Document:

Exhibit 10.15

 

Execution
Version

 

AMENDMENT NO. 1 TO REGISTRATION RIGHTS
AGREEMENT

 

AMENDMENT NO. 1 (this
“Amendment”), dated October 29, 2018, to the REGISTRATION RIGHTS AGREEMENT (as amended by this Amendment, the
“Agreement”), made as of January 28, 2016, by and among Differential Brands Group Inc., a Delaware corporation
(the “Company”), and each of the investors listed on Schedule A hereto (each of which is referred to
in this Amendment as a “Consenting Investor”).

 

RECITALS

 

WHEREAS, all capitalized
terms used and not defined herein have the respective meanings ascribed to them in the Agreement;

 

WHEREAS, the Investors,
the Management Holders and the Company previously entered into the Agreement with respect to the Registrable Securities;

 

WHEREAS, pursuant
to Section 3.2 of the Agreement, the Agreement may be modified or amended, and any provision thereof may be waived, pursuant to
the written agreement of the Company and Investors holding a majority of the Registrable Securities held by all Investors;

 

WHEREAS, the Consenting
Investors hold the number of Registrable Securities set forth opposite their respective names on Schedule A hereto representing,
in the aggregate, a majority of the Registrable Securities held by all Investors;

 

WHEREAS, on June
27, 2018, the Company, Global Brands Group Holding Limited (“GBG Parent”) and GBG USA Inc. (“GBG Seller”)
entered into a Purchase and Sale Agreement pursuant to which the Company will purchase certain assets and equity interests from
GBG Parent and GBG Seller (the “Acquisition”);

 

WHEREAS, in connection
with the Acquisition and substantially concurrent with the Company and the Consenting Investors entering into this Amendment, the
Company has entered into registration rights agreements in substantially the form attached hereto as Schedule B (the “2018
Registration Rights Agreements”) pursuant to which the Company has agreed to provide certain other holders of the Company’s
securities certain registration rights on the terms and subject to the conditions set forth therein; and

 

WHEREAS, in connection
with the Acquisition and the Company’s entering into the 2018 Registration Rights Agreements, the Company and the Consenting
Investors have agreed to enter into this Amendment.

 

NOW, THEREFORE,
in consideration of the premises and of the mutual covenants and obligations hereinafter set forth, the parties hereto hereby
agree as follows:

 

      

     

    

 

1.           
Definitions.  Except as otherwise indicated herein or unless the context otherwise requires, all capitalized
terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Agreement.

 

2.          
 Amendments. 

 

2.1         
Section 2.1(c) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(c)        The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection
2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date
of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration,
Ares Demand Registration or GSO Demand Registration; provided, that the Company is actively employing in good faith reasonable
best efforts to cause such registration statement to become effective; (ii) if the Company has effected two (2) registrations
pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities
that may be immediately registered on Form S-3 (including in accordance with the intended method or methods of distribution
specified by the Holders) pursuant to a request made pursuant to Subsection 2.1(b).  The Company shall not be obligated
to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that
is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety
(90) days after the effective date of, a Company-initiated registration, any Ares Demand Registration or GSO Demand Registration,
provided, that the Company is actively employing in good faith reasonable best efforts to cause such registration statement
to become effective; and (ii) if the Company has effected four (4) registrations pursuant to Subsection 2.1(b). The
Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a)
from October 29, 2018 until 12 months following such date. The Company shall not be obligated to effect, or to take any action
to effect, any registration pursuant to Subsection 2.1(b) from October 29, 2018 until the later of (x) 6 months from such
date or (y) the time at which the Company shall have qualified for the use of a Registration Statement on Form S-3 or any successor
form thereto.”

 

2.2         
Section 2.2 of the Agreement is hereby amended and restated in its entirety as follows:

 

“2.2       
Piggyback Registrations.

 

      

     

    

 

(a)          Right
to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act, and the registration
form proposed to be used may be used to register the resale of Registrable Securities (each, a “Piggyback Registration”),
the Company shall give prompt written notice (in any event at least ten (10) Business Days prior to the anticipated filing date
of the Registration Statement relating to such registration) to each Holder of its intention to effect such a registration and
shall use its commercially reasonable efforts to include in such registration all Registrable Securities with respect to which
the Company has received a written request from the Holder for inclusion therein within five (5) Business Days following the Holder’s
receipt of the Company’s notice. If the Holder proposes to distribute its securities through a Piggyback Registration that
involves an underwriter(s), it shall enter into an underwriting agreement in reasonable and customary form with the underwriter(s) selected
by the Company for such Piggyback Registration, provided that with respect to such underwriting agreement or any other documents
reasonably required under such agreement, (i) no Holder shall be required to make any representation or warranty with respect to
or on behalf of the Company or any other stockholder of the Company and (ii) each Holder choosing to participate in such Piggyback
Registration shall complete and execute all questionnaires, powers-of-attorney, indemnities, opinions and other documents reasonably
required under the terms of such underwriting agreement.  For the avoidance of doubt, no Holder may request that a Piggyback
Registration involve the use of an underwriter. No registration effected under this Section 2.2 shall relieve the Company
of its obligations to effect a demand registration required by Section 2.1. If at any time after giving notice of its
intention to register any Company securities pursuant to this Section 2.2 and prior to the effective date of the registration
statement filed in connection with such registration, the Company shall determine for any reason not to register such securities,
the Company shall give notice to the Holder (if participating in such Piggyback Registration) and, thereupon, shall be relieved
of its obligation to register any Registrable Securities in connection with such registration.

