Document:

EXHIBIT 10.3

SALISBURY BANK AND TRUST COMPANY

SPLIT DOLLAR LIFE INSURANCE AGREEMENT

THIS AGREEMENT (the “Agreement”)
is made and entered into this 1st day of September, 2021, by and between Salisbury Bank and Trust Company, a banking corporation,
located in Lakeville, CT (the “Bank”), and Peter Albero, a current employee of the Bank (hereinafter referred to as
the “Employee”). This Agreement supersedes any prior split dollar agreement that may be in effect as of the effective
date of this Agreement and hereby nullifies and cancels any such prior split dollar agreement.

INTRODUCTION

WHEREAS, Employee is an
officer or other highly paid employee of the Bank;

WHEREAS, the Bank is purchasing
insurance policies (hereinafter referred to as the “Insurance Policy”), with New York Life and Midland National (hereinafter
referred to as the “Insurer(s)”), on the life of the Employee;

WHEREAS, the Bank desires
to induce Employee to continue to utilize Employee’s best efforts on behalf of the Bank by its payment of premiums due on the Insurance
Policy(ies); and

WHEREAS, the Bank is the
sole owner of the Insurance Policy(ies) and elects to endorse a portion of the death benefit of the Insurance Policies to Employee, or
Employee’s designated beneficiary.

NOW, THEREFORE, in consideration
of the mutual undertakings set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Bank and the Employee agree as follows:

		1.	Ownership

		1.1.	Ownership of Insurance Policy(ies). The Bank is the sole owner of
the Insurance Policy(ies) and shall have the right to exercise all incidents of ownership. The Bank shall be the beneficiary of the remaining
death proceeds of the Insurance Policy(ies) after payment of the Employee Death Benefit as defined and provided for in this Agreement.
The Bank shall at all times be entitled to the Policy(ies) cash surrender value, as that term is defined in the Insurance Policy(ies),
less any Insurance Policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable Insurance Policy
surrender charges. The cash surrender value shall be determined as of the date of the surrender of the Insurance Policy or death of the
Employee, as the case may be.

		1.2.	Right to Insurance Policy(ies). Notwithstanding any provision hereof
to the contrary, the Bank shall have the right to sell or surrender the Insurance Policy(ies) without terminating this Agreement, provided
(i) the Bank replaces the Insurance Policy(ies) with a comparable life insurance policy or arrangement that provides the benefit provided
under this Agreement and (ii) the Bank and the Employee (who will not unreasonably withhold their signature) execute a new Split Dollar
Policy Endorsement for said comparable coverage arrangement, at which time all references to “Insurance Policy” hereunder
shall refer to such replacement coverage arrangement. Without limitation, the Insurance Policy(ies) at all times shall be the exclusive
property of the Bank, and shall be subject to the claims of the Bank’s creditors.

		2.	Premiums.

		2.1.	Payment of Premium. The Bank may pay each premium on the Insurance
Policies to the Insurers on or before the due date of such premium or within the grace period allowed by the Insurance Policies for the
payment of such premium.

		2.2.	Economic Benefit. The Bank shall determine the economic benefit attributable
to the Employee based on the life insurance premium factor for the Employee’s age multiplied by the amount of current life insurance
protection payable to the Employee’s beneficiary. The “life insurance premium factor” is the minimum amount required
to be imputed under Treasury Regulation § 1.61-22(d)(3)(ii), or any subsequent applicable authority. The Bank shall impute the
economic benefit to the Employee on an annual basis by adding the economic benefit to the Executive’s Form W-2, or, if applicable,
Form 1099.

		3.	Bank’s Interests. Upon the occurrence of an event described
in Section 5 of this Agreement, the Bank shall be entitled to receive an amount equal to all death benefits due under the Insurance Policy
less those explicitly provided to the Employee’s designated beneficiary under Section 4 hereof (the “Bank’s Policy Interest”).
The Bank’s Policy Interest shall be payable as provided in Section 5 of this Agreement. The Bank’s Policy Interest shall be
reduced by any amount borrowed against the Insurance Policy(ies) by Bank. 

		4.	Employee’s Interests.

		4.1.	Named Executive Officer: Pre-Retirement Death Benefit. Upon death
of the Employee while in service to the Bank, the Employee Death Benefit under this Agreement shall be the lesser of i) three (3) times
base annual salary, not to exceed $800,000, less $50,000 or ii) the Net Amount at Risk, defined as the difference between
the death benefit payable upon death of the insured pursuant to a life insurance policy and the accrued cash value of the life
insurance policy at the time of death of the insured. 

