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    Exhibit 4.5

SECOND SUPPLEMENTAL INDENTURE
THIS SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of April 30, 2021, among the entities listed in Schedule I hereto (each a “Guaranteeing Subsidiary” and together, the “Guaranteeing Subsidiaries”), each a subsidiary of Aramark Services, Inc., a Delaware corporation (the “Issuer”), and U.S. Bank National Association, as trustee (the “Trustee”).
W I T N E S S E T H
WHEREAS, the Issuer, the Parent Guarantor and the other Guarantors have heretofore executed and delivered to the Trustee an indenture, dated as of January 18, 2018, as supplemented by that first supplemental indenture, dated as of February 9, 2018 (collectively, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 5.000% Senior Notes due 2028 (the “Notes”);
WHEREAS, the Indenture provides that under certain circumstances each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which such Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and 
WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
(1)Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
(2)Agreement to Guarantee. Each Guaranteeing Subsidiary hereby agrees as follows:
(a)Along with all other Guarantors, to jointly and severally unconditionally guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:
(i)the principal of, interest and premium, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and
(ii)in case of any extension of time of payment or renewal of any Notes or of any such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors and the Guaranteeing Subsidiaries shall be jointly and severally obligated to pay the same immediately. This is a guarantee of payment and not a guarantee of collection.
(b)The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or 

thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.
(c)The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever.
(d)This Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, the Indenture and this Supplemental Indenture, and each Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture.
(e)If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors (including the Guaranteeing Subsidiaries), or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.
(f)Each Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.
(g)As between the Guaranteeing Subsidiaries, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guaranteeing Subsidiaries for the purpose of this Guarantee.
(h)Each Guaranteeing Subsidiary shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under this Guarantee.
(i)Pursuant to Section 10.02 of the Indenture, after giving effect to all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the Indenture, this new Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Guarantee will not constitute a fraudulent transfer or conveyance.
(j)This Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes and Guarantee, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
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(k)In case any provision of this Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
(l)This Guarantee shall be a general unsecured senior obligation of such Guaranteeing Subsidiary, ranking pari passu with any other future Senior Indebtedness of such Guaranteeing Subsidiary, if any.
(m)Each payment to be made by the Guaranteeing Subsidiaries in respect of this Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.
(3)Execution and Delivery. Each Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes.
(4)Merger, Consolidation or Sale of All or Substantially All Assets.
(a)Except as otherwise provided in Section 5.01(c) of the Indenture, each Guaranteeing Subsidiary may not consolidate or merge with or into or wind up into (whether or not the Issuer or such Guaranteeing Subsidiary is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless:
(i)(A) such Guaranteeing Subsidiary is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than such Guaranteeing Subsidiary) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such Guaranteeing Subsidiary, as the case may be, or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Guaranteeing Subsidiary or such Person, as the case may be, being herein called the “Successor Person”);
(B)the Successor Person, if other than such Guaranteeing Subsidiary, expressly assumes all the obligations of such Guaranteeing Subsidiary under the Indenture and such Guaranteeing Subsidiary’s related Guarantee pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;
(C)immediately after such transaction, no Default exists; and
(D)the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with the Indenture; or (ii)    the transaction is made in compliance with Section 4.10 of the Indenture;
(b)Subject to certain limitations described in the Indenture, the Successor Person will succeed to, and be substituted for, such Guaranteeing Subsidiary under the Indenture and such Guaranteeing Subsidiary’s Guarantee. Notwithstanding the foregoing, such Guaranteeing Subsidiary may merge into or transfer all or part of its properties and assets to another Guarantor or the Issuer.
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(5)Releases. The Guarantee of each Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further action by such Guaranteeing Subsidiary, the Issuer or the Trustee is required for the release of such Guaranteeing Subsidiary’s Guarantee, upon:
(a)(i)  any sale, exchange or transfer (by merger or otherwise) of the Capital Stock of such Guaranteeing Subsidiary (including any sale, exchange or transfer), after which such Guaranteeing Subsidiary is no longer a Restricted Subsidiary or all or substantially all the assets of such Guaranteeing Subsidiary which sale, exchange or transfer is made in compliance with the applicable provisions of the Indenture;
(ii)the release or discharge of the guarantee by such Guaranteeing Subsidiary of the guarantee which resulted in the creation of the Guarantee, except a discharge or release by or as a result of payment under such guarantee;
(iii)the proper designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary; or
(iv)the Issuer exercising its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 of the Indenture or the Issuer’s obligations under the Indenture being discharged in accordance with the terms of the Indenture; and
(b)such Guaranteeing Subsidiary delivering to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in the Indenture relating to such transaction have been complied with.
(6)No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiaries shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing Subsidiaries) under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
(7)Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
(8)Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
The words “execution,” “signed,” “signature,” and words of like import in this Supplemental Indenture shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and Adobe Sign or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. Anything in this Supplemental Indenture or the Notes to the contrary notwithstanding, each party agrees that for the purposes of the transactions contemplated by this Supplemental Indenture, the Notes and any document to be signed in connection with the Indenture or the Notes (including the Notes and amendments, supplements, waivers, consents and other modifications, Officers’ Certificates, Issuer Orders and Opinions of Counsel) or the transactions contemplated hereby may be signed by manual signatures that are scanned, photocopied 
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or faxed or other electronic signatures created on an electronic platform, such as DocuSign, or by digital signature, such as Adobe Sign, (or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion), and the keeping of records in electronic form, are hereby authorized, and each shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as the case may be.

