Document:

dfbg_Current_Folio_8K_Ex_10_1

		
			Exhibit 10.1
		

		
			FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
		

		
			This First Amendment (this “Amendment”) to the Employment Agreement dated as of September 8, 2015 (the “Agreement”), is entered into by and between Differential Brands Group Inc. (formerly, Joe’s Jeans Inc.), a Delaware corporation (“Parent”), Hudson Clothing Holdings, Inc. (“HCH”), a Delaware corporation, HC Acquisition Holdings, Inc. (“HCAH”), a Delaware corporation, Hudson Clothing, LLC (the “Company”), a California limited liability company, and Peter Kim (“Executive”), is made by and between Company and Executive and is executed as of June 16, 2017 (the “Effective Date”).  All terms used and not otherwise defined herein have the meanings ascribed to them in the Agreement.
		

		
			WHEREAS, Company and Executive desire to amend the Agreement as set forth below.
		

		
			NOW, THEREFORE, in consideration of the foregoing and their respective representations, warranties, covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, Company and Employee hereby agree as follows:
		

			
	
			
				 1.
			Section 1.1 of the Agreement is hereby deleted in its entirety and replaced with the following new Section 1.1:

		
			“The Company agrees to employ Executive, and Executive agrees to remain an employee of the Company, for three years from the Effective Date of the Amendment to the Agreement. The period during which Executive is employed by the Company pursuant to this Agreement is herein referred to as the “Term”.”
		

			
	
			
				 2.
			The Recitals, Section 1.5 and 3.2.2(v) of the Agreement is hereby amended to replace the Executive’s title “Chief Executive Officer” with “Founder and Vice Chairman.”

			
	
			
				 3.
			Section 1.2 of the Agreement is hereby deleted in its entirety and replaced with the following new Section 1.2:

		
			“Section 1.2Title  and Duties.   During the Term, Executive shall be employed as the Founder and Vice Chairman of the Company, reporting directly and only to the Chief Executive Officer of Parent. Executive will have all of the authorities, duties and responsibilities as is customary for a founder of a  company. During the Term, Executive shall diligently devote his business skill, time and effort to his employment hereunder at such times and in such quantities as the Company reasonably requests, including being available when and if requested on a reasonable basis to appear or provide assistance at engagements, events or activities of the Company, provided that, in no event shall the total amount of time devoted by Executive be required to exceed more than 50% of Executive’s business time; provided further that, for the avoidance of doubt, Executive may engage in outside activities other than the Restricted Business (as defined 

		 

		

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below) (“Outside Activities”), which Outside Activities shall include any activities that Executive initiated prior to the time any member of the Company Group became such or initiated such member’s engagement in such activity.
		

		
			During the Term, Executive shall further serve (i) as a director with the title of Vice Chairman of HCAH and HCH, and a manager of the Company in each case, to the extent then existing, and (ii) as Founder of HCAH and HCH, without additional compensation.  In the event that Executive is not an employee of the Company, then Section 3.3 shall apply.”
		

			
	
			
				 4.
			Company and Executive agree that the Target EBITDA for a Bonus and vesting of the Performance Shares for 2017 has been determined and approved by the Board of Directors for Parent and Executive knows of the Target EBITDA.

			
	
			
				 5.
			Section 2.3 is hereby deleted in its entirety and replaced with the following new Section 2.3:

		
			“Annual Bonus Opportunity.  In respect of each calendar year ending during the Term, Executive shall be eligible to receive an annual bonus (payable in cash or Parent common stock, at the Company’s sole discretion) (the “Annual Bonus”) based on the achievement of earnings before interest, taxes, depreciation and amortization (“EBITDA”) targets determined by the Compensation Committee after consultation with Executive (provided that the target for 2017 shall be as set forth in Section 4 of the Amendment).  The parties shall use commercially reasonable efforts to define such targets prior to the start of each applicable calendar year.  The target Annual Bonus amount shall be a percentage of Base Salary (up to fifty percent (50%) of the Base Salary), with the actual Annual Bonus determined based on the level of EBITDA achieved for each such calendar year against the target level of EBITDA, as follows:
		

