Document:

Exhibit
4.8.2

 

SECURED
CONVERTIBLE PROMISSORY NOTE 

 

	Effective
    Date: May 13, 2019	U.S.
    $3,320,000.00

 

FOR
VALUE RECEIVED, Naked Brand Group Limited, an Australia corporation (“Borrower”),
promises to pay to St. George Investments LLC, a Utah limited partnership, or its
successors or assigns (“Lender”), $3,320,000.00 and any interest, fees, charges, and late fees accrued hereunder
on the date (the “Maturity Date”) that is eighteen (18) months after the date first written above (the “Effective
Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding Balance at the rate of ten
percent (10%) per annum from the Effective Date until the same is paid in full. All interest calculations hereunder shall be computed
on the basis of a 360-day year comprised of twelve (12) thirty (30) day months, shall compound daily and shall be payable in accordance
with the terms of this Note. This Note is issued pursuant to that certain Securities Purchase Agreement dated May 13, 2019, as
the same may be amended from time to time, by and between Borrower and Lender (the “Purchase Agreement”). Certain
capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference.

 

This
Note carries an OID of $300,000.00. In addition, Borrower agrees to pay $20,000.00 to Lender to cover Lender’s legal fees,
accounting costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of this
Note (the “Transaction Expense Amount”), all of which amount is fully earned and included in the initial principal
balance of this Note. The purchase price for this Note shall be $3,000,000.00 (the “Purchase Price”), computed
as follows: $3,320,000.00 original principal balance, less the OID, less the Transaction Expense Amount. The Purchase Price shall
be payable by Lender by wire transfer of immediately available funds.

 

1.
Payment; Prepayment.

 

1.1.
Payment. All payments owing hereunder shall be in lawful money of the United States of America or Conversion Shares (as
defined below), as provided for herein, and delivered to Lender at the address or bank account furnished to Borrower for that
purpose. All payments shall be applied first to (a) costs of collection, if any, then to (b) fees and charges, if any, then to
(c) accrued and unpaid interest, and thereafter, to (d) principal.

 

1.2.
Prepayment. Notwithstanding the foregoing, Borrower shall have the right to prepay all or any portion of the Outstanding
Balance (less such portion of the Outstanding Balance for which Borrower has received a Conversion Notice (as defined below) from
Lender where the applicable Conversion Shares have not yet been delivered). If Borrower exercises its right to prepay this Note,
Borrower shall make payment to Lender of an amount in cash equal to 115% multiplied by the portion of the Outstanding Balance
Borrower elects to prepay.

 

2.
Security; Subordination. This Note is secured by all of Borrower’s assets pursuant to that certain Security Agreement
of even date herewith (the “Security Agreement”), executed by Borrower in favor of Lender, all the terms and
conditions of which are hereby incorporated into and made a part of this Note. This Note is subject in all respects to the Subordination
Deed (as defined in the Purchase Agreement).

 

    	 

    	 

    

 

3.
Lender Optional Conversion.

 

3.1.
Conversions. Lender has the right at any time after the Effective Date until the Outstanding Balance has been paid in full,
at its election, to convert (“Conversion”) all or any portion of the Outstanding Balance into shares (“Conversion
Shares”) of fully paid and non-assessable ordinary shares, no par value per share (“Ordinary Shares”),
of Borrower as per the following conversion formula: the number of Conversion Shares equals the amount being converted (the “Conversion
Amount”) divided by the Conversion Price (as defined below). Conversion notices in the form attached hereto as Exhibit
A (each, a “Conversion Notice”) may be effectively delivered to Borrower by any method set forth in the
“Notices” Section of the Purchase Agreement, and all Conversions shall be cashless and not require further payment
from Lender. Borrower shall deliver the Conversion Shares from any Conversion to Lender in accordance with Section 9 below.

 

3.2.
Conversion Price. Subject to adjustment as set forth in this Note, the price at which Lender has the right to convert all
or any portion of the Outstanding Balance into Ordinary Shares is $0.90 per Ordinary Share (the “Conversion Price”).

 

4.
Defaults and Remedies.

 

4.1.
Defaults. The following are events of default under this Note (each, an “Event of Default”): (a) Borrower
fails to pay (i) the Outstanding Balance at the Maturity Date, (ii) any Redemption Amount when due and payable, or (iii) any other
principal, interest, fees, charges, or any other amount within five (5) days of when due and payable hereunder (for the avoidance
of doubt, the foregoing five (5) day cure period only applies to clause (iii); (b) Borrower fails to deliver any Conversion Shares
within two (2) Trading Days of when due hereunder or otherwise fails to deliver any Conversion Shares in accordance with the terms
hereof; (c) a receiver, trustee or other similar official shall be appointed over Borrower or a material part of its assets and
such appointment shall remain uncontested for twenty (20) days or shall not be dismissed or discharged within sixty (60) days;
(d) Borrower becomes insolvent or generally fails to pay, or admits in writing its inability to pay, its debts as they become
due, subject to applicable grace periods, if any; (e) Borrower makes a general assignment for the benefit of creditors; (f) Borrower
files a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign); (g) an involuntary bankruptcy
proceeding is commenced or filed against Borrower and such proceeding shall remain uncontested for twenty (20) days or shall not
be dismissed or discharged within sixty (60) days; (h) Borrower or any pledgor, trustor, or guarantor of this Note defaults or
otherwise fails to observe or perform any material covenant, obligation, condition or agreement of Borrower or such pledgor, trustor,
or guarantor contained herein or in any other Transaction Document (as defined in the Purchase Agreement), other than those specifically
set forth in this Section 4.1 and Section 4 of the Purchase Agreement; (i) any representation, warranty or other statement made
or furnished by or on behalf of Borrower or any pledgor, trustor, or guarantor of this Note to Lender herein, in any Transaction
Document, or otherwise in connection with the issuance of this Note is false, incorrect, incomplete or misleading in any material
respect when made or furnished; (j) the occurrence of a Fundamental Transaction without Lender’s prior written consent;
(k) Borrower effectuates a reverse split of its Ordinary Shares without ten (10) Trading Days prior written notice to Lender;
(l) any money judgment, writ or similar process is entered or filed against Borrower or any subsidiary of Borrower or any of its
property or other assets for more than $500,000.00, and shall remain unvacated, unbonded or unstayed for a period of twenty (20)
calendar days unless otherwise consented to by Lender; (m) Borrower fails to be DWAC Eligible; (n) Borrower fails to observe or
perform any covenant set forth in Section 4 of the Purchase Agreement (other than the covenant with respect to Restricted Issuances);
(o) Borrower makes any Restricted Issuance without Lender’s prior written consent; or (p) Borrower, any affiliate of Borrower,
or any pledgor, trustor, or guarantor of this Note breaches any covenant or other term or condition contained in any Other Agreements.
Notwithstanding the foregoing, the occurrence of any of the events specified in Section 4.1(h) – (p) above shall not be
considered an Event of Default if cured within thirty (30) days of the occurrence of such event.

