Document:

Exhibit

Exhibit 10.8

THIRD AMENDED AND RESTATED 
EMPLOYMENT AGREEMENT

This THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), effective as of April 1, 2018 (the “Effective Date”), by and among MICHAEL KORS HOLDINGS Limited, a British Virgin Islands corporation having its principal executive office in London, United Kingdom (“MKHL”), Michael Kors (USA), Inc., a Delaware corporation having its principal executive office in New York County, New York (the “Company” and, together with MKHL, the “Company Parties”), and JOHN D. IDOL (“Executive”).  The Company Parties and Executive may be referred to in this Agreement collectively as the “parties.”

WHEREAS, the Company Parties have previously entered into that certain Second Amended and Restated Employment Agreement with the Executive, dated as of May 20, 2015 (the “Restated Employment Agreement”); and

WHEREAS, the parties desire to amend and restate the Restated Employment Agreement to extend the Executive’s term of employment, to make changes to the compensation of Executive and to otherwise modify the Restated Employment Agreement in accordance with the terms and provisions herein contained.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto hereby agree as follows:
1.Employment.
(a)The Company Parties agree to continue to employ Executive, and the Executive agrees to continue to be employed by the Company Parties as the Chairman and Chief Executive Officer, on the terms and subject to the conditions contained herein which such terms and conditions shall be effective as of the Effective Date. Until the Effective Date, the terms and conditions of Executive’s employment by the Company Parties shall be governed by the Restated Employment Agreement which shall remain in full force and effect through and including March 31, 2018.
(b)As Chairman and Chief Executive Officer, Executive shall have general authority over the business of MKHL and shall manage the day-to-day operations of MKHL; provided, however, that Executive understands and agrees that (i) the Board of Directors of MKHL (the “Board”) will be responsible for setting overall strategic goals of MKHL and its subsidiaries (including, without limitation, the Company) and advising Executive with respect thereto, and (ii) the Board’s and/or certain of its members’ active strategic involvement in matters relating to design direction, marketing concepts, production logistics and financial objectives shall not be deemed to constitute managing day-to-day operations.  Executive will report only to the Board, and, subject to any existing contractual obligations of MKHL and its subsidiaries, all other executives of MKHL and its subsidiaries shall report to Executive, unless Executive determines otherwise.  Executive acknowledges and agrees that, except as otherwise provided in accordance with Section 1(d), the Company Parties will be his sole employers in respect of the services contemplated by this Agreement, and the Company Parties will provide all payments and benefits to Executive under this Agreement.  
(c)At the request of MKHL, Executive further agrees, without additional compensation, to act as an officer and/or director of subsidiaries of MKHL in addition to the Company.  At the direction of MKHL, any rights and obligations of the Company hereunder may be assigned, in whole or in part, to such subsidiaries; provided that the Company Parties obligations with respect to compensation and benefits, including, without limitation, Base Salary (as defined below), shall remain the Company Parties’ obligations, unless Executive consents in writing to such assignment, which such consent shall not be unreasonably withheld or delayed.
(d)During Executive’s employment hereunder, each of the Company Parties shall use its best efforts to cause Executive to be elected or appointed, as the case may be, to the position of Chairman of the Board of each of the Company Parties (the “Company Boards”).  Executive agrees that upon termination of his employment hereunder for any reason, he shall resign immediately from each of the Company Boards, as well as from any officerships and/or other directorships with any subsidiaries of MKHL.
(e)Executive shall devote substantially all of his full business time and attention and his best efforts to the performance of his duties hereunder; provided, however, that Executive may engage in charitable, educational, civic 

