Document:

Exhibit 10.13
​
​
AMENDMENT NO. 5 TO SENIOR CREDIT AGREEMENT & SECURITY
AGREEMENT
​
This Amendment No.  5 to Senior Credit Agreement  & Security Agreement (this “Amendment”) is made and entered into as of February 7, 2020, by and among Denim.LA, Inc., a Delaware corporation d/b/a DSTLD (the “Borrower”), the stockholders of the Borrower signatories below (“Stockholders”), bocm3-DSTLD-Senior Debt, LLC, a Utah limited liability company (“First Lender”) and bocm3-DSTLD-Senior Debt 2, LLC, a Utah limited liability company (“Second Lender” and together with the First Lender, the “Lenders”).
​
In consideration of the mutual covenants, conditions and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged; it is hereby agreed that:
​
ARTICLE I.
DEFINITIONS
​
When used herein, the following terms shall have the following specified meanings:
​
1.1“Amendment” shall mean this Amendment No. 5 to Senior Credit Agreement & Security Agreement, as amended, restated, supplemented or otherwise modified from time to time.
​
1.2“Credit Agreement” shall mean the Senior Credit Agreement dated as of March 10, 2017, by and among the Borrower, Stockholders and First Lender, as amended by that certain Amendment No. 1 to Senior Credit Agreement, dated as of July 1 , 2017 (“Amendment No. 1”), that certain Amendment No. 2 to Credit Agreement, Security Agreement and Management, dated as of March 30, 2018 (“Amendment No. 2”), and that certain Limited Waiver and Amendment No. 3 to Senior Credit Agreement, dated as of April 30, 2018 (“Amendment No. 3”), that certain Amendment No. 4 to Senior Credit Agreement, dated as of February 28, 2019 (“Amendment No. 4” and, together with Amendment No. 1, Amendment No. 2 and Amendment No. 3, collectively, the “Amendments”), and as further amended, modified, supplemented, extended or restated from time to time.
​
1.3“Security Agreement” shall mean the Security Agreement dated as of March 10, 2017, by and among the Borrower and Lenders, as amended by the applicable Amendments and as further amended, modified, supplemented, extended or restated from time to time
​
1.4Other Capitalized Terms. All capitalized terms used in this Amendment and not specifically defined herein shall have the definitions assigned to such terms in the Credit Agreement or the Security Agreement, as applicable.
​
​

ARTICLE II.
AMENDMENTS TO CREDIT AGREEMENT
​
2.1Amendments. The Credit Agreement is hereby amended as follows:
​
		(a)
	Section 1.1. The following replaces the existing definition of such term in Section 1.1 in its entirety or adds such definition to Section 1.1:

​
“Bailey Collateral” means the “Collateral” (as such term is defined in the Norwest Pledge Agreement as of the date hereof).
​
“Norwest Note” means that certain Secured Promissory Note, dated as of the date hereof, by Borrower in favor of Norwest Venture Partners XI, LP and Norwest Venture Partners XII, LP, in the initial principal amount of $4,500,000, as in existence on the date hereof.
​
“Norwest Pledge Agreement” means that certain Pledge Agreement, dated as of the date hereof, by Borrower in favor of Norwest Venture Partners XI, LP and Norwest Venture Partners XII, LP, as Secured Parties, pledging the Bailey Collateral, as in existence on the date hereof.
​
“Norwest Permitted Lien” means the Liens on the Bailey Collateral in connection with the Norwest Pledge Agreement.
​
		(b)
	Section 1.1. The definition of “Permitted Liens” shall be amended by adding a new Section (f) which shall read as follows:

​
(e)the Norwest Permitted Lien.
​
“Note Maturity Date” means the earliest to occur of (i) the closing date of the IPO (as defined in the Norwest Note), (ii) the closing date of a Denim Sale (as defined in the Norwest Note) or (iii) September 30, 2020.
​
(c)Section 6.1. Section 6.1 shall be amended in its entire to read as follows:
​
Indebtedness. Borrower shall not, directly or indirectly, create, incur, assume, or otherwise become directly or indirectly liable with respect to, any Indebtedness other than (i) Indebtedness under this Agreement, (ii) Indebtedness incurred after the date hereof in the ordinary course of Borrower’s operations, consistent with past practice, in an aggregate amount less than $25,000 or (iii) Indebtedness incurred pursuant to the Norwest Note or the Norwest Pledge Agreement; provided, however, that neither the Norwest Note nor the Norwest Pledge Agreement may be amended without Lenders’ prior written consent.
​
2.2Miscellaneous Amendments. The Credit Agreement, the Notes, and all other agreements and instruments executed and delivered heretofore or hereafter pursuant to the Credit Agreement are amended hereby so that any reference therein to the Credit Agreement shall be deemed to be a reference to such agreements and instruments as amended by or pursuant to this Amendment.
​

ARTICLE III.
AMENDMENTS TO SECURITY AGREEMENT
​
3.1Amendment. The Security Agreement is hereby amended to add the following as Section 2(e):
​
Notwithstanding anything contrary herein or in any other Loan Document, the “Collateral” shall not include any part of the Bailey Collateral, and the Bailey Collateral shall be expressly excluded from the Collateral.
​
3.2Filing Authorization. The Secured Party hereby authorizes the Borrower or any of its designees to file UCC-3 financing statement amendments to any UCC-1 financing statement on public record in favor of the Secured Party or any Lender in the form approved by Lenders.
​
ARTICLE IV.
REPRESENTATIONS AND WARRANTIES OF THE BORROWER
​
The Borrower hereby represents and warrants to the Lenders that:
​
4.1Credit Agreement. All of the representations and warranties made by Borrower in the Credit Agreement are true and correct on the date of this Amendment, except to the extent such representation or warranty relates to a specified earlier date, in which case it continues to be true and correct as of such date. No Event of Default under the Credit Agreement has occurred and is continuing as of the date of this Amendment.
​
4.2Capitalization. As of the date hereof, all outstanding Capital Stock of Borrower is held as set forth on Schedule 4.2 All outstanding shares of Capital Stock were duly authorized and validly issued, and are fully paid and nonassessable. As of the Closing Date, except as set forth on Schedule4.2, there are no outstanding securities, options, warrants, rights, or other agreements of any nature that require Borrower to issue any additional Capital Stock.
​
4.3Authorization; Enforceability. The making, execution and delivery of this Amendment and performance of and compliance with the terms of this Amendment and the terms of the Credit Agreement, as amended hereby, has been duly authorized by all necessary company action by Borrower. This Amendment is the valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
​
4.4Absence of Conflicting Obligations. The making, execution and delivery of this Amendment and performance of and compliance with the terms of this Amendment and the terms of the Credit Agreement, as amended hereby, do not violate any presently existing provision of law or the articles or certificate of formation, certificate of organization or operating agreement of Borrower or any agreement to which Borrower is a party or by which it or any of its assets is bound.
​