(9)Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.
(10)The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by each Guaranteeing Subsidiary.
(11)Subrogation. Each Guaranteeing Subsidiary shall be subrogated to all rights of Holders of Notes against the Issuer in respect of any amounts paid by such Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that, if an Event of Default has occurred and is continuing, such Guaranteeing Subsidiary shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuer under the Indenture or the Notes shall have been paid in full.
(12)Benefits Acknowledged. Each Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. Each Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.
(13)Successors. All agreements of the Guaranteeing Subsidiaries in this Supplemental Indenture shall bind their Successors, except as otherwise provided in Section 2(k) hereof or elsewhere in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.
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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

																		
			ALCATRAZ HOSPITALITY, LLC	
			CLIFF HOUSE HOSPITALITY, LLC	
			CRATER LAKE HOSPITALITY, LLC	
			GLEN CANYON RAFTING HOSPITALITY, LLC	
			LIBERTY ISLANDS HOSPITALITY, LLC	
			MUIR WOODS HOSPITALITY, LLC	
			NATIONAL MALL HOSPITALITY, LLC	
			NORTH RIM HOSPITALITY, LLC	
			OLYMPIC PENINSULA HOSPITALITY, LLC	
			RUSHMORE HOSPITALITY, LLC	
			SOUTH RIM HOSPITALITY, LLC	
			WILDERNESS RIVER ADVENTURES, LLC	
						
				by Aramark Sports and Entertainment Services, LLC, its sole member	
						
				By:	/s/ JAMES J. TARANGELO    
	
				Name:	James J. Tarangelo	
				Title:	Treasurer	
						

																		
			ARAMARK EQUIPMENT, LLC	
				by Aramark Qualified Opportunity Fund, LLC, its managing member	
						
				By:	/s/ JAMES J. TARANGELO    
	
				Name:	James J. Tarangelo	
				Title:	Treasurer	
						

																		
			ARAMARK PERSONNEL SERVICES, LLC	
				by Aramark Processing, LLC, its sole member
	
						
				By:	/s/ JAMES J. TARANGELO    
	
				Name:	James J. Tarangelo	
				Title:	Treasurer	
						

[Signature Page to 2028 Notes Supplemental Indenture]

    

																		
			ARAMARK TECHNICAL SERVICES OF NEW YORK, LLC	
				by Aramark Construction and Energy Service, LLC, its sole member	
						
				By:	/s/ JAMES J. TARANGELO    
	
				Name:	James J. Tarangelo	
				Title:	Treasurer	
						
						
			ARAMARK UNIFORM SERVICES (SUPPLY CHAIN), LLC	
				by Aramark Uniform & Career Apparel, LLC, its sole member	
						
				By:	/s/ JAMES J. TARANGELO    
	
				Name:	James J. Tarangelo	
				Title:	Treasurer	
						
						
			GOOD UNCLE SERVICES, LLC	
			EVERSAFE SERVICES, LLC	
				by Aramark Services, Inc., its sole member	
						
				By:	/s/ JAMES J. TARANGELO    
	
				Name:	James J. Tarangelo	
				Title:	Treasurer	
						
						
						
						
						
						
						
						
						
						
						
						
						
						
						

[Signature Page to 2028 Notes Supplemental Indenture]

    

																		
						
			U.S. BANK NATIONAL ASSOCIATION, as Trustee
	
						
				By:	/s/ GREGORY P. GUIM          
	
				Name:	Gregory P. Guim	
				Title:	Vice President	
						
						
						
						

[Signature Page to 2028 Notes Supplemental Indenture]

