Document:

Naked Brand Group Inc.: Exhibit 10.75 - Filed by newsfilecorp.com

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

Exhibit 10.75 

COLLABORATION & ENDORSEMENT AGREEMENT

THIS COLLABORATION & ENDORSEMENT AGREEMENT (the
“Agreement”) is dated as of this 15th day of June, 2015 (“Effective
Date”), between The Naked Brands Group, Inc., a Delaware corporation
(“Naked”), and Wade Enterprises, LLC (“Wade Enterprises”),
an Alaska limited liability company f/s/o Dwyane Wade (“Athlete”
and together with Wade Enterprises, collectively “Wade”). Wade Enterprises,
Athlete and together with Naked, are each referred to herein as a “Party”
and collectively, the “Parties”. 

AGREEMENT 

1.     Engagement. Naked hereby
engages Wade for collaboration in business development for, and his endorsement
as set forth herein of, the following items, which shall be known herein as
“Innerwear”: Briefs, trunks, boxer briefs and boxers, non-athletic undershirts
(i.e., t-shirts intended to be worn as innerwear and not intended specifically
for athletic purposes), non-athletic lounge apparel (bottoms and tops),
sleepwear (including pajama bottoms and tops), and robes (as may be expanded to
include other mutually agreed upon innerwear and lounge apparel) which may now
or hereafter during the Term be manufactured, distributed, marketed and/or sold
by Naked (collectively, the “Naked Products”), and Wade hereby accepts
such engagement. The Parties agree that the territory of such engagement shall
be worldwide (the “Territory”). 

2.     Term of Agreement. The
initial term of this Agreement shall be for a period of four (4) years,
commencing on the Effective Date, which term may be extended for up to three (3)
years by written agreement of both Parties prior to the expiration date of the
initial term or any extension thereof (collectively, the “Term”). Each
twelve-month period beginning on the Effective Date shall be known as a
“Contract Year.” In the event that either Wade or Naked wishes to extend
the Term of the Agreement as contemplated above, it shall provide the other
Party with written notice at least ninety (90) days prior to the expiration of
the Term. The other Party will then have a period of fourteen (14) days from the
date of the notice to indicate whether it also desires to extend the Term, on
the terms and conditions set forth herein and if no such indication is made, the
other Party will be deemed to have declined the offer to extend. Notwithstanding
the foregoing, Wade agrees that for a period of ninety (90) days prior to the
expiration of the Term (unless the Agreement is terminated by Wade as permitted
hereunder), Naked shall have the exclusive right to negotiate for continued
endorsement by Athlete of the Naked Products. For a period of six (6) months at
the end of the Term (the “Sell-off Period”); provided that
the Agreement was not terminated by Wade as permitted herein, Naked will have
the right to continue to sell the Wade Products (defined below) for which orders
have already been placed at the end of the Term on the terms and conditions
herein.

3.     Use of Wade Image.

During the Term and subject to the limitations set forth in
this Agreement, Naked shall have an exclusive right and license in the Territory
to use Athlete’s name, nickname, initials, autograph, image, likeness,
photographs, biographical details, facsimile signature, voice, videos,
electronic media depictions, any words, symbols or other depictions, as well as
any other identifying attributes that would identify Athlete to the public,
including any trade mark(s), copyrights which Wade has, as set forth on
Schedule A attached hereto, and all multimedia assets that Wade owns or has right to use (collectively, the
“Wade Image”) solely for the advertising, endorsement, promotion, or sale
of the Naked Products (including the Wade Products) in the Territory as follows: 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

(1)     On Naked’s website(s)
(“Website”); 

(2)     In social media channels,
including, but not limited to Facebook, Instagram, Twitter, YouTube, Google+,
Tumblr and other mutually agreeable channels, with reasonable frequency, to
promote Naked Products and Wade Products; 

(3)     In marketing and media
opportunities in connection with the Wade Services (as defined below); and 

(4)     For use on the packaging of the
Naked Products and Wade Products and on Wade Products themselves.

All uses of Wade Image in connection with this Agreement shall
be subject to the prior written approval of Wade, which Wade shall not
unreasonably withhold. Naked agrees to submit to Wade or its authorized agent a
copy of all new promotional and/or advertising material using Wade Image at
least ten (10) days prior to the release to the general public. Wade and its
authorized agent agree that they shall not unreasonably withhold such approval.
In the absence of disapproval within three (3) business days of Wade’s or
authorized agent’s receipt of a request for approval, said advertising or
promotional material shall be deemed approved. Any such usage featuring Athlete
shall be and remain the property of Naked except as otherwise set forth herein;
however, Naked shall have the right to such use only during the Term. Wade may
use said materials in whole or in part for Wade’s personal portfolio, website or
otherwise. Such usage may not be sold or transferred. For the avoidance of
doubt, that certain logo designed by Athlete prior to the date hereof (the
“Logo”) shall remain the sole property of Wade and Naked shall have
license during the Term to use the Logo for the advertising, endorsement,
promotion, or sale of the Naked Products (including the Wade Products) in the
Territory in accordance with the terms and conditions of the Agreement. During
the Sell-off Period, Naked shall have the license to use the Logo solely on
packaging and presentation of Wade Products already offered for sale at retail
outlets or on-line in accordance with the terms and conditions of the Agreement.

Wade will allow Naked to use any quotes that are attributed to
Wade to promote the Naked Products and Wade Products in any advertising
campaign. Wade will allow Naked to use any such attributed quotes that Naked
requires to promote the Naked Products and Wade Products, subject to Wade’s
right to approve such quotes in writing, which approval shall not be
unreasonably withheld.

The Parties acknowledge and agree that Athlete’s
accomplishments and recognition as an outstanding basketball player, individual
and fashion icon, as well as his character, fame, likeness, image and reputation
are the essence of this Agreement.

Wade hereby warrants that he is not a party to any agreement,
contract or understanding which would prevent, limit or hider his performance of
any of the obligations under this Agreement, provided that Naked acknowledges
that it is aware of Athlete’s obligations under his existing endorsement
agreement with Li Ning for athletic shoes and athletic apparel and nothing
herein shall obligate Athlete to endorse any athletic apparel other than Li
Ning’s. 

2 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

4.     Exclusivity. Wade agrees that
during the Term of this Agreement, he will not represent or perform as a
representative, spokesperson or provide Wade Services for, nor furnish services
or materials, or allow the use of the Wade Image to be used for the advertising,
endorsement, promotion, or sale of Innerwear in the Territory. Furthermore, Wade
will not engage in any business or other transaction or have any financial or
personal interest in any entity whose primary or core business is selling or
manufacturing Innerwear during the Term. Endorsement of any Innerwear other than
the Naked Products or Wade Products without the express written consent of Naked
will constitute a material breach of this Agreement.

5.     Wade Services. During the
Term and subject to the limitations set forth in this Agreement, Wade agrees to
provide Naked with the following services (collectively, the “Wade
Services”): 

A.     During the first Contract Year, Wade
will be available for (i) one production day for the purpose of creating
marketing assets for Naked Products for unlimited use in advertisements and the
media and (ii) one production day for creating marketing assets for Wade
Products and Naked Products for unlimited use in advertisements and the media,
each as permitted herein. Wade shall be available to render services at such
production day for a maximum of three (3) consecutive hours, not including
scheduled breaks, during each such production day period; provided
that, in the event an additional production day is reasonably required
for the creation of marketing assets related to the Wade Product packaging,
Athlete will be available to render services for up to an additional three (3)
hours in either the first Contract Year or the second Contract Year but not
both. The scheduling and content of said production days shall be mutually
determined by Wade and Naked, subject to Wade’s professional availability; 

B.     Beginning in the second Contract
Year, Wade will be available for a maximum of one (1) production day for
creating marketing assets for Wade Products and Naked Products for unlimited use
in advertisements and the media, for a maximum of three (3) consecutive hours,
not including scheduled breaks, during such production day period. The
scheduling and content of said production days shall be mutually determined by
Wade and Naked, subject to Wade’s professional availability; 

C.     During each Contract Year, Wade will
be available for two (2) personal appearances (each, a “Personal
Appearance”) on behalf of Naked and the Naked Products and Wade Products in
the media, including publicity shoots, interviews, print, television, radio and
social media channels, each appearance for a maximum of sixty (60) consecutive
minutes to be scheduled at a time mutually agreeable to Naked and Wade; 

Wade has rights to websites or other social media channels
promoting himself or any other promotional activity that is independent of this
Agreement (“Independent Promotions”), including Wade’s Facebook,
Instagram, Twitter and Google+ channels and Wade’s YouTube channel. Wade agrees,
to generously and positively promote Naked Products and Wade Products in any
such Independent Promotions on a mutually agreed upon basis with reasonable
frequency and in a manner consistent with drawing attention to the Wade/Naked
relationship and promoting the Naked Products and Wade Products. Naked, in its
sole and absolute discretion, may preview all references and other such
materials referring to Naked in the Independent Promotions prior to the public
dissemination of such Independent Promotions. Wade agrees to immediately remove all such materials in his Independent
Promotions that Naked, in its sole and absolute discretion requests be removed.
Naked has the right to request such removals at any time, even if Naked
previously approved the Independent Promotions, and Naked agrees that all social
media promotions it requests of Athlete shall comply with all applicable rules
and regulations. Naked may also provide material regarding the Naked Products
and Wade Products to Wade, and Wade agrees to include such materials in his
Independent Promotions; and 

3 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

E.     Wade is currently engaged in
partnerships whereby its partners are selling and distributing other Athlete
endorsed products. Wade will use reasonable efforts to facilitate an
introduction to Naked to existing sales and distributions channels and accounts.