4.5Loan Balance. As of the date hereof, the balance of the Loans is $4,667,543.86.
​
ARTICLE V. MISCELLANEOUS
​
5.1Continuance of Credit Agreement. Except as specifically amended by this Amendment, the Credit Agreement shall remain in full force and effect.
​
5.2Survival. All agreements, representations and warranties made in this Amendment or in any documents delivered pursuant to this Amendment shall survive the execution of this Amendment and the delivery of any such document.
​
5.3Governing Law. This Amendment shall be governed by, and construed and enforced in accordance with, the laws of the State of Utah without regarding to principles of conflicts of laws.. The parties hereto acknowledge that this Amendment was negotiated with the assistance of counsel and, accordingly, such laws shall be applied without reference to any rules of construction regarding the draftsman hereof.
​
5.4Counterparts; Headings. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Article and section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.
​
5.5Severability. In case any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
​
5.6Course of Dealing; Consent. Borrower acknowledges that neither previous waivers, extensions, and amendments granted to Borrower by Lender, nor the amendments and waivers granted herein, create any course of dealing or expectation with respect to any further waivers, extensions, or amendments, and Borrower further acknowledges that Lender has no obligation whatsoever to grant any additional waivers, extensions, amendments, or forbearance.
​
5.7No Defenses. Borrower acknowledges it has no defenses, rights of setoff, or rights of recoupment to the enforceability or payment of any of its obligations under the Credit Agreement as amended hereby.
​
5.8Ex penses and Attorneys ’ Fees . Borrower shall pay (a) all fees and expenses (including attorney’s fees) incurred by Lender in connection with the preparation, execution, and delivery of this Amendment, and all prior legal fees and expenses (including attorney’s fees) incurred by each Lender in connection with the Credit Agreement and (b) all fees and expenses (including attorney’s fees) incurred by Borrower in connection with the preparation, execution, and delivery of this Amendment on the date hereof.
​

5.9Further Assurances. Borrower shall promptly execute and deliver or cause to be executed and delivered to Lenders within a reasonable time following Lender’s request, and at the expense of Borrower, such other documents or instruments as Lender may reasonably require to in order to give effect to the intent and purposes of this Amendment.
​
[Signature page follows]
​
​

IN WITNESS WHEREOF, the parties have executed this Amendment No. 5 to Senior Credit Agreement & Security Agreement as of the date first written above.
​
	​

	​

	​

	 
	DENIM.LA, INC. d/b/a DSTLD

	 
	 

	 
	 

	​
	By:
	/s/ Hil Davis

	 
	Name:
	 Hil Davis

	 
	Title:
	 

	 
	 

	 
	BOCM3-DSTLD-SENIOR DEBT, LLC

	 
	 

	 
	 

	 
	By:
	/s/ Gregory David Seare

	 
	Name:
	Gregory David Seare

	 
	Title:
	Founder and Managing Director.

	 
	 

	 
	BOCM3-DSTLD-SENIOR DEBT 2, LLC

	 
	 

	 
	 

	 
	By:
	/s/ Gregory David Seare

	 
	Name:
	Gregory David Seare

	 
	Title:
	Founder and Managing Director.

	 
	 

	 
	STOCKHOLDERS

	 
	 

	 
	Mark Lynn

	 
	 

	 
	/s/ Mark Lynn 

	 
	 

	 
	Corey Epstein

	 
	 

	 
	/s/ Corey Epstein 

​
[Signature page to Amendment No. 5 to Credit Agreement & Security Agreement]
​

Schedule 4.2
​
Capitalization
​
	

	

	

	

	

	Security Type
	 
	Shares
	 

	Common
	 
	 
	10,377,615
	 

	Preferred
	 
	 
	40,911,690
	 

	Options
	 
	 
	20,044,624
	 

	Warants
	 
	 
	9,684,197
	 

	Total
	 
	 
	81,018,126
	 

​
	

	

	

	

	

	

	

	

	

	

	

	

	ID
	 
	 
	Shareholder
	 
	Date
	 
	 
	Shares
	 

	CS-1
	 
	 
	Corey Epstein
	 
	 
	1/30/2013
	 
	 
	 
	6,050,000
	 

	CS-2
	 
	 
	Ryan Jaleh
	 
	 
	1/30/2013
	 
	 
	 
	245,060
	 

	CS-3
	 
	 
	Marcus Martinez
	 
	 
	1/30/2013
	 
	 
	 
	241,289
	 

	CS-4
	 
	 
	Anthony Pu
	 
	 
	1/30/2013
	 
	 
	 
	88,000
	 

	CS-5
	 
	 
	Amplify.LA Capital II, LLC
	 
	 
	1/31/2013
	 
	 
	 
	83,124
	 

	CS-6
	 
	 
	Mark Lynn
	 
	 
	10/14/2013
	 
	 
	 
	2,688,889
	 

	CS-24
	 
	 
	Amplify.LA Capital II, LLC
	 
	 
	09/12/2016
	 
	 
	 
	51,587
	 

	CS-25
	 
	 
	Baroda Ventures LLC
	 
	 
	09/12/2016
	 
	 
	 
	36,111
	 

	CS-26
	 
	 
	Plus Capital, L.P.
	 