 

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4.2.
Remedies. At any time and from time to time after Lender becomes aware of the occurrence of any Event of Default, Lender
may accelerate this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash
at the Mandatory Default Amount. Notwithstanding the foregoing, at any time following the occurrence of any Event of Default,
Lender may, at its option, elect to increase the Outstanding Balance by applying the Default Effect (subject to the limitation
set forth below) via written notice to Borrower without accelerating the Outstanding Balance, in which event the Outstanding Balance
shall be increased as of the date of the occurrence of the applicable Event of Default pursuant to the Default Effect, but the
Outstanding Balance shall not be immediately due and payable unless so declared by Lender (for the avoidance of doubt, if Lender
elects to apply the Default Effect pursuant to this sentence, it shall reserve the right to declare the Outstanding Balance immediately
due and payable at any time and no such election by Lender shall be deemed to be a waiver of its right to declare the Outstanding
Balance immediately due and payable as set forth herein unless otherwise agreed to by Lender in writing). Notwithstanding the
foregoing, upon the occurrence of any Event of Default described in clauses (c), (d), (e), (f) or (g) of Section 4.1, the Outstanding
Balance as of the date of acceleration shall become immediately and automatically due and payable in cash at the Mandatory Default
Amount, without any written notice required by Lender. At any time following the occurrence of any Event of Default, upon written
notice given by Lender to Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable Event
of Default occurred at an interest rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted
under applicable law (“Default Interest”). For the avoidance of doubt, Lender may continue making Conversions
at any time following an Event of Default until such time as the Outstanding Balance is paid in full. In connection with acceleration
described herein, except as described herein, Lender need not provide, and Borrower hereby waives, any presentment, demand, protest
or other notice of any kind, and Lender may immediately and without expiration of any grace period enforce any and all of its
rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded
and annulled by Lender at any time prior to payment hereunder and Lender shall have all rights as a holder of the Note until such
time, if any, as Lender receives full payment pursuant to this Section 4.2. No such rescission or annulment shall affect any subsequent
Event of Default or impair any right consequent thereon. Nothing herein shall limit Lender’s right to pursue any other remedies
available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with
respect to Borrower’s failure to timely deliver Conversion Shares upon Conversion of the Note as required pursuant to the
terms hereof.

 

5.
Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable
obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset
it now has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments or Conversions called
for herein in accordance with the terms of this Note.

 

6.
Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the
party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other
provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in
writing.

 

7.
Adjustment of Conversion Price upon Subdivision or Combination of Ordinary Shares. Without limiting any provision hereof,
if Borrower at any time on or after the Effective Date subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding Ordinary Shares into a greater number of shares, the Conversion Price in effect immediately
prior to such subdivision will be proportionately reduced. Without limiting any provision hereof, if Borrower at any time on or
after the Effective Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding Ordinary
Shares into a smaller number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately
increased. Any adjustment pursuant to this Section 7 shall become effective immediately after the effective date of such subdivision
or combination.

 

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8.
Borrower Redemptions. Beginning on the date that is seven (7) months from the Effective Date and at any time thereafter
until this Note is paid in full, Lender shall have the right to cause the Borrower to redeem any portion of the Note (the amount
of each exercise, the “Redemption Amount”) up the Maximum Monthly Redemption Amount in any given calendar month
by providing written notice (each, a “Redemption Notice”) delivered to Borrower by facsimile, email, mail,
overnight courier, or personal delivery. Upon receipt of any Redemption Notice, Borrower shall pay the applicable Redemption Amount
in cash to Lender within three (3) Trading Days of Borrower’s receipt of such Redemption Notice (the “Redemption
Amount Payment Date”). For the avoidance of doubt, in the event Borrower fails to pay any Redemption Amount to Lender
by the applicable Redemption Amount Payment Date for any reason, including, but not limited to, Borrower’s inability to
make such payment in cash as a result of its payment restrictions or other obligations under the Subordination Deed, such failure
to pay the Redemption Amount shall still be considered an Event of Default hereunder.

 

9.
Method of Conversion Share Delivery. On or before the close of business on the third (3rd) Trading Day following
the date of delivery of a Conversion Notice (the “Delivery Date”), Borrower shall, provided it is DWAC Eligible
at such time, deliver or cause its transfer agent to deliver the applicable Conversion Shares electronically via DWAC to the account
designated by Lender in the applicable Conversion Notice. If Borrower is not DWAC Eligible, it shall deliver to Lender or its
broker (as designated in the Conversion Notice), via reputable overnight courier, a certificate representing the number of Ordinary
Shares equal to the number of Conversion Shares to which Lender shall be entitled, registered in the name of Lender or its designee.
For the avoidance of doubt, Borrower has not met its obligation to deliver Conversion Shares by the Delivery Date unless Lender
or its broker, as applicable, has actually received the certificate representing the applicable Conversion Shares no later than
the close of business on the relevant Delivery Date pursuant to the terms set forth above. Moreover, and notwithstanding anything
to the contrary herein or in any other Transaction Document, in the event Borrower or its transfer agent refuses to deliver any
Conversion Shares without a restrictive securities legend to Lender on grounds that such issuance is in violation of Rule 144
under the Securities Act of 1933, as amended (“Rule 144”), Borrower shall deliver or cause its transfer agent
to deliver the applicable Conversion Shares to Lender with a restricted securities legend, but otherwise in accordance with the
provisions of this Section 9. In conjunction therewith, Borrower will also deliver to Lender a written explanation from its counsel
or its transfer agent’s counsel explaining why the issuance of the applicable Conversion Shares violates Rule 144. The Lender
acknowledges that the Conversion Shares shall bear a legend so long as the applicable holding period under Rule 144 has not been
met or any other conditions of Rule 144, including the requirement for current public information to be available, would apply
to sale of the Conversion Shares.

