management and financial affairs with the
Company’s management and has been supplied with all information it deems necessary to make an informed investment decision. 

Section 3.6. Restrictions on Transfer. 

(a) The Purchaser acknowledges and agrees that the Shares may not be offered for sale, sold or transferred except (a) pursuant to an
effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction which is exempt from registration under the Securities Act or for which such registration is otherwise
not required or (b) pursuant to an effective registration statement under any applicable securities laws of any state (the “State Acts”) or in a transaction which is exempt from registration under such State Acts or for
which such registration otherwise is not required. Purchaser agrees that if any transfer of its Shares or any interest is proposed to be made, as a condition precedent to any such transfer, Purchaser may be required to deliver to the Company an
opinion of counsel satisfactory to the Company. 
 (b) All certificates representing the Shares shall have endorsed thereon legends
substantially as follows: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS COMPANY, IS AVAILABLE.” 

(c) In the event of the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding capital stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject to this Section 3 or into which such Shares thereby become convertible shall immediately be subject to this
Section 3. Pursuant to Section 5 of the Certificate of Designations, Preferences and Rights of Series F Convertible Preferred Stock of the Company, appropriate adjustments to reflect the distribution of such securities or property shall be
made to the number and/or class of shares of Preferred Stock subject to this Section 3. 

  
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 ARTICLE IV 

MISCELLANEOUS PROVISIONS 

Section 4.1. Amendments, Etc. No amendment, modification or waiver of any provision of this Agreement, nor consent to any
departure by any party herefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for
which it was given. 
 Section 4.2. Third Party Beneficiaries. Except as expressly provided in this Agreement, nothing in this
Agreement is intended or shall be construed to confer upon any person or entity, other than the parties and their respective successors and permitted assigns, any right, remedy or claim under or by reason of this Agreement or any provision herein
contained. 
 Section 4.3. Successors, Assigns. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns; provided, that neither this Agreement nor any of the rights hereunder may be assigned by any of the parties hereto without the consent of each other party. 

Section 4.4. Governing Law. This Agreement shall be governed in all respects by the laws of the State of New York, without regard
to conflicts of laws principles thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any action or proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, that such action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such action or proceeding by mailing a
copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party hereto shall commence an action or proceeding to enforce any provision of this
Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT
PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

Section 4.5. Counterparts; Electronic Transmission. This Agreement may be executed in counterparts, which need not contain the
signatures of more than one party, but such counterparts taken together will constitute one and the same agreement. This Agreement may be executed and delivered by electronic transmission in portable document format and/or facsimile transmission or
by such other method as the parties may mutually agree. 

  
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 Section 4.6. Headings. The headings of the various sections of this Agreement
have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement for any other purpose. 

Section 4.7. Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties hereto and
supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. Notwithstanding the foregoing, this Agreement does not supersede any terms of the Commitment Letter, which shall continue to govern
the KHRL Financing (as such term is defined in the Commitment Letter) and operate in full force and effect in accordance with its terms. 

Section 4.8. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or enforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provisions in any other jurisdiction. 

[Signature page follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

			
	EMPIRE RESORTS, INC.
		