		4.2.	Named Executive Officer: Post-Retirement Death Benefit. If the Employee
is in service to the Bank at the time the Employee reaches age 65, upon the death of the Employee on or after age 65, the Employee Death
Benefit under this Agreement shall be the lesser of i) a multiple of final base annual salary, not to exceed $800,000, or ii) the Net
Amount at Risk, defined as the difference between the death benefit payable upon
death of the insured pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time
of death of the insured. The multiple under this paragraph 4.2 shall be:

	Age 65 through Age 71	1.5 times Final Base Salary
	Age 72 through Age 79	1.0 times Final Base Salary
	Age 80 and After	
    0.5 times Final Base Salary

     

		4.3.	Executive Management: Pre-Retirement Death Benefit. Upon death of
the Employee while in service to the Bank, the Employee Death Benefit under this Agreement shall be the lesser of i) three (3) times base
annual salary, not to exceed $400,000, less $50,000 or ii) the Net Amount at Risk, defined as the difference between
the death benefit payable upon death of the insured pursuant to a life insurance policy and the accrued cash value of the life
insurance policy at the time of death of the insured. 

		4.4.	Executive Management: Post-Retirement Death Benefit. If the Employee
is in service to the Bank at the time the Employee reaches age 65, upon the death of the Employee on or after age 65, the Employee Death
Benefit under this Agreement shall be the lesser of i) a multiple of final base annual salary, not to exceed $400,000, or ii) the Net
Amount at Risk, defined as the difference between the death benefit payable upon
death of the insured pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time
of death of the insured. The multiple under this paragraph 4.2 shall be:

	Age 65 through Age 71	1.5 times Final Base Salary
	Age 72 through Age 79	1.0 times Final Base Salary
	Age 80 and After	0.5 times Final Base Salary

 

		4.5.	Senior Management: Pre-Retirement Death Benefit. Upon death of the
Employee while in service to the Bank, the Employee Death Benefit under this Agreement shall be the lesser of i) three (3) times base
annual salary, not to exceed $300,000, less $50,000 or ii) the Net Amount at Risk, defined as the difference between
the death benefit payable upon death of the insured pursuant to a life insurance policy and the accrued cash value of the life
insurance policy at the time of death of the insured. 

		4.6.	Senior Management: Post-Retirement Death Benefit. If the Employee
is in service to the Bank at the time the Employee reaches age 65, upon the death of the Employee on or after age 65, the Employee Death
Benefit under this Agreement shall be the lesser of i) a multiple of final base annual salary, not to exceed $200,000, or ii) the Net
Amount at Risk, defined as the difference between the death benefit payable upon
death of the insured pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time
of death of the insured. The multiple under this paragraph 4.4 shall be:

	Age 65 through Age 71	1.5 times Final Base Salary
	Age 72 through Age 79	1.0 times Final Base Salary
	Age 80 and After	0.5 times Final Base Salary
	 	 

		4.7.	Definitions:

		(a)	“Normal Retirement Age” shall be Age 65.

 

		(b)	“Named Executive Officer” shall be an Employee who is a signatory to this Agreement and
who has one or more of the titles listed as an “Named Executive Officer” title on Schedule 4.5.

 

		(c)	“Executive Management” shall be an Employee who is a signatory to this Agreement and who
has one or more of the titles listed as an “Executive Management” title on Schedule 4.5.

 

		(d)	“Senior Management” shall be an Employee who is a signatory to this Agreement and who has
one or more of the titles listed as a “Senior Management” title on Schedule 4.5. An individual who is both an Executive Management
Employee and a Senior Management Employee shall be considered to be an Executive Management Employee.

 

		(e)	Net Amount at Risk: defined as the difference between the death benefit payable upon death of the insured
pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time of death of the insured.

 

		5.	Beneficiary

		5.1.	Beneficiary Designation. The Employee’s “Beneficiary
Designation” shall be made in writing and delivered to the Bank in a form acceptable to the Insurers and Bank (“Beneficiary
Designation Form”). Employee’s designated Beneficiary may be amended by the Employee from time to time during the term
of this Agreement. Upon the acceptance by the Bank of a new “Beneficiary Designation Form”, all “Beneficiary
Designations” previously filed shall be cancelled. The Bank shall be entitled to rely on the last “Beneficiary Designation
Form” filed by the Employee and accepted by the Bank prior to the Employee’s death.

		5.2.	Beneficiary Acknowledgement. No designation or change in designation
of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Bank or its designated agent.

		5.3.	Facility of Payment. If the Bank determines in its discretion that
a benefit is to be paid to a minor or to a person incapable of handling the disposition of that person’s property, the Bank may
direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person
or incapable person. The Bank may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution
of the benefit. Any payment of a benefit shall be a payment for the account of the Employee and the Employee’s Beneficiary, as the
case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.

		5.4.	No Beneficiary Designation. If the Employee dies without a valid
designation of Beneficiary, or if all designated Beneficiaries predecease the Employee, then the Employee’s surviving spouse shall
be the designated Beneficiary. If the Employee has no surviving spouse, the benefits shall be made payable to the personal representative
of the Employee’s estate.