 

10.
Conversion Delays. If Borrower fails to deliver Conversion Shares in accordance with the timeframe stated in Section 9,
Lender may at any time prior to receiving the applicable Conversion Shares rescind in whole or in part such Conversion, with a
corresponding increase to the Outstanding Balance (any returned amount will tack back to the Effective Date for purposes of determining
the holding period under Rule 144). In addition, for each Conversion, in the event that Conversion Shares are not delivered by
the third (3rd) Trading Day (inclusive of the day of the Conversion), a late fee equal to 2% of the applicable Conversion
Share Value rounded to the nearest multiple of $100.00 but with a floor of $500.00 per day (but in any event the cumulative amount
of such late fees for each Conversion shall not exceed 100% of the applicable Conversion Share Value) will be assessed for each
day after the fifth (5th) Trading Day (inclusive of the day of the Conversion) until Conversion Share delivery is made;
and such late fee will be added to the Outstanding Balance (such fees, the “Conversion Delay Late Fees”)

 

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11.
Approved Restricted Issuance. The Outstanding Balance will automatically be increased by five percent (5%) for each Approved
Restricted Issuance made by Borrower (without the need for Lender to provide any notice to Borrower of such increase), if and
only if such Approved Restricted Issuance provides for the issuance of Ordinary Shares upon conversion, exchange or exercise at
a price that is based upon and/or varies with the trading prices of or quotations for the Ordinary Shares or that is subject to
being reset at some future date after the Restricted Issuance or upon the occurrence of specified or contingent events directly
or indirectly related to the business of the Company or the market for the Ordinary Shares, which increase will be effective as
of the date of each applicable Approved Restricted Issuance.

 

12.
Restriction on Equity Sales. If at any time after the date that is six (6) months from the Purchase Price Date, Borrower
is unable to issue Ordinary Shares to Lender as result of any lock-up or other agreement or restriction prohibiting the issuance
of Ordinary Shares for a certain period of time (the “Lock-Up”), then, at Lender’s option, the Outstanding
Balance will be increased by three percent (3%) for each thirty (30) day period that Borrower is prohibited from issuing Ordinary
Shares (which increase shall be pro-rated for any partial period). For the avoidance of doubt, if Lender elects to increase the
Outstanding Balance as set forth in the previous sentence, Lender shall be deemed to have waived its right to call an Event of
Default for failure to deliver Conversion Shares as a result of the Lock-Up.

 

13.
Ownership Limitation. Notwithstanding anything to the contrary contained in this Note or the other Transaction Documents,
Borrower shall not effect any conversion of this Note to the extent that after giving effect to such conversion would cause Lender
(together with its affiliates) to beneficially own a number of shares exceeding 4.99% of the number of Ordinary Shares outstanding
on such date (including for such purpose the Ordinary Shares issuable upon such issuance) (the “Maximum Percentage”).
For purposes of this section, beneficial ownership and the percentage of beneficial ownership of Ordinary Shares will be determined
pursuant to Section 13(d) of the 1934 Act. Notwithstanding the forgoing, the term “4.99%” above shall be replaced
with “9.99%” at such time as the Market Capitalization is less than $10,000,000.00. Notwithstanding any other provision
contained herein, if the term “4.99%” is replaced with “9.99%” pursuant to the preceding sentence, such
increase to “9.99%” shall remain at 9.99% until increased, decreased or waived by Lender as set forth below. By written
notice to Borrower, Lender may increase, decrease or waive the Maximum Percentage, up to a maximum of 9.99%, but any such waiver
will not be effective until the 61st day after delivery thereof. The foregoing 61-day notice requirement is enforceable, unconditional
and non-waivable and shall apply to all affiliates and assigns of Lender.

 

14.
Opinion of Counsel. In the event that an opinion of counsel is needed for any matter related to this Note, Lender has the
right to have any such opinion provided by its counsel, provided such counsel is reasonably acceptable to Borrower.

 

15.
Governing Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Purchase
Agreement to determine the proper venue for any disputes are incorporated herein by this reference.

 

16.
Arbitration of Disputes. By its issuance or acceptance of this Note, each party agrees to be bound by the Arbitration Provisions
(as defined in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

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17.
Cancellation. After repayment or conversion of the entire Outstanding Balance, this Note shall be deemed paid in full,
shall automatically be deemed canceled, and shall not be reissued.

 

18.
Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

19.
Assignments. Borrower may not assign this Note without the prior written consent of Lender. This Note and any Ordinary
Shares issued upon conversion of this Note may be offered, sold, assigned or transferred by Lender without the consent of Borrower.

 

20.
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with the subsection of the Purchase Agreement titled “Notices.”

 

21.
Liquidated Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions
of this Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the
parties’ inability to predict future interest rates, future share prices, future trading volumes and other relevant factors.
Accordingly, Lender and Borrower agree that any fees, balance adjustments, Default Interest or other charges assessed under this
Note are not penalties but instead are intended by the parties to be, and shall be deemed, liquidated damages (under Lender’s
and Borrower’s expectations that any such liquidated damages will tack back to the Effective Date for purposes of determining
the holding period under Rule 144).

 

22.
Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve
the objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full
force and effect.

 

[Remainder
of page intentionally left blank; signature page follows]

 

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IN
WITNESS WHEREOF, Borrower has caused this Note to be duly executed as of the Effective Date.

 

	 	BORROWER:
	 	 	 
	 	Naked
    Brand Group Limited
	 	 	 
	 	By:
    	/s/
    Justin Davis-Rice
	 	Name:
    	Justin
    Davis-Rice
	 	Title:
    	Director

 

	ACKNOWLEDGED,
    ACCEPTED AND AGREED:	 
	 	 
	LENDER:	 
	 	 
	St.
    George Investments LLC	 
	 	 
	By:
    Fife Trading, Inc., its Manager	 

 

	By:
    	/s/
    John M. Fife	 
	 	John
    M. Fife, President	 

 

[Signature
Page to Secured Convertible Promissory Note]

 

    	 

    	 

    

 

ATTACHMENT
1

 

DEFINITIONS

 

For
purposes of this Note, the following terms shall have the following meanings:

 

A1.
“Approved Restricted Issuance” means a Restricted Issuance (as defined in the Purchase Agreement) for which
Borrower received Lender’s written consent prior to the applicable issuance.

 

A2.
“Closing Trade Price” means the last closing trade price for the Ordinary Shares on its principal market, as
reported by Bloomberg, or, if its principal market begins to operate on an extended hours basis and does not designate the closing
bid price or the closing trade price (as the case may be) then the last trade price, respectively, of the Ordinary Shares prior
to 4:00:00 p.m., New York time, as reported by Bloomberg, or if the foregoing does not apply, the last closing trade price of
the Ordinary Shares in the over-the-counter market on the electronic bulletin board for the Ordinary Shares as reported by Bloomberg,
or, if no closing trade price is reported for the Ordinary Shares by Bloomberg, the average of the bid and ask prices of any market
makers for the Ordinary Shares as reported by OTC Markets Group, Inc., and any successor thereto. If the Closing Trade Price cannot
be calculated for the Ordinary Shares on a particular date on any of the foregoing bases, the Closing Trade Price of the Ordinary
Shares on such date shall be the fair market value as mutually determined by Lender and Borrower. All such determinations shall
be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

A3.
“Conversion Share Value” means the product of the number of Conversion Shares deliverable pursuant to any Conversion
Notice multiplied by the Closing Trade Price of the Ordinary Shares on the Delivery Date for such Conversion.

