Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT (the
“Agreement”), dated as of August 27, 2020, between Clarus Corporation, a Delaware corporation (the “Company”),
and Aaron Kuehne (the “Employee”).

 

W I T N E S S E T H :

 

WHEREAS, the
Company desires to employ the Employee as the Chief Administrative Officer, Chief Financial Officer, Secretary and Treasurer of
the Company and to be assured of his services on the terms and conditions hereinafter set forth; and

 

WHEREAS, the
Employee is willing to be employed as the Chief Administrative Officer, Chief Financial Officer, Secretary and Treasurer of the
Company on such terms and conditions.

 

NOW THEREFORE,
in consideration of the mutual covenants and agreements set forth in this Agreement, the Company and the Employee hereby agree
as follows:

 

	 	1.	Employment and Term.

 

The Company hereby employs the Employee as
the Chief Administrative Officer, Chief Financial Officer, Secretary and Treasurer of the Company, and the Employee accepts such
employment, upon the terms and subject to the conditions set forth in this Agreement. The term of this Agreement shall commence
and be effective as of the date hereof (the “Commencement Date”) and shall terminate on the third anniversary of the
Commencement Date (the “Term”), subject to earlier termination as provided herein.

 

	 	2.	Duties; Work Site.

 

(a)  During the Term of this Agreement,
the Employee shall serve as the Chief Administrative Officer, Chief Financial Officer, Secretary and Treasurer of the Company and
shall perform all duties commensurate with his positions and as may be assigned to him by the Executive Chairman of the Board or
the Executive Vice Chairman of the Board of the Company (the “Board”) or their designees. The Employee shall devote
his full business time and energies to the business and affairs of the Company and shall use his best efforts, skills and abilities
to promote the interests of the Company, and to diligently and competently perform the duties of his positions.

 

(b)  The Employee shall report to
and shall communicate regularly with the Executive Chairman of the Board or his designees.

 

(c)  The Employee and the Company
agree that the Employee’s duties will be discharged from the Company’s Salt Lake City, Utah location. The Employee
agrees to travel for business purposes in such amount as is necessary in order for the Employee to fully and competently perform
his duties hereunder.

 

 

	 	3.	Compensation, Bonus, Benefits, etc.

 

(a)  Salary. During
the Term of this Agreement, the Company shall pay to the Employee, and the Employee shall accept from the Company, as compensation
for the performance of services under this Agreement and the Employee’s observance and performance of all of the provisions
hereof, an annual salary at the rate of $350,000 (the “Base Compensation”). The Base Compensation shall be payable
in accordance with the normal payroll practices of the Company.

 

(b)  Bonus. In addition
to the Base Compensation described above, the Employee shall, in the sole and absolute discretion of the Board or the Compensation
Committee of the Board, be entitled to an annual performance bonus of up to fifty percent (50%) of the Base Compensation which
may be based upon a variety of factors, including qualitative and quantitative Company objectives, all as determined annually in
the sole and absolute discretion of the Board or Compensation Committee of the Board. In addition, the Employee may be entitled
to participate in such other bonus plans, during the Term of this Agreement, as the Board or the Compensation Committee of the
Board may, in its sole and absolute discretion, determine. Any such bonus, as determined by the Board or the Compensation Committee
of the Board, shall be payable to the Employee no later than the date that is two weeks after the filing of the Company’s
Form 10-K for the year in which it was earned.

 

    	 	 	 

     

    

 

(c)  Stock Options.
On the Commencement Date, the Company shall issue to the Employee options (the “Stock Options”) to purchase 300,000
shares of the Company’s common stock, par value $0.0001 per share, (the “Common Stock”), having an exercise price
equal to the $15.00 per share, which the parties acknowledge is above the closing trading price of the Company’s Common Stock
on NASDAQ or other national or regional stock exchange on which such securities are listed on the Commencement Date. The Stock
Options shall vest as follows: (i) 100,000 shares on the first anniversary of the date of grant, (ii) 100,000 shares on the second
anniversary of the date of grant and (iii) 100,000 shares on the third anniversary of the date of grant; provided, that,
the Stock Options shall accelerate and vest earlier in accordance with the terms of this Agreement; provided, further,
that all Stock Options shall expire on the tenth anniversary of the Commencement Date, unless sooner terminated in accordance with
the terms of this Agreement. The terms and provisions of the Stock Options shall be set forth in a stock option agreement in form
and substance satisfactory to the Company.

 

(d)  Restricted Stock.
On the Commencement Date, the Company shall issue to the Employee 100,000 restricted shares of Common Stock (the “Restricted
Stock”), which shall be subject to the vesting and lapse of restrictions on such Restricted Stock based on the timing set
forth below:

 

(i) The Restricted Stock shall
vest upon the achievement of a closing price of at least $15.00 per share of Common Stock on NASDAQ or other national or regional
stock exchange on which such securities are then listed for a period of twenty (20) consecutive trading days;

 

(ii) Any shares not vested based
on the foregoing closing share price of Common Stock prior to the third anniversary of the Commencement Date shall be forfeited
and be null and void; and

 

(iii) The vesting, and/or forfeiture,
of the Restricted Stock, may be accelerated in accordance with the terms of this Agreement.

