Document:

Exhibit 4.2

 

 

 

SUBORDINATED CONVERTIBLE PROMISORY NOTES
GUARANTY AGREEMENT

 

made among

 

DIFFERENTIAL BRANDS GROUP INC.,

 

and

 

certain of its Subsidiaries

 

Dated as of October 29, 2018

 

 

 

      

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	SECTION 1	 	DEFINED TERMS	1
	 	 	 	 
	1.1	 	Definitions	1
	1.2	 	Other Definitional Provisions	3
	 	 	 	 
	SECTION 2	 	GUARANTEE	3
	 	 	 	 
	2.1	 	Guarantee of Guaranteed Obligations	3
	2.2	 	Limitation on Obligations Guaranteed	4
	2.3	 	Nature of Guarantee; Continuing Guarantee; Waivers of Defenses Etc.	4
	2.4	 	Rights of Reimbursement, Contribution and Subrogation	6
	2.5	 	Payments	7
	2.6	 	Subordination of Other Obligations	7
	2.7	 	Financial Condition of the Company and other Guarantors	8
	2.8	 	Bankruptcy, Etc	8
	2.9	 	Duration of Guarantee, Discharge of Guarantee Upon Sale of Guarantor	8
	2.10	 	Reinstatement	8
	 	 	 	 
	SECTION 3	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE GUARANTORS.	9
	 	 	 	 
	3.1	 	Representations and Warranties	9
	3.2	 	Covenants	9
	 	 	 	 
	SECTION 4	 	FURTHER ASSURANCES	10
	 	 	 	 
	4.2	 	Further Assurances	10
	 	 	 	 
	SECTION 5	 	MISCELLANEOUS	10
	 	 	 	 
	5.1	 	Amendments in Writing	10
	5.2	 	Notices	10
	5.3	 	No Waiver by Course of Conduct; Cumulative Remedies	10
	5.4	 	Enforcement Expenses; Indemnification.	10
	5.5	 	Successors and Assigns	10
	5.6	 	Set-Off	10
	5.7	 	Counterparts	11
	5.8	 	Severability	11
	5.9	 	Section Headings	11
	5.10	 	Integration, Conflict	11
	5.11	 	GOVERNING LAW	11
	5.12	 	Submission to Jurisdiction; Waivers	12
	5.13	 	Acknowledgments	12
	5.14	 	Additional Guarantors	12
	5.15	 	Releases	13
	5.16	 	WAIVER OF JURY TRIAL	13
	 	 	 	 
	SECTION 6	 	SUBORDINATION OF GUARANTY	13
	 	 	 	 
	Annex I-Joinder Agreement	Annex-I

 

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SUBORDINATED CONVERTIBLE PROMISSORY NOTES
GUARANTY AGREEMENT

 

SUBORDINATED CONVERTIBLE PROMISSORY NOTES
GUARANTY AGREEMENT, dated as of October 29, 2018, by and among Differential Brands Group Inc., a Delaware corporation (the “Company”),
each of the signatories hereto designated as a Guarantor on the signature pages hereto (together with any other entity that may
become a party hereto as a Guarantor as provided herein, (each a “Guarantor” and collectively, the “Guarantors”))
for the benefit of each of the holders (together with their successors and assigns, the “Investors”) holding
the Subordinated Convertible Promissory Notes issued by the Company on the date hereof (as such Subordinated Convertible Promissory
Notes may be amended, restated, or replaced from time to time in accordance therewith, the “Notes”).

 

WITNESSETH:

 

WHEREAS, the Company
has issued the Notes to the Investors upon the terms and subject to the conditions set forth in the Subscription Agreement;

 

WHEREAS, the Company
is a member of an affiliated group of companies that includes each other Guarantor;

 

WHEREAS, the proceeds of the extensions
of credit under the Notes will be used in part to enable the Company to make valuable transfers to one or more of the other Guarantors
in connection with the operation of their respective businesses;

 

WHEREAS, the Company
and the other Guarantors are engaged in related businesses, and each Guarantor will derive substantial direct and indirect benefit
from their relationship with the Company; and

 

WHEREAS, it is a condition
precedent to the issuance of the obligation of the Investors to purchase the Notes under the Subscription Agreement that the Guarantors
shall have executed and delivered this Guaranty for the benefit of the Guaranteed Parties.

 

NOW, THEREFORE, in
consideration of the premises and to induce the Investors to purchase the Notes and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, each Guarantor hereby agrees, for the benefit of the Guaranteed Parties,
as follows:

 

Section
1     defined terms

 

1.1         Definitions.
(a) Unless otherwise defined herein, all terms defined in the Notes and used herein shall have the meanings given to them in the
Notes.

 

(b)       The
following terms shall have the following meanings:

 

“Agreement”
shall mean this Subordinated Convertible Promissory Note Guaranty Agreement, as the same may be amended, restated, amended and
restated, supplemented or otherwise modified from time to time.

 

      

     

    

 

“Bankruptcy
Case” means a case under the Bankruptcy Code or any other bankruptcy law.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or
any successor statute.