 

A4.
“Default Effect” means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred
by (a) fifteen percent (15%) for each occurrence of any Major Default, (b) ten percent (10%) for each occurrence of an Unapproved
Restricted Issuance Default, or (c) five percent (5%) for each occurrence of any Minor Default, and then adding the resulting
product to the Outstanding Balance as of the date the applicable Event of Default occurred, with the sum of the foregoing then
becoming the Outstanding Balance under this Note as of the date the applicable Event of Default occurred; provided that the Default
Effect may only be applied two (2) times hereunder with respect to Major Defaults, three (3) times with respect to Unapproved
Restricted Issuance Defaults and three (3) times hereunder with respect to Minor Defaults; provided, further, that the Default
Effect shall not in any event result in the addition, in the aggregate, of an amount in excess of twenty-five percent (25%) of
the Outstanding Balance to the Outstanding Balance; and provided further that the Default Effect shall not apply to any Event
of Default pursuant to Section 4.1(b) hereof.

 

A5.
“DTC” means the Depository Trust Company or any successor thereto.

 

A6.
“DTC/FAST Program” means the DTC’s Fast Automated Securities Transfer program.

 

A7.
“DWAC” means the DTC’s Deposit/Withdrawal at Custodian system.

 

A8.
“DWAC Eligible” means that (a) Borrower’s Ordinary Shares is eligible at DTC for full services pursuant
to DTC’s operational arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has
been approved (without revocation) by DTC’s underwriting department; (c) Borrower’s transfer agent is approved as
an agent in the DTC/FAST Program; (d) the Conversion Shares are otherwise eligible for delivery via DWAC; and (e) Borrower’s
transfer agent does not have a policy prohibiting or limiting delivery of the Conversion Shares via DWAC.

 

Attachment
1 to Convertible Promissory Note, Page 1 

 

    	 

    	 

    

 

A9.
“Fundamental Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is
the surviving corporation) any other person or entity, unless the holders of the voting securities of Borrower prior to such transaction
own 50% or more of the outstanding voting securities of the surviving person or entity, or (ii) Borrower or any of its subsidiaries
shall, directly or indirectly, in one or more related transactions, sell, lease, license, assign, transfer, convey or otherwise
dispose of all or substantially all of its respective properties or assets to any other person or entity, or (iii) Borrower or
any of its subsidiaries shall, directly or indirectly, in one or more related transactions, allow any other person or entity to
make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding shares of voting
stock of Borrower (not including any shares of voting stock of Borrower held by the person or persons making or party to, or associated
or affiliated with the persons or entities making or party to, such purchase, tender or exchange offer), or (iv) Borrower or any
of its subsidiaries shall, directly or indirectly, in one or more related transactions, consummate a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with any other person or entity whereby such other person or entity acquires more than 50% of the outstanding shares of voting
stock of Borrower (not including any shares of voting stock of Borrower held by the other persons or entities making or party
to, or associated or affiliated with the other persons or entities making or party to, such stock or share purchase agreement
or other business combination), or (v) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related
transactions, reorganize, recapitalize or reclassify the Ordinary Shares, other than an increase in the number of authorized shares
of Borrower’s Ordinary Shares, or (b) any “person” or “group” (as these terms are used for purposes
of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power
represented by issued and outstanding voting stock of Borrower.

 

A10.
“Major Default” means any Event of Default occurring under Sections 4.1(a) or 4.1(n).

 

A11.
“Mandatory Default Amount” means the Outstanding Balance following the application of the Default Effect.

 

A12.
“Market Capitalization” means a number equal to (a) the average VWAP of the Ordinary Shares for the immediately
preceding fifteen (15) Trading Days, multiplied by (b) the aggregate number of outstanding Ordinary Shares as reported on Borrower’s
most recently filed Form 10-Q or Form 10-K.

 

A13.
“Maximum Monthly Redemption Amount” means $400,000.00.

 

A14.
“Minor Default” means any Event of Default that is not a Major Default or an Unapproved Restricted Issuance
Default.

 

A15.
“OID” means an original issue discount.

 

A16.
“Other Agreements” means, collectively, (a) all existing and future agreements and instruments between, among
or by Borrower (or an affiliate), on the one hand, and Lender (or an affiliate), on the other hand, and (b) any financing agreement
or a material agreement that affects Borrower’s ongoing business operations.

 

A17.
“Outstanding Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as
the case may be, pursuant to the terms hereof for payment, Conversion, offset, or otherwise, plus the OID, the Transaction Expense
Amount, accrued but unpaid interest, collection and enforcements costs (including attorneys’ fees) incurred by Lender, transfer,
stamp, issuance and similar taxes and fees related to Conversions, and any other fees or charges (including without limitation
Conversion Delay Late Fees) incurred under this Note.

 

A18.
“Trading Day” means any day on which the New York Stock Exchange (or such other principal market for the Ordinary
Shares) is open for trading.

 

A19.
“Unapproved Restricted Issuance” means a Restricted Issuance for which Borrower did not receive Lender’s
written consent prior to the applicable issuance.

 

A20.
“Unapproved Restricted Issuance Default” means an Event of Default occurring under Section 4.1(o) of this Note.

 

A21.
“VWAP” means the volume weighted average price of the Ordinary Shares on the principal market for a particular
Trading Day or set of Trading Days, as the case may be, as reported by Bloomberg.

 

[Remainder
of page intentionally left blank]

 

Attachment
1 to Convertible Promissory Note, Page 2 

 

    	 

    	 

    

 

EXHIBIT
A

 

St.
George Investments LLC

303
East Wacker Drive, Suite 1040

Chicago,
Illinois 60601

 

	Naked
    Brand Group Limited	Date:
    __________________
	Attn:
    Anna Johnson	 
	c/o
    Bendon Limited	 
	Building
    7B, Huntley Street	 
	Alexandria	 
	NSW
    2015, Australia	 

 

CONVERSION
NOTICE

 

The
above-captioned Lender hereby gives notice to Naked Brand Group Limited, an Australia corporation (the “Borrower”),
pursuant to that certain Secured Convertible Promissory Note made by Borrower in favor of Lender on May 13, 2019 (the “Note”),
that Lender elects to convert the portion of the Note balance set forth below into fully paid and non-assessable Ordinary Shares
of Borrower as of the date of conversion specified below. Said conversion shall be based on the Conversion Price set forth below.
In the event of a conflict between this Conversion Notice and the Note, the Note shall govern, or, in the alternative, at the
election of Lender in its sole discretion, Lender may provide a new form of Conversion Notice to conform to the Note. Capitalized
terms used in this notice without definition shall have the meanings given to them in the Note.