 

The terms and provisions of the Restricted
Stock shall be set forth in a restricted stock agreement in form and substance satisfactory to the Company.

 

(e)  Benefits. During
the Term of this Agreement, the Employee shall be entitled to participate in or benefit from, in accordance with the eligibility
and other provisions thereof, the Company’s medical insurance and other fringe benefit plans or policies as the Company may
make available to, or have in effect for, its senior executive officers from time to time. The Company and its affiliates retain
the right to terminate or alter any such plans or policies from time to time. The Employee shall also be entitled to four weeks
paid vacation each year, sick leave and other similar benefits in accordance with policies of the Company from time to time in
effect for its senior executive officers.

 

(f)  Reimbursement of Business
Expenses. During the Term of this Agreement, upon submission of proper invoices, receipts or other supporting documentation
reasonably satisfactory to the Company and in accordance with and subject to the Company’s expense reimbursement policies,
the Employee shall be reimbursed by the Company for all reasonable business expenses actually and necessarily incurred by the Employee
on behalf of the Company in connection with the performance of services under this Agreement.

 

(g)  Taxes. The
Base Compensation and any other compensation paid to Employee, including, without limitation, any bonus, shall be subject to withholding
for applicable taxes and other amounts.

 

    	 	2	 

     

    

 

	 	4.	Representations of Employee.

 

The Employee represents
and warrants that he is not party to, or bound by, any agreement or commitment, or subject to any restriction, including but not
limited to agreements related to previous employment containing confidentiality or noncompetition covenants, which limit the ability
of the Employee to perform his duties under this Agreement. The Employee further represents and warrants that he is not presently
nor has he ever been the subject of or a party to any charge, complaint, government agency investigation or proceeding, disciplinary
action, arbitration or litigation involving a claim of employment discrimination, retaliation or harassment, including sexual harassment.

 

 

		5.	Confidentiality, Noncompetition, Nonsolicitation
and Non-Disparagement.

 

For purposes of this
Section 5, all references to the Company shall be deemed to include the Company’s affiliates and subsidiaries and their respective
subsidiaries, whether now existing or hereafter established or acquired. In consideration for the compensation and benefits provided
to the Employee pursuant to this Agreement, the Employee agrees with the provisions of this Section 5.

 

(a)  Confidential Information.

 

               (i) The
Employee acknowledges that as a result of his retention by the Company, the Employee has and will continue to have knowledge of,
and access to, proprietary and confidential information of the Company including, without limitation, research and development
plans and results, software, databases, technology, inventions, trade secrets, technical information, know-how, plans, specifications,
methods of operations, product and service information, product and service availability, pricing information (including pricing
strategies), financial, business and marketing information and plans, and the identity of customers, clients and suppliers (collectively,
the “Confidential Information”), and that the Confidential Information, even though it may be contributed, developed
or acquired by the Employee, constitutes valuable, special and unique assets of the Company developed at great expense which are
the exclusive property of the Company. Accordingly, the Employee shall not, at any time, either during or subsequent to the Term
of this Agreement, use, reveal, report, publish, transfer or otherwise disclose to any person, corporation, or other entity, any
of the Confidential Information without the prior written consent of the Company, except to responsible officers and employees
of the Company and other responsible persons who are in a contractual or fiduciary relationship with the Company and who have a
need for such Confidential Information for purposes in the best interests of the Company, and except for such Confidential Information
which is or becomes of general public knowledge from authorized sources other than by or through the Employee.

 

             (ii)  The
Employee acknowledges that the Company would not enter into this Agreement without the assurance that all the Confidential Information
will be used for the exclusive benefit of the Company.

 

(b)  Return of Confidential
Information. Upon the termination of this Agreement or upon the request of the Company, the Employee shall promptly return
to the Company all Confidential Information in his possession or control, including but not limited to all drawings, manuals, computer
printouts, computer databases, disks, data, files, lists, memoranda, letters, notes, notebooks, reports and other writings and
copies thereof and all other materials relating to the Company’s business, including, without limitation, any materials incorporating
Confidential Information.

 

(c)  Inventions, etc.
During the Term and for a period of one year thereafter, the Employee will promptly disclose to the Company all designs, processes,
inventions, improvements, developments, discoveries, processes, techniques, and other information related to the business of the
Company conceived, developed, acquired, or reduced to practice by him alone or with others during the Term of this Agreement, whether
or not conceived during regular working hours, through the use of Company time, material or facilities or otherwise (“Inventions”).

