Document:

Exhibit 10.11

 

FORM OF SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Agreement”) is entered into this 29th day of October,
2018, by and between Differential Brands Group Inc., a Delaware corporation (the “Company”) and
each undersigned investor (each, a “Subscriber”).

 

WITNESSETH:

 

WHEREAS, the Company,
Global Brands Group Holding Limited, a Bermuda corporation with limited liability (“GBG Parent”), and
GBG USA Inc., a Delaware corporation and wholly-owned subsidiary of GBG Parent (“GBG Seller”), have entered
into a Purchase and Sale Agreement, dated as of June 27, 2018 (as supplemented, amended and otherwise modified, the “Purchase
Agreement”), providing for, among other things, on the terms and conditions set forth in the Purchase Agreement,
the purchase of the Purchased Units and Purchased Assets (each as defined in the Purchase Agreement) from GBG Parent and GBG Seller
(or one or more of their respective affiliates) by the Company (the “Acquisition”);

 

WHEREAS, in connection
with the Acquisition, the Subscribers are lending the Company an aggregate of $668,000,000 of second lien term loans (the “Second
Lien Term Loans”) for net proceeds of $647,960,000 (the “Net Proceeds”).

 

WHEREAS, in connection
with and in consideration of the Subscribers providing the Second Lien Term Loans, the Company is providing the Subscribers with
23,094,501 shares (the “Securities”) of the Company’s common stock,
par value $0.10 per share (the “Common Stock”) for no additional consideration.

 

WHEREAS, the Company
and the Subscribers agree that an aggregate $103,463,364.48 of the Net Proceeds will be allocated
to the purchase price of the Common Stock at a purchase price per share of Common Stock of $4.48 (the “Purchase Price”).

 

WHEREAS, as additional
consideration for each investor’s purchase of Securities in the Offering, the Company has agreed to provide each such investor
with certain registration rights with respect to the Securities on the terms set forth in the Registration Rights Agreement attached
hereto as Exhibit B (the “Registration Rights Agreement”);

 

WHEREAS, the offering
of the Common Stock (the “Offering”) is being made to a limited number of “accredited investors”
(as that term is defined by Rule 501(a) of Regulation D (“Regulation D”) promulgated under the Securities
Act of 1933 (as amended, the “Securities Act”), by the Securities and Exchange Commission (the “SEC”));

 

WHEREAS, each Subscriber
desires to acquire that number of shares of Common Stock as set forth on its signature page hereof on the terms and conditions
set forth herein; and

 

WHEREAS, the Company
and the Subscribers are executing and delivering this Agreement, and performing the transactions contemplated hereby including
the sale and purchase of the Securities, in reliance upon the exemption from the registration requirements of the Securities Act
afforded by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the premises and the mutual representations and covenants hereinafter set forth, the parties hereto do hereby agree as follows:

 

		I.	SUBSCRIPTION FOR SHARES AND REPRESENTATIONS BY EACH SUBSCRIBER

 

1.1       Subject
to the terms and conditions hereinafter set forth, each Subscriber shall receive the number of shares of Common Stock as is set
forth on such Subscriber’s signature page hereof and agrees to the allocated “Purchase Price (Per Share)” and
“Aggregate Purchase Price” set forth on such Subscriber’s signature page. The Company agrees that the “Purchase
Price” and the “Aggregate Purchase Price” on each Subscriber’s signature page reflects an allocation of
the Net Proceeds for tax purposes and that no additional consideration is being paid by the Subscribers.

 

1.2       Each
Subscriber understands, acknowledges and agrees that (i) such Subscriber is not entitled to cancel, terminate or revoke such Subscriber’s
subscription pursuant to this Agreement or any other obligations of such Subscriber hereunder, in each case, without the Company’s
prior written consent and (ii) this Agreement and such Subscriber’s obligations hereunder shall survive the death or disability
of such Subscriber and shall be binding upon and inure to the benefit of each of the parties and their respective heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

1.3       Each
Subscriber recognizes that the purchase of the Securities involves a high degree of risk including, but not limited to, the following:
(i) an investment in the Company is highly speculative, and only investors who can afford the loss of their entire investment should
consider investing in the Company and the Securities; (ii) such Subscriber may not be able to liquidate such Subscriber’s
investment in the Securities; (iii) transferability of the Securities may be extremely limited or restricted by applicable law;
(iv) in the event of a future disposition of the Securities, such Subscriber could sustain the loss of such Subscriber’s
entire investment; and (v) each of the other risks set forth in or incorporated by reference into the “Risk Factors”
section(s) of the Company’s periodic and other filings with the SEC, which are incorporated herein by reference.

 

1.4       At
the time each Subscriber was offered the Securities, such Subscriber was, and as of the date hereof is, and at the Closing it will
be, an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act. Each Subscriber hereby
severally, and not jointly and severally, represents and warrants to the Company that such Subscriber’s responses to the
investor questionnaire attached as Exhibit A to this Agreement (the “Purchaser Questionnaire”)
are true, correct and complete in all respects.

 

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1.5       Each
Subscriber hereby severally, and not jointly and severally, acknowledges, represents and warrants that (i) such Subscriber has
adequate means of providing for such Subscriber’s current financial needs and contingencies; (ii) such Subscriber has knowledge
and experience in business and financial matters, prior investment experience, or employed the services of a “purchaser representative”
(as defined in Rule 501 of Regulation D), attorney and/or accountant to read and review all of the documents furnished or made
available by the Company to such Subscriber, to evaluate the merits and risks of an investment in the Securities on such Subscriber’s
behalf; (iii) such Subscriber is able to bear the economic risk that such Subscriber assumes by investing in the Securities; and
(iv) such Subscriber can afford a complete loss of such Subscriber’s investment in the Securities.

 

1.6       Each
Subscriber hereby (i) acknowledges receipt and careful review of this Agreement and the Registration Rights Agreement, and has
had access to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, the Company’s Quarterly
Reports on Form 10-Q for the quarterly periods ended March 31, 2018 and June 30, 2018, and the other periodic, current and other
reports filed or furnished by the Company pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), including pursuant to Sections 13(a) or 15(d) thereof, as publicly filed and available
on the website of the SEC and (ii) hereby severally, and not jointly and severally, represents that such Subscriber has been furnished
by the Company with all information regarding the Company, the terms and conditions of the Offering and any additional information
that such Subscriber has requested or desired to know, and has been afforded the opportunity to ask questions of and receive answers
from duly authorized officers or other representatives of the Company concerning the Company and the terms and conditions of the
Offering.

 

1.7      (a)In making
the decision to invest in the Securities, each Subscriber has relied solely upon the information provided by the Company in this
Agreement, the Purchase Agreement, the Ancillary Agreements (as defined in the Purchase Agreement) and the Credit Agreement for
the Second Lien Term Loans (the “Second Lien Credit Agreement”). To the extent necessary, each Subscriber
has retained, at its own expense, and relied upon appropriate professional advice regarding the investment, tax and legal merits
and consequences of this Agreement and the purchase of the Securities hereunder. Each Subscriber disclaims reliance on any statements
made or information provided by any person or entity in the course of such Subscriber’s consideration of an investment in
the Securities other than this Agreement, the Purchase Agreement, the Ancillary Agreements (as defined in the Purchase Agreement),
the Second Lien Credit Agreement and the results of such Subscriber’s own independent investigation.

 

(b)       Each
Subscriber severally, and not jointly and severally, represents that (i) such Subscriber did not learn of the Offering by means
of any form of general solicitation or general advertising, (ii) such Subscriber did not receive or review any advertisement, article,
notice or other communication published in a newspaper or magazine or similar media or broadcast over television or radio, whether
closed circuit, or generally available, with respect to the Offering and (iii) such Subscriber did not attend any seminar meeting
or industry investor conference whose attendees were invited by any general solicitation or general advertising with respect to
the Offering.

 

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1.8       Each
Subscriber hereby acknowledges that the Offering has not been reviewed by the SEC or any state regulatory authority and that the
Offering is intended to be exempt from the registration requirements of Section 5 of the Securities Act pursuant to the exemption
therefrom provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. Each Subscriber
understands that the Securities have not been registered under the Securities Act or under any state securities or “blue
sky” laws and agrees not to sell, pledge, assign or otherwise transfer or dispose of the Securities unless and until they
are registered under the Securities Act and under any applicable state securities or “blue sky” laws or pursuant to
an available exemption therefrom. Each Subscriber hereby severally, and not jointly and severally, represents that such Subscriber
is purchasing the Securities for such Subscriber’s own account for investment purposes and not with a view toward the resale
or distribution to others. Each Subscriber, if an entity, further severally, and not jointly and severally, represents that it
was not formed for the purpose of purchasing the Securities.

 

1.9       For
so long as applicable (including as required by applicable law, rule, regulation, legal process or regulatory or self-regulatory
authority), each Subscriber consents to the placement of a legend on any certificate or other document evidencing the Securities
(including the provision of notice of such legend if the Securities are uncertificated) that such securities have not been registered
under the Securities Act or any state securities or “blue sky” laws and setting forth or referring to the restrictions
on transferability and sale thereof contained in this Agreement. Each Subscriber is aware that the Company will make or cause to
be made a notation in its appropriate records with respect to the restrictions on the transfer and ownership of such Securities.
The legend to be placed on each certificate shall be in form substantially similar to the following:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)
OR ANY STATE SECURITIES OR “BLUE SKY LAWS,” AND MAY BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED
ONLY PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN
A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS.”

 

1.10       Each
Subscriber severally, and not jointly and severally, represents that such Subscriber has full power and authority (corporate, statutory
and otherwise) or capacity, as applicable, to execute and deliver this Agreement and to purchase the Securities. This Agreement
constitutes the legal, valid and binding obligation of such Subscriber, enforceable against such Subscriber in accordance with
its terms.

 

1.11       If
such Subscriber is a corporation, partnership (general or limited), limited liability company, trust (whether statutory or common
law), other legal entity, association, organization, employee benefit plan, individual retirement account, Keogh Plan, or other
tax-exempt entity, it is authorized and qualified to invest in the Company and the person signing this Agreement on behalf of it
has been duly authorized by it to do so.

 

1.12       The
execution and delivery by each Subscriber of this Agreement and the performance by such Subscriber of its obligations hereunder
and the consummation of the transactions contemplated herein by such Subscriber do not and will not violate, conflict with or result
in a breach of (i) with respect to any Subscriber that is not a natural person, any provision of such Subscriber’s organizational
documents, or (ii) any applicable law or regulation, in each case, that would materially impair such Subscriber’s ability
to consummate the transactions contemplated hereby.

 

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1.13       Each
Subscriber acknowledges that if the Subscriber is a Registered Representative of a Financial Industry Regulatory Authority (“FINRA”)
member firm, such Subscriber must give such firm the notice required by the FINRA’s Rules of Fair Practice, receipt of which
must be acknowledged by such firm in such Subscriber’s Purchaser Questionnaire.

 

1.14       Each
Subscriber agrees not to issue any public statement with respect to the Offering, such Subscriber’s
investment or proposed investment in the Company or the terms of this Agreement or any other agreement or covenant between them
and the Company without the Company’s prior written consent, except such disclosures as may be required under applicable
law, rule, regulation, legal process or regulatory or self-regulatory authority.

 

1.15       Each
Subscriber acknowledges and agrees that (i) certain information made available to such Subscriber by the Company in connection
with the Offering is confidential and non-public and (ii) all such information shall be kept in confidence by such Subscriber and
neither used by such Subscriber for such Subscriber’s personal benefit (other than in connection with this Agreement) nor
disclosed to any third party for any reason; provided, however, that (x) such Subscriber may disclose such information to its affiliates,
investment advisers and investment managers, and its and their direct or indirect shareholders, partners or members, current and
prospective financing sources, existing and prospective investors, employees, directors, officers, legal counsel, independent auditors,
professionals, advisors and other experts or agents of such Subscriber or its affiliates who have been informed of the confidential
nature of such information and are or have been advised of their obligation to keep information of this type confidential (provided
further that such Subscriber shall be responsible for any breach of the confidentiality obligations set forth herein by any of
its affiliates or advisors), (y) such Subscriber may disclose such information as may be required pursuant to law, rule, regulation,
legal process or requested by a regulatory or self-regulatory authority having jurisdiction over such Subscriber or its representatives
or their respective affiliates, and (z) this obligation shall not apply to any such information that (i) is public knowledge and
readily accessible at the date hereof, (ii) becomes public knowledge and readily accessible by publication (except as a result
of a breach of this provision) after the date hereof or (iii) is received from a third party that is not under any obligation of
confidentiality with respect to such information.

