Document:

Exhibit 10.1

 

FIRST AMENDMENT TO THE 

EMPLOYMENT AGREEMENT 

 

This FIRST AMENDMENT, dated May 29,
2020 (the “Amendment”) amends the Employment Agreement dated as of January 6, 2020 (the “Agreement”)
by and between Sequential Brands Group, Inc. (the “Company”) and David Conn (“Executive”
and, collectively with the Company, the “Parties”).

 

For good and valuable consideration, the
sufficiency of which the Parties do hereby acknowledge, the Parties, by executing this Amendment, agree as follows:

 

		1.	Definitions. Capitalized terms used in this Amendment and not otherwise defined herein shall
have the meaning provided in the Agreement.

 

		2.	Amendments.

 

		(a)	Executive agrees that, effective June 1, 2020 through December 31, 2020 (the “Reduction
Period”) Executive’s Base Salary will be reduced from $50,000 per month to $35,000 per month, representing a thirty
percent (30%) reduction of the Base Salary due to Executive during the Reduction Period (the “Reduced Salary”).
The Reduced Salary shall be paid in accordance with the Company’s payroll practices and policies then in effect during the
Reduction Period. The Parties acknowledge and agree that the Reduced Salary during the Reduction Period represents a reduction
of the Base Salary in a total amount of $105,000 (such amount or such lesser amount if Executive does not remain employed with
the Company through December 31, 2020, the “Difference”). Upon the expiration of the Reduction Period (i.e.,
commencing January 1, 2021), in the event the Executive is employed by the Company, Executive’s Base Salary shall return
to $600,000 per year. In addition, in the event that the Executive’s employment terminates between June 1, 2020 and December
31, 2021, due to (i) termination by the Company without Cause, or (ii) Executive’s resignation with Good Reason, then, in
addition to any payments owed to the Executive pursuant to Section 5(j), the Executive shall also be entitled to receive a pro-rata
portion of the Difference (calculated from June 1, 2020 through the Executive’s last day of employment with the Company up
to December 31, 2020), subject to the Executive executing the Release in the manner specified in Section 5(j)(vi). In the event
of a Change of Control (as defined in the Company’s 2013 Stock Incentive Compensation Plan, as amended) between June 1, 2020
and December 31, 2020, the Executive’s Reduced Salary will return to $600,000 per year upon the closing of any such Change
of Control.

 

		(b)	Notwithstanding the foregoing, the (i) Annual Bonus for the 2020 fiscal year, and (ii) any payments
which may become due to Executive pursuant to Sections 5(j)(ii) of the Agreement, shall be calculated based on Executive’s
Base Salary for 2020, as if Executive had been paid his full Base Salary during the Reduction Period.

 

		(c)	Executive hereby expressly waives Executive’s right to terminate the Agreement for Good Reason
due to the reduction of Executive’s Base Salary pursuant to the terms of this Amendment. The Parties acknowledge and agree
that the foregoing waiver shall not operate, or be construed, as a waiver of any subsequent breach by either Party.

 

    	 	1	 

     

    

 

		3.	Miscellaneous.

 

		(a)	Each Party hereby represents and warrants to the other Party that: (i) such Party has the full
power and authority to enter into this Amendment and to fulfill its obligations hereunder and (ii) when this Amendment is executed
and delivered by such Party, this Amendment will constitute the legal, valid and binding obligation of such Party, enforceable
against such Party in accordance with its terms.

 

		(b)	This Amendment may be executed in counterparts, each of which shall be deemed an original but all
of which together shall constitute one and the same instrument. The counterparts of this Amendment may be executed and delivered
by facsimile or PDF e-mail signature by any of the Parties to any other Party and the receiving Party may rely on the receipt of
such document so executed and delivered by facsimile or PDF e-mail as if the original had been received.

 

		(c)	This Amendment represents the entire understanding of the Executive and the Company with respect
to the amendment of the Agreement. Except as specifically amended and/or modified by this Amendment, the Agreement is hereby ratified
and confirmed and all other terms of the Agreement shall remain in full force and effect, unaltered and unchanged by this Amendment.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

    	 	2	 

     

    

 

 

IN WITNESS WHEREOF, the Parties have duly executed this
Amendment as of the date first written above.

 

	 	SEQUENTIAL BRANDS GROUP, INC.
	 	 
	 	 
	 	By: 	/s/ Daniel Hanbridge
	 	Name: Daniel Hanbridge
	 	Title: SVP and Interim Chief Financial Officer
	 	 
	 	 
	 	EXECUTIVE 
	 	 
	 	 
	 	By: 	/s/ David Conn
	 	Name: David Conn

 

    	 	3Exhibit 10.2

 

June 3, 2020

 

Mr. Chad Wagenheim

[Redacted]

 

Dear Chad,

 

Reference is made to the revised employment
terms letter signed by you and Sequential Brands Group, Inc. (the “Company”), dated as of June 5, 2017 (as amended
by letter dated January 11, 2019 and letter dated January 24, 2020, collectively, the “Agreement”). Capitalized
terms used in this letter and not otherwise defined herein shall have the meaning set forth in the Agreement.

