Document:

Exhibit 10.13

 

EXECUTION VERSION

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of October 29, 2018, by and among Differential
Brands Group Inc., a Delaware corporation (the “Company”) and the Stockholder (as defined below). Each
of the Company and the Stockholder may be referred to in this Agreement as a “Party,” and, collectively,
as the “Parties.” Capitalized terms used but not otherwise defined herein have the meanings assigned
such terms in Section 10 of this Agreement.

 

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

 

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

 

C.        In
connection with the Second Lien Term Loan Facility, each GSO Fund shall receive shares of common stock of the Company, $0.10 par
value per share (the “Common Stock”) (each GSO Fund in its capacity as a holder of the Company’s
Common Stock being collectively and without differentiation referred to herein as the “Stockholder” and
each has all of the rights and benefits of a “Stockholder” for all purposes hereunder). The term “Stockholder”
shall also include any Affiliate of the Stockholder to which it may transfer any securities
subject to this Agreement after the date hereof, in accordance with Section 11(d).

 

D.        In
connection with the Acquisition, the Company and the Stockholder are parties to that certain Subscription Agreement, dated as of
October 29, 2018 (the “Subscription Agreement”), pursuant to which the Stockholder is subscribing for
shares of Common Stock.

 

E.        In
connection with the foregoing transactions, the Parties desire to enter into this Agreement in order to grant to the Stockholder
certain demand and piggyback registration rights, all in accordance with the terms and conditions set forth below.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Stockholder hereby agree as follows:

 

    			 

     

    

 

		1.	Demand Registrations.

 

(a)       Short-Form
Registrations. At any time after the later of (i) the date that is six (6) months following the date hereof and (ii) the time
at which the Company shall have qualified for the use of a Registration Statement on Form S-3 or any successor form thereto, the
Stockholder shall have the right, subject to Section 1(d) below, to request registration under the Securities Act of all or a portion
of its Registrable Securities on Form S-3 or any successor form (each, a “Short-Form Registration”),
which may, if so requested, be a “shelf” registration under Rule 415 under the Securities Act. A registration shall
not count as one of the permitted Short-Form Registrations unless and until a registration statement relating thereto has become
effective under the Securities Act; provided, however, that if the primary cause of any registration failing to become effective
is as a result, directly or indirectly, of any act or omission of the Stockholder or any information provided (or omitted) by the
Stockholder to be included in such registration, then such registration shall count as one of the permitted Short-Form Registrations.
Each request for a Short-Form Registration shall specify the number of Registrable Securities requested to be registered.

 

(b)       Long-Form
Registrations. At any time that the Stockholder is then eligible to request registration under the Securities Act of all or
a portion of its Registrable Securities pursuant to the terms hereof but where Short-Form Registration pursuant to Section 1(a)
of this Agreement is not available to be used by the Company in respect of such proposed registration, but in no event earlier
than twelve (12) months following the date hereof, the Stockholder shall be entitled to request a registration on Form S-1 or any
similar form (each, a “Long-Form Registration”). A registration shall not count as one of the permitted
Long-Form Registrations unless and until a registration statement relating thereto has become effective under the Securities Act
and the Stockholder is able to register and sell Registrable Securities with an aggregate fair market value of at least $1.0 million
thereunder; provided, however, that if the primary cause of any registration failing to become effective is as a result, directly
or indirectly, of any act or omission of the Stockholder or any information provided (or omitted) by the Stockholder to be included
in such registration, then such registration shall count as one of the permitted Short-Form Registrations. Each request for a Long-Form
Registration shall specify the number of Registrable Securities requested to be registered.

 

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(c)       Priority
on Demand Registration. The Stockholder shall have the right to request that a Demand Registration be effected as an underwritten
offering at any time, subject to this Section 1, by delivering to the Company a notice setting forth such request and
the number of Registrable Securities sought to be disposed of by the Stockholder in such underwritten offering. If the Stockholder
proposes to participate in such underwriting, it shall (i) enter into an underwriting agreement in customary form with the underwriter(s)
selected for such underwriting by the Company and reasonably acceptable to the Stockholder, provided that, with respect to such
underwriting agreement or any other documents reasonably required under such agreement, (A) the Stockholder shall not be required
to make any representation or warranty with respect to or on behalf of the Company or any other stockholder of the Company and
(B) the liability of the Stockholder shall be limited as provided in Section 7(b) hereof, and (ii) complete and execute
all questionnaires, powers-of-attorney, indemnities, opinions and other documents reasonably required under the terms of such underwriting
agreement.   If the managing underwriter(s) for such an underwritten offering advise(s) the Company and the Stockholder
in writing that the dollar amount or number of Registrable Securities which the Stockholder desires to sell, taken together with
all other Common Stock or other securities which the Company desires to sell and the Common Stock or other securities, if any,
as to which registration has been requested pursuant to written contractual piggyback registration rights held by other stockholders
of the Company, if any, who desire to sell or otherwise, exceeds the maximum dollar amount or maximum number of securities that
can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the
probability of success of such offering (such maximum dollar amount or maximum number of securities, as applicable, the “Maximum
Threshold”), then the Company shall include in such registration:  (1) first, the Registrable Securities
which the Stockholder has requested be included in such underwritten offering that can be sold without exceeding the Maximum Threshold;
(2) second, to the extent that the Maximum Threshold has not been reached under the foregoing clause (1), the
Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Threshold; (3) third,
to the extent that the Maximum Threshold has not been reached under the foregoing clauses (1) and (2), the Common Stock or
other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual arrangements,
if any; provided, that if requests to register Common Stock or other securities pursuant to this clause (3) when combined with
registration requests pursuant to clauses (1) and (2) exceed the Maximum Threshold, the Company shall include in such registration
all of the securities requested to be included pursuant to clauses (1) and (2) and for requestors pursuant to this clause (3),
the amount of securities pro rata in accordance with the amount of securities each securityholder has requested to be included
in the offering, regardless of the number of securities held by each such Person; and (4) fourth, to the extent that
the Maximum Threshold has not been reached under the foregoing clauses (1), (2) and (3), the Common Stock that other stockholders
desire to sell that can be sold without exceeding the Maximum Threshold to the extent that the Company, in its sole discretion,
wishes to permit such sales pursuant to this clause (4).

 

A request for an underwritten
offering may be withdrawn by the Stockholder within ten calendar days of receipt and prior to the date the registration statement
in respect of such underwritten offering has been declared effective, and, in such event, such withdrawal shall not be treated
as a request for an underwritten offering which shall have been effected pursuant to the immediately preceding paragraph; provided,
a request for an underwritten offering withdrawn by the Stockholder prior to the effectiveness of the applicable registration statement
shall be counted as a Demand Registration by the Stockholder for the purposes of Section 1.4(d) unless the Stockholder reimburses
the Company for its reasonable out-of-pocket Registration Expenses relating to the preparation and filing of such registration
statement (in which event such registration statement shall not be counted as “effected” for purposes of Section 1.4(d)).

 

(d)       The
Company shall not be obligated to effect (i) more than four (4) Short-Form Registrations or two (2) Long-Form Registrations pursuant
to this Agreement, (ii) more than one (1) Demand Registration (including any underwritten offering) during any six (6)-month period,
(iii) any Short-Form Registration unless the number of Registrable Securities sought to be registered on such Registration Statement
is reasonably expected to be issued for an aggregate fair market value of at least $5.0 million or (iv) any Long-Form Registration
unless the number of Registrable Securities sought to be registered on such Registration Statement is reasonably expected to be
issued for an aggregate fair market value of at least $17.5 million. Additionally, the Company shall not be obligated to effect
a Demand Registration or a Follow-On Registration Statement within ninety (90) days after the effective date of a Registration
Statement pursuant to an Ares Demand Registration or a Tengram Demand Registration other than an Ares Demand Registration or a
Tengram Demand Registration in which the Stockholder was unable to participate as a result of a reduction in such offering pursuant
to Section 2(b).

 

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(e)       If
the filings contemplated herein are not permitted under the rules and regulations promulgated by the Securities and Exchange Commission
or by any Commission Guidance, then within ninety (90) days after a written request by the Stockholder to register for resale any
additional Registrable Securities owned by the Stockholder that have not been registered for resale on a “shelf” Registration
Statement, the Company shall file a Registration Statement similar to the Registration Statement then effective (each, a “Follow-On
Registration Statement”), to register for resale 100%, or such portion as permitted by Commission Guidance (provided
that the Company shall use its best efforts to advocate with the Securities and Exchange Commission for the registration of all
or the maximum number of the Registrable Securities as permitted by Commission Guidance), of such additional Registrable Securities.
The Company shall give written notice of the filing of the Follow-On Registration Statement at least twenty (20) days prior to
filing the Follow-On Registration Statement to the Stockholder (the “Follow-On Registration Notice”)
and shall include in such Follow-On Registration Statement all such additional Registrable Securities with respect to which the
Company has received written requests for inclusion therein within twenty (20) days after sending the Follow-On Registration Notice.
Notwithstanding the foregoing, the Company shall not be required to file a Follow-On Registration Statement (i) if it has filed
a Follow-On Registration Statement within the prior 12-month period, or (ii) if the aggregate fair market value of additional Registrable
Securities requested to be registered on such Follow-On Registration Statement is not at least $5.0 million. The Company shall
use its best efforts to cause such Follow-On Registration Statement to be declared effective as promptly as practicable after filing
such Follow-On Registration Statement.

 

(f)       Notwithstanding
any other provision of this Agreement, if any Commission Guidance sets forth a limitation of the number of Registrable Securities
to be registered on a particular Registration Statement (notwithstanding the Company’s best efforts to advocate with the
Securities and Exchange Commission for the registration of all or a greater number of Registrable Securities), then, unless otherwise
directed in writing by the Stockholder as to its Registrable Securities, the amount of Registrable Securities to be registered
on such Registration Statement will be reduced by such amount.

 

 

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2.       Piggyback
Registrations.

 

(a)       Right
to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (for its own account
or for the account of any other Person), and the registration form proposed to be used may be used to register the resale of Registrable
Securities (each, a “Piggyback Registration”), the Company shall give prompt written notice (in any event
at least ten (10) Business Days prior to the anticipated filing date of the Registration Statement relating to such registration)
to the Stockholder of its intention to effect such a registration and shall use its best efforts to include in such registration
all Registrable Securities with respect to which the Company has received a written request from the Stockholder for inclusion
therein within five (5) Business Days following the Stockholder’s receipt of the Company’s notice. If the Stockholder
proposes to distribute its securities through a Piggyback Registration that involves an underwriter(s), it shall enter into
an underwriting agreement in reasonable and customary form with the underwriter(s) selected by the Company for such Piggyback
Registration, provided that with respect to such underwriting agreement or any other documents reasonably required under such agreement,
(i) no Stockholder shall be required to make any representation or warranty with respect to or on behalf of the Company or any
other stockholder of the Company and (ii) the liability of any Stockholder shall be limited as provided in Section 7(b)
hereof and (iii) the Stockholder shall complete and execute all questionnaires, powers-of-attorney, indemnities, opinions and other
documents reasonably required under the terms of such underwriting agreement.  For the avoidance of doubt, the Stockholder
may not request that a Piggyback Registration involve the use of an underwriter. No registration effected under this Section 2
shall relieve the Company of its obligations to effect a Demand Registration required by Section 1. If at any time
after giving notice of its intention to register any Company securities pursuant to this Section 3(a) and prior to
the effective date of the registration statement filed in connection with such registration, the Company shall determine for any
reason not to register such securities, the Company shall give notice to the Stockholder (if participating in such Piggyback Registration)
and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration.