 

“Bankruptcy
Proceeding” means:

 

(a)       any
voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Guarantor;

 

(b)       any
other voluntary or involuntary insolvency, reorganization or Bankruptcy Case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding with respect to any Guarantor or with respect to a material portion of their respective assets;

 

(c)       any
liquidation, dissolution, reorganization or winding up of any Guarantor whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy; or

 

(d)       any
assignment for the benefit of creditors or any other marshaling of assets and liabilities of any Guarantor.

 

“Discharge of
the Guaranteed Obligations” shall mean and shall have occurred upon termination of the Commitments and payment in full
of all Obligations (other than contingent indemnification obligations not then due).

 

“Guaranteed
Obligations” shall mean (i) the Obligations, (ii) each guarantee of the Obligations and (iii) whether or not constituting
Obligations, the unpaid principal of and interest on (including, without limitation, interest accruing after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Company or any
other Guarantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) and all other
obligations and liabilities of the Company or any other Guarantor to any Investor which arise under or in connection with any of
the Notes Documents.

 

“Guaranteed
Parties” shall mean the Investors.

 

“Guaranty”
shall mean this Guaranty as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Notes Documents”
means each of the Notes, the Subscription Agreement, and this Guaranty.

 

“Obligee Guarantor”
shall have the meaning set forth in Section 2.6.

 

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“Second Lien Guaranty Agreement”
shall mean that certain Second Lien Guaranty Agreement, dated as of October 29, 2018, by and among the Company, the guarantors
party thereto and U.S. Bank National Association, as second lien administrative agent, as such agreement may be amended, restated,
or modified from time to time.

 

“Senior Indebtedness”
shall mean any Indebtedness of any Guarantor secured by a lien, mortgage, pledge, charge, security interest or encumbrance on any
asset of any Guarantor.

 

“Voidable Transfer”
shall have the meaning set forth in Section 2.10.

 

1.2         Other
Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” and “hereunder”
and words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not to any particular provision
of this Guaranty, and Section, Schedule, Exhibit and Annex references, are to this Guaranty unless otherwise specified. References
to any Schedule, Exhibit or Annex shall mean such Schedule, Exhibit or Annex as amended, amended and restated or supplemented
or otherwise modified from time to time in accordance with this Guaranty.

 

(b)       The
meanings given to terms defined herein shall be equally applicable to both the singular
and plural forms of such terms.

 

(c)       The
expressions “payment in full,” “paid in
full” and any other similar terms or phrases when used herein shall mean payment
in cash in immediately available funds.

 

(d)       The
use herein of the word “include” or “including”, when following
any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or
matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as
“without limitation” or “but not limited
to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items
or matters that fall within the broadest possible scope of such general statement, term or matter.

 

Section
2     GUARANTEE

 

2.1         Guarantee
of Guaranteed Obligations. Subject to Section 2.2, each of the Guarantors hereby, jointly and severally, absolutely,
unconditionally and irrevocably, guarantees, as primary obligor and not merely as surety, to the Investors, for the benefit of
the Guaranteed Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and
performance by each other Guarantor, including the Company, when due (whether at the stated maturity, by acceleration or otherwise)
of the Guaranteed Obligations. Each Guarantor shall be liable under its guarantee set forth in this Section 2.1, without
any limitation as to amount but at all times subject to Section 2.2, for all present and future Guaranteed Obligations, including
specifically all future increases in the outstanding amount of the Notes or other Guaranteed Obligations and other future increases
in the Guaranteed Obligations, whether or not any such increase is committed, contemplated or provided for by the Notes Documents
on the date hereof. Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all Guaranteed
Obligations that would be owed by any other obligor on the Guaranteed Obligations but for the fact that they are unenforceable
or not allowable due to the existence of a Bankruptcy Proceeding involving such obligor.

 

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2.2         Limitation
on Obligations Guaranteed. (a) Notwithstanding any other provision hereof, the right of recovery against each Guarantor under
Section 2 hereof shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations
under Section 2 hereof void or voidable under applicable law, including, without limitation, the Uniform Fraudulent Conveyance
Act, Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to the guaranty set
forth herein and the Guaranteed Obligations. To effectuate the foregoing, the Investors and the Guarantors hereby irrevocably
agree that the Guaranteed Obligations of each Guarantor in respect of the guarantee set forth in Section 2 hereof at any
time shall be limited to the maximum amount as will result in the Guaranteed Obligations of such Guarantor with respect thereto
hereof not constituting a fraudulent transfer or conveyance after giving full effect to the liability under such guarantee set
forth in Section 2 hereof and its related contribution rights but before taking into account any liabilities under any other
guarantee by such Guarantor. For purposes of the foregoing, all guarantees of such Guarantor other than the guarantee under Section 2
hereof will be deemed to be enforceable and payable after the guaranty under Section 2 hereof. To the fullest extent permitted
by applicable law, this Section 2.2(a) shall be for the benefit solely of creditors and representatives of creditors of each
Guarantor and not for the benefit of such Guarantor or the holders of any equity interest in such Guarantor.