Schedule I
Guaranteeing Subsidiaries 
									
		Entity Name	Jurisdiction
	1.	Olympic Peninsula Hospitality, LLC	Delaware
	2.	Rushmore Hospitality, LLC	Delaware
	3.	South Rim Hospitality, LLC	Delaware
	4.	Muir Woods Hospitality, LLC	Delaware
	5.	Aramark Personnel Services, LLC	Delaware
	6.	Glen Canyon Rafting Hospitality, LLC	Delaware
	7.	Crater Lake Hospitality, LLC	Delaware
	8.	Alcatraz Hospitality, LLC	Delaware
	9.	Wilderness River Adventures, LLC	Delaware
	10.	North Rim Hospitality, LLC	Delaware
	11.	Cliff House Hospitality, LLC	Delaware
	12	Liberty Islands Hospitality, LLC	Delaware
	13.	Good Uncle Services, LLC	Delaware
	14.	Aramark Uniform Services (Supply Chain), LLC	Delaware
	15.	Aramark Equipment, LLC	Delaware
	16.	Aramark Technical Services of New York, LLC	Delaware
	17.	EverSafe Services, LLC	Delaware
	18.	National Mall Hospitality, LLC	DelawareExhibit 4.10

 

THIS NOTE AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

CONVERTIBLE SUBORDINATED PROMISSORY NOTE

 

	$___,000.00	___________,2019

Los Angeles, California

 

FOR
VALUE RECEIVED, Denim.LA, Inc., a Delaware corporation (the "Company"), promises to pay to ___________________,
or its registered assigns, (the "Holder") the principal sum of _____________ Thousand Dollars ($_____,000.00),
or such lesser amount as shall then equal the outstanding principal amount hereof, together with interest from the date of this Note on
the unpaid principal balance at a rate per annum equal to 12.0% per annum. The interest rate shall be computed on the basis of the actual
number of days elapsed and a year of 365 days. All unpaid principal under this Note, if not converted by the provisions of Section 6
below, shall be due and payable on demand at any time after the earlier of (i) the date thirty-six (36) months after the date of
the issuance of this Note (the "Maturity Date"), or (ii) after the occurrence of an Event of Default (as
defined below). The balance of unpaid and accrued interest under this Note and other amounts payable hereunder (but not the principal
hereunder), shall be due and payable on demand at any time after the earlier of (i) the Maturity Date, (ii) after the occurrence
of an Event of Default, or (iii) after the conversion of all then-outstanding principal under this Note into the Company’s
equity securities under Section 6 hereof.

 

The following is a statement of the rights and
obligations of the Holder and the Company and the conditions to which this Note is subject, and to which the Holder hereof, by the acceptance
of this Note, agrees:

 

1.            Definitions.
As used in this Note, the following capitalized terms have the following meanings:

 

(a)            “Cap
Valuation” means $9,000,000.00

 

(b)            “Change
of Control” means (i) a reorganization, merger or consolidation of the Company into or with another entity after which
the stockholders of the Company immediately prior to such transaction do not own, immediately following the consummation of the transaction
by virtue of their shares in the Company or securities received in exchange for such shares in connection with the transaction, a majority
of the voting power of the surviving entity in proportions substantially identical to those that existed immediately prior to such transaction
and with substantially the same rights, preferences, privileges and restrictions as the shares they held immediately prior to the transaction,
(ii) the sale, transfer or other disposition (but not including a transfer or disposition by pledge or mortgage to a bona fide lender)
of all or substantially all of the assets of the Company (other than to a wholly-owned subsidiary), or (iii) the sale or transfer
by the Company or its stockholders of more than 50% of the voting power of the Company in a transaction or series of related transactions
other than in a transaction or series of transactions effected by the Company primarily for financing purposes.

 

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(c)            “Conversion
Price” means $0.14 per share of Common Stock of the Company.

 

(d)            “Initial
Public Offering” means the closing of the Company’s first firm commitment underwritten initial public offering of
the Company’s Common Stock pursuant to a registration statement filed under the Securities Act.

 

(e)            “Majority
Investors” means the Holders (as defined below) holding more than 50% of the aggregate then-outstanding principal amount
of all then-outstanding Notes.

 

(f)            “Notes”
means this Note issued to the Holder, collectively with other convertible promissory notes in a form substantially similar to this Note,
issued in one or more closings by the Company to other purchasers of such other Notes (collectively with the Holder, the “Holders”),
with an aggregate principal value of up to $3,000,000.00.

 

(g)            “Obligations”
means all principal and accrued interest due under this Note.

 

(h)            “Pre-Money
Fully Diluted Capitalization” means the number of shares of Common Stock of the Company outstanding immediately prior to
the closing of any applicable transaction (such as an Initial Public Offering, , a Change of Control, or a conversion of this Note upon
the Maturity Date), in each case, assuming conversion of all then-outstanding securities convertible into Common Stock, exercise of all
then-outstanding options and warrants, and including the shares then-reserved and authorized for issuance under the Company’s then-existing
equity incentive plan, but excluding the shares issued in such applicable transaction or pursuant to the conversion of any portion of
the Obligations under this Note or under any of the other Notes.