 

1.16       Each
Subscriber understands that the Securities are being offered and sold to it in reliance on specific exemptions from the registration
requirements of United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy
of, and such Subscriber’s compliance with, the representations, warranties, agreements, acknowledgements and understandings
of such Subscriber set forth herein in order to determine the availability of such exemptions and the eligibility of such Subscriber
to acquire the Securities. Each Subscriber agrees to promptly supply the Company with such additional information
concerning such Subscriber as the Company deems necessary or advisable for purposes of making such determination.

 

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1.17

 

(a)       Each
Subscriber acknowledges that the Company will inherently know, and have access to, more information about the Company and its business
then does such Subscriber. Each Subscriber acknowledges that the Company and/or its affiliates may now or at any other time have
material, non-public information concerning the Company, its subsidiaries, the Securities and/or the markets in which the Company
operates (which may include information relating to the Company’s, its subsidiaries’ and its competitors’ financial
condition, future capital expenditures, future prospects, projections, including historic and projected financial and other information,
business strategies or litigation, settlement discussions or negotiations, including, without limitation, the Acquisition (all
such information is referred to as, the “Undisclosed Information”)) that could affect the value of the
Securities and that this information may have not been, and such Undisclosed Information may or may not be, disclosed or otherwise
made available to such Subscriber. Subject to applicable law, rule or regulation and to any other obligations of the Company or
its affiliates to such Subscriber herein or in any other agreement, each Subscriber acknowledges and agrees that the Company and/or
its affiliates shall have no obligation whatsoever to, and that the Company shall have no obligation whatsoever to cause its affiliates
to, disclose any such information to such Subscriber.

 

(b)       In
knowledge of the foregoing, each Subscriber willingly agrees to purchase the Securities from the Company on the terms set forth
herein notwithstanding that (i) Undisclosed Information may exist; and (ii) such Undisclosed Information, if it exists, has not
been disclosed by the Company or any of their respective affiliates.

 

(c)       Each
Subscriber acknowledges that, in connection with the transactions contemplated hereby, there are no, and it is not relying upon
any, representations or warranties by or on behalf of the Company or any of its affiliates or representatives except to the extent
explicitly set forth herein.

 

(d)       Notwithstanding
anything to the contrary in this Agreement or otherwise, each Subscriber retains all of its rights and remedies with respect to
claims based on fraud.

 

	 	II.	REPRESENTATIONS BY AND COVENANTS OF THE COMPANY

 

The Company hereby (i)
makes to each Subscriber, as of the date of this Agreement, the representations and warranties set forth in the following sections
of the Second Lien Credit Agreement, which are hereby expressly restated and incorporated by reference herein: Section 3.06 (No
Material Adverse Effect), Section 3.20 (Labor Laws), 3.26 (Sanctions Laws), Section 3.27 (Anti-Corruption Laws and Sanctions Laws),
and (ii) represents and warrants to each Subscriber, as of the date of this Agreement (other than representations and warranties
that relate to a specific date, which are given as of such date) as follows:

 

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2.1       Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has full corporate power and authority to own and use its properties and assets as currently
owned and conduct its business as currently conducted. The Company is not in violation of any of the provisions of the Company’s
Certificate of Incorporation (as amended, the “COI”), or the Company’s Bylaws (as amended, the
“Bylaws,” and collectively with the COI, the “Charter Documents”). The Company
is duly qualified to conduct business and is in good standing as a foreign corporation in each jurisdiction in which the nature
of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, would not have a material adverse effect on the legal and valid issuance of the Securities.

 

2.2       Authorization;
Enforceability. The Company has all corporate right, power and authority to enter into, execute and deliver this Agreement
and each other agreement, document, instrument and certificate to be executed by the Company in connection with the consummation
of the transactions contemplated hereby, and to perform fully its obligations hereunder and thereunder. All corporate action on
the part of the Company necessary for the (i) authorization execution, delivery and performance of this Agreement by the Company;
and (ii) authorization, sale, issuance and delivery of the Securities has been taken. This Agreement has been duly executed and
delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors
and rules of law governing specific performance, injunctive relief or other equitable remedies, and to limitations of public policy.
The Securities are duly authorized and, when issued and paid for in accordance with the terms of this Agreement, will be duly and
validly issued, fully paid and nonassessable.

 

2.3       No
Conflict; Governmental Consents.

 

(a)       The
execution and delivery by the Company of this Agreement, the issuance and sale of the Securities and the consummation of the other
transactions contemplated hereby do not and will not (i) result in the violation of any law, statute, rule, regulation, order,
writ, injunction, judgment or decree of any court or governmental authority to or by which the Company is bound including without
limitation all foreign, federal, state and local laws applicable to the Company, except in each case as would not have a material
adverse effect on the legal and valid issuance of the Securities or (ii) conflict with or violate any provision of the Charter
Documents.

 

(b)       Subject
to the approval of the transactions contemplated by this Agreement by GBG Parent, no consent, approval, authorization or other
order of any governmental authority is required to be obtained by the Company in connection with the authorization, execution,
delivery and performance of this Agreement or in connection with the authorization, issue and sale of the Securities, except such
post-sale filings as may be required to be made with the SEC, FINRA, NASDAQ and with any state or foreign blue sky or securities
regulatory authority.

 

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2.4       Anti-Corruption.
The Company and its affiliates and their respective directors, officers, employees and agents are now, and at all times have been,
in compliance with all applicable anti-bribery and anti-corruption laws, and will remain in compliance with all such laws. None
of the Company, any of its affiliates or any of their respective directors, officers, employees or agents has: (i) authorized,
offered or given anything of value, directly or indirectly, to any person in violation of any applicable anti-bribery or anti-corruption
laws, (ii) authorized, offered or made any contribution, payment or gift of funds or property to any person, including any official,
employee or agent of any governmental authority, or anyone else acting in an official capacity, or (iii) authorized, offered or
made any contribution to any political party, official of a political party or candidate for public office, in either case, where
either the payment or the purpose of such contribution, payment or gift was, is, or would be prohibited under the U.S. Foreign
Corrupt Practices Act of 1977 or the rules and regulations promulgated thereunder or under any other applicable laws of any relevant
jurisdiction covering a similar subject matter applicable to the Company or any of its affiliates and their respective operations.
In addition, the Company and its affiliates have adopted, implemented, and maintained policies and procedures designed to ensure
compliance with applicable anti-bribery and anti-corruption laws.

 

2.5       Capitalization.
All of the issued and outstanding equity securities of the Company as of immediately after the Closing are as set forth in Schedule
2.5. Except as set forth in Schedule 2.5, as of the date hereof, (i) there are no outstanding options with respect to
the Company and (ii) the Company is not party to any agreement pursuant to which it has granted preemptive rights, rights of first
refusal, registration rights and similar rights with respect to any equity securities of the Company or any agreement relating
to voting of any equity securities of the Company.

 

2.6       Purchase
Agreement Representations. To the knowledge of the Company, the representations and warranties made by GBG Seller and GBG Parent
in the Purchase Agreement, but solely to the extent that the Company has the right to terminate its obligations under the Purchase
Agreement or not to consummate the transactions contemplated by the Purchase Agreement as a result of a breach of (or the inability
to make) such representations or warranties, are true and correct in all material respects (or if qualified by materiality, in
all respects).

 

		III.	CLOSING; TERMINATION.

 

 

3.1       The
Company shall hold a closing (“Closing”) with respect to any Securities for which subscriptions have
been accepted concurrently with the Closing (as defined in the Purchase Agreement).

 

3.2       As
soon as practicable following the Closing, evidence of delivery of uncertificated shares of Common Stock by book-entry representing
the Common Stock purchased by each Subscriber pursuant to this Agreement will be provided to such Subscriber. Each Subscriber hereby
authorizes and directs the Company to deliver such evidence to such Subscriber’s address indicated on its signature page
hereto.

 

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3.3       This
Agreement shall be terminated and the transactions contemplated hereby shall be abandoned immediately and automatically upon the
Purchase Agreement being validly terminated in accordance with Article VII thereof; provided, however, that Sections 4.1, 4.2,
4.5, 4.6, 4.11 and 4.12 shall survive termination of this Agreement.

 

3.4       Each
Subscriber’s obligation to consummate the transactions contemplated hereby shall be subject (i) to the substantially concurrent
consummation of the Closing (as defined under the Purchase Agreement), (ii) to the substantially concurrent consummation of the
Second Lien Term Loans, (iii) to the substantially concurrent execution and delivery by the Company of the Registration Rights
Agreement by the parties thereto, (iv) to the substantially concurrent execution and delivery by the Company and the other parties
thereto of the Stockholder Agreement substantially in the form of Exhibit C hereto, and (v) to the substantially concurrent
conversion or exchange of all of the shares of the Company’s preferred stock held by affiliates of Tengram Capital Partners,
LP, which represent all of the issued and outstanding shares of the Company’s preferred stock, into Common Stock.

 

		IV.	MISCELLANEOUS

 

4.1       Any
notice or other communication given hereunder shall be deemed sufficient if in writing and sent by registered or certified mail,
return receipt requested, delivered by hand against written receipt therefor, or sent in portable document format (“pdf”)
via electronic mail, addressed as follows:

 

	if to the Company, to it at:
	 
	Differential Brands Group Inc.
	1231 South Gerhant Avenue
	Commerce, CA 30022
	Attention: Lori Nembirkow, Senior Vice President, Legal & Compliance
	E-mail: lori@differentialbrandsgroup.com

 

	With a copy to (which shall not constitute notice):
	 
	Tengram Capital Partners
	600 Fifth Avenue, 27th Floor
	New York, NY 10020
	Attention: General Counsel
	E-mail: atarshis@tengramcapital.com

 

	Dechert LLP
	1095 Avenue of the Americas
	New York, New York 10036
	Attention:  Nazim Zilkha and Gareth Clark
	E-mail:  nzilkha@dechert.com and gareth.clark@dechert.com

 

if to any Subscriber, to such Subscriber’s
address indicated on the signature page of this Agreement.

 

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4.2       Notices
hereunder shall be deemed to have been given or delivered (i) on the third (3rd) business day following the date of postmark in
the case of delivery by registered or certified mail, (ii) on the date of delivery in the case of delivery by hand or (iii) on
the date of delivery if delivered by electronic mail; provided that if such e-mail is received after 4:00 p.m. Eastern Time on
a business day or at any time on a non-business day, such notice shall be deemed delivered on the following business day. Except
as otherwise provided herein, this Agreement shall not be changed, modified or amended except by a writing signed by the Company
and the Subscribers, and this Agreement may not be discharged except by performance in accordance with its terms or by a writing
signed by the Company and the Subscribers. No waiver of any default with respect to any provision, condition or requirement of
this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any
other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder
in any manner impair the exercise of any such right. Each Subscriber hereby consents to receive any notice given by the Company
pursuant to the Delaware General Corporation Law or the Charter Documents by means of electronic transmission in accordance with
the Delaware General Corporation Law at any address for electronic transmission furnished by such Subscriber to the Company, including
at the electronic mail address indicated on the signature page of this Agreement. Each Subscriber agrees to update the Company
as promptly as practicable in the event of any change in such Subscriber’s address for receipt of any such notice by electronic
transmission.

 

4.3       
This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Subscriber
may not assign this Agreement or any rights or obligations hereunder, other than to the Subscriber’s Affiliates or any investment
fund or account managed, advised or sub-advised by the Subscriber or its Affiliates, without the prior written consent of
the Company; provided, that no such assignment shall relieve the Subscriber of its obligations hereunder.

 

4.4       
This Agreement, together with the exhibits hereto, contains the entire understanding of the parties with respect to the subject
matter hereof and supersedes and cancels all prior and contemporaneous agreements and understandings, oral or written, with respect
to such matters.

 

4.5       Any
action, arbitration, claim, hearing, litigation or suit (whether civil, criminal, administrative, judicial or investigative, whether
formal or informal, whether public or private) commenced, brought, conducted or heard by or before any federal, state, local or
foreign government or any court of competent jurisdiction, administrative or regulatory body, agency, bureau, or commission in
any domestic or foreign jurisdiction, any appropriate division of any of the foregoing or any arbitrator, or other legal action
(each, a “Proceeding”) relating to this Agreement or the transactions contemplated hereby shall be governed
by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of
conflicts of law thereof that would require the applications of the laws of another jurisdiction. The parties agree that any Proceeding
brought by or against such party in connection with this Agreement shall be brought solely in the Delaware Court of Chancery and
any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction
over a particular matter, any state or federal court within the State of Delaware). Each party expressly and irrevocably consents
and submits to the jurisdiction and venue of each such court in connection with any Proceeding, including to enforce any settlement,
order or award, and such party agrees to accept service of process by the other party or any of its agents in connection with any
such Proceeding. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY PROCEEDING INSTITUTED BY OR AGAINST SUCH
PARTY IN RESPECT OF ITS RIGHTS OR OBLIGATIONS HEREUNDER.