	 
	09/12/2016
	 
	 
	 
	41,269
	 

	CS-27
	 
	 
	3-4 Surf, GP
	 
	 
	09/12/2016
	 
	 
	 
	4,578
	 

	CS-28
	 
	 
	TenOneTen Ventures, LLC
	 
	 
	09/12/2016
	 
	 
	 
	11,802
	 

	CS-29
	 
	 
	Randy Nichols
	 
	 
	09/12/2016
	 
	 
	 
	23,302
	 

	CS-30
	 
	 
	Dan Brown
	 
	 
	09/12/2016
	 
	 
	 
	2,927
	 

	CS-31
	 
	 
	William Essin
	 
	 
	09/12/2016
	 
	 
	 
	2,343
	 

	CS-32
	 
	 
	Viking Power
	 
	 
	09/12/2016
	 
	 
	 
	10,479
	 

	CS-33
	 
	 
	Scott C. Steigerwald
	 
	 
	09/12/2016
	 
	 
	 
	18,313
	 

	CS-34
	 
	 
	Patrick M. Falle
	 
	 
	09/12/2016
	 
	 
	 
	10,983
	 

	CS-35
	 
	 
	Siemer Ventures II LP
	 
	 
	09/12/2016
	 
	 
	 
	55,668
	 

	CS-36
	 
	 
	North Rim Investments, LLC (Joh
	 
	 
	09/12/2016
	 
	 
	 
	25,793
	 

	CS-37
	 
	 
	Unicorn Ventures, LLC
	 
	 
	09/12/2016
	 
	 
	 
	10,317
	 

	CS-38
	 
	 
	Yobin Capital, Inc.
	 
	 
	09/12/2016
	 
	 
	 
	25,793
	 

	CS-39
	 
	 
	Andrea Berkholtz
	 
	 
	09/12/2016
	 
	 
	 
	10,317
	 

	CS-40
	 
	 
	Dan Zigmond
	 
	 
	09/12/2016
	 
	 
	 
	10,317
	 

	CS-41
	 
	 
	Sean Brecker
	 
	 
	09/12/2016
	 
	 
	 
	10,317
	 

	CS-42
	 
	 
	Everlast Investments, LLC
	 
	 
	09/12/2016
	 
	 
	 
	257,932
	 

	CS-43
	 
	 
	SI Selections Fund I, L.P.
	 
	 
	09/12/2016
	 
	 
	 
	206,346
	 

	CS-44
	 
	 
	TRIPLE 8 HOLDINGS, LLC
	 
	 
	09/12/2016
	 
	 
	 
	154,759
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	10,377,615
	 

​
[Signature page to Amendment No. 5 to Credit Agreement & Security Agreement]
​
​

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	ID
	 
	 
	Shareholder
	 
	Round
	 
	Date
	 
	 
	Shares
	 

	PS-125
	 
	 
	The Academy, LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	117,284
	 

	PS-134
	 
	 
	Amplify.LA Capital II, LLC
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	104,166
	 

	PS-135
	 
	 
	Baroda Ventures LLC
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	72,916
	 

	PS-136
	 
	 
	Plus Capital, L.P.
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	83,333
	 

	PS-137
	 
	 
	3-4 Surf, GP
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	9,244
	 

	PS-139
	 
	 
	Randy Nichols
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	47,054
	 

	PS-140
	 
	 
	Viking Power
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	21,158
	 

	PS-141
	 
	 
	Dan Brown
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	5,911
	 

	PS-142
	 
	 
	Scott C. Steigerwald
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	36,978
	 

	PS-143
	 
	 
	William Essin
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	4,731
	 

	PS-144
	 
	 
	Patrick M. Falle
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	22,179
	 

	PS-145
	 
	 
	Siemer Ventures II LP
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	112,409
	 

	PS-146
	 
	 
	North Rim Investments, LLC (John Victor
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	52,083
	 

	PS-147
	 
	 
	Unicorn Ventures, LLC
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	20,833
	 

	PS-148
	 
	 
	Yobin Capital, Inc.
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	52,083
	 

	PS-149
	 
	 
	Andrea Berkholtz
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	20,833
	 

	PS-150
	 
	 
	Dan Zigmond
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	20,833
	 

	PS-151
	 
	 
	Sean Brecker
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	20,833
	 

	PS-152
	 
	 
	Everlast Investments, LLC
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	520,833
	 

	PS-153
	 
	 
	SI Selections Fund I, L.P.
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	416,666
	 

	PS-154
	 
	 
	TRIPLE 8 HOLDINGS, LLC
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	312,500
	 

	PS-155
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	1,217,548
	 

	PS-156
	 
	 
	Mark Epstein
	 
	Series A
	 
	 
	03/31/2017
	 
	 
	 
	98,388
	 

	PS-157
	 
	 
	Seth Elken
	 
	Series A
	 
	 
	01/27/2017
	 
	 
	 
	52,083
	 

	PS-158
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	10/10/2016
	 
	 
	 
	403,991
	 

	PS-159
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	11/09/2016
	 
	 
	 
	284,476
	 

	PS-160
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	12/12/2016
	 
	 
	 
	164,724
	 

	PS-161
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	01/30/2017
	 
	 
	 
	144,244
	 

	PS-162
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	02/14/2017
	 
	 
	 
	107,908
	 

	PS-163
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	01/09/2017
	 
	 
	 
	179,836
	 

	PS-164
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	02/27/2017
	 
	 
	 
	244,714
	 

	PS-165
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	03/13/2017
	 
	 
	 
	519,914
	 

	PS-166
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	05/12/2017
	 
	 
	 
	147,165
	 

	PS-167
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	06/02/2017
	 
	 
	 
	55,302
	 

	PS-168
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	06/08/2017
	 
	 
	 
	35,030
	 

	PS-169
	 
	 
	TenOneTen Ventures, LLC
	 
	Series A
	 
	 
	09/12/2016
	 
	 
	 
	23,829
	 

	PS-170
	 
	 
	Amplify.LA Capital II, LLC
	 
	Series A
	 
	 
	06/09/2017
	 
	 
	 
	3,555
	 

	PS-171
	 
	 
	Baroda Ventures LLC
	 
	Series A
	 
	 
	06/09/2017
	 
	 
	 
	2,372
	 

	PS-172
	 
	 
	Yobin Capital, Inc.
	 
