Document:

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                                                                   Exhibit 10.28

NOTE: PORTIONS OF THIS EXHIBIT ARE THE SUBJECT OF A CONFIDENTIAL TREATMENT
      REQUEST BY THE REGISTRANT TO THE SECURITIES AND EXCHANGE COMMISSION. SUCH
      PORTIONS HAVE BEEN REDACTED AND ARE MARKED WITH A "[*]" IN PLACE OF THE
      REDACTED LANGUAGE.

                    AMENDMENT TO SUPPLY AGREEMENT AND CONSENT

                  This Amendment and Consent, dated as of March 1, 2003, to
      Supply Agreement, dated as of January 19, 1998, by and between Carbery
      Milk Products Limited, a company incorporated in Ireland (the "Supplier")
      and Castle Brands Spirit Company Limited, a company incorporated in
      Ireland (formerly The Roaring Water Bay Spirits Company Limited) (the
      "Customer");

                                   WITNESSETH:

                  THAT WHEREAS, the Customer and Supplier are parties to that
      certain Supply Agreement, dated January 19, 1998 (the "Supply Agreement");

                  WHEREAS, the Supplier and the Customer wish to extend the
      Supply Agreement and confirm the price of products as defined in the
      Supply Agreement;

                  WHEREAS, pursuant to Section 15.1 of the Supply Agreement, the
      Customer wishes to obtain the consent of Supplier to disclose certain
      information regarding the Supply Agreement and this Amendment to Supply
      Agreement in the prospectus and the Registration Statement on Form S-1 to
      be filed by Castle Brands Inc. ("Castle Brands") with the Securities and
      Exchange Commission in connection with Castle Brands' initial public
      offering; and

                  NOW, THEREFORE, in consideration of the mutual covenants and
      other good and valuable consideration, the receipt and sufficiency of
      which is hereby acknowledged, the parties agree as follows:

            1. Commencing with March 1, 2003 and continuing through December 31,
2008, the price of products supplied by the Supplier shall be */lpa.

            2. Section 12.1 of the Supply Agreement is deleted and replaced in
its entirety with the following: "This Agreement, subject to the following
provisions of this clause, shall continue through December 31, 2008, thereafter
renewable on terms to be agreed by the parties."

            3. Section 12.2.7 of the Supply Agreement is hereby deleted.

            4. Section 12.6 of the Supply Agreement is hereby deleted.

            5. Schedule 2 (1) of the Supply Agreement is hereby deleted and
replaced in its entirety with the following: "Bulk Spirit, on ordering is
produced to Castle Brands Spirits Company Limited specifications, including Bulk
Spirit distillation of at least five times, from the
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Supplier, Carbery Milk Products."

            6. Schedule 3 of the Supply Agreement is hereby amended by addition
of the following phrase: "commencing on March 1, 2003 ____________________
*/lpa.
<PAGE>
            7. Except as expressly set forth herein the Supply Agreement is
ratified and confirmed as amended hereby.

            8. In connection with the Castle Brands' initial public offering,
Supplier hereby consents to the use of Supplier's name, the filing of the Supply
Agreement and this Amendment and Consent and the inclusion of additional related
information and disclosures, including the proposed disclosure attached hereto
as Exhibit A (or substantially similar disclosure), in the prospectus and the
Registration Statement on Form S-1 to be filed by Castle Brands with the
Securities and Exchange Commission. Supplier also consents to the inclusion of
such disclosure (or substantially similar disclosure) in periodic reports on
Forms 10-K and 10-Q, and any other documents filed or furnished to the
Securities and Exchange Commission following Castle Brands' initial public
offering.

Signed for and on behalf of
      CARBERY MILK PRODUCTS LIMITED
      in the presence of:
                                             /s/ Dan MacSweeney
                                             -----------------------------------
/s/ Liz Barry                                                           Director
-----------------------------------

                                             /s/ Colm Leen
                                             -----------------------------------
                                                              Director/Secretary

Signed for and on behalf of
      CASTLE BRANDS SPIRITS
      COMPANY LIMITED
      in the presence of:

                                             /s/ Matthew MacFarlane
                                             -----------------------------------
/s/ Amelia Gary                              Director
-----------------------------------

                                             /s/ Keith A. Bellinger
                                             -----------------------------------
                                                              Director/Secretary
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                                    EXHIBIT A