			
					
						 

					
					
						 

				
	
					
						Annual Level of Target 
EBITDA Achieved

					
					
						% of Base Salary

				
	
					
						Less than 80%

					
					
						0%

				
	
					
						80%

					
					
						25% of Base Salary 

				
	
					
						100%

					
					
						50% of Base Salary 

				

		
			 
		

		
			Annual Bonuses, if applicable, shall be due and payable by the Company to Executive annually, commencing with the year ended December 31, 2017, payable no later than March 15th after the end of the year to which it relates and following certification by the Compensation Committee that the Target EBITDA has been achieved for the applicable year. ”
		

		
			

		 

		

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				 6.
			Company and Executive agree that the change in title as set forth herein does not constitute a “Good Reason” as set forth clause (v) in the definition of “Good Reason” in the Agreement.

			
	
			
				 7.
			Section 3.2.1(A) is hereby deleted in its entirety and replaced with the following new Section 3.2.1(A):

		
			“(A) the Company shall also make a severance payment to Executive equal to the lesser of (i) 24 months of Base Salary (as of termination) (payable in 24 monthly, equal installments after termination and beginning on the 55th  day after which termination  occurs), and (ii) the greater of (A) 12 months of Base Salary and (B) the number of months of Base Salary remaining on the Term of this Agreement,”
		

			
	
			
				 8.
			The first sentence, third line of Section 3.2.2 is hereby deleted in its entirety and replaced with the following new phrase in Section 3.2.2:

		
			“the Company shall also make a severance payment to Executive equal to the lesser of (i) 24 months of Base Salary (as of termination) (payable in 24 monthly, equal installments after termination and beginning on the 55th  day after which termination  occurs), and (ii) the greater of (A) 12 months of Base Salary and (B) the number of months of Base Salary remaining on the Term of this Agreement,”
		

			
	
			
				 9.
			The definition of Good Reason in Section 3.2.2 is hereby deleted in its entirety and replaced with the following new definition of Good Reason:

		
			“For purposes of the foregoing, “Good Reason”  shall mean: the occurrence of breach by the Company of any provision of this Agreement,  provided that the Executive gives written notice of his intent to resign pursuant to such event within 90 days following the initial occurrence and provided that such event is not fully corrected within 30 days following written notification by Executive to the Company that he intends to terminate his employment  hereunder  for  one of the reasons set forth below.”
		

			
	
			
				 10.
			Section 4.1.1 is hereby deleted in its entirety and replaced with the following new Section 4.1.1:

		
			“Exclusive Dealings;  Non-Competition.   Executive absolutely and unconditionally covenants and agrees that for the period commencing on the Effective Date of this Agreement, and continuing during his employment with the Company (the “Restrictive Period”), Executive shall not, either directly or indirectly, solely or jointly with any other person or persons, as an officer, director, employee, owner, partner, joint venturer, member, manager, consultant, agent, independent contractor, or Equity Interest (as defined in the 2015 Non-Competition Agreement) holder of, or lender to, any Person or business, engage in, compete with, or participate 

		 

		

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in the business of developing, manufacturing, selling, marketing, distributing and/or licensing premium denim jeans (as defined as jeans priced at $99 or higher) (“Restricted Business”).  “Historical Family Businesses” means the business of manufacturing, selling, distributing, transporting, delivering and marketing junior and missy moderate sportswear and such additional apparel business as conducted by Executive’s family from time to time which is not competitive with the Company Group. For purposes of this agreement, the term “Company Group” shall mean the Parent and its subsidiaries.  Executive shall be permitted to, directly or indirectly, own an interest in and, when not employed by the Company, take part in and/or manage or operate the Historical Family Businesses.  Notwithstanding the foregoing, nothing here shall prevent 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.”
		

			
	
			
				 11.
			Section 4.1.2 is hereby deleted in its entirety.

			
	
			
				 12.
			Section 5.1 is hereby amended by adding the following sentence at the end thereof:

		
			“Notwithstanding the foregoing, from and after the date of the Amendment, “Restricted Business” as used in the 2015 Non-Competition Agreement shall have the meaning set forth in the Amendment.”
		