 

(b)       Each
Guarantor agrees that Obligations may at any time and from time to time be incurred or permitted
in an amount exceeding the maximum liability of such Guarantor under Section 2.2(a)
without impairing the guarantee contained in this Section 2 or affecting the
rights and remedies of any Guaranteed Party hereunder.

 

2.3         Nature
of Guarantee; Continuing Guarantee; Waivers of Defenses Etc.  (a) Each Guarantor understands and agrees that the guarantee contained
in this Section 2 shall be construed as a continuing guarantee of payment and performance and not merely of collectability.
Each Guarantor waives diligence, presentment, protest, marshaling, demand for payment, notice of dishonor, notice of default and
notice of nonpayment to or upon the Company or any of the other Guarantors with respect to the Guaranteed Obligations. Without
limiting the generality of the foregoing, this Guaranty and the obligations of each Guarantor hereunder shall be valid and enforceable
and shall extend to the ultimate balance of the Guaranteed Obligations, without any reduction, limitation, impairment, set-off,
defense, counterclaim, discharge or termination for any reason (other than a Discharge of the Guaranteed Obligations). If any
Guarantor is a natural person, it is expressly agreed that this guarantee shall survive the death of such guarantor and shall
continue in effect.

 

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(b)       Each
Guarantor agrees that the Guaranteed Obligations of
each Guarantor hereunder are independent of the Guaranteed
Obligations of each other Guarantor and of any other guarantee of the Guaranteed
Obligations and when making any demand hereunder or otherwise pursuing its rights
and remedies hereunder against any Guarantor, any
Guaranteed Party may, but shall be under no obligation to, make a similar demand
on or otherwise pursue such rights and remedies as it may have against the Company and any other Guarantor
or any other Person or against any collateral security or other guarantee for the Guaranteed
Obligations or any right of offset with respect thereto, and any failure by any Guaranteed
Party to make any such demand, to pursue such other rights or remedies or to collect
any payments from the Company and any other Guarantor or any other Person or to realize
upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Company and any other
Guarantor or any other Person or any such collateral security, guarantee or right of offset,
shall not relieve any Guarantor of any obligation or liability hereunder,
and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of any Guaranteed
Party against any Guarantor. For the purposes hereof
“demand” shall include the commencement and continuance of any legal
proceedings.

 

(c)       Except
to the extent the Discharge of the Guaranteed Obligations has occurred, no payment made by the Company, any of the other Guarantors,
any other guarantor or any other Person or received or collected by any Guaranteed
Party from the Company and any of the other Guarantors, any other guarantor
or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or
from time to time in reduction of or in payment of the Guaranteed Obligations shall be deemed
to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which
shall, notwithstanding any such payment remain liable for the Guaranteed Obligations until
the Discharge of the Guaranteed Obligations.

 

(d)       Without
limiting the generality of the foregoing, each Guarantor agrees that until the Discharge
of the Guaranteed Obligations, its obligations under and in respect of the guarantee contained in this Section 2
and any security interest, if any, securing the Guaranteed Obligations, shall not
be affected by, and shall remain in full force and effect without regard to, and hereby waives all, rights, claims or defenses
that it might otherwise have (now or in the future) with respect to each of the following (whether or not such Guarantor
has knowledge thereof):

 

     (i)       the
validity or enforceability of the Notes or any other Notes Document, any of the Guaranteed
Obligations or any guarantee or right of offset with respect thereto at any time or from time to time held by any Guaranteed
Party;

 

     (ii)      any
renewal, extension or acceleration of, or any increase in the amount of the Guaranteed Obligations,
or any amendment, supplement, modification or waiver of, or any consent to departure from, the Notes Documents;

 

     (iii)     any
failure or omission to assert or enforce or agreement or election not to assert or enforce, delay in enforcement, or the stay or
enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand
or any right, power or remedy (whether arising under any Notes Documents, at law,
in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating
thereto, or with respect to any other guaranty of or security for the payment of the Guaranteed
Obligations;

 

     (iv)     [Reserved];

 

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     (v)      any
settlement, compromise, release, or discharge of, or acceptance or refusal of any offer of payment or performance with respect
to, or any substitutions for, the Guaranteed Obligations or any subordination of the Guaranteed
Obligations to any other obligations;

     

     (vi)     the
validity, perfection, non-perfection or lapse in perfection, priority or avoidance of any security interest or lien, the release
of any or all collateral securing, or purporting to secure, the Guaranteed Obligations or
any other impairment of such collateral; and

 

     (vii)    any
other circumstance whatsoever which may or might in any manner or to any extent vary the risk of any Guarantor
as an obligor in respect of the Guaranteed Obligations or which constitutes, or might
be construed to constitute, an equitable or legal discharge of the Company or any other Guarantor
for the Guaranteed Obligations, or of such Guarantor
under the guarantee contained in this Section 2 or of any security interest
granted by any Guarantor, whether in a Bankruptcy Proceeding
or in any other instance.