F.     Naked may reasonably request an
additional production session(s), or a media tour or personal appearance(s),
subject to mutual agreement by the Parties. 

At all Personal Appearances, Wade will be available to sign a
reasonable number of photographs, autographs, and any other items requested by
and provided by Naked at its sole cost and expense, which Naked will have the
right to distribute as giveaways but never for sale. If requested, Wade will
pass out a reasonable number of samples of the Wade Product. Wade will also
permit himself to be reasonably photographed at the Personal Appearances with
customers and fans.

6.     Commercial Materials. The
results of the production days listed in subsections A and B in Section 5 may be
used solely for the promotion of the Naked Products (including the Wade
Products) and are hereinafter referred to individually and collectively as the
“Commercial Materials.” Wade shall have the right of prior written
approval with respect to his photographs, likeness and statements. During the
Term, Naked shall have the right in the Territory to the unlimited broadcast use
and re-use of the Commercial Materials in the Territory. During the Term, Naked
shall have the right in the Territory to use the Wade Image in the Commercial
Materials, for publication and display, as Naked shall in its sole discretion
determine, in print magazines, including but not limited to, point-of-sale
material, product packaging, Naked’s Annual Report, other shareholder
communications, internal sales and marketing pieces, as well as the right to use
the same at meetings held or attended by Naked or for trade purposes. Naked
shall have the right at any time during the term of this Agreement to make any
revision or versions of all or any part of the Commercial Materials to conform
to the requirements of individual markets as Naked may desire, subject to Wade’s
reasonable approval as aforesaid. Naked may also propose to use the Commercial
Materials as part of cooperative advertising and retail tie in promotions
subject to Wade’s prior written approval which shall not be unreasonably
withheld, provided that withholding approval because a potential tie in
conflicts with one of Athlete’s existing sponsors shall not be deemed
unreasonable. Notwithstanding the foregoing, in no case shall the Commercial
Materials feature any commercial tie in or other use that could be perceived as
an endorsement by Athlete of any products or services other than the Naked
Products. Naked shall comply with all applicable rules and regulations
(including the NBA’s) in its use of the Commercial Materials hereunder. 

7.     Design of Wade Products.

Naked and Wade (either Athlete or a team and/or agent and/or
designer designated by Athlete, referred to as the “Wade Team”) agree to
collaborate on the design and manufacture of a new line of Innerwear under the brand “Wade By Naked” or such
other brand name as the Parties agree (collectively, the “Wade
Products”). Athlete will have the title of “Creative Director” for the Wade
Products, which title shall be featured on the Commercial Materials. During the
Term and subject to the limitations set forth in this Agreement, the Wade Team
and Naked agree that the process for approving designs for Wade Products will be
as follows: 

4 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

(1)     Naked will develop detailed designs
for each Wade Product, which shall include rough drawings, to be provided to
Wade for review and comment; 

(2)     The Wade Team will provide Naked
with comments on such designs within ten (10) days after they are provided to
the Wade Team; 

(3)     Upon receipt of the Wade Team’s
comments, Naked will review such comments and work diligently to incorporate
them into the design within commercial reason and thereafter, develop and create
a prototype for such Wade Product for the Wade Team’s approval; 

(4)     Within ten (10) days after the Wade
Team’s receipt of the prototype either in hand or via a photograph by email, the
Wade Team shall review the prototype and provide any additional comments; and

(5)     Upon the Wade Team’s written
approval of a prototype, such Wade Product will be considered approved for
production (the “Production Approval”).

(6)     In addition to the foregoing Wade
Products, Naked shall have the right to produce and distribute, on a
non-exclusive basis, printed or branded tee-shirts subject to Wade’s existing
endorsement agreements.

The Wade Team and Naked will collaborate to establish a
mutually acceptable marketing campaign for Wade Products, and will schedule
regular phone calls, video conferences, and/or other meetings to timely complete
development of Wade Products.

8.     Royalties. As consideration
for Wade’s services under this Agreement, Naked will pay Wade royalties as
follows: 

A.     Royalties. Naked will report,
and Wade will be paid, royalty payments at [***]

5 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

B.     Payment Terms. Wade Product
Royalties described above in Section 8A will be paid on a quarterly basis on the
first day of each of the months of July, October, January, and April and shall
be accompanied by backup documentation reasonably satisfactory to Wade.

C.     [***] 

D.     Withholding Taxes. Wade will
be solely responsible for withholding and paying any and all federal, state and
local taxes, including but not limited to payroll, unemployment, social security
and income taxes and any other payments which may be owed by Wade as a result of
or in connection with payments made by Naked for Wade Services rendered under
this Agreement. Wade acknowledges that he is not qualified for and will not
receive any Naked employment benefits or other incidents of employment as a
result of the Agreement.

E.     Equity Ownership. Wade is
hereby granted a warrant (the “Grant Warrant”) exercisable for a
period of seven (7) years from the date of issuance for the number of shares of
Common Stock equal to [***] shares of Common Stock (the “Wade Grant”),
subject to the following terms: 

(1)     Exercise Price. The Grant
Warrant will have an exercise price equal to the then-fair market value per
share of Common Stock as quoted on the OTCQB as of the Effective Date (the
“FMV Exercise Price”). The form of the Grant Warrant shall be agreed to
by the Parties.

(2)     Vesting Schedule. The Grant
Warrant will become exercisable for: (a) fifty percent (50%) of the Wade Grant
on the one year anniversary of the Effective Date (the “First
Installment”); (b) twenty-five percent (25%) of the Wade Grant on the second
anniversary of the Effective Date (the “Second Installment”); and (c) the
remaining twenty-five percent (25%) of the Wade Grant will vest on the third
anniversary of the Effective Date (the “Third Installment” and
together with the First Installment and the Second Installment, the
“Installments” and each an “Installment”); provided
however, that in the event of a change of control of Naked, the entire
unvested portion of the Grant Warrant will immediately vest. For purposes
hereof, a “change of control” shall mean the sale of at least fifty percent
(50%) of the assets of Naked, a merger or consolidation of Naked with, by or
into another entity, or a change in the ownership of more than fifty percent
(50%) of the voting capital stock of Naked in one or more related transactions.

6 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

(3)     Exercise Upon Termination of the
Agreement. In the event that the Agreement is terminated in accordance with
Section 12A, than the [***] term of the Grant Warrant [***] shall expire ninety
(90) days thereafter. [***] 

(6)     Designee of Wade Grant.
Pursuant to the request of Wade, Naked shall issue [***] to Wade’s exclusive
representative, CAA Sports LLC. This grant shall be issued pursuant to the same
terms and conditions as the Wade Grant, with the exception of the terms of
[***]. 

(7)     [***]

7 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

(8)     Grant Documents. All
warrants referenced herein shall be issued pursuant to separate, mutually
negotiated grant documents, which shall contain all the terms referenced herein
and shall be negotiated and executed promptly after the execution of the
Agreement.

9.     Board Membership.

A.     Advisory Board. Upon entering
into this Agreement, Athlete will join the Advisory Board of Naked (“Advisory
Board”). As a member of the Advisory Board, Athlete agrees to the following:

(1)     Athlete will participate in at
least one (1) scheduled Advisory Board meeting by phone or in-person, provided
that such meeting is held in Miami on a date acceptable to Wade. 

(2)     Athlete will provide Naked with
access to Wade’s contacts and Wade’s expertise and breadth of experience as it
pertains to the business of Naked; 

(3)     Wade will provide any reasonable
additional assistance as may be mutually agreed upon by Naked and Wade from time
to time; and 

(4)     Wade grants Naked the right to
publicly identify Wade as a member of the Advisory Board, Creative Director,
Stockholder, and Partner of Naked, and in the event that Wade joins the Board,
as Director, and may include his name and biography in materials published by
Naked, including any prospectus or offering materials or to publish any other
information regarding Wade in any documents required to be filed pursuant to
applicable laws and regulations. 