 

(b)          Reduction
of Offering. If the managing underwriter(s) for a Piggyback Registration that is to be an underwritten offering advises
the Company that in their opinion the dollar amount or number of Common Stock or other securities which the Company desires to
sell, taken together with Common Stock or other securities, if any, as to which registration has been demanded pursuant to written
contractual arrangements with third parties, if any, the Registrable Securities as to which registration has been requested under
this Section 2.2, and the Common Stock or other securities as to which registration has been requested pursuant to the written
contractual piggyback registration rights of other stockholders of the Company, exceeds the maximum dollar amount or maximum number
of securities that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (the “Maximum Threshold”), then the Company shall include
in any such registration:

 

(i)       If
the registration is undertaken for the Company’s account:  (A) first, the Common Stock or other securities that
the Company desires to sell that can be sold without exceeding the Maximum Threshold, and (ii)  second, to the extent
that the Maximum Threshold has not been reached under the foregoing clause (A), the Registrable Securities and the Common
Stock or other securities proposed to be sold for the account of other Persons that the Company is obligated to register pursuant
to any written contractual piggyback registration or other rights with such Persons and that can be sold without exceeding the
Maximum Threshold (pro rata in accordance with the number of Registrable Securities and Common Stock or other securities which
the Holders and other Persons have requested be included in such underwritten offering, regardless of the number of Registrable
Securities and Common Stock or other securities held by the Holder or other Person), and

 

      

     

    

 

(ii)      If
the registration is a “demand” registration undertaken at the demand of one or more Persons other than the Company
and the Holder, (A)  first, the Common Stock or other securities for the account of such demanding Persons that can
be sold without exceeding the Maximum Threshold; (B)  second, to the extent that the Maximum Threshold has not been
reached under the foregoing clause (A), the Common Stock or other securities that the Company desires to sell that can be
sold without exceeding the Maximum Threshold; (C) third, to the extent that the Maximum Threshold has not been reached
under the foregoing clauses (A) and (B), the Common Stock or other securities for the account of other Persons that the Company
is obligated to register pursuant to written contractual arrangements, if any; provided, that if requests to register Common Stock
or other securities pursuant to this clause (C) when combined with registration requests pursuant to clauses (A) and (B) exceed
the Maximum Threshold, the Company shall include in such registration all of the securities requested to be included pursuant to
clauses (A) and (B) and for requestors pursuant to this clause (C), the amount of securities pro rata in accordance with the amount
of securities each securityholder has requested to be included in the offering, regardless of the number of securities held by
each such Person; and (D) fourth, to the extent that the Maximum Threshold has not been reached under the foregoing
clauses (A), (B) and (C), the Common Stock that other stockholders desire to sell that can be sold without exceeding the Maximum
Threshold to the extent that the Company, in its sole discretion, wishes to permit such sales pursuant to this clause (D).

 

(c)           Selection
of Underwriters. If any Piggyback Registration is an underwritten primary offering, the investment banker(s) and manager(s)
for the offering shall be selected by the Company in its sole discretion.”

 

2.3         
Section 2.5 of the Agreement is hereby amended and restated in its entirety as follows:

  

“2.5       
Underwriting Requirements. With respect to any registration effected pursuant to Section 2.1:

 

(a)           If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered
by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection
2.1, and the Company shall include such information in the Demand Notice.  The underwriter(s) will be selected
by the Company in its reasonable discretion.  In such event, the right of any Holder to include such Holder’s Registrable
Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion
of such Holder’s Registrable Securities in the underwriting to the extent provided herein.  All Holders proposing to
distribute their securities through such underwriting shall (together with the Company as provided in Subsection 2.6(h))
enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting, and each such
Holder may, at such Holders’ option, require that any or all of the representations and warranties by, and the other agreements
on the part of, the Company to and for the benefit of such underwriter(s) shall also be made to and for the benefit of such
Holders and that any or all of the conditions precedent to the obligations of such underwriter(s) under such underwriting
agreement be conditions precedent to the obligations of such Holders; provided, however, that the Company shall not
be required to make any representations or warranties with respect to written information provided by such Holders for inclusion
in the registration statement pursuant to Subsection 2.7.  No such Holder shall be required to make any representations
or warranties to, or agreements with, the Company or the underwriter(s) other than representations, warranties or agreements
regarding such Holder, such Holder’s Registrable Securities and such Holder’s intended method of disposition. 
Notwithstanding any other provision of this Subsection 2.5, if the total number of Registrable Securities requested by stockholders
to be included in such offering exceeds the Maximum Threshold, then the Initiating Holders shall so advise all Holders of Registrable
Securities that otherwise would be underwritten pursuant hereto and the Company shall be required to include in the offering only
the number of such Registrable Securities equal to the Maximum Threshold.  If the managing underwriter(s) so determines
that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable
Securities that are included in such offering shall be allocated among the selling Holders of Registrable Securities in proportion
(as nearly as practicable) to the number of Registrable Securities sought to be registered by each such Holder.  To facilitate
the allocation of shares in accordance with the above provisions, the Company or the managing underwriter(s) may round the
number of shares allocated to any Holder to the nearest 100 shares.

 

      

     

    

 

(b)           For purposes of the provisions in Subsection 2.5 concerning apportionment, for any selling Holder that is a partnership,
limited liability company or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates
of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members
and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and
any proportionate reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable
Securities owned by all Persons included in such “selling Holder,” as defined in this sentence.”

 

2.4         
The phrase, “Whenever required under this Section 2 to effect the registration of any Registrable Securities,
the Company shall, as expeditiously as reasonably possible:” in the first sentence of Section 2.6 is hereby deleted
and replaced with the following: “Whenever required under Section 2.1 to effect the registration of any Registrable
Securities, the Company shall, as expeditiously as reasonably possible:”

  

2.5          Section 2.12 of the Agreement is hereby deleted in its entirety.

 

2.6          The
following is inserted as a new Section 2.14 of the Agreement:

 

“2.14      Blackout
Period. Notwithstanding anything herein to the contrary, the Company shall have the right to suspend the use of any registration
statement for a period of not greater than forty-five (45) consecutive days and for not more than ninety (90) days in any twelve
(12) month period (“Blackout Period”), if, in the good faith opinion of the Company’s board of directors
(the “Board”), after consultation with counsel, material, nonpublic information exists, including, without limitation,
the proposed acquisition or divestiture of assets by the Company, a strategic alliance or a financing transaction involving the
Company or the existence of pending material corporate developments, the public disclosure of which would be necessary to cause
the registration statement to be materially true and to contain no material misstatements or omissions, and in each such case,
where, in the good faith opinion of the Board, such disclosure would be reasonably likely to have a material adverse effect on
the Company or on the proposed transaction. The Company must give the Holder notice promptly upon knowledge that a Blackout Period
(without indicating the nature of such Blackout Period) may occur and prompt written notice if a Blackout Period will occur. Upon
the conclusion of a Blackout Period, the Company shall provide the Holder written notice that the Registration Statement is again
available for use.”