	By:	 	 /s/ Ryan Eller

	Name:	 	Ryan Eller
	Title:	 	President and Chief Executive Officer
	
	KIEN HUAT REALTY III LIMITED
		
	By:	 	 /s/ Gerard Lim Ewe Keng

	Name:	 	Gerard Lim Ewe Keng
	Title:	 	Authorized Signatory

  
 [Signature Page to
Subscription Agreement]Exhibit

November 12th , 2018

EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT dated as of November 12th 2018, by and between Coty Services UK Limited, a company incorporated in England and Wales under registration number 325646 (the “Company”), and Pierre Laubies (the “Executive” ).
WHEREAS, the Company and the Executive have agreed that Executive shall become an employee of the Company in order that the Company may provide the services of the Executive under a management services agreement between the Company and Coty Inc., a Delaware corporation (the “Parent”); and
WHEREAS, the Company and Executive mutually desire to set forth the other terms and conditions under which Executive will be employed by the Company beginning on the Commencement Date (as defined below).
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the parties agree as follows:
1.    Employment Term. Executive’s employment by the Company hereunder shall be for a period which shall commence on November 12, 2018, or such later date upon which this Agreement is approved by the Board of directors of the Parent (the “Board”) (such date hereinafter referred to as the “Commencement Date”) and shall continue until terminated in accordance with this Agreement (including, without limitation, the provisions of the document attached at Annex 1). The period commencing as of the Commencement Date and ending on the date on which the Executive’s employment terminates is hereinafter referred to as the “Employment Term”. 
2.    Positions. During the Employment Term, Executive shall serve as Chief Executive Officer of the Parent and in such positions with the Parent, the Company or any other business entity, directly or indirectly, controlled by or under common control with the Parent (each, a “Group Company” and together the “Group”) as the Board shall reasonably direct the board of the Company to assign to the Executive.  In such capacities, Executive shall carry out such duties appropriate to his status and exercise such powers in relation to, any applicable Group Company and each of their respective businesses as may from time to time be assigned to or vested in him by the Board. Executive shall perform his duties and responsibilities as Chief Executive Officer based in the Coty office in London, and shall travel as required by the Group’s business to other Group Company offices in New York, Paris, and Geneva, as and on such basis as the parties shall mutually agree; provided, however, that Executive shall not perform services from the United States or any other jurisdiction unless and until all necessary visas, work permits or other documentation to permit him lawfully to provide such services in such jurisdictions have been obtained. The Company may also require Executive to work on a temporary basis from any Group Company location and travel to such location as may be required for the performance of his duties. Executive will be required to keep a complete and accurate records of the time spent performing his duties under this Agreement, the nature of those duties, and the location from where such duties were performed. Executive shall devote his best efforts to the performance of his duties hereunder and shall not engage in any other business, profession or occupation for compensation or otherwise; provided, that nothing herein shall be deemed to preclude Executive from engaging in personal, charitable or civic activities or serving on the board of directors of a corporation or the equivalent governing body of another business entity that would 

not violate the covenants contained in Annex 2 hereto as long as such activities, either individually or in the aggregate, do not interfere with the performance of his duties hereunder.
3.    Base Salary. During the Employment Term, the Company shall pay Executive a base salary (the “Base Salary”) at the annual rate of the equivalent of US$1,500,000 payable in pounds sterling (“GBP”), converted at an exchange rate equal to the average of the daily US$:GBP spot exchange rates published by the Bank of England on each business day beginning thirty (30) days prior to the Commencement Date and ending as of the business day immediately prior to the Commencement Day. The Base Salary shall be payable in arrears, in accordance with the usual payment practices of the Company. Salary shall be inclusive of any sums receivable (and shall abate by any sums received) by the Executive as director’s fees from any Group Company or otherwise arising from any office held by the Executive by virtue of his employment under this Agreement. Executive’s Base Salary shall be subject to periodic review by the Board, not less frequently than annually, for possible increase and any such increased rate will thereafter be the Base Salary for all purposes of this Agreement. Under no circumstances may the Base Salary be decreased during the Employment Term.
4.    Stock Purchase. Not later than December 31, 2018, Executive shall acquire, through open market purchases, the number of shares of Class A common stock of the Parent (“Class A Common Stock”) equal to the quotient obtained by dividing (i) US$20,000,000 (twenty million U.S. dollars) by (ii) the closing price of a share of Class A Common Stock on the New York Stock Exchange as of the Grant Date (as defined below).  The number of shares of Class A Common Stock to be acquired in accordance with this Section 4 is herein referred to as the “Investment Target Amount”.
5. Matching Award.  Pursuant to the Coty Inc. Equity and Long-Term Incentive Plan, as in effect on the date hereof and as may be amended from the time to time, (the “Plan”) and in accordance with the terms and conditions of the Subscription and Stock Option Agreement attached hereto as Annex 2, on or promptly following the Commencement Date, the Parent shall grant Executive the number of Stock Options (as defined in the Plan) equal to the three (3) times the Investment Target Amount.  Upon vesting, each Stock Option shall give the Executive the right to purchase from the Company one (1) share of Class A Common Stock.  The exercise price with respect to each share of Class A Common Stock subject to the Stock Options shall equal the Fair Market Value (as defined in the Plan) of a share of Class A Common Stock on the Grant Date (as defined in the Plan).  Except as otherwise provided in the Subscription and Stock Option Agreement, the Stock Options shall vest and become exercisable on the following schedule, subject to the Executive’s continued employment with the Company through the applicable vesting date:
	