BORU VODKA

                  We have a supply agreement with Carbery Milk Products Limited,
      a member of the Carbery Group, a large distiller and food producer based
      in Bandon, Ireland, to provide us with the distilled alcohol used in our
      Boru Vodka. This supply agreement with Carbery was originally entered into
      by Roaring Water Bay in 1998 and became ours in 2003, when we acquired
      Roaring Water Bay and with it, our Boru Vodka brand. The supply agreement
      provides for Carbery to produce natural spirit for us with specified
      levels of alcohol content pursuant to specifications set forth in the
      agreement and at specified prices through its current expiration in
      _________, in quantities to be designated by us annually. We believe that
      Carbery has more than enough distilling capacity to meet our needs for
      Boru Vodka for the foreseeable future. Carbery also produces the flavoring
      ingredients used in the Boru Vodka flavor extensions and in our Brady's
      Irish Cream.

                  From Carbery, the quadruple distilled alcohol is delivered by
      them to the bottling premises at Terra Limited in Baileyboro, Ireland,
      where pursuant to our bottling and services agreement with Terra it is
      filtered in several proprietary ways, pure water is added to achieve the
      desired proof, and, in the case of the citrus, orange and crazzberry
      versions of Boru Vodka, flavorings (obtained from Carbery) are added. Each
      of our Boru Vodka products is then bottled in various sized bottles. We
      believe that Terra, which also acts as bottler for all of our Irish
      whiskeys and as producer and bottler of our Brady's Irish cream (and as
      bottler for Celtic Crossing which is supplied to us by one of Terra's
      affiliates), has sufficient bottling capacity to meet our current needs,
      and its facility can be expanded to meet future supply needs, should this
      be required.

BRADY'S IRISH CREAM

                  Brady's Irish Cream is produced for us by Terra Limited. Fresh
      cream is combined with Irish whiskey, grain neutral spirits and various
      flavorings procured from the Carbery Group, to our specifications and then
      bottled by Terra in bottles designed for us. We believe that Terra has the
      capacity to meet our foreseeable supply needs for this brand.

AGREEMENTS WITH CARBERY GROUP AND ITS AFFILIATES

                  Mr. Leen, one of our directors, is the financial director of
      the Carbery Group. Since January 1998, we have had a supply agreement with
      Carbery Milk Products Limited, which is a member of the Carbery Group,
      pursuant to which it acts as our sole distiller for Boru Vodka in Ireland
      and the supplier of natural flavors for our products. For the fiscal years
      ended March 31, 2003, 2004 and 2005, we purchased approximately E432,046
      ($485,706), E346,206 ($421,610) and E405,359 ($761,670) respectively, of
      goods from Carbery Milk Products Limited. Carbery Milk Products also holds
      E546,071 ($687,722) principal amount of our 5% Euro denominated notes,
      which were issued to it in connection with our December 2003 acquisition
      of Roaring Water
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      Bay and will convert into shares of our common stock immediately prior to
      the closing of this offering. In addition, on December 1, 2004, we repaid
      subordinated indebtedness to Carbery Milk Products also incurred by us in
      connection with the Roaring Water Bay acquisition in the amount of
      E111,102 ($138,284).<PAGE>
                                                                   Exhibit 10.29

                               CASTLE BRANDS INC.
                            2003 STOCK INCENTIVE PLAN

         (EFFECTIVE AS OF AUGUST 8, 2003, AS AMENDED FEBRUARY 17, 2004)

          SECTION 1. Purpose.

          1.1 The purpose of Castle Brands Inc. 2003 Stock Incentive Plan is to
enable Castle Brands Inc., a Delaware corporation (the "Corporation") and any
Parent or Related Company (as defined below) to attract and retain employees,
consultants and directors who contribute to the Corporation's success by their
ability, ingenuity and industry, and to enable such individuals to participate
in the long-term success and growth of the Corporation by giving them an equity
interest in the Corporation.

          SECTION 2. Types of Awards.

          2.1 Awards under the Plan may be in the form of (i) Stock Options (as
hereinafter defined), (ii) rights to purchase Restricted Stock of the
Corporation (as hereinafter defined); (iii) Deferred Stock (as hereinafter
defined); and Stock Appreciation Rights (as hereinafter defined).

          2.2 An eligible Participant may be granted one or more types of
Awards. Each Award shall be evidenced by a related Award letter or agreement.

          SECTION 3. Administration.

          3.1 The Plan shall be administered by the Compensation Committee of
the Board of Directors of the Corporation or such other committee appointed
either by the Board or by the Compensation Committee of the Board.