and religious activities and may participate as an investor, officer or director or otherwise manage passive personal investments owned by or for the benefit of Executive or members of his immediate family, but only to the extent such activities and service are permitted under Section 9(c) of this Agreement and do not interfere with the performance of Executive’s duties and responsibilities hereunder. 
2.Term.  The term of the employment of Executive under this Agreement shall continue through March 31, 2021 (the “Initial Term”), subject to the terms and provisions of this Agreement.  After the expiration of the Initial Term, this Agreement shall be automatically renewed for additional one-year terms (each, a “Renewal Term”) unless either the Company Parties or Executive gives written notice to the other of the termination of this Agreement at least ninety (90) days in advance of the next successive one-year term.  Any election by the Company Parties or Executive not to renew such employment at the end of the Initial Term or any Renewal Term shall be at the sole, absolute discretion of the Company Parties or Executive, respectively.  The period Executive is employed hereunder during the Initial Term and any such Renewal Terms is referred to herein as the “Term”.
3.Salary.  During the Term, Executive’s base salary (“Base Salary”) shall be at the rate of US$1,350,000 per year, which, except as otherwise set forth in the last sentence of this Section 3, shall be payable by the Company to Executive in accordance with the Company’s customary payroll practices in effect from time to time.  The Base Salary shall be subject to possible increases at the sole discretion of the MKHL Board (or appropriate committee thereof, including the Compensation and Talent Committee of the Board (the “Compensation Committee”)); provided, however, that in no event shall Executive’s Base Salary during the Term be reduced below US$1,350,000 or otherwise reduced after any increase except with Executive’s written consent. The term “Base Salary” as utilized in this Agreement shall refer to Executive’s annual base salary as then in effect. A portion of Executive’s Base Salary equal to one-fourth (1/4) of the annual retainer paid to MKHL’s independent directors together with meeting fees payable to the independent directors for the applicable quarter shall be payable to Executive by MKHL on a quarterly basis at the same time such retainer and meeting payments are paid to the independent directors of MKHL. For the avoidance of doubt, this is not additional Base Salary or other compensation for Executive but merely an allocation of Base Salary from the Company employer to MKHL for services performed by Executive as a director of MKHL. 
4.Annual Cash Incentive.  
(a)Cash Incentive.  During the Term and commencing with MKHL’s fiscal year beginning April 1, 2018, Executive shall be eligible to earn the annual cash incentive payments described in this Section 4 in accordance with, and subject to, the terms and conditions of, MKHL’s then existing executive cash incentive program which is a component of the Michael Kors Holdings Limited Amended and Restated Omnibus Incentive Plan as the same may be amended or modified by MKHL from time to time in its sole discretion (subject to shareholder approval if required) (the “Incentive Plan”).  The annual cash incentive payment (the “Cash Incentive”) shall be a percentage of Executive’s Base Salary (with incentive levels set at 100% threshold - 200% target - 400% maximum). Such incentive levels may be increased by the MKHL Board (or appropriate committee thereof, including the Compensation Committee) for any fiscal year in its sole discretion but shall not be decreased below the incentive levels set forth in this Agreement without the written consent of Executive.  The Cash Incentive shall be based upon the achievement of performance goals established by the MKHL Board (or appropriate committee thereof, including the Compensation Committee) over a performance period also established by the MKHL Board (or appropriate committee thereof, including the Compensation Committee).  The MKHL Board (or appropriate committee thereof, including the Compensation Committee) may base such performance goals upon such appropriate criteria as they may determine. Executive must be employed by the Company on the date that the Cash Incentive is actually paid which shall be the same date that annual cash incentives are paid to other senior executives of the Company. The MKHL Board (or appropriate committee thereof, including the Compensation Committee) must certify the level of the attainment of the applicable performance goal for the performance period and the amount of the Cash Incentive payable to Executive with respect to such performance period.  Once certified, the Cash Incentive will be paid to Executive reasonably promptly and in no event later than June 30 next following the last day of the applicable performance period. 
(b)Clawback.  Notwithstanding the foregoing, if the MKHL Board (or appropriate committee thereof, including the Compensation Committee) determines that Executive was overpaid, in whole or in part, as a result of a restatement of the reported financial or operating results of MKHL due to material non-compliance with financial reporting requirements (unless due to a change in accounting policy or applicable law), the Company Parties shall be entitled to recover or cancel the difference between (i) any Cash Incentive payment that was based on having met or exceeded performance targets and (ii) the Cash Incentive payment that would have been paid to or earned by Executive had the actual payment or accrual been calculated based on the accurate data or restated results, as applicable (the “Overpayment”).  If the Compensation Committee determines that there has been an Overpayment, the Company Parties shall be entitled to demand that Executive reimburse the Company for the Overpayment.  To the extent Executive does not make reimbursement of the Overpayment, the Company Parties shall have the right to enforce the repayment through the reduction of future salary or the reduction or cancellation of outstanding and future incentive compensation and/or to pursue all other available legal remedies in law or in equity.  The MKHL Board (or 

appropriate committee thereof, including the Compensation Committee) may make determinations of Overpayment at any time through the end of the third (3rd) fiscal year following the year for which the inaccurate performance criteria were measured; provided, that if steps have been taken within such period to restate MKHL’s financial or operating results, the time period shall be extended until such restatement is completed.  
5.Long-Term Incentive Compensation.   
(a)Share-Based Awards.  Executive shall be eligible, in the discretion of the MKHL Board (or appropriate committee thereof, including the Compensation Committee), for share option awards, restricted share unit awards and other share-based awards on an annual basis at the same time long-term incentive grants are awarded to the other senior executives, and shall be made pursuant to the long-term incentive plan generally applicable to eligible employees of the Company (currently the Incentive Plan), in accordance with, and subject to, the terms and conditions of the Incentive Plan as the same may be amended or modified by MKHL in its sole discretion (subject to shareholder approval if required) and the applicable long-term incentive award agreement. Such eligibility is not a guarantee of participation in or of the receipt of any award, payment or other compensation under the Incentive Plan or any other incentive or benefit plans or programs.  The MKHL Board (or appropriate committee thereof, including the Compensation Committee) shall determine all terms of participation (including, without limitation, the size and type of any award, payment or other compensation and the timing and conditions of receipt thereof by Executive).  
(b)Effect of Termination.  Upon termination of employment (the “Termination Date”) for any reason, any share-based incentive awards that have become vested and/or exercisable prior to the Termination Date shall remain vested and/or exercisable after the Termination Date and all unvested long-term incentive awards shall be forfeited, in each case, in accordance with the terms and conditions of the Incentive Plan and/or any applicable long-term incentive award agreement. Notwithstanding anything to the contrary in the Incentive Plan and/or any applicable long-term incentive award agreement, in the event Executive is terminated for Cause (as hereinafter defined), Executive’s vested long-term incentive awards as of the Termination Date shall not be forfeited. 
6.Employee Benefits.
(a)Generally.  During the Term, Executive shall be entitled to participate in any and all Company employee benefit plans and programs which generally are made available to senior executives of the Company, in accordance with, and subject to, the terms and conditions of such plans and programs (including, without limitation, any eligibility limitations) as they may be amended or modified by the Company from time to time in its sole discretion.
(b)Life Insurance.  During the Term, the Company shall pay the premiums, up to a maximum of US$50,000 per annum, for the US$5,000,000 whole life insurance policy presently maintained by Executive.  
(c)Vacation.  During the Term, Executive shall be entitled to six (6) weeks of paid vacation in each calendar year of the Company.  Executive shall forfeit any vacation time that remains unused at the end of any calendar year.
(d)Transportation.  During the Term, the Company shall provide Executive with an automobile and driver for transportation to and from the Company’s offices and for other business purposes.  Such automobile shall be a Mercedes-Benz S-Class or an automobile at least substantially equivalent in price thereto.  
(e)Expense Reimbursement.  During the Term, the Company shall reimburse Executive for all reasonable and necessary expenses (including first class air travel and the use of the corporate aircraft) incurred by Executive incident to the performance of his duties hereunder, in accordance with the Company’s policies and procedures.
7.Termination of Employment.
(a)Death and Total Disability.  Executive’s employment under this Agreement shall terminate immediately upon his death or Total Disability (as defined below).  For purposes of this Agreement, the term “Total Disability” shall mean any mental or physical condition that:  (i) prevents Executive from reasonably discharging his services and employment duties hereunder; (ii) is attested to in writing by a physician who is licensed to practice in the State of New York and is mutually acceptable to Executive and the Company Parties (or, if the Executive and the Company Parties are unable to mutually agree on a physician, the MKHL Board may select a physician who is a chairman of a department of medicine at a university-affiliated hospital in the City of New York); and (iii) continues, for any one or related condition, during any period of six (6) consecutive months or for a period aggregating six (6) months in any twelve (12) month period.  Total Disability shall be deemed to have occurred on the last day of such applicable six (6) month period.