		6.	Death Claims.

		6.1.	Bank’s Benefit. Upon the death of Employee, the Bank shall
be entitled to receive a portion of the death benefits payable under the Insurance Policy equal to the Bank’s Policy Interest and
the receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under Section 3 of this Agreement. 

		6.2.	Employee’s Benefit. Upon the death of Employee, the Beneficiary
shall be entitled to receive the amount of the death benefits equal to the Employee Death Benefit and the receipt of this amount by the
Beneficiary shall constitute satisfaction of the Employee’s rights under this Agreement.

		6.3.	Benefit Paid by Insurance Carrier. The benefit payable to Employee’s
Beneficiary shall be paid solely by the Insurers from the proceeds of the Insurance Policies on the life of the Insured. In no event shall
the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay
death proceeds endorsed to Insured under the express terms of this Agreement, or should the Bank cancel the Insurance Policies for any
reason, neither Employee nor any Beneficiary shall be entitled to a death benefit.

		6.4.	Suicide or Misstatement. The amount of the benefit payable to Employee’s
Beneficiary may be reduced or eliminated if Employee fails or refuses to take a physical examination, to truthfully and completely supply
such information or complete any forms as may be required by the Bank or the Insurer, or otherwise fails to cooperate with the requests
of the Bank or the Insurer, or if Employee dies under circumstances such that the Insurance Policy(ies) do not pay a full death benefit,
e.g., in the case of suicide within two years after a respective Insurance Policy date.

		7.	Termination of Agreement.

		7.1.	Termination Events. This Agreement shall automatically terminate
on the occurrence of any of the following events prior to the death of the Employee: 

		(a)	Cessation of the Bank’s business;

		(b)	Written notice given by either party to the other;

		(c)	Termination of the employment of Employee prior to age 65 (whether voluntary or involuntary); or

		(d)	Bankruptcy, receivership or dissolution of the Bank.

		7.2.	Rights Upon Termination. If this Agreement is terminated pursuant
to this Section 7, the Employee shall forfeit all rights hereunder to the Insurance Policy(ies) or the right to designate a Beneficiary
and Bank at its sole discretion may retain or terminate the Insurance Policy(ies).

		7.3.	Amendments. Prior to the Employee’s death, this Agreement may
be amended or terminated, in whole or in part, by the Bank at its sole discretion; provided, however, that if the Employee’s
interests are adversely affected, such amendment or termination by action of the Bank may not become effective earlier than thirty days
(30) after delivering a written notice of such action to the Employee. This Agreement may not be amended after the date of the Employee’s
death.

		7.4.	Change in Control. Notwithstanding the provisions of this Section
7, upon a Change in Control of the Bank, the Employee will fully vest in the Employee’s Interests as provided in Section 4 of this
Agreement, including the Post-Retirement Death Benefit as if the Employee had been continuously employed by the Bank to age 65, and this
Agreement may not be terminated or amended without the express written consent of the Employee. For this purpose, Change in Control shall
mean a change in control as that term is defined in Section 409A of the Internal Revenue Code.

		8.	Insurance Company Not a Party. The Insurers shall not be deemed a
party to this Agreement for any purpose nor in any way responsible for its validity; shall not be obligated to inquire as to the distribution
of any monies payable or paid by it under the Insurance Policy(ies); and shall be fully discharged from any and all liability under the
terms of the Insurance Policy(ies) upon payment or other performance of its obligations in accordance with the terms of the Insurance
Policy(ies). The Insurers shall not be bound by or be deemed to have notice of the provisions of this Agreement.

		9.	Administration

		9.1.	Plan Administrator. This Agreement shall be administered by a “Plan
Administrator”, which shall consist of the Bank’s board of directors or such committee as the board shall appoint. The
Employee may be a member of the Administrator. 

		9.2.	Plan Administrator Duties. The Plan Administrator shall have the
discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this
Agreement and (ii) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection with
this Agreement.

		9.3.	Binding Effect of Decisions. Any decision or action of the Plan Administrator
with respect to any question arising out of or in connection with the administration, interpretation, and application of this Agreement
and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in
this Agreement.

		9.4.	Indemnity of Plan Administrator. The Bank shall indemnify and hold
harmless the members of the Plan Administrator, and those to whom management and operation responsibilities of the plan have been delegated,
against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Split
Dollar Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members.

		9.5.	Information. To enable the Administrator to perform its functions,
the Bank shall supply full and timely information to the Administrator on all matters relating to the date and circumstances of the retirement,
death, or Termination of Employment of the Executive and such other pertinent information as the Administrator may reasonably require.