		
	Third Anniversary of the Grant Date
	60% of the Stock Options vest

	Fourth Anniversary of the Grant Date
	20% of the Stock Options vest

	Fifth Anniversary of the Grant Date
	20% of the Stock Options vest

Notwithstanding the foregoing, the equity award to be granted in accordance with this Section 5 may, subject to the mutual agreement of the Executive and the Board, be structured as an investment by the Executive in Series A Preferred Stock of the Parent having economics and terms and conditions substantially similar to the Stock Options as set forth above and in the Subscription and Stock Option Agreement.  
6. Sign-On Restricted Stock Unit Award.  Pursuant to the Plan and in accordance with the terms and conditions of the Restricted Stock Unit Agreement attached hereto as Annex 3, on or promptly 

following the Commencement Date, the Parent shall grant Executive the number of Restricted Stock Units (as defined in the Plan) having a Fair Market Value as of the Grant Date equal to US$5,000,000 (five million U.S. dollars).  Upon vesting, each Restricted Stock Unit shall give the Executive the right to receive one share of Class A Common Stock as set forth in the Restricted Stock Unit Agreement.  Except as otherwise provided in the Restricted Stock Unit Agreement, the Restricted Stock Units shall on the following schedule, subject to the Executive’s continued employment with the Company through the applicable vesting date:
	
		
	Third Anniversary of the Grant Date
	60% of the Restricted Stock Units vest

	Fourth Anniversary of the Grant Date
	20% of the Restricted Stock Units vest

	Fifth Anniversary of the Grant Date
	20% of the Restricted Stock Units vest

7.  Executive Benefits. During the Employment Term, Executive shall be entitled to participate in the employee benefit plans generally made available to senior executives of the Group in the United Kingdom, including, without limitation, any pension plan and plans providing medical, dental, accidental death and disability and life insurance coverage, on, and in accordance with, the terms and conditions specified in such plans. The Executive shall be entitled to 25 vacation days in additional to public holidays per year subject to the terms and conditions of the Company’s standard vacation policies for its employees as in effect from time to time (the “Vacation Policy”), including, without limitation, such overall limitations on accrued but unused vacation as the Vacation Policy may provide. Executive shall also be provided with the use of a Company-provided automobile in accordance with the policy applicable to the use of Company-provided vehicles by senior executives of the Group or, at the election of Executive, be entitled to receive a car allowance of an amount calculated in accordance with such policy.
8.    Business Expenses. The Company shall reimburse such of Executive’s travel, entertainment and other business expenses as are reasonably and necessarily incurred by Executive during the Employment Term in the performance of his duties hereunder, in accordance with the Company’s policies as in effect from time to time.   Subject to any limitations and conditions that may apply at applicable law, Executive hereby authorizes the Company to deduct from any sums owing to him (including but not limited to salary and accrued holiday pay) the amount of any sums owing from the Executive to the Company at any time.
9.    Termination. Upon a termination of the Employment Term, Executive shall be entitled to the payments described in this Section 9. Capitalized terms in this Section 9 shall have the meaning given to them in the Plan.
(a)    For Cause by the Company; by Executive without Good Reason. The Employment Term may be terminated by the Company, subject to the provisions of this Section 9(a), for Cause or by Executive without Good Reason. If the Employment Term is terminated by the Company for Cause or by Executive without Good Reason, Executive shall be entitled to receive his Base Salary through the date of termination and any unreimbursed business expenses, payable promptly following the later of the date of such termination and the date on which the appropriate documentation is provided. The amounts payable under the immediately preceding sentence shall be called the “Accrued Obligations.” Executive shall also be entitled to receive any other non-forfeitable benefits that may be payable following termination of the Employment Term pursuant to the express provisions of the plans, policies and practices of the Company applicable to Executive (the “Vested Plan Benefits”), which shall be payable at the time(s) determined in accordance with such plans, policies or practices.