(b)Cause.  The Company Parties shall at all times, upon written notice to Executive given at least ten (10) days prior to the Termination Date, have the right to terminate this Agreement and the employment of Executive hereunder for Cause (as defined below); provided, however, that prior to such termination taking effect, Executive shall have been given an opportunity to meet with the Board, and a majority of the Board shall have thereafter voted to terminate Executive’s employment.  
For purposes of this Agreement, the term “Cause” means the occurrence of any one of the following events: (i) Executive’s gross negligence, willful misconduct or dishonesty in performing his duties hereunder; (ii) Executive’s conviction of a felony (other than a felony involving a traffic violation); (iii) Executive’s commission of a felony involving a fraud or other business crime against MKHL or any of its subsidiaries; or (iv) Executive’s breach of any of the covenants set forth in Section 9 hereof; provided that, if such breach is curable, Executive shall have an opportunity to correct such breach within thirty (30) days after written notice by the Company to Executive thereof.
 (c)    Executive Termination Without Good Reason.  Executive agrees that he shall not terminate his employment with the Company Parties for any reason other than Good Reason without giving the Company Parties at least six (6) months’ prior written notice of the effective date of such termination.  Executive acknowledges that the Company Parties retain the right to waive the notice requirement, in whole or in part, and accelerate the effective date of Executive’s termination.  If the Company elects to waive the notice requirement, in whole or in part, the Company shall have no further obligations to Executive under this Agreement other than to make the payments specified in Section 8(a).  After Executive provides a notice of termination, the Company may, but shall not be obligated to, provide Executive with work to do and the Company may, in its discretion, in respect of all or part of an unexpired notice period, (i) require Executive to comply with such conditions as it may specify in relation to attending at, or remaining away from, the Company’s places of business, or (ii) withdraw any powers vested in, or duties assigned to, Executive.  For purposes of a notice of termination given pursuant to this Section 7(c), the Termination Date shall be the last day of the six (6) month notice period, unless the Company elects to waive the notice requirement as set forth herein. 
For purposes of this Agreement, “Good Reason” means and shall be deemed to exist if: (i) Executive is assigned duties or responsibilities that are inconsistent in any material respect with the scope of the duties or responsibilities of his title or position, as set forth in this Agreement; (ii) the Company or MKHL fails to perform substantially any material term of this Agreement, and, if such failure is curable, fails to correct such failure within thirty (30) days after written notice by Executive to the Company or MKHL, as applicable; (iii) Executive’s office is relocated more than fifty (50) miles from its location immediately prior to such relocation; (iv) the Company or MKHL fails to have this Agreement assumed by a successor following a Change in Control (as defined in the Incentive Plan); (v) Executive’s duties or responsibilities are significantly reduced, except with respect to any corporate action initiated or recommended by Executive and approved by the Board; (vi) Executive is involuntarily removed from the Board and the Company Board (other than in connection with a termination of employment for Cause, voluntary termination without Good Reason, death or Total Disability); or (vii) subject to the proviso set forth in the third sentence of Section 1(b) above, the Board is managing the day-to-day operations of the Company and, after receipt of written notice from Executive to such effect (and sufficient time to cease such involvement), the Board continues to do so.
 (d)     Executive Termination for Good Reason.  Executive may terminate his employment hereunder for Good Reason (and this Agreement shall accordingly terminate) by providing written notice of his intention to terminate, and specifying the circumstances relating thereto, to the MKHL Board within thirty (30) days following the occurrence of any of the events specified above as constituting Good Reason and at least ten (10) days prior to the Termination Date.  

8.Consequences of Termination or Breach. 
(a)Termination Due to Death or Total Disability, for Cause, or Without Good Reason.  If Executive’s employment under this Agreement is terminated under Sections 7(a) or 7(b) hereunder, or Executive terminates his employment for any reason other than Good Reason, Executive shall not thereafter be entitled to receive any compensation and benefits under this Agreement other than for (i) Base Salary earned but not yet paid prior to the Termination Date (to be paid in accordance with the Company’s normal payroll practices), (ii) vested equity in accordance with Section 5(b), (iii) payment for any untaken accrued vacation during the calendar year, (iv) reimbursement of any expenses pursuant to Section 6(e) incurred prior to the Termination Date, and (v) any Cash Incentive with respect to any performance period that was completed prior to Executive’s termination from employment but which has not yet been paid (with such Cash Incentive to be paid at such time as it would have otherwise been paid to Executive hereunder had his employment not been terminated and such Cash Incentive amount shall be subject to certification by the MKHL Board (or appropriate committee thereof, including the Compensation Committee) as described in Section 4 of this Agreement (collectively, the “Accrued Obligations”), plus, in the case of termination due to death or Total Disability only, the Pro Rata Cash Incentive Payment (as defined in Section 8(b) below) and, in the case of death only, proceeds from the life insurance policy referenced in Section 6(b).  If Executive’s employment under this Agreement is terminated 