 

(i)            “Securities
Act” means the Securities Act of 1933, as amended.

 

(j)            “Senior
Indebtedness” means, unless expressly subordinated to or made on a parity with the amounts due under this Note, the principal
of (and premium, if any), unpaid interest on and amounts reimbursed, fees, expenses, costs of enforcement and other amounts due in connection
with, (i) existing indebtedness of Company on the effective date of this Note, excluding any and all of the other Notes, (ii) indebtedness
of the Company, or with respect to which the Company is a guarantor, to banks, commercial finance lenders, insurance companies, leasing
or equipment financing institutions or other lending institutions regularly engaged in the business of lending money (excluding venture
capital, investment banking or similar institutions which sometimes engage in lending activities but which are primarily engaged in investments
in equity securities), which is for money borrowed, or purchase or leasing of equipment in the case of lease or other equipment financing,
by the Company, whether or not secured, and whether or not created or acquired before or after the indebtedness evidenced by this Note,
and (iii) any debentures, notes or other evidence of indebtedness issued in exchange for such Senior Indebtedness, or any indebtedness
arising from the satisfaction of such Senior Indebtedness by a guarantor.

 

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(k)            “Total
Number of Conversion Shares” means the quotient obtained by dividing (i) the amount of then-outstanding principal (but
none of the accrued interest) under this Note, by (ii) the Discounted Purchase Price.

 

(l)            “Undiscounted
Purchase Price” means the lowest price-per-share of the Qualified Equity Securities (in the event of a Qualified Equity
Financing) or Nonqualified Equity Securities (in the event of a Nonqualified Equity Financing), as applicable, at which such Qualified
Equity Securities or Nonqualified Equity Securities, as applicable, are sold to the purchasers in such Qualified Equity Financing or Nonqualified
Equity Financing, as applicable.

 

2.            Payments.
The Company may prepay this Note, in whole or in part at any time, without premium or penalty, with the prior written consent of the Majority
Investors. Any such prepayment will be applied first to the payment of expenses due under this Note, second to interest accrued on this
Note and third, if the amount of prepayment exceeds the amount of all such expenses and accrued interest, to the payment of principal
of this Note. If any payment on this Note shall become due on a Saturday, Sunday, or a public holiday under the laws of the State of California,
such payment shall be made on the next succeeding business day and such extension of time shall be included in computing interest in connection
with such payment. All payments shall be in lawful money of the United States of America.

 

3.            Events
of Default. The occurrence of any of the following shall constitute an "Event of Default" under this Note:

 

(a)            Failure
to Pay. The Company shall fail to pay (i) when due any principal payment on the due date hereunder or (ii) any interest
or other payment required under the terms of this Note on the date due, and such payment shall not have been made within fifteen (15)
days of the Company's receipt of the Holder's written notice to the Company of such failure to pay; or

 

(b)            Voluntary
Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator
or custodian of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of its or
any of its creditors, (iii) be dissolved or liquidated in full or in part, (iv) commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official
in an involuntary case or other proceeding commenced against it, or (v) take any action for the purpose of effecting any of the foregoing;

 

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(c)            Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company
or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law or hereafter in
effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days
of commencement.

 

4.            Rights
of the Holder Upon Default. Upon the occurrence and during the continuance of any Event of Default, the Holder may, with the written
consent of the Majority Investors, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable
without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. In addition to the foregoing
remedies, upon the occurrence or existence of any Event of Default, the Holder may, with the written consent of the Majority Investors,
exercise any other right, power or remedy granted to it or otherwise permitted to it by law, either by suit in equity or by action at
law, or both.

 

5.            Subordination.
The indebtedness evidenced by this Note is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right
of payment to the prior payment in full of all of the Company's Senior Indebtedness.

 

(a)            Insolvency
Proceedings. If there shall occur any receivership, insolvency, assignment for the benefit of creditors, bankruptcy, reorganization,
or arrangements with creditors (whether or not pursuant to bankruptcy or other insolvency laws), sale of all or substantially all of the
assets, dissolution, liquidation, or any other marshaling of the assets and liabilities of the Company, no amount shall be paid by the
Company in respect of the principal of, interest on or other amounts due with respect to this Note at the time outstanding, unless and
until the principal of and interest on the Senior Indebtedness then outstanding shall be paid in full.