		10.	Claims and Review Procedure

		10.1.	Written Claim. A person who believes that they are being denied a
benefit to which they are entitled under this Agreement (herein after referred to as a "Claimant") may file a written
request for such benefit with the Plan Administrator, setting forth their claim. The request must be addressed to the Bank at its then
principal place of business.

		10.2.	Timing of Response. Upon receipt of a claim, the Plan Administrator
shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such
period. The Plan Administrator may, however, extend the reply period for an additional ninety (90) days for reasonable cause. If the claim
is denied in whole or in part, the Plan Administrator shall adopt a written opinion, using language calculated to be understood by the
Claimant, setting forth:

		(a)	The specific reason or reasons for such denial;

		(b)	The specific reference to pertinent provisions of this Agreement on which such denial is based;

		(c)	A description of any additional material or information necessary for the Claimant to perfect their
claim and an explanation why such material or such information is necessary;

		(d)	Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review;
and

		(e)	The time limits for requesting a review under Section 10.3 and for review under Section 10.4 hereof.

		10.3.	Request for Review. With sixty (60) days after the receipt by the
Claimant of the written opinion described in Section 10.2, the Claimant may request in writing that the determination of the Plan Administrator
be reviewed. Such request must be addressed to the Bank at its then principal place of business. The Claimant or their duly authorized
representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Plan
Administrator. If the Claimant does not request a review of the Plan Administrator's determination within such sixty (60) day period,
they shall be barred and estopped from challenging the Plan Administrator's determination.

		10.4.	Review of Decision. The Plan Administrator will review its determination
within sixty (60) days after receipt of a request for review. After considering all materials presented by the Claimant, the Plan Administrator
will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for
the decision and containing specific references to the pertinent provisions of this Agreement on which the decision is based. If special
circumstances require that the sixty (60) day time period be extended, the Plan Administrator will so notify the Claimant and will render
the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review.

		11.	Binding Effect. This Agreement shall bind the Employee and the Bank
and their respective heirs, beneficiaries, survivors, executors, administrators, representatives, successors, transferees and assigns,
and any Insurance Policy Beneficiary.

		12.	No Guarantee of Employment. This Agreement is not an employment policy
or contract. It does not give the Employee the right to remain an employee of the Bank, nor does it interfere with the Bank’s right
to discharge the Employee. It also does not require the Executive to remain an employee nor interfere with the Employee’s right
to terminate employment at any time.

		13.	Waiver of Jury Trial. To the fullest extent permitted by applicable
law, bank and employee hereby irrevocably and expressly waive all right to a trial by jury in any action, proceeding, or counterclaim
(whether based upon contract, tort, or otherwise) arising out of or relating to this agreement or the transactions contemplated herein
or the actions of the bank in the negotiation, administration, or enforcement thereof. Each party hereto (A) certifies that no representative,
agent or attorney of any other person as represented, expressly or otherwise, that such other person would not, in the event of litigation
seek to enforce the foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into this agreement
by, among other things, the mutual waivers and certifications in this section.

		14.	Entire Agreement; Oral Agreements Ineffective. This Agreement constitutes
the entire and final agreement between the Bank and Employee as to the subject matter hereof and may not be contradicted by evidence of
prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

		15.	No Third-Party Beneficiaries. The benefits of this Agreement shall
not inure to any third party. This Agreement shall not be construed as creating any rights, claims, or causes of action against Bank or
any of its officers, directors, agents, or employees in favor of any person or entity other than Employee. 

		16.	Severability. If any one or more of the provisions hereof is declared
invalid, illegal, or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions shall not
in any way be affected or impaired, and that invalidity, illegality, or unenforceability in one jurisdiction shall not affect the validity,
legality, or enforceability of the remaining provisions hereof.

		17.	Governing Law; Venue; Service of Process. This agreement shall be
governed by and construed in accordance with the laws of the state of Connecticut. This agreement has been entered into in Litchfield
County, Connecticut, and is performable for all purposed in Litchfield County, Connecticut. The parities hereby agree that any lawsuit,
action, or proceeding that is brought (whether in contract, tort, or otherwise) arising out of or relating to this agreement, the transactions
contemplated thereby, or the actions of the bank in the negotiation, administration, or enforcement of any of this agreement shall be
brought in a state or federal court of competent jurisdiction located in Litchfield County, Connecticut. Employee hereby irrevocably and
unconditionally (A) submits to the exclusive jurisdiction of such courts, (B) waives any objection it may now or hereafter have as to
the venue of any such lawsuit, action, or proceeding brought in any such court, and (C) further waives any claim that it may now or hereafter
have that any such court in an inconvenient forum. Each of the parties hereto agree that service of process upon it may be made by certified
reregistered mail, return receipt requested at the address for notices contained in the signature page of this agreement.