 

(b)       Reduction
of Offering. If the managing underwriter(s) for a Piggyback Registration that is to be an underwritten offering advises
the Company that in their opinion the dollar amount or number of Common Stock or other securities which the Company desires to
sell, taken together with Common Stock or other securities, if any, as to which registration has been demanded pursuant to written
contractual arrangements with third parties, if any, the Registrable Securities as to which registration has been requested under
this Section 2, and the Common Stock or other securities as to which registration has been requested pursuant to the
written contractual piggyback registration rights of other stockholders of the Company, exceeds the Maximum Threshold, then the
Company shall include in any such registration:

 

(i)       If
the registration is undertaken for the Company’s account:  (A) first, the Common Stock or other securities that
the Company desires to sell that can be sold without exceeding the Maximum Threshold, and (ii)  second, to the extent
that the Maximum Threshold has not been reached under the foregoing clause (A), the Registrable Securities and the Common
Stock or other securities proposed to be sold for the account of other Persons that the Company is obligated to register pursuant
to any written contractual piggyback registration or other rights with such Persons and that can be sold without exceeding the
Maximum Threshold (pro rata in accordance with the number of Registrable Securities and Common Stock or other securities which
the Stockholder and other Persons have requested be included in such underwritten offering, regardless of the number of Registrable
Securities and Common Stock or other securities held by the Stockholder or other Person), and

 

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(ii)       If
the registration is a “demand” registration undertaken at the demand of one or more Persons other than the Company
and the Stockholder, (A)  first, the Common Stock or other securities for the account of such demanding Persons that
can be sold without exceeding the Maximum Threshold; (B)  second, to the extent that the Maximum Threshold has not
been reached under the foregoing clause (A), the Common Stock or other securities that the Company desires to sell that can
be sold without exceeding the Maximum Threshold; and (C)  third, to the extent that the Maximum Threshold has not been
reached under the foregoing clauses (A) and (B), the Registrable Securities and the Common Stock or other securities proposed
to be sold for the account of other Persons that the Company is obligated to register pursuant to any written contractual piggyback
registration or other rights with such Persons and that can be sold without exceeding the Maximum Threshold (pro rata in accordance
with the number of Registrable Securities and Common Stock or other securities which the Stockholder and other Persons have requested
be included in such underwritten offering, regardless of the number of Registrable Securities and Common Stock or other securities
held by the Stockholder or other Person).

 

(c)       Selection
of Underwriters. If any Piggyback Registration is an underwritten primary offering, the investment banker(s) and manager(s)
for the offering shall be selected by the Company in its sole discretion.

 

3.       Market
Standoff Agreement.

 

(a)       The
Company (i) shall not effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable
or exercisable for such securities, during the period beginning on the date the Company receives a request for an underwritten
offering from any Stockholder and continuing until sixty (60) days after the commencement of an underwritten offering, unless the
underwriters of such registered public offering otherwise agree after consultation with the Stockholder, and (ii) shall use its
reasonable best efforts to cause each (x) executive officer and director of the Company, (y) each holder of at least five percent
(5%) of the outstanding Common Stock, or any securities convertible into or exchangeable or exercisable for such Common Stock that
is an Affiliate of Tengram Capital Partners, L.P. or Ares Capital Corp. (in each case, both individually and such Affiliates as
a group, as “group” is defined for purposes of reporting beneficial ownership pursuant to Section 13 of the Securities
Exchange Act of 1934, as amended), and (z) each holder of at least ten percent (10%) of the outstanding Common Stock, or any securities
convertible into or exchangeable or exercisable for such Common Stock, purchased from the Company at any time after the date of
this Agreement (other than in a registered public offering) to agree not to effect any public sale or distribution (including sales
pursuant to Rule 144 under the Securities Act) of any such securities during such period (except as part of such underwritten
registration, if otherwise permitted), unless the underwriters managing the registered public offering otherwise agree.

 

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(b)       The
Stockholder agrees that in connection with any public offering of the Company's equity securities, or any securities convertible
into or exchangeable or exercisable for such securities, and upon the request of the managing underwriter(s) in such offering,
the Stockholder shall not, without the prior written consent of the Company and such underwriter(s), during the period commencing
on the date that is ten (10) days prior to the consummation of such offering and continuing until sixty (60) days after the commencement
of such offering, (i) offer, pledge, sell, contract to sell, grant any option or contract to purchase, purchase any option or contract
to sell, hedge the beneficial ownership of or otherwise dispose of, directly or indirectly, any shares of Common Stock or any securities
convertible into, exercisable for or exchangeable for shares of Common Stock (whether such shares or any such securities are then
owned by the Stockholder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in
clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise; provided,
however, that nothing in the foregoing sentence or otherwise in this Agreement will prohibit the Stockholder from pledging or granting
a security interest in all or any portion of its Registrable Securities and other interests, rights or obligations hereunder to
secure the obligations of the Stockholder or any of its Affiliates to any Person (and/or any agent, trustee or representative of
such Person) providing any loan, letter of credit or other extension of credit to or for the account of the Stockholder or any
of its Affiliates; provided, further, that no such pledge or security interest grant shall in any way affect the obligations or
liabilities of the Stockholder under this Agreement. The foregoing provisions of this Section 3(a) shall not apply to
sales of Registrable Securities to be included in such offering pursuant to Sections 1 and 2. Each holder of
Registrable Securities agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the
managing underwriter which are consistent with the foregoing or which are necessary to give further effect thereto.

 

4.       Registration
Procedures.

 

(a)       Whenever
the Stockholder has requested that any Registrable Securities be registered pursuant to this Agreement, the Company shall use its
best efforts to effect the registration and the sale of such Registrable Securities in accordance with the Stockholder’s
intended method of disposition thereof, and pursuant thereto the Company shall:

 

(i)       (A)
prepare and file with the Securities and Exchange Commission a Registration Statement (of the form stipulated by this Agreement,
if applicable) with respect to such Registrable Securities as soon as reasonably practicable, but in any event within twenty (20)
Business Days, if a Short-Form Registration, and thirty (30) Business Days, if a Long-Form Registration, following the date of
a demand for registration pursuant to Section 1(a) or Section 1(b) of this Agreement, as applicable, and (B) use
its best efforts to cause such Registration Statement (1) to become effective as soon as practicable, and in any event within fifteen
(15) days, if the Securities and Exchange Commission indicates it will not review the Registration Statement, and ninety (90) days,
if the Securities and Exchange Commission indicates it will review the Registration Statement, in each case, following the date
of filing such Registration Statement (provided that before filing a Registration Statement or prospectus or any amendments or
supplements thereto, the Company shall furnish to one counsel selected by the Stockholder copies of all such documents proposed
to be filed, which documents shall be subject to the reasonable review and comment of such counsel) and (2) to remain effective
and in compliance with the provisions of the Securities Act until all Registrable Securities (and any other securities, if applicable)
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth
in such Registration Statement or such securities have been withdrawn;

 

(ii)       respond
to written comments received from the Securities and Exchange Commission upon a review of any Registration Statement in a timely
manner;

 

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(iii)       promptly
notify the Stockholder of the effectiveness of each Registration Statement filed hereunder; by 11:00 a.m. (New York time) on the
second Business Day following such effectiveness, file with the Securities and Exchange Commission in accordance with Rule 424
under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement; and
prepare and file with the Securities and Exchange Commission such amendments and supplements to such Registration Statement and
the prospectus used in connection therewith, and otherwise take such actions, as may be necessary to keep such Registration Statement
effective until the earlier of (A) the date as of which the Stockholder may sell all of the Registrable Securities covered by such
Registration Statement pursuant to Rule 144 under the Securities Act without limitation, restriction or condition thereunder, and
(B) the date on which all of such Registrable Securities have been disposed of by the Stockholder, and comply with the provisions
of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period
in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement;

 

(iv)       promptly
furnish to the Stockholder such number of copies of such Registration Statement, each amendment and supplement thereto, the prospectus
included in such Registration Statement (including each preliminary prospectus) and such other documents as the Stockholder may
reasonably request in order to facilitate the disposition of the Registrable Securities owned by the Stockholder;

 

(v)       if
applicable, use its best efforts to register or qualify the shares covered by such Registration Statement under such other securities
or blue sky laws of such jurisdictions as the Stockholder shall reasonably request and do any and all other acts and things which
may be reasonably necessary or advisable to enable the Stockholder to consummate the disposition in such jurisdictions of the Registrable
Securities owned by the Stockholder (provided that the Company shall not be required to (A) qualify generally to do business in
any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) subject itself to taxation
in any such jurisdiction or (C) consent to general service of process in any such jurisdiction);

 

(vi)       notify
the Stockholder at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening
of any event as a result of which the prospectus included in such Registration Statement contains an untrue statement of a material
fact or omits any fact necessary to make the statements therein not misleading, and, as expeditiously as possible following the
happening of such event, prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact
necessary to make the statements therein not misleading;

 

(vii)       use
its best efforts to (x) cause all such Registrable Securities to be listed on each securities exchange on which similar securities
issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules
of such exchange or (y) if such listing is not then permitted, or no similar securities issued by the Company are then so listed,
secure a designation and quotation of all of the Registrable Securities covered by each Registration Statement on the OTC Bulletin
Board;

 

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(viii)       enter
into and perform such customary agreements (including underwriting agreements in customary form) and use its best efforts to take
all such other actions as the Stockholder or the underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities (including effecting a stock split or a combination of shares);

 

(ix)       make
available for inspection by any underwriter participating in any disposition pursuant to such Registration Statement and any attorney,
accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents
and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply
all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration
Statement;

 

(x)       otherwise
use its best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission, and make available
to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months
beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement,
which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, and which
requirement will be deemed satisfied if the Company timely files complete and accurate information on Forms 10-Q and 10-K and Current
Reports on Form 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

 

(xi)       in
the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending
or preventing the use of any related prospectus or suspending the qualification of any Common Stock included in such Registration
Statement for sale in any jurisdiction, the Company shall promptly notify the Stockholder and use its best efforts promptly to
obtain the withdrawal of such order;

 

(xii)       use
its best efforts to cause such Registrable Securities covered by such Registration Statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to enable the Stockholder thereof to consummate the disposition
of such Registrable Securities; and

 

(xiii)       cooperate
with the Stockholder and any broker or dealer through which the Stockholder proposes to sell its Registrable Securities in effecting
a filing with FINRA pursuant to FINRA Rule 5110 as requested by the Stockholder.