 

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4.6       If
any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid by a
court of competent jurisdiction, the remainder of this Agreement, or the application of such provision to persons or circumstances
other than those to which it is held invalid by such court, shall not be affected thereby.

 

4.7       Subject
to applicable statute of limitations, the representations and warranties contained herein shall survive the Closing and the delivery
of the Securities.

 

4.8       The
party hereto agrees to execute and deliver all such further documents, agreements and instruments and take such other and further
action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

4.9       This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
together shall constitute one and the same instrument. Delivery of executed signature pages hereof by facsimile transmission or
pdf shall constitute effective and binding execution and delivery of this Agreement.

 

4.10       Nothing
in this Agreement shall create or be deemed to create any rights or remedies in any person or entity that is not a party to this
Agreement.

 

4.11       
The Company and each Subscriber agree that in the event of any breach or threatened breach by such Subscriber of any covenant,
obligation or other provision set forth in this Agreement, the Company shall be entitled (in addition to any other remedy that
may be available to it) to seek (i) a decree or order of specific performance or mandamus to enforce the observance and performance
of such covenant, obligation or other provision and (ii) an injunction restraining such breach or threatened breach.

 

4.12       Any
reference in this Agreement to gender shall include all genders, and the words imparting the singular number only shall include
the plural and vice versa. The division into sections and other subdivisions and the insertion of headings are for convenience
of reference only and shall not affect or be utilized in construing or interpreting this Agreement and all references in this Agreement
to any “article,” “section,” “schedule” or “exhibit” are to the corresponding article,
section, schedule or exhibit of or to this Agreement unless explicitly stated otherwise. Words such as “herein,” “hereinafter,”
“hereof,” “hereto” and “hereunder” refer to this Agreement as a whole and not merely to any
particular provision of this Agreement. The word “including” and any variation thereof means “including without
limitation” and shall not be construed to limit any general statement that it follows to the specific or similar items or
matters immediately following it. All references to currency, monetary values and dollars set forth herein shall, unless otherwise
indicated, mean U.S. dollars and all payments hereunder shall be made in U.S. dollars. All references to any period of days are
to the relevant number of calendar days unless otherwise specified. Each party hereto has participated in the drafting of this
Agreement, which each such party acknowledges is the result of negotiations among such parties (as sophisticated persons) and,
consequently, this Agreement shall be interpreted without reference to any laws to the effect that any ambiguity in a document
be construed against the drafter. References to agreements and other documents shall be deemed to include all amendments, modifications
and supplements thereto. References to acts and statutes shall include the rules and regulations promulgated thereunder, and any
reference to any acts, statutes, rules and regulations shall refer to the same as amended from time to time.

 

    	11 

     

    

 

SHARES OF COMMON
STOCK BEING SUBSCRIBED FOR:

 

PURCHASE PRICE (PER SHARE):    $________

 

AGGREGATE PURCHASE PRICE:    ____________________

 

	 	 	 
	Signature	 	Signature (if purchasing jointly)
	 	 	 
	 	 	 
	Name Typed or Printed	 	Name Typed or Printed
	 	 	 
	 	 	 
	Title (if Subscriber is an Entity)	 	Title (if Subscriber is an Entity)
	 	 	 
	 	 	 
	Address	 	Address
	 	 	 
	 	 	 
	City, State and Zip Code	 	City, State and Zip Code
	 	 	 
	 	 	 
	Telephone-Business	 	Telephone-Business
	 	 	 
	 	 	 
	Telephone-Residence	 	Telephone-Residence
	 	 	 
	 	 	 
	Facsimile	 	Facsimile
	 	 	 
	 	 	 
	Tax ID # or Social Security #	 	Tax ID # or Social Security # 
	 	 	 
	 	 	 
	E-Mail Address	 	E-Mail Address 

 

Name in which Securities should be issued:
____________________________________

 

Dated: ________________ , 2018

 

     

     

    

 

This Subscription Agreement
is agreed to and accepted as of ________________ , 2018.

 

	DIFFERENTIAL BRANDS GROUP INC.
	 
	By:	 	 
	Name:
	Title:

 

     

     

    

 

EXHIBIT A

 

ACKNOWLEDGEMENT,
NOTICE AND QUESTIONNAIRE

 

The undersigned Subscriber hereby provides
the following information to the Company and represents and warrants that such information is accurate and complete:

 

		1.	Name.

 

		(a)	Full Legal Name of Subscriber:

 

	 	 	 

 

		(b)	Full Legal Name of Natural Control Person of the Subscriber (which means a natural person who directly
or indirectly alone or with others has (or will have) power to vote or dispose of the Securities):

 

	 	 	 

 

		2.	Broker-Dealer Status:

 

		(a)	Is the Subscriber a broker-dealer?

 

 

	 	Yes  ̈	No  ̈	 

 

		(b)	If “yes”, will the Subscriber receive any Securities as compensation for investment
banking services to the Company?

 

	 	Yes  ̈	No  ̈	N/A  ̈

 

		(c)	Is the Subscriber an affiliate of a broker-dealer?

 

	 	Yes  ̈	No  ̈	 

 

	 	Note:	If
yes, provide a narrative explanation below:

 

	 	 	 
	 	 	 
	 	 	 

 

		(d)	If the Subscriber is an affiliate of a broker-dealer, does the Subscriber certify that it is buying
the Securities in the ordinary course of business, and at the time of the purchase of the Securities, had no agreements or understandings,
directly or indirectly, with any person to distribute the Securities?

 

	 	Yes  ̈	No  ̈	N/A  ̈

 

	 	Note:	If
no, the Commission’s staff has indicated that the Subscriber should be identified as an underwriter in the Registration Statement
contemplated by the Registration Rights Agreement.

 

     

     

    

 

		3.	Beneficial Ownership of Other Securities of the Company
Owned by the Selling Stockholder.

 

Except as set forth below
in this Item 3, the Subscriber is not the beneficial or registered owner of any securities of the Company other than the Securities
to be purchased in the Offering.

 

Type and amount
of other securities beneficially owned:

 

	 	 
	 	 
	 	 

 

		4.	Relationships with the Company:

 

Except as set forth below, neither
the Subscriber nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities
of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors
or affiliates) during the past three years.

 

State any exceptions here:

 

	 	 
	 	 
	 	 

 

 

The Subscriber agrees to promptly notify
the Company of any inaccuracies or changes in the information provided herein or in the Accredited Investor Questionnaire that
may occur subsequent to the date hereof. All notices hereunder and pursuant to the Agreement shall be made in accordance with notice
provisions set forth in the Agreement. In the absence of any such notification, the Company shall be entitled to continue to rely
on the accuracy of the information provided herein.

 

IN WITNESS WHEREOF the undersigned, by authority duly given,
has caused this Agreement to be executed and delivered either in person or by its duly authorized agent.

 

	 	 	 
	Signature	 	Signature (if shares are held jointly)
	 	 	 
	Name Typed or Printed	 	Name Typed or Printed
	 	 	 
	Title (if Investor is an Entity)	 	Title (if Investor is an Entity)

 

     

     

    

 

EXHIBIT B

 

REGISTRATION RIGHTS
AGREEMENT

 

     

     

    

 

EXHIBIT C

 

STOCKHOLDER AGREEMENTExhibit 10.12

 

STOCKHOLDER
AGREEMENT

 

This STOCKHOLDER
AGREEMENT (this “Agreement”), dated as of October 29, 2018, is by and among Differential Brands Group, Inc.,
a Delaware corporation (the “Corporation”) and the Stockholders (as defined below).

 

WHEREAS,
the Corporation, Global Brands Group Holding Limited, a Bermuda corporation with limited liability (“GBG Parent”),
and GBG USA Inc., a Delaware corporation and wholly-owned subsidiary of GBG Parent (“GBG Seller”), have entered
into a Purchase and Sale Agreement, dated as of June 27, 2018, as supplemented and amended (the “Purchase Agreement”),
providing for, among other things, the purchase of the Purchased Units and Purchased Assets (each as defined in the Purchase Agreement)
from GBG Parent and GBG Seller (or one of their respective affiliates) by the Corporation (the “Acquisition”);

 

WHEREAS,
in connection with the Acquisition, GSO Capital Partners LP (“GSO Capital”), has committed, subject to certain
terms and conditions, to provide to the Corporation, through one or more funds managed or advised by GSO Capital or its affiliates
(collectively, the “GSO Funds”), a $668,000,000 second lien term loan credit facility (the “Second
Lien Term Loan Facility”), the proceeds of which will be used to, among other things, pay a portion of the transaction
costs and expenses of the Acquisition, and for general corporate purposes;

 

WHEREAS,
in connection with the Second Lien Term Loan Facility, each GSO Fund shall receive the number of shares of the Corporation’s
Common Stock (as defined below) set forth next to such GSO Fund’s name on Exhibit A hereto (each GSO Fund in its
capacity as a holder of the Corporation’s Common Stock being referred to herein individually as a “GSO Stockholder”
and collectively as the “GSO Stockholders”);

 

WHEREAS,
each of the GSO Stockholders are subscribing for shares of the Corporation’s Common Stock upon the terms and subject to
the conditions set forth in subscription agreements in substantially the form attached hereto as Exhibit B (the “Subscription
Agreement”);

 

WHEREAS,
pursuant to the Subscription Agreement, the GSO Stockholders have collectively agreed to make an aggregate equity contribution
of $25,000,000 to the Corporation (the “Equity Contribution”);

 

WHEREAS,
in connection with the Acquisition, each of TCP Denim, LLC (“TCP Denim”)
and Tengram Capital Partners Fund II, L.P. (“Tengram Fund II”) has agreed to convert all of the Series A Convertible
Preferred Stock of the Corporation and all of the Series A-1 Preferred Stock of the Corporation held by TCP Denim and Tengram
Fund II, respectively, into shares of Common Stock;

 

WHEREAS,
as of the date of this Agreement, Tengram Capital Partners Gen2 Fund, L.P. (“Tengram
Fund I”), Tengram Capital Associates, LLC (“TCA”) and RG
II Blocker, LLC (“RG II Blocker,” and collectively with TCP Denim, Tengram Fund II, Tengram Fund I and TCA,
the “Tengram Stockholders”) are holders of Common Stock; and

 

WHEREAS,
it is a condition to the closing under the Subscription Agreement that the Corporation and each of the Stockholders has executed
and delivered this Agreement to the other parties hereto.

 

    	 		 

     

    

 

NOW, THEREFORE,
in consideration of the promises and of the mutual consents and obligations hereinafter set forth, the parties hereto hereby agree
as follows:

 

Section 1.        Definitions;
Interpretation.

 

(a)       Definitions.
As used herein, the following terms shall have the following respective meanings:

 

“Affiliate”
means as to any Person, any other Person or entity who directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with such Person; provided, however, that (i) the Tengram Entities, the GSO Entities
and any of their respective Affiliates shall not be deemed to be Affiliates of the Corporation and its subsidiaries (and vice
versa) for purposes of this Agreement, (ii) any fund, account or investment vehicle controlled, managed, advised or sub-advised
by GSO Capital or its Affiliates within the credit-focused division of The Blackstone Group L.P. and any fund, account or investment
vehicle controlled, managed, advised or sub-advised by Blackstone Tactical Opportunities Advisors L.L.C. (“BTO”)
or its Affiliates within the division of The Blackstone Group L.P. known as “Blackstone Tactical Opportunities” shall
be deemed an Affiliate of each GSO Entity and (iii) other than with respect to Section 7(n), the Blackstone Persons shall not
be considered or otherwise be deemed an “Affiliate” of the GSO Entities. For the avoidance of doubt, (i) each Tengram
Entity shall be an “Affiliate” of each other Tengram Entity and (ii) each GSO Entity shall be an “Affiliate”
of each other GSO Entity. As used in this definition, the term “control,” including the correlative terms “controlling,”
“controlled by” and “under common control with,” means possession, directly or indirectly, of the power
to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other
ownership interest, by contract or otherwise) of a Person.

 

“Blackstone
Persons” means The Blackstone Group L.P. and all private equity funds, portfolio companies, parallel investment entities
and alternative investment entities owned, managed or controlled by The Blackstone Group L.P. separate from (i) the business of
GSO Capital and its Affiliates within the credit-focused division of The Blackstone Group L.P. and (ii) the business of BTO and
its Affiliates within the business group of The Blackstone Group L.P.

 

“Board”
means the board of directors of the Corporation.

 

“Business
Day” means a day that is not a Saturday, Sunday or day on which banking institutions in the city to which the notice
or communication is to be sent are not required to be open.

 

“Change
of Control” has the meaning set forth in the Credit Agreement for the Second Lien Term Loan Facility.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common
Stock” means the common stock, par value $0.10 per share, of the Corporation and any stock into which such Common Stock
may hereafter be reclassified or converted, substituted or for which such Common Stock may be exchanged, and shall also include
any Common Stock of the Corporation of any class hereafter authorized.