 

      

     

    

 

2.7.         The
following defined terms shall be added to the Agreement:

 

“Ares Demand
Registration” means a “Demand Registration” as defined in the Ares Registration Rights Agreement.

 

“Ares Registration
Rights Agreement” means that certain registration rights agreement by and between the Company and Ares Capital Corporation
and its affiliates, dated as of October 29, 2018.

 

“GSO Demand
Registration” means a “Demand Registration” as defined in the GSO Registration Rights Agreement.

 

“GSO Registration
Rights Agreement” means that certain registration rights agreement by and between the Company and GSO Capital Partners,
LP, and its affiliates, dated as of October 29, 2018.

 

2.8.         The
definitions of “Registrable Securities” and Registration Expenses in the Agreement shall be amended and restated as
follows:

 

“1.24      “Registrable
Securities” means (i) any shares of Common Stock held by an Investor, or any Management Holder, at any time; (ii) any
shares of Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of the Series A Preferred
Stock, a Convertible Note or any other securities of the Company or an Affiliate of the Company held by the Holders at any time;
or (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security
that is issued as) a dividend or other distribution with respect to, in exchange for, or in substitution for or replacement of,
the shares referenced in clauses (i) and (ii) above. As to any particular Registrable Securities, such securities shall
cease to be Registrable Securities when (A) a Registration Statement covering such securities has been declared effective by the
Securities and Exchange Commission and such securities have been disposed of pursuant to such effective Registration Statement,
(B) such securities are sold or transferred to any Person, (C) the Holders in the aggregate beneficially own (on an as-converted
basis) (within the meaning of the Exchange Act and the rules and regulations promulgated thereunder) less than 1.0% of the then-outstanding
Common Stock of the Company; (D) such securities are eligible for sale by the Stockholder without registration pursuant to Rule
144 (or any similar provisions then in force) under the Securities Act without limitation thereunder on volume or manner of sale,
(E) such securities shall have ceased to be outstanding or (F) the stock certificates or evidences of book-entry registration relating
to such securities have had all restrictive legends removed.

 

      

     

    

 

1.25      
“Registration Expenses” means any and all fees and expenses incident to performance of or compliance
with this Agreement by the Company, including, without limitation (i) all SEC, stock exchange, FINRA and other registration,
listing and filing fees (including, if applicable, the fees and expenses of any “qualified independent underwriter”
and its counsel as may be required by the rules and regulations of FINRA), (ii) all fees and expenses incurred (including
by the underwriters, if any) in connection with compliance with state securities or blue sky laws and compliance with the rules of
any stock exchange (including reasonable fees and disbursements of counsel in connection with such compliance and the preparation
of a blue sky memorandum and legal investment survey), (iii) all fees and expenses of any Persons in preparing or assisting
in preparing, word processing, printing, distributing, mailing and delivering any registration statement, any prospectus, securities
certificates and other documents relating to the performance of or compliance with this Agreement, (iv) the fees and disbursements
of counsel for the Company, (v) the reasonable fees and disbursements of one counsel (and any applicable local counsel) for
the selling Holders (as selected by the Investors holding a majority of the Registrable Securities held by the Investors) provided
that the Company shall not be required to reimburse Holders’ counsel fees and expenses in an amount exceeding $50,0000 per
registration pursuant to this Agreement and $100,000 in the aggregate for all registrations pursuant to this Agreement, (vi) the
fees and disbursements of all independent public accountants (including the expenses of any audit and/or “cold comfort”
letters) and the fees and expenses of other Persons, including experts, retained by the Company, and (vii) all fees and disbursements
of underwriters customarily paid by the issuers or sellers of securities (subject to the proviso below); provided, however,
Registration Expenses shall not include discounts and commissions payable to underwriters, selling brokers, dealer managers or
other similar Persons engaged in the distribution of any of the Registrable Securities and applicable transfer and documentary
stamp taxes, if any.”

 

3.            Miscellaneous.

 

3.1           Effect
of Amendment.  Except as expressly modified hereby the Agreement remains in full force and effect, mutatis mutandis.
Upon the execution and delivery of this Amendment, the Agreement shall thereupon be deemed to be amended and supplemented as hereinabove
set forth as fully and with the same effect as if the amendments and supplements made hereby were originally set forth in the Agreement,
and this Amendment and the Agreement shall henceforth be read, taken and construed as one and the same instrument, but such amendments
and supplements shall not operate so as to render invalid or improper any action heretofore taken under the Agreement. Each reference
to “hereof,” “herein,” “hereunder,” “hereby” and “this Agreement” in
the Agreement shall, from and after the date of this Amendment, refer to the Agreement as amended by this Amendment. Notwithstanding
the foregoing, references to the date of the Agreement, as amended hereby, shall in all instances continue to refer to January
28, 2016, references to “the date hereof” and “the date of this Agreement” shall continue to refer to January
28, 2016 and references to the date of the Amendment and “as of the date of the Amendment” shall refer to the date
hereof.

 

3.2          Counterparts. 
This Amendment may be executed in any number of counterparts, and by each of the parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Amendment by facsimile transmission or by e-mail of a .pdf attachment
shall be effective as delivery of a manually executed counterpart of this Amendment.

 

      

     

    

 

3.3          Governing
Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

      

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Amendment on the date first above written.

 

	 	COMPANY:
	 	 	 
	 	Differential Brands Group Inc. 
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title:  Secretary

 

      

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Amendment on the date first above written.

 

	CONSENTING INVESTOR:	 
	 	 
	Tengram Capital Partners Gen2 Fund, L.P.	 
	 	 	 