          3.2 The Committee shall have the authority to grant Awards to eligible
Participants under the Plan; to adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan as it shall deem advisable;
to interpret the terms and provisions of the Plan and any Award granted under
the Plan; to establish, amend and rescind any rules and regulations relating to
the Plan; and to make any other determinations that it deems necessary or
desirable for the administration of the Plan. In particular, and without
limiting its authority and powers, the Committee shall have the authority:

          (a)  to determine whether and to what extent any Award or combination
               of Awards will be granted hereunder;

          (b)  to select the Participants to whom Awards will be granted;

          (c)  to determine the number of shares of Stock of the Corporation to
               be covered by each Award granted hereunder;
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          (d)  to determine the terms and conditions of any Award granted
               hereunder, including, but not limited to, any vesting or other
               restrictions based on performance and such other factors as the
               Committee may determine, and to determine whether the terms and
               conditions of the Award are satisfied;

          (e)  to determine the treatment of Awards upon an Participant's
               retirement, disability, death, termination for cause or other
               termination of Employment;

          (f)  to determine pursuant to a formula or otherwise the Fair Market
               Value of the Stock on a given date;

          (g)  to determine that amounts equal to the amount of any dividends
               declared with respect to the number of shares covered by an Award
               (including Stock Options) (i) will be paid to the holder of the
               Award currently, (ii) will be deferred and deemed to be
               reinvested, (iii) will otherwise be credited to the holder of the
               Award, or (iv) that the holder of the Award has no rights with
               respect to such dividends;

          (h)  to determine whether, to what extent, and under what
               circumstances Stock and other amounts payable with respect to an
               Award will be deferred either automatically or at the election of
               a Participant, including providing for and determining the amount
               (if any) of deemed earnings on any deferred amount during any
               deferral period;

          (i)  to amend the terms of any Award, prospectively or retroactively;
               provided, however, that no amendment shall impair the rights of
               the Award holder without his or her consent; and

          (j)  to substitute new Stock Options for previously granted Stock
               Options, or for options granted under other plans, in each case
               including previously granted options having higher option prices.

          3.3 All determinations made by the Committee pursuant to the
provisions of the Plan shall be final and binding on all persons, including the
Corporation and Plan Participants and their beneficiaries or successors.

          3.4 The Committee may from time to time delegate to one or more
officers of the Corporation, a Parent or any Related Company any or all of its
authorities granted hereunder. The Committee shall specify the maximum number of
shares that the officer or officers to whom such authority is delegated may
issue pursuant to Awards made hereunder.

          3.5 Notwithstanding anything in the Plan to the contrary, to the
extent determined to be advisable by the Committee, the terms of the grant of
Awards (and, as applicable, any related disposition to the Corporation) under
the Plan shall be subject to the prior approval of the Board. Any prior approval
of the Board, as provided in the preceding sentence, shall not otherwise limit
or restrict the authority of the Committee to grant Awards under the Plan.

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          SECTION 4. Stock Subject to Plan.

          4.1 The total number of shares of Stock reserved and available for
distribution under the Plan shall be 2,000,000. The shares of Stock hereunder
may consist of authorized but unissued shares or treasury shares. Shares of
Stock reserved and available for distribution under the Plan shall be subject to
further adjustment as provided below.

          4.2 To the extent a Stock Option is surrendered, canceled or
terminated without having been exercised, or an Award is surrendered, canceled
or terminated without the Award holder having received payment of the Award, or
shares awarded are surrendered, canceled, repurchased at less than fair market
value or forfeited, the shares subject to such Award shall again be available
for distribution in connection with future Awards under the Plan. At no time
will the overall number of shares issued under the Plan plus the number of
shares covered by outstanding Awards under the Plan exceed the aggregate number
of shares authorized under the Plan. At no time will the number of shares issued
under the Plan to any individual plus the number of shares covered by a previous
award to such individual under the Plan with respect to a Stock Option or Stock
Appreciation Right, whether or not outstanding, exceed the maximum number of
shares which may be distributed with respect to Stock Options or Stock
Appreciation Rights granted under the Plan to any individual.