 

    	 	3	 

     

    

 

The Employee agrees
that all copyrights created in conjunction with his service to the Company and other Inventions, are “works made for hire”
(as that term is defined under the Copyright Act of 1976, as amended). All such copyrights, trademarks, and other Inventions shall
be the sole and exclusive property of the Company, and the Company shall be the sole owner of all patents, copyrights, trademarks,
trade secrets, and other rights and protection in connection therewith. To the extent any such copyright and other Inventions may
not be works for hire, the Employee hereby assigns to the Company any and all rights he now has or may hereafter acquire in such
copyrights and any other Inventions. Upon request the Employee shall deliver to the Company all drawings, models and other data
and records relating to such copyrights, trademarks and Inventions. The Employee further agrees as to all such Inventions, to assist
the Company in every proper way (but at the Company’s expense) to obtain, register, and from time to time enforce patents,
copyrights, trademarks, trade secrets, and other rights and protection relating to said Inventions in any and all countries, and
to that end the Employee shall execute all documents for use in applying for and obtaining such patents, copyrights, trademarks,
trade secrets and other rights and protection on and enforcing such Inventions, as the Company may reasonably request, together
with any assignments thereof to the Company or persons designated by it. Such obligation to assist the Company shall continue beyond
the termination of the Employee’s service to the Company, but the Company shall compensate the Employee at a reasonable rate
after termination of service for time actually spent by the Employee at the Company’s request for such assistance. In the
event the Company is unable, after reasonable effort, to secure the Employee’s signature on any document or documents needed
to apply for or prosecute any patent, copyright, trademark, trade secret, or other right or protection relating to an Invention,
whether because of the Employee’s physical or mental incapacity or for any other reason whatsoever, the Employee hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents, during the Term of this Agreement and for a period
of two years after termination of this Agreement, as his agent coupled with an interest and attorney-in-fact, to act for and in
his behalf and stead to execute and file any such application or applications and to do all other lawfully permitted acts to further
the prosecution and issuance of patents, copyrights, trademarks, trade secrets, or similar rights or protection thereon with the
same legal force and effect as if executed by the Employee.

 

(d)  Non-Competition.
The Employee agrees not to utilize his special knowledge of the Business and his relationships with customers, prospective customers,
suppliers and others or otherwise to compete with the Company in the Business during the Restricted Period. During the Restricted
Period, the Employee shall not, and shall not permit any of his respective employees, agents or others under his control, directly
or indirectly, on behalf of the Employee or any other Person, to engage or have an interest, anywhere in the world in which the
Company conducts business or markets or sells its products, alone or in association with others, as principal, officer, agent,
employee, director, partner or stockholder (except as an owner of two percent or less of the stock of any company listed on a national
securities exchange or traded in the over-the-counter market), whether through the investment of capital, lending of money or property,
rendering of services or capital, or otherwise, in any Competitive Business. During the Restricted Period, the Employee shall not,
and shall not permit any of his respective employees, agents or others under his control, directly or indirectly, on behalf of
the Employee or any other Person, to accept Competitive Business from, or solicit the Competitive Business of any Person who is
a customer of the Business conducted by the Company, or, to the Employee’s knowledge, is a customer of the Business conducted
by the Company at any time during the Restricted Period.

 

(e)  Non-Disparagement and
Non-Interference. The Employee shall not, either directly or indirectly, (i) during the Restricted Period, make or
cause to be made, any statements that are disparaging or derogatory concerning the Company or its business, reputation or prospects;
(ii) during the Restricted Period, request, suggest, influence or cause any party, directly or indirectly, to cease doing business
with or to reduce its business with the Company or do or say anything which could reasonably be expected to damage the business
relationships of the Company; or (iii) at any time during or after the Restricted Period, use or purport to authorize any Person
to use any Intellectual Property owned by the Company or exclusively licensed to the Company or to otherwise infringe on the intellectual
property rights of the Company.

 

(f)  Non-Solicitation. During
the Restricted Period, the Employee shall not recruit or otherwise solicit or induce any Person who is an employee or consultant
of, or otherwise engaged by Company, to terminate his or her employment or other relationship with the Company, or such successor,
or hire any person who has left the employ of the Company during the preceding one year.

 

(g)  Certain Definitions. For
purposes of this Agreement: (i) the term “Business” shall mean the business of designing, manufacturing, assembling,
licensing, distributing, marketing and selling (A) active outdoor performance products, apparel, footwear and equipment for climbing,
mountaineering, backpacking, skiing, cycling and other outdoor recreation activities, avalanche transceiver technology, and snow
safety products; (B) skincare and other sport-enhancing products; (C) bullets and ammunition for both rifles and pistols; and (D)
and any other business that the Company or its subsidiaries may be engaged in during the Term of this Agreement; (ii) the term
“Competitive Business” shall mean any business competitive with the Business; and (iii) the term “Restricted
Period” shall mean the Term of this Agreement and a period of two years after termination of this Agreement; provided, that,
if Employee breaches the covenants set forth in this Section 5, the Restricted Period shall be extended for a period equal to the
period that a court having jurisdiction has determined that such covenant has been breached. “Person” shall mean an
individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated organization
or other entity and a government or any department or agency thereof.