 

(b)            Subrogation.
Subject to the payment in full of all Senior Indebtedness, the Holder of this Note shall be subrogated to the rights of the holder(s) of
such Senior Indebtedness (to the extent of the payments or distributions made to the holder(s) of such Senior Indebtedness pursuant
to the provisions of this Section 5) to receive payments and distributions of assets of the Company applicable to the Senior Indebtedness.
No such payments or distributions applicable to the Senior Indebtedness shall, as between the Company and its creditors, other than the
holders of Senior Indebtedness and the Holder, be deemed to be a payment by the Company to or on account of this Note; and for purposes
of such subrogation, no payments or distributions to the holders of Senior Indebtedness to which the Holder would be entitled except for
the provisions of this Section 5 shall, as between the Company and its creditors, other than the holders of Senior Indebtedness and
the Holder, be deemed to be a payment by the Company to or on account of the Senior Indebtedness.

 

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(c)            No
Impairment. Nothing contained in this Section 5 shall impair, as between the Company and the Holder, the obligation of the Company,
subject to the terms and conditions hereof, to pay to the Holder the principal hereof and interest hereon as and when the same become
due and payable, or shall prevent the Holder of this Note, upon default hereunder, from exercising all rights, powers and remedies otherwise
provided herein or by applicable law.

 

(d)            Reliance
of Holders of Senior Indebtedness. The Holder, by its acceptance hereof, shall be deemed to acknowledge and agree that the foregoing
subordination provisions are, and are intended to be, an inducement to and a consideration of each holder of Senior Indebtedness, whether
such Senior Indebtedness was created or acquired before or after the creation of the indebtedness evidenced by this Note, and each such
holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and holding, or
in continuing to hold, such Senior Indebtedness.

 

(e)            Pari
Passu Notes. Holder acknowledges and agrees that the payment of all or any portion of the outstanding principal amount
of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes. In the
event Holder receives payments in excess of its pro rata share of the Company’s payments to the holder of the Holders of all of
the other Notes, then Holder shall hold in trust all such excess payments for the benefit of the Holders of the other Notes and shall
pay such amounts held in trust to the holder of such other Holders of the other Notes upon demand by the holder of such Holders of the
other Notes, as applicable.

 

6.            Conversion.

 

(a)            Automatic
Conversion.

 

(i)            Initial
Public Offering. Upon the closing of an Initial Public Offering, if such closing occurs before the Maturity Date and before any prior
conversion of this Note under this Section 6, then this Note shall convert into that number of fully paid and nonassessable shares
of the Company’s Common Stock determined by dividing the then-outstanding Obligations by the Conversion Price, , rounded down to
the nearest whole share.

 

     5

     

    

 

(ii)            Procedure
for Automatic Conversion. The Company shall provide written notice to the Holder at least 5 business days prior to the closing of
any Initial Public Offering, notifying the Holder of such pending transaction, including a reasonable summary of the price and terms under
which such Initial Public Offering is then-proposed. In the event that the Company notifies the Holder in writing of the occurrence or
proposed occurrence of a conversion under this Section 6(a), including the proposed date of such conversion, the Holder of this Note
shall immediately deliver this Note to the Company at the address set forth under Section 12 below, or such other address communicated
to the Holder by the Company in writing. Upon the delivery by the Holder of the Note to the Company and the completion of all conditions
to such conversion (for example, the closing of the Initial Public Offering), the Company shall cancel this Note and issue to the Holder
the number of shares of Common Stock as required by Section 6(a)(i) above. In the event that the Holder fails to deliver this
Note to the Company prior to the completion of all conditions to such conversion, this Note will nevertheless be deemed cancelled and
converted into shares of the Company’s stock hereunder upon the completion of all such conditions to such conversion. Further, the
Holder hereby agrees to execute and deliver to the Company all transaction documents related to the Initial Public Offering; provided,
however, that such transaction documents are the same documents to be entered into with all other purchasers of the Common Stock of
the Company in connection with the Initial Public Offering (subject to a 180-day lock-up agreement).

 

(b)            Optional
Conversion.

 

(i)            Change
of Control. Upon the closing of a Change of Control, if such closing occurs before the Maturity Date and before any prior conversion
of this Note under this Section 6, then in lieu of the principal and interest that would otherwise be payable on the Maturity Date,
the Company will pay the Holder an aggregate amount equal to two times (2.0x) all outstanding principal due under the Note (it being understood
that all accrued and unpaid interest under this Note shall be deemed waived in such event, in consideration of receiving such 2.0x principal
payment); provided, however, that at the election of the Majority Investors, all or a portion of the then-outstanding principal
(but none of the accrued interest) under this Note (but, for the avoidance of doubt, not two times (2.0x) any outstanding principal due
under the Note) shall be convertible into that number of fully paid and nonassessable shares of the Company’s Common Stock determined
by dividing the then-outstanding principal elected to be so converted by the lesser of (A) the fair market value of the Company’s
Common Stock at the time of such conversion, as determined in good faith by the Company’s Board of Directors, (B) the Conversion
Price, or (C) the quotient, rounded down to the nearest whole share, obtained by dividing (1) the Cap Valuation by (2) the
Pre-Money Fully Diluted Capitalization, with rights that are generally applicable to all other holders of the Company’s Common Stock
as of such conversion date under the Company’s certificate of incorporation, as amended to date.