			
	
			
				 13.
			Section 2.6 is hereby deleted in its entirety and replaced with the following new Section 2.6:

		
			“Expenses.  Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by him in the performance of his duties for the Company, including, but not limited to, reasonable entertainment expenses, travel and lodging expenses, in accordance with the policies and procedures adopted by the Company from time to time for executive officers of the Company, subject to the approval of Parent’s Chief Executive Officer, which shall not be unreasonably withheld.  Executive shall furnish appropriate documentation of such expenses in this Section 2.6, including documentation required by the Internal Revenue Service.”   
		

			
	
			
				 14.
			This Amendment embodies the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any and all prior and contemporaneous understandings, agreements, arrangements or representations by or among the parties hereto, written or oral, which may relate to the subject matter hereof in any way.  

			
	
			
				 15.
			This Amendment, and any amendments hereto, may be executed in two or more counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or similar attachment to electronic mail shall be treated in all manner and respects as an original executed 

		 

		

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	counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.

			
	
			
				 16.
			This Amendment shall be construed, performed and enforced in accordance with, and governed by, the Laws of the State of California (without giving effect to the principles of conflicts of Law thereof). 

			
	
			
				 17.
			Except as set forth herein, the terms and provisions of the Agreement will remain in full force and effect and are hereby ratified and confirmed.  On or after the date of this Amendment, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring to the Agreement shall mean and be a reference to the Agreement as amended by this Amendment, and this Amendment shall be deemed to be a part of the Agreement.

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to the Employment Agreement effective as of the Effective Date.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						COMPANY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						DIFFERENTIAL BRANDS GROUP INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael Buckley

				
	
					
						 

					
					
						Name:

					
					
						Michael Buckley

				
	
					
						 

					
					
						Its:

					
					
						CEO

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HUDSON CLOTHING HOLDINGS INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael Buckley

				
	
					
						 

					
					
						Name:

					
					
						Michael Buckley

				
	
					
						 

					
					
						Its:

					
					
						Chairman

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HC ACQUISITION HOLDINGS INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael Buckley

				
	
					
						 

					
					
						Name:

					
					
						Michael Buckley

				
	
					
						 

					
					
						Its:

					
					
						Chairman

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HUDSON CLOTHING, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael Buckley

				
	
					
						 

					
					
						Name:

					
					
						Michael Buckley

				
	
					
						 

					
					
						Its:

					
					
						Chairman

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						EXECUTIVE:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Peter Kim

				
	
					
						 

					
					
						Name:

					
					
						Peter Kim

				
	
					
						 

					
					
						Its:

					
					
						 

				

		
			 
		

		 

		

			6EX-10.92

 Exhibit 10.92 

GENERAL RELEASE AND WAIVER 

1. Jaime Carey (“Employee”) hereby acknowledges and agrees that Employee’s employment with Barnes & Noble, Inc. (the
“Company”) terminated on February 10, 2017 (the “Termination Date”). 
 2. Employee acknowledges and agrees that
Employee’s executing this General Release and Waiver (“Release”) is a condition precedent to the Company’s obligation to pay (and the Employee’s right to retain) the payments and benefits set forth in Section 3.8 of the
employment letter agreement, dated as of July 1, 2015, between Employee and the Company (such agreement referred to herein as the “Employment Agreement” and such payments and benefits collectively referred to herein as the
“Separation Benefit”), that the Separation Benefit is adequate consideration for this Release, and that any monetary or other benefits that, prior to the execution of this Release, Employee may have earned or accrued, or to which Employee
may have been entitled, have been paid or such payments or benefits have been released, waived or settled by Releasor (as defined below) except as expressly provided in this Release. 