 

    	 	4	 

     

    

 

6.    Remedies. The
restrictions set forth in Section 5 are considered by the parties to be fair and reasonable. The Employee acknowledges that the
restrictions contained in Section 5 will not prevent him from earning a livelihood. The Employee further acknowledges that the
Company would be irreparably harmed and that monetary damages would not provide an adequate remedy in the event of a breach of
the provisions of Section 5. Accordingly, the Employee agrees that, in addition to any other remedies available to the Company,
the Company shall be entitled to injunctive and other equitable relief to secure the enforcement of these provisions. In connection
with seeking any such equitable remedy, including, but not limited to, an injunction or specific performance, the Company shall
not be required to post a bond as a condition to obtaining such remedy. In any such litigation, the prevailing party shall be entitled
to receive an award of reasonable attorneys’ fees and costs. If any provisions of Sections 5 or 6 relating to the time period,
scope of activities or geographic area of restrictions is declared by a court of competent jurisdiction to exceed the maximum permissible
time period, scope of activities or geographic area, the maximum time period, scope of activities or geographic area, as the case
may be, shall be reduced to the maximum which such court deems enforceable. If any provisions of Sections 5 or 6 other than those
described in the preceding sentence are adjudicated to be invalid or unenforceable, the invalid or unenforceable provisions shall
be deemed amended (with respect only to the jurisdiction in which such adjudication is made) in such manner as to render them enforceable
and to effectuate as nearly as possible the original intentions and agreement of the parties. For purposes of this Section 6, all
references to the Company shall be deemed to include the Company's affiliates and subsidiaries, whether now existing or hereafter
established or acquired.

 

7.    Termination. This
Agreement shall terminate at the end of the Term set forth in Section 1. In addition, this Agreement may be terminated prior to
the end of the Term set forth in Section 1 upon the occurrence of any of the events set forth in, and subject to the terms of,
this Section 7. For purposes of this Section 7, the term “stock options” shall include the Stock Options and the term
“restricted stock” shall include the Restricted Stock.

 

(a)  Death or Permanent Disability. If
the Employee dies or becomes permanently disabled, this Agreement shall terminate effective upon the Employee’s death or
when his disability is deemed to have become permanent. If the Employee is unable to perform his normal duties for the Company
because of illness or incapacity (whether physical or mental) for 45 consecutive days during the Term of this Agreement, or for
60 days (whether or not consecutive) out of any calendar year during the Term of this Agreement, his disability shall be deemed
to have become permanent. If this Agreement is terminated on account of the death or permanent disability of the Employee, then
the Employee or his estate shall be entitled to receive accrued Base Compensation through the date of such termination, all granted
but unvested stock options and unvested restricted stock held by the Employee shall immediately vest and the Employee or the Employee’s
estate, as applicable, shall have no further entitlement to Base Compensation, bonus, stock options or benefits from the Company
following the effective date of such termination, except as provided in Section 3(b) of this Agreement; provided, however,
that any bonus pursuant to Section 3(b) of this Agreement shall be paid only for the year in which such termination occurred pro
rated for the portion of such year prior to such termination and shall be paid at such time as the Board determines the bonuses
for all senior executive officers of the Company for such year, but no later than the date that is two weeks after the filing of
the Company’s Form 10-K for the year in which it was earned.

 

    	 	5	 

     

    

 

(b)  Cause. This Agreement
may be terminated at the Company’s option, immediately upon notice to the Employee, upon the occurrence of any of the following
(“Cause”): (i) breach by the Employee of any material provision of this Agreement and the expiration of a 10-business
day cure period for such breach after written notice thereof has been given to the Employee (which cure period shall not be applicable
to clauses (ii) through (vii) of this Section 7(b)); (ii) gross negligence or willful misconduct of the Employee in connection
with the performance of his duties under this Agreement; (iii) Employee’s failure to perform any reasonable directive of
the Board; (iv) fraud, criminal conduct, dishonesty or embezzlement by the Employee; (v) Employee’s violation of the Company’s
Code of Business Conduct and Ethics and/or Code of Ethics for Senior Executive Officers and Senior Financial Officers (each as
currently in effect and/or as amended from time to time); (vi) Employee’s violation of the Company’s policies prohibiting
unlawful employment discrimination, retaliation or harassment, including sexual harassment which includes but is not limited to
engaging in or aiding and abetting any act of employment discrimination, retaliation or harassment including sexual harassment;
(vii) Employee’s misappropriation for personal use of any assets (having in excess of nominal value) or business opportunities
of the Company; (viii) Employee’s violation of any contractual, statutory, or fiduciary duty owed by Employee to the Company
or any of its affiliates; or (ix) Employee’s failure to cooperate in good faith with a governmental or internal investigation
of the Company, its subsidiaries or affiliates, or their directors, officers or employees, if the Company has reasonably requested
Employee’s cooperation. If this Agreement is terminated by the Company for Cause, then the Employee shall be entitled to
receive accrued Base Compensation through the date of such termination, all stock options, whether vested or unvested, will be
forfeited by the Employee and be null and void, all granted but unvested restricted stock shall be forfeited and be null and void
and the Employee shall have no further entitlement to Base Compensation, bonus, stock options, or benefits from the Company following
the effective date of such termination; provided, however, that in the event of a termination for Cause pursuant to Section 7(b)(iii)
hereof, the Employee shall be entitled to retain any vested stock options, but subject to the terms and conditions thereof. 