		18.	Notices. Any notice, consent or demand required or permitted to be
given under the provisions of this Agreement by one party to another shall be in writing, shall be signed by the party giving or making
the same, and may be given either by delivering the same to such other party personally, or by mailing the same, by United States certified
mail, postage prepaid, to such party, addressed to their last known address as shown on the records of the Bank. The date of such mailing
shall be deemed the date of such mailed notice, consent or demand.

 

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

 

	SALISBURY BANK AND TRUST COMPANY:	EMPLOYEE:
	 	 
	By: /s/ Richard Cantele	By: /s/
    Peter Albero
	 	 
	Print Name: Richard Cantele	Print Name:  Peter Albero
	 	 
	Title: President &CEO	Address: ____________________
	 	____________________________

    	 	 	 

     

    

SALISBUY BANK AND TRUST COMPANY

SPLIT DOLLAR LIFE INSURANCE AGREEMENT

SCHEDULE 4.5

 

 

“NAMED EXECUTIVE OFFICER” is defined as an Employee who is
designated as a Named Executive Officer as outlined in the bank’s most recent Proxy Statement.

 

“EXECUTIVE MANAGEMENT” is defined as an Employee with a job
title that includes EVP or above.

 

“SENIOR MANAGEMENT” is defined as an Employee with a job title
that includes SVP, VP, AVP or below.

 

For Sections 4.2, 4.4, and 4.6, an Employee’s Interest is based on
their job title on the last day of employment as outlined above.Document

															
					Exhibit 10.3

RESTRICTED STOCK UNIT AGREEMENT

    This RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”), dated as of June 30, 2021 (the “Date of Grant”), is entered into by and between GUESS?, INC., a Delaware corporation (the “Company”), and Carlos Alberini (the “Grantee”).

RECITALS

    WHEREAS, the Company maintains the Guess?, Inc. 2004 Equity Incentive Plan (as Amended and Restated as of May 19, 2017) (the “Plan”).

    WHEREAS, the Compensation Committee of the Company’s Board (the “Committee”) has determined to grant a restricted stock unit award (this “Award”) to the Grantee under the Plan in order to increase Grantee’s participation in the success of the Company;

    NOW, THEREFORE, the parties hereto agree as follows:

1.Definitions; Incorporation of Plan Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan[, except where a capitalized term is defined in the Executive Employment Agreement between the Company and the Grantee, entered into January 27, 2019, as amended (the “Employment Agreement”), and this Agreement indicates the definition used in the Employment Agreement shall apply for purposes of this Agreement as well. This Award and all rights of the Grantee under this Agreement are subject to, and the Grantee agrees to be bound by, all of the terms and conditions of the Plan, incorporated herein by this reference.  Except as specifically provided in this Agreement, in the event of any conflict or inconsistency between the Plan and this Agreement, the Plan shall govern.
2.Grant of Restricted Stock Units.  The Company hereby grants to the Grantee as of the Date of Grant (set forth above) a right to receive 56,818 shares of the Company’s common stock subject to the terms, conditions, and restrictions set forth herein (the “Restricted Stock Units”).  As used herein, the term “Restricted Stock Unit” shall mean a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Company’s common stock, par value $0.01 per share (the “Common Stock”) solely for purposes of the Plan and this Agreement.  The Restricted Stock Units shall be used solely as a device for the determination of the number of shares of Common Stock to eventually be delivered to the Grantee if such Restricted Stock Units vest pursuant to this Agreement.  The Restricted Stock Units shall not be treated as property or as a trust fund of any kind.  The Grantee shall have no rights as a shareholder of the Company, no dividend rights (except as expressly provided in Section 4 with respect to Dividend Equivalent Rights) and no voting rights with respect to the Restricted Stock Units and any shares of Common Stock underlying or issuable in respect of such Restricted Stock Units (“Award Shares”) until such shares of Common Stock are actually issued to and held of record by the Grantee.  This Award, together with the other equity awards granted by the Company to the Grantee on or about the Date of 