(b)    Disability; Death.   The Employment Term shall terminate upon Executive’s death or, at the Company’s election, if Executive incurs a Disability. In such event, the Company shall pay Executive, his estate or his duly designated beneficiaries, the Accrued Obligations and the Vested Plan Benefits.  
(c)    By the Company without Cause; by Executive with Good Reason.  The Employment Term may be terminated by the Company without Cause or by Executive with Good Reason subject to compliance with any statutory notice periods, and the notice period referred to in Annex 1, that may be applicable or payment in lieu thereof.  If the Employment Term is terminated by the Company without Cause or by Executive with Good Reason, subject to Executive’s continued compliance with the covenants set forth in Annex 1 hereto and execution of a general release having customary terms and conditions satisfactory to the Company, Executive shall receive (i) the Accrued Obligations, (ii) the Vested Plan Benefits, (iii) continued payment of the Executive’s Base Salary for one (1) year following the end of the Employment Term (or, in the event of termination of the Employment Term by Executive for Good Reason following a Change in Control, two (2) years following the end of the Employment Term) (the “Severance Benefit ”), (iv) payment by the Company of Executive’s cost to continue participation in the Group’s medical plans until the earlier of (A) the end of the period over which the Severance Benefit is payable and (B) such time as Executive is eligible to receive comparable welfare benefits from a subsequent employer, and (v) any unreimbursed business expenses, payable promptly following the later of the date of such termination and the date on which the appropriate documentation is provided.
Without limiting the generality of the foregoing, any Severance Benefits payable under this Section 9(c) will be reduced by an amount equal to (i) compensation to which the Executive may be awarded in respect of a claim brought by him for unfair or constructive dismissal or/and any other compensatory payments that might be awarded to him by any court or tribunal of competent jurisdiction; (ii) any additional compensation which the Executive may be awarded in any other country in which he works as a result of the termination of his employment or directorship with any Group Company and (iii) any payment in lieu of notice.
(d)    Notice of Termination.  Where notice of termination has been served by either party the Company may in its absolute discretion require Executive to take “Garden Leave” for all or any part of the notice period. If the Executive is asked to take Garden Leave he may not attend at his place of work or any of the premises of any Group Company. Executive may be required not to carry out any duties during the remaining period of employment. Executive may be asked to resign immediately from any offices he holds with the Company or any Group Company. During Garden Leave, Executive may not without prior written permission of the Company contact or attempt to contact any client, customer, supplier, agent, professional adviser, broker or banker of any Group Company or any employee (save for personal reasons) of any Group Company. During any period of Garden Leave Executive will continue to receive full salary and benefits and all of the obligations that Executive has to the Company under this Agreement and at common law remain in full force and effect.
(e)    Resignation from Positions Upon Termination. Unless otherwise agreed upon in writing by the Company and Executive, upon the termination of Executive’s employment for any reason, Executive shall be deemed to have resigned, without any further action by Executive, from any and all positions (including, but not limited to, any officer and/or director positions or positions as a fiduciary of any of the Group’s employee benefit plans) that Executive, immediately prior to such termination, (i) held within the Group and (ii) held with any other entities at the direction of, or as a result of Executive’s affiliation with, the Group. If for any reason this Section 9(e) is deemed to be insufficient to effectuate such resignations, then Executive shall, upon the Company’s request, execute any documents or instruments that the 

Company may deem necessary or desirable to effectuate such resignations.
10.    Restrictive Covenants. On or prior to the Commencement Date, Executive shall enter into the Company’s standard restrictive covenant agreement for senior executives contained in the Confidentiality, Non-Competition and Non-Solicitation Deed attached hereto as Annex 1 and comply with all other provisions of such deed. Participation, and continued participation, in the Group long-term incentive plan(s) and other equity plans is subject to the execution of such agreement, a copy of which has been given to Executive.
11.    Indemnification. Executive shall be entitled to indemnification by the Company in accordance with the provisions of the Parent’s certificate of incorporation, bylaws, actions of the Board, as the same shall be in effect from time to time and to the extent permitted by law, and Executive shall be entitled to the protection of any insurance policies any Group Company may elect to maintain generally for the benefit of its officers and directors.
12.    Miscellaneous.
(a)    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of England and Wales.
(b)    Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof, including, without limitation, the employment of Executive by the Company, and supersedes any prior oral or written agreements between, by or among the Parent, the Company and Executive. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein and therein. No provision in this Agreement may be amended unless such amendment is agreed to in writing and signed by the Executive and the Company.
(c)    No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. No waiver by either party of any breach by the other party of any condition or provision contained in this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by the Executive or the Company, as the case may be.
(d)    Severability. It is expressly understood and agreed that although Executive and the Company consider the restrictions contained in Annex 1 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory restriction or any other restriction contained in Annex 1 is an unenforceable restriction against Executive, such provision shall not be rendered void but shall be deemed amended to apply to such maximum time and territory, if applicable, or otherwise to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in Annex 1 is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained therein. In the event that any one or more of the other provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