 

(c)  Without Cause.
This Agreement may be terminated, at any time by the Company without Cause immediately upon giving written notice to the Employee
of such termination. Upon the termination of this Agreement by the Company without Cause, the Employee shall be entitled to receive
one year of Base Compensation and reimbursement of any COBRA premium payments made by the Employee during such one-year period
provided the Employee executes a Separation Agreement and General Release Agreement that is satisfactory to the Company and upon
receipt of a COBRA billing statement, in each case payable in accordance with the Company’s normal payroll practices, subject
to withholding for applicable taxes and other amounts. All granted but unvested stock options and all unvested restricted stock
held by the Employee shall immediately vest and the Employee shall have no further entitlement to Base Compensation, bonus, stock
options or benefits from the Company following the effective date of such termination.

 

(d)  By Employee.
The Employee may terminate this Agreement at any time upon providing the Company with 90 days’ prior written notice. If this
Agreement is terminated by the Employee pursuant to this Section 7(d), then the Employee shall be entitled to receive his accrued
Base Compensation and benefits through the effective date of such termination, all granted but unvested stock options and all unvested
restricted stock shall be forfeited and be null and void and the Employee shall have no further entitlement to Base Compensation,
bonus, stock options, or benefits from the Company following the effective date of such termination.

 

(e)  Change in Control. Upon
the occurrence of a Change in Control (as hereinafter defined), the Employee shall have the right to terminate this Agreement within
30 days of the occurrence of such Change in Control; provided, however, that if requested to do so by the
Company or the acquiror of the business of the Company in such Change of Control, the Employee shall provide consulting services
to the Company or such acquiror, as applicable, for transition purposes for a period of up to six months following the effective
date of such Change in Control and his termination of this Agreement, and the Company or such acquiror shall pay consulting fees
to the Employee for such six month period in an amount equal to the compensation he would have otherwise received under this Agreement
had it been in effect for such six month period. Upon the termination of this Agreement by either party within 30 days of the occurrence
of a Change in Control (other than a termination by the Company for Cause during such period, in which event the provisions of
Section 7(b) shall apply), the Employee shall be entitled to receive one year of Base Compensation in one lump sum within five
business days after the effective date of such termination and reimbursement of any COBRA premium payments made by the Employee
during such one-year period provided the Employee executes a Separation Agreement and General Release Agreement that is satisfactory
to the Company and upon receipt of a COBRA billing statement, subject to withholding for applicable taxes and other amounts, and
all granted but unvested stock options and all unvested restricted stock held by the Employee shall immediately vest; provided, however,
that if the Company or the acquiror described above requests Employee to provide the consulting services described above, then
the one year of Base Compensation that is payable in one lump sum shall become due and payable in one lump sum upon the expiration
of such consulting period, and shall not be payable if the Employee does not render such consulting services. For purposes of this
Agreement, a “Change in Control” of the Company shall be deemed to have occurred in the event that: (i) individuals
who, as of the date hereof, constitute the Board cease for any reason to constitute at least a majority of the Board; provided, however,
that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors then comprising the Board shall be considered as though
such individual was a member of the Board as of the date hereof; (ii) the Company shall have been sold by either (A) a sale of
all or substantially all its assets, or (B) a merger or consolidation, other than any merger or consolidation pursuant to which
the Company acquires another entity, or (C) a tender offer, whether solicited or unsolicited; or (iii) any party, other than the
Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934,
as amended), directly or indirectly, of voting securities of the Company representing 50% or more of the total voting power of
all the then-outstanding voting securities of the Company.

 

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(f)  Return of Payments and
Cancellation of Benefits. In the event that the Employee fails to comply with any of his obligations under this Agreement,
including, without limitation, the covenants contained in Section 5 hereof, or it is determined that the Employee engaged in conduct
which would constitute cause for termination as set forth in 7(b) of this Agreement, the Employee shall repay to the Company any
payments received by the Company in respect of the one year Base Compensation required to be paid pursuant to Section 7(c) or Section
7(e) hereof as of the date of such failure to comply, the Company’s obligation to provide the remainder, if any, of such
one year Base Compensation shall terminate and be null and void as of such date, and the Employee will have no further rights in
or to such amounts and benefits.