3. (a) THIS SECTION PROVIDES A COMPLETE RELEASE AND WAIVER OF ALL EXISTING AND POTENTIAL CLAIMS EMPLOYEE MAY HAVE AGAINST EVERY PERSON AND
ENTITY INCLUDED WITHIN THE DESCRIPTION BELOW OF “RELEASEE.” BEFORE EMPLOYEE SIGNS THIS RELEASE, EMPLOYEE MUST READ THIS SECTION CAREFULLY, AND MAKE SURE THAT EMPLOYEE UNDERSTANDS IT FULLY. 

(b) In consideration of Employee’s receipt and acceptance of the Separation Benefit from the Company, and on behalf of the Company and
each Releasee (as defined below), Employee, on Employee’s behalf and on behalf of Employee’s heirs, executors, administrators, successors and assigns (collectively, “Releasor”), hereby irrevocably, unconditionally and generally
releases the Company, its current and former officers, directors, shareholders, trustees, parents, members, managers, affiliates, subsidiaries, branches, divisions, benefit plans, agents, attorneys, advisors, counselors and employees, and the
current and former officers, directors, shareholders, agents, attorneys, advisors, counselors and employees of any such parent, affiliate, subsidiary, branch or division of the Company and the heirs, executors, administrators, receivers, successors
and assigns of all of the foregoing (each, a “Releasee”), from or in connection with, and hereby waives and/or settles, except as provided in Section 3(c), any and all actions, causes of action, suits, debts, dues, sums of money,
accounts, controversies, agreements, promises, damages, judgments, executions, or any liability, claims or demands, known or unknown and of any nature whatsoever, whether or not related to employment, and which Releasor ever had, now has or
hereafter can, shall or may have as of the date of this Release, including, without limitation, (i) any rights and/or claims arising under any contract, express or implied, written or oral, including, without limitation, the Employment
Agreement; (ii) any rights and/or claims arising under any applicable foreign, Federal, state, local or other statutes, orders, laws, ordinances, regulations or the like, or case law, that relate to employment or employment practices,
including, without limitation, family and medical, and/or, specifically, that prohibit discrimination based upon age, race, religion, sex, color, creed, national origin, sexual orientation, marital status, disability, medical condition, pregnancy,
veteran status or any other unlawful bases, including, without limitation, the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, as amended, the Civil Rights Acts of 1866 and 1871, as amended, the Age Discrimination in Employment
Act of 1967, as amended, the Americans with Disabilities Act of 1990, as amended, the Family Medical Leave Act of 1993, as amended, the Employee Retirement Income Security Act of 1974, as amended, the Vietnam Era Veterans’ Readjustment
Assistance Act of 1974, as amended, the Worker Adjustment and Retraining Notification Act of 1988, as amended, and any similar applicable statutes, orders, laws, ordinances, regulations or the like, or case law, of the State of New York and any
State in which any Releasee is subject to jurisdiction, or any political subdivision thereof, including, without limitation, the New York State Human Rights Law, the New York State Labor Law and the New York City Human Rights Law, and all applicable
rules and regulations promulgated pursuant to or concerning any of the foregoing statutes, orders, laws, ordinances, regulations or the like; (iii) any waivable rights and/or claims relating to wages and hours, including under state or local
labor or wage payment laws; (iv) any rights and/or claims to benefits that Employee may have or become entitled to receive under any severance, termination, change of control, bonus or similar policy, plan, program, agreement or similar or
related arrangements, including, without limitation, any offer letter, letter agreement or employment agreement between Employee and the Company; (v) any rights and/or claims that Employee may have to receive any equity in the Company (whether
restricted or unrestricted) in the future; and (vi) any rights and/or claims for attorneys’ fees. Employee agrees not to challenge or contest the reasonableness, validity or enforceability of this Release. 