	By:	/s/ William Sweedler	 
	 	Name: William Sweedler	 
	 	Title:   Co-Managing Member of Tengram Capital Associates, LLC, 

as general partner of Tengram Capital Partners Gen2 Fund, L.P.	 

 

      

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Amendment on the date first above written.

 

	CONSENTING INVESTOR:	 
	 	 
	Tengram Capital Associates, LLC	 
	 	 	 
	By:	/s/ William Sweedler	 
	 	Name:   William Sweedler	 
	 	Title:     Co-Managing Member	 

 

      

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Amendment on the date first above written.

 

	CONSENTING INVESTOR:	 
	 	 
	Tengram Capital Partners Fund II, L.P.	 
	 	 	 
	By:	/s/ William Sweedler	 
	 	Name:  William Sweedler	 
	 	Title:    Co-Managing Member of Tengram Capital Associates II, 

LLC, as general partner of Tengram Capital Partners Fund II, L.P.	 

 

      

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Amendment on the date first above written.

 

	CONSENTING INVESTOR:	 
	 	 
	TCP Denim, LLC	 
	 	 	 
	By:	/s/ William Sweedler	 
	 	Name:  William Sweedler	 
	 	Title:    Co-Managing Member of Tengram Capital Associates II, 

LLC, as general partner of Tengram Capital Partners Fund II, L.P., 

as sole member of TCP Denim, LLC	 

 

      

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Amendment on the date first above written.

 

	CONSENTING INVESTOR:	 
	 	 
	RG II Blocker, LLC	 
	 	 	 
	By:	/s/ William Sweedler	 
	 	Name:  William Sweedler	 
	 	Title:    Manager	 

 

      

     

    

 

Schedule A

 

Consenting Investors

 

	Investor 	 	Address 
	 	 	 
	Tengram Capital Partners Gen2 Fund, L.P.	 	
        Tengram Capital Partners Gen2 Fund, L.P.

        c/o Tengram Capital Partners

        15 Riverside Avenue, First Floor

        Westport, CT 06880

        Attention: Andrew R. Tarshis

        Facsimile: (203) 454-6998

	 	 	 
	Tengram Capital Associates, LLC	 	
        Tengram Capital Associates, LLC

        c/o Tengram Capital Partners

        15 Riverside Avenue, First Floor

        Westport, CT 06880

        Attention: Andrew R. Tarshis

        Facsimile: (203) 454-6998

	 	 	 
	Tengram Capital Partners Fund II, L.P.	 	
        Tengram Capital Partners Fund II, L.P.

        c/o Tengram Capital Partners

        15 Riverside Avenue, First Floor

        Westport, CT 06880

        Attention: Andrew R. Tarshis

        Facsimile: (203) 454-6998

	 	 	 
	TCP Denim, LLC	 	
        TCP Denim, LLC

        c/o Tengram Capital Partners

        15 Riverside Avenue, First Floor

        Westport, CT 06880

        Attention: Andrew R. Tarshis

        Facsimile: (203) 454-6998

	 	 	 
	RG II Blocker, LLC	 	
        RG II Blocker, LLC

        c/o Tengram Capital Partners

        15 Riverside Avenue, First Floor

        Westport, CT 06880

        Attention: Andrew R. Tarshis

        Facsimile: (203) 454-6998Exhibit 10.17

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT, dated as of October
29, 2018, by and between Differential Brands Group, Inc., a Delaware corporation (the “Company”), and Jason
Rabin (the “Executive”).

 

WITNESSETH

 

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

 

WHEREAS, pursuant to the Purchase and Sale
Agreement by and among Global Brands Group Holdings Limited (“Parent”), GBG USA Inc. (“Seller”)
and the Company dated as of June 27, 2018 (the “Purchase Agreement”), the Company will acquire various assets
of Parent and Seller;

 

WHEREAS, effective as of the Closing Date
(as defined in the Purchase Agreement) the Company desires to employ Executive as the Chief Executive Officer of the Company, and
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 Executive hereby agree as follows:

 

		1.	Engagement of Executive; Duties.

 

(a)          During
the Term (as hereinafter defined in Section 3 below), Executive shall have the title of Chief Executive Officer of the Company,
reporting to the Company’s Board of Directors (the “Board”). The Executive will have such responsibilities,
duties, and authority customarily associated with the position of Chief Executive Officer. In connection with his employment by
the Company, Executive shall be based in New York City, subject to appropriate business travel.

 

(b)          The
Company shall nominate Executive to serve as a member of the Board at the first annual meeting of the Company’s shareholders
after commencement of the Term, and thereafter during the Term at each subsequent annual meeting of the Company’s shareholders
at which Executive’s term as a member of the Board would otherwise end.

 

 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 Executive from engaging in personal investment activities for himself and his family, 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 (not to 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, materially interfere with Executive’s duties and responsibilities under this Agreement.

 

     

     

    

 

 

 3.            Term. The Executive’s engagement shall commence on the Closing Date (as defined in the Purchase Agreement) (the “Effective Date”) and shall continue through December 31, 2021 (the “Term”) unless otherwise terminated as provided herein. At least six (6) months prior to the scheduled expiration of the Term, the parties to this Agreement agree to discuss the terms of any proposed extension of the Term or a new agreement. If the Company does not intend to extend the Term or enter into a new arrangement with Executive, it shall communicate, in writing, to Executive at that time. For the avoidance of doubt, if the Closing Date does not occur, this Agreement shall be null and void.

 

		4.	Compensation.

 

(a)          Base
Salary. During the Term, Executive’s base salary will be at a rate of not less than $1,275,000 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 reviewed at least annually by the Board (and/or the Compensation Committee thereof) and may be
increased, but not decreased, in its discretion, in which event any increased Base Salary shall be deemed the Base Salary under
this Agreement.