 

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(b)       If
the Stockholder has requested that any Registrable Securities be registered pursuant to this Agreement, it shall deliver to the
Company such requisite information with respect to itself and its Registrable Securities as the Company may reasonably request
for inclusion in the Registration Statement (and the prospectus included therein) as is necessary to comply with all applicable
rules and regulations of the Securities and Exchange Commission, and will promptly notify the Company of any material changes in
the information set forth in the Registration Statement furnished by or regarding the Stockholder or its plan of distribution.

 

(c)       The
Stockholder shall not effect sales of any securities covered by the Registration Statement (i) prior to the withdrawal of
any stop order suspending the effectiveness of the Registration Statement, or of any order suspending or preventing the use of
any related prospectus or suspending the registration or qualification of any Registrable Securities included in the Registration
Statement for sale in any jurisdiction where such shares had previously been registered or qualified or (ii) after receipt
of facsimile or other written notice from the Company instructing the Stockholder to suspend sales to permit the Company to correct
or update the Registration Statement or prospectus until the Stockholder receives copies of a supplemented or amended prospectus
that corrects any such misstatement(s) or omission(s) and receives notice that any required post-effective amendment has become
effective. The Stockholder agrees that it will immediately discontinue offers and sales of Registrable Securities under the Registration
Statement until the Stockholder receives copies of a supplemented or amended prospectus that corrects any such misstatement(s)
or omission(s) and receives notice that any post-effective amendment has become effective.

 

(d)       Notwithstanding
anything herein to the contrary, the Company shall have the right to suspend the use of a Registration Statement for a period of
not greater than forty-five (45) consecutive days and for not more than ninety (90) days in any twelve (12) month period (“Blackout
Period”), if, in the good faith opinion of the Board of Directors, after consultation with counsel, material, nonpublic
information exists, including, without limitation, the proposed acquisition or divestiture of assets by the Company, a strategic
alliance or a financing transaction involving the Company or the existence of pending material corporate developments, the public
disclosure of which would be necessary to cause the Registration Statement to be materially true and to contain no material misstatements
or omissions, and in each such case, where, in the good faith opinion of the Board of Directors, such disclosure would be reasonably
likely to have a material adverse effect on the Company or on the proposed transaction. The Company must give the Stockholder notice
promptly upon knowledge that a Blackout Period (without indicating the nature of such Blackout Period) may occur and prompt written
notice if a Blackout Period will occur. Upon the conclusion of a Blackout Period, the Company shall provide the Stockholder written
notice that the Registration Statement is again available for use.

 

5.       Registration
Expenses. All expenses (other than Selling Expenses) incident to the Company’s performance of or compliance with this
Agreement, including without limitation all registration and filing fees, fees and expenses of compliance with securities or blue
sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements
of counsel for the Company and independent certified public accountants, underwriters (excluding fees, discounts and commissions)
and other persons retained by the Company, and reasonable fees and expenses of one counsel for the Stockholder (“Stockholder’s
Counsel”) in connection with any Demand Registration or Piggyback Registration (all such expenses being herein called
“Registration Expenses”), shall be borne by the Company; provided that the Company shall not be required
to reimburse Stockholder’s Counsel fees and expenses in an amount exceeding $50,000 per Demand Registration or Piggyback
Registration and $100,000 in the aggregate for all Demand Registrations and Piggyback Registrations. The Company shall not be liable
for any Selling Expenses. As used herein, the term “Selling Expenses” shall mean, collectively, any selling commissions,
discounts or brokerage fees relating to the Registrable Securities and any fees or other out-of-pocket expenses of the Stockholder
not included in Registration Expenses.

 

    	 	10	 

     

    

 

6.       Stockholder’s
Obligations. The Stockholder covenants and agrees that, in the event the Company informs the Stockholder in writing that it
does not satisfy the conditions specified in Rule 172 and, as a result thereof, such seller is required to deliver a prospectus
in connection with any disposition of Registrable Securities, it will comply with the prospectus delivery requirements of the Securities
Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant
to the Registration Statement, and shall sell the Registrable Securities only in accordance with a method of distribution described
in the Registration Statement.

 

7.       Indemnification.

 

(a)       The
Company shall indemnify, to the extent permitted by applicable law, the Stockholder and each of its officers, directors, partners,
managers, members, investment managers, employees, agents and representatives, and each Person who controls the Stockholder (within
the meaning of Section 15 the Securities Act and Section 20 of the Exchange Act) against all losses, claims, damages, liabilities
and expenses (including reasonable legal expenses) arising out of or based upon (i) any untrue or alleged untrue statement of material
fact contained in (or incorporated by reference therein) any Registration Statement, free writing prospectus, prospectus or preliminary
prospectus, filing under any state securities (or blue sky) law or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including any
state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant
to a Registration Statement; provided, however, that the Company shall not be liable to any such indemnified party in any such
case to the extent that (A) such claim arises out of or is based upon any untrue statement or alleged untrue statement of a material
fact contained in (or incorporated by reference therein) any Registration Statement, free writing prospectus, prospectus or preliminary
prospectus, filing under any state securities (or blue sky) law or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact in reliance upon and in conformity with information furnished to the Company by or on behalf
of the Stockholder or its representatives by or on behalf of the Stockholder expressly for use therein, or (B) such claim is related
to the use by the Stockholder or an underwriter, if any, of an outdated or defective prospectus after such party has received written
notice from the Company that such prospectus is outdated or defective or that the Stockholder knew was outdated or defective. In
connection with an underwritten offering, the Company shall indemnify such underwriters, their officers and directors and each
Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect
to the indemnification of the holders of Registrable Securities.

 

    	 	11	 

     

    

  

(b)       The
Stockholder shall, severally and not jointly, to the extent permitted by applicable law, indemnify the Company, its directors and
officers and each Person who controls the Company (within the meaning of Section 15 the Securities Act and Section 20 of the Exchange
Act), to the fullest extent permitted by applicable law, against any losses, claims, damages, liabilities and expenses (including
reasonable legal expenses) arising out of or based upon any untrue or alleged untrue statement of material fact contained in (or
incorporated by reference therein) the Registration Statement, free writing prospectus, prospectus or preliminary prospectus or
any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements herein not misleading, but only to the extent that such untrue statement or omission was made
in reliance upon and in conformity with any information furnished in writing to the Company by the Stockholder or its representatives
by or on behalf of the Stockholder expressly for use therein; provided that the Stockholder shall be liable under this Section
7(b) of this Agreement (and otherwise), when combined with the amounts contributed, paid or payable by the Stockholder pursuant
to Section 7(e) of this Agreement, for only up to the amount of net proceeds (after deduction for any Selling Expenses) actually
received by the Stockholder as a result of the sale of Registrable Securities pursuant to the Registration Statement giving rise
to such indemnification obligation.

 

(c)       Any
Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to
indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii) unless, in the Company’s
reasonable judgment, a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party.
After written notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim,
the indemnifying party shall not be subject to any liability for any settlement subsequently made by the indemnified party without
its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel
for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of the Company,
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such
claim, in which case the indemnifying party shall be liable for the fees and expenses of one additional firm of attorneys with
respect to the indemnified parties. The indemnifying party shall keep the indemnified party reasonably apprised at all times as
to the status of the defense or any settlement negotiations with respect to such claim. No indemnifying party shall, without the
prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a
full release from all liability with respect to such claim.

 

(d)       The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of the indemnified party or any officer, director, partner, manager, member, investment manager, employee, agent,
representative or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities. The indemnity
agreements contained herein shall be in addition to (i) any cause of action or similar right of the indemnified party against the
indemnifying party or others, and (ii) any liabilities to which the indemnifying party may be subject pursuant to the law.

 

    	 	12	 

     

    

  

(e)       If
the indemnification provided for in this Section 7 of this Agreement is unavailable to or is insufficient to hold harmless
an indemnified party under the provisions above in respect to any losses, claims, damages or liabilities referred to therein, then
the indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities to the fullest extent permitted by law; provided, however, that: (i) no Person involved in the sale of Registrable
Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in
connection with such sale shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation,
and (ii) contribution by the Stockholder shall be limited in amount to the net amount of proceeds actually received by the Stockholder
from the sale of Registrable Securities pursuant to the applicable Registration Statement, less the amount of any damages that
the Stockholder has otherwise been required to pay in connection with such sale pursuant to this Agreement.

 

(f)       Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with a Demand Registration, Piggyback Registration or Follow-On Registration are in conflict with the foregoing
provisions, the provisions in such underwriting agreement shall control.

 

8.       Reports
under the Exchange Act. With a view to making available to the Stockholder the benefits of Rule 144 under the Securities Act
or any other similar rule or regulation of the Securities and Exchange Commission that may at any time permit a Stockholder to
sell securities of the Company to the public without registration (“Rule 144”), at all times during which
there are Registrable Securities outstanding that have not been previously (i) sold to or through a broker or dealer or underwriter
in a public distribution or (ii) sold in a transaction exempt from the registration and prospectus delivery requirements of the
Securities Act under Section 4(1) thereof, in the case of either clause (i) or clause (ii), in such a manner that, upon the consummation
of such sale, all transfer restrictions and restrictive legends with respect to such shares are removed upon the consummation of
such sale, the Company agrees to use its best efforts to:

 

(a)       make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)       file
with the Securities and Exchange Commission in a timely manner all reports and other documents required of the Company under the
Exchange Act, so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144; and

 

(c)       furnish
to the Stockholder so long as the Stockholder owns Registrable Securities, promptly upon request, (i) a written statement by the
Company, if true, that it has complied with the reporting requirements of Rule 144 and the Exchange Act, (ii) a copy of the most
recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other
information as may be reasonably requested to permit the Stockholder to sell such securities pursuant to Rule 144 without registration.

 

    	 	13	 

     

    

  

9.       Preservation
of Rights. Without the prior written consent of the Stockholder, the Company shall not, on or after the date of this Agreement,
(a) grant any registration rights to third parties which are more favorable in any material respect than or inconsistent with the
rights granted hereunder, or (b) enter into any agreement, take any action, or permit any change to occur, with respect to its
securities that is inconsistent with or violates or subordinates the rights expressly granted to the Stockholder in this Agreement,
including adversely affecting the ability of the Stockholder to include the Registrable Securities in a registration undertaken
pursuant to this Agreement.