B.     Board of Directors. Further,
Athlete will have the option in his sole discretion of becoming a member of the
Board of Directors of Naked (the “Board”) (for a period of eighteen (18)
months commencing on the Effective Date and provided that the Agreement has not
been terminated). If Athlete elects to become a member of the Board, he must
satisfy the following requirements on an annual basis: 

(1)     Wade will participate in at least
four (4) scheduled board meetings, two (2) of which Wade must attend in-person,
provided that at least one meeting is held in Miami, FL or, if no such meeting
is held in Miami, FL then one (1) meeting if all meetings are held in New York,
NY or another location. Subject to legal compliance requirements, Wade may
designate an individual acceptable to Naked serve as his representative to the
meetings of the Board; 

(2)     Wade will attend, subject to his
availability in his sole discretion, fundraising events and meetings with
potential investors, placement agents and representatives of the same at the
request of Naked to be scheduled at the convenience of each of Naked and Wade;

If, while serving on the Board Wade does not satisfy any of the
above-listed requirements on more than one (1) occasion, the other members of
the Board may remove Wade from the Board upon written notice to Wade. 

8 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

10.     Wade Obligations. During the
Term of this Agreement, Athlete agrees to comply with the following obligations:

A.     Comply with all rules and
regulations of the National Basketball Association and its governing bodies
rules and regulations; 

B.     Not do anything which damages Wade’s
name, reputation, or image in the eyes of a reasonable observer; 

C.     Exercise reasonable constraints to
avoid taking any actions which damages Naked, its name, reputation, image, the
Naked Products and Wade Products; 

D.     When promoting the Naked Products or
Wade Products, mention when appropriate the name of Naked and/or the Naked
Products and Wade Products in interviews with the press, social media channels
and broadcast media; 

E.     Wear the Naked Products and/or Wade
Products when appropriate and refrain from wearing any other Innerwear products
that would be visible to the public.

11.     Non-compete;
Confidentiality. Wade represents and warrants that during the Term and in
the Territory, neither Wade nor any of his agents, representatives or employees
will solicit, initiate, or encourage any proposal for an endorsement by Wade of
any Innerwear to commence during the Term, or participate in any discussions or
negotiations for the same. Wade will execute a non-disclosure and
confidentiality agreement in a form mutually acceptable to each of Wade and
Naked. 

12.     Termination. 

A.     Naked shall have the right to
terminate this Agreement upon ten (10) days prior written notice to Wade in the
event Wade fails to perform the Wade Services or breaches any other covenant or
agreement set forth herein (including the essence of this Agreement), and fails
to cure same (if curable) within seven (7) days of receipt of written notice.
Such termination shall relieve Naked of its obligation to provide any further
consideration pursuant to this Agreement provided that Wade shall retain all
warrants he has received hereunder that have vested as of the date of such
termination. In the event of such termination as a result of a material breach
of this Agreement by Wade (i) Wade’s contractual liabilities and obligations
until the date of termination still exist notwithstanding such termination, (ii)
Naked shall be under no obligation to sell any Wade Products but shall
nevertheless owe the Royalty on any Wade Products sold; and (iii)
notwithstanding anything to the contrary herein, Wade shall forfeit all warrants
he has received hereunder. Naked shall not have waived any of its rights at law
or in equity by exercising any provision of this section. 

B.     Wade shall have the right to
terminate this Agreement upon ten (10) days prior written notice to Naked in the
event of the occurrence of any of the following: (i) Naked is adjudicated as
insolvent or declares bankruptcy; or (ii) Naked fails to provide consideration
due pursuant to this Agreement, within ten (10) days following the date such
consideration is due hereunder (or, if Wade elects to receive stock in lieu of
the cash consideration, if Naked fails to instruct its transfer agent to issue
the appropriate amount of Common Stock to Wade within ten (10) days following
the date such consideration is due in the event such consideration is payable
in Common Stock); provided that Naked is notified
in writing of such non-payment by Wade and such payment by Naked is not made
within three (3) days following such notification; or (iii) Naked breaches any
covenant or agreement set forth herein and fails to cure same (if curable)
within seven (7) days of receipt of written notice. Furthermore, Naked agrees
that such termination shall not relieve it of its obligation to provide
consideration as contemplated hereunder. Wade shall not have waived any of his
rights at law or in equity by exercising any provision of this section. 

9 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

C.     The Agreement shall be deemed
terminated if neither Naked nor Wade elect to extend the Agreement as set forth
in Section 2 hereof.

D.     Naked’s rights to the use of Wade
Image shall end immediately should this Agreement be terminated pursuant to
Section 12(A) or Section 12(B) above. 

13.     Notices. All notices
provided for herein shall be given in writing by hand delivery, courier service,
or by certified mail return receipt requested to the addresses of the Parties
set forth as follows (unless change of address by notice to the other Party is
given as provided in this Section 13): 

	 	If to Wade: 	If to Naked: 
	 	  	  
	 	CAA Sports LLC 	Naked Brand Group, Inc. 
	 	405 Lexington Avenue, 19th Floor 	10th Floor - 95 Madison Avenue 
	 	New York, NY 10174 	New York, NY 10016 
	 	Attn: Lloyd Frischer 	Attn: Joel Primus 
	 	  	  
	 	With a copy to: 	With a copy to: 
	 	  	  
	 	Andrew B. Latack, Esq. 	Duane Morris LLP 
	 	at the same address 	1540 Broadway, 14th Floor 
	 	  	New York, NY 10036 
	 	  	Attn: Nanette C. Heide, Esq.

14.     Intellectual Property.

All rights to the use of the names, trademarks, service marks,
symbols, logos, domain names, trade secrets, confidential know-how, patents,
copyrights, any pending applications with respect to any of the foregoing, and
any other intellectual property and related proprietary rights, interests and
protections (“Intellectual Property Rights”) in connection with Wade
Products will be jointly owned by Wade and Naked. Wade will retain all ownership
of the Intellectual Property Rights in connection with Wade Image including, for
the avoidance of doubt, the Logo. For the avoidance of doubt, no rights are
being granted hereunder to any intellectual property belonging to the NBA or its
member clubs (including but not limited to the Miami Heat).

Subject to Section 14A, Naked will retain all ownership of the
Intellectual Property Rights in connection with the Naked Products, the Naked
brand and any and all related brands. All advertising material produced
hereunder will be and remain the absolute property of Naked. Wade acknowledges
that he does not now have and in the future will assert no right, title or interest of any kind or nature whatsoever therein, or in or to
any component part or tape, dub or copy or element or character or
characterization thereof.

10 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

15.     Representations and Warranties
of Naked and Wade.

A.     Wade relies upon Naked’s skill
and judgment and also upon the following representations of Naked which
shall be in effect throughout the term of this Agreement: 

(1)     Naked’s products will be
merchantable and fit for the purpose for which they are intended, and 

(2)     Naked’s products will conform at
all times to all applicable federal, state and local laws, rules, regulations,
ordinances, and other enactments and industry standards, including, but not
limited to, those relating to product safety. 

B.     Wade Enterprises and Athlete
hereby jointly and severally represent to Naked the following: 

(1)     Authorization. Wade
Enterprises is an entity duly organized and validly existing in good standing
under the laws of its jurisdiction of organization. Wade Enterprises and Athlete
each have the requisite power and authority to enter into, execute and deliver
the Agreement to which it is a party and to perform all of the obligations to be
performed by each of them hereunder. The Agreement and the obligations and
transactions contemplated hereby have been, duly authorized, executed and
delivered by each of them, and the Agreement constitutes each of their valid and
binding obligation, enforceable against such Party in accordance with its
terms.

(2)     No Conflicts. Neither the
execution and delivery of this Agreement nor the performance or consummation of
the transactions contemplated hereby or thereby by either Wade Enterprises or
Athlete will conflict with, result in the breach of, constitute a default under
or accelerate the performance required by the terms of: (i) any law, rule or
regulation of any government or governmental or regulatory agency; (ii) any
judgment, order, writ, decree, permit or license of any court or governmental or
regulatory agency to which such Party may be subject; (iii) any contract,
agreement, commitment or instrument to which Wade Enterprises or Athlete is a
party; or (iv) Wade Enterprises’ constituent documents or other governing
instruments (or constitute an event which, with the passage of time or action by
a third party, would result in any of the foregoing). The execution and delivery
of this Agreement by Wade Enterprises and Athlete and the performance and
consummation of the transactions contemplated hereby do not require any
registration, filing, qualification, consent or approval under any material law,
rule, regulation, judgment, order, writ, decree, permit or license to which such
Party is subject. 