          4.3 In the event of any merger, reorganization, consolidation, sale of
all or substantially all of the Corporation's assets, recapitalization
(collectively, a "Reorganization"), Stock dividend, Stock split, spin-off,
split-up, split-off, distribution of assets (including cash) or other change in
corporate structure affecting the Stock, the Committee may in its sole
discretion, in such manner as it deems equitable, adjust any and all of (i) the
number of shares of Stock or other securities of the Corporation (or number and
kind of other securities or property) with respect to which Awards may be
granted, (ii) the aggregate number of shares of Stock available for distribution
under the Plan to any single individual with respect to a Stock Option awarded
hereunder (iii) the aggregate number of shares of Stock that relate to Stock
Appreciation Rights that may be granted to any single individual hereunder, (iv)
the number of shares of Stock or other securities of the Corporation (or number
and kind of other securities or property) subject to outstanding Awards, and (v)
the grant or exercise price with respect to any Award or, if deemed appropriate,
make provision for a cash payment to the holder of an outstanding Award in
consideration for the cancellation of such Award. In addition, in the event of a
Reorganization, the Committee shall have the right to cause the Corporation, and
all Awards shall be subject to such right, to repurchase or cash-out all Awards
upon such terms and conditions as the Committee shall deem appropriate in its
sole discretion.

          SECTION 5. Eligibility.

          Any employee, director, consultant, officer, advisor of the
Corporation, its Parent, if any, or a Related Company or other individual is
eligible to be designated a Participant under the Plan by the Committee, in its
sole discretion, to the extent such eligibility does not prevent the Plan and
Awards from having the exemption from registration provided by Rule 701
promulgated under the Securities Act of 1933, as amended, to the extent
applicable.

                                        3
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          SECTION 6. Stock Options.

          6.1 The Stock Options awarded under the Plan may be of two types: (i)
Incentive Stock Options within the meaning of Section 422 of the Code or any
successor provision thereto; and (ii) Non-Qualified Stock Options. To the extent
that any Stock Option does not qualify as an Incentive Stock Option, it shall
constitute a Non-Qualified Stock Option; provided that such Stock Option (or
portion thereof) otherwise complies with the Plan's requirements relating to
Non-Qualified Stock Options. In no event shall any member of the Committee, the
Corporation, its Parent, if any, or any Related Company or their respective
employees, officers or directors, have any liability to any Participant or any
other person due to the failure of a Stock Option to qualify for any reason as
an Incentive Stock Option.

          6.2 Stock Options granted under the Plan shall be evidenced by the
related Award letter or agreement and shall be subject to the foregoing and
following terms and conditions and to such other terms and conditions, not
inconsistent therewith, as the Committee shall determine:

          (a)  Option Price. The option price per share of Stock purchasable
               under a Stock Option shall be determined by the Committee.

          (b)  Option Term. The term of each Stock Option shall be determined by
               the Committee, but in no case shall the term of a Stock Option
               exceed ten years.

          (c)  Exercisability. Stock Options shall be exercisable at such time
               or times and subject to such terms and conditions as shall be
               determined by the Committee; but in no event shall an Option be
               exercisable more than ten years after the date it is granted. If
               the Committee provides that any Stock Option is exercisable only
               in installments, the Committee may waive such installment
               exercise provisions at any time in whole or in part.

          (d)  Method of Exercise. Except as otherwise provided in the Plan or
               in an Award letter or agreement, Stock Options may be exercised
               in whole or in part at any time during the option period, to the
               extent then exercisable, by giving written notice of exercise to
               the Corporation specifying the number of shares to be purchased,
               accompanied by payment of the purchase price. Payment of the
               purchase price shall be made in such manner as the Committee may
               provide in the Award letter or agreement, which may include cash
               (including cash equivalents), delivery of unrestricted shares of
               Stock owned by the Participant for at least six months (or such
               other period as established from time to time by the Committee)
               or subject to Awards hereunder, any other manner permitted by law
               as determined by the Committee, or any combination of the
               foregoing. The Committee may provide that all or part of the
               shares received upon the exercise of a Stock Option which are
               paid for using Restricted Stock or Deferred Stock shall be
               restricted or deferred in accordance with the original terms of
               the Restricted Stock or Deferred Stock so used.

                                        4
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          (e)  No Stockholder Rights. A Participant shall have neither rights to
               dividends (other than amounts credited in accordance with Section
               3.2(g) above) nor other rights of a stockholder with respect to
               shares subject to a Stock Option until the Participant has given
               written notice of exercise, has paid for such shares of Stock,
               and if applicable has satisfied any other conditions imposed by
               the Committee pursuant to the Plan.

          (f)  Surrender Rights. The Committee may provide that options may be
               surrendered for cash upon any terms and conditions set by the
               Committee.

          (g)  Non-transferability. No Stock Option shall be transferable by the
               Participant other than by will or by the laws of descent and
               distribution. During the Participant's lifetime, all Stock
               Options shall be exercisable only by the Participant.