by the Company for Cause, Executive shall not thereafter be entitled to receive any compensation and benefits under this Agreement other than for the Accrued Obligations set forth in clauses (i) through (iv) above.
(b)Termination Without Cause or With Good Reason.  If Executive’s employment under this Agreement is terminated by the Company Parties without Cause (which right the Company shall have at any time and for any reason during the Term) and other than for the reasons provided for in Section 7(a) above, or Executive terminates his employment for Good Reason, the sole obligations of the Company Parties to Executive shall be:  (i) to make the payments described in Section 8(a) for Accrued Obligations, (ii) to make the Pro Rata Cash Incentive Payment and (iii) to pay to Executive in a single lump sum payment, within thirty (30) days from the Termination Date, a separation payment equal to two (2) times (A) Executive’s Base Salary and (B) the Cash Incentive paid or payable to Executive pursuant to Section 4(a) with respect to MKHL’s last full fiscal year ended prior to the Termination Date (collectively, the “Separation Payments”).  For purposes of this Agreement, “Pro Rata Cash Incentive Payment” shall mean an amount representing the amount of the Cash Incentive payable for the fiscal year in which the Termination Date occurs, based on actual performance over the course of the applicable performance period, assuming Executive’s employment had not been terminated hereunder, multiplied by a fraction, the numerator of which is the number of days Executive was employed hereunder during the applicable performance period and the denominator of which is the full number of days in the applicable performance period.  Executive acknowledges and agrees that in the event the Company Parties terminate Executive’s employment without Cause and other than for the reasons provided for in Sections 7(a) or 7(b) or Executive terminates his employment for Good Reason, Executive’s sole remedy shall be to receive the payments specified in this Section 8(b).
(c)No Duty to Mitigate.  Executive shall not be required to mitigate the amount of any damages that Executive may incur or other payments to be made to Executive hereunder as a result of any termination or expiration of this Agreement, nor shall any payments to Executive be reduced by any other payments Executive may receive, except as may otherwise be set forth herein.
9.Restrictive Covenants and Confidentiality.
(a)No-Hire.  During the two (2) year period following the Termination Date, Executive shall not employ or retain (or participate in or arrange for the employment or retention of) any person who was employed or retained by the Company Parties or any of their respective parents, subsidiaries or affiliates within the one (1) year period immediately preceding such employment or retention.
(b)Confidentiality.  Recognizing that the knowledge, information and relationship with customers, suppliers and agents, and the knowledge of the Company Entities and their respective parents’, subsidiaries’ and affiliates’ business methods, systems, plans and policies, which Executive shall hereafter establish, receive or obtain as an employee of the Company Parties or any such parent, subsidiary or affiliate, are valuable and unique assets of the businesses of the Company Parties and their respective parents, subsidiaries and affiliates, Executive agrees that, during and after the Term hereunder, he shall not (otherwise than pursuant to his duties hereunder) disclose, without the prior written approval of the Board acting upon the advice of counsel, any such knowledge or information pertaining to the Company Parties or any of their respective parents, subsidiaries and affiliates, their business, personnel or policies, to any person, firm, corporation or other entity, for any reason or purpose whatsoever.  The provisions of this Section 9(b) shall not apply to information which is or shall become generally known to the public or the trade (except by reason of Executive’s breach of his obligations hereunder), information which is or shall become available in trade or other publications and information which Executive is required to disclose by law or an order of a court of competent jurisdiction.  If Executive is required by law or a court order to disclose such information, he shall notify the Company Parties of such requirement and provide the Company Parties an opportunity (if the Company so elects) to contest such law or court order.  Executive agrees that all tangible materials containing confidential information, whether created by Executive or others which shall come into Executive’s custody or possession during Executive’s employment shall be and is the exclusive property of the Company Parties or their respective parents, subsidiaries and affiliates.  Upon termination of Executive’s employment for any reason whatsoever, Executive shall immediately surrender to the Company Parties all confidential information and property of the Company Parties and their respective parents, subsidiaries or affiliates in Executive’s possession.
(c)Non-Compete.  Executive agrees that during the Term, Executive will not engage in, or carry on, directly or indirectly, either for himself or as an officer or director of a corporation or as an employee, agent, associate, or consultant of any person, partnership, business or corporation, any Competitive Business (as defined below); provided, that Executive may own ten percent (10%) or less in a Competitive Business as a passive investor so long as Executive does not manage (whether as a director, officer or otherwise) or exercise influence or control over such business.  For purposes of this Agreement, “Competitive Business” shall mean a business which directly competes in any material respects with the Company Parties or their respective parents, subsidiaries, or affiliates.  