Grant, is in complete satisfaction of the Grantee’s right to receive stock options or other equity-based awards from the Company with respect to the Company’s 2022 fiscal year. 
3.Vesting.  
A.    If the Earnings from Operations Threshold (as determined pursuant to Section 3(B)) is achieved for the Performance Period then, except as otherwise expressly provided in Sections 7 and 8 herein, this Award shall vest as to (i) one-third of the Restricted Stock Units on January 30, 2022 (the “First Tranche”), (ii) one-third of the Restricted Stock Units on January 30, 2023 (the “Second Tranche”), and (iii) one-third of the Restricted Stock Units on January 30, 2024 (the “Third Tranche”); provided that Grantee has been continuously in Service with the Company from the Date of Grant through each applicable vesting date.  Except as specifically provided herein, employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting.  As used herein, the term “Service” means employment by the Company or a Subsidiary (the date that the Grantee’s Service terminates is referred to as the “Severance Date”). 
B.     No portion of this Award shall vest notwithstanding satisfaction of the continued Service requirement for vesting described in Section 3(A) above unless the Committee certifies, following the end of the Company’s 2022 fiscal year, that the Company achieved Earnings from Operations (as defined below) for the Performance Period equal to or above the level established by the Committee with respect to the Award in connection with the grant of the Award (the “Earnings from Operations Threshold”).
C.    If either a Change in Control or the death or Disability (as defined below) of the Grantee occurs before the last day of the Performance Period, the performance-based requirements of Sections 3(A) and 3(B) shall be deemed met as of the date of such event.  
D.    If the Earnings from Operations Threshold is not met for the Performance Period (and Section 3(C) does not apply), this Award and the Restricted Stock Units subject hereto shall terminate and be cancelled as of the last day of the Performance Period.
E.    For purposes of this Award, “Disabled” and “Disability” shall (i) have the meaning defined under the Company’s then-current long-term disability insurance plan, policy, program or contract as entitles the Grantee to payment of disability benefits thereunder, or (ii) if there shall be no such plan, policy, program or contract, mean permanent and total disability as defined in Section 22(e)(3) of the Code.  
    For purposes of this Award, “Earnings from Operations” means: total Company earnings from operations for the Performance Period as calculated in accordance with GAAP, but adjusted (without duplication and to the extent that the particular item would have otherwise impacted Earnings from Operations for such period) to exclude the financial statement impact of the following items: (a) any positive or negative charges or accruals incurred for the Performance Period for litigation matters

2

matters, but only where such charges or accruals for any particular matter exceed $500,000 for the Performance Period, (b) any professional service and legal fees and related costs excluded from the Company’s adjusted results for the Performance Period, as reflected in the Company’s press release financials for such period, (c) reorganization charges incurred for the Performance Period, including employee severance related costs, store and other real estate closure related costs and professional fees, (d) impairment charges (including, but not limited to stores, ROU, goodwill and other assets), (e) changes in accounting standards or methods that are implemented during the Performance Period in accordance with GAAP (to the extent not taken into account by the Committee when it established the goals), and (f) acquisitions, costs associated with such acquisitions, and the costs incurred in connection with potential acquisitions that are required to be expensed under GAAP, in each case for the Performance Period.
4.Dividend Equivalents.  If a cash dividend is paid with respect to the Common Stock while any Restricted Stock Units subject to the Award are outstanding, the Grantee shall be credited with an amount in cash equal to the dividends the Grantee would have received if he had been the owner of the shares of Common Stock subject to such outstanding Restricted Stock Units; provided, however, that no amount shall be credited with respect to shares that have been delivered to the Grantee as of the applicable dividend record date.  Any amounts credited under this Section 4 (“Dividend Equivalents”) shall be subject to the same terms and conditions as the Restricted Stock Units to which they relate and shall vest and be paid (or, if applicable, be forfeited) at the same time as the Restricted Stock Units to which they relate.  
5.Delivery of Shares.  The Company shall deliver or cause to be delivered to the Grantee the number of Award Shares subject to the First Tranche that vest in connection with the end of the Performance Period pursuant to the terms hereof within ten days following certification by the Committee of the satisfaction of the performance criteria set forth in Section 3(B) (and in no event later than 74 days following the end of the Performance Period), and in all other cases in which one or more Restricted Stock units subject to the Award become vested the Company shall deliver or cause to be delivered to the Grantee the number of Award Shares that vested on the applicable vesting date under this Agreement on (or within three business days following, unless vesting is triggered by the Grantee’s death or Disability or other separation from Service in which case the applicable period will be within 74 days following) the applicable vesting date.  Any Dividend Equivalents described in Section 4 above related to such Award Shares shall be paid in cash at the same time as the delivery of the Award Shares under this Section 5.
6.Adjustments Upon Specified Events.  Upon the occurrence of certain events relating to the Company’s Common Stock contemplated by Section 16(b) of the Plan, the Committee will make adjustments, if appropriate, in the number of Restricted Stock Units and the number and kind of securities subject to the Award. 
7.Effect of Certain Cessations of Service
A.In the event of the Grantee’s “Disability” or death while in Service before January 30, 2024, this Award will become vested as of the Severance Date as to a pro-rata 