          (h)  Termination of Employment. If a Participant's Employment with the
               Corporation, its Parent, or a Related Company terminates by
               reason of death, disability, retirement, voluntary or involuntary
               termination or otherwise, the Stock Option shall be exercisable
               to the extent determined by the Committee. The Committee may
               provide that, notwithstanding the option term determined pursuant
               to Section 6.2(b) above, a Stock Option which is outstanding on
               the date of a Participant's death shall remain outstanding for an
               additional period after the date of such death.

          6.3 Notwithstanding the provisions of Section 6.2 above, no Incentive
Stock Option shall (i) have an option price which is less than 100% of the Fair
Market Value of the Stock on the date of the award of the Incentive Stock Option
(or, in the case of a Participant who owns Stock possessing more than 10% of the
total voting power of all classes of stock of the Corporation (or its Parent or
subsidiary corporation) (a "10% shareholder"), have an option price which is
less than 110% of the fair market value of the Stock on the date of grant), (ii)
be exercisable more than ten years (or, in the case of a 10% shareholder, five
years) after the date such Incentive Stock Option is awarded, or (iii) be
awarded more than ten years after the date of the adoption of the Plan.
Notwithstanding anything to the contrary in this Plan, only employees of the
Corporation or a Parent or subsidiary of the Corporation (as defined in Sections
424(e) and 424(f)), respectively, of the Code) shall be eligible to receive
Awards of Incentive Stock Options. By accepting an Incentive Stock Option
granted under the Plan, each such Participant agrees, and any agreement or
letter evidencing such option grant shall so provide, that he or she will notify
the Corporation in writing immediately after such Participant disposes of Stock
acquired upon the exercise of an Incentive Stock Option either (i) within two
years after the date of grant of such Incentive Stock Option or (ii) within one
year after the transfer of such Stock to the Participant.

          SECTION 7. Restricted Stock.

          Subject to the following provisions, all Awards of rights to purchase
Restricted Stock shall be in such form and shall have such terms and conditions
as the Committee may determine:

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          (a)  The Restricted Stock Award shall specify the number of rights to
               purchase and number of shares of Restricted Stock that may be
               purchased, the price, if any, to be paid by the recipient of the
               rights to purchase Restricted Stock (which shall in no event be
               less than par value), and the date or dates on which, or the
               conditions upon the satisfaction of which, the Restricted Stock
               will vest. The vesting of Restricted Stock may be conditioned
               upon the completion of a specified period of service with the
               Corporation or a Related Company, upon the attainment of
               specified performance goals or upon such other criteria as the
               Committee may determine.

          (b)  Stock certificates representing the Restricted Stock awarded to a
               Participant shall be registered in the Participant's name, but
               the Committee may direct that such certificates be held by the
               Corporation on behalf of the Participant. Except as may be
               permitted by the Committee, no share of Restricted Stock may be
               sold, transferred, assigned, pledged or otherwise encumbered by
               the Participant until such share has vested in accordance with
               the terms of the Restricted Stock Award. At the time Restricted
               Stock vests, a certificate for such vested shares shall be
               delivered to the Participant (or his or her designated
               beneficiary in the event of death) free of all restrictions.

          (c)  The Committee may provide that the Participant shall have the
               right to vote or receive dividends on Restricted Stock. The
               Committee may provide that Stock received as a dividend on, or in
               connection with a stock split of, Restricted Stock shall be
               subject to the same restrictions as the Restricted Stock.

          (d)  Except as may be provided by the Committee, in the event of an
               Participant's termination of Employment before all of his or her
               Restricted Stock has vested, or in the event any conditions to
               the vesting of Restricted Stock have not been satisfied prior to
               any deadline for the satisfaction of such conditions set forth in
               the Award, the shares of Restricted Stock which have not vested
               shall be forfeited, and the Committee shall provide that (i) the
               purchase price paid by the Participant with respect to such
               shares shall be returned to the Participant or (ii) a cash
               payment equal to such Restricted Stock's Fair Market Value on the
               date of forfeiture, if lower, shall be paid to the Participant.**

          (e)  The Committee may waive, in whole or in part, any or all of the
               conditions to receipt of, or restrictions with respect to, any or
               all of the Participant's Restricted Stock.

          SECTION 8. Deferred Stock Awards.