10.Injunction.  It is recognized and hereby acknowledged by the parties hereto that a breach or violation by Executive of any of the covenants or agreements contained in Section 9 of this Agreement may cause irreparable harm and damage to the Company Parties or their respective parents, subsidiaries or affiliates, the monetary amount of which may be virtually impossible to ascertain.  Therefore, Executive recognizes and hereby agrees that the Company Parties and their respective parents, subsidiaries and affiliates shall be entitled to an injunction from any court of competent jurisdiction enjoining and restraining any breach or violation of any or all of the covenants and agreements contained in Section 9 of this Agreement by Executive and/or his employees, associates, partners or agents, or entities controlled by one or more of them, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other rights or remedies the Company Parties and their respective parents, subsidiaries or affiliates may possess. 
11.Indemnification.  To the extent permitted by law and the Company Parties by-laws or other governing documents, the Company Parties will indemnify Executive with respect to any claims made against him as an officer, director or employee of the Company Parties or any subsidiary of either of the Company Parties, except for acts taken in bad faith or in breach of his duty of loyalty to the Company Parties or such subsidiary.  During the Term and for as long thereafter as is practicable, Executive shall be covered under a directors and officers liability insurance policy with coverage limits in amounts no less than that which the Company Parites currently maintain as of the date of this Agreement. 
12.Taxes.  All payments to be made to and on behalf of Executive under this Agreement will be subject to required withholding of federal, state and local income and employment taxes, and to related record reporting requirements, including, with respect to the retainer and meeting payments referred to in the last sentence of Section 3, applicable U.K. statutory reductions.
13.Executive’s Representations; No Delegation.  Executive hereby represents and warrants that he is not precluded, by any agreement to which he is a party or to which he is subject, from executing and delivering this Agreement, and that this Agreement and his performance of the duties and responsibilities set forth herein does not violate any such agreement. Executive shall indemnify and hold harmless the Company Parties and their respective parents, subsidiaries and affiliates and their respective officers, directors, employees, agents and advisors for any liabilities, losses and costs (including reasonable attorney’s fees) arising from any breach or alleged breach of the foregoing representation and warranty. Executive shall not delegate his employment obligations under this Agreement to any other person.
14.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in that state, without regard to its conflict of laws provisions.
15.Entire Agreement; Amendment.  This Agreement supersedes all prior agreements between the parties with respect to its subject matter (except for any long-term incentive awards agreements entered into between MKHL and Executive), is intended (with the documents referred to herein) as a complete and exclusive statement of the terms of the agreement between the parties with respect thereto and may be amended only by a writing signed by all parties hereto.
16.Notices.  Any notice or other communication made or given in connection with this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand, by facsimile transmission, by a nationally recognized overnight delivery service or mailed by registered mail, return receipt requested, to a party at his or its address set forth below or at such other address as a party may specify by notice to the others:
	
	
	If to MKHL:

33 Kingsway
London WC2B 6UF
United Kingdom
Attention: Corporate Secretary

	If to the Company:

11 West 42nd Street
New York, NY  10036
Fax:  646-354-4901
Attention:  General Counsel

	
	
	If to Executive:

	At the home address on file with the Company
Fax:  516-365-6872

or to such other addresses as either party hereto may from time to time specify to the other.  Any notice given as aforesaid shall be deemed received upon actual delivery.
17.Assignment.  Except as otherwise provided in this Section 17 and Section 1(d), this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, representatives, successors and assigns.  This Agreement shall not be assignable by Executive and shall be assignable by the Company Parties, in whole or in part, only (i) to MKHL or any of its subsidiaries and (ii) subject to compliance with Section 1(d).
18.Severability.  The invalidity of any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall not affect the enforceability of the remaining portions of this Agreement, or any part thereof, all of which are inserted conditionally on their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, or section or sections had not been inserted.
19.Waiver.  The failure of any party to insist upon strict adherence to any term or condition of this Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.  Any waiver must be in writing.
20.Section Headings.  The section headings contained in this Agreement are for reference purpose only and shall not affect in any way the meaning or interpretation of this Agreement.
21.Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be considered an original, but all of which together shall constitute the same instrument.
22.Arbitration.  Any dispute or claim between the parties hereto arising out of, or in connection with, this Agreement and/or Executive’s employment shall become a matter for arbitration; provided, however, that Executive acknowledges and agrees that in the event of any alleged violation of Section 9 hereof, the Company Parties and any of their respective parents, subsidiaries and affiliates shall be entitled to obtain from any court in the State of New York, temporary, preliminary or permanent injunctive relief as well as damages, which rights shall be in addition to any other rights or remedies to which it may be entitled.  The arbitration shall take place in New York City and shall be before a neutral arbitrator in accordance with the Commercial Rules of the American Arbitration Association; provided, however, that to the extent such arbitration involves any allegation(s) of a violation of any law, rule or regulation which prohibits discrimination in employment, the arbitrator shall apply the National Rules for the Resolution of Employment Disputes (as modified) of the American Arbitration Association then existing in determining the damages, if any, to be awarded and the allocation of costs and attorneys fees between or among the parties.  The decision or award of the arbitrator shall be final and binding upon the parties hereto.  The parties shall abide by all awards recorded in such arbitration proceedings, and all such awards may be entered and executed upon in any court having jurisdiction over the party against whom or which enforcement of such award is sought. 
[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of March 28, 2018.
	
	
	 

	MICHAEL KORS HOLDINGS LIMITED

	 

	By:  /s/ Pascale Meyran                                        

	        Name: Pascale Meyran

	        Title:   Senior Vice President, Chief Human  
                    Resources Officer

	 

	MICHAEL KORS (USA), INC.

	 

	By:  /s/ Pascale Meyran                                         

	        Name: Pascale Meyran

	        Title:   Senior Vice President, Chief Human  
                    Resources Officer

	 

	JOHN D. IDOL

	 

	/s/ John D. IdolSubscription
Agreement

 

This Subscription Agreement
(this “Agreement”) is made and entered into as of May 30, 2018 by and between RITO GROUP CORP.,
a Nevada corporation (the “Company”) and the undersigned (the “Purchaser”). The Purchaser,
together with the Company shall be referred to as the “Parties”.