 

(e)       In
addition each Guarantor further waives any and all other defenses, set- offs or counterclaims
(other than a defense of payment or performance in full hereunder or the Discharge of the Guaranteed Obligations) which may at
any time be available to or be asserted by it, the Company or any other Guarantor or person
against any Guaranteed Party, including, without limitation,
failure of consideration, breach of warranty, statute of frauds, statute of limitations, accord and satisfaction and usury.

 

2.4         Rights
of Reimbursement, Contribution and Subrogation. In case any payment is made on account of the Guaranteed Obligations by any
Guarantor or is received or collected on account of the Guaranteed Obligations from any Guarantor or its property:

 

(a)       If
such payment is made by a Guarantor (including the Company) or from its property in respect
of the Guaranteed Obligations of another Guarantor,
such Guarantor shall be entitled, subject to and upon (but not before) a Discharge
of the Guaranteed Obligations, (A) to demand and enforce reimbursement for the
full amount of such payment from such other Guarantor, and (B) to demand
and enforce contribution in respect of such payment from each other Guarantor which
has not paid its fair share of such payment, as necessary to ensure that (after giving effect to any enforcement of reimbursement
rights provided hereby) each Guarantor pays its fair share of the unreimbursed portion of
such payment. For this purpose, the fair share of each Guarantor as to any unreimbursed
payment shall be determined based on an equitable apportionment of such unreimbursed payment among all Guarantors
(other than the Guarantor whose primary obligations were so guaranteed by the other
Guarantors) based on the relative value of their assets and any other equitable considerations
deemed appropriate by the court. For purposes of the foregoing, all guarantees of such Guarantor
other than the guarantee under Section 2 hereof will be deemed to be enforceable
and payable after the guaranty under Section 2 hereof.

 

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(b)       All
rights and claims arising under this Section 2.4 or based upon or relating to any other
right of reimbursement, indemnification, contribution or subrogation that may at any time arise or exist in favor of any Guarantor
(including the Company) as to any payment on account of either (x) the Guaranteed Obligations
or (y) any other obligation that is secured by any collateral that also secures or purports to secure any of the Guaranteed
Obligations, in each case made by it or received or collected from its property shall be fully subordinated to the Guaranteed
Obligations in all respects prior to the Discharge of the Guaranteed Obligations.
Until Discharge of the Guaranteed Obligations, no Guarantor
may demand or receive any collateral security, payment or distribution whatsoever
(whether in cash, property or securities or otherwise) on account of any such right or claim provided however that except during
the continuance of an Event of Default, each Guarantor may receive regularly scheduled payments of principal and interest on the
Subordinated Obligations (as defined below) from any other Guarantor. If any such payment or distribution is made or becomes available
to any Guarantor in any Bankruptcy Case, receivership, or Bankruptcy Proceeding, such payment
or distribution shall be delivered by the person making such payment or distribution directly to the Investors, for application
to the payment of the Guaranteed Obligations. If any such payment or distribution is received
by any Guarantor after the occurrence and during the continuance of an Event of Default,
it shall be held by such Guarantor in trust, as trustee of an express trust for the benefit
of the Guaranteed Parties, and shall forthwith be transferred and delivered by such Guarantor
to the Investors, in the exact form received and, if necessary, duly endorsed.

 

(c)       The
obligations of the Guarantors under this Guaranty and
the other Notes Documents, including their liability for the Guaranteed Obligations and
the enforceability of the security interests granted thereby, are not contingent upon the validity, legality, enforceability, collectability
or sufficiency of any right of reimbursement, contribution or subrogation arising under this Section 2.4
or otherwise. The invalidity, insufficiency, unenforceability or uncollectability of any such right shall not in any respect
diminish, affect or impair any such obligation or any other claim, interest, right or remedy at any time held by any Guaranteed
Party against any Guarantor or its property. The Guaranteed
Parties make no representations or warranties in respect of any such right and shall have no duty to assure, protect, enforce
or ensure any such right or otherwise relating to any such right.

 

2.5         Payments.
Each Guarantor hereby guarantees that payments hereunder will be paid to the Investors without set-off or counterclaim (other
than any amounts required to be withheld or deducted under applicable law) in dollars in immediately available funds as specified
in the Notes.

 

2.6         Subordination
of Other Obligations. Any Indebtedness of the Company or any other Guarantor now or hereafter held by any other Guarantor
(the “Obligee Guarantor”), whether as original creditor, assignee, or by way of subrogation, restitution or
otherwise (the “Subordinated Obligations”), is hereby subordinated in right of payment to the Guaranteed Obligations,
and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and while such
Event of Default is continuing shall be held in trust for the Guaranteed Parties and, following the request of any of the Investors,
shall forthwith be paid over to the Guaranteed Parties to be credited and applied against the Guaranteed Obligations but without
otherwise affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof.