 

    	 	2	 

     

    

 

“Disqualifying
Event” means, with respect to any member of or nominee for election to the Board, any of the following: (x) conduct
by such Person that is or would reasonably be expected to be materially harmful to the business, interests or reputation of the
Corporation, it being understood that such Person’s commission of, being indicted or charged with, or making a plea of nolo
contendere to a felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud shall be deemed materially harmful
to the business and the Corporation; (y) such Person’s material violation of any provision of any internal policy of
the Corporation or any agreement(s), arrangement or understanding between such Person, on the one hand, and the Corporation or
any of its Affiliates, on the other hand; or (z) the existence of any action, suit or proceeding (whether at law or in equity,
whether sounding in contract, tort or otherwise, and whether brought in a court or before an alternative dispute resolution panel,
including any arbitrator, arbitral panel, mediator or other body), or any claim therein, between such Person and/or one or more
of his or her Affiliates or their respective Representatives, on the one hand, and the Corporation and/or any of its Affiliates
or their respective Representatives, on the other hand, which has been initiated, commenced or made by such Person or one of his
or her Affiliates or their respective Representatives (other than any action, suit or proceeding, or part thereof, that was commenced,
initiated or made (i) with the prior approval of the Board or (ii) by one or more GSO Entities, solely in their capacity as lenders
under the Second Lien Term Loan Facility, in connection with the exercise of any remedy available to them under the Second Lien
Term Loan Facility).

 

“Equity
Issuance” means any issuance, sale or placement of any Common Stock or any issuance, sale or placement of any other
securities, including notes, debentures or other Indebtedness, of the Corporation or any of its subsidiaries that are convertible
or exchangeable into, or exercisable for, Common Stock, other than securities issued (i) pursuant to an option plan, equity plan,
employment agreement, compensation or similar arrangement or otherwise to managers, officers, directors, employees or consultants
of the Corporation or any of its subsidiaries (including any exercise or conversion of any derivative securities issued thereunder),
(ii) in connection with any capital reorganization, recapitalization, reclassification, stock split or stock dividend (including
dividends on preferred stock whether in the form of shares of Common Stock or preferred stock) paid on a proportionate basis to
all holders of the affected class of capital stock, (iii) as consideration in any direct or indirect acquisition (of stock or
assets) or business combination by the Corporation or any of its subsidiaries, whether by merger, asset purchase, stock purchase
or other reorganization, (iv) in connection with the issuance of Common Stock upon conversion of the Corporation’s or any
of its subsidiaries’ notes, debentures or other indebtedness (whether or not existing on the date hereof) in accordance
with the terms of such notes, debentures or other indebtedness or (v) to financiers in connection with transactions that are primarily
debt financing transactions to which the Corporation and an unaffiliated third party may be a party and which are approved by
the Board.

 

“Equity
Issuance Price” means, with respect to any Equity Issuance, the same price per share offered to other investors in such
Equity Issuance; provided that if such Equity Issuance is an underwritten public offering, such price shall be the price offered
to the public in such underwritten offering, net of any underwriters’ discounts or commissions applicable to such publicly
offered shares.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“First
Lien Term Loan Facility” means the commitment by Ares Capital Corporation (“Ares”), Ares Commercial
Finance and HPS Investment Partners, LLC (“HPS”), subject to certain terms and conditions, to provide to the
Corporation, through one or more funds managed or advised by Ares Capital Corporation and HPS Investment Partners, LLC or its
affiliates, collectively, a $645,000,000 first lien term loan credit facility and revolving loans up to $150,000,000.

 

    	 	3	 

     

    

 

“Governance
Documents” means the certificate of incorporation and bylaws of the Corporation, in each case as amended and/or restated
and in effect from time to time.

 

“Group”
has the meaning set forth in Section 13(d)(3) of the Securities Exchange Act.

 

“GSO
Entity” means the GSO Stockholders, GSO Capital and its Affiliates (including investment funds managed or advised by
any of them) within the credit-focused division of The Blackstone Group L.P., and BTO and its Affiliates (including investment
funds managed or advised by any of them) within the division with The Blackstone Group L.P. known as “Blackstone Tactical
Opportunities”.

 

“Hedging
Transaction” means any short sale (whether or not against the box) or any purchase, sale or grant of any right (including,
without limitation, any put or call option) with respect to any security (other than a broad-based market basket or index) that
includes, relates to or derives any significant part of its value from the Restriction Shares or any other agreement that transfers,
in whole or in part, any of the economic consequences of ownership of the Restriction Shares.

 

“Nasdaq”
means The Nasdaq Stock Market LLC.

 

“Person”
means any natural person, corporation, partnership, limited liability company, firm, association, trust, government, governmental
agency or other entity, whether acting in an individual, fiduciary or other capacity.

 

“Plan”
means an incentive stock plan for the Company’s employees and consultants, similar to the Company’s 2016 Stock Incentive
Compensation Plan, as amended to date, with such changes as determined appropriate by the Special Committee (as defined below),
which shall provide for vesting based on passage of time and attainment of the relevant performance goals, which performance goals
shall be based on the Company’s leverage ratio(s) and/or adjusted EBITDA as measured during the applicable performance period,
as determined by the Special Committee.

 

“Pro
Rata Portion” means, with respect to any Stockholder at a given time and with respect to a given Equity Issuance, a
number of shares of Common Stock, other capital stock or other securities of the Corporation to be issued, sold or placed in the
Equity Issuance equal to the product of (a) the number of shares of Common Stock, other capital stock or other securities proposed
to be issued, sold or placed in the Equity Issuance, multiplied by (b) a fraction, the numerator of which is the aggregate number
of shares of Common Stock beneficially owned by such Stockholder immediately prior to the Equity Issuance, and the denominator
of which is the aggregate number of shares of Common Stock outstanding immediately prior to the Equity Issuance, in each case
calculated on a fully diluted basis (provided that, solely for purposes of the foregoing clause (b)), any shares of Common Stock
subject to vesting shall be included in determining a Stockholder’s beneficial ownership and the Corporation’s fully
diluted basis only upon and to the extent of such vesting).

 

“Registration
Statement” means any registration statement of the Corporation filed or to be filed with the SEC under the rules and
regulations promulgated under the Securities Act, including the related prospectus, amendments and supplements to such registration
statement, and including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such
registration statement.

 

    	 	4	 

     

    

 

“Representative”
means, with respect to any Person, the officers, directors, employees, agents, managers, members, partners, stockholders, advisors,
consultants and other representatives of such Person.

 

“Restriction
Expiration Time” means the earliest of (i) the date which is twenty-four (24) months following the Closing Date (as
defined in the Purchase Agreement), (ii) the termination of the Subscription Agreement prior to the consummation of the Equity
Contribution, (iii) the date of any Change of Control and (iv) such other date and time designated by mutual agreement of the
Corporation and the Stockholders.

 

“Restriction
Shares” means, with respect to each Stockholder, (i) any shares of Common Stock held by or issued to such Stockholder
and (ii) any securities held by or issued to such Stockholder (including the Subordinated Convertible Promissory Notes, dated
October 29, 2018, issued by the Company (the “Convertible Notes”)) which are convertible into or exercisable
or exchangeable for Common Stock (including without limitation, Common Stock or such other securities which may be deemed to be
beneficially owned by such Stockholder in accordance with the rules and regulations of the Securities and Exchange Commission
and securities which may be issued upon exercise of a stock option or warrant) in each case, prior to the Restriction Expiration
Time.

 

“SEC”
means the Securities and Exchange Commission or any successor governmental agency.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of
the SEC thereunder, all as the same shall be in effect at the time.

 

“Securities
Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules
and regulations of the SEC thereunder, all as the same shall be in effect at the time.

 

“Stockholders”
means, collectively, the Tengram Stockholders and the GSO Stockholders, as well as any of
their respective Affiliates to which such Stockholder transfers any securities subject to this Agreement after the date hereof
(and each, individually, a “Stockholder”).

 

“Tengram
Entity” means Tengram Capital Partners, its Affiliates (including, without limitation, the Tengram Stockholders) and
any direct or indirect portfolio companies of any of them.

 

(b)       Rules
of Construction. For all purposes of this Agreement, unless otherwise expressly provided:

 

(i)       “own,”
“ownership,” “held” and “holding” refer to ownership or holding as record holder or record
owner;

 

(ii)       the
headings and captions of this Agreement are for convenience of reference only and shall not define, limit or otherwise affect
any of the terms hereof; and

 

    	 	5	 

     

    

  

(iii)       whenever
the context requires, the gender of all words used herein shall include the masculine, feminine and neuter, and the number of
all words shall include the singular and plural.

 

Section 2.        Restrictions
on Shares; Standstill.

 

(a)       Prior
to the Restriction Expiration Time, no Stockholder shall, directly or indirectly (whether by merger, consolidation or otherwise,
and whether by or through one or more Affiliates in any transaction or series of transactions):

 

(i)       transfer
(except as may be specifically required by court order or by operation of law), grant an option with respect to, sell, exchange,
pledge (except for pledges of Restriction Shares on customary terms to third parties as security for a bona fide financing) or
otherwise dispose of, or encumber, any of such Stockholder’s Restriction Shares, enter into any Hedging Transaction, or
make any offer or enter into any agreement or binding arrangement or commitment providing for any of the foregoing, or publicly
disclose the intention to take any of the foregoing actions;

 

(ii)       except
pursuant to the terms of this Agreement, grant any proxies or powers of attorney with respect to any of such Stockholder’s
Restriction Shares, deposit any of such Stockholder’s Restriction Shares into a voting trust, or enter into a voting agreement
or similar arrangement or commitment with respect to any of such Stockholder’s Restriction Shares or make any public announcement
that is in any manner inconsistent with the foregoing; or

 

(iii)       directly
or indirectly, take any action that would make any representation or warranty contained herein untrue or incorrect or be reasonably
expected to have the effect of impairing the ability of such Stockholder to perform its obligations under this Agreement or preventing
or delaying the consummation of any of the transactions contemplated hereby or in the Purchase Agreement or the Subscription Agreement
(collectively, clauses (i), (ii) and (iii), the “Transfer”).

 

(b)       Notwithstanding
the restrictions set forth in Section 2(a) above, (i) each Stockholder may distribute its Restriction Shares to its partners,
members or other equity holders or transfer its Restriction Shares to any Affiliate of such Stockholder or any investment fund
or other entity controlled by such Stockholder; provided, that it shall be a condition to the transfer or distribution that the
transferee or distributee execute an agreement, in form and substance satisfactory to the Corporation, stating that the transferee
or distributee is receiving and holding such Restriction Shares subject to the provisions of this Agreement and that the transferee
or distributee agrees to be bound by the terms and conditions of this Agreement and (ii) with respect to the Convertible Notes,
each Stockholder may transfer its Convertible Notes in whole or in part at any time if transferred together as an investment unit
with any debt securities of the Company under the Credit Agreement for the Second Lien Term Loan Facility.

 

(c)       Each
Stockholder agrees that, unless specifically authorized in writing by the Board or otherwise expressly provided by this Agreement,
neither such Stockholder nor any of its Affiliates will, directly or indirectly, in any manner:

 

(i)       engage
in any solicitation of proxies or consents or become a “participant” in a “solicitation” (as such terms
are defined in Regulation 14A under the Securities Exchange Act) of proxies or consents (including, without limitation, any solicitation
of consents that seeks to call a special meeting of the stockholders), in each case, with respect to securities of the Corporation;

 

    	 	6	 

     

    

  

(ii)       form,
join or in any way participate in any “group” (within the meaning of Section 13(d)(3) of the Securities Exchange Act)
with respect to the Common Stock, other than any group formed by virtue of affiliation among any Stockholders or otherwise by
virtue of this Agreement;

 

(iii)       deposit
any Common Stock in any voting trust or subject any Common Stock to any arrangement or agreement with respect to the voting of
any Common Stock, other than in accordance with this Agreement;

 

(iv)       seek,
or encourage any Person, to submit nominations in furtherance of a “contested solicitation” for the election or removal
of directors with respect to the Corporation or seek to take or take, or encourage any other Person to seek to take or take, or
otherwise facilitate the taking by any other Person of, any other action with respect to the election or removal of any directors;

 

(v)       solicit
any Person to make an offer or proposal (with or without conditions) with respect to any merger, acquisition, recapitalization,
restructuring, disposition or other business combination involving the Corporation, or any inquiry with respect thereto, or encourage,
initiate, facilitate or support any Person in making such an offer, proposal or inquiry;

 

(vi)       make
or be the proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Securities Exchange Act or otherwise) for consideration
by the stockholders, or encourage any Person to make or be the proponent of any such proposal, or seek to take or take any action
to facilitate to the foregoing;

 

(vii)       knowingly
advise, encourage, support or influence any Person with respect to the voting or disposition of any securities of the Corporation
at any annual meeting or special meeting of the stockholders, in each case, for the purpose of facilitating, or that could reasonably
be expected to lead to, any action by any Person, which, if taken by the Stockholder, would constitute a breach of this Agreement;
or

 

(viii)       publicly
disclose any intention, plan or arrangement inconsistent with any provision of this Agreement.