 

WHEREAS,
the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company [number of shares]
of common stock, par value $0.0001 per share of the Company (“Common Stock”) pursuant to an exemption from registration
under Section 4(a)(2), Regulation D, and/or Regulation S under the Securities Act of 1933, as amended (the “1933 Act”)
or other applicable exemptions on the terms and conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

	 	1.	Securities
    Sale and Purchase. The Company shall issue and sell to the Purchaser and the Purchaser agrees to purchase from the Company
    [number of shares] of Common Stock of the Company (the “Shares” or the “Securities”)
    at a price of $1.50 per share for a total amount of US$ [total subscription amount] (the “Purchase Price”)
    pursuant to an exemption from registration provided by Section 4(a)(2), Regulation D, and/or Regulation S promulgated under
    the 1933 Act or other applicable exemption. 
	 	 	 
	 	2.	Closing.
    At the closing, the Company will deliver to the Purchaser the Shares and the Purchase Price shall be paid by the Purchaser
    via wire transfer of immediately available funds to an account designated by the Company. The closing shall be held on such
    date as the parties may agree upon (the “Closing” and the “Closing Date”) at the offices of Rito Group
    Corp., Room 6C, 4/F, Block C, Hong Kong Industrial Centre, 489 Castle Peak Road, Lai Chi Kok, Hong Kong at 10:00 a.m., or
    at such other location or by such other means upon which the parties may agree; provided, that all of the conditions set forth
    in Section 2 hereof and applicable to the Closing shall have been fulfilled or waived in accordance herewith. 
	 	 	 
	 	3.	Representations,
    Warranties and Covenants of the Company. The Company represents and warrants to the Purchaser, as of the date hereof,
    as follows:

 

	 	(a)	Organization
    and Standing. The Company is a duly organized corporation, validly existing and in good standing under the laws of the
    State of Nevada, has full power to carry on its business as and where such business is now being conducted and to own, lease
    and operate the properties and assets now owned or operated by it and is duly qualified to do business and is in good standing
    in each jurisdiction where the conduct of its business or the ownership of its properties requires such qualification.

 

    	 

     

    

 

	 	(b)	Authorization
    and Power. The execution, delivery and performance of this Agreement and the consummation of the transaction contemplated
    hereby have been duly authorized by the Board of Directors of the Company. The Agreement has been (or upon delivery will be)
    duly executed by the Company is or, when delivered in accordance with the terms hereof, will constitute, assuming due authorization,
    execution and delivery by each of the parties thereto, the valid and binding obligation of the Company enforceable against
    the Company in accordance with its terms.
	 	 	 
	 	(c)	No
    Conflict. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
    hereby do not (i) violate or conflict with the Company’s Certificate of Incorporation, By-laws or other organizational
    documents, (ii) conflict with or result (with the lapse of time or giving of notice or both) in a material breach or default
    under any material agreement or instrument to which the Company is a party or by which the Company is otherwise bound, or
    (iii) violate any order, judgment, law, statute, rule or regulation applicable to the Company, except where such violation,
    conflict or breach would not have a Material Adverse Effect on the Company. This Agreement when executed by the Company will
    be a legal, valid and binding obligation of the Company enforceable in accordance with its terms (except as may be limited
    by bankruptcy, insolvency, reorganization, moratorium and similar laws and equitable principles relating to or limiting creditors’
    rights generally).
	 	 	 
	 	(d)	Authorization.
    Issuance of the Shares to Purchasers has been duly authorized by all necessary corporate actions of the Company.
	 	 	 
	 	(e)	Issuances.
    The Shares to be issued hereunder will be validly issued, fully paid and nonassessable.
	 	 	 
	 	(f)	Litigation
    and Other Proceedings. There are no actions, suits, proceedings or investigations pending or, to the knowledge of the
    Company, threatened against the Company at law or in equity before or by any court or Federal, state, municipal or their governmental
    department, commission, board, bureau, agency or instrumentality, domestic or foreign which could materially adversely affect
    the Company. The Company is not subject to any continuing order, writ, injunction or decree of any court or agency against
    it which would have a material adverse effect on the Company.
	 	 	 
	 	(g)	Use
    of Proceeds. The proceeds of this Offering and sale of the Shares, net of payment of placement expenses, will be used
    by the Company for working capital and other general corporate purposes. 
	 	 	 
	 	(h)	Consents/Approvals.
    No consents, filings (other than Federal and state securities filings relating to the issuance of the Shares pursuant to applicable
    exemptions from registration, which the Company hereby undertakes to make in a timely fashion), authorizations or other actions
    of any governmental authority are required to be obtained or made by the Company for the Company’s execution, delivery
    and performance of this Agreement which have not already been obtained or made or will be made in a timely manner following
    the Closing. 

 

    	 

     

    

 

	 	(i)	No
    Commissions. The Company has not incurred any obligation for any finder’s, broker’s or agent’s fees
    or commissions in connection with the transaction contemplated hereby. 
	 	 	 
	 	(j)	Disclosure.
    No representation or warranty by the Company in this Agreement, the Agreement, nor in any certificate, Schedule or Exhibit
    delivered or to be delivered pursuant to this Agreement: contains or will contain any untrue statement of material fact or
    omits or will omit to state a material fact necessary to make the statements contained herein or therein not misleading. To
    the knowledge of the Company and its subsidiaries at the time of the execution of this Agreement, there is no information
    concerning the Company and its subsidiaries or their respective businesses which has not heretofore been disclosed to the
    Purchasers that would have a Material Adverse Effect.
	 	 	 
	 	(k)	Compliance
    with Laws. The business of the Company and its subsidiaries has been and is presently being conducted so as to comply
    with all applicable material federal, state and local governmental laws, rules, regulations and ordinances.