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portion of the then outstanding and otherwise unvested Restricted Stock Units subject to this Award that were otherwise scheduled to vest on the next regularly scheduled vesting date under Section 3(A) after the Grantee’s Severance Date determined by multiplying (1) the total number of such Restricted Stock Units to this Award that were otherwise scheduled to vest on the next regularly scheduled vesting date under Section 3(A) after the Severance Date by (2) the Pro-Rata Fraction.  As used herein, the “Pro-Rata Fraction” means the fraction obtained by dividing (i) the total number of days the Grantee was in Service with the Company following the last regularly scheduled Vesting Date under Section 3(A) (or, if there is no prior Vesting Date in the circumstances, following January 30, 2021) that occurred prior to the Grantee’s Severance Date through and including the Severance Date, by (ii) the total number of calendar days following the last regularly scheduled vesting date under Section 3(A) (or, if there is no prior vesting date in the circumstances, following January 30, 2021) through and including the vesting date that was next scheduled to occur after the Grantee’s Severance Date pursuant to Section 3(A).  Notwithstanding the foregoing, this Section 7(A) shall not apply to the Award if the Grantee’s Severance Date occurs on a scheduled vesting date pursuant to Section 3(A).  Any Restricted Stock Units subject to this Award as of the Severance Date that are not vested after giving effect to the foregoing provisions of this Section 7(A) shall terminate and be cancelled as of the Severance Date.  
B.Notwithstanding anything contained herein or in the Plan to the contrary, in the event that the Grantee’s employment by the Company is terminated (a) by the Company without “Cause” (as defined in the Employment Agreement), (b) by the Grantee for “Good Reason” (as defined in the Employment Agreement), or (c) upon expiration of the “Employment Term” (as defined in the Employment Agreement) then in effect by reason of the Company’s delivery of a non-renewal notice pursuant to Section 2 of the Employment Agreement if the Company did not have Cause to deliver such non-renewal notice, in any case before January 30, 2024 and outside the Change in Control Window described in Section 7(C) below (such termination of employment under (a), (b) or (c) above, a “Qualifying Termination”), the Award shall become vested as of the Severance Date as to a pro-rata portion of the then outstanding and otherwise unvested Restricted Stock Units subject to this Award that were otherwise scheduled to vest on the next regularly scheduled vesting date under Section 3(A) after the Grantee’s Severance Date determined by multiplying (1) the total number of such Restricted Stock Units to this Award that were otherwise scheduled to vest on the next regularly scheduled vesting date under Section 3(A) after the Severance Date by (2) the Pro-Rata Fraction, subject to Section 7(D) below. Notwithstanding the foregoing, this Section 7(B) shall not apply to the Award if the Grantee’s Severance Date occurs on a scheduled vesting date pursuant to Section 3(A).  Any Restricted Stock Units subject to this Award as of the Severance Date that are not vested after giving effect to the foregoing provisions of this Section 7(B) shall terminate and be cancelled as of the Severance Date.

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C.Notwithstanding anything contained herein or in the Plan to the contrary, in the event that the Grantee’s employment by the Company is terminated in a Qualifying Termination that occurs before January 30, 2024 and within twelve (12) months before, upon, or within two (2) years after a Change in Control (such period, the “Change in Control Window”), the Restricted Stock Units subject to this Award that are otherwise outstanding and unvested as of the Qualifying Termination shall become vested as of the Qualifying Termination (or, if later, as of the Change in Control and to the extent the Restricted Stock Units did not vest pursuant to Section 7(B) in connection with the Severance Date) subject to Section 7(D) below.
D.Notwithstanding the foregoing, the accelerated vesting provisions of Sections 7(B) and 7(C) are subject to the Grantee’s satisfaction of the Release requirement of Section 9(e) of the Employment Agreement in connection with the termination of his Service and, if such requirement is not timely satisfied, Section 7(E) shall apply.  If the period of time that the Grantee has to consider, execute, and revoke such Release spans two calendar years, payment of any Restricted Stock Units the vesting of which is contingent on the Grantee satisfying such Release requirement shall (assuming the Grantee satisfies such Release requirement) be made within the applicable period of time provided in Section 5 but in the second of such two years.
E.If the Grantee’s Service terminates for any reason other than as provided in Section 7(A)-(C) above, this Award and the Restricted Stock Units subject hereto, to the extent outstanding and unvested as of the date of such termination of Service, shall terminate and be cancelled as of the date of such termination of Service.  
F. Sections 14(a) and 14(b) of the Plan shall not apply to the Award.
8.Change in Control.  Notwithstanding anything to the contrary in Section 3, Section 5 or Section 7 of this Agreement or any provision of the Plan, the following provisions shall apply upon a Change in Control:
A.    If a Change in Control occurs and the then-outstanding and unvested portion of this Award is not continued following such event or assumed or converted into restricted stock units of any successor entity to the Company or a parent thereof (the “Successor Entity”), the continued Service vesting requirement set forth under Section 3(A) of this Award shall be deemed to be satisfied, and the outstanding Restricted Stock Units subject to such portion shall be deemed vested, upon such Change in Control.
B.    If the then-outstanding and unvested portion of this Award is continued following such event or is assumed or converted into restricted stock units of any Successor Entity, the continued Service requirement set forth in Section 3(A) above (and the accelerated vesting provisions set forth in Section 7 above) shall continue to apply following such Change in Control.