 

10.       Definitions.

 

“Affiliate”
means (i) any Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common
control with such other Person, (ii) any executive officer or general partner of such other Person and (iii) any legal entity for
which such Person acts as executive officer or general partner, and “control” for these purposes means
the direct or indirect power to direct or cause the direction of the management and policies of another Person, whether by operation
of law or regulation, through ownership of securities, as trustee or executor or in any other manner; provided, however, that any
fund, account or investment vehicle controlled, managed, advised or sub-advised by GSO Capital or its Affiliates within the credit-focused
division of The Blackstone Group L.P. and any fund, account or investment vehicle controlled, managed, advised or sub-advised by
Blackstone Tactical Opportunities Advisors L.L.C. or its Affiliates within the division of The Blackstone Group L.P. known as “Blackstone
Tactical Opportunities” shall be deemed an Affiliate of the Stockholder.

 

“Ares Demand
Registration” means a “Demand Registration” as defined in the Ares Registration Rights Agreement.

 

“Ares Registration
Rights Agreement” means that certain registration rights agreement by and among the Company, Ares Capital Corp. and
the stockholders party thereto, dated as of October 29, 2018.

 

“Business
Day” means any day on which the principal offices of the Securities and Exchange Commission in Washington, DC are
open to accept filings.

 

“Commission
Guidance” means (i) any publicly available written guidance or rule of general applicability of the Securities and
Exchange Commission staff or (ii) written comments, requirements or requests of the Securities and Exchange Commission staff to
the Company in connection with the review of a Registration Statement.

 

“Common
Stock” means the common stock, par value $0.10 per share, of the Company, and includes all securities of the Company
issued or issuable with respect to such securities by way of a stock split, stock dividend, or in exchange for or upon conversion
of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation,
or other corporate reorganization.

 

    	 	14	 

     

    

 

“Demand
Registration” means a Short-Form Registration or a Long-Form Registration.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority, and any agency or authority succeeding to the functions thereof.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization or a governmental entity (or any department, agency or political subdivision thereof).

 

“Registrable
Securities” means any shares of Common Stock beneficially owned by the Stockholder, together with any securities
issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the
foregoing. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (A) a Registration
Statement covering such securities has been declared effective by the Securities and Exchange Commission and such securities have
been disposed of pursuant to such effective Registration Statement, (B) such securities are sold or transferred to any Person,
(C) the Stockholder beneficially owns (within the meaning of the Exchange Act and the rules and regulations promulgated thereunder)
less than 1.0% of the then-outstanding Common Stock of the Company; (D) such securities are eligible for sale by the Stockholder
without registration pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act without limitation
thereunder on volume or manner of sale, (E) such securities shall have ceased to be outstanding or (F) the stock certificates or
evidences of book-entry registration relating to such securities have had all restrictive legends removed.

 

 “Registration
Statement” means any registration statement of the Company which covers any of the Registrable Securities pursuant
to the provisions of this Agreement, including the prospectus, amendments, and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all materials incorporated by reference in such Registration Statement.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder.

 

“Securities
and Exchange Commission” means the United States Securities and Exchange Commission, and any governmental body or
agency succeeding to the functions thereof.

 

“Tengram
Demand Registration” means a registration of the Company’s securities pursuant to a Demand Notice as defined
in the Tengram Registration Rights Agreement.

 

“Tengram
Registration Rights Agreement” means that certain registration rights agreement by and among the Company, each Investor
listed on Schedule A thereto and each of the persons listed on Schedule B thereto, dated as of January 28, 2016, as amended by
Amendment No. 1 to the Registration Rights Agreement, dated as of October 29, 2018.

 

    	 	15	 

     

    

  

11.       Miscellaneous.

 

(a)       Remedies.
Each Party shall be entitled to enforce its rights under any provision of this Agreement specifically to recover damages caused
by reason of any breach of any provision of this Agreement and to exercise all other rights granted by applicable law. The Parties
agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that
any Party may, in its sole discretion, apply to any court of law or equity of competent jurisdiction (without posting any bond
or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions
of this Agreement.

 

(b)       Termination.
All rights and obligations of the Company hereunder other than pursuant to Sections 5 and 7 hereof shall terminate
on the date on which no Registrable Securities are outstanding.

 

(c)       Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or supplemented
only by a written instrument duly executed by the Company and the Stockholder. The failure of any party to enforce any of the provisions
of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter
to enforce each and every provision of this Agreement in accordance with its terms.

 

(d)       Assignment;
No Third Party Beneficiaries. The Company may assign this Agreement at any time in connection
with a sale or acquisition of the Company, whether by merger, consolidation, sale of all or substantially all of the Company’s
assets, or similar transaction, without the consent of the Stockholder; provided, that the successor or acquiring Person agrees
in writing to assume all of the Company’s rights and obligations under this Agreement. The Stockholder may assign
its rights hereunder to one or more transferees or assignees of Registrable Securities without the consent of the Company;
provided, however, that, other than in the case of transfers or assignments of Registrable Securities to funds or accounts managed,
advised or sub-advised by the Stockholder or its Affiliates, (a) any such transfer or assignment with respect to such Registrable
Securities is for a minimum of $5.0 million (calculated based upon the then-current aggregate fair market value of the Registrable
Securities being transferred or assigned), (b) the Company is given written notice prior to any said transfer or assignment, stating
the name and address of each of the transferee or assignee and (c) each such transferee or assignee assumes in writing responsibility
for its portion of the obligations of the Stockholder under this Agreement. This Agreement and the provisions hereof shall be binding
upon and shall inure to the benefit of each of the Parties and their respective permitted successors and assigns. This Agreement
is not intended to confer any rights or benefits on any Persons that are not party hereto other than as expressly set forth in
Section 7 and this Section 11(d).

 

(e)       Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

    	 	16	 

     

    

  

(f)       Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each Party to this Agreement and delivered to the other Party,
it being understood that all Parties need not sign the same counterpart. Signatures delivered by electronic methods shall have
the same effect as signatures delivered in person.

 

(g)       Descriptive
Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

 

(h)       Governing
Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the internal laws of New York
applicable to parties residing in New York, without regard applicable principles of conflicts of law. Each Party irrevocably consents
to the exclusive jurisdiction of any court located within New York County, New York, in connection with any matter based upon or
arising out of this Agreement or the matters contemplated hereby and it agrees that process may be served upon it in any manner
authorized by the laws of the State of New York for such Persons and waives and covenants not to assert or plead any objection
which it might otherwise have to such jurisdiction and such process. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT
ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, IT HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND
ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12(h).

 

(i)       Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly delivered: (i) upon receipt if delivered
personally; (ii) three (3) Business Days after being mailed by registered or certified mail, postage prepaid, return receipt requested;
(iii) one (1) Business Day after it is sent by commercial overnight courier service; or (iv) upon transmission if sent via facsimile
or electronic mail with confirmation of receipt to the Parties to this Agreement at the addresses set forth in the Subscription
Agreement (or at such other address for a Party as shall be specified upon like notice).

 

(j)       Rules
of Construction. The Parties agree that they have each been represented by counsel during the negotiation, preparation and
execution of this Agreement (or, if executed following the date hereof by counterpart, have been provided with an opportunity to
review the Agreement with counsel) and, therefore, waive the application of any law, regulation, holding or rule of construction
providing that ambiguities in an agreement or other document will be construed against the Party drafting such agreement or document.

 

    	 	17	 

     

    

 

 

(k)       Interpretation.
This Agreement shall be construed in accordance with the following rules: (i) the terms defined in this Agreement include the plural
as well as the singular; (ii) all references in the Agreement to designated “Sections” and other subdivisions are to
the designated sections and other subdivisions of the body of this Agreement; (iii) pronouns of either gender or neuter shall include,
as appropriate, the other pronoun forms; (iv) the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; and
(v) the words “includes” and “including” are not limiting.

 

[Remainder of
page intentionally left blank. Signature Pages Follow.]

 

    		18	 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	Differential Brands Group Inc. 
	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title:   Secretary

 

[Signature Page
to Registration Rights Agreement]

 

    	 		 

     

    

 

	 	STOCKHOLDER:
	 	 
	 	GSO Capital Opportunities Fund III LP
	 	By: GSO Capital Opportunities Associates III LLC, its general partner
	 	 
	 	By:	 /s/ Marisa J. Beeney
	 	 	Name: Marisa J. Beeney
	 	 	Title: Authorized Signatory

 

	 	STOCKHOLDER:
	 	 
	 	GSO CSF III Holdco LP
	 	By: GSO Capital Solutions Associates III LP, its general partner
	 	By: GSO Capital Solutions Associates III (Delaware) LLC, its general partner
	 	 
	 	By:	/s/ Marisa J. Beeney
	 	 	Name: Marisa J. Beeney
	 	 	Title: Authorized Signatory

 

	 	STOCKHOLDER:
	 	 
	 	GSO Aiguille des Grands Montets Fund II LP
	 	By: GSO Capital Partners LP, as attorney-in-fact
	 	 
	 	By:	/s/ Marisa J. Beeney
	 	 	Name: Marisa J. Beeney
	 	 	Title: Authorized Signatory

 

[Signature Page
to Registration Rights Agreement]

 

    	 		 

     

    

 

	 	STOCKHOLDER:
	 	 
	 	GSO Credit Alpha II Trading (Cayman) LP
	 	By: GSO Credit Alpha Associates II LP, its general partner
	 	By: GSO Credit Alpha Associates II (Delaware) LLC, its general partner
	 	 
	 	By:	/s/ Marisa J. Beeney
	 	 	Name: Marisa J. Beeney
	 	 	Title: Authorized Signatory

 

	 	STOCKHOLDER:
	 	 
	 	GSO Harrington Credit Alpha Fund (Cayman) L.P.
	 	By:	GSO Harrington Credit Alpha Associates L.L.C., its general partner
	 	 	 
	 	By:	/s/ Marisa J. Beeney
	 	 	Name: Marisa J. Beeney
	 	 	Title: Authorized Signatory

 

[Signature Page
to Registration Rights Agreement]

 

    	 		 

     

    

 

	 	STOCKHOLDER:
	 	 
	 	BTO LEGEND HOLDINGS L.P.
	 	By:	BTO Holdings Manager L.L.C., its General Partner
	 	By:	Blackstone Tactical Opportunities Associates L.L.C., its Managing Member
	 	By:	BTOA L.L.C., its Sole Member
	 	 
	 	By:	/s/ Christopher J. James
	 	 	Name: Christopher J. James
	 	 	Title:   Authorized Person

 

	 	STOCKHOLDER:
	 	 
	 	BLACKSTONE FAMILY TACTICAL OPPORTUNITIES 
	 	INVESTMENT PARTNERSHIP III (Cayman) – NQ – ESC L.P.
	 	 