 

	 	4.	Purchaser
    Representations, Warranties and Agreements. The Purchaser hereby acknowledges, represents and warrants as follows:

 

	 	(a)	Organization;
    Authority. Such Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
    of its organization with the requisite corporate or partnership power and authority to enter into and to consummate the transactions
    contemplated by the applicable Documents and otherwise to carry out its obligations thereunder. The execution, delivery and
    performance by such Purchaser of the transactions contemplated by this Agreement has been duly authorized by all necessary
    corporate or, if such Purchaser is not a corporation, such partnership, limited liability company or other applicable like
    action, on the part of such Purchaser. Each of this Agreement and other Documents has been duly executed by such Purchaser,
    and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation
    of such Purchaser, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable
    bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement
    of, creditors’ rights and remedies or by other equitable principles of general application.

 

    	 

     

    

 

	 	(b)	Investment
    Intent. Such Purchaser is acquiring the Shares as principal for its own account for investment purposes only and not with
    a view to or for distributing or reselling such Shares or any part thereof, without prejudice, however, to such Purchaser’s
    right at all times to sell or otherwise dispose of all or any part of such Shares in compliance with applicable federal and
    state securities laws. Subject to the immediately preceding sentence, nothing contained herein shall be deemed a representation
    or warranty by such Purchaser to hold the Shares for any period of time. Such Purchaser is acquiring the Shares hereunder
    in the ordinary course of its business. Such Purchaser does not have any agreement or understanding, directly or indirectly,
    with any Person to distribute any of the Shares.
	 	 	 
	 	(c)	Purchaser
    Status.

 

	 	(i)	The
    Purchaser agrees and acknowledges that it was not, a “U.S. Person” (as defined below) at the time the Purchaser
    was offered the Shares and as of the date hereof:

 

	 	(A)
    	Any
    natural person resident in the United States;
	 	 	 
	 	(B)
    	Any
    partnership or corporation organized or incorporated under the laws of the United States;
	 	 	 
	 	(C)
    	Any
    estate of which any executor or administrator is a U.S. person;
	 	 	 
	 	(D)
    	Any
    trust of which any trustee is a U.S. person;
	 	 	 
	 	(E)
    	Any
    agency or branch of a foreign entity located in the United States;
	 	 	 
	 	(F)
    	Any
    non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit
    or account of a U.S. person;
	 	 	 
	 	(G)
    	Any
    discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated,
    or (if an individual) resident of the United States; and
	 	 	 
	 	(H)
    	Any
    partnership or corporation if (i) organized or incorporated under the laws of any foreign jurisdiction and (ii) formed by
    a U.S. person principally for the purpose of investing in securities not registered under the 1933 Act, unless it is organized
    or incorporated, and owned, by accredited Purchasers (as defined in Rule 501(a) of Regulation D promulgated under the 1933
    Act) who are not natural persons, estates or trusts.

 

    	 

     

    

 

“United
States” or “U.S.” means the United States of America, its territories and possessions, any State
of the United States, and the District of Columbia.

 

	 	(ii)	The
    Purchaser understands that no action has been or will be taken in any jurisdiction by the Company that would permit a public
    offering of the Shares in any country or jurisdiction where action for that purpose is required. 
	 	 	 
	 	(iii)	The
    Purchaser (i) as of the execution date of this Agreement is not located within the United States, and (ii) is not purchasing
    the Shares for the account or benefit of any U.S. Person, except in accordance with one or more available exemptions from
    the registration requirements of the 1933 Act or in a transaction not subject thereto.
	 	 	 
	 	(iv)	The
    Purchaser will not resell the Shares except in accordance with the provisions of Regulation S (Rule 901 through 905 and Preliminary
    Notes thereto), pursuant to a registration statement under the 1933 Act, or pursuant to an available exemption from registration;
    and agrees not to engage in hedging transactions with regard to such securities unless in compliance with the 1933 Act.
	 	 	 
	 	(v)	The
    Purchaser will not engage in hedging transactions with regard to shares of the Company prior to the expiration of the distribution
    compliance period specified in Category 2 or 3 (paragraph (b)(2) or (b)(3)) in Rule 903 of Regulation S, as applicable, unless
    in compliance with the 1933 Act; and as applicable, shall include statements to the effect that the securities have not been
    registered under the 1933 Act and may not be offered or sold in the United States or to U.S. persons (other than distributors)
    unless the securities are registered under the 1933 Act, or an exemption from the registration requirements of the 1933 Act
    is available. 
	 	 	 
	 	(vi)	No
    form of “directed selling efforts” (as defined in Rule 902 of Regulation S under the 1933 Act), general solicitation
    or general advertising in violation of the 1933 Act has been or will be used nor will any offers by means of any directed
    selling efforts in the United States be made by the Purchaser or any of their representatives in connection with the offer
    and sale of the Purchased Shares.

 

	 	(d)	General
    Solicitation. Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other communication
    regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented
    at any seminar or any other general solicitation or general advertisement.

 

    	 

     

    

 

	 	(e)	Access
    to Information. Such Purchaser acknowledges that it has reviewed the disclosure materials and has been afforded (i) the
    opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company
    concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii)
    access to information about the Company and the Subsidiaries and their respective financial condition, results of operations,
    business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity
    to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that
    is necessary to make an informed investment decision with respect to the investment. Neither such inquiries nor any other
    investigation conducted by or on behalf of such Purchaser or its representatives or counsel shall modify, amend or affect
    such Purchaser’s right to rely on the truth, accuracy and completeness of the Disclosure Materials and the Company’s
    representations and warranties contained in the Transaction Documents.
	 	 	 
	 	(f)	Independent
    Investment Decision. Such Purchaser has independently evaluated the merits of its decision to purchase the Shares pursuant
    to the Agreement, and such Purchaser confirms that it has not relied on the advice of any other Purchaser’s business
    and/or legal counsel in making such decision. Such Purchaser has not relied on the business or legal advice of the Company
    or any of its agents, counsel or Affiliates in making its investment decision hereunder, and confirms that none of such Persons
    has made any representations or warranties to such Purchaser in connection with the transactions contemplated by the Transaction
    Documents.