 

A.
Date of Conversion: ____________

B.
Conversion #: ____________

C.
Conversion Amount: ____________

D.
Conversion Price: _______________

E.
Conversion Shares: _______________ (C divided by D)

F.
Remaining Outstanding Balance of Note: ____________*

 

*
Subject to adjustments for corrections, defaults, interest and other adjustments permitted by the Transaction Documents (as defined
in the Purchase Agreement), the terms of which shall control in the event of any dispute between the terms of this Conversion
Notice and such Transaction Documents.

 

Please
transfer the Conversion Shares electronically (via DWAC) to the following account:

 

	Broker:	 	Address:	 
	DTC#:	 	 	 
	Account
    #:	 	 	 
	Account
    Name:	 	 	 

 

To
the extent the Conversion Shares are not able to be delivered to Lender electronically via the DWAC system, deliver all such certificated
shares to Lender via reputable overnight courier after receipt of this Conversion Notice (by facsimile transmission or otherwise)
to:

 

_____________________________________

 

_____________________________________

 

_____________________________________

 

[Signature
Page Follows]

 

Exhibit
A to Convertible Promissory Note, Page 1

 

    	 	 	 

    	 

    

 

	Sincerely,	 
	 	 
	Lender:
    	 
	 	 
	St.
    George Investments LLC	 
	 	 
	By:
    Fife Trading, Inc., its Manager	 

 

	By:
    	 	 
	 	John
    M. Fife, President  	 

 

Exhibit
A to Convertible Promissory Note, Page 2Exhibit
4.8.3

 

Security
Agreement

This
Security Agreement (this “Agreement”),
dated as of May 13, 2019, is executed by Naked Brand Group Limited, an Australia corporation (“Debtor”), in
favor of St. George Investments LLC, a Utah limited liability company (“Secured Party”).

 

A.
Debtor has issued to Secured Party a certain Secured Convertible Promissory Note of even date herewith, as may be amended from
time to time, in the original face amount of $3,320,000.00 (the “Note”).

 

B.
In order to induce Secured Party to extend the credit evidenced by the Note, Debtor has agreed to enter into this Agreement and
to grant Secured Party a security interest in the Collateral (as defined below).

 

NOW,
THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, Debtor hereby agrees with Secured Party as follows:

 

1.
Definitions and Interpretation. When used in this Agreement, the following terms have the following respective meanings:

 

“Collateral”
has the meaning given to that term in Section 2 hereof.

 

“Intellectual
Property” means all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses (software or
otherwise), information, know-how, inventions, discoveries, published and unpublished works of authorship, processes, any and
all other proprietary rights, and all rights corresponding to all of the foregoing throughout the world, now owned and existing
or hereafter arising, created or acquired.

 

“Lien”
shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or other encumbrance in,
of, or on such property or the income therefrom, including, without limitation, the interest of a vendor or lessor under a conditional
sale agreement, capital lease or other title retention agreement, or any agreement to provide any of the foregoing, and the filing
of any financing statement or similar instrument under the UCC or comparable law of any jurisdiction.

 

“Obligations”
means (a) all loans, advances, future advances, debts, liabilities and obligations, howsoever arising, owed by Debtor to Secured
Party or any affiliate of Secured Party of every kind and description, now existing or hereafter arising, whether created by the
Note, this Agreement, that certain Securities Purchase Agreement of even date herewith, entered into by and between Debtor and
Secured Party (the “Purchase Agreement”), any other Transaction Documents (as defined in the Purchase Agreement),
any other agreement between Debtor and Secured Party (or any affiliate of Secured Party) or any other promissory note issued by
Debtor in favor of Secured Party (or any affiliate of Secured Party), any modification or amendment to any of the foregoing, guaranty
of payment or other contract or by a quasi-contract, tort, statute or other operation of law, whether incurred or owed directly
to Secured Party or as an affiliate of Secured Party or acquired by Secured Party or an affiliate of Secured Party by purchase,
pledge or otherwise, (b) all costs and expenses, including attorneys’ fees, incurred by Secured Party or any affiliate of
Secured Party in connection with the Note or in connection with the collection or enforcement of any portion of the indebtedness,
liabilities or obligations described in the foregoing clause (a), (c) the payment of all other sums, with interest thereon, advanced
in accordance herewith to protect the security of this Agreement, and (d) the performance of the covenants and agreements of Debtor
contained in this Agreement and all other Transaction Documents.

 

    	 	 	 

    	 	 	 

    

 

“Permitted
Liens” means (a) Liens for taxes not yet delinquent or Liens for taxes being contested in good faith and by appropriate
proceedings for which adequate reserves have been established, (b) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other similar Liens imposed by law, arising in the ordinary course of business, (c) Liens in favor of Secured
Party under this Agreement or arising under the other Transaction Documents or prior agreements between Debtor and Secured Party,
and (d) a Lien in in favor of Bank of New Zealand.

 

“UCC”
means the Uniform Commercial Code as in effect in the jurisdiction whose laws would govern the security interest in, including
without limitation the perfection thereof, and foreclosure of the applicable Collateral, or any equivalent laws in Australia that
govern the grant of a security interest in the types of assets encumbered by this Agreement.

 

Unless
otherwise defined herein, all terms defined in the UCC have the respective meanings given to those terms in the UCC.

 

2.
Grant of Security Interest. As security for the Obligations, Debtor hereby pledges to Secured Party and grants to Secured
Party a security interest in all right, title, interest, claims and demands of Debtor in and to the property described in Schedule
A hereto, and all replacements, proceeds, products, and accessions thereof (collectively, the “Collateral”).

 

3.
Authorization to File Financing Statements. Debtor hereby irrevocably authorizes Secured Party at any time and from time
to time to file in any filing office in any Uniform Commercial Code jurisdiction or other jurisdiction of Debtor or its subsidiaries
any financing statements or documents having a similar effect and amendments thereto that provide any other information required
by the Uniform Commercial Code (or similar law of any non-United States jurisdiction, if applicable) of such state or jurisdiction
for the sufficiency or filing office acceptance of any financing statement or amendment, including whether Debtor is an organization,
the type of organization and any organization identification number issued to Debtor. Debtor agrees to furnish any such information
to Secured Party promptly upon Secured Party’s request.