 

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2.7         Financial
Condition of the Company and other Guarantors. No Guaranteed Party shall have any obligation to disclose or discuss with any
Guarantor its assessment, or any Guarantor’s assessment, of the financial condition of the Company or any other Guarantor.
Each Guarantor has adequate means to obtain information from the Company and each other Guarantor on a continuing basis concerning
the financial condition of the Company and each other Guarantor and its ability to perform its obligations under the Notes Documents,
and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of the Company and each
other Guarantor and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations. Each Guarantor hereby
waives and relinquishes any duty on the part of any Guaranteed Party to disclose any matter, fact or thing relating to the business,
operations or condition of the Company or any other Guarantor now known or hereafter known by any Guaranteed Party.

 

2.8         Bankruptcy,
Etc. The obligations of the Guarantors hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended
or terminated by any case or Bankruptcy Proceeding, voluntary or involuntary, involving the Company or any other Guarantor or
by any defense which the Company or any Guarantor may have by reason of the order, decree or decision of any court or administrative
body resulting from any such proceeding. To the fullest extent permitted by law, the Guarantors will permit any trustee in bankruptcy,
receiver, debtor in possession, assignee for the benefit of creditors or similar person to pay the Investors, or allow the claim
of the Investors in respect of, any interest, fees, costs, expenses or other Guaranteed Obligations accruing or arising after
the date on which such case or proceeding is commenced.

 

2.9         Duration
of Guarantee, Discharge of Guarantee Upon Sale of Guarantor. (a) Except as provided in Section 2.9(b) below, and
subject to Section 2.10 below, the guarantee contained in this Section 2 shall remain in full force and effect until
the Discharge of the Guaranteed Obligations.

 

(b)       If
all of the equity interests of any Guarantor or any
of its successors in interest hereunder shall be sold or otherwise disposed of (including
by merger or consolidation) in accordance with the terms and conditions of the Notes Documents to a Person that is not an affiliate
of the Company or any other Guarantor, then the guaranty
of such Guarantor or such successor in interest, as the case may, hereunder
shall automatically be discharged and released without any further action by any Guaranteed
Party or other Person effective as of the time of such sale, disposition or other transaction.

 

2.10       Reinstatement.
If at any time payment of any of the Guaranteed Obligations or any portion thereof is rescinded,
disgorged or must otherwise be restored or returned by any Guaranteed Party upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor,
or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the
Company or any other Guarantor or any substantial part of its property, or otherwise, or
if any Guaranteed Party repays, restores, or returns, in whole or in part, any payment
or property previously paid or transferred to the Guaranteed Party in full or partial satisfaction
of any Guaranteed Obligation, because the payment or transfer or the incurrence of the
obligation is so satisfied, is declared to be void, voidable, or otherwise recoverable under any state or federal law (collectively
a “Voidable Transfer”), or because such Guaranteed
Party elects to do so on the reasonable advice of its counsel in connection with an assertion that the payment, transfer,
or incurrence is a Voidable Transfer, then, as to any such Voidable
Transfer, and as to all reasonable costs, expenses and attorney’s fees of the Guaranteed
Party related thereto, the liability of each Guarantor hereunder will automatically
and immediately be revived, reinstated, and restored and will exist as though the Voidable Transfer
had never been made.

 

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Section
3     REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE GUARANTORS.

 

3.1         Representations
and Warranties. Each Guarantor represents and warrants to the Guaranteed Parties that:

 

(a)        such
Guarantor has all right, power and authority to enter into, execute and deliver this Agreement and each other agreement, document,
instrument and certificate to be executed by such Guarantor in connection with the consummation of the transactions contemplated
hereby, and to perform fully its obligations hereunder and thereunder;

 

(b)       all
action on the part of such Guarantor necessary for the authorization execution, delivery and performance of this Agreement by such
Guarantor, has been taken;

 

(c)       This
Agreement has been duly executed and delivered by the Guarantor and constitutes a legal, valid and binding obligation of the Guarantor,
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;

 

(d)       The
execution and delivery by the Guarantor of this Agreement 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 Guarantor is bound including without limitation all foreign, federal,
state and local laws applicable to the Guarantor, except in each case as would not have a material adverse effect on the legal
and valid issuance of the Guaranty by such Guarantor or (ii) conflict with or violate any provision of the Guarantor’s organizational
documents;

 

(e)       No
consent, approval, authorization or other order of any governmental authority is required to be obtained by the Guarantor in connection
with the authorization, execution, delivery and performance of this Agreement.

 

3.2         Covenants.
Each Guarantor covenants and agrees with the Guaranteed Parties that, from and after the date of this Guaranty until the Discharge
of the Guaranteed Obligations, such Guarantor shall take, or shall refrain from taking, as the case may be, each action that is
necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take
such action or to refrain from taking such action by such Guarantor or any of its Subsidiaries.