	Series A
	 
	 
	06/09/2017
	 
	 
	 
	1,003
	 

	PS-173
	 
	 
	Seedinvest
	 
	Series A
	 
	 
	06/11/2017
	 
	 
	 
	5,207
	 

	PS-174
	 
	 
	Seedinvest
	 
	Series A-2
	 
	 
	09/20/2017
	 
	 
	 
	691,440
	 

	PS-175
	 
	 
	Seedinvest
	 
	Series A-2
	 
	 
	10/03/2017
	 
	 
	 
	444,600
	 

	PS-176
	 
	 
	Seedinvest
	 
	Series A-2
	 
	 
	10/17/2017
	 
	 
	 
	342,850
	 

	PS-177
	 
	 
	Seedinvest
	 
	Series A-2
	 
	 
	10/31/2017
	 
	 
	 
	173,999
	 

	PS-178
	 
	 
	Seedinvest
	 
	Series A-2
	 
	 
	11/14/2017
	 
	 
	 
	270,646
	 

	PS-179
	 
	 
	Seedinvest
	 
	Series A-2
	 
	 
	11/28/2017
	 
	 
	 
	330,000
	 

	PS-180
	 
	 
	Seedinvest
	 
	Series A-2
	 
	 
	12/11/2017
	 
	 
	 
	148,900
	 

	PS-181
	 
	 
	Seedinvest
	 
	Series A-2
	 
	 
	12/21/2017
	 
	 
	 
	182,331
	 

	PS-182
	​
	​
	Seedinvest
	​
	Series A-2
	​
	​
	01/08/2018
	​
	​
	​
	203,802
	​

	PS-183
	​
	​
	Seedinvest
	​
	Series A-2
	​
	​
	01/22/2018
	​
	​
	​
	161,000
	​

	PS-184
	​
	​
	Seedinvest
	​
	Series A-2
	​
	​
	02/02/2018
	​
	​
	​
	224,000
	​

	PS-185
	​
	​
	Seedinvest
	​
	Series A-2
	​
	​
	02/20/2018
	​
	​
	​
	103,250
	​

	PS-186
	​
	​
	Seedinvest
	​
	Series A-2
	​
	​
	03/02/2018
	​
	​
	​
	214,950
	​

	PS-187
	​
	​
	Seedinvest
	​
	Series A-2
	​
	​
	03/16/2018
	​
	​
	​
	350,200
	​

	PS-188
	​
	​
	Seedinvest
	​
	Series A-2
	​
	​
	03/30/2018
	​
	​
	​
	851,316
	​

	PS-189
	​
	​
	Seedinvest
	​
	Series A-2
	​
	​
	04/13/2018
	​
	​
	​
	1,172,158
	​

	PS-190
	​
	​
	Seedinvest
	​
	Series A-2
	​
	​
	05/04/2018
	​
	​
	​
	67,300
	​

	PS-191
	​
	​
	StartEngine
	​
	Series CF
	​
	​
	08/09/2018
	​
	​
	​
	124,204
	​

	PS-192
	​
	​
	Patrick M. Falle
	​
	Series A-3
	​
	​
	08/24/2018
	​
	​
	​
	94,340
	​

	PS-193
	​
	​
	CherryTree VC
	​
	Series A-3
	​
	​
	10/18/2018
	​
	​
	​
	188,680
	​

	PS-194
	​
	​
	Seedinvest
	​
	Series A-3
	​
	​
	10/10/2018
	​
	​
	​
	607,367
	​

	PS-195
	​
	​
	Seedinvest
	​
	Series A-3
	​
	​
	10/26/2018
	​
	​
	​
	1,077,054
	​

	PS-196
	​
	​
	Seedinvest
	​
	Series A-3
	​
	​
	11/08/2018
	​
	​
	​
	315,910
	​

	PS-197
	​
	​
	Oswaldo Nascimiento
	​
	Series A-3
	​
	​
	11/08/2018
	​
	​
	​
	300,000
	​

​
​

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	PS-198
	 
	 
	Seedinvest
	 
	Series A-3
	 
	 
	11/21/2018
	 
	 
	 
	83,973
	 

	PS-199
	 
	 
	Seedinvest
	 
	Series A-3
	 
	 
	12/06/2018
	 
	 
	 
	157,960
	 

	PS-200
	 
	 
	Seedinvest
	 
	Series A-3
	 
	 
	12/27/2018
	 
	 
	 
	449,336
	 

	PS-201
	 
	 
	Seedinvest
	 
	Series A-3
	 
	 
	12/30/2018
	 
	 
	 
	61,667
	 

	PS-202
	 
	 
	Scott C. Steigerwald
	 
	Series A-3
	 
	 
	12/26/2018
	 
	 
	 
	111,321
	 

	PS-203
	 
	 
	Seedinvest
	 
	Series A-3
	 
	 
	01/10/2019
	 
	 
	 
	152,795
	 

	PS-204
	 
	 
	Seedinvest
	 
	Series A-3
	 
	 
	01/24/2019
	 
	 
	 
	804,814
	 

	PS-205
	 
	 
	Seedinvest
	 
	Series A-3
	 
	 
	02/05/2019
	 
	 
	 
	1,105,360
	 

	PS-206
	 
	 
	Seedinvest
	 
	Series A-3
	 
	 
	02/26/2019
	 
	 
	 
	112,365
	 

	PS-207
	 
	 
	Crowdcube  Nominees
	 
	Series A-3
	 
	 
	02/26/2019
	 
	 
	 
	341,056
	 

	PS-S40
	 
	 
	Zillion, LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	1,838,396
	 

	PS-S41
	 
	 
	Plus Capital, L.P.
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	367,679
	 

	PS-S42
	 
	 
	The Kevin Yorn Trust
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	110,303
	 

	PS-S43
	 
	 
	3-4 Surf, GP
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	183,839
	 

	PS-S44
	 
	 
	Baroda Ventures LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	183,839
	 

	PS-S45
	 
	 
	Amplify.LA Capital II, LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	240,400
	 

	PS-S46
	 
	 
	QueensBridge Fund I, L.P.
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	91,919
	 

	PS-S47
	 
	 
	Viking Power
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	183,839
	 

	PS-S48
	 
	 
	Siemer Ventures II LP
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	183,839
	 

	PS-S49
	 
	 
	Clark W. Landry
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	91,919
	 

	PS-S50
	 
	 
	Structure Fund LP
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	91,919
	 

	PS-S51
	 
	 
	Scott C. Steigerwald
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	735,358
	 

	PS-S52
	 
	 
	Patrick M. Falle
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	441,215
	 

	PS-S53
	 
	 
	William Essin
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	91,919
	 

	PS-S54
	 
	 
	Brad Zions
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	91,919
	 

	PS-S55
	 
	 
	Equity Trust Company Custodian FBO W
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	91,919
	 

	PS-S56
	 
	 
	Arena Ventures Fund, LP.
	 