 

4.
General Representations and Warranties. Debtor represents and warrants to Secured Party that (a) Debtor is the owner of
the Collateral and that no other person has any right, title, claim or interest (by way of Lien or otherwise) in, against or to
the Collateral, other than Permitted Liens, (b) upon the filing of UCC-1 financing statements with the appropriate state office
(or an equivalent in the appropriate foreign office), Secured Party shall have a perfected security interest in the Collateral
to the extent that a security interest in the Collateral can be perfected by such filing, subject to the Permitted Liens, (c)
Debtor has received at least a reasonably equivalent value in exchange for entering into this Agreement, (d) Debtor is not insolvent,
as defined in any applicable state or federal statute, nor will Debtor be rendered insolvent by the execution and delivery of
this Agreement to Secured Party; and (e) as such, this Agreement is a valid and binding obligation of Debtor.

 

5.
Additional Covenants. Debtor hereby agrees:

 

5.1.
to perform all acts that may be necessary to maintain, preserve, protect and perfect in the Collateral, the Lien granted to Secured
Party therein, and the perfection and priority of such Lien;

 

5.2.
to procure, execute (including endorse, as applicable), and deliver from time to time any endorsements, assignments, financing
statements, certificates of title, and all other instruments, documents and/or writings reasonably deemed necessary or appropriate
by Secured Party to perfect, maintain and protect Secured Party’s Lien hereunder and the priority thereof;

 

    	 	2	 

    	 	 	 

    

 

5.3.
to provide at least ten (10) days prior written notice to Secured Party of any of the following events: (a) any changes or alterations
of Debtor’s name, (b) any changes with respect to Debtor’s address or principal place of business, and (c) the formation
of any subsidiaries of Debtor;

 

5.4.
upon the occurrence of an Event of Default (as defined in the Note) under the Note and so long as such Event of Default is continuing,
at Secured Party’s request, to endorse (up to the outstanding amount under such promissory notes at the time of Secured
Party’s request), assign and deliver any promissory notes and all other instruments, documents, or writings included in
the Collateral to Secured Party, accompanied by such instruments of transfer or assignment duly executed in blank as Secured Party
may from time to time specify;

 

5.5.
to the extent the Collateral is not delivered to Secured Party pursuant to this Agreement, to keep the Collateral at the principal
office of Debtor (unless otherwise agreed to by Secured Party in writing), and not to relocate the Collateral to any other locations
without the prior written consent of Secured Party;

 

5.6.
[Intentionally omitted]

 

5.7.
not to, directly or indirectly, allow, grant or suffer to exist any Lien upon any of the Collateral, other than Permitted Liens;

 

5.8.
[Intentionally omitted]

 

5.9.
to the extent commercially reasonable and in Debtor’s good faith business judgment: (a) to file and prosecute diligently
any patent, trademark or service mark applications pending as of the date hereof or hereafter until all Obligations shall have
been paid in full, (b) to make application on unpatented but patentable inventions and on trademarks and service marks, (c) to
preserve and maintain all rights in all of its Intellectual Property, and (d) to ensure that all of its Intellectual Property
is and remains enforceable. Any and all costs and expenses incurred in connection with each of Debtor’s obligations under
this Section 5.9 shall be borne by Debtor. Debtor shall not knowingly and unreasonably abandon any right to file a patent, trademark
or service mark application, or abandon any pending patent application, or any other of its Intellectual Property, without the
prior written consent of Secured Party except for Intellectual Property that Debtor determines, in the exercise of its good faith
business judgment, is not or is no longer material to its business;

 

5.10.
upon the request of Secured Party at any time or from time to time, and at the sole cost and expense (including, without limitation,
reasonable attorneys’ fees) of Debtor, Debtor shall take all actions and execute and deliver any and all instruments, agreements,
assignments, certificates and/or documents reasonably required by Secured Party to collaterally assign any and all of Debtor’s
patent, copyright and trademark registrations and applications now owned or hereafter acquired to and in favor of Secured Party;
and

 

5.11.
at any time amounts paid by Secured Party under the Transaction Documents are used to purchase Collateral, Debtor shall perform
all acts that may be necessary, and otherwise fully cooperate with Secured Party, to cause (a) any such amounts paid by Secured
Party to be disbursed directly to the sellers of any such Collateral, (b) all certificates of title pertaining to such Collateral
(as applicable) to be properly filed and reissued to reflect Secured Party’s Lien on such Collateral, and (c) all such reissued
certificates of title to be delivered to and held by Secured Party.

 

    	 	3	 

    	 	 	 

    

 

6.
Authorized Action by Secured Party. Upon the occurrence of an Event of Default and so long as such Event of Default is
continuing, Debtor hereby irrevocably appoints Secured Party as its attorney-in-fact (which appointment is coupled with an interest)
and agrees that Secured Party may perform (but Secured Party shall not be obligated to and shall incur no liability to Debtor
or any third party for failure so to do) any act which Debtor is obligated by this Agreement to perform, and to exercise such
rights and powers as Debtor might exercise with respect to the Collateral, including the right to (a) collect by legal proceedings
or otherwise and endorse, receive and receipt for all dividends, interest, payments, proceeds and other sums and property now
or hereafter payable on or on account of the Collateral; (b) enter into any extension, reorganization, deposit, merger, consolidation
or other agreement pertaining to, or deposit, surrender, accept, hold or apply other property in exchange for the Collateral;
(c) make any compromise or settlement, and take any action Secured Party deems advisable, with respect to the Collateral, including
without limitation bringing a suit in Secured Party’s own name to enforce any Intellectual Property; (d) endorse Debtor’s
name on all applications, documents, papers and instruments necessary or desirable for Secured Party in the use of any Intellectual
Property; (e) grant or issue any exclusive or non-exclusive license under any Intellectual Property to any person or entity; (f)
assign, pledge, sell, convey or otherwise transfer title in or dispose of any Intellectual Property to any person or entity; (g)
cause the Commissioner of Patents and Trademarks, United States Patent and Trademark Office (or as appropriate, such equivalent
agency in foreign countries) to issue any and all patents and related rights and applications to Secured Party as the assignee
of Debtor’s entire interest therein; (h) file a copy of this Agreement with any governmental agency, body or authority,
including without limitation the United States Patent and Trademark Office and, if applicable, the United States Copyright Office
or Library of Congress, at the sole cost and expense of Debtor; (i) insure, process and preserve the Collateral; (j) pay any indebtedness
of Debtor relating to the Collateral; (k) execute and file UCC financing statements and other documents, certificates, instruments
and agreements with respect to the Collateral or as otherwise required or permitted hereunder; and (l) take any and all appropriate
action and execute any and all documents and instruments that may be necessary or useful to accomplish the purposes of this Agreement;
provided, however, that Secured Party shall not exercise any such powers granted pursuant to clauses (a) through (g) above
prior to the occurrence of an Event of Default and shall only exercise such powers during the continuance of an Event of Default.
The powers conferred on Secured Party under this Section 6 are solely to protect its interests in the Collateral and shall not
impose any duty upon it to exercise any such powers. Secured Party shall be accountable only for the amounts that it actually
receives as a result of the exercise of such powers, and neither Secured Party nor any of its stockholders, directors, officers,
managers, employees or agents shall be responsible to Debtor for any act or failure to act, except with respect to Secured Party’s
own gross negligence or willful misconduct. Nothing in this Section 6 shall be deemed an authorization for Debtor to take any
action that it is otherwise expressly prohibited from undertaking by way of other provision of this Agreement.