 

(d)       Right
of First Offer. Until the later of (i) two years after the date of this Agreement and (ii) the date on which the value of
(A) the volume weighted average price of a share of Common Stock for twenty consecutive trading days multiplied by (B) the number
of shares of Common Stock held by stockholders other than the Tengram Stockholders, the GSO Stockholders, and each of their respective
Affiliates, exceeds $400.0 million, prior to any transfer by one or more Stockholders, individually or as a group (the “Transferring
Stockholder”), of all or any portion of its Common Stock constituting greater than ten percent (10%) of the total number
of shares of Common Stock outstanding (the “Offered Shares”), in any transaction or series of related transactions,
to any Person other than an Affiliate of such Transferring Stockholder (including any investment fund or other entity or separately
managed account controlled or managed by, or under common control with, such Transferring Stockholder), such Transferring Stockholder
must first comply with the provisions of this Section 2(d):

 

    	 	7	 

     

    

  

(i)       The
Transferring Stockholder shall first deliver to each other Stockholder (the “Offerees”) a written notice (the
“Offer Notice”) that sets forth the number of Offered Shares, the amount per share that the Transferring Stockholder
proposes to be paid for the Offered Shares (the “Sale Price”), the manner of payment and any other material
terms of such offer or sale. The Offer Notice shall constitute an irrevocable offer by the Transferring Stockholder to sell to
the Offerees the Offered Shares for cash at the Sale Price on the terms set forth in the Offer Notice.

 

(ii)       Each
Offeree shall have until the 10th Business Day (the “Offer Expiration Date”) following the delivery of the
Offer Notice (the “Offer Period”) in which to notify the Transferring Stockholder and the other Offerees that
it accepts such offer as to all or any portion of the Offered Shares offered to such Offeree for the Sale Price and on the material
terms set forth in the Offer Notice, which notice shall specify the maximum number of the Offered Shares it wishes to purchase.

 

(iii)       If
one or more Offerees accept such offer with respect to all or a portion of the Offered Shares, a closing of the purchase of such
Offered Shares (the “ROFO Closing”) shall take place at the principal office of the Corporation at 10:00 a.m.
on the 20th Business Day after the date on which the Offering Notice was delivered unless the parties agree on a different place
or time. At the ROFO Closing, the Sale Price shall be payable in accordance with the payment terms of the Offer Notice.

 

(iv)       If
the Offerees do not elect to purchase all of the Offered Shares for the Sale Price prior to expiration of the Offer Period, the
Transferring Stockholder shall have the right, subject to the other provisions of this Section 2 and the terms and conditions
specified in Section 4 and Section 7, to sell the Offered Shares for a period of 120 days (the “Sale Period”)
at a price per share no less than the Sale Price and on other terms no more favorable to the transferees thereof than offered
to the Offerees in the Offer Notice. If an Offeree does not transfer the Offered Shares before the end of the Sale Period, such
Offeree may not sell any Offered Shares without repeating the foregoing procedures.

 

Notwithstanding
the foregoing, this Section 2(d) shall not apply to any transfer or proposed transfer (i) of all of the outstanding Common Stock
of the Corporation (whether by merger, consolidation, tender offer or otherwise); (ii) pursuant to an effective registration statement
covering any such shares of Common Stock; or (iii) to Affiliates of such Transferring Stockholder.

 

(e)       HPS
First Lien Lock-Up. Prior to the Restriction Expiration Time, for so long as HPS and its Affiliates collectively hold at least
an aggregate principal amount of $125,000,000 of term loans under the First Lien Term Loan Facility, the parties agree they shall
not amend Section 2(a) in a manner that would permit a Transfer of Common Stock by the Tengram Stockholders without the prior
written consent of HPS; provided further, the parties may not agree to shorten the Restriction Expiration Time pursuant to clause
(iv) of such definition to permit a Transfer of Common Stock by the Tengram Stockholders without the prior written consent of
HPS.

 

    	 	8	 

     

    

  

(f)       Ares
First Lien Lock-Up. Prior to the Restriction Expiration Time, for so long as Ares and its Affiliates collectively hold at
least an aggregate principal amount of $125,000,000 of term loans under the First Lien Term Loan Facility, the parties agree they
shall not amend Section 2(a) in a manner that would permit a Transfer of Common Stock by the Tengram Stockholders without the
prior written consent of Ares; provided further, the parties may not agree to shorten the Restriction Expiration Time pursuant
to clause (iv) of such definition to permit a Transfer of Common Stock by the Tengram Stockholders without the prior written consent
of Ares.

 

Section 3.        Representations,
Warranties and Covenants of each Stockholder. Each Stockholder hereby represents, warrants and covenants to the Corporation,
severally and not jointly, as follows:

 

(a)       For
each such Stockholder that is not an individual, such Stockholder is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its incorporation or organization

 

(b)       Such
Stockholder has all requisite power, capacity and authority to enter into this Agreement and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement by such Stockholder and the consummation by such Stockholder of the transactions
contemplated hereby have been duly authorized by all necessary action, if any, on the part of such Stockholder (including its
board of directors or similar governing body, as applicable), and no other actions or proceedings on the part of such Stockholder
are necessary to authorize the execution and delivery by such Stockholder of this Agreement and the consummation by such Stockholder
of the transactions contemplated hereby. This Agreement has been duly executed and delivered by such Stockholder and, assuming
due power and authority of, and due execution and delivery by, the other parties hereto, constitutes a valid and binding obligation
of such Stockholder, enforceable against such Stockholder in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
transfer, moratorium, reorganization or similar laws affecting the rights of creditors generally and the availability of equitable
remedies (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(c)       The
execution and delivery of this Agreement does not, and the performance by such Stockholder of his, her or its agreements, covenants,
and obligations hereunder will not, conflict with, result in a breach or violation of or default under (with or without notice
or lapse of time or both), or require notice to or the consent of any Person under, any provisions of the organizational documents
of such Stockholder (if applicable), or any agreement, commitment, law, rule, regulation, judgment, order or decree to which such
Stockholder is a party or by which such Stockholder is, or any of its assets are, bound, except for such conflicts, breaches,
violations or defaults that would not, individually or in the aggregate, prevent or delay consummation of the transactions contemplated
by the Subscription Agreement and this Agreement or otherwise prevent or delay such Stockholder from performing his, her or its
agreements, covenants or obligations under this Agreement.

 

Section 4.        Securities
Restrictions.

 

(a)       Securities
Restrictions.

 

(i)       Notwithstanding
any other provision of this Agreement, after the date hereof, no shares of Common Stock or any Convertible Notes held or beneficially
owned by such Stockholder may be transferred except upon the conditions specified in this Section 4(a), which conditions are intended
to ensure compliance with the provisions of the Securities Act, and subject to the terms and conditions specified in Section 2.

 

    	 	9	 

     

    

 

(ii)       Except
as otherwise expressly provided by paragraphs (iii) and (iv) of this Section 4(a), each certificate shares of Common Stock and
each Convertible Note covered by this Agreement shall be stamped or otherwise imprinted with a legend in substantially the form
provided in Section 7(a) and, upon the issuance or transfer of any book-entry shares of Common Stock covered by this Agreement,
a legend in substantially the form provided in Section 7(a) shall be included in a notice to the record holder of such shares
in accordance with applicable law.

 

(iii)       The
holder of any shares of Common Stock or any Convertible Notes covered by this Agreement agrees, prior to any transfer of any such
shares, to give written notice to the Corporation of such holder’s desire to effect such transfer and to comply in all other
respects with the provisions of this Section 4(a). Each such notice shall describe the manner and circumstances of the proposed
transfer. The holder of such shares of Common Stock or such Convertible Notes, as applicable, shall be entitled to transfer such
shares in accordance with the terms of the notice delivered to the Corporation (x) to any Affiliate of such holder or (y) if the
Corporation does not reasonably object to such transfer on the basis that such transfer would be in violation of this Agreement
or applicable law within three (3) Business Days after delivery of such notice. Subject to paragraph (iv) of this Section 4(a),
each certificate or other instrument evidencing any such transferred shares of Common Stock (or notice sent upon the transfer
of any such book-entry shares of Common Stock) or Convertible Notes, as applicable, shall bear the legend required by paragraph
(ii) of this Section 4(a) unless an opinion of counsel to the holder of such shares or Convertible Notes (which opinion of counsel
shall be reasonably acceptable to the Corporation) states that registration of any future transfer is not required by the applicable
provisions of the Securities Act.

 

(iv)       Notwithstanding
the foregoing provisions of this Section 4(a), the restrictions imposed by this Section 4(a) regarding the transferability of
any shares of Common Stock and any Convertible Notes shall cease and terminate when (A) any such shares of Common Stock or Convertible
Notes, as applicable, are sold or otherwise disposed of pursuant to an effective Registration Statement under the Securities Act
or (B) the holder of such shares of Common Stock or Convertible Notes, as applicable, and the Corporation have met the requirements
for transfer of such shares pursuant to Rule 144 under the Securities Act. Whenever the restrictions imposed by this Section 4(a)
shall terminate, the holder of any shares of Common Stock represented by certificates or any Convertible Notes, as applicable,
as to which such restrictions have terminated shall be entitled to receive from the Corporation, without expense, a new certificate
(or book-entry shares) not bearing the restrictive legend set forth in Section 7(a) and not containing any other reference to
the restrictions imposed by this Section 4(a); provided, however, that so long as the restrictions on transfer and ownership under
Section 2 of this Agreement remain in effect, any such certificates shall contain a restrictive legend in the form set forth in
Section 7(a) except that such legend may omit the first sentence thereof.

 

Section 5.        Stockholder
Rights.

 

(a)       Pre-Emptive
Rights.

 

    	 	10	 

     

    

  

(i)       Each
Stockholder and/or any one or more of its Affiliates designated by such Stockholder shall have the option and right (but not the
obligation) to participate in any Equity Issuance by purchasing up to such Stockholder’s Pro Rata Portion of such Equity
Issuance at the Equity Issuance Price and otherwise upon the same terms and conditions as offered to other investors in the Equity
Issuance. The Corporation shall take any and all actions, or cause such actions to be taken, as are necessary or appropriate to
allow such Stockholder and/or such Affiliates, as applicable, to participate fully in every Equity Issuance in accordance with
the provisions of this Agreement, subject to compliance with applicable law (including the rules and regulations of the SEC) and
the listing standards of Nasdaq or such other stock exchange upon which the Common Stock is listed at the time of such Equity
Issuance.

 

(ii)       In
the event the Corporation proposes to undertake an Equity Issuance, the Corporation shall, at least ten Business Days (or in the
case of an Equity Issuance pursuant to an underwritten offering, two Business Days) prior to the proposed Equity Issuance, give
such Stockholder written notice of its intention, describing, to the extent available, the type of equity interests, the price
at which such securities are proposed to be issued (or, in the case of an underwritten or a privately placed offering in which
the price is not known at the time the notice is given, the method of determining the price and an estimate thereof), and the
general terms and conditions upon which the Corporation proposes to effect the Equity Issuance. Such Stockholder (or its designated
Affiliate) shall have ten Business Days (or in the case of an Equity Issuance pursuant to an underwritten offering, two Business
Days) from the date such Stockholder receives notice of the proposed Equity Issuance to elect to purchase their Pro Rata Portion
of such Equity Issuance for the consideration and upon the terms specified in the notice by giving written notice to the Corporation
and stating therein the quantity of equity interests to be so purchased.

 

(iii)       In
the event that such Stockholder does not exercise the right set forth in Section 5(a)(ii) above within the applicable period set
forth therein, the Corporation shall have 120 days from the expiration of such period to sell the securities in respect of which
such pre-emptive rights were not exercised, at a price and upon general terms not materially more favorable to the purchasers
thereof than specified in the Corporation’s notice to such Stockholder.