          Subject to the following provisions, all Awards of Deferred Stock
shall be in such form and shall have such terms and conditions as the Committee
may determine:

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          (a)  The Deferred Stock Award shall specify the number of shares of
               Deferred Stock to be awarded to any Participant and the duration
               or the period (the "Deferral Period") during which, and the
               conditions under which, receipt of the Stock will be deferred.
               The Committee may condition the Award of Deferred Stock, or
               receipt of Stock or cash at the end of the Deferral Period, upon
               the attainment of specified performance goals or such other
               criteria as the Committee may determine.

          (b)  Except as may be permitted by the Committee, Deferred Stock
               Awards may not be sold, assigned, transferred, pledged or
               otherwise encumbered during the Deferral Period.

          (c)  At the expiration of the Deferral Period, the Participant (or his
               or her designated beneficiary in the event of death) shall
               receive (i) certificates for the number of shares of Stock equal
               to the number of shares covered by the Deferred Stock Award, (ii)
               cash equal to the fair market value of such Stock or (iii) a
               combination of shares and cash, as the Committee may determine.

          (d)  Except as may be provided by the Committee, in the event of a
               Participant's termination of Employment before the end of the
               Deferral Period, his or her Deferred Stock Award shall be
               forfeited.

          (e)  The Committee may waive, in whole or in part, any or all of the
               conditions to receipt of, or restrictions with respect to, Stock
               or cash under a Deferred Stock Award.

          SECTION 9. Stock Appreciation Rights.

          9.1 Grants. Subject to the provisions of the Plan, the Committee shall
have the sole and complete authority to determine which Participants shall be
granted Stock Appreciation Rights, the number of shares of Stock to be covered
by each Stock Appreciation Right Award, the reference price thereof and the
conditions and limitations applicable to the exercise thereof. Stock
Appreciation Rights may be granted in tandem with Stock Option Awards, in
addition to another Award or unrelated to another Award. Stock Appreciation
Rights granted in tandem with or in addition to an Award may be granted either
at the same time as the Award or at a later time.

          9.2 Exercise and Payment. A Stock Appreciation Right shall entitle the
Participant to receive an amount equal to the excess of the Fair Market Value of
shares of Stock to which the Award relates on the date of exercise of the Stock
Appreciation Right over the amount specified by the Committee. The Committee
shall determine whether a Stock Appreciation Right shall be settled in cash,
shares of Stock or a combination of cash and Stock.

          9.3 Other Terms and Conditions. Subject to the terms of the Plan and
any applicable Award letter or agreement, the Committee shall determine, at or
after the grant of a Stock Appreciation Right, the term, methods of exercise,
methods and form of settlement, and any other terms and conditions of and Stock
Appreciation Right. Any such determination by

                                        7
<PAGE>
the Committee may be changed by the Committee from time to time and may govern
the exercise of the Stock Appreciation Rights granted or exercised prior to such
determination as well as Stock Appreciation Rights granted or exercised
thereafter. The Committee may impose such conditions or restrictions on the
exercise of any Stock Appreciation Right as it shall deem appropriate.

          9.4 Tax Withholding.

          9.5 Each Participant shall, no later than the date as of which the
value of an Award (or portion thereof) first becomes includible in the
Participant's income for applicable tax purposes, pay to the Corporation, or
make arrangements satisfactory to the Committee regarding payment of, any
federal, state, local or other taxes of any kind required by law to be withheld
with respect to the Award (or portion thereof). The obligation of the
Corporation under the Plan shall be conditioned on such payment or arrangements,
and the Corporation (and, where applicable, any Parent or any Related Company),
shall, to the extent permitted by law, have the right to deduct any such taxes
from any payment of any kind otherwise due to the Participant including, but not
limited to, the right to withhold shares of stock otherwise deliverable to the
Participant with respect to any Awards hereunder.

          9.6 To the extent permitted by the Committee, and subject to such
terms and conditions as the Committee may provide, a Participant may irrevocably
elect to have the withholding tax obligation or any additional tax obligation
with respect to any Awards hereunder satisfied by (i) having the Corporation
withhold shares of Stock otherwise deliverable to the Participant with respect
to the Award, (ii) delivering to the Corporation shares of unrestricted Stock,
or (iii) through any combination of withheld and delivered shares of Stock, as
described in (i) and (ii).

          SECTION 10. Amendments and Termination.

          The Board or the Committee may amend, alter or discontinue the Plan at
any time. No such action of the Board or the Committee shall require the
approval of the stockholders of the Corporation, unless such stockholder
approval is required by applicable law or by the rules or regulations of any
securities exchange or regulatory agency. No amendment or discontinuation of the
Plan shall adversely affect any Award previously granted without the Award
holder's written consent. To the extent necessary to enable options granted
hereunder to constitute Incentive Stock Options, any amendments to the
provisions of this Plan relating to Incentive Stock Options shall require
stockholder approval before such amendments are effective.