 

7.
Default and Remedies.

 

7.1.
Default. Debtor shall be deemed in default under this Agreement upon the occurrence of an Event of Default.

 

7.2.
Remedies. Upon the occurrence of any such Event of Default, Secured Party shall have the rights of a secured creditor under
the UCC, all rights granted by this Agreement and by law, including, without limiting the foregoing, (a) the right to require
Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party, and (b)
the right to take possession of the Collateral, and for that purpose Secured Party may enter upon premises on which the Collateral
may be situated and remove the Collateral therefrom. Debtor hereby agrees that fifteen (15) days’ notice of a public sale
of any Collateral or notice of the date after which a private sale of any Collateral may take place is reasonable. Secured Party
may also have a receiver appointed to take charge of all or any portion of the Collateral and to exercise all rights of Secured
Party under this Agreement. Secured Party may exercise any of its rights under this Section 7.2 without demand or notice of any
kind. The remedies in this Agreement, including without limitation this Section 7.2, are in addition to, not in limitation of,
any other right, power, privilege, or remedy, either in law, in equity, or otherwise, to which Secured Party may be entitled.
No failure or delay on the part of Secured party in exercising any right, power, or remedy will operate as a waiver thereof, nor
will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right
hereunder. All of Secured Party’s rights and remedies, whether evidenced by this Agreement or by any other agreement, instrument
or document shall be cumulative and may be exercised singularly or concurrently.

 

    	 	4	 

    	 	 	 

    

 

7.3.
Standards for Exercising Rights and Remedies. To the extent that applicable law imposes duties on Secured Party to exercise
remedies in a commercially reasonable manner, Debtor acknowledges and agrees that it is not commercially unreasonable for Secured
Party (a) to fail to incur expenses reasonably deemed significant by Secured Party to prepare Collateral for disposition, (b)
to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law,
to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed
of, (c) to fail to exercise collection remedies against account debtors or other persons obligated on Collateral or to fail to
remove liens or encumbrances on or any adverse claims against Collateral, (d) to exercise collection remedies against account
debtors and other persons obligated on Collateral directly or through the use of collection agencies and other collection specialists,
(e) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral
is of a specialized nature, (f) to contact other persons, whether or not in the same business as Debtor, for expressions of interest
in acquiring all or any portion of the Collateral, (g) to hire one or more professional auctioneers to assist in the disposition
of Collateral, whether or not the Collateral is of a specialized nature, (h) to dispose of Collateral by utilizing Internet sites
that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing
so, or that match buyers and sellers of assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim
disposition warranties, (k) to purchase insurance or credit enhancements to insure Secured Party against risks of loss, collection
or disposition of Collateral or to provide to Secured Party a guaranteed return from the collection or disposition of Collateral,
or (l) to the extent deemed appropriate by Secured Party, to obtain the services of other brokers, investment bankers, consultants
and other professionals to assist Secured Party in the collection or disposition of any of the Collateral. Debtor acknowledges
that the purpose of this Section is to provide non-exhaustive indications of what actions or omissions by Secured Party would
fulfill Secured Party’s duties under the UCC in Secured Party’s exercise of remedies against the Collateral and that
other actions or omissions by Secured Party shall not be deemed to fail to fulfill such duties solely on account of not being
indicated in this Section. Without limitation upon the foregoing, nothing contained in this Section shall be construed to grant
any rights to Debtor or to impose any duties on Secured Party that would not have been granted or imposed by this Agreement or
by applicable law in the absence of this Section.

 

7.4.
Marshalling. Secured Party shall not be required to marshal any present or future Collateral for, or other assurances of
payment of, the Obligations or to resort to such Collateral or other assurances of payment in any particular order, and all of
its rights and remedies hereunder and in respect of such Collateral and other assurances of payment shall be cumulative and in
addition to all other rights and remedies, however existing or arising. To the extent that it lawfully may, Debtor hereby agrees
that it will not invoke any law relating to the marshalling of Collateral which might cause delay in or impede the enforcement
of Secured Party’s rights and remedies under this Agreement or under any other instrument creating or evidencing any of
the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured or payment
thereof is otherwise assured, and, to the extent that it lawfully may, Debtor hereby irrevocably waives the benefits of all such
laws.

 

    	 	5	 

    	 	 	 

    

 

7.5.
Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds
and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received
by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows:

 

(a)
First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral,
of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses,
liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Secured Party;

 

(b)
Second, to the payment to Secured Party of the amount then owing or unpaid on the Note (to be applied first to accrued interest
and fees and second to outstanding principal) and all amounts owed under any of the other Transaction Documents or other documents
included within the Obligations; and

 

(c)
Third, to the payment of the surplus, if any, to Debtor, its successors and assigns, or to whosoever may be lawfully entitled
to receive the same.

 

In
the absence of final payment and satisfaction in full of all of the Obligations, Debtor shall remain liable for any deficiency.

 

8.
Miscellaneous.

 

8.1.
Notices. Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices”
in the Purchase Agreement, the terms of which are incorporated herein by this reference.

 

8.2.
Non-waiver. No failure or delay on Secured Party’s part in exercising any right hereunder shall operate as a waiver
thereof or of any other right nor shall any single or partial exercise of any such right preclude any other further exercise thereof
or of any other right.

 

8.3.
Amendments and Waivers. This Agreement may not be amended or modified, nor may any of its terms be waived, except by written
instruments signed by Debtor and Secured Party. Each waiver or consent under any provision hereof shall be effective only in the
specific instances for the purpose for which given.

 

8.4.
Assignment. This Agreement shall be binding upon and inure to the benefit of Secured Party and Debtor and their respective
successors and assigns; provided, however, that Debtor may not sell, assign or delegate rights and obligations hereunder
without the prior written consent of Secured Party.

 

8.5.
Cumulative Rights, etc. The rights, powers and remedies of Secured Party under this Agreement shall be in addition to all
rights, powers and remedies given to Secured Party by virtue of any applicable law, rule or regulation of any governmental authority,
or the Note, all of which rights, powers, and remedies shall be cumulative and may be exercised successively or concurrently without
impairing Secured Party’s rights hereunder. Debtor waives any right to require Secured Party to proceed against any person
or entity or to exhaust any Collateral or to pursue any remedy in Secured Party’s power.