	 	By:	BTO GP – NQ L.L.C., its General Partner
	 	 
	 	By:  	/s/ Christopher J. James
	 	 	Name: Christopher J. James
	 	 	Title:   Authorized Person

 

[Signature Page
to Registration Rights Agreement]Exhibit 10.14

 

Execution Version

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of October, 2018, by and among Differential
Brands Group Inc., a Delaware corporation (the “Company”) and each stockholder party hereto (each, a
“Stockholder”). Each of the Company and the Stockholder may be referred to in this Agreement as a “Party,”
and, collectively, as the “Parties.” Capitalized terms used but not otherwise defined herein have the
meanings assigned such terms in Section 10 of this Agreement. The term “Stockholder” shall also include any
Affiliate of a Stockholder to which it may transfer any securities subject to this Agreement after the date hereof, in accordance
with Section 11(d).

 

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

 

B.      In
connection with the Acquisition, the Company and the Stockholder are parties to that certain Subscription Agreement, dated as of
October 29, 2018 (the “Subscription Agreement”), pursuant to which the Stockholder is subscribing for
shares of common stock of the Company, $0.10 par value per share (the “Common Stock”).

 

C.      In
connection with the foregoing transactions, the Parties desire to enter into this Agreement in order to grant to the Stockholder
certain demand and piggyback registration rights, all in accordance with the terms and conditions set forth below.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Stockholder hereby agree as follows:

 

1.       Demand
Registrations.

 

(a)     Short-Form
Registrations. At any time after the later of (i) the date that is six (6) months following the date hereof and (ii) the time
at which the Company shall have qualified for the use of a Registration Statement on Form S-3 or any successor form thereto, the
Stockholder shall have the right, subject to Section 1(d) below, to request registration under the Securities Act of all or a portion
of its Registrable Securities on Form S-3 or any successor form (each, a “Short-Form Registration”),
which may, if so requested, be a “shelf” registration under Rule 415 under the Securities Act. A registration shall
not count as one of the permitted Short-Form Registrations unless and until a registration statement relating thereto has become
effective under the Securities Act; provided, however, that if the primary cause of any registration failing to become effective
is as a result, directly or indirectly, of any act or omission of the Stockholder or any information provided (or omitted) by the
Stockholder to be included in such registration, then such registration shall count as one of the permitted Short-Form Registrations.
Each request for a Short-Form Registration shall specify the number of Registrable Securities requested to be registered.

 

    	 		 

     

    

 

(b)     Long-Form
Registrations. At any time that the Stockholder is then eligible to request registration under the Securities Act of all or
a portion of its Registrable Securities pursuant to the terms hereof but where Short-Form Registration pursuant to Section
1(a) of this Agreement is not available to be used by the Company in respect of such proposed registration, but in no event
earlier than twelve (12) months following the date hereof, the Stockholder shall be entitled to request a registration on Form
S-1 or any similar form (each, a “Long-Form Registration”). A registration shall not count as one of
the permitted Long-Form Registrations unless and until a registration statement relating thereto has become effective under the
Securities Act and the Stockholder is able to register and sell Registrable Securities with an aggregate fair market value of
at least $1.0 million thereunder; provided, however, that if the primary cause of any registration failing to become effective
is as a result, directly or indirectly, of any act or omission of the Stockholder or any information provided (or omitted) by
the Stockholder to be included in such registration, then such registration shall count as one of the permitted Short-Form Registrations.
Each request for a Long-Form Registration shall specify the number of Registrable Securities requested to be registered.

 

(c)     Priority
on Demand Registration. The Stockholder shall have the right to request that a Demand Registration be effected as an underwritten
offering at any time, subject to this Section 1, by delivering to the Company a notice setting forth such request and
the number of Registrable Securities sought to be disposed of by the Stockholder in such underwritten offering. If the Stockholder
proposes to participate in such underwriting, it shall (i) enter into an underwriting agreement in customary form with the underwriter(s)
selected for such underwriting by the Company and reasonably acceptable to the Stockholder, provided that, with respect to such
underwriting agreement or any other documents reasonably required under such agreement, (A) the Stockholder shall not be required
to make any representation or warranty with respect to or on behalf of the Company or any other stockholder of the Company and
(B) the liability of the Stockholder shall be limited as provided in Section 7(b) hereof, and (ii) complete and execute
all questionnaires, powers-of-attorney and other documents reasonably required under the terms of such underwriting agreement.  
If the managing underwriter(s) for such an underwritten offering advise(s) the Company and the Stockholder in writing that the
dollar amount or number of Registrable Securities which the Stockholder desires to sell, taken together with all other Common Stock
or other securities which the Company desires to sell and the Common Stock or other securities, if any, as to which registration
has been requested pursuant to written contractual piggyback registration rights held by other stockholders of the Company, if
any, who desire to sell or otherwise, exceeds the maximum dollar amount or maximum number of securities that can be sold in such
offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success
of such offering (such maximum dollar amount or maximum number of securities, as applicable, the “Maximum Threshold”),
then the Company shall include in such registration:  (1) first, the Registrable Securities which the Stockholder
has requested be included in such underwritten offering that can be sold without exceeding the Maximum Threshold; (2) second,
to the extent that the Maximum Threshold has not been reached under the foregoing clause (1), the Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Threshold; (3) third, to the extent
that the Maximum Threshold has not been reached under the foregoing clauses (1) and (2), the Common Stock or other securities
for the account of other Persons that the Company is obligated to register pursuant to written contractual arrangements, if any;
provided, that if requests to register Common Stock or other securities pursuant to this clause (3) when combined with registration
requests pursuant to clauses (1) and (2) exceed the Maximum Threshold, the Company shall include in such registration all of the
securities requested to be included pursuant to clauses (1) and (2) and for requestors pursuant to this clause (3), the amount
of securities pro rata in accordance with the amount of securities each securityholder has requested to be included in the offering,
regardless of the number of securities held by each such Person; and (4) fourth, to the extent that the Maximum Threshold
has not been reached under the foregoing clauses (1), (2) and (3), the Common Stock that other stockholders desire to sell
that can be sold without exceeding the Maximum Threshold to the extent that the Company, in its sole discretion, wishes to permit
such sales pursuant to this clause (4).

 

    	 	2	 

     

    

 

  A request for an underwritten
offering may be withdrawn by the Stockholder within ten calendar days of receipt and prior to the date the registration statement
in respect of such underwritten offering has been declared effective, and, in such event, such withdrawal shall not be treated
as a request for an underwritten offering which shall have been effected pursuant to the immediately preceding paragraph; provided,
a request for an underwritten offering withdrawn by the Stockholder prior to the effectiveness of the applicable registration statement
shall be counted as a Demand Registration by the Stockholder for the purposes of Section 1.4(d) unless the Stockholder reimburses
the Company for its reasonable out-of-pocket Registration Expenses relating to the preparation and filing of such registration
statement (in which event such registration statement shall not be counted as “effected” for purposes of Section 1.4(d)).

 

(d)     The
Company shall not be obligated to effect (i) more than four (4) Short-Form Registrations or two (2) Long-Form Registrations pursuant
to this Agreement, (ii) more than one (1) Demand Registration (including any underwritten offering) during any six (6)-month period,
(iii) any Short-Form Registration unless the number of Registrable Securities sought to be registered on such Registration Statement
is reasonably expected to be issued for an aggregate fair market value of at least $5.0 million or (iv) any Long-Form Registration
unless the number of Registrable Securities sought to be registered on such Registration Statement is reasonably expected to be
issued for an aggregate fair market value of at least $17.5 million. Additionally, the Company shall not be obligated to effect
a Demand Registration or a Follow-On Registration Statement within ninety (90) days after the effective date of a Registration
Statement pursuant to a GSO Demand Registration or a Tengram Demand Registration.

 

(e)     If
the filings contemplated herein are not permitted under the rules and regulations promulgated by the Securities and Exchange Commission
or by any Commission Guidance, then within ninety (90) days after a written request by the Stockholder to register for resale any
additional Registrable Securities owned by the Stockholder that have not been registered for resale on a “shelf” Registration
Statement, the Company shall file a Registration Statement similar to the Registration Statement then effective (each, a “Follow-On
Registration Statement”), to register for resale 100%, or such portion as permitted by Commission Guidance (provided
that the Company shall use its reasonable best efforts to advocate with the Securities and Exchange Commission for the registration
of all or the maximum number of the Registrable Securities as permitted by Commission Guidance), of such additional Registrable
Securities. The Company shall give written notice of the filing of the Follow-On Registration Statement at least twenty (20) days
prior to filing the Follow-On Registration Statement to the Stockholder (the “Follow-On Registration Notice”)
and shall include in such Follow-On Registration Statement all such additional Registrable Securities with respect to which the
Company has received written requests for inclusion therein within twenty (20) days after sending the Follow-On Registration Notice.
Notwithstanding the foregoing, the Company shall not be required to file a Follow-On Registration Statement (i) if it has filed
a Follow-On Registration Statement within the prior 12-month period, or (ii) if the aggregate fair market value of additional Registrable
Securities requested to be registered on such Follow-On Registration Statement is not at least $5.0 million. The Company shall
use its reasonable best efforts to cause such Follow-On Registration Statement to be declared effective as promptly as practicable
after filing such Follow-On Registration Statement.

 

    	 	3	 

     

    

 

(f)     Notwithstanding
any other provision of this Agreement, if any Commission Guidance sets forth a limitation of the number of Registrable Securities
to be registered on a particular Registration Statement (notwithstanding the Company’s reasonable best efforts to advocate
with the Securities and Exchange Commission for the registration of all or a greater number of Registrable Securities), then, unless
otherwise directed in writing by the Stockholder as to its Registrable Securities, the amount of Registrable Securities to be registered
on such Registration Statement will be reduced by such amount.

 

2.      Piggyback
Registrations.

 

(a)     Right
to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (for its own account
or for the account of any other Person), and the registration form proposed to be used may be used to register the resale of Registrable
Securities (each, a “Piggyback Registration”), the Company shall give prompt written notice (in any event
at least ten (10) Business Days prior to the anticipated filing date of the Registration Statement relating to such registration)
to the Stockholder of its intention to effect such a registration and shall use its reasonable best efforts to include in such
registration all Registrable Securities with respect to which the Company has received a written request from the Stockholder for
inclusion therein within five (5) Business Days following the Stockholder’s receipt of the Company’s notice. If the
Stockholder proposes to distribute its securities through a Piggyback Registration that involves an underwriter(s), it shall
enter into an underwriting agreement in reasonable and customary form with the underwriter(s) selected by the Company for
such Piggyback Registration, provided that with respect to such underwriting agreement or any other documents reasonably required
under such agreement, (i) no Stockholder shall be required to make any representation or warranty with respect to or on behalf
of the Company or any other stockholder of the Company and (ii) the liability of any Stockholder shall be limited as provided in
Section 7(b) hereof and (iii) the Stockholder shall complete and execute all questionnaires, powers-of-attorney, indemnities,
opinions and other documents reasonably required under the terms of such underwriting agreement.  For the avoidance of doubt,
the Stockholder may not request that a Piggyback Registration involve the use of an underwriter. No registration effected under
this Section 2 shall relieve the Company of its obligations to effect a Demand Registration required by Section 1.
If at any time after giving notice of its intention to register any Company securities pursuant to this Section 2(a)3(a)
and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine
for any reason not to register such securities, the Company shall give notice to the Stockholder (if participating in such Piggyback
Registration) and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such
registration.