 

(b)          Annual
Bonus. During the Term, Executive shall be entitled to receive the following annual cash bonus payments (the “Annual
Bonuses”), commencing with the fiscal year beginning January 1, 2019:

 

(i)          Base
EBITDA Bonus. An annual cash bonus for each fiscal year (the “Base EBITDA Bonus”) based upon the adjusted
earnings before interest, taxes, depreciation and amortization (“EBITDA”) target set forth in the Board-approved
budget for the year developed in consultation with Executive (the “EBITDA Target”). The parties shall use commercially
reasonable efforts to define such targets prior to the start of the applicable fiscal year. The target Base EBITDA Bonus shall
be one hundred fifty percent (150%) of the Base Salary (the “Target EBITDA Bonus”). If actual EBITDA achievement
for the fiscal year is below 95% of the EBITDA Target, no Base EBITDA Bonus will be payable; if it is at least 95% of target EBITDA,
then 25% of the Target EBITDA Bonus will be payable; if it is at least 100% of the EBITDA Target, then 100% of the Target EBITDA
Bonus will be payable; and if actual EBITDA achievement is between 95% and 100% of the EBITDA Target, then the amount of the Base
EBITDA Bonus will be determined by linear interpolation (e.g., if actual EBITDA achievement is 97.5% of the EBITDA Target,
then 62.5% of the Target EBITDA Bonus will be payable). In the event of any acquisition, sale or other disposition of assets or
any similar corporate transaction, the Board shall, acting reasonably and good faith, adjust the EBITDA Target for purposes of
this Section 4(b)(i) and Section 4(b)(ii) for such fiscal year. The Base EBITDA Bonus for a fiscal year, if earned, shall be due
and payable by the Company to Executive in the year following the year for which such Base EBITDA Bonus was earned (and in all
events no later than March 15 of such next-following year).

 

    	2

     

    

 

 

(ii)         Additional
EBITDA Bonus. If actual EBITDA exceeds the EBITDA Target for a fiscal year, in addition to the Base EBITDA Bonus, Executive
shall be entitled to receive an additional cash bonus (the “Additional EBITDA Bonus”) as follows: (A) 25% of
the Target EBITDA Bonus at 105% achievement of the Target EBITDA; (B) 50% of the Target EBITDA Bonus at 110% achievement of the
Target EBITDA; (C) 75% of the Target EBITDA Bonus at 115% achievement of the Target EBITDA; and (D) 100% of the Target EBITDA Bonus
at 120% or greater achievement of the Target EBITDA. Linear interpolation shall be used to determine the amount of the Additional
EBITDA for achievement of actual EBITDA between 100% and 105% of Target EBITDA, 105% and 110% of Target EBITDA, 110% and 115% of
Target EBITDA, and 115% and 120% of Target EBITDA. The Additional EBITDA Bonus for a fiscal year, if earned, shall be due and payable
by the Company to Executive in the year following the year for which such Additional EBITDA Bonus was earned (and in all events
no later than March 15 of such next-following year).

 

(iii)        Additional
Leverage-Based Bonus. In addition, Executive will be entitled to receive an additional cash bonus (the “Additional
Leverage-Based Bonus”) of up to $4,000,000 in the aggregate if the Company’s Leverage Ratio is as follows as of
December 31, 2019, 2020 or 2021: (i) $750,000 if the Leverage Ratio is more than 5.0 but no more than 5.5; (ii) $750,000 if the
Leverage Ratio is more than 4.0 but no more than 5.0; (iii) an additional $1,000,000 if the Leverage Ratio is more than 3.5 but
no more than 4.0; and (iv) an additional $1,500,000 of the Leverage Ratio is less than 3.5. For the avoidance of doubt, only one
Leverage-Based Bonus is payable for each level, even if achieved for multiple fiscal years. For example, (A) if the Leverage Ratio
were in the range between 5.0 and 5.5 as of December 31, 2019, a $750,000 Additional Leverage-Based Bonus would be payable for
that year, but additional Leverage-Based Bonuses would be payable only if the Leverage Ratio were in the 4.0 to 5.0 range or 3.5
to 4.0 range or 3.5 or below as of the end of a subsequent fiscal year, and (B) if the Leverage Ratio were above 5.5 for the fiscal
year ending December 31, 2019 but were below 3.5 for the fiscal year ending December 31, 2020, then the Additional Leverage-Based
Bonus for the fiscal year ending December 31, 2020 would be $4,000,000. The Additional Leverage-Based Bonus for a fiscal year,
if earned, shall be due and payable by the Company to Executive in the year following the year for which such Additional Leverage-Based
Bonus was earned (and in all events no later than March 15 of such next-following year). For purposes hereof, “Leverage
Ratio” means the quotient of (x) the Company’s consolidated debt as of the applicable December 31 (calculated net
of unrestricted cash) divided by (y) the Company’s EBITDA for the fiscal year in which such December 31 occurs, determined
in each case in a manner consistent with the Company’s second lien credit agreement, as in effect from time-to-time.

 

(c)           Equity
Awards. Effective as of the Effective Date, Executive shall be granted restricted stock units and performance stock units
(collectively, the “Inducement RSUs”) as provided below:

 

    	3

     

    

 

(i)          Executive
shall be granted 4,100,000 restricted stock units (the “RSUs”) with respect to the Company’s common stock,
$0.10 par value (“Common Stock”) pursuant to an award agreement between Executive and the Company 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 RSUs may be structured as an “inducement” award not granted pursuant
to the 2016 Plan, but otherwise subject to the same terms and conditions thereof. The RSUs shall vest as follows: 30% of the RSUs
shall vest on December 31, 2019; 30% of the RSUs shall vest on December 31, 2020; and 40% of the RSUs shall vest on December 31,
2021, subject in each case to Executive’s continued employment through the applicable vesting date except as otherwise specifically
provided herein and therein. Any vested RSUs shall be settled through the issuance of Common Stock promptly following the applicable
vesting date.

 

(ii)         Executive
shall be granted 500,000 performance stock units (the “PSUs”) with respect to Common Stock pursuant to an award
agreement between Executive and the Company. The PSUs may be structured as an “inducement” award not granted pursuant
to the 2016 Plan, but otherwise subject to the same terms and conditions thereof. The PSUs shall vest as follows: 33.33% of the
PSUs shall vest on each of December 31, 2019, 2020 and 2021, provided that the performance metrics as set forth on Annex 1 are
met for such fiscal year and subject in each case to Executive’s continued employment through the applicable vesting date
except as otherwise specifically provided herein and therein. Any vested PSUs shall be settled through the issuance of Common Stock
promptly following the applicable vesting date.