 

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Section
4     FURTHER ASSURANCES

 

4.2         Further
Assurances. Each Guarantor agrees that from time to time, at the expense of such Guarantor, it shall use commercially reasonable
efforts to promptly execute and deliver such further instruments and documents and take such further commercially reasonable actions
that may be necessary, or that the Investors may reasonably request, in order to ensure that the Guaranteed Parties receive the
intended benefits hereof or to enable the Investors to exercise and enforce its rights and remedies hereunder.

 

Section
5     MISCELLANEOUS

 

5.1         Amendments
in Writing. None of the terms or provisions of this Guaranty may be waived, amended, supplemented or otherwise modified except
by a written instrument executed by each affected Guarantor and each of the Investors, provided that any provision of this
Guaranty imposing obligations on any Guarantor may be waived by the Investors in a written instrument executed by each of the
Investors.

 

5.2         Notices.
All notices, requests and demands to or upon the Investors shall be effected in the manner provided for in Section 13 of the Notes.

 

5.3         No
Waiver by Course of Conduct; Cumulative Remedies. No Guaranteed Party shall by any act (except by a written instrument pursuant
to Section 5.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of any Guaranteed
Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. A waiver by any Guaranteed Party of any right or remedy hereunder on any one occasion shall not be construed as a bar
to any right or remedy which such Guaranteed Party would otherwise have on any future occasion. The rights and remedies herein
provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided
by law.

 

5.4         Enforcement
Expenses. Each Guarantor agrees to pay or reimburse each Guaranteed Party for all reasonable and documented costs and
expenses of collection and enforcement of this Agreement when incurred, including such Guaranteed Party’s reasonable and
documented attorneys’ fees and legal and court costs in connection therewith, including any incurred on appeal or in connection
with bankruptcy or insolvency, whether or not any lawsuit or proceeding is ever filed with respect hereto.

 

5.5         Successors
and Assigns. This Guaranty shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit
of the Guaranteed Parties and their successors and permitted assigns.

 

     10

     

    

 

5.6       Set-Off.
Each Guarantor hereby irrevocably authorizes each Guaranteed Party at any time and from time to time while an Event of Default
shall have occurred and be continuing, without further notice to such Guarantor or any other Guarantor, any such notice being
expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct
or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such party to or for the credit or the
account of such Guarantor, or any part thereof in such amounts as such Guaranteed Party may elect, against and on account of the
obligations and liabilities of such Guarantor to such Guaranteed Party hereunder and claims of every nature and description of
such Guaranteed Party against such Guarantor, in any currency, whether arising hereunder, under the Notes Documents or otherwise,
as such Guaranteed Party may elect, whether or not any Guaranteed Party has made any demand for payment and although such obligations,
liabilities and claims may be contingent or unmatured. Each Guaranteed Party exercising any right of set-off shall notify such
Guarantor promptly of any such set-off and the application made by such Guaranteed Party of the proceeds thereof, provided
that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Guaranteed
Party under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off)
which such Guaranteed Party may have.

 

5.7         Counterparts.
This Guaranty may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken
together, shall constitute but one contract. Delivery of an executed counterpart to this Guaranty by facsimile or other electronic
transmission (e.g. “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart
hereof.

 

5.8         Severability.
Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
The parties hereto shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

5.9         Section Headings.
The section headings and Table of Contents used in this Guaranty are for convenience of reference only, are not part of this Agreement
and are not to affect the construction hereof or be taken in consideration in the interpretation hereof.

 

5.10       Integration,
Conflict. This Guaranty represents the entire agreement of the Guarantors and the Guaranteed Parties with respect to the subject
matter hereof, and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof. There are no promises, undertakings, representations or warranties by the Investors or any other Guaranteed Party relative
to the subject matter hereof not expressly set forth or referred to herein.

 

5.11       GOVERNING
LAW. THIS GUARANTY AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS GUARANTY (WHETHER ARISING IN
CONTRACT, TORT OR OTHERWISE) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW. 

 

     11

     

    

 

5.12       Submission
to Jurisdiction; Waivers. Each Guarantor hereby irrevocably and unconditionally:

 

(a)       submits
for itself and its property in any legal action or proceeding relating to this Guaranty (whether
arising in contract, tort or otherwise) to which it is a party, or for recognition and enforcement of any judgment in respect thereof,
to the exclusive general jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, and of the United
States of America for the Southern District of New York sitting in the Borough of Manhattan, and appellate courts from any thereof;

 

(b)       agrees
that all claims in respect of any such action or proceeding shall be heard and determined in such New York state court or, to
the fullest extent permitted by applicable law, in such federal court;

 

(c)       agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law and that nothing in this Guaranty shall
affect any right that any Guaranteed Party may otherwise have to bring any action or proceeding
relating to this Guaranty against the Guarantor or
any of its assets in the courts of any jurisdiction;

 

(d)       waives
to the fullest extent permitted by applicable law, any objection that it may now or hereafter
have to the laying of venue of any action or proceeding arising out of or relating to this Guaranty
in any court referred to in paragraph (a) of this section (and irrevocably waives to the
fullest extent permitted by applicable law the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court); and

 

(e)       waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover any special, exemplary, punitive or consequential
damages.