16.     Indemnity.

Naked shall be solely responsible for all liability arising out
of production, distribution and sale of its product. Naked hereby agrees to
indemnify, defend and hold harmless Wade Enterprises, Athlete, his agents,
representatives and employees (referred to collectively as “Wade
Indemnities”) from and against any and all claims, actions, causes or
action, damages, injuries, expenses, liabilities (joint and several), penalties
fines, attorneys’ fees, court costs, and any other expenses incurred by Wade Indemnities arising out of (1) breach
by Naked of any of the terms, representations or warranties made by Naked in
this Agreement; or (2) Naked product liability or trademark patent or other
proprietary right infringement; or (3) errors, omissions, fraudulent or
negligent acts by Naked, its employees, agents or subcontractors in connection
with (i) any advertising featuring Athlete; (ii) the performance of Naked’s
duties and obligations under this Agreement; (iii) the production, distribution,
promotion, marketing and sales of products including related product packaging;
and/or (iv) the operation and management of its production and distribution
facilities, however caused. Naked shall not be obligated to indemnify Wade with
respect to damages which are the result of the gross negligence or willful
misconduct of Wade.

11 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

Athlete and Wade Enterprises, jointly and severally, hereby
agree to indemnify, defend and hold harmless Naked, its shareholders, directors,
officers, employees, agents, and affiliates (referred to collectively as
“Naked Indemnities”) from and against any and all claims, actions, causes
or action, damages, injuries, expenses, liabilities (joint and several),
penalties fines, attorneys’ fees, court costs, and any other expenses incurred
by Naked Indemnities arising out of or are in any way connected directly or
indirectly with any and all claims, suits, actions, costs, and other expenses,
fines, judgments, investigations, proceedings, demands, liabilities, and
obligations of any nature whatsoever, with respect to Wade Enterprises’ or
Athlete’s breach of its respective representations and warranties, uncured
breach of this Agreement or Athlete’s gross negligence or willful
misconduct.

17.     Relationship of Parties.
Nothing contained in this Agreement shall be deemed or construed to place the
Parties in the relationship of partners, joint venturers, principal-agents, or
employer-employee, it being understood that the Parties are and will remain
independent contractors in all respects and neither Party shall have any right
to obligate or bind the other in any manner whatsoever. 

18.     Assignment. Neither this
Agreement nor any of the rights or obligations contained herein may be assigned
or transferred by either Party without the prior written consent of the other
Party. 

19.     Expenses. Each Party will
bear its own expenses with respect to the execution of this Agreement and the
transactions contemplated thereunder, including but not limited to legal fees.

20.     Authority to Contract. Each
of the Parties represents and warrants that it has full right and power to enter
into this Agreement, to perform all obligations to be performed by it hereunder,
and to grant all rights hereunder granted without violating the legal or
equitable rights of any other person or entity, and that the execution and
performance of this Agreement will not conflict with or result in a breach of or
default under any of the terms or conditions of any agreement to which either
Party has agreed, or is a Party, or may be bound. 

21.     Construction of Agreement.
Each Party acknowledges that it has participated in the negotiation of this
Agreement and that no provision of this Agreement shall be construed against or
be interpreted to the disadvantage of any Party by any court or other
governmental or judicial authority by reason of such Party having or deemed to
have structured, dictated or drafted such provision. 

12 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

22.     Merger; Modification. This
Agreement constitutes the entire agreement with respect to the subject matter
contained herein and supersedes all previous communications and agreements
between the Parties pertaining to the subject matter hereof, whether written or
oral. The terms of this Agreement may not be modified, waived, amended,
discharged, terminated, or supplemented, or otherwise changed, except by a
written document executed by each Party. 

23.     No Waiver. A waiver by
either Party of any of the terms or conditions of this Agreement in any instance
shall not be deemed or construed to be a waiver of such term or condition for
the future, or of any subsequent breach thereof, or any other term or condition
of this Agreement. All remedies, rights, undertakings, obligations, and
agreements contained in this Agreement shall be cumulative and none of them
shall be in limitation of any other remedy, right, undertaking, obligation or
agreement of either Party. 

24.     Severability. If any
provision of this Agreement, as applied to either Party or to any circumstance,
shall be adjudged by a court of competent jurisdiction to be void or
unenforceable, whether at law or in equity, then such determination shall in no
way affect any other provision of this Agreement, or the validity or
enforceability of this Agreement. 

25.     Choice of Law. This
Agreement, all amendments hereto, and any and all issues or controversies
arising here from or related hereto, shall be governed by and construed
exclusively in accordance with the laws of the State of New York. 

26.     Arbitration of Disputes. The
parties agree to use commercially reasonable efforts to settle amicably any
controversy, or claim arising out of the Agreement or any breach thereof through
a dispute resolution process involving Wade and members from the senior
management of Naked. If the parties do not otherwise agree, either party may
present any unresolved dispute for arbitration in accordance with the Commercial
Arbitration Rules of the American Arbitration Association (the “Rules”)
then in effect. Such arbitration will be held in New York, NY. The arbitration
will be by a single arbitrator chosen by the parties, provided that if the
parties fail to agree and to appoint a single arbitrator within twenty (20)
business days from the date that one of the parties has made a demand for
arbitration, then the arbitrator will be chosen in accordance with the Rules.
The decision of the arbitrator will be final and binding on the parties and any
award of the arbitrator may be entered in any court of competent jurisdiction.

27.     Attorneys’ Fees. If any
action is necessary to enforce the provisions of this Agreement, including any
claims or demands, or to interpret this Agreement, the prevailing Party shall be
entitled to reasonable attorneys’ fees, costs and necessary disbursements in
addition to any other relief to which it may otherwise be entitled. 

28.     Captions; Structure. Section
headings used in this Agreement are for convenience of reference only and shall
not in any way affect the interpretation of any section of this Agreement or of
the Agreement itself. 

29.     Time is of the Essence. Time
is of the essence with respect to the performance of the duties and obligations
hereunder. 

30.     Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall be deemed an
original and all of which when taken together shall be construed as a single
instrument. This Agreement may be executed by facsimile or other electronic transmissions, and signatures on any facsimile or electronic
transmission copy hereof shall be deemed authorized original signatures. 

13 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

31.     No Third Party
Beneficiaries. This Agreement is not for the benefit of any third party and
shall be deemed not to give any right or remedy to such third party, whether
referred to herein or not. 

32.     Recitals. The recitals
contained in this Agreement are true and correct and are incorporated herein by
reference. 

[SIGNATURE PAGE TO FOLLOW] 

14 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

IN WITNESS WHEREOF, the Parties have executed this Agreement on
the day and date first above written. 

	WITNESS: 	 	Naked Brand Group, Inc. (“Naked”)  
	 	 	 
	By: 	 	 	By: 	/s/ Carole Hochman 
	 	 	 
	Date: 	 	Title: 
	 	 	 
	WITNESS: 	 	Wade Enterprises, LLC (“Wade”) 
	 	 	 
	By: 	 	 	By: 	/s/ Dwyane Wade 
	 	 	 
	Date: 	 	  

15 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

Inducement Letter and
Guarantee 

In order to induce Naked to enter into this Agreement with Wade
Enterprises, LLC, I agree to the execution and delivery of this Agreement by
Wade Enterprises, LLC, and agree to render all the services herein provided to
be rendered by me, to grant all the rights granted herein, and to be bound by
and duly perform and observe each and all of the terms and conditions of this
Agreement regarding performance or compliance on my part, and I hereby join in
all warranties, representations, agreements and indemnities made by Wade
Enterprises, LLC, and further confirm the rights granted to Naked under the
Agreement. All notices to Wade Enterprises, LLC shall be deemed notices to me
with the same effect as if given to me. I certify that my services are rendered
as an employee of Wade Enterprises, LLC, and, unless substituted for Wade
Enterprises, LLC by law, I agree to look solely to Wade Enterprises, LLC for
payment of compensation for my services and the discharge all other obligations
of an employer, subject to the terms of the Agreement. 

	By: 	/s/
      Dwyane Wade 
	 	 
	Name: 	Dwyane Wade 
	 	 
	Date: 	 
    
	 	 
	NAKED BRAND GROUP, INC. 
	 
	By: 	/s/
      Carole Hochman 
	 	 
	Name: 	  
	 	 
	Date: 	 
    

16 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

SCHEDULE A 

WADE TRADEMARKS AND COPYRIGHTS 

Wade’s Asterisk Logo
 

17 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 
Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 
the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

 

18 

Confidential Information has been omitted in places marked
“[***]” and has been filed separately with the Securities and Exchange
Commission. 