 

    	 	4	 

     

    

 

(b)     Reduction
of Offering. If the managing underwriter(s) for a Piggyback Registration that is to be an underwritten offering advises
the Company that in their opinion the dollar amount or number of Common Stock or other securities which the Company desires to
sell, taken together with Common Stock or other securities, if any, as to which registration has been demanded pursuant to written
contractual arrangements with third parties, if any, the Registrable Securities as to which registration has been requested under
this Section 2, and the Common Stock or other securities as to which registration has been requested pursuant to the
written contractual piggyback registration rights of other stockholders of the Company, exceeds the Maximum Threshold, then the
Company shall include in any such registration:

 

 (i)       If
the registration is undertaken for the Company’s account:  (A) first, the Common Stock or other securities that
the Company desires to sell that can be sold without exceeding the Maximum Threshold, and (ii)  second, to the extent
that the Maximum Threshold has not been reached under the foregoing clause (A), the Registrable Securities and the Common
Stock or other securities proposed to be sold for the account of other Persons that the Company is obligated to register pursuant
to any written contractual piggyback registration or other rights with such Persons and that can be sold without exceeding the
Maximum Threshold (pro rata in accordance with the number of Registrable Securities and Common Stock or other securities which
the Stockholder and other Persons have requested be included in such underwritten offering, regardless of the number of Registrable
Securities and Common Stock or other securities held by the Stockholder or other Person), and

 

 (ii)       If
the registration is a “demand” registration undertaken at the demand of one or more Persons other than the Company
and the Stockholder, (A)  first, the Common Stock or other securities for the account of such demanding Persons that
can be sold without exceeding the Maximum Threshold; (B)  second, to the extent that the Maximum Threshold has not
been reached under the foregoing clause (A), the Common Stock or other securities that the Company desires to sell that can
be sold without exceeding the Maximum Threshold; and (C)  third, to the extent that the Maximum Threshold has not been
reached under the foregoing clauses (A) and (B), the Registrable Securities and the Common Stock or other securities proposed
to be sold for the account of other Persons that the Company is obligated to register pursuant to any written contractual piggyback
registration or other rights with such Persons and that can be sold without exceeding the Maximum Threshold (pro rata in accordance
with the number of Registrable Securities and Common Stock or other securities which the Stockholder and other Persons have requested
be included in such underwritten offering, regardless of the number of Registrable Securities and Common Stock or other securities
held by the Stockholder or other Person).

 

(c)     Selection
of Underwriters. If any Piggyback Registration is an underwritten primary offering, the investment banker(s) and manager(s)
for the offering shall be selected by the Company in its sole discretion.

 

    	 	5	 

     

    

 

3.       Market
Standoff Agreement.

 

(a)     The
Company (i) shall not effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable
or exercisable for such securities, during the period beginning on the date the Company receives a request for an underwritten
offering from any Stockholder and continuing until sixty (60) days after the commencement of an underwritten offering, unless the
underwriters of such registered public offering otherwise agree after consultation with the Stockholder, and (ii) shall use its
reasonable best efforts to cause each (x) executive officer and director of the Company, (y) each holder of at least five percent
(5%) of the outstanding Common Stock, or any securities convertible into or exchangeable or exercisable for such Common Stock that
is an Affiliate of Tengram Capital Partners, L.P. (both individually and such Affiliates as a group, as “group” is
defined for purposes of reporting beneficial ownership pursuant to Section 13 of the Securities Exchange Act of 1934, as amended),
and (z) each holder of at least ten percent (10%) of the outstanding Common Stock, or any securities convertible into or exchangeable
or exercisable for such Common Stock, purchased from the Company at any time after the date of this Agreement (other than in a
registered public offering) to agree not to effect any public sale or distribution (including sales pursuant to Rule 144 under
the Securities Act) of any such securities during such period (except as part of such underwritten registration, if otherwise permitted),
unless the underwriters managing the registered public offering otherwise agree.

 

(b)     The
Stockholder agrees that in connection with any public offering of the Company's equity securities, or any securities convertible
into or exchangeable or exercisable for such securities, and upon the request of the managing underwriter(s) in such offering,
the Stockholder shall not, without the prior written consent of the Company and such underwriter(s), during the period commencing
on the date that is ten (10) days prior to the consummation of such offering and continuing until sixty (60) days after the commencement
of such offering, (i) offer, pledge, sell, contract to sell, grant any option or contract to purchase, purchase any option or contract
to sell, hedge the beneficial ownership of or otherwise dispose of, directly or indirectly, any shares of Common Stock or any securities
convertible into, exercisable for or exchangeable for shares of Common Stock (whether such shares or any such securities are then
owned by the Stockholder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in
clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise; provided,
however, that nothing in the foregoing sentence or otherwise in this Agreement will prohibit the Stockholder from pledging or granting
a security interest in all or any portion of its Registrable Securities and other interests, rights or obligations hereunder to
secure the obligations of the Stockholder or any of its Affiliates to any Person (and/or any agent, trustee or representative of
such Person) providing any loan, letter of credit or other extension of credit to or for the account of the Stockholder or any
of its Affiliates; provided, further, that no such pledge or security interest grant shall in any way affect the obligations or
liabilities of the Stockholder under this Agreement. The foregoing provisions of this Section 3(a) shall not apply
to sales of Registrable Securities to be included in such offering pursuant to Sections 1 and 2. Each holder
of Registrable Securities agrees to execute and deliver such other agreements as may be reasonably requested by the Company or
the managing underwriter which are consistent with the foregoing or which are necessary to give further effect thereto.

 

    	 	6	 

     

    

 

4.       Registration
Procedures.

 

(a)     Whenever
the Stockholder has requested that any Registrable Securities be registered pursuant to this Agreement, the Company shall use its
reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the Stockholder’s
intended method of disposition thereof, and pursuant thereto the Company shall:

 

 (i)       (A)
prepare and file with the Securities and Exchange Commission a Registration Statement (of the form stipulated by this Agreement,
if applicable) with respect to such Registrable Securities as soon as reasonably practicable, but in any event within twenty (20)
Business Days, if a Short-Form Registration, and thirty (30) Business Days, if a Long-Form Registration, following the date of
a demand for registration pursuant to Section 1(a) or Section 1(b) of this Agreement, as applicable, and (B) use
its reasonable best efforts to cause such Registration Statement (1) to become effective as soon as practicable, and in any event
within fifteen (15) days, if the Securities and Exchange Commission indicates it will not review the Registration Statement, and
ninety (90) days, if the Securities and Exchange Commission indicates it will review the Registration Statement, in each case,
following the date of filing such Registration Statement (provided that before filing a Registration Statement or prospectus or
any amendments or supplements thereto, the Company shall furnish to one counsel selected by the Stockholder copies of all such
documents proposed to be filed, which documents shall be subject to the reasonable review and comment of such counsel) and (2)
to remain effective and in compliance with the provisions of the Securities Act until all Registrable Securities (and any other
securities, if applicable) covered by such Registration Statement have been disposed of in accordance with the intended method(s)
of distribution set forth in such Registration Statement or such securities have been withdrawn;

 

 (ii)      respond
to written comments received from the Securities and Exchange Commission upon a review of any Registration Statement in a timely
manner;

 

 (iii)     promptly
notify the Stockholder of the effectiveness of each Registration Statement filed hereunder; by 11:00 a.m. (New York time) on the
second Business Day following such effectiveness, file with the Securities and Exchange Commission in accordance with Rule 424
under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement; and
prepare and file with the Securities and Exchange Commission such amendments and supplements to such Registration Statement and
the prospectus used in connection therewith, and otherwise take such actions, as may be necessary to keep such Registration Statement
effective until the earlier of (A) the date as of which the Stockholder may sell all of the Registrable Securities covered by such
Registration Statement pursuant to Rule 144 under the Securities Act without limitation, restriction or condition thereunder, and
(B) the date on which all of such Registrable Securities have been disposed of by the Stockholder, and comply with the provisions
of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period
in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement;

 

    	 	7	 

     

    

 

 (iv)    promptly
furnish to the Stockholder such number of copies of such Registration Statement, each amendment and supplement thereto, the prospectus
included in such Registration Statement (including each preliminary prospectus) and such other documents as the Stockholder may
reasonably request in order to facilitate the disposition of the Registrable Securities owned by the Stockholder;

 

 (v)      if
applicable, use its reasonable best efforts to register or qualify the shares covered by such Registration Statement under such
other securities or blue sky laws of such jurisdictions as the Stockholder shall reasonably request and do any and all other acts
and things which may be reasonably necessary or advisable to enable the Stockholder to consummate the disposition in such jurisdictions
of the Registrable Securities owned by the Stockholder (provided that the Company shall not be required to (A) qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) subject itself
to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction);

 

 (vi)    notify
the Stockholder at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening
of any event as a result of which the prospectus included in such Registration Statement contains an untrue statement of a material
fact or omits any fact necessary to make the statements therein not misleading, and, as expeditiously as possible following the
happening of such event, prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact
necessary to make the statements therein not misleading;

 

 (vii)    use
its reasonable best efforts to (x) cause all such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under
the rules of such exchange or (y) if such listing is not then permitted, or no similar securities issued by the Company are then
so listed, secure a designation and quotation of all of the Registrable Securities covered by each Registration Statement on the
OTC Bulletin Board;

 

 (viii)  enter
into and perform such customary agreements (including underwriting agreements in customary form) and use its reasonable best efforts
to take all such other actions as the Stockholder or the underwriters, if any, reasonably request in order to expedite or facilitate
the disposition of such Registrable Securities (including effecting a stock split or a combination of shares);

 

 (ix)     make
available for inspection by any underwriter participating in any disposition pursuant to such Registration Statement and any attorney,
accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents
and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply
all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration
Statement;

 

    	 	8	 

     

    

 

 (x)      otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission,
and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at
least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date
of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder, and which requirement will be deemed satisfied if the Company timely files complete and accurate information
on Forms 10-Q and 10-K and Current Reports on Form 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities
Act;

 

 (xi)     in
the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending
or preventing the use of any related prospectus or suspending the qualification of any Common Stock included in such Registration
Statement for sale in any jurisdiction, the Company shall promptly notify the Stockholder and use its reasonable best efforts promptly
to obtain the withdrawal of such order;

 

 (xii)    use
its reasonable best efforts to cause such Registrable Securities covered by such Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary to enable the Stockholder thereof to consummate
the disposition of such Registrable Securities; and

 

 (xiii)   cooperate
with the Stockholder and any broker or dealer through which the Stockholder proposes to sell its Registrable Securities in effecting
a filing with FINRA pursuant to FINRA Rule 5110 as requested by the Stockholder.