          SECTION 11. Change in Control.

          11.1 Unless otherwise determined by the Committee at the time of grant
or by amendment (with the holder's consent) of such grant, in the event of the
earliest to occur (after the Effective Date of the Plan) of (i) the occurrence
of a Change in Control, or (ii) the publication or dissemination of an
announcement of action intended to result in a Change in Control, and solely
with respect to Awards held by an individual in service with the Corporation or
a Related Company at the time of any such event described in (i) above:

                                        8
<PAGE>
          (a)  all outstanding Stock Options and Stock Appreciation Rights
               awarded under the Plan shall become fully exercisable and vested;
               and

          (b)  the restrictions and deferral limitations applicable to any
               outstanding Restricted Stock and Deferred Stock Awards under the
               Plan shall lapse and such shares and Awards shall be deemed fully
               vested.

          11.2 Notwithstanding anything to the contrary contained herein,
neither the initial public offering of the Stock of the Corporation, nor the
temporary holding of the Corporation securities by an underwriter pursuant to an
offering of such securities, shall be deemed to constitute, or otherwise be
treated as, an event described in clauses (i) or (ii) of Section 12.1 above.

          SECTION 12. General Provisions.

          12.1 Each Award under the Plan shall be subject to the requirement
that, if at any time the Committee shall determine that (i) the listing,
registration or qualification of the Stock subject or related thereto upon any
securities exchange or under any state or federal law, or (ii) the consent or
approval of any government regulatory body or (iii) an agreement by the
recipient of an Award with respect to the disposition of Stock is necessary or
desirable (in connection with any requirement or interpretation of any federal
or state securities law, rule or regulation) as a condition of, or in connection
with, the granting of such Award or the issuance, purchase or delivery of Stock
thereunder, such Award shall not be granted or exercised, in whole or in part,
unless such listing, registration, qualification, consent, approval or agreement
shall have been effected or obtained free of any conditions not acceptable to
the Committee.

          12.2 Nothing set forth in this Plan shall prevent the Board from
adopting other or additional compensation arrangements. Neither the adoption of
the Plan nor the granting of any Award hereunder shall confer upon any
Participant any right to continued Employment and shall not lessen or affect the
Corporation or any other entity's right to terminate the Employment of such
Participant.

          12.3 Determinations by the Committee under the Plan relating to the
form, amount, and terms and conditions of Awards need not be uniform, and may be
made selectively among persons who receive or are eligible to receive Awards
under the Plan, whether or not such persons are similarly situated.

          12.4 No member of the Board or the Committee, nor any officer or
employee of the Corporation, its Parent or a Related Company acting on behalf of
the Board or the Committee, shall be personally liable for any action,
determination or interpretation taken or made with respect to the Plan, and all
members of the Board and the Committee, and all officers or employees of the
Corporation, its Parent and Related Companies acting on their behalf, shall, to
the extent permitted by law, be fully indemnified and protected by the
Corporation in respect of any such action, determination or interpretation.

          12.5 Unless otherwise determined by the Committee, all securities of
the Corporation acquired by a Participant under this Plan or otherwise shall be
subject to a shareholders agreement, which shall be entered into concurrently
with the acquisition of the

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<PAGE>
securities by the Participant.

          SECTION 13. Effective Date and Duration.

          The Plan shall be effective on August 8, 2003, subject to approval by
the Corporation's stockholders (the "Effective Date"). No Awards of Stock
Options, Stock Appreciation Rights, rights to purchase Restricted Stock, or
Deferred Stock shall be made under the Plan after August 8, 2013.

          SECTION 14. Definitions.

          As used in this Plan, the following terms shall have the meanings set
          forth below:

          "Award" shall mean and Stock Option Award, Restricted Stock Award,
          Deferred Stock Award or Stock Appreciation Right Award.

          "Board" shall mean the Board of Directors of the Corporation.