  
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 (c) Notwithstanding the foregoing, Employee does not release any Releasee from any of the
following rights and/or claims: (i) any rights and/or claims Employee may have that arise after the date Employee signs this Release; (ii) any rights and/or claims that by law cannot be waived by private agreement;
(iii) Employee’s right to file a charge with or participate in any investigation or proceeding conducted by the U.S. Equal Employment Opportunity Commission (“EEOC”) or similar government agency; provided that even though
Employee can file a charge or participate in an investigation or proceeding conducted by the EEOC or similar government agency, by executing this Release, Employee is waiving his ability to obtain relief of any kind from any Releasee to the extent
permitted by law; (iv) Employee’s non-forfeitable rights to accrued benefits (within the meaning of Sections 203 and 204 of ERISA); (v) any rights and/or claims to insurance coverage under any
directors’ and officers’ personal liability insurance or fiduciary insurance policy; or (vi) any rights and/or claims to enforce the Employment Agreement in accordance with its terms. 

4. Nothing in or about this Release prohibits Employee from: (i) filing and, as provided for under Section 21F of the Securities
Exchange Act of 1934, maintaining the confidentiality of a claim with a government agency that is responsible for enforcing a law; (ii) providing Confidential Information (as defined in Section 4.3(a) of the Employment Agreement) to the
extent required by law or legal process or permitted by Section 21F of the Securities Exchange Act of 1934; (iii) cooperating, participating or assisting in any government or regulatory entity investigation or proceeding; or (iv) receiving
an award for information provided to any government agency that is responsible for enforcing the law. 
 5. Employee represents and
warrants that Employee has not filed or commenced any complaints, claims, actions or proceedings of any kind against any Releasee with any Federal, state or local court or any administrative, regulatory or arbitration agency or body. Employee hereby
waives any right to, and agrees not to, seek reinstatement or employment of any kind with any Releasee and, without waiver by any Releasee of the foregoing, the existence of this Release shall be a valid, nondiscriminatory basis for rejecting any
such application or, in the event Employee obtains such employment, for terminating such employment. This Release and the Separation Benefit are not intended to be, shall not be construed as and are not, an admission or concession by any Releasee of
any wrongdoing or illegal or actionable acts or omissions. 
 6. (a) Employee hereby represents and agrees that Employee shall keep
confidential and not disclose orally or in writing, to any person, except as may be required by law, any and all information concerning the existence or terms of this Release and the amount of any payments made hereunder. Employee further agrees
that, except as shall be required by law, Employee shall keep confidential and not disclose orally or in writing, directly or indirectly, to any person (except Employee’s immediate family, attorneys and accountant), any and all information
concerning any facts, claims or assertions relating or referring to any experiences of Employee or treatment Employee received by or on behalf of any Releasee through the date of this Release. 

(b) If Employee is requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil
investigative demand or similar process) to disclose any information covered by Section 6(a), Employee shall promptly notify the Company of such request or requirement so that the Company may seek to avoid or minimize the required disclosure
and/or to obtain an appropriate protective order or other appropriate relief to ensure that any information so disclosed is maintained in confidence to the maximum extent possible by the agency or other person receiving the disclosure, or, in the
discretion of the Company, to waive compliance with the provisions of this Release. Employee shall use reasonable efforts, in cooperation with the Company or otherwise, to avoid or minimize the required disclosure and/or to obtain such protective
order or other relief. If, in the absence of a protective order or the receipt of a waiver hereunder, Employee is compelled to disclose such information or else stand liable for contempt or suffer other sanction, censure or penalty, Employee shall
disclose only so much of such information to the party compelling disclosure as he believes in good faith on the basis of advice of counsel is required by law, and Employee shall give the Company prior notice of such information he believes he is
required to disclose. Notwithstanding the foregoing, pursuant to the Defend Trade Secrets Act of 2016, Employee understands that: An individual may not be held criminally or civilly liable under any Federal or state trade secret law for the
disclosure of a trade secret that: (i) is made (a) in confidence to a Federal, state, or local government official, either directly or indirectly, or to an attorney; and (b) solely for the

  
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purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. Further,
Employee understands that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer’s trade secrets to the attorney and use the trade secret information in the court
proceeding if the individual: (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order. 