 

8.6.
Partial Invalidity. If any part of this Agreement is construed to be in violation of any law, such part shall be modified
to achieve the objective of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full
force and effect.

 

    	 	6	 

    	 	 	 

    

 

8.7.
Expenses. Debtor shall pay on demand all reasonable fees and expenses, including reasonable attorneys’ fees and expenses,
incurred by Secured Party in connection with the custody, preservation or sale of, or other realization on, any of the Collateral
or the enforcement or attempt to enforce any of the Obligations which are not performed as and when required by this Agreement.

 

8.8.
Entire Agreement. This Agreement and the other Transaction Documents, taken together, constitute and contain the entire
agreement of Debtor and Secured Party with respect to this particular matter and supersede any and all prior agreements, negotiations,
correspondence, understandings and communications between the parties, whether written or oral, respecting the subject matter
hereof.

 

8.9.
Governing Law; Venue. Except as otherwise specifically set forth herein, the parties expressly agree that this Agreement
shall be governed solely by the laws of the State of Utah, without giving effect to the principles thereof regarding the conflict
of laws; provided, however, that enforcement of Secured Party’s rights and remedies against the Collateral as provided
herein will be subject to the UCC. The provisions set forth in the Purchase Agreement to determine the proper venue for any disputes
are incorporated herein by this reference.

 

8.10.
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR THE RELATIONSHIPS OF THE PARTIES
HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE
STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT
TO DEMAND TRIAL BY JURY.

 

8.11.
Purchase Agreement; Arbitration of Disputes. By executing this Agreement, each party agrees to be bound by the terms, conditions
and general provisions of the Purchase Agreement and the other Transaction Documents, including without limitation the Arbitration
Provisions (as defined in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

8.12.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original and all
of which together shall constitute one instrument. Any electronic copy of a party’s executed counterpart will be deemed
to be an executed original.

 

8.13.
Further Assurances. Debtor 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 documents, as Secured Party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

8.14.
Time of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement.

 

[Remainder
of page intentionally left blank; signature page follows]

 

    	 	7	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, Secured Party and Debtor have caused this Agreement to be executed as of the day and year first above written.

 

	 	SECURED
    PARTY:
	 	 
	 	St.
    George Investments LLC
	 	 	 
	 	By:	Fife
    Trading, Inc., its Manager
	 	 	 
	 	By:	/s/
    John M. Fife
	 	 	John
    M. Fife, President 
	 	 	 
	 	DEBTOR:
	 	 
	 	Naked
    Brand Group Limited
	 	 	 
	 	By:	/s/
    Justin Davis-Rice
	 	Name:
    	Justin
    Davis-Rice
	 	Title:	Director

 

[Signature
Page to Security Agreement]

 

    	 	 	 

    	 	 	 

    

 

SCHEDULE
A

TO
SECURITY AGREEMENT

 

All
right, title, interest, claims and demands of Debtor in and to all of Debtor’s assets owned as of the date hereof and/or
acquired by Debtor at any time while the Obligations are still outstanding, including without limitation, the following property:

 

1.
All equity interests in all wholly- or partially-owned subsidiaries of Debtor.

 

2.
All customer accounts, insurance contracts, and clients underlying such insurance contracts.

 

3.
All goods and equipment now owned or hereafter acquired, including, without limitation, all laboratory equipment, growing equipment,
computer equipment, office equipment, machinery, containers, fixtures, vehicles, and any interest in any of the foregoing, and
all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing, wherever
located;

 

4.
All inventory now owned or hereafter acquired, including, without limitation, all merchandise, raw materials, parts, supplies,
packing and shipping materials, work in process and finished products including such inventory as is temporarily out of Debtor’s
custody or possession or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds,
resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above, and Debtor’s
books relating to any of the foregoing;

 

5.
All accounts receivable, contract rights, general intangibles, healthcare insurance receivables, payment intangibles and commercial
tort claims, now owned or hereafter acquired, including, without limitation, all patents, patent rights and patent applications
(including without limitation, the inventions and improvements described and claimed therein, and (a) all reissues, divisions,
continuations, renewals, extensions and continuations-in-part thereof, (b) all income, royalties, damages, proceeds and payments
now and hereafter due or payable under or with respect thereto, including, without limitation, damages and payments for past or
future infringements thereof, (c) the right to sue for past, present and future infringements thereof, and (d) all rights corresponding
thereto throughout the world), trademarks and service marks (and applications and registrations therefor), inventions, discoveries,
copyrights and mask works (and applications and registrations therefor), trade names, trade styles, software and computer programs
including source code, trade secrets, methods, published and unpublished works of authorship, processes, know how, drawings, specifications,
descriptions, and all memoranda, notes, and records with respect to any research and development, goodwill, license agreements,
information, any and all other proprietary rights, franchise agreements, blueprints, drawings, purchase orders, customer lists,
route lists, infringements, claims, computer programs, computer disks, computer tapes, literature, reports, catalogs, design rights,
income tax refunds, payments of insurance and rights to payment of any kind and whether in tangible or intangible form or contained
on magnetic media readable by machine together with all such magnetic media, and all rights corresponding to all of the foregoing
throughout the world, now owned and existing or hereafter arising, created or acquired;

 

6.
All now existing and hereafter arising accounts, contract rights, royalties, license rights and all other forms of obligations
owing to Debtor arising out of the sale or lease of goods, the licensing of technology or the rendering of services by Debtor
(subject, in each case, to the contractual rights of third parties to require funds received by Debtor to be expended in a particular
manner), whether or not earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well
as all merchandise returned to or reclaimed by Debtor and Debtor’s books relating to any of the foregoing;

 

7.
All documents, cash, deposit accounts, letters of credit, letter of credit rights, supporting obligations, certificates of deposit,
instruments, chattel paper, electronic chattel paper, tangible chattel paper and investment property, including, without limitation,
all securities, whether certificated or uncertificated, security entitlements, securities accounts, commodity contracts and commodity
accounts, and all financial assets held in any securities account or otherwise, wherever located, now owned or hereafter acquired
and Debtor’s books relating to the foregoing;

 

8.
All other assets, goods and personal property of Debtor, wherever located, whether tangible or intangible, and whether now owned
or hereafter acquired; and

 

9.
Any and all claims, rights and interests in any of the above and all substitutions for, additions and accessions to and proceeds
and products thereof, including, without limitation, insurance, condemnation, requisition or similar payments and the proceeds
thereof.

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