 

(d)          Purchase
of Stock by Executive. On the Effective Date, Executive shall purchase from the Company 3,125,000 shares of Common Stock at
a price of $8 per share (total investment of $25 million). Such purchased Common Stock shall be fully vested at all times.

 

(e)           Benefits.
Executive shall receive the employee and fringe benefits generally made available to other senior executive officers of the Company
from time to time, including defined contribution retirement plan, health, vision, dental and disability coverage. The Company
shall provide Executive with two full-time executive assistants. In addition, for each year during the Term (prorated for 2018),
Executive shall be entitled to use of a Company car (or a car or driver service), a clothing allowance, reimbursement for fees
and expenses for tax and financial planning, legal and accounting, and reimbursement of membership fees and dues up to $200,000,
in the aggregate.

 

(f)           Reimbursement
of Expenses. The Company shall pay to 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 Executive, the Company shall promptly
reimburse Executive for such payments in accordance with the Company’s policy, provided that Executive properly accounts
for such expenses in accordance with the Company’s policy. In addition, the Company (i) shall reimburse Executive for his
legal fees incurred in connection with the negotiation and drafting of this Agreement, subject to a maximum reimbursement of $95,000,
and (ii) shall directly pay Executive’s accountant for fees incurred in connection with his assistance to Executive on compensation-related
matters under this Agreement and the agreements entered into in connection herewith, subject to a maximum payment of $15,000.

 

(g)           Vacation.
Executive shall be entitled to paid vacation from time to time, provided that such vacations do not interfere with the performance
of Executive’s duties hereunder.

 

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		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 Executive suffers a Disability (as defined below in this sub-section (2)), the Company may terminate Executive’s employment
under this Agreement upon thirty (30) days prior written notice; provided that Executive has not returned to full time performance
of his duties during such thirty (30) day period. For purposes hereof, “Disability” shall mean Executive’s inability
to perform his duties and responsibilities hereunder, as determined in good faith by a physician selected jointly by the Company
and Executive (or if Executive is incapacitated,, his legal representative) with reasonable accommodation, due to any physical
or mental illness or incapacity, which condition has continued for a period of 180 days (including weekends and holidays) in any
consecutive 365-day period.

 

(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 Executive’s prior written consent:

 

(i)          the
failure by the Company to timely comply with its obligations and agreements contained in this Agreement;

 

(ii)         a
material diminution of the authorities, duties or responsibilities of Executive set forth in Section 1 above;

 

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

 

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

 

(v)         a
reduction of Executive’s title or the failure of the Company to nominate Executive to serve as a member of the Board during
the Term; or

 

(vi)        any
change in Executive’s reporting structure such that he is no longer reporting directly to the Board.

 

provided, however, that, within ninety (90) days
of any such events having occurred (or, if later, Executive’s knowledge thereof), 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 Executive’s reasonable satisfaction then Executive terminates his employment within thirty (30) days following the
expiration of such cure period.

 

    	5

     

    

 

(e)          Without
Good Reason. The Executive may voluntarily terminate his employment under this Agreement without Good Reason upon written notice
by Executive to the Company at least thirty (30) days prior to the effective date of such termination.

 

(f)           Cause.
The Company may terminate Executive’s employment under this Agreement for Cause. Termination for “Cause” shall
mean termination of 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 Executive of any property, funds or business
opportunity of the Company or any of its subsidiaries or affiliates;

 

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

 

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

 

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

 

(v)         Executive’s
conviction of, or entry by 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;

 

(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)      Executive’s
breach of his fiduciary obligations, or disloyalty, 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;

 

    	6

     

    

 

provided, that, for the purposes of this definition of
Cause, no act or failure to act, on the part of 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 Executive stating the basis for Cause and the applicable event(s) giving rise to cause and (B) 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 Executive’s employment under this Agreement without Cause upon written notice by the
Company to Executive at least thirty (30) days prior to the effective date of such termination.

 

(h)           Notice
of Termination. Any termination of Executive’s employment by the Company or by Executive (other than termination by reason
of 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 Executive’s employment under the provision so indicated.

 

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

 

(j)           Compensation
Upon Termination.

 

(i)          Termination
for Cause, without Good Reason. If Executive’s employment shall be terminated by the Company for Cause or by Executive
without Good Reason, 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 paid in accordance with Section 4(f) 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 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”). In addition, any portion of any outstanding equity or incentive award that remains unvested on the Date
of Termination shall be forfeited as of the Date of Termination, unless otherwise provided in the underlying award agreements or
plans.

 

    	7

     

    

 

 

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

 

(1)           an
amount equal to two (2) times Executive’s Base Salary, which shall be payable in ratable installments pursuant to the Company’s
standard payroll procedures for twenty-four (24) months;

 

(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 Executive on the date that is thirty (30) days following the Date of Termination or the date
such bonus would be paid if Executive had remained an employee of the Company, if later;

 

(3)           a
pro-rata portion of the Base EBITDA Bonus and Additional EBITDA Bonus for the fiscal year in which Executive’s termination
occurs based on actual results for such year (determined by multiplying the amount of such Annual Bonuses 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 Executive
is employed by the Company and the denominator of which is 365) (“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;

 

(4)           a
Leverage Based Bonus based on actual achievement as of December 31st of the year of termination of employment (collectively
the “Termination Leverage Based Bonus”). Such Leverage Based Bonus shall be payable at the time the Annual Bonus
would have been paid if Executive’s employment had not terminated;

 

(5)           subject
to 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 Executive participated
immediately prior to the Date of Termination (“COBRA Continuation Coverage”), the Company shall pay the full
cost of COBRA Continuation Coverage for Executive and his eligible dependents until the earlier of (a) when Executive becomes eligible
for coverage under another employer’s health plan, or (b) twenty-four (24) months following the Date of Termination, (the
benefits provided under this sub-section (4), the “Medical Continuation Benefits”);

 

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

 

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(7)           and
unvested portion of the PSUs with respect to periods not yet ending before the Date of Termination shall become fully vested on
the Date of Termination and the shares covered by such PSUs shall be distributed to Executive on the date that is thirty (30) days
following the Date of Termination (subject to any securities law restrictions) (i.e., if the Date of Termination were prior
to December 31, 2019, 500,000 PSUs would so vest; if the Date of Termination were on or after December 31, 2019 and before December
31, 2020, 333,333 PSUs would so vest; and if the Date of Termination were after December 31, 2020 and before December 31, 2021,
166,667 PSUs would so vest).