	Series Seed Preferred
	 
	 
	05/21/2015
	 
	 
	 
	773,335
	 

	PS-S-1
	 
	 
	Corey Epstein
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	617,122
	 

	PS-S-2
	 
	 
	Ryan Jaleh
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	101,847
	 

	PS-S-3
	 
	 
	Amplify.LA Capital II, LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	1,222,364
	 

	PS-S-4
	 
	 
	Paige Craig
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	0
	 

	PS-S-5
	 
	 
	Siemer Ventures II LP
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	1,004,400
	 

	PS-S-6
	 
	 
	Baroda Ventures LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	773,335
	 

	PS-S-7
	 
	 
	Plus Capital, L.P.
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	773,139
	 

	PS-S-8
	 
	 
	Siemer Ventures II LP
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	338,019
	 

	PS-S-9
	 
	 
	Baroda Ventures LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	241,667
	 

	PS-S-10
	 
	 
	Dennis Phelps
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	241,381
	 

	PS-S-11
	 
	 
	CAA Ventures I, L.P.
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	480,470
	 

	PS-S-12
	 
	 
	SLP Ventures II, LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	238,885
	 

	PS-S-13
	 
	 
	Crunch Fund I, L.P.
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	713,462
	 

	PS-S-14
	 
	 
	Welle Family Trust
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	237,022
	 

	PS-S-15
	 
	 
	SC Worldwide Enterprises LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	237,022
	 

	PS-S-16
	 
	 
	TenOneTen Ventures, LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	473,881
	 

	PS-S-17
	 
	 
	Viking Power
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	236,920
	 

	PS-S-18
	 
	 
	Dennis Phelps
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	236,920
	 

	PS-S-19
	 
	 
	Amplify.LA Capital II, LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	236,900
	 

	PS-S-20
	 
	 
	Amplify.LA Capital II, LLC
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	118,450
	 

	PS-S-21
	 
	 
	Crunch Fund I, L.P.
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	236,879
	 

	PS-S-22
	 
	 
	Michael Lastoria
	 
	Series Seed Preferred
	 
	 
	10/06/2014
	 
	 
	 
	236,859
	 

	PS-S-23
	​
	​
	Mark Epstein
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	236,797
	​

	PS-S-24
	​
	​
	Lanoha Ventures LLC
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	236,756
	​

	PS-S-25
	​
	​
	Siemer Ventures II LP
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	709,103
	​

	PS-S-26
	​
	​
	Demarest Films, LLC
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	235,713
	​

	PS-S-27
	​
	​
	Tom McInerney
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	235,365
	​

	PS-S-28
	​
	​
	Glenn E. Montgomery
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	117,611
	​

	PS-S-29
	​
	​
	Dan Brown
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	117,550
	​

	PS-S-30
	​
	​
	Mark Epstein
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	117,324
	​

	PS-S-31
	​
	​
	The Bernhard J. and Diane H. Welle Fam
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	234,588
	​

	PS-S-33
	​
	​
	Dave Berlin
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	234,362
	​

	PS-S-34
	​
	​
	Randy Nichols
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	935,731
	​

	PS-S-35
	​
	​
	Plus Capital, L.P.
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	185,771
	​

	PS-S-36
	​
	​
	The Mandel Company
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	185,722
	​

	PS-S-37
	​
	​
	Zillion, LLC
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	539,088
	​

	PS-S-38
	​
	​
	Zillion, LLC
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	1,113,940
	​

	PS-S-39
	​
	​
	Zillion, LLC
	​
	Series Seed Preferred
	​
	​
	10/06/2014
	​
	​
	​
	371,313
	​

	PS-S57
	​
	​
	StartEngine Broker Dealer
	​
	Series A-3
	​
	​
	1/30/2020
	​
	​
	​
	1,158,931
	​

	PS-S58
	​
	​
	StartEngine Crowd
	​
	Series A-3
	​
	​
	1/30/2020
	​
	​
	​
	1,368,432
	​

	​
	​
	​
	Total
	​
	​
	​
	​
	​
	​
	​
	​
	40,911,690
	​

​
​

	

	

	

	

	

	

	

	

	

	

	

	

	

	