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9.Restrictions on Transfer.  The Grantee may not sell, assign, transfer, pledge, encumber or otherwise alienate, hypothecate or dispose of this Award or the Grantee’s right hereunder to receive Award Shares, except as otherwise provided in the Committee’s sole discretion consistent with the Plan and applicable securities laws.   
10.Taxes.
A.    The settlement of this Award is conditioned on the Grantee making arrangements reasonably satisfactory to the Company for the withholding of all applicable federal, state, local or foreign taxes as may be required under applicable law.
B.    It is intended that any amounts payable under this Agreement shall either be exempt from or comply with Section 409A of the Code (including the Treasury regulations and other published guidance relating thereto) (“Code Section 409A”) so as not to subject the Grantee to payment of any additional tax, penalty or interest imposed under Code Section 409A.  The provisions of this Agreement shall be construed and interpreted to avoid the imputation of any such additional tax, penalty or interest under Code Section 409A yet preserve (to the nearest extent reasonably possible) the intended benefit payable to the Grantee.
C.    If the Grantee is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of the Grantee’s “separation from service” (as such term is defined for purposes of Code Section 409A), the Grantee shall not be entitled to any payment or benefit pursuant to this Award until the earlier of (i) the date which is six (6) months after the Grantee’s separation from service for any reason other than death, or (ii) the date of the Grantee’s death.  The provisions of this Section 10(C) shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Code Section 409A.  Any amounts otherwise payable to the Grantee upon or in the six (6) month period following the Grantee’s separation from service that are not so paid by reason of this Section 10(C) shall be paid (without interest, except as otherwise provided for in Section 8(A)) as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after the Grantee’s separation from service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of the Grantee’s death).  For avoidance of doubt, Dividend Equivalents under Section 4 shall continue to be credited during the period of such six-month delay until the vested Restricted Stock Units are actually settled.
11.Compliance.  The Grantee hereby agrees to cooperate with the Company, regardless of Grantee’s employment status with the Company, to the extent necessary for the Company to comply with applicable state and federal laws and regulations relating to the Restricted Stock Units.
12.Notices.  Any notice required or permitted under this Agreement shall be deemed given when personally delivered, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Grantee either at the address on record with the Company or such other address as may be designated by Grantee in writing to the Company; or to the Company, Attention: Stock Plan Administration, 1444 South AQlameda

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Alameda Street, Los Angeles, California  90021, or such other address as the Company may designate in writing to the Grantee.
13.Failure to Enforce Not a Waiver.  The failure of the Company or the Grantee to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.
14.Governing Law.  This Agreement shall be governed by and construed according to the laws of the State of Delaware, without regard to Delaware or other laws that might cause other law to govern under applicable principles of conflicts of law.  For purposes of litigating any dispute that arises under this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation shall be conducted in the courts of Los Angeles County, or the federal courts for the United States for the Central District of California, and no other courts, where this Agreement is made and/or to be performed.
15.Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Stock Units awarded under the Plan or future restricted stock or restricted stock units that may be awarded under the Plan by electronic means or request Grantee’s consent to participate in the Plan by electronic means.  Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
16.Severability.  The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
17.Amendments.  This Agreement may be amended or modified at any time by an instrument in writing signed by both parties.
18.Agreement Not a Contract of Employment.  Neither the grant of the Restricted Stock Units, this Agreement nor any other action taken in connection herewith shall constitute or be evidence of any agreement or understanding, express or implied, that the Grantee is an employee of the Company or any subsidiary of the Company.
19.Committee’s Powers.  No provision contained in this Agreement shall in any way terminate, modify or alter, or be construed or interpreted as terminating, modifying or altering any of the powers, rights or authority vested in the Committee or, to the extent delegated, in its delegate pursuant to the terms of the Plan or resolutions adopted in furtherance of the Plan, including, without limitation, the right to make certain determinations and elections with respect to the Restricted Stock Units.
20.Termination of this Agreement.  Upon termination of this Agreement, all rights of the Grantee hereunder shall cease.
21.Clawback Policy.  This Award is subject to the terms of the Company’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of the Award or any shares of Common Stock or other cash or property

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property received with respect to the Award (including any value received from a disposition of the shares acquired in respect of the Award).
[The remainder of this page has intentionally been left blank.]

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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by a duly authorized officer and the Grantee has hereunto set his or her hand as of the date and year first above written.
GUESS?, INC.,
a Delaware corporation

By:   /s/ Jason T. Miller    
Print Name:  Jason T. Miller
Its:  General Counsel and Secretary
GRANTEE
 /s/ Carlos Alberini    
Signature

  Carlos Alberini    
Print Name

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