 

(ii)            Maturity
Date. Immediately prior to the Maturity Date, if any then-outstanding principal under this Note have not yet converted into the Company’s
stock under this Section 6, then at the option of the Majority Investors, all or a portion of the then-outstanding principal (but
none of the accrued interest) under this Note may be converted into that number of fully paid and nonassessable shares of the Company’s
Common Stock determined by dividing the then-outstanding principal elected to be so converted by the quotient obtained by dividing (A) the
Cap Valuation by (B) the then-current Pre-Money Fully Diluted Capitalization, with rights that are generally applicable to all other
holders of the Company’s Common Stock as of such conversion date under the Company’s certificate of incorporation, as amended
to date.

 

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(iii)            Procedure
for Optional Conversion. The Company shall provide written notice to the Holder at least 5 business days prior to the closing of any
Change of Control, notifying the Holder of such pending transaction, including a reasonable summary of the price and terms under which
such transaction is then-proposed (but with no obligation to disclose the names of any other parties involved with any such transaction).
In the event that the Company notifies the Holder in writing of the occurrence or proposed occurrence of an opportunity to convert under
this Section 6(b), including the proposed date of such conversion, the Holder of this Note may deliver to the Company at the address
set forth under Section 12 below, or such other address communicated to the Holder by the Company in writing, this Note and a written
election to convert. Upon the delivery by the Holder of the Note to the Company, the delivery by the Majority Investors of their Notes
to the Company, the delivery by the Majority Investors of a written notice electing to convert their Notes as applicable under this Section 6(b),
and the completion of all conditions to such conversion (for example, the closing of the Change of Control or the occurrence of the Maturity
Date), the Company shall cancel this Note and issue to the Holder the number and class of shares described in Section 6(b)(i) or
(ii) above, as applicable. In the event that the Majority Investors deliver a written notice to the Company electing to convert their
Notes as applicable under this Section 6(b), if the Holder fails to deliver this Note to the Company prior to the completion of all
conditions to such conversion, this Note will nevertheless be deemed cancelled and converted into shares of the Company’s stock
hereunder upon the completion of all such conditions to such conversion. In the event of a conversion under Section 6(b)(i) or
(ii) hereof, the Holder hereby agrees to execute and deliver to the Company a common stock purchase agreement reasonably acceptable
to the Company containing customary representations and warranties and transfer restrictions.

 

(c)            Fractional
Shares. No fractional shares of Common Stock shall be issued upon conversion of this Note or any part hereof. Upon the conversion
of any of the principal outstanding under this Note, in lieu of the Company issuing any fractional shares to the Holder, the Company shall
pay to the Holder the amount of outstanding principal that is not so converted. Upon full conversion of this Note (including payment of
the interest accrued hereunder in accordance with Section 6(d) below), the Company shall be forever released from all its obligations
and liabilities under this Note, whether or not the original of this Note has been delivered to the Company for cancellation.

 

7.            Representations
and Warranties.

 

(a)            Representations
and Warranties of the Holder. The Holder represents and warrants to the Company as of the time of issuance of this Note as follows:

 

(i)            Investment
Intent: Authority. This Note is issued to the Holder in reliance upon such Holder’s representation to the Company, evidenced
by Holder’s execution of this Note, that Holder is acquiring this Note for investment for such Holder’s own account, not as
nominee or agent, for investment and not with a view to, or for resale in connection with, any distribution or public offering thereof
within the meaning of the Securities Act, or the California Corporate Securities Law of 1968, as amended (the “California
Law”). Holder has the full right, power, authority and capacity to enter into and perform its obligations under this Note
and this Note will constitute a valid and binding obligation upon Holder, except as the same may be limited by bankruptcy, insolvency,
moratorium, and other laws of general application affecting the enforcement of creditors’ rights.

 

     7

     

    

 

(ii)            Securities
Not Registered. Holder understands and acknowledges that the offering of this Note pursuant to the terms hereunder will not be registered
under the Securities Act or qualified under the California Law on the grounds that the offering and sale of this Note, the securities
into which this Note may convert and (if such securities are convertible securities) the securities into which such securities may convert
(collectively, the “Securities”) are exempt from registration under the Securities Act and exempt from qualification
pursuant to section 25102(f) of the California Law, and that the Company’s reliance upon such exemptions is predicated
upon such Holder’s representations set forth in this Note. The Holder acknowledges and understands that resale of the Securities
may be restricted indefinitely unless the Securities are subsequently registered under the Securities Act and qualified under the California
Law or an exemption from such registration and such qualification is available.