(e)    Assignment. This Agreement is for the performance of personal services by Executive and may not be assigned by Executive without the consent of the Company. The Company may assign its rights and delegate its duties hereunder in whole or in part to any transferee of all or a portion of the assets or business to which Executive’s employment relates.
(f)    Mitigation. Executive shall not be required to mitigate the amount of any payment or benefit to be provided pursuant to Section 9 by seeking other employment or otherwise and, except to the extent expressly set forth in Section 9, no such amount shall be subject to offset due to compensation provided to Executive by another employer.
(g)    Successors. This Agreement shall inure to the benefit of and be binding upon the personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees of the parties hereto. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. The Executive shall be entitled to select (and change, to the extent permitted under any applicable law) a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following the Executive’ death by giving the Company written notice thereof. In the event of the Executive’s death or a judicial determination of his incompetence, reference in this Agreement to the Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative.
(h)    Communications. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when faxed or delivered or two business days after being posted by registered post, addressed (A) to the Executive at his address then appearing in the personnel records of the Company and (B) to the Chairman of the Company at the Company’s then current head office, with a copy to the Parent’s general counsel, or (C) to such other address as either party may have furnished to the other in writing in accordance herewith, with such notice of change of address being effective only upon receipt.
(i)    Withholding Taxes. Each Group Company may withhold from any and all amounts payable and other benefits receivable under this Agreement or otherwise as a result of the Executive’s employment such national, local and any other applicable taxes and national insurance contributions and other social charges or taxes as may be required to be withheld pursuant to any applicable law or regulation. Executive shall indemnify the Company for itself and on behalf of each Group Company in relation to any national, local and any other applicable taxes and national insurance contributions and other social charges or taxes not already deducted from the Executive’s remuneration (or any taxes replacing the same) for which the Company or any Group Company has an obligation at any time to account (whether during the Executive’s employment by the Company or after the termination of the Employment Term) in relation to Executive and authorizes each Group Company to deduct any indemnified amount from any amount otherwise payable to Executive.
(j)    Survivorship. The respective rights and obligations of the parties hereunder shall survive any termination of Executive’s employment to the extent necessary to the agreed preservation of such rights and obligations.
(k)    Representations. Each party represents and warrants to the other that he or it is fully authorized and empowered to enter into this Agreement and that the performance of his or its obligations 

under this Agreement will not violate any agreement between his or it and any other person or entity.  Executive represents that to the best of his knowledge, he is not a party to, involved in, or under investigation in connection with, any pending or threatened litigation, proceeding or investigation, whether governmental or otherwise that would materially and adversely affect the business or reputation of any Group Company.  Executive has not engaged in misconduct or breach of duty that would, if disclosed, result in injury or reputational harm to any Group Company, and Executive will not engage in any such misconduct during the term of this Agreement.
(l)    Dispute Resolution. Any dispute or controversy arising under or in connection with this Agreement or Executive’s employment with the Company that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be resolved exclusively in the courts of England and Wales. Each party hereto hereby irrevocably accepts and submits to the exclusive jurisdiction of such courts for purposes hereof.
(m)    Compliance with Section 409A.  This Agreement shall be interpreted to avoid any penalty sanctions under Section 409A of the United States Internal Revenue Code (“Section 409A”). If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under Section 409A, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. For purposes of Section 409A, all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under Section 409A, each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments. In no event shall the Executive, directly or indirectly, designate the calendar year of payment.
All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense is made on or before the last day of the calendar year following the calendar year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
To the extent payment of any amounts or benefits under this Agreement is conditioned upon Executive’s execution of a general release of claims in favor of the Parent, the Company and/or any Group Company, such release must be executed, returned to the Company and become irrevocable within the period that is no later than sixty (60) days following the termination of the Employment Term.  To the extent that the period for consideration of such a release spans two (2) calendar years, no payment of any amount or benefit that is considered to be nonqualified deferred compensation within the meaning of Section 409A and conditioned upon the release shall be made before the first day of the second calendar year, regardless of when the release is actually executed and returned to the Company.
(n)    Delay in Payment. Notwithstanding any provision in this Agreement to the contrary, if at the time of the Executive’s termination of employment with the Company (or any successor thereto), the Company (or any corporation, partnership, joint venture, organization or entity within the Company’s controlled group within the meaning of Sections 414(b) and (c) of the Internal Revenue Code) has 