Confidential Treatment has been requested with respect to this
omitted information pursuant to an application for confidential treatment filed
with 

the Commission under Rule 406 under the Securities Act of 1934, as
amended. 

SCHEDULE B 

[***] 

19PSEG-6/30/2015 EX 4 (a) (23)

EXHIBIT  4 (a) (23)

SUPPLEMENTAL MORTGAGE
Supplemental Indenture

Dated May 1, 2015

____________________

SUPPLEMENTAL TO
FIRST AND REFUNDING MORTGAGE
DATED AUGUST 1, 1924

_____________________

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
TO
U.S. BANK NATIONAL ASSOCIATION
Trustee
21 South Street
Morristown, New Jersey  07960
                    
_______________________

PROVIDING FOR THE ISSUE OF
$2,000,000,000 FIRST AND REFUNDING MORTGAGE BONDS,
MEDIUM-TERM NOTES SERIES K

RECORD IN MORTGAGE BOOK AND RETURN TO:
M. COURTNEY McCORMICK, ESQ.
80 PARK PLAZA, T5B
NEWARK, N.J. 07102-4194
Prepared by
/s/ Donald S. Leibowitz, Esq.
Donald S. Leibowitz, ESQ.

TABLE OF CONTENTS
Page
RECITALS...........................................................................................................................................................................1
FORM OF BOND............................................................................................................................................................... 3
FORM OF CERTIFICATE OF AUTHENTICATION.........................................................................................................5
GRANTING CLAUSES......................................................................................................................................................6
ARTICLE I.
BONDS OF THE MEDIUM-TERM NOTES SERIES K.
DESCRIPTION OF SERIES...............................................................................................................................................7
ARTICLE II.
REDEMPTION OF BONDS OF MEDIUM-TERM NOTES SERIES K.
SECTION 2.01.       Redemption-Redemption Price............................................................................................................7
SECTION 2.02.           Redemptions Pursuant to Section 4C of
                                      Article Eight of the Indenture........................................................................................................8
		
	SECTION 2.03.
	Interest on Called Bonds to Cease.......................................................................................................8

		
	SECTION 2.04.
	Bonds Called in Part............................................................................................................................8

		
	SECTION 2.05.
	Provisions of Indenture Not Applicable..............................................................................................8

ARTICLE III.
CREDITS WITH RESPECT TO BONDS OF THE 
MEDIUM-TERM NOTES SERIES K.
		
	SECTION 3.01.
	Credits..................................................................................................................................................8

		
	SECTION 3.02.
	Certificate of the Company..................................................................................................................8

ARTICLE IV.
MISCELLANEOUS.
		
	SECTION 4.01.
	Authentication of Bonds of Medium-Term 

                                    Notes Series K.................................................................................................................................9
		
	SECTION 4.02.
	Additional Restrictions on Authentication of 

                                     Additional Bonds Under Indenture.................................................................................................9
		
	SECTION 4.03.
	Restriction on Dividends.....................................................................................................................9

		
	SECTION 4.04.
	Use of Facsimile Seal and Signatures.................................................................................................9

		
	SECTION 4.05.
	Time for Making of Payment..............................................................................................................9

		
	SECTION 4.06.
	Effective Period of Supplemental Indenture.......................................................................................9

		
	SECTION 4.07.
	Effect of Approval of Board of Public Utilities 

                                    of the State of New Jersey...............................................................................................................9
		
	SECTION 4.08.
	Execution in Counterparts.................................................................................................................10

ACKNOWLEDGEMENTS...............................................................................................................................................12
CERTIFICATE OF RESIDENCE......................................................................................................................................13

SUPPLEMENTAL INDENTURE, dated the 1st day of May, 2015 for convenience of reference and effective from the time of execution and delivery hereof, between PUBLIC SERVICE ELECTRIC AND GAS COMPANY, a corporation organized under the laws of the State of New Jersey, hereinafter called the “Company”, party of the first part, and U.S. Bank National Association, a national banking association organized under the laws of the United States of America, as successor Trustee to Wachovia Bank, National Association (previously known as Fidelity Union Trust Company) under the indenture dated August 1, 1924, below mentioned, hereinafter called the “Trustee”, party of the second part.
WHEREAS, on July 25, 1924, the Company executed and delivered to FIDELITY UNION TRUST COMPANY, a certain indenture dated August 1, 1924 (hereinafter called the “Indenture”) to secure and to provide for the issue of First and Refunding Mortgage Gold Bonds of the Company; and
WHEREAS, the Indenture has been recorded in the following counties of the State of New Jersey, in the offices, and therein in the books and at the pages, as follows:

	
				
	County
	Office
	Book Number
	Page
Number

	Atlantic
	Clerk’s
	1955 of Mortgages
	160

	Bergen
	Clerk’s
	94 of Chattel Mortgages
	123 etc.

	Burlington
	Clerk’s
	693 of Mortgages
52 of Chattel Mortgages
	88 etc.
Folio 8 etc.

	Camden
	Register’s
	177 of Mortgages
45 of Chattel Mortgages
	Folio 354 etc.
184 etc.

	Cumberland
	Clerk’s
	239 of Mortgages
786 of Mortgages
	1 etc.
638 & c.

	Essex
	Register’s
	437 of Chattel Mortgages
	1-48

	 
	 
	T-51 of Mortgages
	341-392

	Gloucester
	Clerk’s
	34 of Chattel Mortgages
	123 etc.

	Hudson
	Register’s
	142 of Mortgages
453 of Chattel Mortgages
	7 etc.
9 etc.

	 
	 
	1245 of Mortgages
	484, etc.

	Hunterdon
	Clerk’s
	151 of Mortgages
	344

	Mercer
	Clerk’s
	67 of Chattel Mortgages
	1 etc.

	Middlesex
	Clerk’s
	384 of Mortgages
113 of Chattel Mortgages
	1 etc.
3 etc.

	 
	 
	437 of Mortgages
	294 etc.

	Monmouth
	Clerk’s
	951 of Mortgages
	291 & c.

	Morris
	Clerk’s
	N-3 of Chattel Mortgages
	446 etc.

	 
	 
	F-10 of Mortgages
	269 etc.

	Ocean
	Clerk’s
	1809 of Mortgages
	40

	Passaic
	Register’s
	M-6 of Chattel Mortgages
	178, etc.

	 
	 
	R-13 of Mortgages
	268 etc.

	Salem
	Clerk’s
	267 of Mortgages
	249 etc.

	Somerset
	Clerk’s
	46 of Chattel Mortgages
	207 etc.

	Sussex
	Clerk’s
	N-10 of Mortgages
123 of Mortgages
	1 etc.
10 & c.

	Union
	Register’s
	  9584 of Mortgages 
	259 etc.

	Warren
	Clerk’s
	124 of Mortgages
	141 etc.

and
WHEREAS, the Indenture has also been recorded in the following counties of the Commonwealth of Pennsylvania, in the offices, and therein in the books and at the pages, as follows:
	