 

(iii)            No
Transfer. Holder covenants that in no event will it dispose of any of the Securities other than in conjunction with an effective registration
statement for the Securities under the Securities Act or pursuant to an exemption therefrom, or in compliance with Rule 144 promulgated
under the Securities Act or to an entity affiliated with said Holder and other than in compliance with the applicable securities regulation
laws of any state. Notwithstanding the foregoing, the Securities may be transferred by a Holder which is a partnership to a limited or
general partner of such partnership if (A) the transferee agrees in writing to be subject to the terms of this Note to the same extent
as if he were an original Holder; (B) the Holder delivers written notice of such transfer to the Company; and (C) the transferee
is not a competitor to the Company, as reasonably determined in the discretion of the Company’s Board of Directors.

 

(iv)            Knowledge
and Experience. Holder (A) has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and substantial risks of such Holder’s prospective investment in the Securities; (B) has the ability to bear the
economic risks of such Holder’s prospective investment; (C) has not been offered the Securities by any form of advertisement,
article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or
any seminar or meeting whose attendees have been invited by any such media; and (D) is an Accredited Investor within the meaning
of Regulation D promulgated under the Securities Act. Holder acknowledges that the Company has given such Holder access to the corporate
records and accounts of the Company and to all information in its possession relating to the Company, has made its officers and representatives
available for interview by such Holder, and has furnished such Holder with all documents and other information required for such Holder
to make an informed decision with respect to the purchase of the Note.

 

     8

     

    

 

(b)            Representations
and Warranties of the Company. The Company represents and warrants to the Holder as of the time of issuance of this Note as follows:

 

(i)            Organization
and Standing. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware
and has all requisite corporate power and authority to carry on its business as now conducted and proposed to be conducted.

 

(ii)            Corporate
Power. The Company has all requisite legal and corporate power to enter into, execute and deliver this Note. This Note will be a valid
and binding obligation of the Company, enforceable in accordance with its terms, except as the same may be limited by bankruptcy, insolvency,
moratorium, and other laws of general application affecting the enforcement of creditors’ rights.

 

(iii)            Authorization.

 

(A)            Corporate
Action. All corporate and legal action on the part of the Company, its officers and directors necessary for the execution and delivery
of this Note, and the sale and issuance of the Note and the performance of the Company’s obligations hereunder, have been taken.

 

(B)            Valid
Issuance. This Note will be validly issued and will be free of any liens or encumbrances, provided, however, that the Note may be
subject to restrictions on transfer under state and/or federal securities laws as set forth herein, and as may be required by future changes
in such laws.

 

(iv)            Government
Consent, Etc. No consent, approval, order or authorization of, or designation, registration, declaration or filing with, any federal,
state, local or provincial or other governmental authority on the part of the Company is required in connection with the valid execution
and delivery of this Note other than, if required, filings or qualifications under applicable federal securities laws or state blue sky
laws, which filings or qualifications, if required, will be timely filed or obtained by the Company.

 

8.            Successors
and Assigns. Subject to the restrictions on transfer described in Section 7 above and Section 9 below, the rights and obligations
of the Company and the Holder of this Note shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees
of the parties.

 

9.            Transfer
of this Note. This Note may not be transferred in violation of any restrictive legend set forth hereon. Each new Note issued upon
transfer of this Note shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the
Securities Act and any applicable state securities laws, unless in the opinion of counsel for the Company such legend is not required
in order to ensure compliance with the Securities Act and any applicable state securities laws. The Company may issue stop transfer instructions
to its transfer agent in connection with such restrictions. Prior to presentation of this Note for registration of transfer, the Company
shall treat the registered holder hereof as the owner and holder of this Note for the purpose of receiving all payments of principal and
interest hereon and for all other purposes whatsoever, whether or not this Note shall be overdue and the Company shall not be affected
by notice to the contrary.

 

     9

     

    

 

10.            Assignment
by the Company. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or
otherwise, in whole or in part, by the Company, without the prior written consent of the Majority Investors; provided, however,
that this Note and all rights, interests and obligations hereunder shall be assigned automatically to any successor entity of the Company
upon a merger or consolidation of the Company consummated for the purpose of incorporating the Company in another jurisdiction.

 

11.            No
Rights as Stockholder. This Note, as such, shall not entitle the Holder to any rights as a stockholder of the Company, except as otherwise
specified herein.