 

(iv)       Notwithstanding
the requirements of Section 5(a)(ii), in the event that the Board determines that there are circumstances which would cause compliance
with Section 5(a)(ii) prior to an Equity Issuance to materially disadvantage the Corporation, the Corporation may proceed with
such Equity Issuance prior to having complied with the provisions of Section 5(a)(ii); provided, however, that the Corporation
shall, to the extent practicable and permitted by applicable law:

 

(1)       provide
each Stockholder with (A) prompt notice of (which in any event shall be no less than five (5) Business Days after) such issuance
and (B) the notice described in Section 5(a)(ii) in which the actual Equity Issuance Price shall be set forth;

 

(2)       offer
to issue to such Stockholder such number of securities of the type issued in the Equity Issuance as may be requested by such Stockholder
(not to exceed such Stockholder’s Pro Rata Portion) on the same economic terms and conditions with respect to such securities
as the subscribers in the Equity Issuance received; and

 

    	 	11	 

     

    

  

(3)       keep
such offer open for a period of ten (10) Business Days, during which period, such Stockholder may accept such offer by sending
a written acceptance to the Corporation and stating therein the quantity of such securities to be purchased, not to exceed such
Stockholder’s Pro Rata Portion.

 

(v)       Notwithstanding
the requirements of this Section, until October 29, 2019, the Company may conduct one or more Equity Issuances with aggregate
net proceeds of up to $30,000,000 without providing pre-emptive rights to the Stockholders pursuant to this Section 5(a), provided
that the primary purpose of each such Equity Issuance is to raise capital necessary to repay the amounts outstanding under the
Convertible Notes.

 

(b)       Additional
Rights. Without the prior written consent of the Tengram Stockholders and the GSO Stockholders, unless expressly provided
by this Agreement:

 

(i)       Affiliate
Transactions. Neither the Corporation nor any of its subsidiaries shall enter into any transaction or series of related transactions
with a value in excess of $2,500,000 (as reasonably determined by the Board) with any Stockholder or any Affiliate of any Stockholder.

 

(ii)       Board
of Directors. The Corporation shall not increase or decrease the number of directors on the Board or change the method of
appointing directors to the Board set forth in Section 6.

 

(iii)       Acquisitions;
Dispositions. The Corporation shall not, and shall not permit any of its subsidiaries to, in one transaction or a series of
transactions, (x) consolidate or merge with or into any Person or purchase or otherwise acquire all or substantially all of the
equity securities, properties, or assets of any Person (an “Acquisition”), in any case, other than Acquisitions
pursuant to which the aggregate consideration payable by the Corporation and its subsidiaries does not exceed, in the aggregate,
$50 million (excluding for such purpose any earn-outs or other contingent payments); provided that, the foregoing shall not prohibit
any intercompany transaction(s) the only parties to which are the Corporation and one or more of its subsidiaries; or (y) undergo
a Change of Control.

 

(iv)       Chief
Executive Officer. The Corporation shall not hire or terminate any Chief Executive Officer of the Corporation.

 

Section 6.        Board
of Directors; Approval Rights.

 

(a)       As
of the date hereof, the Board consists of eight (8) directors, of which (i) two (2) have been designated by the Tengram Stockholders,
(ii) two (2) have been designated by the GSO Capital, and (iii) at least three (3) that are “independent directors”
within the meaning of the Nasdaq Listing Rules and other applicable securities laws (the “Independent Directors”).

 

    	 	12	 

     

    

  

(b)       For
so long as the Tengram Stockholders beneficially own in the aggregate (i) at least 50% of the outstanding shares of Common Stock
on a fully diluted basis held by such Tengram Stockholders as of the date of this Agreement (as adjusted for any stock splits,
stock dividends, recapitalizations or similar transaction), the Tengram Stockholders shall have the right to nominate for election
to the Board (or remove from the Board, as applicable) two (2) directors, which directors are, as of the date of this Agreement,
William Sweedler and Matthew Eby (collectively with their respective successors and replacements, the “Tengram Directors”)
or (ii) at least 5% of the outstanding shares of Common Stock on a fully diluted basis held by such Tengram Stockholders as of
the date of this Agreement (as adjusted for any stock splits, stock dividends, recapitalizations or similar transaction), the
Tengram Stockholders shall have the right to nominate for election to the Board (or remove from the Board, as applicable) one
(1) director. For so long as the GSO Stockholders beneficially own in the aggregate (i) at least 50% of the outstanding shares
of Common Stock on a fully diluted basis held by such GSO Stockholders as of the date of this Agreement (as adjusted for any stock
splits, stock dividends, recapitalizations or similar transaction), GSO Capital (on behalf of the GSO Stockholders) shall have
the right to nominate for election to the Board (or remove from the Board, as applicable) two (2) directors, which directors are,
as of the date of this Agreement, Randall Kessler and Robin Petrini (collectively with their respective successors and replacements,
the “GSO Directors”) or (ii) at least 5% of the outstanding shares of Common Stock on a fully diluted basis
held by such GSO Stockholders as of the date of this Agreement (as adjusted for any stock splits, stock dividends, recapitalizations
or similar transaction), GSO Capital (on behalf of the GSO Stockholders) shall have the right to nominate for election to the
Board (or remove from the Board, as applicable) one (1) director.

 

(c)       
The nominating and corporate governance committee of the Board (the “Nominating Committee”), shall consist
of one (1) Tengram Director, one (1) GSO Director and one (1) Independent Director, which Nominating Committee shall nominate
individuals for election to the Board (other than the GSO Directors or the Tengram Directors).

 

(d)       For
so long as the Tengram Stockholders beneficially own in the aggregate at least 5% of the outstanding shares of Common Stock on
a fully diluted basis held by such Tengram Stockholders as of the date of this Agreement (as adjusted for any stock splits, stock
dividends, recapitalizations or similar transaction), the Tengram Stockholders shall have the right to select one (1) member of
the Nominating Committee (or remove such member from the Nominating Committee, as applicable). For so long as the GSO Stockholders
beneficially own in the aggregate at least 5% of the outstanding shares of Common Stock on a fully diluted basis held by such
GSO Stockholders as of the date of this Agreement (as adjusted for any stock splits, stock dividends, recapitalizations or similar
transaction), GSO Capital (on behalf of the GSO Stockholders) shall have the right to select one (1) member of the Nominating
Committee (or remove such member from the Nominating Committee, as applicable).

 

(e)       Upon
the written request of the party or parties entitled to nominate any director pursuant to Section 6(b), the Stockholders shall
cause such director to be removed as a director. Upon the written request of GSO Capital to the Tengram Stockholders or the Tengram
Stockholders to GSO Capital to remove an Independent Director, the Stockholders shall take best efforts to cause such Independent
Director to be removed as a director. If at any time a vacancy is created on the Board by reason of the incapacity, death, removal,
resignation or disqualification of any director, the vacancy will be filled by another individual designated by the party or parties
entitled to nominate such director pursuant to Sections 6(b) and 6(c).

 

    	 	13	 

     

    

  

(f)       The
Stockholders agree (i) that they will not support the election of any individual as an Independent Director unless such candidate
is mutually acceptable to the Tengram Stockholders and the GSO Stockholders and (ii) that they will support the election of the
Chief Executive Officer of the Company to the Board. Each Stockholder agrees that, on and after the date hereof, it will vote,
or cause to be voted, or grant a proxy to the Corporation or its respective representatives to vote, all of the shares of Common
Stock or other voting capital stock of the Corporation beneficially owned by it with respect to which it has the right to vote
(or direct the voting) for the election of a director or directors at any meeting of stockholders of the Corporation (including
any adjournment or postponement thereof), or pursuant to any action by written consent, for the election (or removal, as applicable)
of each of the Tengram Directors, the GSO Directors, the Chief Executive Officer of the Company and, subject to the immediately
preceding sentence, each of the Independent Directors.

 

(g)       Each
Stockholder agrees that, on and after the date hereof, it will vote, or cause to be voted, or grant a proxy to the Corporation
or its respective representatives to vote, all of the shares of Common Stock or other voting capital stock of the Corporation
beneficially owned by it with respect to which it has the right to vote (or direct the voting), and to take all other actions
necessary, to ensure that the Governance Documents (a) facilitate, and do not at any time conflict with, any provision of
this Agreement and (b) permit each Stockholder to receive the benefits to which each such Stockholder is entitled under this
Agreement.

 

(h)       Each
Stockholder agrees that he, she or it will not bring, commence, institute, maintain, prosecute, participate in or voluntarily
aid any action, claim, suit or cause of action, in law or in equity, in any court or before any governmental entity that challenges
the validity of or seeks to enjoin the operation of any provision of this Agreement.

 

(i)       As
a condition to the appointment of any Stockholder’s designee to the Board in accordance with this Section 6, (x) such Person
shall provide, and the designating Stockholder shall cause (and with respect to the Independent Directors and the Chief Executive
Officer of the Corporation, the Stockholders shall mutually cause) such Person to provide, any information that the Corporation
reasonably requires, including without limitation information required to be disclosed in a proxy statement or other filing under
applicable law, stock exchange rules or listing standards, information in connection with assessing eligibility, independence
and other criteria applicable to directors or satisfying compliance and legal obligations, (y) such Person shall consent, and
the designating Stockholder shall cause (and with respect to the Independent Directors and the Chief Executive Officer of the
Corporation, the Stockholders shall mutually cause) such Person to consent, to reasonable and customary background checks, and
(z) such Person shall execute and deliver to the Corporation in accordance with Section 141(b) of the Delaware General Corporation
Law, and the designating Stockholder shall cause (and with respect to the Independent Directors and the Chief Executive Officer
of the Corporation, the Stockholders shall mutually cause) such Person to so execute and deliver, such Person’s written
resignation as a director, which resignation shall be irrevocable and shall provide that it becomes effective immediately upon
the delivery of a Resignation Request validly given in accordance with this Section 6(g). Notwithstanding anything to the contrary
set forth herein, if (i) at any time (including without limitation, following such Person’s nomination or designation but
prior to his or her appointment or election to the Board), the Corporation learns of a Disqualifying Event, then the Board or
any Stockholder other than the designating Stockholder, in their respective sole discretion, shall not be required to take any
of the actions otherwise required by Sections 6(c) or 6(d) above, as applicable, (and the Corporation shall have no corresponding
obligations with respect to such Person pursuant to this Section 6), or (ii) at any time following such Person’s appointment
to the Board, the Board or any Stockholder other than the designating Stockholder may, by notice delivered to the Corporation
and the designating Stockholder, request that such Person resign from the Board and any committees thereof (a “Resignation
Request”); provided, that for purposes of the preceding provisions of this sentence, the Tengram Stockholders shall
be deemed to be the designating Stockholder solely of the Tengram Directors and the GSO Stockholders shall be deemed to be the
designating Stockholder solely of the GSO Directors. If for any reason any such Person’s resignation shall not have become
effective immediately upon and by virtue of the delivery of a Resignation Request validly delivered in accordance with this Section
6(g), then immediately following the delivery thereof, such Person shall, and the designating Stockholder shall cause (and with
respect to the Independent Directors and the Chief Executive Officer of the Corporation, the Stockholders shall mutually cause)
such Person to, take any and all actions to resign from the Board and any committees thereof which shall be effective immediately.

 

    	 	14	 

     

    

 

(j)       For
the avoidance of doubt, with respect to any member of the Board not designated in accordance with the terms of this Section 6
shall be voted upon by all the stockholders of the Corporation entitled to vote thereon in accordance with, and pursuant to, the
Governance Documents.

 

(k)       The
obligations of each Stockholder under this Section 6 shall terminate upon the first to occur of (i) the termination of this Agreement
in accordance with Section 7(b)(iii) with respect to either the Tengram Stockholders or the GSO Stockholders (or their respective
successors and assigns) and (ii) termination by the mutual agreement of the Corporation and the Stockholders.

 

(l)       Certain
Board Approval Rights. Notwithstanding anything to the contrary contained herein or in the Governance Documents of the Corporation,
the Corporation shall refrain from taking any of the following actions unless such action has been approved by a majority of the
members of the Board, which majority must include at least one or more of the Independent Directors: (i) commencement of any liquidation,
dissolution or voluntary bankruptcy, administration, insolvency proceeding, or judicial reorganization, (ii) the consent to the
appointment or taking possession by a receiver, trustee or other custodian for all or any material portion of its property, or
(iii) otherwise seeking the protection of any applicable bankruptcy or insolvency law.

 

(m)       Special
Committee of the Board. The Company shall form a special committee (the “Special Committee”) of the Board
authorized to grant Awards (as defined in the Plan) to then-current or potential management employees of the Company, and shall
designate 1,776,500 Shares (as defined in the Plan) to be granted by the Special Committee (the “Special Committee Grants”)
in Awards. The GSO Shareholders shall appoint two (2) members of the Special Committee and the Tengram Shareholders shall appoint
one (1) member of the Special Committee. For so long as the GSO Stockholders beneficially own any shares of Common Stock, the
Company agrees and covenants it will not dissolve the Special Committee and the Company will take reasonable best efforts to ensure
the Plan (or any successor plan thereto) has at least the aggregate remaining amount of Special Committee Grants available for
award thereunder.