				
	County
	Office
	Book Number
	Page
Number

	Adams
	Recorder’s
	22 of Mortgages
	105

	Bedford
	Recorder’s
	90 of Mortgages
	917

	Blair
	Recorder’s
	671 of Mortgages
	430

	Cambria
	Recorder’s
	407 of Mortgages
	352

	Cumberland
	Recorder’s
	500 of Mortgages
	136

	Franklin
	Recorder’s
	285 of Mortgages
	373

	Huntingdon
	Recorder’s
	128 of Mortgages
	47

	Indiana
	Recorder’s
	197 of Mortgages
	281

	Montgomery
	Recorder’s
	5053 of Mortgages
	1221

	Westmoreland
	Recorder’s
	1281 of Mortgages
	198

	York
	Recorder’s
	31-V of Mortgages
	446

and
WHEREAS, the Indenture granted, bargained, sold, aliened, remised, released, conveyed, confirmed, assigned, transferred and set over unto the Trustee certain property of the Company, more fully set forth and described in the Indenture, then owned or which might thereafter be acquired by the Company; and
WHEREAS, the Company, by various supplemental indentures, supplemental to the Indenture, the last of which was dated August 6, 2014, has granted, bargained, sold, aliened, remised, released, conveyed, confirmed, assigned, transferred and set over unto the Trustee certain property of the Company acquired by it after the execution and delivery of the Indenture; and
WHEREAS, since the execution and delivery of said supplemental indenture dated August 6, 2014, the Company has acquired property which, in accordance with the provisions of the Indenture, is subject to the lien thereof and the Company desires to confirm such lien; and
WHEREAS, the Indenture has been amended or supplemented from time to time; and
WHEREAS, it is provided in the Indenture that no bonds other than those of the 5-1/2% Series due 1959 therein authorized may be issued thereunder unless a supplemental indenture providing for the issue of such additional bonds shall have been executed and delivered by the Company to the Trustee; and
WHEREAS, the Company is making provisions for the issuance and sale of its Secured Medium-Term Notes, Series K (the “Series K Notes”), to be issued under an Indenture of Trust (the “Note Indenture”) dated as of July 1, 1993 between the Company and The Chase Manhattan Bank (National Association) as predecessor trustee (The Bank of New York Mellon, as successor trustee to the predecessor trustee), as Trustee (the “Note Trustee”); and
WHEREAS, such Note Indenture provides, among other things, for the pledge and delivery by the Company of a series of First and Refunding Mortgage Bonds of the Company to evidence the Company’s obligation to pay the principal and interest with respect to outstanding Series K Notes; and for such purpose and in order to service and secure payment of the principal and interest in respect of the Series K Notes, the Company desires to provide for the issue of $2,000,000,000 aggregate principal amount of bonds under the Indenture of a series to be designated as “First and Refunding Mortgage Bonds, Medium-Term Notes Series K” (hereinafter sometimes called “Bonds of the Medium-Term Notes Series K”); and
WHEREAS, the text of the Bonds of the Medium-Term Notes Series K and of the certificate of authentication to be borne by the Bonds of the Medium-Term Notes Series K shall be substantially of the following tenor:

 (Form of Bond)

This Bond is not transferable except as provided in the Indenture and in the Indenture of Trust dated as of July 1, 1993 between the Company and The Chase Manhattan Bank (National Association)  (The Bank of New York  Mellon, successor trustee) as Trustee.
REGISTERED                                                                                                                                                                  REGISTERED
NUMBER                                                                                                                                                                         AMOUNT  
R                                                                                                                                                                              $2,000,000,000
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
FIRST AND REFUNDING MORTGAGE BOND,
MEDIUM-TERM NOTES SERIES K
Public Service Electric and Gas Company (hereinafter called the “Company”), a corporation of the State of New Jersey, for value received, hereby promises to pay to The Bank of New York Mellon as successor trustee to The Chase Manhattan Bank (National Association)), under the Indenture of Trust dated as of July 1, 1993 between the Company and such trustee, or registered assigns, on the surrender hereof, the principal sum of Two Billion Dollars, on May 1, 2050, and to pay interest thereon from the date hereof, at the rate of 10% per annum, and until payment of said principal sum, such interest to be payable May 1 and November 1 in each year; provided, however, that the Company shall receive certain credits against such obligations as set forth in the Supplemental Indenture dated May 1, 2015 referred to below.
Both the principal hereof and interest hereon shall be paid at the principal corporate trust office of U.S. Bank National Association in the City of Morristown, State of New Jersey, or (at the option of the registered owner) at the corporate trust office of any paying agent appointed by the Company, in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts; provided, however, that any such payments of principal and interest shall be subject to receipt of certain credits against such payment obligations as set forth in the Supplemental Indenture dated May 1, 2015 referred to below.
This Bond is one of the First and Refunding Mortgage Bonds of the Company issued and to be issued under and pursuant to, and all equally secured by, an indenture of mortgage or deed of trust dated August 1, 1924, as supplemented and amended by supplemental indentures thereto, including the Supplemental Indenture dated May 1, 2015, duly executed by the Company and U.S. Bank National Association as Trustee. This Bond is one of the Bonds of the Medium-Term Notes Series K, which series is limited to the aggregate principal amount of $2,000,000,000 and is issued pursuant to said Supplemental Indenture dated May 1, 2015. Reference is hereby made to said indenture and all supplements thereto for a specification of the principal amount of Bonds from time to time issuable thereunder, and for a description of the properties mortgaged and conveyed or assigned to said Trustee or its successors, the nature and extent of the security, and the rights of the holders of said Bonds and any coupons appurtenant thereto, and of the Trustee in respect of such security.
In and by said indenture, as amended and supplemented, it is provided that with the written approval of the Company and the Trustee, any of the provisions of said indenture may from time to time be eliminated or modified and other provisions may be added thereto provided the change does not alter the annual interest rate, redemption price or date, date of maturity or amount payable on maturity of any then outstanding Bond or conflict with the Trust Indenture Act of 1939 as then in effect, and provided the holders of 85% in principal amount of the Bonds secured by said indenture and then outstanding (including, if such change affects the Bonds of one or more series but less than all series then outstanding, a like percentage of the then outstanding Bonds of each series affected by such change, and excluding Bonds owned or controlled by the Company or by the parties owning at least 10% of the outstanding voting stock of the Company, as more fully specified in said indenture) consent in writing thereto, all as more fully set forth in said indenture, as amended and supplemented.

First and Refunding Mortgage Bonds issuable under said indenture are issuable in series, and the Bonds of any series may be for varying principal amounts and in the form of coupon bonds and of registered bonds without coupons, and the Bonds of any one series may differ from the Bonds of any other series as to date, maturity, interest rate and otherwise, all as in said indenture provided and set forth. The Bonds of the Medium-Term Notes Series K, in which this Bond is included, are designated “First and Refunding Mortgage Bonds, Medium-Term Notes Series K”.
In case of the happening of an event of default as specified in said indenture and said supplemental indenture dated March 1, 1942, the principal sum of the Bonds of this series may be declared or may become due and payable forthwith, in the manner and with the effect in said indenture provided.
The Bonds of this series are subject to redemption as provided in the Supplemental Indenture dated May 1, 2015.
This Bond is transferable, but only as provided in said indenture and the Indenture of Trust dated as of July 1, 1993 between the Company and The Chase Manhattan Bank (National Association) as predecessor trustee (The Bank of New York Mellon, as successor trustee to the predecessor trustee), as trustee, upon surrender hereof, by the registered owner in person or by attorney duly authorized in writing, at either of said offices where the principal hereof and interest hereon are payable; upon any such transfer a new fully registered Bond similar hereto will be issued to the transferee. This Bond may in like manner be exchanged for one or more new fully registered Bonds of the same series of other authorized denominations but of the same aggregate principal amount. No service charge shall be made for any such transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. The Company and the Trustee hereunder and any paying agent may deem and treat the person in whose name this Bond is registered as the absolute owner hereof for the purpose of receiving payment of or on account of the principal hereof and the interest hereon and for all other purposes; and neither the Company nor the Trustee hereunder nor any paying agent shall be affected by any notice to the contrary.
The Bonds of this series are issuable only in fully registered form, in any denomination authorized by the Company.
No recourse under or upon any obligation, covenant or agreement contained in said indenture or in any indenture supplemental thereto, or in any Bond issued thereunder, or because of any indebtedness arising thereunder, shall be had against any incorporator, or against any past, present or future stockholder, officer, or director, as such, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, it being expressly agreed and understood that said indenture, any indenture supplemental thereto and the obligations issued thereunder, are solely corporate obligations, and that no personal liability whatever shall attach to, or be incurred by, such incorporators, stockholders, officers or directors, as such, of the Company, or of any successor corporation, or any of them, because of the incurring of the indebtedness thereby authorized, or under or by reason of any of the obligations, covenants or agreements contained in the indenture or in any indenture supplemental thereto or in any of the Bonds issued thereunder, or implied therefrom.
This Bond shall not be entitled to any security or benefit under said indenture, as amended and supplemented, and shall not become valid or obligatory for any purpose, until the certificate of authentication, hereon endorsed, shall have been signed by  U.S. Bank National Association as Trustee, or by its successor in trust under said indenture.   
IN WITNESS WHEREOF, the Company has caused this Bond to be duly executed by its proper officers under its corporate seal.

Dated
PUBLIC SERVICE ELECTRIC AND GAS COMPANY,

                                                                                                     By. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                                                                                                                            (Vice) President
(Seal)
Attest:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Assistant) Secretary

(FORM OF CERTIFICATE OF AUTHENTICATION)
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds of the series designated therein which is described in the within-mentioned indenture and supplemental indenture dated May 1, 2015, as secured thereby.