	ID
	 
	 
	Shareholder
	 
	Shares
	 
	 
	Strike Price
	 
	 
	Grant Date

	OG-2
	 
	 
	Steve Shaw
	 
	 
	100,000
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-3
	 
	 
	Dave Kuehl
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-4
	 
	 
	Anton Jusufi
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-5
	 
	 
	Jordan Posell
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-6
	 
	 
	Nika Battle
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-7
	 
	 
	Mark Lynn
	 
	 
	1,344,444
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-8
	 
	 
	Mark Lynn
	 
	 
	2,016,667
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-9
	 
	 
	Isadora Hu
	 
	 
	25,000
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-10
	 
	 
	Steffen Hoffman
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	8/1/2013

	OG-11
	 
	 
	John Tomich
	 
	 
	276,541
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-12
	 
	 
	William Brian Smith
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-13
	 
	 
	Anh Vu
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-14
	 
	 
	Carlos Moscat
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-15
	 
	 
	Thomas Ocampo
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-16
	 
	 
	Eleanor Victorioso
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-17
	 
	 
	Trevor Pettennude
	 
	 
	350,000
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-18
	 
	 
	Brent Mitchell
	 
	 
	-
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-19
	 
	 
	Hannah Laverty
	 
	 
	25,000
	 
	 
	$
	0.15
	 
	 
	6/17/2014

	OG-20
	 
	 
	Damien Sutevski
	 
	 
	-
	 
	 
	$
	0.10
	 
	 
	8/7/2015

	OG-21
	 
	 
	Eleanor Victorioso
	 
	 
	-
	 
	 
	$
	0.10
	 
	 
	8/7/2015

	OG-22
	 
	 
	Corey Epstein
	 
	 
	1,800,000
	 
	 
	$
	0.10
	 
	 
	8/7/2015

	OG-23
	 
	 
	Mark Lynn
	 
	 
	1,800,000
	 
	 
	$
	0.10
	 
	 
	8/7/2015

	OG-24
	 
	 
	John Tomich
	 
	 
	520,000
	 
	 
	$
	0.10
	 
	 
	8/7/2015

	OG-25
	 
	 
	Trevor Pettennude
	 
	 
	520,000
	 
	 
	$
	0.10
	 
	 
	8/7/2015

	OG-26
	 
	 
	Conrad Steenberg
	 
	 
	-
	 
	 
	$
	0.10
	 
	 
	4/1/2015

	OG-27
	 
	 
	Kevin Morris
	 
	 
	-
	 
	 
	$
	0.10
	 
	 
	8/7/2015

	OG-28
	 
	 
	Brad Zions
	 
	 
	15,000
	 
	 
	$
	0.10
	 
	 
	8/7/2015

	OG-29
	 
	 
	Sam Shaffer
	 
	 
	25,000
	 
	 
	$
	0.10
	 
	 
	8/7/2015

	OG-30
	 
	 
	Kevin Morris
	 
	 
	-
	 
	 
	$
	0.16
	 
	 
	1/1/2016

	OG-31
	 
	 
	Paul Roughley
	 
	 
	500,000
	 
	 
	$
	0.16
	 
	 
	7/1/2016

	OG-32
	 
	 
	Laura Sokol
	 
	 
	25,000
	 
	 
	$
	0.16
	 
	 
	2/27/2017

	OG-33
	 
	 
	Shervin Lalezari
	 
	 
	-
	 
	 
	$
	0.16
	 
	 
	7/5/2016

	OG-34
	 
	 
	Laura Gramlich
	 
	 
	-
	 
	 
	$
	0.16
	 
	 
	1/28/2016

	OG-35
	 
	 
	Tiffany Chen
	 
	 
	-
	 
	 
	$
	0.16
	 
	 
	1/1/2017

	OG-36
	 
	 
	Michelle Finney
	 
	 
	25,000
	 
	 
	$
	0.16
	 
	 
	1/1/2017

	OG-37
	 
	 
	Micheal Uytengsu
	 
	 
	250,000
	 
	 
	$
	0.16
	 
	 
	2/2/2016

	OG-38
	 
	 
	Zack Wilson
	 
	 
	25,000
	 
	 
	$
	0.16
	 
	 
	2/2/2016

	OG-39
	 
	 
	Brock Pierce
	 
	 
	15,000
	 
	 
	$
	0.16
	 
	 
	12/1/2016

	OG-40
	 
	 
	Nick Lehman (re:DSTLD.com sale)
	 
	 
	300,000
	 
	 
	$
	0.16
	 
	 
	1/1/2016

	OG-41
	 
	 
	Jordan Isenberg
	 
	 
	-
	 
	 
	$
	0.16
	 
	 
	2/2/2016

	OG-42
	 
	 
	Seth Elken
	 
	 
	25,000
	 
	 
	$
	0.16
	 
	 
	2/2/2016

	OG-43
	 
	 
	Mark Epstein
	 
	 
	35,000
	 
	 
	$
	0.16
	 
	 
	2/2/2016

	OG-44
	 
	 
	Sarah Zapp
	 
	 
	25,000
	 
	 
	$
	0.16
	 
	 
	2/2/2016

	OG-45
	 
	 
	Hil Davis
	 
	 
	1
	 
	 
	$
	0.21
	 
	 
	3/1/2018

	OG-46
	 
	 
	Kevin Morris
	 
	 
	-
	 
	 
	$
	0.21
	 
	 
	5/23/2018

	OG-47
	 
	 
	Geoff McFarlane
	 
	 
	100,000
	 
	 
	$
	0.21
	 
	 
	5/23/2018

	OG-48
	 
	 
	Trevor Pettennude
	 
	 
	50,000
	 
	 
	$
	0.21
	 
	 
	5/23/2018

	OG-49
	 
	 
	John Tomich
	 
	 
	-
	 
	 
	$
	0.21
	 
	 
	5/23/2018

	OG-50
	 
	 
	Mark Lynn
	 
	 
	50,000
	 
	 
	$
	0.21
	 
	 
	5/23/2018

	OG-51
	​
	​
	Corey Epstein
	​
	​
	50,000
	​
	​
	$
	0.21
	​
	​
	5/23/2018

	OG-52
	​
	​
	Jennifer Stein
	​
	​
	-
	​
	​
	$
	0.21
	​
	​
	5/23/2018

	OG-53
	​
	​
	Jennifer Stein
	​
	​
	-
	​
	​
	$
	0.21
	​
	​
	8/8/2018

	OG-54
	​
	​
	Aaron Lifton
	​
	​
	-
	​
	​
	$
	0.21
	​
	​
	8/8/2018

	OG-55
	​
	​
	Yilin Wang
	​
	​
	5,000
	​
	​
	$
	0.21
	​
	​
	8/8/2018

	OG-56
	​
	​
	Caitlin Zenisek
	​
	​
	5,000
	​
	​
	$
	0.21
	​
	​
	8/8/2018

	OG-57
	​
	​
	Amit Shah
	​
	​
	-
	​
	​
	$
	0.21
	​
	​
	8/8/2018

	OG-58
	​
	​
	Cinthya Alvarado
	​
	​
	5,000
	​
	​
	$
	0.21
	​
	​
	8/8/2018

	OG-59
	​
	​
	Patrick M. Falle
	​
	​
	37,736
	​
	​
	$
	0.21
	​
	​
	8/24/2018

	OG-60
	​
	​
	CherryTree VC
	​
	​
	75,472
	​
	​
	$
	0.21
	​
	​
	10/18/2018

	OG-61
	​
	​
	Oswaldo Nascimiento
	​
	​
	120,000
	​
	​
	$
	0.21
	​
	​
	10/8/2018

	OG-62
	​
	​
	Trevor Pettennude
	​
	​
	125,000
	​
	​
	$
	0.21
	​
	​
	8/1/2019

	OG-63
	​
	​
	Laura Dowling
	​
	​
	1,000,000
	​
	​
	$
	0.21
	​
	​
	2/18/2019

	OG-64
	​
	​
	Reid Yoeman
	​
	​
	750,000
	​
	​
	$
	0.21
	​
	​
	10/1/2019

	OG-65
	​
	​
	John Wagner
	​
	​
	200,000
	​
	​
	$
	0.21
	​
	​
	11/4/2019

	OG-66
	​
	​
	Jon Patrick
	​
	​
	200,000
	​
	​
	$
	0.21
	​
	​
	12/1/2019

	OG-67
	​
	​
	Megan McElwee
	​
	​
	1,333,333
	​
	​
	$
	0.21
	​
	​
	3/1/2018

	OG-68
	​
	​
	Marc Croggon
	​
	​
	1,333,333
	​
	​
	$
	0.21
	​
	​
	3/1/2018

	OG-69
	​
	​
	Trevor Pettennude
	​
	​
	125,000
	​
	​
	$
	0.21
	​
	​
	10/1/2019

	OG-70
	​
	​
	Holly Davis
	​
	​
	1,333,334
	​
	​
	$
	0.21
	​
	​
	3/1/2018

	​
	​
	​
	Not Assigned
	​
	​
	3,103,763
	​
	​
	​
	​
	​
	​
	​

	​
	​
	​
	Total
	​
	​
	20,044,624
	​
	​
	​
	​
	​
	​
	​

​
​

	