 

(g) Cooperation.  Following
the expiration and/or termination of this Agreement for any reason, Employee shall provide his reasonable cooperation in connection
with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Employee’s
employment hereunder; provided the Company shall reimburse Employee for Employee’s reasonable costs and expenses incurred
in connection therewith and such cooperation shall not unreasonably burden Employee or unreasonably interfere with any subsequent
employment that Employee may undertake.

 

		8.	Parachute
                                         Payments.

 

(a)       Notwithstanding
any other provisions of this Agreement or any other Company plan, arrangement or agreement (“Company Arrangement”),
in the event that any payment or benefit by the Company or otherwise to or for the benefit of Employee, whether paid or payable
or distributed or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits, including
the payments and benefits under Section 7 above, being hereinafter referred to as the “Total Payments”), would be subject
(in whole or in part) to the excise tax (the “Excise Tax”) imposed by Section 4999 of the Internal Revenue Code
of 1986, as amended (the “Code”), then the Total Payments shall be reduced (but not below zero) to the minimum extent
necessary to avoid the imposition of the Excise Tax on the Total Payments. Any such reduction shall be made by the Company in its
sole discretion consistent with the requirements of Section 409A of the Code (“Section 409A”).

 

(b)       Any
determination required under this Section 8, including whether any payments or benefits are parachute payments, shall be made by
the Company in its sole discretion. The Employee shall provide the Company with such information and documents as the Company may
reasonably request in order to make a determination under this Section 8. The Company’s determinations shall be final and
binding on the Company and the Employee.

 

(c)       In
the event it is later determined that to implement the objective and intent of this Section 8, (i) a greater reduction in the Total
Payments should have been made, the excess amount shall be returned promptly by Employee to the Company or (ii) a lesser reduction
in the Total Payments should have been made, the excess amount shall be paid or provided promptly by the Company to Employee, except
to the extent the Company reasonably determines would result in imposition of an excise tax under Section 409A.

 

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	 	9.	Miscellaneous.

 

(a)  Survival. The
provisions of Sections 4, 5, 6, 7, 8 and 9 shall survive the termination of this Agreement.

 

(b)  Entire Agreement. This
Agreement sets forth the entire understanding of the parties and, except as specifically set forth herein, merges and supersedes
any prior or contemporaneous agreements between the parties pertaining to the subject matter hereof.

 

(c)  Modification. This
Agreement may not be modified or terminated orally, and no modification, termination or attempted waiver of any of the provisions
hereof shall be binding unless in writing and signed by the party against whom the same is sought to be enforced.

 

(d)  Waiver. Failure
of a party to enforce one or more of the provisions of this Agreement or to require at any time performance of any of the obligations
hereof shall not be construed to be a waiver of such provisions by such party nor to in any way affect the validity of this Agreement
or such party’s right thereafter to enforce any provision of this Agreement, nor to preclude such party from taking any other
action at any time which it would legally be entitled to take.

 

(e)  Successors and Assigns. Neither
party shall have the right to assign this Agreement, or any rights or obligations hereunder, without the consent of the other party; provided, however,
that upon the sale of all or substantially all of the assets, business and goodwill of the Company to another company, or upon
the merger or consolidation of the Company with another company, this Agreement shall inure to the benefit of, and be binding upon,
both Employee and the company purchasing such assets, business and goodwill, or surviving such merger or consolidation, as the
case may be, in the same manner and to the same extent as though such other company were the Company; and provided, further,
that the Company shall have the right to assign this Agreement to any affiliate or subsidiary of the Company. Subject to the foregoing,
this Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their legal representatives, heirs, successors
and assigns.

 

(f)  Communications. All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been given
at the time personally delivered, sent by electronic mail or facsimile transmission provided the receiving party has a compatible
device or confirms receipt thereof (which forms of notice shall be deemed delivered upon confirmed transmission or confirmation
of receipt), or when mailed in any United States post office enclosed in a registered or certified postage prepaid envelope and
addressed to the addresses set forth below, or to such other address as any party may specify by notice to the other party; provided,
however, that any notice of change of address shall be effective only upon receipt.

 

	
        If to the Company:

         

        Clarus Corporation

        2084 East 3900 South

        Salt Lake City, Utah 84124

        Facsimile: (801) 278-5544

        Email: wbkanders@kanders.com

        Attention: Warren B. Kanders

         

        With a copy to:

         

        Kane Kessler, P.C.

        666 Third Avenue, 23rd Floor

        New York, New York 10017

        Facsimile: (212) 245-3009

        Email: rlawrence@kanekessler.com

        Attention: Robert L. Lawrence, Esq.
	 