 

5.13       Acknowledgments.
Each Guarantor hereby acknowledges that:

 

(a)       in
connection with all aspects of each transaction contemplated hereby, it has consulted its own legal advisors to the extent it has
deemed appropriate;

 

(b)       no
Guaranteed Party has any fiduciary relationship with or duty to any Guarantor
arising out of or in connection with this Guaranty or any of the other Notes Documents,
and the relationship between the Guarantors, on the one hand, and the Guaranteed
Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)       no
joint venture is created hereby or by the other Notes Documents or otherwise exists by virtue of the transactions contemplated
hereby among the parties hereto.

 

5.14       Additional
Guarantors. Each subsidiary of the Company that is required to become a party to the Second Lien Guaranty Agreement shall
become a Guarantor hereunder for all purposes of this Agreement upon execution and delivery by such Subsidiary of a Joinder Agreement
in the form of Annex 1 hereto to each of the Investors.

 

     12

     

    

 

5.15       Releases.
At such time as there has been a Discharge of the Guaranteed Obligations, this Agreement and all obligations (other than those
expressly stated to survive such termination) of the Investors and each Guarantor hereunder shall automatically terminate, all
without delivery of any instrument or performance of any act by any party. At the request and sole expense of any Guarantor following
any such termination, the Investors shall promptly execute and deliver to such Guarantor such documents as such Guarantor shall
reasonably request to evidence such termination.

 

5.16       WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, BREACH OF DUTY, COMMON LAW, STATUTE OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO INVESTOR OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND
THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

Section
6     SUBORDINATION OF GUARANTy

 

This Agreement, the
Guaranty and all obligations of the Guarantors hereunder shall be unsecured obligations of each of the Guarantors, and shall be
senior in right of payment and otherwise to all Indebtedness of the Guarantors presently existing or hereinafter incurred by the
Guarantors from time to time other than any Senior Indebtedness of the Guarantors, unless the instrument under which such Indebtedness
is incurred expressly provides that it is on a parity with or subordinated in right of payment to this Note, in which case such
Indebtedness shall not constitute Senior Indebtedness. Each of the Guarantors agrees the Guaranty and all obligations of the Guarantors
hereunder, are subordinated in right of payment and otherwise to the prior payment in full of all Senior Indebtedness (whether
outstanding on the date hereof or hereafter created, incurred, assumed or guaranteed), and that the subordination is for the benefit
of the holders of Senior Indebtedness.

 

[This Space Intentionally
Left Blank]

 

     13

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Subordinated Convertible Promissory Note Guaranty Agreement to be duly executed and delivered as of the date first
above written.

 

	 	GUARANTORS:
	 	 
	 	DIFFERENTIAL BRANDS GROUP INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	DBG HOLDINGS SUBSIDIARY INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	DBG SUBSIDIARY INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	HUDSON CLOTHING HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	HUDSON CLOTHING, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature
Page to Subordinated Convertible Promissory Notes Guaranty Agreement

 

      

     

    

 

	 	DFBG SWIMS, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	HC ACQUISITION HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	RG PARENT LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	ROBERT GRAHAM HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	ROBERT GRAHAM DESIGNS, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	ROBERT GRAHAM RETAIL LLC 
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature
Page to Subordinated Convertible Promissory Notes Guaranty Agreement

 

      

     

    

 

	 	RGH GROUP LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	MARCO BRUNELLI IP, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	CENTRIC BRANDS HOLDING LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	AMERICAN MARKETING ENTERPRISES INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	BRIEFLY STATED HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature
Page to Subordinated Convertible Promissory Notes Guaranty Agreement

 

      

     

    

 

	 	BRIEFLY STATED INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	GBG JEWELRY INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	KHQ INVESTMENT LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	KHQ ATHLETICS LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	ROSETTI HANDBAGS AND ACCESSORIES, LTD
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	GBG ACCESSORIES GROUP LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature
Page to Subordinated Convertible Promissory Notes Guaranty Agreement

 

      

     

    

 

	 	GBG SOCKS LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	VZI INVESTMENT CORP.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	GBG-BCBG LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	GBG-BCBG RETAIL LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	GBG DENIM USA, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	GBG BEAUTY LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature
Page to Subordinated Convertible Promissory Notes Guaranty Agreement

 

      

     

    

 

	 	ADDED EXTRAS LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	LOTTA LUV BEAUTY LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 
	 	GBG WEST LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	F&T APPAREL LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	GBG DENIM RETAIL LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary
	 	 	 
	 	INNOVO WEST SALES, INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature
Page to Subordinated Convertible Promissory Notes Guaranty Agreement

 

      

     

    

 

	 	CENTRIC BEBE LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title: Secretary

 

Signature
Page to Subordinated Convertible Promissory Notes Guaranty Agreement

 

      

     

    

 

Annex 1 to

Subordinated Convertible Promissory Notes Guaranty Agreement

 

JOINDER AGREEMENT,
dated as of ____________, 20____, made by ______________________, a _______________ corporation (the “Additional Guarantor”),
for the Investors from time to time holding the Notes referred to below, and the other Guaranteed Parties (as defined in the Subordinated
Convertible Promissory Note Guaranty Agreement (as hereinafter defined)). All capitalized terms not defined herein shall have the
meaning ascribed to them in the Subordinated Convertible Promissory Note Guaranty Agreement.