securities which are publicly-traded on an established securities market and the Executive is a “specified employee” (as defined in Section 409A and determined in the sole discretion of the Company, or any successor thereto, in accordance with the Company’s, or any successor’s, “specified employee” determination policy) and it is necessary to postpone the commencement of any severance payments or deferred compensation otherwise payable pursuant to this Agreement as a result of such termination of employment to prevent any accelerated or additional tax under Section 409A, then the Company (or any successor thereto) will postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Executive) that are not otherwise paid within the short-term deferral exception under Section 409A and are in excess of the lesser of two (2) times (i) the Executive’s then-annual compensation or (ii) the limit on compensation then set forth in Section 401(a)(17) of the United States Internal Revenue Code, until the first payroll date that occurs after the date that is six (6) months following the Executive’s “separation from service” with the Company (or any successor thereto), as defined under Section 409A. If any payments are postponed due to such requirements, such postponed amounts will be paid in a lump sum to the Executive on the first payroll date that occurs after the date that is six (6) months following the Executive’s “separation from service” with the Company (or any successor thereto), and any amounts payable to the Executive after the expiration of such six (6)-month period under this Agreement shall continue to be paid to Executive in accordance with the terms of this Agreement. If the Executive dies during the postponement period prior to the payment of the postponed amount, the amounts withheld on account of Section 409A shall be paid to the personal representative of the Executive’s estate within sixty (60) days after the date of the Executive’s death.
(o)    Clawback. All compensation and benefits hereunder shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (1) any clawback, forfeiture or other similar policy adopted by the Board or a duly authorized committee of the Board, as in effect from time to time, and (2) applicable law.  In addition, if Executive receives any amount in excess of the amount that Executive should have otherwise received under the terms of this Agreement or any compensation or benefit plans of the Group for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative error), the Board or a duly authorized committee of the Board may provide that Executive shall be required to repay any such excess amount.
(p)    Data Protection. Executive acknowledges the holding and processing of personal data provided by him to the Company for all purposes relating to this employment, including but not limited to administering and maintaining personnel records, paying and reviewing salary and other remuneration and benefits, undertaking performance appraisals and reviews, maintaining sickness and other absence records and taking decisions as to fitness for work. The Company may make such information available to any Group Company, those who provide products or services to any Group Company (such as advisers and payroll administrators), regulatory authorities, potential purchasers of the Company or the business in which the Executive works, and as may be required by law. The Executive acknowledges the transfer of such information to any Group Company and any Group Company's business contacts outside the European Economic Area in order to further their business interests even where the country or territory in question does not maintain adequate data protection standards. Executive further acknowledges and agrees that the Company may, in the course of its duties as an employer, be required to disclose personal data relating to him, after the end of his employment. This does not affect Executive’s rights under the Data Protection Act 2018.
 (q)    Working Time Regulations. Executive and the Company each agree that the nature of Executive’s position is such that his working time cannot be measured, that in accordance with Regulation 

5 of the Working Time Regulations 1998 the provisions of Regulation 4(1) do not apply to Executive, and that Executive’s appointment hereunder falls within the scope of Regulation 20 of the Working Time Regulations 1998. Executive shall give the Company three months’ notice in writing if he wishes Regulation 4(1) to apply to him.
(r)    Third Party Rights. Save as expressly provided in this Agreement, a person who is not a party to this agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. Executive will, at the request of the Company, enter into a separate agreement with any entity within the Group that the Company may require under the terms of which he will agree to be bound by provisions of this Agreement and the document attached at Annex 1 which are to the benefit of such other entity.
(s)    Tax Election.  the Participant irrevocably agrees to enter into such tax elections including (without limitation) a joint election, under section 431(1) or section 431(2) of Income Tax (Earnings and Pensions) Act 2003, in respect of the acquisition, holding or disposal of any shares of securities, in such form and within such time limits as may be required by the Company.
(t)    Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  Delivery of a counterpart of this Agreement by e-mail attachment shall be an effective mode of delivery.
(u)    Headings. The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. Any reference to the Executive in the masculine gender herein is for convenience and is not intended to express any preference by the Company for executives of any gender.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.
	
							
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 COTY SERVICES UK LIMITED
	 
	Pierre LAUBIES
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 

	By: /s/Sebastien Froidefond
	 
	/s/Pierre Laubies
	 

	 
	 
	 
	 

	 Name: Sebastien Froidefond
	 
	 
	 
	 

	 Title: CHRO

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