 

    	 	8	 

     

    

 

	
        If to the Employee:

         

        Aaron Kuehne

        Address:

        Email:

        
	
         

         

 

(g)  Severability. If
any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such invalidity or
unenforceability shall not affect the validity and enforceability of the other provisions of this Agreement and the provisions
held to be invalid or unenforceable shall be enforced as nearly as possible according to its original terms and intent to eliminate
such invalidity or unenforceability.

 

(h)  Jurisdiction; Venue. This
Agreement shall be subject to the non-exclusive jurisdiction of the federal courts or state courts of the State of Delaware, County
of New Castle, for the purpose of resolving any disputes among them relating to this Agreement or the transactions contemplated
by this Agreement and waive any objections on the grounds of forum non conveniens or otherwise. The parties hereto agree to service
of process by certified or registered United States mail, postage prepaid, addressed to the party in question. The prevailing party
in any proceeding instituted in connection with this Agreement shall be entitled to an award of its/his reasonable attorneys’
fees and costs.

 

(i)  Governing Law. This
Agreement is made and executed and shall be governed by the laws of the State of Delaware, without regard to the conflicts of law
principles thereof.

 

(j)  Counterparts. This
Agreement may be executed in any number of counterparts (and by facsimile or other electronic signature), but all counterparts
will together constitute but one agreement.

 

(k)  Third Party Beneficiaries. This
Agreement is for the sole and exclusive benefit of the parties hereto and, except as provided herein, shall not be deemed for the
benefit of any other person or entity.

 

(l)   Headings and References. The
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. References in this Agreement to any section refer to such section of this Agreement unless the context otherwise
requires.

 

(m)   Section 409A. 

 

(i)       General.
The parties to this Agreement intend that the Agreement complies with Section 409A, where applicable, and this Agreement shall
be interpreted in a manner consistent with that intention. Except as otherwise permitted under Section 409A, no payment hereunder
shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to
Section 409A.

 

(ii)       Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under
this Agreement that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement
as payable upon Employee’s termination of employment shall be payable only upon Employee’s “separation from service”
with the Company within the meaning of Section 409A (a “Separation from Service”).

 

(iii)       Specified
Employee. Notwithstanding anything in this Agreement to the contrary, if Employee is deemed by the Company at the time
of Employee’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent
delayed commencement of any portion of the benefits to which Employee is entitled under this Agreement is required in order to
avoid a prohibited distribution under Section 409A, such portion of Employee’s benefits shall not be provided to Employee
prior to the earlier of (A) the expiration of the six (6)-month period measured from the date of Employee’s Separation
from Service with the Company or (B) the date of Employee’s death. Upon the first business day following the expiration of
the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Employee
(or Employee’s estate or beneficiaries), and any remaining payments due to Employee under this Agreement shall be paid as
otherwise provided herein.

 

    	 	9	 

     

    

 

(iv)       Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements
payable to Employee shall be paid to Employee no later than December 31st of the year following the year in which the
expense was incurred; provided, that Employee submits Employee’s reimbursement request promptly following the date
the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in
any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and Employee’s right to reimbursement
under this Agreement will not be subject to liquidation or exchange for another benefit.

 

(v)       Installments.
Employee’s right to receive any installment payments under this Agreement, including without limitation any continuation
salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments
and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under
Section 409A.

 

(vi)       Release.
Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result
of Employee’s termination of employment are subject to Employee’s execution and delivery of a Separation Agreement
and General Release Agreement (“Release”), in any case where Employee’s date of termination and Release Expiration
Date (as defined below) fall in two separate taxable years, any payments required to be made to Employee that are conditioned on
the Release and are treated as nonqualified deferred compensation for purposes of Section 409A shall be made in the later
taxable year. For purposes hereof, “Release Expiration Date” shall mean the date that is twenty-one (21) days
following the date upon which the Company timely delivers the Release to Employee, or, in the event that Employee’s termination
of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is
defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date.
To the extent that any payments of nonqualified deferred compensation (within the meaning of Section 409A) due under this
Agreement as a result of Employee’s termination of employment are delayed pursuant to this Section 9(m)(v), such amounts
shall be paid in a lump sum on the first payroll period to occur in the subsequent taxable year.

 

(n)  Recovery of Compensation. All
payments and benefits provided under this Agreement shall be subject to any compensation recovery or clawback policy as required
under applicable law, rule or regulation or otherwise adopted by the Company from time to time.

 

(o)  Participation of the
Parties. The parties hereto acknowledge and agree that (i) this Agreement and all matters contemplated herein have
been negotiated among all parties hereto and their respective legal counsel, if any, (ii) each party has had, or has been afforded
the opportunity to have, this Agreement and the transactions contemplated hereby reviewed by independent counsel of its own choosing,
(iii) all such parties have participated in the drafting and preparation of this Agreement from the commencement of negotiations
at all times through the execution hereof, and (iv) any ambiguities contained in this Agreement shall not be construed against
any party hereto.