 

This letter amends the Agreement as follows:

 

		1.	Effective as of June 1, 2020 through December 31, 2020 (the “Reduction Period”),
your Annual Salary will be reduced from $37,500 per month to $26,250 per month, representing a thirty percent (30%) reduction of
the Annual Salary due to you during the Reduction Period (the “Reduced Salary”). The Reduced Salary shall be
paid in accordance with the Company’s payroll practices and policies then in effect during the Reduction Period. You and
the Company acknowledge and agree that the Reduced Salary during the Reduction Period represents a reduction of the Annual Salary
in a total amount of $78,750 (such amount or such lesser amount if you do not remain employed with the Company through December
31, 2020, the “Difference”). Upon the expiration of the Reduction Period (i.e., commencing January 1, 2021),
in the event you are employed by the Company, your Annual Salary shall return to $450,000 per year. In addition, in the event that
your employment terminates between June 1, 2020 and December 31, 2021, due to termination by the Company without cause, then in
addition to any severance you may be entitled to pursuant to Section 5 of the letter agreement dated June 5, 2017, if any, you
shall also be entitled to receive a pro-rata portion of the Difference (calculated from June 1, 2020 through your last day of employment
with the Company up to December 31, 2020), subject to your execution (and non-revocation) of the Company’s standard release
of claims, with the payment of the Difference to be paid within 21 days of the execution of such release of claims. In the event
of a Change of Control (as defined in the Company’s 2013 Stock Incentive Plan, as amended) between June 1, 2020 and December
31, 2020, your Reduced Salary will return to $450,000 per year upon the closing of any such Change of Control.

 

		2.	Notwithstanding the foregoing,(i) the Bonus for the 2020 fiscal year, and (ii) the severance (as
set forth in Section 5 of the letter dated June 5, 2017) shall be calculated based on your Annual Salary for 2020, as if you had
been paid your full Annual Salary during the Reduction Period.

 

This letter represents the entire understanding
of you and the Company with respect to the amendment of the Agreement. Except as specifically amended and/or modified by this letter,
the Agreement, including the amendment dated January 24, 2020, is hereby ratified and confirmed and all other terms of the Agreement
shall remain in full force and effect, unaltered and unchanged by this letter, including, without limitation, Section 10 of the
Agreement titled Employee Status. For the avoidance of doubt, nothing herein shall be construed as to modify your status
as an “at-will” employee of the Company.

 

     

     

    

 

Please confirm your acceptance and agreement
to the foregoing terms by signing below.

 

Sincerely,

 

SEQUENTIAL BRANDS GROUP, INC.

 

 

/s/ David Conn                                           

David Conn

Chief Executive Officer

 

 

Accepted and agreed this 3rd day of June 2020 by:

 

 

 

/s/ Chad Wagenheim                                  

Chad WagenheimExhibit 10.3

 

June 3, 2020

 

Mr. Daniel Hanbridge

[Redacted]

 

Dear Dan,

 

Reference is made to the amended employment
terms letter signed by you and Sequential Brands Group, Inc. (the “Company”), dated as of January 6, 2020 (the
 “Amended Terms”). Capitalized terms used in this letter and not otherwise defined herein shall have the meaning
set forth in the Amended Terms.

 

This letter amends the Amended Terms as
follows:

 

		1.	Effective June 1, 2020 through December 31, 2020 (the “Reduction Period”), your
Annual Base Salary will be reduced from $20,833.33 per month to $14,583.33 per month, representing a thirty percent (30%) reduction
of the Annual Base Salary due to you during the Reduction Period (the “Reduced Salary”). The Reduced Salary
shall be paid in accordance with the Company’s payroll practices and policies then in effect during the Reduction Period.
You and the Company acknowledge and agree that the Reduced Salary during the Reduction Period represents a reduction of the Annual
Base Salary in a total amount of $43,750 (such amount or such lesser amount if you do not remain employed with the Company through
December 31, 2020, the “Difference”). Upon the expiration of the Reduction Period (i.e., commencing January
1, 2021), in the event you are still employed by the Company, your Annual Base Salary will return to $250,000 per year. In addition,
in the event that your employment terminates between June 1, 2020 and December 31, 2021 due to a termination by the Company without
cause, you shall be entitled to receive a pro-rata portion of the Difference (calculated from June 1, 2020 through your last day
of employment with the Company up to December 31, 2020), subject to you executing the Company’s customary separation and
release agreement for employees, with the payment of the Difference to be paid within 21 days of the execution of such separation
and release agreement. In the event of a Change of Control (as defined in the Company’s 2013 Stock Incentive Plan, as amended)
between June 1, 2020 and December 31, 2020, your Reduced Salary will return to $250,000 per year upon the closing of any such Change
of Control.

 

		2.	Notwithstanding the foregoing, (i) the bonus (as referenced in Section 3 of the Amended Terms)
for the 2020 fiscal year, and (ii) the severance (as referenced in Section 6 of the Amended Terms), shall be calculated based on
your Annual Base Salary for 2020, as if you had been paid your full Annual Base Salary during the Reduction Period.

 

This letter represents the entire understanding
of you and the Company with respect to the amendment of the Amended Terms. Except as specifically amended and/or modified by this
letter, the Amended Terms is hereby ratified and confirmed and all other terms of the Amended Terms shall remain in full force
and effect, unaltered and unchanged by this letter, including, without limitation, Section 5 of the Agreement titled Employee
Status. For the avoidance of doubt, nothing herein shall be construed as to modify your status as an “at-will”
employee of the Company.

 

     

     

    

 

Please confirm your acceptance and agreement
to the foregoing terms by signing below.

 

Sincerely,

 

SEQUENTIAL BRANDS GROUP, INC.

 

/s/ David Conn                                             

David Conn

Chief Executive Officer

 

 

Accepted and agreed this 3rd day of June 2020 by:

 

 

 

/s/ Dan Hanbridge                                                                        

Dan Hanbridge

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]