     U.S. BANK NATIONAL ASSOCIATION, TRUSTEE,
By. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                                                                                                                         Authorized Signatory

WHEREAS, the execution and delivery of this supplemental indenture have been duly authorized by the Board of Directors of the Company; and
WHEREAS, the Company represents that all things necessary to make the bond of the series hereinafter described, when duly authenticated by the Trustee and issued by the Company, a valid, and legal obligation of the Company, and to make this supplemental indenture a valid and binding agreement supplemental to the Indenture, have been done and performed:
NOW, THEREFORE, THIS  SUPPLEMENTAL INDENTURE WITNESSETH that the Company, in consideration of the premises and the execution and delivery by the Trustee of this supplemental indenture, and in pursuance of the covenants and agreements contained in the Indenture and for other good and valuable consideration, the receipt of which is hereby acknowledged, has granted, bargained, sold, aliened, remised, released, conveyed, confirmed, assigned, transferred and set over, and by these presents does grant, bargain, sell, alien, remise, release, convey, confirm, assign, transfer and set over unto the Trustee, its successors and assigns, forever, all the right, title and interest of the Company in and to all property of every kind and description (except cash, accounts and bills receivable and all merchandise bought, sold or manufactured for sale in the ordinary course of the Company’s business, stocks, bonds or other corporate obligations or securities, other than such as are described in Part V of the Granting Clauses of the Indenture, not acquired with the proceeds of bonds secured by the Indenture, and except as in the Indenture and herein otherwise expressly excluded) acquired by the Company since the execution and delivery of the supplemental indenture dated  August 6, 2014, subsequent to the Indenture (except any such property duly released from, or disposed of, free from the lien of the Indenture, in accordance with the provisions thereof) and all such property which at any time hereafter may be acquired by the Company;
All of which property it is intended shall be included in and granted by this supplemental indenture and covered by the lien of the Indenture as heretofore and hereby amended and supplemented;
UNDER AND SUBJECT to any encumbrances or mortgages existing on property acquired by the Company at the time of such acquisition and not heretofore discharged of record; and
SUBJECT also, to the exceptions, reservations and provisions in the Indenture and in this supplemental indenture recited, and to the liens, reservations, exceptions, limitations, conditions and restrictions imposed by or contained in the several deeds, grants, franchises and contracts or other instruments through which the Company acquired or claims title to the aforesaid property; and Subject, also, to the existing leases, to liens on easements or rights of way, to liens for taxes, assessments and governmental charges not in default or the payment of which is deferred, pending appeal or other contest by legal proceedings, pursuant to Section 4 of Article Five of the Indenture, or the payment of which is deferred pending billing, transfer of title or final determination of amount, to easements for alleys, streets, highways, rights of way and railroads that may run across or encroach upon the said property, to joint pole and similar agreements, to undetermined liens and charges, if any, incidental to construction, and other encumbrances permitted by the Indenture as heretofore and hereby amended and supplemented;
TO HAVE AND TO HOLD the property hereby conveyed or assigned, or intended to be conveyed or assigned, unto the Trustee, its successor or successors and assigns, forever;
IN TRUST, NEVERTHELESS, upon the terms, conditions and trusts set forth in the Indenture as heretofore and hereby amended and supplemented, to the end that the said property shall be subject to the lien of the Indenture as heretofore and hereby amended and supplemented, with the same force and effect as though said property had been included in the Granting Clauses of the Indenture at the time of the execution and delivery thereof;
AND THIS SUPPLEMENTAL INDENTURE FURTHER WITNESSETH that for the considerations aforesaid, it is hereby covenanted between the Company and the Trustee as follows:

ARTICLE I.
BONDS OF THE MEDIUM-TERM NOTES SERIES KI.
The series of bonds authorized by this supplemental indenture to be issued under and secured by the Indenture shall be designated “First and Refunding Mortgage Bonds, Medium-Term Notes Series K”; shall be limited to the aggregate principal amount of $2,000,000,000; shall be issued initially to the Note Trustee and shall mature and bear interest as set forth in the form of bond set forth herein; provided, however, that the Company shall receive certain credits against principal and interest as set forth in Section 3.01 hereof. The date of each Bond of the Medium-Term Notes Series K shall be the interest payment date next preceding the date of authentication, unless such date of authentication be an interest payment date, in which case the date shall be the date of authentication, or unless such date of authentication be prior to the first semi-annual interest payment date, in which case the date shall be May 1, 2015.
Bonds of the Medium-Term Notes Series K shall be issuable only in the form of fully registered bonds in any denomination authorized by the Company. Interest on the Bonds of the Medium-Term Notes Series K shall be payable semi-annually in arrears on May 1 and November 1 of each year, payable initially on November 1, 2015, subject to receipt of certain credits against principal and interest as set forth in Section 3.01 hereof and shall be payable as to both principal and interest in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts, at the principal corporate trust office of the Trustee, or at the corporate trust office of any paying agent appointed.
Bonds of the Medium-Term Notes Series K shall be transferable and exchangeable, but only as provided in the Indenture and the Note Indenture, upon surrender thereof for cancellation by the registered owner in person or by attorney duly authorized in writing at either of said offices. The Company hereby waives any right to make a charge for any transfer or exchange of Bonds of the Medium-Term Notes Series K, but the Company may require payment of a sum sufficient to cover any tax or any other governmental charge that may be imposed in relation thereto.
ARTICLE II.
REDEMPTION OF BONDS OF MEDIUM-TERM NOTES SERIES K.
SECTION 2.01. Redemption-Redemption Price. Bonds of the Medium-Term Notes Series K shall be subject to redemption prior to maturity under the conditions, and upon payment of the amounts as may be specified in the following conditions:
(a) at any time in whole or in part at the option of the Company upon receipt by the Trustee of written certification of the Company and of the Note Trustee that the principal amount of the Series K Notes then outstanding under the Note Indenture is not in excess of such principal amount of the Bonds of the Medium-Term Notes Series K as shall remain pledged to the Note Trustee after giving effect to such redemption;  (b) at any time by the application of any proceeds of released property or other money held by the Trustee and which, pursuant to Section 4C of Article Eight of the Indenture, as amended and supplemented, are applied to the redemption of Bonds of the Medium-Term Notes Series K, upon payment of 100% of the principal amount thereof, together with interest accrued to the redemption date, provided that any such payment shall be subject to receipt by the Company of certain credits against such obligations as set forth in Section 3.01 hereof or (c) automatically upon failure to pay the principal of any Series K Notes then outstanding under the Note Indenture when due, on their stated maturity date or earlier redemption or repayment date, in a principal amount of Bonds of the Medium-Term Notes Series K equal to the principal amount of such Series K Notes, in each case, at a price equal to 100% of the principal amount thereof, together with accrued interest, if applicable.
SECTION 2.02. Redemptions Pursuant to Section 4C of Article Eight of the Indenture. If, pursuant to Section 4C of Article Eight of the Indenture, as amended and supplemented, any proceeds of released property or other money then held by the Trustee shall be applied to the redemption of the Bonds of the Medium-Term Notes Series K, the Trustee shall give at least 45 days prior written notice of such redemption to the Note 