 

12.            Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be sent via facsimile, overnight courier
service or mailed by certified or registered mail, postage prepaid, return receipt requested, addressed or sent (i) if to the Holder,
then to the address listed below the Holder’s signature on this Note, or at such other address or number as the Holder shall have
furnished to the Company in writing, or (ii) if to the Company, then to the address listed below the Company’s signature on
this Note, or at such other address or number as the Company shall have furnished to the Holder in writing.

 

13.            Expenses;
Waivers. If action is instituted to collect this Note, the Company promises to pay all costs and expenses, including, without limitation,
reasonable attorneys' fees and costs, incurred in connection with such action. The Company hereby waives notice of default, presentment
or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.

 

14.            Governing
Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware or of any other state.

 

15.            Amendment.
Any provision of this Note may be amended, waived or modified only upon the written consent of the Company and the Majority Investors;
provided, however, that no such amendment, waiver or modification shall (i) reduce the principal amount of any Note with the
affected Holder’s written consent, or (ii) reduce the rate of interest of any Note without the affected Holder’s written
consent. Any amendment or waiver effected in accordance with this Section 15 shall be binding upon the Company, the Holder and each
transferee of this Note.

 

     10

     

    

 

16.            Interest
Savings Clause. If any interest payment due hereunder is determined to be in excess of the legal maximum rate, then that portion of
each interest payment representing an amount in excess of the then legal maximum rate shall instead be deemed a payment of principal and
shall be applied against the principal of the obligations evidenced by this Note.

 

17.            Separability
of Notes; Severability of the Terms. The Company’s agreement with each of the Holders pursuant to each Note is a separate agreement,
and the sale of the Notes to each of the Holders is a separate sale. Any invalidity, illegality or limitation on the enforceability of
any of the other Notes or any part thereof, by any of the other Holders whether arising by reason of the law of the other respective Holders’
domicile or otherwise, shall in no way affect or impair the validity, legality or enforceability of this Note with respect to the Holder
of this Note. If any provision of this Note shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

18.            Confidentiality.
Holder hereby agrees, on behalf of itself and its affiliates (i) to hold confidential and in trust, and not to use or disclose, any
Confidential Information (as defined below) provided to or learned by Holder or any affiliate of Holder in connection with the rights
of Holder under this Note or as a holder of the Company’s equity securities after any conversion of this Note (except (x) to
the directors, officers, employees, agents or advisors of Holder who have a need to know such Confidential Information and agree in writing
(or are otherwise bound by fiduciary or similar duties) to maintain the confidentiality and non-use thereof, (y) to the extent required
by applicable law, regulation or legal process), and (ii) to take all reasonable measures to maintain the confidentiality of all
Confidential Information in its possession or control, or in the possession or control of its affiliates, which will in no event be less
than the measures that Holder uses to maintain the confidentiality of its own information of similar importance. For purposes of this
Note, “Confidential Information” means information about the Company’s business or activities that is
proprietary and confidential, which shall include all business, financial, technical and other information of the Company that is (A) non-public
information, trade secret or know-how of the Company, (B) marked or designated by the Company as “confidential” or “proprietary,”
or (C) information which, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential;
provided, however, that “Confidential Information” will not include information that (I) is in or
enters the public domain without breach of this Section 18 of this Note, (II) Holder lawfully receives from a third party without
restriction on disclosure and without breach of a nondisclosure obligation, (III) Holder knew, without wrongful conduct of Holder,
prior to receiving such Confidential Information from the Company, or (IV) Holder independently developed without reliance on any
Confidential Information. At any time after Holder is no longer a holder of the Note or any other debt or equity securities of the Company,
within 10 days of receipt of a written request from the Company (or any successor of the Company), Holder will return or destroy, at the
Company’s expense, all tangible and intangible manifestations of the Confidential Information, and deliver to the Company a certification,
in writing and signed by Holder, that such materials have been returned or destroyed, and their use discontinued. All rights and obligations
described in this Section 18 of this Note will survive the termination of any other provisions of this Note, including the conversion
of the Note into any equity securities of the Company.

 

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IN WITNESS WHEREOF, the Company has caused this
Convertible Subordinated Promissory Note to be issued as of the date first written above.

 

	Denim.LA, Inc., a Delaware corporation	AGREED AND ACKNOWLEDGED BY HOLDER:
	 	 
	By:	 	Signature:	                  
	 	Hil Davis	 
	 	President and Chief Executive Officer  	 
	 	 
	Address:  	 
	 	Name of Holder
	Denim.LA, Inc.	 
	Attn: Chief Executive Officer	 
	8899 Beverly Blvd., Suite 600	 
	West Hollywood, CA 90048	Name and Title of Individual Signer (if Holder is an entity)
	 	 
	 	Address:
	 	 
	 	 

 

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