 

Section 7.        Miscellaneous.

 

(a)       Legends.

 

    	 	15	 

     

    

  

(i)       Legend
on Stock Certificates. Each certificate representing shares of Common Stock owned by any Stockholder (or notice sent upon
the issuance or transfer of any book-entry shares of Common Stock owned by any Stockholder) shall bear the following legend as
and to the extent required under Section 4:

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES OR BLUE SKY LAWS. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
OR AN EXEMPTION THEREFROM UNDER SAID ACT OR LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO A STOCKHOLDER
AGREEMENT DATED AS OF OCTOBER 29, 2018, AMONG THE ISSUER OF SUCH SECURITIES AND THE OTHER PARTIES NAMED THEREIN. THE TERMS OF
SUCH STOCKHOLDER AGREEMENT INCLUDE, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFER. A COPY OF SUCH AGREEMENT MAY BE OBTAINED AT
NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF PARAMETRIC SOUND CORPORATION.

 

(ii)       Legend
on Convertible Notes. Each Convertible Note owned by any Stockholder shall bear the following legend as and to the extent
required under Section 4:

 

THIS NOTE AND THE SECURITIES
ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY
NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN APPLICABLE EXEMPTION FROM REGISTRATION EVIDENCED BY (IF REQUESTED BY THE
COMPANY) AN OPINION OF COUNSEL TO THE HOLDER, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.

 

    	 	16	 

     

    

  

(b)       Termination;
Survival. This Agreement shall terminate automatically upon the earliest to occur of: (i) the dissolution of the Corporation
(unless the Corporation continues to exist after such dissolution as a limited liability company or in another form, whether incorporated
in Delaware or another jurisdiction), (ii) the termination of the Subscription Agreement prior to the consummation of the Equity
Contribution, (iii) with respect to any Stockholder, such Stockholder disposing of and ceasing to beneficially own any shares
of Common Stock and (iv) with respect to the Corporation, each Stockholder disposing of and ceasing to beneficially own any shares
of Common Stock. Notwithstanding the foregoing, the provisions of Article I, this Section 7(b), Sections 7(e), 7(h), 7(i), 7(j),
7(k), 7(m) and 7(n) and the last sentence of Section 7(g) shall survive any termination of this Agreement.

 

(c)       Specific
Performance. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically,
to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing
in their favor. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of
the provisions of this Agreement and that any party hereto may in its sole discretion apply to any court of law or equity of competent
jurisdiction for, and obtain from any such court, specific performance and/or injunctive relief (without posting any bond or other
security) in order to enforce or prevent violation of the provisions of this Agreement and shall not be required to prove irreparable
injury to such party or that such party does not have an adequate remedy at law with respect to any breach of this Agreement (each
of which elements the parties admit). The parties hereto further agree and acknowledge that each and every obligation applicable
to it contained in this Agreement shall be specifically enforceable against it and hereby waives and agrees not to assert any
defenses against an action for specific performance of their respective obligations hereunder. All rights and remedies existing
under this Agreement are cumulative to, and not exclusive of, any rights or remedies available under this Agreement or otherwise.
For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement, nothing herein shall limit or restrict
the ability of GSO Capital or any of its Affiliates to exercise any remedy available to it under the Second Lien Term Loan Facility.

 

(d)       Severability.
If any term or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or
incapable of being enforced by any rule of law or public policy, all other terms, provisions and conditions of this Agreement
shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible to the fullest extent permitted by applicable law in an acceptable manner
to the end that the transactions contemplated hereby are fulfilled to the extent possible.

 

(e)       Governing
Law; Binding Arbitration.

 

(i)       This
Agreement, and any and all transactions or actions related to or arising out of this Agreement, shall be governed by, and construed
in accordance with, the laws of the State of Delaware, applicable to contracts executed in and to be performed entirely within
that State, without regard to conflict of law principles.

 

    	 	17	 

     

    

  

(ii)       Any
dispute, claim or controversy arising out of or relating to this Agreement that cannot be resolved amicably by the parties, including
the scope or applicability of this agreement to arbitrate, shall be determined by binding arbitration pursuant to Section 349
of the Rules of the Court of Chancery of the State of Delaware if it is eligible for such arbitration. If the dispute claim or
controversy is not eligible for such arbitration, it shall be settled by arbitration administered by the American Arbitration
Association (the “AAA”) in accordance with its Commercial Rules and judgment on the award rendered by the arbitrator
may be entered in any court having jurisdiction thereof. Any AAA arbitration proceeding shall be conducted in the State of Delaware.
The AAA arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or
grant, including the issuance of an injunction or other equitable relief. However, any party may, without inconsistency with this
arbitration provision, apply to any court having jurisdiction hereof and seek interim provisional, injunctive or other equitable
relief until the arbitration award is rendered or the controversy is otherwise resolved. Except as necessary in court proceedings
to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator
may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties.

 

(iii)       JURY
TRIAL. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT.

 

(f)       Stock
Dividends, Etc. The provisions of this Agreement shall apply to any and all shares of capital stock of the Corporation or
any successor or assignee of the Corporation (whether by merger, consolidation, sale of assets or otherwise) which may be issued
in respect of, in exchange for or in substitution for the shares of Stock, by reason of any stock dividend, split, reverse split,
combination, recapitalization, reclassification, merger, consolidation or otherwise in such a manner and with such appropriate
adjustments as to reflect the intent and meaning of the provisions hereof and so that the rights, privileges, duties and obligations
hereunder shall continue with respect to the capital stock of the Corporation as so changed.

 

(g)       Benefits
of Agreement. This Agreement shall be binding upon and inure to the benefit of the Corporation and its successors and assigns
and each Stockholder and each of their respective permitted assigns, legal representatives, heirs and beneficiaries. Except as
otherwise expressly provided herein, no Person not a party to this Agreement, as a third-party beneficiary or otherwise, shall
be entitled to enforce any rights or remedies under this Agreement. For the avoidance of doubt, HPS and Ares are third-party beneficiaries
of this Agreement.

 

(h)       Notices.
All notices or other communications which are required or permitted hereunder shall be in writing and shall be deemed to have
been given if (a) personally delivered or sent by electronic mail in portable document (or similar) format, (b) sent by nationally
recognized overnight courier or (c) sent by registered or certified mail, postage prepaid, return receipt requested, addressed
as follows:

 

    	 	18	 

     

    

 

(i)       If
to the Corporation, to:

 

	 	 	Differential Brands Group Inc.
	 	 	1231 South Gerhant Avenue
	 	 	Commerce, CA 30022
	 	 	Attention: Lori Nembirkow
	 	 	E-mail: lori@differentialbrandsgroup.com
	 	 	 
	 	with a copy to (which shall not constitute notice):
	 	 	 
	 	 	Tengram Capital Partners
	 	 	600 Fifth Avenue, 27th Floor
	 	 	New York, NY 10020
	 	 	Attention: General Counsel
	 	 	E-mail: atarshis@tengramcapital.com
	 	 	 
	 	 	and
	 	 	 
	 	 	Dechert LLP
	 	 	1095 Avenue of the Americas
	 	 	New York, New York 10036
	 	 	Attention:  Nazim Zilkha and Gareth Clark
	 	 	E-mail:  nzilkha@dechert.com and gareth.clark@dechert.com

 

(ii)       If
to any Stockholder, to such Stockholder’s address set forth on such Stockholder’s page hereto.

 

Any such communication
shall be deemed to have been received (a) when delivered, if personally delivered or sent by electronic mail, (b) the next Business
Day after delivery, if sent by nationally recognized, overnight courier and (c) on the third (3rd) Business Day following the
date on which the piece of mail containing such communication is posted, if sent by first-class mail.

 

(i)       Modification;
Waiver. This Agreement may be amended, modified or supplemented only by a written instrument duly executed by the Corporation
and each Stockholder. No course of dealing between the Corporation and any Stockholder or any delay in exercising any rights hereunder
will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions
of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter
to enforce each and every provision of this Agreement in accordance with its terms.

 

(j)       Entire
Agreement. Except as otherwise expressly provided herein, this Agreement constitutes the entire agreement among the parties
pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of the parties
in connection therewith. Unless otherwise provided herein, any consent required by the Corporation may be withheld by the Corporation
in its sole discretion. Each of the parties to this Agreement hereby acknowledge and agree that such party has undertaken its
own due diligence and, in entering into this Agreement and the transactions contemplated hereby, has not relied any representation
or warranty from any party hereto or any other person other than those expressly set forth in this Agreement, and each party hereto
expressly disclaims reliance on any such representation or warranty.

 

    	 	19	 

     

    

  

(k)       Counterparts.
This Agreement may be executed in counterparts (each of which shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement) and shall become effective when one or more counterparts have been signed by each
of the parties and delivered to the other parties. The failure of any Stockholder to execute this Agreement does not make it invalid
as against any other Stockholder.

 

(l)       Further
Assurances. Each party hereto shall do and perform or cause to be done and performed all such further acts and things and
shall execute and deliver all such other agreements, certificates, instruments and other documents as any other party hereto reasonably
may request in order to carry out the provisions of this Agreement and the consummation of the transactions contemplated hereby.

 

(m)       Director
and Officer Actions; No Liability for Election of Designated Directors. Each Stockholder acknowledges and agrees that no director
or officer of the Corporation shall be personally liable to the Corporation or any Stockholder as a result of any acts or omissions
taken (in such director’s or officer’s capacity as a director or officer, respectively) under this Agreement in good
faith, and the Stockholders further covenant not to bring any action, suit or proceeding against any such director or officer
in connection with such acts or omissions. No Stockholder, nor any Affiliate of any Stockholder, shall have any liability as a
result of designating a person for election as a director for any act or omission by such designated Person in his or her capacity
as a director of the Corporation, nor shall any Stockholder have any liability as a result of voting for any such designee in
accordance with the provisions of this Agreement.

 

(n)       Disclaimer
of Corporate Opportunity Doctrine.

 

(i)       In
recognition and anticipation that (A) certain directors, principals, officers, employees and/or other representatives of the GSO
Stockholders and the Tengram Stockholders (the “Sponsors”) and their respective Affiliates may serve as directors,
officers or agents of the Corporation, (B) the Sponsors and their respective Affiliates may now engage and may continue to engage
in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may
engage and/or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly,
may engage, and (C) members of the Board who are not employees of the Corporation (the “Non-Employee Directors”)
and their respective Affiliates may now engage and may continue to engage in the same or similar activities or related lines of
business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap with
or compete with those in which the Corporation, directly or indirectly, may engage, the provisions of this Section 7(n) are set
forth to regulate and define the conduct of certain affairs of the Corporation with respect to certain classes or categories of
business opportunities as they may involve any of the Sponsors, the Non-Employee Directors or their respective Affiliates and
the powers, rights, duties and liabilities of the Corporation and its directors, officers and stockholders in connection therewith.

 

    	 	20	 

     

    

  

(ii)       None
of (A) the Sponsors or any of their respective Affiliates or (B) any Non-Employee Director (including any Non-Employee Director
who serves as an officer of the Corporation in both his or her director and officer capacities) or his or her Affiliates (the
Persons identified in (A) and (B) above being referred to, collectively, as “Identified Persons” and, individually,
as an “Identified Person”) shall, to the fullest extent permitted by law, have any duty to refrain from directly
or indirectly (1) engaging in the same or similar business activities or lines of business in which the Corporation or any of
its Affiliates now engages or proposes to engage or (2) otherwise competing with the Corporation or any of its Affiliates, and,
to the fullest extent permitted by law, no Identified Person shall be liable to the Corporation or its stockholders or to any
Affiliate of the Corporation for breach of any fiduciary duty solely by reason of the fact that such Identified Person engages
in any such activities. To the fullest extent permitted by law, the Corporation hereby renounces any interest or expectancy in,
or right to be offered an opportunity to participate in, any business opportunity that may be a corporate opportunity for an Identified
Person and the Corporation or any of its Affiliates, except as provided in Section 9(n)(iii). Subject to Section 7(n)(iii), in
the event that any Identified Person acquires knowledge of a potential transaction or other business opportunity that may be a
corporate opportunity for itself, herself or himself and the Corporation or any of its Affiliates, such Identified Person shall,
to the fullest extent permitted by law, have no duty to communicate or offer such transaction or other business opportunity to
the Corporation or any of its Affiliates and, to the fullest extent permitted by law, shall not be liable to the Corporation or
its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty as a stockholder, director or officer
of the Corporation solely by reason of the fact that such Identified Person pursues or acquires such corporate opportunity for
itself, herself or himself, or offers or directs such corporate opportunity to another Person.