	

	

	

	

	

	

	

	

	

	

	

	ID
	 
	 
	Shareholder
	 
	Type
	 
	Grant Date
	 
	Shares
	 

	2014-1
	 
	 
	G Squared Media Holdings, LLC
	 
	Common
	 
	6/17/2014
	 
	 
	10,000
	 

	WG-2
	 
	 
	TRIPLE 8 HOLDINGS, LLC
	 
	Common
	 
	6/6/2016
	 
	 
	1,800,000
	 

	WG-3
	 
	 
	SI Securities, LLC
	 
	Series A
	 
	8/3/2016
	 
	 
	157,953
	 

	WG-4
	 
	 
	bocm3-DSTLD-Senior Debt, LLC
	 
	Common
	 
	4/7/2017
	 
	 
	1,139,398
	 

	WG-5
	 
	 
	bocm3-DSTLD-Senior Debt, LLC
	 
	Common
	 
	1/2/2018
	 
	 
	610,578
	 

	WG-6
	 
	 
	bocm3-DSTLD-Senior Debt, LLC
	 
	Common
	 
	4/9/2018
	 
	 
	637,769
	 

	WG-7
	 
	 
	SI Securities, LLC
	 
	Series A-2
	 
	7/7/2017
	 
	 
	296,637
	 

	WG-8
	 
	 
	SI Securities, LLC
	 
	Series A
	 
	1/28/2016
	 
	 
	66,000
	 

	WG-9
	 
	 
	North Capital Private Securities Corporation
	 
	Series A
	 
	1/28/2016
	 
	 
	7,333
	 

	WG-10
	 
	 
	North Capital Private Securities Corporation
	 
	Series A
	 
	8/3/2016
	 
	 
	17,550
	 

	WG-11
	 
	 
	bocm4-DSTLD-Senior Debt, LLC
	 
	Common
	 
	3/12/2019
	 
	 
	1,082,973
	 

	 
	 
	 
	Total
	 
	 
	 
	 
	 
	 
	5,826,191
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	WG-12
	 
	 
	bocm4-DSTLD-Senior Debt, LLC
	 
	Common
	 
	2/7/2020
	 
	 
	1,929,003
	 

	WG-13
	 
	 
	bocm4-DSTLD-Senior Debt, LLC
	 
	Common
	 
	2/7/2020
	 
	 
	1,929,003
	 

	 
	 
	 
	Total
	 
	 
	 
	 
	 
	 
	9,684,197
	 

​
Denim intends to issue stock options to each of its Chief Executive Office and Chief Operating Officer – the number of shares subject to such stock options, and the date of issuance and exercise price of such options has not yet been determined but it is expected that such options could equal up to 30% of the outstanding shares of Denim on a fully converted, fully diluted basis measured as of the effective date of its proposed IPO.​

Exhibit 10.15
 
AMENDMENT NO. 7 TO SENIOR CREDIT AGREEMENT
 
This Amendment No. 7 to Senior Credit Agreement (this “ Amendment”) is made and entered into as of March __, 2021, by and among Denim.LA, Inc., a Delaware corporation d/b/a DSTLD (the “Borrower”), the stockholders of the Borrower signatories below (“Stockholders”), bocm3-DSTLD-Senior Debt, LLC, a Utah limited liability company (“First Lender”) and bocm3-DSTLD-Senior Debt 2, LLC, a Utah limited liability company (“Second Lender” and together with the First Lender, the “Lenders”).
 
In consideration of the mutual covenants, conditions and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged; it is hereby agreed that:
 
ARTICLE I.
DEFINITIONS
 
When used herein, the following terms shall have the following specified meanings:
 
1.1“Amendment” shall mean this Amendment No. 7 to Senior Credit Agreement, as amended, restated, supplemented or otherwise modified from time to time.
 
1.2 “Credit Agreement” shall mean that certain Senior Credit Agreement, dated as of March 10, 2017, by and among the Borrower, Stockholders and First Lender, as amended by that certain Amendment No. 1 to Senior Credit Agreement, dated as of July 1, 2017 (“Amendment No. 1”), that certain Amendment No. 2 to Credit Agreement, Security Agreement and Management, dated as of March 30, 2018 (“Amendment No. 2”), and that certain Limited Waiver and Amendment No. 3 to Senior Credit Agreement, dated as of April 30, 2018 (“Amendment No. 3”), that certain Amendment No. 4 to Senior Credit Agreement, dated as of February 28, 2019 (“Amendment No. 4”), that certain Amendment No. 5 to Senior Credit Agreement and Security Agreement, dated as of February 7, 2020 (“Amendment No. 5”), and that certain Amendment No. 6 to Senior Credit Agreement, dated as of September 9, 2020 (“Amendment No. 6” and, together with Amendment No. 1, Amendment No. 2, Amendment No. 3 Amendment No. 4 and Amendment No. 5, collectively, the “Amendments”), and as further amended, modified, supplemented, extended or restated from time to time.
 
1.3Other Capitalized Terms. All capitalized terms used in this Amendment and not specifically defined herein shall have the definitions assigned to such terms in the Credit Agreement.
 
ARTICLE II.
AMENDMENTS TO CREDIT AGREEMENT
 
2.1Amendments. The Credit Agreement is hereby amended as follows:
 
		(a)
	Section 1.1. The following definition is added to Section 1.1 of the Credit Agreement:

​
“Public Offering” means a secondary public offering of Borrower stock in which Borrower receives at least $5,000,000.
 
​

​

​

		(b)
	Section 1.1. The definition of “Note Maturity Date” in Section 1.1 of the Credit Agreement is hereby deleted and replaced with the following:

​
“Note Maturity Date” means December 31, 2022.
 