 

(b)     If
the Stockholder has requested that any Registrable Securities be registered pursuant to this Agreement, it shall deliver to the
Company such requisite information with respect to itself and its Registrable Securities as the Company may reasonably request
for inclusion in the Registration Statement (and the prospectus included therein) as is necessary to comply with all applicable
rules and regulations of the Securities and Exchange Commission, and will promptly notify the Company of the happening of any event
as a result of which any information set forth in the Registration Statement furnished by or regarding the Stockholder, its Registrable
Securities or its plan of distribution contains an untrue statement of a material fact or omits any fact necessary to make the
statements therein not misleading.

 

(c)     The
Stockholder shall not effect sales of any securities covered by the Registration Statement (i) prior to the withdrawal of
any stop order suspending the effectiveness of the Registration Statement, or of any order suspending or preventing the use of
any related prospectus or suspending the registration or qualification of any Registrable Securities included in the Registration
Statement for sale in any jurisdiction where such shares had previously been registered or qualified or (ii) after receipt
of facsimile or other written notice from the Company instructing the Stockholder to suspend sales to permit the Company to correct
or update the Registration Statement or prospectus until the Stockholder receives copies of a supplemented or amended prospectus
that corrects any such misstatement(s) or omission(s) and receives notice that any required post-effective amendment has become
effective. The Stockholder agrees that it will immediately discontinue offers and sales of Registrable Securities under the Registration
Statement until the Stockholder receives copies of a supplemented or amended prospectus that corrects any such misstatement(s)
or omission(s) and receives notice that any post-effective amendment has become effective.

 

    	 	9	 

     

    

 

(d)    Notwithstanding
anything herein to the contrary, the Company shall have the right to suspend the use of a Registration Statement for a period of
not greater than forty-five (45) consecutive days and for not more than ninety (90) days in any twelve (12) month period (“Blackout
Period”), if, in the good faith opinion of the Board of Directors, after consultation with counsel, material, nonpublic
information exists, including, without limitation, the proposed acquisition or divestiture of assets by the Company, a strategic
alliance or a financing transaction involving the Company or the existence of pending material corporate developments, the public
disclosure of which would be necessary to cause the Registration Statement to be materially true and to contain no material misstatements
or omissions, and in each such case, where, in the good faith opinion of the Board of Directors, such disclosure would be reasonably
likely to have a material adverse effect on the Company or on the proposed transaction. The Company must give the Stockholder notice
promptly upon knowledge that a Blackout Period (without indicating the nature of such Blackout Period) may occur and prompt written
notice if a Blackout Period will occur. Upon the conclusion of a Blackout Period, the Company shall provide the Stockholder written
notice that the Registration Statement is again available for use.

 

(e)     In
the event the Stockholder’s Registrable Securities cease to be Registrable Securities pursuant to clauses (C) or (D) of the
definition of “Registrable Securities” in Section 10, the Company shall, if requested by the Stockholder, use reasonable
best efforts to assist the Stockholder in effecting the transfer or sale of such securities in accordance with Rule 144 (or any
similar provisions then in force) under the Securities Act, including without limitation, providing customary instructions, opinions
or other documentation or actions required to effect a transfer or sale of such securities.

 

5.       Registration
Expenses. All expenses (other than Selling Expenses) incident to the Company’s performance of or compliance with this
Agreement, including without limitation all registration and filing fees, fees and expenses of compliance with securities or blue
sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements
of counsel for the Company and independent certified public accountants, underwriters (excluding fees, discounts and commissions)
and other persons retained by the Company, and reasonable fees and expenses of one counsel for the Stockholder (“Stockholder’s
Counsel”) in connection with any Demand Registration or Piggyback Registration (all such expenses being herein called
“Registration Expenses”), shall be borne by the Company; provided that the Company shall not be required
to reimburse Stockholder’s Counsel fees and expenses in an amount exceeding $25,000 per Demand Registration or Piggyback
Registration. The Company shall not be liable for any Selling Expenses. As used herein, the term “Selling Expenses”
shall mean, collectively, any selling commissions, discounts or brokerage fees relating to the Registrable Securities and any fees
or other out-of-pocket expenses of the Stockholder not included in Registration Expenses.

 

    	 	10	 

     

    

 

6.       Stockholder’s
Obligations. The Stockholder covenants and agrees that, in the event the Company informs the Stockholder in writing that it
does not satisfy the conditions specified in Rule 172 and, as a result thereof, such seller is required to deliver a prospectus
in connection with any disposition of Registrable Securities, it will comply with the prospectus delivery requirements of the Securities
Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant
to the Registration Statement, and shall sell the Registrable Securities only in accordance with a method of distribution described
in the Registration Statement.

 

7.       Indemnification.

 

(a)     The
Company shall indemnify, to the extent permitted by applicable law, the Stockholder and each of its officers, directors, partners,
managers, members, investment managers, employees, agents and representatives, and each Person who controls the Stockholder (within
the meaning of Section 15 the Securities Act and Section 20 of the Exchange Act) against all losses, claims, damages, liabilities
and expenses (including reasonable legal expenses) arising out of or based upon (i) any untrue or alleged untrue statement of material
fact contained in (or incorporated by reference therein) any Registration Statement, free writing prospectus, prospectus or preliminary
prospectus, filing under any state securities (or blue sky) law or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including any
state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant
to a Registration Statement; provided, however, that the Company shall not be liable to any such indemnified party in any such
case to the extent that (A) such claim arises out of or is based upon any untrue statement or alleged untrue statement of a material
fact contained in (or incorporated by reference therein) any Registration Statement, free writing prospectus, prospectus or preliminary
prospectus, filing under any state securities (or blue sky) law or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact in reliance upon and in conformity with information furnished to the Company by or on behalf
of the Stockholder or its representatives by or on behalf of the Stockholder expressly for use therein, or (B) such claim is related
to the use by the Stockholder or an underwriter, if any, of an outdated or defective prospectus after such party has received written
notice from the Company that such prospectus is outdated or defective or that the Stockholder knew was outdated or defective. In
connection with an underwritten offering, the Company shall indemnify such underwriters, their officers and directors and each
Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect
to the indemnification of the holders of Registrable Securities.

 

(b)     Each
Stockholder shall, severally and not jointly, to the extent permitted by applicable law, indemnify the Company, its directors and
officers and each Person who controls the Company (within the meaning of Section 15 the Securities Act and Section 20 of the Exchange
Act), to the fullest extent permitted by applicable law, against any losses, claims, damages, liabilities and expenses (including
reasonable legal expenses) arising out of or based upon any untrue or alleged untrue statement of material fact contained in (or
incorporated by reference therein) the Registration Statement, free writing prospectus, prospectus or preliminary prospectus or
any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements herein not misleading, but only to the extent that such untrue statement or omission was made
in reliance upon and in conformity with any information furnished in writing to the Company by such Stockholder or its representatives
by or on behalf of such Stockholder expressly for use therein; provided that the Stockholder shall be liable under this Section
7(b) of this Agreement (and otherwise), when combined with the amounts contributed, paid or payable by such Stockholder pursuant
to Section 7(e) of this Agreement, for only up to the amount of net proceeds (after deduction for any Selling Expenses) actually
received by such Stockholder as a result of the sale of Registrable Securities pursuant to the Registration Statement giving rise
to such indemnification obligation.

 

    	 	11	 

     

    

 

(c)     Any
Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to
indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii) unless, in the Company’s
reasonable judgment, a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party.
After written notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim,
the indemnifying party shall not be subject to any liability for any settlement subsequently made by the indemnified party without
its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel
for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of the Company,
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such
claim, in which case the indemnifying party shall be liable for the fees and expenses of one additional firm of attorneys with
respect to the indemnified parties. The indemnifying party shall keep the indemnified party reasonably apprised at all times as
to the status of the defense or any settlement negotiations with respect to such claim. No indemnifying party shall, without the
prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a
full release from all liability with respect to such claim.

 

(d)     The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of the indemnified party or any officer, director, partner, manager, member, investment manager, employee, agent,
representative or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities. The indemnity
agreements contained herein shall be in addition to (i) any cause of action or similar right of the indemnified party against the
indemnifying party or others, and (ii) any liabilities to which the indemnifying party may be subject pursuant to the law.

 

    	 	12	 

     

    

 

(e)     If
the indemnification provided for in this Section 7 of this Agreement is unavailable to or is insufficient to hold harmless
an indemnified party under the provisions above in respect to any losses, claims, damages or liabilities referred to therein, then
the indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities to the fullest extent permitted by law; provided, however, that: (i) no Person involved in the sale of Registrable
Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) in
connection with such sale shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation,
and (ii) contribution by each Stockholder shall be limited in amount to the net amount of proceeds actually received by such Stockholder
from the sale of Registrable Securities pursuant to the applicable Registration Statement, less the amount of any damages that
such Stockholder has otherwise been required to pay in connection with such sale pursuant to this Agreement.

 

(f)     Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with a Demand Registration, Piggyback Registration or Follow-On Registration are in conflict with the foregoing
provisions, the provisions in such underwriting agreement shall control.

 

8.       Reports
under the Exchange Act. With a view to making available to the Stockholder the benefits of Rule 144 under the Securities Act
or any other similar rule or regulation of the Securities and Exchange Commission that may at any time permit a Stockholder to
sell securities of the Company to the public without registration (“Rule 144”), at all times during which
there are Registrable Securities outstanding that have not been previously (i) sold to or through a broker or dealer or underwriter
in a public distribution or (ii) sold in a transaction exempt from the registration and prospectus delivery requirements of the
Securities Act under Section 4(1) thereof, in the case of either clause (i) or clause (ii), in such a manner that, upon the consummation
of such sale, all transfer restrictions and restrictive legends with respect to such shares are removed upon the consummation of
such sale, the Company agrees to use its reasonable best efforts to:

 

(a)     make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)     file
with the Securities and Exchange Commission in a timely manner all reports and other documents required of the Company under the
Exchange Act, so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144; and

 

(c)     furnish
to the Stockholder so long as the Stockholder owns Registrable Securities, promptly upon request, (i) a written statement by the
Company, if true, that it has complied with the reporting requirements of Rule 144 and the Exchange Act, (ii) a copy of the most
recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other
information as may be reasonably requested to permit the Stockholder to sell such securities pursuant to Rule 144 without registration.

 

9.       Preservation
of Rights. Without the prior written consent of the Stockholder, the Company shall not, on or after the date of this Agreement,
enter into any agreement, take any action, or permit any change to occur, with respect to its securities that is inconsistent with
or violates or subordinates the rights expressly granted to the Stockholder in this Agreement, such as (A) adversely affecting
the ability of the Stockholder to include the Registrable Securities in a registration undertaken pursuant to this Agreement or
(B) affecting the marketability of such Registrable Securities in any such registration (including effecting a stock split or a
combination of shares).