7. (a) Employee shall not make, either directly or by or through another person, any oral or written negative, disparaging or adverse
statements or representations of or concerning any Releasee. 
 (b) Without limitation to the survival of any other terms of the Employment
Agreement subsequent to the end of Employee’s employment, the expiration or termination of the Employment Agreement, and/or the execution and effectiveness of this Release, Employee and the Company expressly acknowledge that the terms of
Sections 4 and 5 of the Employment Agreement survive and shall be in full force and effect as provided in the Employment Agreement. 
 8.
The covenants, representations and acknowledgments made by Employee in this Release shall continue to have full force and effect after the execution and effectiveness of this Release and the delivery of the Separation Benefit, and this Release shall
inure to the benefit of each Releasee, and the successors and assigns of each of them, to the extent necessary to preserve the intended benefits of such provisions. If any section of this Release is determined to be void, voidable or unenforceable,
it shall have no effect on the remainder of this Release, which shall remain in full force and effect, and the provisions so held invalid or unenforceable shall be deemed modified as to give such provisions the maximum effect permitted by applicable
law. Without limitation to Section 3.8 of the Employment Agreement, the Company shall be excused and released from any obligation to make payment of the Separation Benefit, and Employee shall be obligated to return to the Company the Separation
Benefit, in the event that Employee is found to have (a) made a material misstatement in any term, condition, covenant, representation or acknowledgment in this Release or (b) committed or commits a material breach of any term, condition
or covenant in this Release. 
 9. This Release and the Employment Agreement constitute the sole and complete agreement between the parties
with respect to the matters set forth therein and supersedes all prior agreements, understandings and arrangements, oral or written, between Employee and the Company with respect to the subject matter thereof. This Release may not be amended or
modified except by an instrument or instruments in writing signed by the party against whom enforcement of any such modification or amendment is sought. Either party may, by an instrument in writing, waive compliance by the other party with any term
or provision of this Release to be performed or complied with by such other party. 
 10. With respect to any claims or disputes under or in
connection with this Release or any claims released under Section 3 of this Release, Employee and the Company hereby acknowledge and agree that Sections 6.7 and 6.9 of the Employment Agreement shall govern. Employee acknowledges that a breach
or threatened breach of the provisions of this Release may give rise to losses or damages for which the Company cannot be reasonably or adequately compensated in an action at law, and that such violation may result in irreparable and continuing harm
to the Company. Accordingly, Employee agrees that, in addition to any other remedy that the Company may have at law or in equity, the Company shall be entitled to seek equitable relief, including, without limitation, injunction and specific
performance and Employee hereby waives any requirements for security or posting of any bond in connection with such relief. No specification in this Release of any particular remedy shall be construed as a waiver or prohibition of any other remedies
(including claims for damages) in the event of a breach or threatened breach of this Release. 
 11. Employee agrees and acknowledges that
(a) Employee has had an adequate opportunity to review this Release and all of its terms, (b) Employee understands all of the terms of this Release, which are fair, reasonable and are not the result of any fraud, duress, coercion, pressure
or undue influence exercised by or on behalf of any Releasee and (c) Employee has agreed to and/or entered into this Release and all of the terms hereof, knowingly, freely and voluntarily. 

  
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 12. By executing this Release, Releasor acknowledges that (a) Employee has been advised
by the Company to consult with an attorney before executing this Release; (b) Employee was provided adequate time (i.e., at least 21 days) to review this Release and to consider whether to sign this Release and (c) Employee has been advised
that Employee has 7 days following execution to revoke this Release (“Revocation Period”). Notwithstanding anything to the contrary contained herein or in the Employment Agreement, this Release shall not be effective or enforceable, and
the Separation Benefit is not payable and shall not be delivered or paid by the Company, until the Revocation Period has expired and provided that Employee has not revoked this Release. Employee agrees that any revocation shall be made in writing
and delivered to Michelle Smith, Vice President, Human Resources, Barnes & Noble, Inc., 122 Fifth Avenue, NY, NY 10011. Employee acknowledges that revocation of this Release shall result in the Company’s not having an obligation to pay
the Separation Benefit. 
  

									
	Signature:	  	 /s/ Jaime Carey
	 		 	Date:	 	 12/9/2016

		  	Jaime Carey	 		 		 	

  
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