		(c)
	Section 2.3(a)(ii). The following is hereby appended to the end of Section 2.3(a)(ii) of the Credit Agreement:

​
Provided that the Public Offering occurs on or before July 31, 2021, Borrower shall pay the Lenders $3,000,000 (the “Public Offering Payment”) within five (5) Business Days of the Public Offering in partial repayment of the Loans. If Borrower has an additional public offering of stock on or before September 30, 2021 in which the Company raises at least $3,000,000, Borrower shall repay the Loans within five (5) Business Days of such additional public offering of stock. If after timely making the Public Offering Payment Borrower does not have an additional public offering of stock on or before September 30, 2021 in which the Company raises at least $3,000,000, Borrower shall repay $300,000 of the Loans on or before September 30, 2021.
 
		(d)
	Section 2.3(b). The following shall be added as the last sentence of Section 2.3(b) of the Credit Agreement:

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Borrower shall pay to the Lenders $337,744.88 on or before April 30, 2021, which shall be allocated to prior payments of accrued interest and the Monitoring Fee.
 
2.2Limited Waiver. From March 1, 2021 until the Note Maturity Date, provided no Event of Default has occurred and is continuing, the Lenders waive Borrower’s obligations under Sections 5.1(a)-5.1(e) of the Credit Agreement.
 
2.3Miscellaneous Amendments. The Credit Agreement, the Notes, and all other agreements and instruments executed and delivered heretofore or hereafter pursuant to the Credit Agreement are amended hereby so that any reference therein to the Credit Agreement shall be deemed to be a reference to such agreements and instruments as amended by or pursuant to this Amendment.
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ARTICLE III.
REPRESENTATIONS AND WARRANTIES OF THE BORROWERS
 
The Borrower hereby represents and warrants to the Lenders that:
 
3.1Credit Agreement. All of the representations and warranties made by Borrower in the Credit Agreement are true and correct on the date of this Amendment, except to the extent such representation or warranty relates to a specified earlier date, in which case it continues to be true and correct as of such date. No Event of Default under the Credit Agreement has occurred and is continuing as of the date of this Amendment.
 
3.2Authorization; Enforceability. The making, execution and delivery of this Amendment and performance of and compliance with the terms of this Amendment and the terms of the Credit Agreement, as amended hereby, has been duly authorized by all necessary company action by Borrower. This Amendment is the valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
 
3.3Absence of Conflicting Obligations. The making, execution and delivery of this Amendment and performance of and compliance with the terms of this Amendment and the terms of the Credit Agreement, as amended hereby, do not violate any presently existing provision of law or the articles or certificate of formation, certificate of organization or operating agreement of Borrower or any agreement to which Borrower is a party or by which it or any of its assets is bound.
 
ARTICLE IV.
MISCELLANEOUS
 
4.1Continuance of Credit Agreement. Except as specifically amended by this Amendment, the Credit Agreement shall remain in full force and effect.
 
4.2Survival. All agreements, representations and warranties made in this Amendment or in any documents delivered pursuant to this Amendment shall survive the execution of this Amendment and the delivery of any such document.
 
4.3Governing Law. This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of Utah applicable to agreements made and wholly performed within such state. The parties hereto acknowledge that this Amendment was negotiated with the assistance of counsel and, accordingly, such laws shall be applied without reference to any rules of construction regarding the draftsman hereof.
 
4.4Counterparts; Headings. This Amendment may be executed in several counterparts, each of which shall be deemed an original, but such counterparts shall together constitute but one and the same agreement. Article and section headings in this Amendment are inserted for convenience of reference only and shall not constitute a part hereof.
 
4.5Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Amendment in such jurisdiction or affecting the validity or enforceability of any provision in any other jurisdiction.
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4.6Conditions. The effectiveness of this Amendment is subject to Lender having received from Borrower such documents and other materials as Lender shall request, in form and substance satisfactory to Lender and its counsel, including without limitation duly executed copies of this Amendment, and the payment of all fees and expenses pursuant to Section 4.9 of this Amendment.
 
4.7Course of Dealing; Consent. Borrower acknowledges that neither previous waivers, extensions, and amendments granted to Borrower by Lender, nor the amendments and waivers granted herein, create any course of dealing or expectation with respect to any further waivers, extensions, or amendments, and Borrower further acknowledges that Lender has no obligation whatsoever to grant any additional waivers, extensions, amendments, or forbearance.
 
4.8No Defenses. Borrower acknowledges it has no defenses, rights of setoff, or rights of recoupment to the enforceability or payment of any of its obligations under the Credit Agreement as amended hereby.
 
4.9Expenses and Attorneys’ Fees. Borrower shall pay (a) all fees and expenses (including attorney’s fees) incurred by Lender in connection with the preparation, execution, and delivery of this Amendment, and all prior legal fees and expenses (including attorney’s fees) incurred by each Lender in connection with the Credit Agreement and (b) all fees and expenses (including attorney’s fees) incurred by Borrower in connection with the preparation, execution, and delivery of this Amendment on the date hereof, all subject to the restriction set forth in Section 2.4 of the Credit Agreement.
 
4.10Further Assurances. Borrower shall promptly execute and deliver or cause to be executed and delivered to Lenders within a reasonable time following Lender’s request, and at the expense of Borrower, such other documents or instruments as Lender may reasonably require to in order to give effect to the intent and purposes of this Amendment.
 
[Signature page follows]
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IN WITNESS WHEREOF, the parties have executed this Amendment No. 7 to Senior Credit Agreement as of the date first written above.
 
	 
	DENIM.LA, INC. d/b/a DSTLD

	 
	 
	 

	 
	 
	 

	 
	By:
	Hil Darvis

	 
	Name:
	Hil Darvis

	 
	Title:
	CEO

	 
	 
	 

	 
	BOCM3-DSTLD-SENIOR DEBT, LLC

	 
	 
	 

	 
	 
	 

	 
	By:
	Gregory D. Seare

	 
	Name:
	Gregory D. Seare

	 
	Title:
	Manager

	 
	 
	 

	 
	BOCM3-DSTLD-SENIOR DEBT 2, LLC

	 
	 
	 

	 
	 
	 

	 
	By:
	Gregory D. Seare

	 
	Name:
	Gregory D. Seare

	 
	Title:
	Manager    

 
	

	

	

	 
	 
	 

	 
	STOCKHOLDERS

	 
	 
	 

	 
	Mark Lynn

	 
	 
	 

	 
	/s/ Mark Lynn

	 
	 
	 

	 
	Corey Epstein

	 
	 
	 

		/s/ Corey Epstein

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[Signature page to Amendment No. 7 to Credit Agreement]

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