 

(iii)          Termination
upon Death. In the event of Executive’s death, the Company shall pay or provide to Executive’s estate: (1) the
Amounts and Benefits, (2) the Prior Year Bonus, (3) the Pro Rata Bonus, (4) the Termination Leverage Based Bonus and (5) vesting
of any RSUs that would have vested within one (1) year from the Date of Termination. Any such bonuses shall be payable at the time
the Annual Bonus would have been paid if Executive’s employment had not terminated.

 

(iv)          Termination
upon Disability. In the event the Company terminates Executive’s employment hereunder for reason of Disability, the Company
shall pay or provide to Executive: (1) the Amounts and Benefits, (2) the Prior Year Bonus, (3) the Pro Rata Bonus, (4) the Termination
Leverage Based Bonus and (5) vesting of any RSUs that would have vested within one (1) year from the Date of Termination. Any such
bonuses shall be payable at the time the Annual Bonus would have been paid if Executive’s employment had not terminated.

 

(v)           Payments
of Compensation Upon Termination. For the avoidance of doubt, in the event Executive shall be entitled to receive payments
and benefits pursuant to any one of sub-sections 5(a), (b), (c) or (d) above, he shall be entitled to no payments or benefits under
any other of such sub-sections.

 

(vi)          Release
of Claims. Notwithstanding anything in this Agreement to the contrary, as a condition of receiving any payment or benefits
under Section 5(j)(ii) (other than the Amounts and Benefits), Executive’s entitlement to payment of any amount following
termination of employment is expressly conditioned upon his executing and delivering 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”), before the date that is forty-five (45) days following the Date of Termination, and not subsequently
revoking such general release.

 

(vii)         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 Executive as the result of Executive’s employment by another employer or business or by profits earned
by Executive from any other source at any time before and after Executive’s date of termination (other than as provided in
Section 5(j)(ii)(4)).

 

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(viii)        Expiration
of the Term; Non-Renewal. If Executive’s employment terminates for any reason upon the end of the Term, the Company shall
pay Executive the earned Annual Bonus for the fiscal year ending December 31, 2021. In addition, if 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)(vi).

 

(k)           Effect
of Termination. Upon 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 (including, without limitation, as a member of the Board).

 

		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, know-how 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 (including, without limitation, the matters subject to this Agreement) 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.
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, Executive agrees that, except as (a) required
by law or regulation or as legally compelled by court order (provided that in such case, 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, 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, other than in in the course of
Executive’s proper performance of his duties under this Agreement. Confidential Information shall not include any information
that is or becomes (a) generally known to the industry or the public or is publicly available other than as a result of Executive’s
breach of this Agreement, (b) is already in Executive’s possession (unless obtained from the Company or a predecessor) or
(c) legitimately available to Executive by a third party without breach of any confidentiality obligation. Further, Executive shall
be free to use and employ his general skills, know-how and expertise, and to use, disclose and employ any contact information,
generalized ideas, concepts, know-how, methods, techniques or skills, including, without limitation, those gained or learned during
the course of the performance of his duties and responsibilities hereunder, so long as he applies such information without disclosure
or use of any Confidential Information. Nothing in this Section 6(a) is intended to limit or affect Executive’s right to
respond to a subpoena or an inquiry by a government or self-regulatory agency or to exercise 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, 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. 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)           Noncompete.
During the term of Executive’s employment with the Company and for the Restricted Period (as defined in the last sentence
of this Section 7(a)) following termination of such employment, Executive agrees that he shall not, directly or indirectly, in
any location in which the Company, its subsidiaries or affiliates operates or sells its products (the “Territory”),
engage, have an interest in or render any services to any business (whether as owner, manager, operator, lender, partner, stockholder,
joint venturer, employee, consultant or otherwise) competitive with the premium apparel business conducted by the Company or its
direct or indirect subsidiaries or any material business activities of which Executive was aware that the Company or its direct
or indirect subsidiaries had plans to conduct during the time of Executive’s employment or at the time of his Date of Termination.
Notwithstanding the foregoing, Executive’s ownership solely as an investor of two percent (2%) or less of the outstanding
securities of any class of any publicly-traded securities of any company or his ownership interest in Game 71
shall not, by itself, be considered to be competition with the Company or any of its subsidiaries or affiliates. For purposes of
this Section 7, the “Restricted Period” shall mean a period of twelve (12) months following the Date of Termination;
provided that if Executive is paid severance benefits pursuant to Section 5(j)(ii)(1) or Section 5(j)(viii), the Restricted
Period shall be the period with respect to which Base Salary-related payments are made thereunder; provided, further,
that Executive may, at any time, waive his right to receive all or part of such Base Salary-related severance payments (but, if
such termination if prior to the end of the Term and not on account of the expiration of the Term, not less than 6 months of such
Base Salary-related severance payments) and the Restricted Period shall be reduced by one month (or part thereof) for each month
(or part thereof) of Base Salary-related severance payments so waived (but in no event shall the Restricted Period be so reduced
to less than 6 months); provided further that if Executive’s termination of employment is on or following the end
of the Term and Executive is not receiving any Base Salary related severance payments, the provisions of this Section 7(a) shall
not apply.