 

	 	5.	Miscellaneous

 

	 	(a)	Confidentiality.
    The Purchaser covenants and agrees that it will keep confidential and will not disclose or divulge any confidential or
    proprietary information that such Purchaser may obtain from the Company pursuant to financial statements, reports, and other
    materials submitted by the Company to such Purchaser in connection with this offering or as a result of discussions with or
    inquiry made to the Company, unless such information is known, or until such information becomes known, to the public through
    no action by the Purchaser; provided, however, that a Purchaser may disclose such information (i) to its attorneys, accountants,
    consultants, and other professionals to the extent necessary in connection with his or her investment in the Company so long
    as any such professional to whom such information is disclosed is made aware of the Purchaser’s obligations hereunder
    and such professional agrees to be likewise bound as though such professional were a party hereto, (ii) if such information
    becomes generally available to the public through no fault of the Purchaser, or (iii) if such disclosure is required by applicable
    law or judicial order.
	 	 	 
	 	(b)	Successors.
    The covenants, representations and warranties contained in this Agreement shall be binding on the Purchaser’s and the
    Company’s heirs and legal representatives and shall inure to the benefit of the respective successors and assigns of
    the Company. The rights and obligations of this Subscription Agreement may not be assigned by any party without the prior
    written consent of the other party.

 

    	 

     

    

 

	 	(c)	Counterparts.
    This Agreement may be executed in counterparts, each of which shall be deemed an original agreement, but all of which together
    shall constitute one and the same instrument. 
	 	 	 
	 	(d)	Execution
    by Facsimile. Execution and delivery of this Agreement by facsimile transmission (including the delivery of documents
    in Adobe PDF format) shall constitute execution and delivery of this Agreement for all purposes, with the same force and effect
    as execution and delivery of an original manually signed copy hereof.
	 	 	 
	 	(e)	Governing
    Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada
    applicable to contracts to be wholly performed within such state and without regard to conflicts of laws provisions. Any legal
    action or proceeding arising out of or relating to this Subscription Agreement and/or the Offering Documents may be instituted
    in the courts of the State of Nevada sitting in Nevada, and the parties hereto irrevocably submit to the jurisdiction of each
    such court in any action or proceeding. Purchaser hereby irrevocably waives and agrees not to assert, by way of motion, as
    a defense, or otherwise, in every suit, action or other proceeding arising out of or based on this Subscription Agreement
    and/or the Offering Documents and brought in any such court, any claim that Purchaser is not subject personally to the jurisdiction
    of the above named courts, that Purchaser’s property is exempt or immune from attachment or execution, that the suit,
    action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.
	 	 	 
	 	(f)	Notices.
    All notices, requests, demands, claims and other communications hereunder shall be in writing and shall be delivered by certified
    or registered mail (first class postage pre-paid), guaranteed overnight delivery, or facsimile transmission if such transmission
    is confirmed by delivery by certified or registered mail (first class postage pre-paid) or guaranteed overnight delivery,
    to the following addresses and facsimile numbers (or to such other addresses or facsimile numbers which such party shall subsequently
    designate in writing to the other party):

 

	 	(i)	if
    to the Company:
	 	 	 
	 	 	Rito
    Group Corp.
	 	 	Attn:
    Choi Tak Yin Addy
	 	 	Room
    6C, 4/F, Block C
	 	 	Hong
    Kong Industrial Centre, 
	 	 	489
    Castle Peak Road, Lai Chi Kok, 
	 	 	Hong
    Kong
	 	 	 
	 	(ii)	if
    to the Purchasers: 
	 	 	 
	 	 	To
    the addresses set forth on the signature pages.

 

    	 

     

    

 

	 	(g)
    	Entire
                                         Agreement. This Agreement and other Transaction
                                         Documents delivered at the Closing pursuant hereto, contain the entire understanding
                                         of the parties in respect of its subject matter and supersede all prior agreements and
                                         understandings between or among the parties with respect to such subject matter.
	 	 	 
	 	(h)
    	Amendment;
    Waiver. This Agreement may not be modified, amended, supplemented, canceled or discharged, except by written instrument
    executed by the Company and the Purchasers of not less than a majority of the principal amount of the subscription. No failure
    to exercise, and no delay in exercising, any right, power or privilege under this Agreement shall operate as a waiver, nor
    shall any single or partial exercise of any right, power or privilege hereunder preclude the exercise of any other right,
    power or privilege. No waiver of any breach of any provision shall be deemed to be a waiver of any proceeding or succeeding
    breach of the same or any other provision, nor shall any waiver be implied from any course of dealing between the parties.
    No extension of time for performance of any obligations or other acts hereunder or under any other agreement shall be deemed
    to be an extension of the time for performance of any other obligations or any other acts. The rights and remedies of the
    parties under this Agreement are in addition to all other rights and remedies, at law or equity, that they may have against
    each other.
	 	 	 
	 	(i)	Severability.
    If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability
    of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties
    will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefore, and upon so agreeing,
    shall incorporate such substitute provision in this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

     

    

 

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

 

	COMPANY:
    	Rito
    Group Corp.
	 	 	 
	 	By:	/s/
    CHOI TAK YIN ADDY
	 	Name:	Choi
    Tak Yin Addy
	 	Title:	Director,
    CEO
	 	 	 
	PURCHASER:
    	 
	 	Name:
    [Name of Investor]
	 	 
	 	Purchase
    Price: $[Total subscription amount]
	 	Number
    of Shares: [Number of Shares]
	 	 
	 	Address:
    [Address of Investor]
	 	 
	 	Telephone
    & Email:
	 	[Telephone
    & Email of Investor]

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