 

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, each of
the parties hereto has duly executed this Employment Agreement as of the date set forth above.

 

	
        Clarus Corporation

         

         

        By: /s/ Warren B. Kanders 

        Name: Warren B. Kanders

        Title: Executive Chairman
	
        Employee

         

         

        /s/ Aaron Kuehne

        Aaron Kuehne

 

    	(Signature Page to Employment Agreement of Aaron Kuehne)EX-10.1

 Exhibit 10.1 

Reference is hereby made to that certain First Amended and Restated Forbearance Agreement, dated as of July 15, 2020 (as amended by that certain
amendment dated July 22, 2020, as amended by that certain amendment dated July 29, 2020, as amended by that certain amendment dated August 5, 2020, as amended by that certain amendment dated August 12, 2020 as amended by that
certain amendment dated August 26, 2020, and as amended hereby, the “Forbearance Agreement”), by and among Jill Acquisition LLC, a Delaware limited liability company (“Jill Acquisition”), J.Jill Gift Card
Solutions, Inc., a Florida corporation (“J.Jill Gift Card Solutions” and together with Jill Acquisition, each a “Borrower” and collectively, the “Borrowers”), J.Jill, Inc., a Delaware corporation
(“Parent”), CIT Finance LLC, as administrative agent and collateral agent (in such capacities, the “Agent”) and the Lenders party thereto. Capitalized terms used herein and not otherwise defined herein shall have
the meanings ascribed to them in the Forbearance Agreement. 
 Pursuant to Section 6.06 of the Forbearance Agreement, the Forbearance Agreement may
only be amended or modified in writing by the Credit Parties and the Required Lenders (or the Agent at the direction of the Required Lenders), subject to any additional requirements under the Credit Agreement, if applicable; provided that, at
the option of the Required Lenders in their sole discretion, any such amendment may be effectuated through email confirmation. 
 The Credit Parties have
requested, notwithstanding the terms and conditions of the Forbearance Agreement, that the Agent and the Required Lenders consent to and approve the following amendments to the Forbearance Agreement: 

 

	 	1.	 The reference to “September 1, 2020” in Section 2.02(a) of the Forbearance Agreement shall
be replaced with “September 26, 2020”; 

  

	 	2.	 The reference to “September 1, 2020” in Section 4.01(e) of the Forbearance Agreement shall
be replaced with “September 26, 2020”; and 

  

	 	3.	 The reference to “September 1, 2020” in Section 6.01(b) of the Forbearance Agreement shall
be replaced with “September 26, 2020” 

 (collectively, the “Proposed Amendments”). 

 We have been authorized on behalf of the Agent and the Required Lenders to consent to and approve the
Proposed Amendments. Such consent agreed to herein (a) is strictly limited to the Proposed Amendments, (b) shall not extend nor be deemed to extend to any other Event of Termination, Default or Event of Default that may now exist or
hereafter arise under the Forbearance Agreement, the Credit Agreement or any of the other Credit Documents, whether similar or dissimilar to the matters consented to herein, or to any other covenant, representation, warranty, or agreement under the
Forbearance Agreement, the Credit Agreement or any of the other Credit Documents, (c) shall not impair, restrict or limit any right or remedy of the Agent or any Lender with respect to the Forbearance Agreement, the Credit Agreement or any of
the other Credit Documents, and (d) shall not constitute any course of dealing or other basis for altering any obligation of the Credit Parties, or any right, privilege or remedy of the Agent and the Lenders, under the Forbearance Agreement,
the Credit Agreement or any of the other Credit Documents. Other than the Proposed Amendments, all of the other terms, provisions and conditions of the Forbearance Agreement shall remain unaltered and in full force and effect and are hereby
ratified, confirmed and reaffirmed by the Credit Parties as of, and through, the date hereof, including, without limitation the following: (i) all of the Credit Parties’ representations and warranties contained in Section V of the
Forbearance Agreement are reaffirmed and are true, correct and complete through the date hereof; (ii) the Credit Parties represent and warrant that no Event of Termination has occurred under the Forbearance Agreement; and (iii) the release
set forth in Section 4.04 of the Forbearance Agreement is reaffirmed and granted by Releasors through the date hereof.
 The effectiveness of the
Proposed Amendments (including the consent of the Agent and the Lenders thereto) is further subject to our receipt of (a) the consent (which may be made via email) of the Credit Parties to the Proposed Amendments upon the terms and conditions
set forth herein, and (b) the consent (which may be made via email) of the Term Loan Agent, the “Required Forbearing Lenders” party to (and as defined in) the Term Loan Forbearance Agreement and the Credit Parties, confirming an
amendment to the stated termination date of the Forbearance Period under the Term Loan Forbearance Agreement to September 26, 2020, in form and substance reasonably acceptable to the Agent and the Lenders. 

  
 2

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