 

(iii)       The
Corporation does not renounce its interest in any corporate opportunity offered to any Non-Employee Director (including any Non-Employee
Director who serves as an officer of this Corporation) if such opportunity is expressly offered to such person solely in his or
her capacity as a director or officer of the Corporation, and the provisions of Section 7(n)(ii) shall not apply to any such corporate
opportunity.

 

(iv)       In
addition to and notwithstanding the foregoing provisions of this Section 7(n), a corporate opportunity shall not be deemed to
be a potential corporate opportunity for the Corporation if it is a business opportunity that (i) the Corporation is neither financially
or legally able, nor contractually permitted to undertake, (ii) from its nature, is not in the line of the Corporation’s
business or is of no practical advantage to the Corporation or (iii) is one in which the Corporation has no interest or reasonable
expectancy.

 

(v)       To
the fullest extent permitted by law, any Person purchasing or otherwise acquiring any interest in any shares of capital stock
of the Corporation shall be deemed to have notice of and to have consented to the provisions of this Article IX.

 

(vi)       The
Board’s adoption of the resolutions authorizing the Corporation’s entry into this Agreement shall be deemed to constitute,
and shall constitute, the resolution of the Board approving the renunciation of corporate opportunities provided for in clauses
(i) through (v) of this Section 7(n) for all purposes, including under Section 122(17) of the Delaware General Corporation Law.

 

    	 	21	 

     

    

 

(o)       Sophisticated
Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges that he, she or it (i) is a knowledgeable,
informed, sophisticated Person capable of understanding and evaluating the provisions set forth in this Agreement, (ii) has been
fully advised and represented by legal counsel of his, her or its own independent selection and has relied wholly upon his, her
or its independent judgment and the advice of such counsel in negotiating and entering into this Agreement, (iii) has carefully
read and fully understands all of the terms of this Agreement, and (iv) is under no disability or impairment that affects its,
his or her decision to sign this Agreement and he, she or it knowingly and voluntarily intends to be legally bound by this Agreement.
Each Stockholder agrees it will not bring, commence, institute, maintain, prosecute, participate in or voluntarily aid any action,
claim, suit or cause of action, in law or in equity, in any court or before any governmental entity, that challenges the validity
of or seeks to enjoin the operation of any provision of this Agreement.

 

(p)       No
Disclosure, Publicity. The GSO Stockholders shall have the right to review and approve (not to be unreasonably withheld or
delayed), in advance, any portions of previously undisclosed public materials, press releases, public advertisements and public
disclosures of the Corporation that contain the GSO Stockholders’ or any of their affiliates’ names or describe GSO
Capital’s financing commitment; provided that no such right to review and approve shall be required with respect
to any disclosure required to be made pursuant to applicable law or, for the avoidance of doubt, any disclosures made, with a
prior opportunity to review and discuss such filings (to the extent reasonably practicable), in filings with the Securities and
Exchange Commission and other applicable regulatory authorities and stock exchanges.

 

(q)       Interpretation.
In the event that the consent of the Tengram Stockholders or the GSO Stockholders is required with respect to any action hereunder,
such consent shall be satisfied by the consent of holders of a majority of the Restriction Shares held as of the date of determination
by all Tengram Stockholders or all GSO Stockholders, respectively.

 

*       *       *       *

 

    	 	22	 

     

    

 

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

 

CORPORATION:

 

	By:	/s/ Lori Nembirkow	 
	 	 	 
	Name:	Lori Nembirkow	 
	Title:	Secretary	 

 

     

     

    

 

TENGRAM STOCKHOLDERS:

 

TCP DENIM, LLC

 

	By:	/s/ William Sweedler	 
	 	 	 
	Name:	William Sweedler	 
	Title:	Co-Managing Member of Tengram Capital	 
	 	Associates II, LLC, as general partner of	 
	 	Tengram Capital Partners Fund II, L.P., as	 
	 	sole member of TCP Denim, LLC	 

 

		Address: 
	 	 
	 	TCP Denim, LLC
	 	c/o Tengram Capital Partners
	 	15 Riverside Avenue, First Floor
	 	Westport, CT 06880
	 	Attention: Andrew R. Tarshis
	 	Facsimile: (203) 454-6998
	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	Dechert LLP
	 	1095 Avenue of the Americas
	 	New York, New York 10036
	 	Attention: Nazim Zilkha and Gareth Clark
	 	E-mail: nzilkha@dechert.com and gareth.clark@dechert.com

 

     

     

    

 

TENGRAM CAPITAL PARTNERS FUND
II, L.P. 

 

	By:	/s/ William Sweedler	 
	 	 	 
	Name:	William Sweedler	 
	 	 	 
	Title:	Co-Managing Member of Tengram Capital	 
	 	Associates II, LLC, as general partner of	 
	 	Tengram Capital Partners Fund II, L.P.	 

 

		Address: 
	 	 
	 	Tengram Capital Partners Fund II, L.P.
	 	c/o Tengram Capital Partners
	 	15 Riverside Avenue, First Floor
	 	Westport, CT 06880
	 	Attention: Andrew R. Tarshis
	 	 
	 	Facsimile: (203) 454-6998
	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	Dechert LLP
	 	1095 Avenue of the Americas
	 	New York, New York 10036
	 	Attention: Nazim Zilkha and Gareth Clark
	 	E-mail: nzilkha@dechert.com and gareth.clark@dechert.com

 

     

     

    

 

TENGRAM CAPITAL PARTNERS
GEN2 FUND, L.P.

 

	By:	/s/ William Sweedler	 
	 	 	 
	Name:	William Sweedler	 
	 	 	 
	Title:	Co-Managing Member of Tengram Capital	 
	 	Associates, LLC, as general partner of	 
	 	Tengram Capital Partners Gen2 Fund, L.P.	 

 

		Address: 
	 	 
	 	Tengram Capital Partners Gen2 Fund, L.P.
	 	c/o Tengram Capital Partners
	 	15 Riverside Avenue, First Floor
	 	Westport, CT 06880
	 	Attention: Andrew R. Tarshis
	 	Facsimile: (203) 454-6998
	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	Dechert LLP
	 	1095 Avenue of the Americas
	 	New York, New York 10036
	 	Attention: Nazim Zilkha and Gareth Clark
	 	E-mail: nzilkha@dechert.com and gareth.clark@dechert.com

 

     

     

    

  

TENGRAM CAPITAL ASSOCIATES, LLC

 

	By:	/s/ William Sweedler	 
	 	 	 
	Name:	William Sweedler	 
	 	 	 
	Title:	Co-Managing Member	 

 

		Address: 
	 	 
	 	Tengram Capital Associates, LLC
	 	c/o Tengram Capital Partners
	 	15 Riverside Avenue, First Floor
	 	Westport, CT 06880
	 	Attention: Andrew R. Tarshis
	 	Facsimile: (203) 454-6998
	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	Dechert LLP
	 	1095 Avenue of the Americas
	 	New York, New York 10036
	 	Attention: Nazim Zilkha and Gareth Clark
	 	E-mail: nzilkha@dechert.com and gareth.clark@dechert.com

 

     

     

    

  

RG II BLOCKER, LLC 

 

	By:	/s/ William Sweedler	 
	 	 	 
	Name:	William Sweedler	 
	 	 	 
	Title:	Member	 

 

		Address: 
	 	 
	 	RG II Blocker, LLC
	 	c/o Tengram Capital Partners
	 	15 Riverside Avenue, First Floor
	 	Westport, CT 06880
	 	Attention: Andrew R. Tarshis
	 	Facsimile: (203) 454-6998
	 	 
	 	with a copy to (which shall not constitute notice):
	 	 
	 	Dechert LLP
	 	1095 Avenue of the Americas
	 	New York, New York 10036
	 	Attention: Nazim Zilkha and Gareth Clark
	 	E-mail: nzilkha@dechert.com and gareth.clark@dechert.com

 

     

     

    

 

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

 

STOCKHOLDER:

 

	GSO Capital Opportunities Fund III LP
	By: GSO Capital Opportunities Associates III LLC, its general partner

 

	By:	/s/ Marisa J. Beeney	 
	 	Name: Marisa J. Beeney	 
	 	Title: Authorized Signatory	 

 

	Address:	c/o GSO Capital Partners LP
	 	345 Park Avenue, 31st Floor
	 	New York, NY 10154
	 	Email: GSOAssetServicing@Blackstone.com; GSOTreasury@Blackstone.com

 

     

     

    

 

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

 

STOCKHOLDER:

 

	GSO CSF III Holdco LP
	By: GSO Capital Solutions Associates III LP, its general partner
	By: GSO Capital Solutions Associates III (Delaware) LLC, its general partner

 

	By:	/s/ Marisa J. Beeney	 
	 	Name: Marisa J. Beeney	 
	 	Title: Authorized Signatory	 

 

	Address:	c/o GSO Capital Partners LP
	 	345 Park Avenue, 31st Floor
	 	New York, NY 10154
	 	Email: GSOAssetServicing@Blackstone.com; GSOTreasury@Blackstone.com

 

     

     

    

 

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

 

STOCKHOLDER:

 

	GSO Aiguille des Grands Montets Fund II LP
	By: GSO Capital Partners LP, as attorney-in-fact

 

	By:	/s/ Marisa J. Beeney	 
	 	Name: Marisa J. Beeney	 
	 	Title: Authorized Signatory	 

 

	Address:	c/o GSO Capital Partners LP
	 	345 Park Avenue, 31st Floor
	 	New York, NY 10154
	 	Email: GSOAssetServicing@Blackstone.com; GSOTreasury@Blackstone.com

 

     

     

    

 

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

 

STOCKHOLDER:

 

	GSO Credit Alpha II Trading (Cayman) LP
	By: GSO Credit Alpha Associates II LP, its general partner
	By: GSO Credit Alpha Associates II (Delaware) LLC, its general partner

 

	By:	/s/ Marisa J. Beeney	 
	 	Name: Marisa J. Beeney	 
	 	Title: Authorized Signatory	 

 

	Address:	c/o GSO Capital Partners LP
	 	345 Park Avenue, 31st Floor
	 	New York, NY 10154
	 	Email: GSOAssetServicing@Blackstone.com; GSOTreasury@Blackstone.com

 

     

     

    

 

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

 

STOCKHOLDER:

 

	GSO Harrington Credit Alpha Fund (Cayman) L.P.
	By: GSO Harrington Credit Alpha Associates L.L.C., its general partner

 

	By:	/s/ Marisa J. Beeney	 
	 	Name: Marisa J. Beeney	 
	 	Title: Authorized Signatory	 

 

	Address:	c/o GSO Capital Partners LP
	 	345 Park Avenue, 31st Floor
	 	New York, NY 10154
	 	Email: GSOAssetServicing@Blackstone.com; GSOTreasury@Blackstone.com

 

     

     

    

 

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

 

STOCKHOLDER:

 

BTO LEGEND HOLDINGS L.P. 

	By:	BTO Holdings Manager L.L.C., its General Partner
	By:	Blackstone Tactical Opportunities Associates L.L.C., its Managing Member
	By:	BTOA L.L.C., its Sole Member

 

	By:	/s/ Christopher J. James	 
	 	Name: Christopher J. James	 
	 	Title:   Authorized Person	 

 

	Address:	c/o Tactical Opportunities
	 	345 Park Avenue, 16th Floor
	 	New York, NY 10154
	 	Email: TacOppsOperations@Blackstone.com

 

     

     

    

 

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

 

STOCKHOLDER:

 

	BLACKSTONE FAMILY TACTICAL OPPORTUNITIES 
	INVESTMENT PARTNERSHIP III (Cayman) – NQ – ESC L.P.
	 	 
	By:    BTO GP – NQ L.L.C., its General Partner	 

 

	By:	/s/ Christopher J. James	 
	 	Name: Christopher J. James	 
	 	Title:   Authorized Person	 

 

	Address:	c/o Tactical Opportunities
	 	345 Park Avenue, 16th Floor
	 	New York, NY 10154
	 	Email: TacOppsOperations@Blackstone.com

 

     

     

    

  

EXHIBIT
A

 

GSO Stockholders

 

 

	GSO Stockholder	 	Shares of
    Common Stock Received in
  Connection with the Second Lien Term Loan

Facility	 
	GSO Capital Opportunities Fund III LP	 	 	8,243,316	 
	GSO CSF III Holdco LP	 	 	7,319,476	 
	GSO Aiguille des Grands Montets Fund II LP	 	 	99,509	 
	GSO Credit Alpha II Trading (Cayman) LP	 	 	706,570	 
	GSO Harrington Credit Alpha Fund (Cayman) L.P.	 	 	117,762	 
	BTO Legend Holdings L.P.	 	 	6,558,078	 
	Blackstone Family Tactical Opportunities Investment Partnership III (Cayman) – NQ – ESC L.P.	 	 	49,790	 

 

     

     

    

 

EXHIBIT
B

 

Subscription
Agreement

 

[Attached.]

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