 

    	 	13	 

     

    

 

10.    Definitions.

 

“Affiliate”
means (i) any Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common
control with such other Person, (ii) any executive officer, managing member, director, general partner, investment adviser or management
company of such other Person, (iii) any legal entity for which such Person acts as executive officer, managing member, director,
general partner or with whom such Person shares an investment adviser or management company and (iv) any fund or managed account
that is managed, advised or sub-advised by the management company or investment adviser of a Stockholder, and “control”
for these purposes means the direct or indirect power to direct or cause the direction of the management and policies of another
Person, whether by operation of law or regulation, through ownership of securities, as trustee or executor or in any other manner.

 

“Business
Day” means any day on which the principal offices of the Securities and Exchange Commission in Washington, DC are
open to accept filings.

 

“Commission
Guidance” means (i) any publicly available written guidance or rule of general applicability of the Securities and
Exchange Commission staff or (ii) written comments, requirements or requests of the Securities and Exchange Commission staff to
the Company in connection with the review of a Registration Statement.

 

“Common
Stock” means the common stock, par value $0.10 per share, of the Company, and includes all securities of the Company
issued or issuable with respect to such securities by way of a stock split, stock dividend, or in exchange for or upon conversion
of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation,
or other corporate reorganization.

 

“Demand
Registration” means a Short-Form Registration or a Long-Form Registration.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority, and any agency or authority succeeding to the functions thereof.

 

“GSO Demand
Registration” means a “Demand Registration” as defined in the GSO Registration Rights Agreement.

 

“GSO Registration
Rights Agreement” means that certain registration rights agreement by and among the Company, GSO Capital Partners
LP and the other stockholders party thereto, dated as of October 29, 2018.

 

    	 	14	 

     

    

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization or a governmental entity (or any department, agency or political subdivision thereof).

 

“Registrable
Securities” means any shares of Common Stock beneficially owned by the Stockholder, together with any securities
issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the
foregoing. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (A) a Registration
Statement covering such securities has been declared effective by the Securities and Exchange Commission and such securities have
been disposed of pursuant to such effective Registration Statement, (B) such securities are sold or transferred to any Person (other
than any Affiliate of the Stockholder pursuant to Section 11(d)), (C) the Stockholder beneficially owns (within the meaning of
the Exchange Act and the rules and regulations promulgated thereunder) less than 1.0% of the then-outstanding Common Stock of the
Company (D) such securities are eligible for sale by the Stockholder without registration pursuant to Rule 144 (or any similar
provisions then in force) under the Securities Act without limitation thereunder on volume or manner of sale (subject to compliance
with Section 4(e)), (E) such securities shall have ceased to be outstanding or (F) the stock certificates or evidences of book-entry
registration relating to such securities have had all restrictive legends removed and may be transferred or sold under the Securities
Act without limitation, restriction or condition thereunder.

 

 “Registration
Statement” means any registration statement of the Company which covers any of the Registrable Securities pursuant
to the provisions of this Agreement, including the prospectus, amendments, and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all materials incorporated by reference in such Registration Statement.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder.

 

“Securities
and Exchange Commission” means the United States Securities and Exchange Commission, and any governmental body or
agency succeeding to the functions thereof.

 

“Tengram
Demand Registration” means a registration of the Company’s securities pursuant to a Demand Notice as defined
in the Tengram Registration Rights Agreement.

 

“Tengram
Registration Rights Agreement” means that certain registration rights agreement by and among the Company, each Investor
listed on Schedule A thereto and each of the persons listed on Schedule B thereto, dated as of January 28, 2016, as amended by
Amendment No. 1 to the Registration Rights Agreement, dated as of October 29, 2018.

 

11.     Miscellaneous.

 

(a)     Remedies.
Each Party shall be entitled to enforce its rights under any provision of this Agreement specifically to recover damages caused
by reason of any breach of any provision of this Agreement and to exercise all other rights granted by applicable law. The Parties
agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and
that any Party may, in its sole discretion, apply to any court of law or equity of competent jurisdiction (without posting any
bond or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the
provisions of this Agreement.

 

    	 	15	 

     

    

 

(b)     Termination.
All rights and obligations of the Company hereunder other than pursuant to Sections 5 and 7 hereof shall terminate
on the date on which no Registrable Securities are outstanding.

 

(c)     Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or supplemented
only by a written instrument duly executed by the Company and the Stockholder. The failure of any party to enforce any of the provisions
of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter
to enforce each and every provision of this Agreement in accordance with its terms.

 

(d)     Assignment;
No Third Party Beneficiaries. The Company may assign this Agreement at any time in connection
with a sale or acquisition of the Company, whether by merger, consolidation, sale of all or substantially all of the Company’s
assets, or similar transaction, without the consent of the Stockholder; provided, that the successor or acquiring Person agrees
in writing to assume all of the Company’s rights and obligations under this Agreement. The Stockholder may assign
its rights hereunder to one or more transferees or assignees of Registrable Securities without the consent of the Company;
provided, however, that, other than in the case of transfers or assignments of Registrable Securities to Affiliates or to funds
or accounts managed, advised or sub-advised by the Stockholder or its Affiliates, (a) any such transfer or assignment with respect
to such Registrable Securities is for a minimum of $5.0 million (calculated based upon the then-current aggregate fair market value
of the Registrable Securities being transferred or assigned), (b) the Company is given written notice prior to any said transfer
or assignment, stating the name and address of each of the transferee or assignee and (c) each such transferee or assignee assumes
in writing responsibility for its portion of the obligations of the Stockholder under this Agreement. This Agreement and the provisions
hereof shall be binding upon and shall inure to the benefit of each of the Parties and their respective permitted successors and
assigns. This Agreement is not intended to confer any rights or benefits on any Persons that are not party hereto other than as
expressly set forth in Section 7 and this Section 11(c).

 

(e)     Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

(f)     Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each Party to this Agreement and delivered to the other Party,
it being understood that all Parties need not sign the same counterpart. Signatures delivered by electronic methods shall have
the same effect as signatures delivered in person.

 

    	 	16	 

     

    

 

(g)     Descriptive
Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

 

(h)     Governing
Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the internal laws of New York
applicable to parties residing in New York, without regard applicable principles of conflicts of law. Each Party irrevocably consents
to the exclusive jurisdiction of any court located within New York County, New York, in connection with any matter based upon or
arising out of this Agreement or the matters contemplated hereby and it agrees that process may be served upon it in any manner
authorized by the laws of the State of New York for such Persons and waives and covenants not to assert or plead any objection
which it might otherwise have to such jurisdiction and such process. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT
ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, IT HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND
ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12(h).

 

(i)      Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly delivered: (i) upon receipt if delivered
personally; (ii) three (3) Business Days after being mailed by registered or certified mail, postage prepaid, return receipt requested;
(iii) one (1) Business Day after it is sent by commercial overnight courier service; or (iv) upon transmission if sent via facsimile
or electronic mail with confirmation of receipt to the Parties to this Agreement at the addresses set forth in the Subscription
Agreement (or at such other address for a Party as shall be specified upon like notice).

 

(j)      Rules
of Construction. The Parties agree that they have each been represented by counsel during the negotiation, preparation and
execution of this Agreement (or, if executed following the date hereof by counterpart, have been provided with an opportunity to
review the Agreement with counsel) and, therefore, waive the application of any law, regulation, holding or rule of construction
providing that ambiguities in an agreement or other document will be construed against the Party drafting such agreement or document.

 

(k)     Interpretation.
This Agreement shall be construed in accordance with the following rules: (i) the terms defined in this Agreement include the plural
as well as the singular; (ii) all references in the Agreement to designated “Sections” and other subdivisions are to
the designated sections and other subdivisions of the body of this Agreement; (iii) pronouns of either gender or neuter shall include,
as appropriate, the other pronoun forms; (iv) the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; and
(v) the words “includes” and “including” are not limiting.

 

[Remainder of
page intentionally left blank. Signature Pages Follow.]

 

    	 	17	 

     

    

 

 

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

 

	 	COMPANY:
	 	 
	 	Differential Brands Group Inc. 
	 	 
	 	By:  	/s/ Lori Nembirkow
	 	Name: Lori Nembirkow
	 	Title:  Secretary

 

[Signature Page to Registration Rights Agreement]

 

    	 		 

     

    

 

	 	STOCKHOLDER:
	 	 
	 	ARES Capital Corp.
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	CION ARES DIVERSIFIED CREDIT FUND
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	Ares Centre Street Partnership, L.P., 

by: Ares Centre Street GP, Inc., as general partner
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	ARES JASPER FUND, L.P.
	 	By: Ares Capital Management LLC, its investment manager
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	ARES ND CREDIT STRATEGIES FUND LLC
	 	By: Ares Capital Management LLC, its account manager
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory

 

[Signature Page to Registration Rights Agreement]

 

    	 		 

     

    

 

	 	ARES CREDIT STRATEGIES INSURANCE

 DEDICATED FUND SERIES OF SALI 

MULTI-SERIES FUND, L.P.
	 	By:  Ares Management LLC, its investment subadvisor
	 	By:  Ares Capital Management LLC, as subadvisor
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	ARES SENIOR DIRECT LENDING MASTER  

FUND DESIGNATED ACTIVITY COMPANY
	 	By:   Ares Capital Management LLC, its investment manager
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	ARES SENIOR DIRECT LENDING PARALLEL

 FUND (L), L.P.
	 	By:   Ares Capital Management LLC, its investment manager
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	ARES SENIOR DIRECT LENDING PARALLEL

 FUND (U), L.P.
	 	By:   Ares Capital Management LLC, its investment manager
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory

 

[Signature Page to Registration Rights Agreement]

 

    	 		 

     

    

 

	 	ARES SENIOR DIRECT LENDING PARALLEL

 FUND (U) B, L.P.
	 	By:   Ares Capital Management LLC, its investment manager
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	ARES DIRECT FINANCE I LP
	 	By: Ares Capital Management LLC, its investment manager
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	BOWHEAD IMC LP
	 	By:  Ares Capital Management LLC, its investment manager
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory
	 	 
	 	ARES EUROPEAN CREDIT STRATEGIES FUND

 VIII (BUMA), L.P.
	 	By:  Ares Management Limited, its investment manager
	 	By:  Ares Capital Management LLC, its subadvisor
	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: Mitchell Goldstein
	 	Title: Authorized Signatory

 

[Signature Page to
Registration Rights Agreement]

 

    	 		 

     

    

 

	 	ARES COMMERCIAL FINANCE LP
	 	By:  Ares Commercial Finance GP LP, its general partner
	 	By:  ACF GP LLC, its general partner
	 	 
	 	By:	/s/ Ryan Cascade
	 	Name: Ryan Cascade
	 	Title: Duly Authorized Signatory

 

[Signature Page to Registration Rights Agreement]

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