Trustee whereupon on the date fixed for redemption such principal amount thereof as is equal to such proceeds shall be redeemed; provided that no such redemption shall be made unless the Trustee shall be in receipt of a written certification of the Company and the Note Trustee that a like principal amount of Series K Notes shall have been theretofore redeemed in accordance with the provisions of the Note Indenture. For purposes of determining which of the Company’s First and Refunding Mortgage Bonds are subject to such mandatory redemption, the Mortgage Trustee shall consider the 10% stated annual interest rate of the Bonds of the Medium-Term Notes Series K, not the weighted average interest rate of outstanding Series K Notes. Bonds of said series so redeemed shall be cancelled.
SECTION 2.03. Interest on Called Bonds to Cease. Each Bond of the Medium-Term Notes Series K or portion thereof called for redemption under Section 2.02 hereof shall be due and payable at the office of the Note Trustee, as paying agent hereunder, at its redemption price and on the specified redemption date, anything herein or in such Bond to the contrary notwithstanding. From and after the date when each Bond of the Medium-Term Notes Series K or portion thereof shall be due and payable as aforesaid (unless upon said date the full amount due thereon shall not be held by the Note Trustee, as paying agent hereunder, and be immediately available for payment), all further interest shall cease to accrue on such bond or on such portion thereof, as the case may be.
SECTION 2.04. Bonds Called in Part. If only a portion of any Bond of the Medium-Term Notes Series K shall be called for redemption pursuant to Section 2.02 hereof, upon payment of the portion so called for redemption, the Note Trustee shall make an appropriate notation upon the Bond of the principal amount so redeemed.
SECTION 2.05. Provisions of Indenture Not Applicable. The provisions of Article Four of the Indenture, as amended and supplemented, shall not apply to the procedure for the exercise of any right of redemption reserved by the Company, or to any mandatory redemption provided, in this Article in respect of the Bonds of the Medium-Term Notes Series K. There shall be no sinking fund for the Bonds of the Medium-Term Notes Series K.
ARTICLE III.
CREDITS WITH RESPECT TO BONDS OF THE MEDIUM-TERM NOTES SERIES K.
SECTION 3.01. Credits. In addition to any other credit, payment or satisfaction to which the Company is entitled with respect to the Bonds of the Medium-Term Notes Series K, the Company shall be entitled to credits against amounts otherwise payable in respect of the Bonds of the Medium-Term Notes Series K in an amount corresponding to (i) the principal amount of any of the Company’s Series K Notes issued under the Note Indenture surrendered to the Note Trustee by the Company, or purchased by the Note Trustee, for cancellation, (ii) the amount of money held by the Note Trustee and available and designated for the payment of principal or redemption price (exclusive of any premium) of, and/or interest on, the Series K Notes, regardless of the source of payment to the Note Trustee of such moneys and (iii) the amount by which principal of and interest due on the Bonds of the Medium-Term Notes Series K exceeds principal of and interest due on the Series K Notes. The Note Trustee shall make notation on such Bonds authorized hereby of any such credit.
SECTION 3.02. Certificate of the Company. A certificate of the Company signed by the President or any Vice President, and attested to by the Secretary or any Assistant Secretary, and consented to by the Note Trustee, stating that the Company is entitled to a credit under Section 3.01 hereof or that Bonds of the Medium-Term Notes Series K have been cancelled, and setting forth the basis therefor in reasonable detail, shall be conclusive evidence of such entitlement, and the Trustee shall accept such certificate as such evidence without further investigation or verification of the matters stated therein.
ARTICLE IV.
MISCELLANEOUS.
SECTION 4.01. Authentication of Bonds of Medium-Term Notes Series K. None of the Bonds of the Medium-Term Notes Series K, the issue of which is provided for by this supplemental indenture, shall be authenticated by or on behalf of the Trustee except in accordance with the provisions of the Indenture, as amended and supplemented, and this supplemental indenture, and upon compliance with the conditions in that behalf therein contained.

SECTION 4.02. Additional Restrictions on Authentication of Additional Bonds Under Indenture. The Company covenants that from and after the date of execution of this supplemental indenture no additional bonds (as defined in Section 1 of Article Two of the Indenture) shall be authenticated and delivered by the Trustee under Subdivision A of Section 4 of said Article Two on account of additions or improvements to the mortgaged property;    
(1) unless the net earnings of the Company for the period required by Subdivision C of Section 6 of said Article Two shall have been at least twice the fixed charges (in lieu of 1-3/4 times such fixed charges, as required by said Subdivision C); and for the purpose of this condition (a) such fixed charges shall in each case include interest on the bonds applied for, notwithstanding the parenthetical provision contained in clause (4) of said Subdivision C, and (b) in computing such net earnings there shall be included in expenses of operation (under paragraph (c) of said Subdivision C) all charges against earnings for depreciation, renewals or replacements, and all certificates with respect to net earnings delivered to the Trustee in connection with any authentication of additional bonds under said Article Two shall so state; and (2) except to the extent of 60% (in lieu of 75% as permitted by Subdivision A of Section 7 of said Article Two) of the cost or fair value to the Company of the additions or improvements forming the basis for such authentication of additional bonds.
SECTION 4.03. Restriction on Dividends. The Company will not declare or pay any dividend on any shares of its common stock (other than dividends payable in shares of its common stock) or make any other distribution on any such shares, or purchase or otherwise acquire any such shares (except shares acquired without cost to the Company) whenever such action would reduce the earned surplus of the Company to an amount less than $10,000,000 or such lesser amount as may remain after deducting from said $10,000,000 all amounts appearing in the books of account of the Company on December 31, 1948, which shall thereafter, pursuant to any order or rule of any regulatory body entered after said date, be required to be removed, in whole or in part, from the books of account of the Company by charges to earned surplus.
SECTION 4.04. Use of Facsimile Seal and Signatures. The seal of the Company and any or all signatures of the officers of the Company upon any of the Bonds of the Medium-Term Notes Series K may be facsimiles.
SECTION 4.05. Time for Making of Payment. All payments of principal or redemption price of, and interest on, the Bonds of the Medium-Term Notes Series K shall be made either prior to the due date thereof or on the due date thereof in immediately available funds. In any case where the date of any such payment shall be a Saturday or Sunday or a legal holiday or a day on which banking institutions in the city of payment are authorized by law to close, then such payment need not be made on such date but may be made on the next succeeding business day with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such date.
SECTION 4.06. Effective Period of Supplemental Indenture. The preceding provisions of Articles I, II and III of this supplemental indenture shall remain in effect only so long as any of the Bonds of the Medium-Term Notes Series K shall remain outstanding.
SECTION 4.07. Effect of Approval of Board of Public Utilities of the State of New Jersey. The approval of the Board of Public Utilities of the State of New Jersey of the execution and delivery of these presents and of the issue of any Bond of the Medium-Term Notes Series K shall not be construed as approval of said Board of any other act, matter or thing which requires approval of said Board under the laws of the State of New Jersey.
SECTION 4.08. Execution in Counterparts. For the purpose of facilitating the recording hereof, this supplemental indenture has been executed in several counterparts, each of which shall be and shall be taken to be an original, and all collectively but one instrument.    

In WITNESS WHEREOF, Public Service Electric and Gas Company, party hereto of the first part, after due corporate and other proceedings, has caused this supplemental indenture to be signed and acknowledged or proved by its President or one of its Vice Presidents and its corporate seal hereunto to be affixed and to be attested by the signature of its Secretary or an Assistant Secretary; and  U.S. Bank National Association, as Trustee, party hereto of the second part, has caused this supplemental indenture to be signed and acknowledged or proved by its President or one of its Vice Presidents, and to be attested by the signature of its Secretary, Assistant Secretary, Vice President, or an Assistant Vice President. Executed and delivered this 4th day of  May 2015.
Attest:

                             PUBLIC  SERVICE  ELECTRIC AND GAS COMPANY
By /s/ Bradford D. Huntington    
. . . . . . . . . . . . . . . . . . . . . . . . . . . 
B.D. Huntington
		
	(Seal)
	   Vice President

Attest:
/s/ Donald S. Leibowitz
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Donald S. Leibowitz 
Assistant Secretary
U.S. BANK  NATIONAL ASSOCIATION
By /s/ N. Barnes    
. . . . . . . . . . . . . . . . . . . . . . . . . . . 
N. Barnes 
Vice President 
Attest:
A. Harris
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A. Harris
Vice President   
    
                                 

STATE OF NEW JERSEY    )
                   SS:)
COUNTY OF ESSEX    )

Be it Remembered, that on this 4th day of May, 2015, before me, the subscriber, a Notary Public of the State of New Jersey, personally appeared B.D. Huntington, who, I am satisfied, is a Vice President of Public Service Electric and Gas Company, one of the corporations named in and which executed the foregoing instrument, and is the person who signed the said instrument as such officer, for and on behalf of such corporation, and I having first made known to him the contents thereof, he did acknowledge that he signed the said instrument as such officer, that the said instrument was made by such corporation and sealed with its corporate seal, that the said instrument is the voluntary act and deed of such corporation, made by virtue of authority from its Board of Directors, and that said corporation, the mortgagor, has received a true copy of said instrument.

/s/ June Barnett
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June Barnett 
Notary Public of New Jersey
My Commission Expires July 31, 2018    

STATE OF NEW JERSEY    )
                   SS:)
COUNTY OF ESSEX    )

Be it Remembered, that on this 4th day of May 2015 before me, the subscriber, a Notary Public of the State of New Jersey, personally appeared N. Barnes, who, I am satisfied, is a Vice President of U.S. Bank National Association, one of the corporations named in and which executed the foregoing instrument, and is the person who signed the said instrument as such officer, for and on behalf of such corporation, and I having first made known to him the contents thereof, he did acknowledge that he signed the said instrument as such officer, that the said instrument was made by such corporation and sealed with its corporate seal, and that the said instrument is the voluntary act and deed of such corporation, made by virtue of authority from its Board of Directors.

/ Melody A. Simpson

..............................................................
Melody A. Simpson 
Notary Public of New Jersey
My Commission Expires March 1, 2016

    

CERTIFICATE OF RESIDENCE
    
U.S. Bank National Association, Mortgagee and Trustee within named, hereby certifies that its precise residence is 21 South Street, Morristown, New Jersey 07960.
U.S. BANK NATIONAL ASSOCIATION
By  /s/ N. Barnes    
. . . . . . . . . . . . . . . . . . . . . . . . . . . 
N. Barnes 
Vice President

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