          "Change in Control" shall mean any of the following events:

          (a)  the reorganization, merger or consolidation of the Corporation
               with one or more corporations as a result of which the Stock of
               the Corporation is exchanged for or converted into cash or
               property or securities not issued by the Corporation, whether or
               not the reorganization, merger or consolidation shall have been
               affirmatively recommended to the Corporation's stockholders by a
               majority of the members of the Board;

          (b)  the sale or disposition, in or a series of related transactions,
               of all or substantially all of the Corporation's consolidated
               property or assets or of more than 35% of the voting stock of the
               Corporation to any "person" or "group" as defined in Section
               13(d) and 14(d) of the Exchange Act, unless such person had
               beneficial ownership of at least 10% of the voting stock of the
               Corporation as of the effective date of this Plan other than in
               connection with the private placement of securities of the
               Corporation pursuant to the Confidential Private Placement
               Memorandum dated September, 2003; or

          (c)  during any period of two consecutive years, individuals who at
               the beginning of such period were members of the Board cease for
               any reason to constitute at least a majority thereof (unless the
               election, or the nomination for election by the Corporation's
               stockholders, of each new director was approved by a vote of at
               least two-thirds of the directors then still in office who were
               directors at the beginning of such period).

          "Code" shall mean the Internal Revenue Code of 1986, as amended or any
          successor thereto.

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<PAGE>
          "Committee" shall mean the Compensation Committee of the Board or such
          other committee appointed either by the Board or by the Compensation
          Committee of the Board.

          "Deferred Stock" shall mean any Stock granted pursuant to Section 8 of
          the Plan.

          "Employment" shall be deemed to refer to (i) a Participant's
          employment if the Participant is an employee of the Corporation, its
          Parent or a Related Company; (ii) a Participant's services as a
          consultant, if the Participant is a consultant to the Corporation, its
          Parent or a Related Company; (iii) a Participant's services as a
          non-employee director, if the Participant is a non-employee member of
          the Board; and (iv) a Participant's service as an advisor, if the
          Participant is an advisor to the Corporation, its Parent or a Related
          Company.

          "Fair Market Value" shall mean on a given date, (i) if there should be
          a public market for the Stock on such date, the arithmetic mean of the
          high and low prices of the Stock as reported on such date on the
          composite tape of the principle national securities exchange on which
          such shares of Stock are listed or admitted to trading, or, if the
          Stock is not listed or admitted on any national securities exchange,
          the arithmetic mean of the per share closing bid price and per share
          closing asked price of the Stock on such date as quoted on the
          National Association of Securities Dealers Automated Quotation System
          (or such market in which such prices are regularly quoted) (the
          "NASDAQ"), or, if no sale of Stock shall have been reported on the
          composite tape of any national securities exchange or quoted on the
          NASDAQ on such date, then the immediately preceding date on which
          sales of the Shares have been so reported or quoted shall be used, and
          (ii) if there should not be a public market for the Stock on such
          date, the fair market value of the of the Stock shall be the value
          established by the Committee in good faith.

          "Incentive Stock Option" shall mean any Stock Option granted pursuant
          to Section 6 of the Plan that satisfies the requirements for treatment
          as an Incentive Stock Option pursuant to Section 422 of the Code.

          "Non-Qualified Stock Option" shall mean a Stock Option granted
          pursuant to Section 6 of the Plan that does not constitute an
          Incentive Stock Option.

          "Parent" shall have the meaning set forth in Section 424(e) of the
          Code.

                                       11
<PAGE>
          "Participant" shall mean an employee, director, consultant, officer,
          advisor of the Corporation, its Parent, if any, or a Related Company
          or other individual as designated by the Committee, in its sole
          discretion, to the extent such designation does not prevent the Plan
          does not prevent the Plan and Awards from having the exemption from
          registration provided by Rule 701 promulgated under the Securities Act
          of 1933, as amended, to the extent applicable.

          "Plan" shall mean the the Corporation 2003 Stock Incentive Plan.

          "Related Company" shall mean at the time of grant any corporation,
          partnership, joint venture or other entity in which the Corporation
          owns, directly or indirectly, more than a 50% beneficial ownership
          interest.

          "Restricted Stock" shall mean any Stock granted under Section 7 of the
          Plan.

          "Stock" shall mean shares of common stock, par value $.01 per share,
          of the Corporation.

          "Stock Appreciation Right" shall mean a stock appreciation right
          granted pursuant to Section 9 of the Plan.

          "Stock Options" shall collectively refer to Incentive Stock Options
          and Non-Qualified Stock Options.

          SECTION 15. Governing Law.

          The validity, construction and effect of the Plan and any rules and
regulations relating to the Plan and any Award Agreement shall be determined in
accordance with the laws of the State of New York.

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                                       12
<PAGE>
                                        Castle Brands Inc.

                                        By: /s/ Mark Andrews
                                            ------------------------------------
                                        Name: Mark Andrews
                                        Title. President and Chief Executive
                                               Officer

                                       13

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