 

WITNESSETH:

 

WHEREAS, DIFFERENTIAL
BRANDS GROUP INC. (the “Company”), issued those certain Subordinated Convertible Promissory Notes on October
29, 2018 (as such Subordinated Convertible Promissory Notes may be amended, restated, or replaced from time to time in accordance
therewith, the “Notes”);

 

WHEREAS, in connection
with the Notes, the Company and certain of its affiliates (other than the Additional Guarantor) have entered into the Subordinated
Convertible Promissory Notes Guaranty Agreement, dated as of October 29, 2018 (as amended, supplemented replaced or otherwise modified
from time to time, the “Subordinated Convertible Promissory Notes Guaranty Agreement”) for the benefit of the
Guaranteed Parties;

 

WHEREAS, the Subordinated
Convertible Promissory Notes Guaranty Agreement requires the Additional Guarantor to become a party to the Subordinated Convertible
Promissory Notes Guaranty Agreement; and

 

WHEREAS, the Additional
Guarantor has agreed to execute and deliver this Joinder Agreement in order to become a party to the Subordinated Convertible Promissory
Notes Guaranty Agreement;

 

NOW, THEREFORE, IT
IS AGREED:

 

1.       Subordinated
Convertible Promissory Notes Guaranty Agreement. By executing and delivering this Joinder Agreement, the Additional Guarantor,
as provided in Section 5.14 of the Subordinated Convertible Promissory Notes Guaranty Agreement, hereby becomes a party to
the Subordinated Convertible Promissory Notes Guaranty Agreement as a Guarantor thereunder with the same force and effect as if
originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations
and liabilities of a Guarantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set
forth in Schedules [_____________1] to the Subordinated Convertible Promissory Notes Guaranty Agreement. The Additional
Guarantor hereby represents and warrants that each of the representations and warranties contained in the Subordinated Convertible
Promissory Notes Guaranty Agreement as they relate to such Additional Guarantor or to the Notes Documents to which such Additional
Guarantor is a party, each of which is incorporated herein by reference, is true and correct in all material respects on and as
of the date hereof (after giving effect to this Joinder Agreement).

 

 

 

1 Refer
to each Schedule which needs to be supplemented where a secured guaranty is involved.

 

    	 	Annex 1-1	 

     

    

 

2.       [Limitations
of Guarantee. [●]]

 

3.       GOVERNING
LAW. THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

4.       Successors
and Assigns. This Joinder Agreement will be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

 

IN WITNESS WHEREOF,
the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date first above written.

 

	 	[ADDITIONAL GUARANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Annex 1-2	 

     

    

 

Annex 1-AExhibit 4.3

 

 

 

CB CENTRIC BRANDS INC. INCORPORATED UNDER THE LAWS OF THE STATE
OF DELAWARE COMMON STOCK CUSIP 156446 10 4 SEE REVERSE SIDE FOR CERTAIN DEFINITIONS THIS CERTIFIES THAT is the owner of FULLY-PAID
AND NON-ASSESSABLE SHARES OF COMMON STOCK, PAR VALUE $0.10 EACH OF CENTRIC BRANDS INC. (herein called the “Corporation”),
transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of this
Certificate properly endorsed. This Certificate is not valid unless countersigned by the Transfer Agent. Witness the facsimile
seal of the Corporation and the facsimile signatures of its duly authorized officers. Dated: Chief Executive officer Secretary
AUTHORIZED OFFICER COUNTERSIGNED: CONTINENTAL STOCK TRANSFER & TRUST COMPANY (NEW YORK, NY) BY TRANSFER AGENT AUTHORIZED OFFICER

 

     

     

    

  

 

The following abbreviations, when used in the inscription on the
face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:
TEN COM—as tenants in common TEN ENT —as tenants by the entireties
JT TEN — as joint tenants with right of survivorship and not as tenants in common UNIF GIFT MIN ACT– Custodian (Cust)
(Minor) under Uniform Gifts to Minors Act State Additional abbreviations may also be used though not in the above list. For value
received hereby sell, assign and transfer unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE (PLEASE PRINT
OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) of the capital stock represented by the within Certificate, and
do hereby irrevocably constitute and appoint Attorney to transfer the said stock on the books of substitution in the premises
Dated NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY
PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. IMPORTANT: SIGNATURE(S) MUST BE GUARANTEED BY A FIRM WHICH
IS A MEMBER OF A REGISTERED NATIONAL STOCK EXCHANGE, OR BY A COMERCIAL BANK OR A TRUST COMPANY.

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