 

 

 1 NTD: KL to advise if any other entities need to be added to list.

 

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(b)           Nonsolicitation
of Employees. The Executive shall not, while he is employed by the Company and for twelve (12) months thereafter (or such longer
period Executive actually receives severance benefits pursuant to Section 5(j)(ii)(1), directly or indirectly, (1) recruit, solicit
for employment or otherwise contract for the services of, any individual who is, or within three (3) months prior to the date of
determination (or, if following Executive’s termination of employment with the Company, within three (3) months before such
termination) was, an employee of the Company or any of its subsidiaries or affiliates; (2) otherwise 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.

 

(c)           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.

 

    	12

     

    

 

(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 Executive (either solely or jointly with others)
directly relating to the Company’s and its affiliates’ business or within the scope of 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,” 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. 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.
Executive acknowledges and agrees that the Company is and will be the sole and absolute owner of all Intellectual Property, including
all Company IP. 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. 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.

 

(d)           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 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 (or destroyed),
and not retained by Executive (including, without limitation, any copies thereof), promptly upon termination of Executive’s
employment hereunder. Upon termination of Executive’s employment hereunder, Executive shall have no rights to and shall make
no further use of any Company IP, including Work Product. 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 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 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 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.

 

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(e)           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.

 

(f)            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.

 

    	14

     

    

 

8.            Indemnification.
While Executive is employed by the Company and for so long as there exists potential for liability thereafter, the Company
shall (i) represent, indemnify and hold Executive harmless from and against any claim, demand, obligation, losses, costs, expenses
(including reasonable attorney’s fees), judgments, actions, suit, proceedings, investigations, settlements and damages arising
from or relating to services rendered by Executive for the Company or his relationship with the Company, to the fullest extent
permitted by law (regardless of whether as an employee, officer, or member of the board or in any other capacity on behalf of the
Company and/or any of its subsidiaries or affiliates) and (ii) shall advance payment of reasonable costs and expenses incurred
by Executive in defense of any of the foregoing (provided Executive shall repay such expenses in the event it is ultimately determined
by a court of final jurisdiction, that Executive is not entitled to such indemnification) provided, however, that
the Company shall not advance any payment pursuant to clause (ii) in connection with any cause of action by Executive or the Company
relating to the enforcement of Section 7(a)-(d), any dispute with respect to whether a termination is under Section 5(d) or Section
5(f) or a dispute as to Executive’s claimed breach of Section 7(e). If Executive has any knowledge of any actual or threatened
action, suit or proceeding, whether civil, criminal, administrative or investigative, as to which Executive may request indemnity
under this provision, Executive shall give the Company prompt written notice thereof. In addition, the Company shall maintain directors’
and officers’ liability insurance coverage that covers Executive during Executive’s employment and for at least six
years following Executive’s termination of employment. The Company shall be entitled to assume the defense of any such proceeding,
and Executive shall cooperate with such defense. The rights provided under this provision are in addition to any other rights to
which Executive may be entitled under any of the organizational documents of the Company or any of its subsidiaries or affiliates.

 

9.            Section
409A of the Code.

 

(a)           It
is intended that the provisions of this Agreement are either exempt from or 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 Executive
to incur any additional tax or interest under Code Section 409A, the Company shall, upon the specific request of 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 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.

 

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(b)           To
the extent necessary to avoid additional taxes under Code Section 409A, 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 Code
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 Executive’s Separation from Service, the Company determines that 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 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 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 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 Executive’s taxable year following the taxable year in which the expense
was incurred.

 

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

 

		10.	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 10(b), the Company and 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), and further agree that
service of any process, summons, notice or document by registered mail to the address set forth below shall be effective service
of process for any action, suit or proceeding brought against the Company or Executive, as the case may be, in any such court.

 

(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 10(b) shall be a lawyer experienced in commercial
and business affairs.

 

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(c)           Executive
may not delegate his duties or assign his rights hereunder. The Company may 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 Executive and the Company with respect to the employment of Executive by the Company
and contains all of the covenants and agreements between the parties with respect to such employment. For the avoidance of doubt,
this Agreement supersedes any agreement between Executive and Parent or Seller with respect to the terms and conditions of Executive’s
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.

 

11.          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:

 

Differential Brands Group, Inc.

c/o Tengram Capital Partners, L.P.

602 West 26th Street

New York, NY 10001

 

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Attention: Andrew R. Tarshis

 

To Executive:

 

Jason Rabin, at the address on file
with the Company

 

[signature pages follow]

 

    	18

     

    

 

IN WITNESS WHEREOF, the parties hereto have
entered into this Agreement as of October 29, 2018.

 

	DIFFERENTIAL BRANDS GROUP, INC.	 	EXECUTIVE
	 	 	 	 	 
	By:	/s/ Lori Nembirkow	 	/s/ Jason Rabin
	 	Name:	Lori Nembirkow	 	Jason Rabin
	 	Title:	Secretary	 	 

 

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EXHIBIT A

 

EXECUTIVE RELEASE AND COVENANT NOT TO
SUE

 

Except as otherwise provided herein, in consideration of the
severance payments and benefits I am eligible to receive pursuant to Section [5(j)(ii)/5(j)(viii)] of the employment agreement
between Differential Brands Group, Inc., a Delaware corporation (the “Company”), and me, dated October 29, 2018
(the “Employment Agreement”), I, Jason Rabin, 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 (the “Claims”),
including 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; provided, however, that
notwithstanding the foregoing, my release of claims against Company Entity Officials shall be limited to Claims relating to my
employment with the Company and with respect to Company Entity Officials the definition of the term “Claims” shall
not include Claims that do not relate 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).

 

    	20

     

    

 

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, 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(f) 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). In addition, in the event such cooperation is
provided during a period that I am not receiving payments pursuant to Section 5(j)(ii)(1) of the Employment Agreement, I shall
be entitled to be compensated at an hourly rate equal to my final Base Salary (as such term is defined in the Employment Agreement)
divided by 2,080.

 

    	21

     

    

 

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 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, subject to my right of revocation described above, 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.

 

    	22

     

    

 

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
me or any of the Released Parties, and such wrongdoing or liability is expressly denied.

 

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__.

 

 

Jason Rabin

 

    	23

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