Document:

Exhibit 4.1

 

Advisors Asset Management, Inc.

18925 Base Camp Road

Monument, Colorado 80132

January 10, 2020

 

Advisors Disciplined Trust 1983

c/o The Bank of New York Mellon, as Trustee

BNY Atlantic Terminal

2 Hanson Place, 12th Floor

Brooklyn, New York 11217

 

Re: Advisors Disciplined Trust 1983 (the “Fund”)

Ladies and Gentlemen:

We have examined
the Registration Statement File No. 333-234201 for the above captioned Fund. We hereby consent to the use in the Registration Statement
of the references to Advisors Asset Management, Inc. as evaluator.

You are hereby authorized
to file a copy of this letter with the Securities and Exchange Commission.

 

	 	Very truly yours,
	 	 
	 	Advisors Asset Management, Inc.
	 	 
	 	 	 
		By	/s/ALEX R. MEITZNER
	 	 	Alex R. Meitzner
	 		Senior Vice PresidentExhibit 4.2

 

Consent of Independent Registered
Public Accounting Firm

We have issued our
report dated January 10, 2020, with respect to the financial statement of Advisors Disciplined Trust 1983 contained in Amendment
No. 1 to the Registration Statement on Form S-6 (File No. 333-234201) and related Prospectus. We consent to the use of the aforementioned
report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption “Experts”.

	 	/s/ GRANT THORNTON LLP

 

Chicago, Illinois

January 10, 2020Exhibit
4.1

 

THIS
NOTE AND THE ORDINARY SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS NOTE
AND THE ORDINARY SHARES ISSUABLE HEREUNDER MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO THIS NOTE OR ANY SHARES ISSUABLE HEREUNDER UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAW
OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO BORROWER (AS DEFINED BELOW) OR ITS TRANSFER AGENT THAT SUCH REGISTRATION IS
NOT REQUIRED.

 

CONVERTIBLE
PROMISSORY NOTE 

 

	Effective
    Date: January 9, 2020	U.S.
    $3,170,000.00

 

FOR
VALUE RECEIVED, Naked Brand Group Limited, an Australia corporation (“Borrower”),
promises to pay to St. George Investments LLC, a Utah limited liability company,
or its successors or assigns (“Lender”), $3,170,000.00 and any interest, fees, charges, and late fees accrued
hereunder on the date (the “Maturity Date”) that is twenty-four (24) months after the date first written above
(the “Effective Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding
Balance at the rate of twenty percent (20%) per annum from the Effective Date until the same is paid in full. All interest calculations
hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months, shall compound daily
and shall be payable in accordance with the terms of this Note. This Note is issued pursuant to that certain Securities Purchase
Agreement dated January 9, 2020, as the same may be amended from time to time, by and between Borrower and Lender (the “Purchase
Agreement”). Certain capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated
herein by this reference.

 

This
Note carries an OID of $150,000.00. In addition, Borrower agrees to pay $20,000.00 to Lender to cover Lender’s legal fees,
accounting costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of this
Note (the “Transaction Expense Amount”), all of which amount is fully earned and included in the initial principal
balance of this Note. The purchase price for this Note and the Warrant (as defined in the Purchase Agreement) shall be $3,000,000.00
(the “Purchase Price”), computed as follows: $3,170,000.00 original principal balance, less the OID, less the
Transaction Expense Amount. The Purchase Price shall be payable by Lender by wire transfer of immediately available funds.

 

1.
Payment; Prepayment; Financing Completion Failure.

 

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

 

1.2.
Prepayment. Notwithstanding the foregoing, Borrower shall have the right to prepay all or any portion of the Outstanding
Balance (less such portion of the Outstanding Balance for which Borrower has received a Conversion Notice (as defined below) from
Lender where the applicable Conversion Shares have not yet been delivered). If Borrower exercises its right to prepay this Note,
Borrower shall make payment to Lender of an amount in cash equal to 125% multiplied by the portion of the Outstanding Balance
Borrower elects to prepay.

 

    	 	 	 

    	 

    

 

1.3.
Section 4 Covenant Failure. Upon the occurrence of each Section 4 Covenant Failure, the Outstanding Balance shall automatically
be increased by ten percent (10%) of the then-current Outstanding Balance. For the avoidance of doubt, a Section 4 Covenant Failure
shall not be considered an Event of Default (as defined below) hereunder.

 

2.
Security; Subordination. This Note is unsecured. This Note is subject in all respects to the Subordination Deed (as defined
in the Purchase Agreement).

 

3.
Lender Optional Conversion.

 

3.1.
Conversions. Lender has the right at any time after the earlier of (a) the date that is six (6) months from the Purchase
Price Date, and (b) the date the Registration Statement (as defined in the Purchase Agreement) becomes effective until the Outstanding
Balance has been paid in full, at its election, to convert (“Conversion”) all or any portion of the Outstanding
Balance into shares (“Conversion Shares”) of fully paid and non-assessable ordinary shares, no par value per
share (“Ordinary Shares”), of Borrower as per the following conversion formula: the number of Conversion Shares
equals the amount being converted (the “Conversion Amount”) divided by the Conversion Price (as defined below).
Conversion notices in the form attached hereto as Exhibit A (each, a “Conversion Notice”) may be effectively
delivered to Borrower by any method set forth in the “Notices” Section of the Purchase Agreement, and all Conversions
shall be cashless and not require further payment from Lender. Borrower shall deliver the Conversion Shares from any Conversion
to Lender in accordance with Section 9 below.

 

3.2.
Conversion Price. Subject to adjustment as set forth in this Note, the price at which Lender has the right to convert all
or any portion of the Outstanding Balance into Ordinary Shares is $4.00 per Ordinary Share (the “Conversion Price”).

 

4.
Defaults and Remedies.

 

4.1.
Defaults. The following are events of default under this Note (each, an “Event of Default”): (a) Borrower
fails to pay (i) the Outstanding Balance at the Maturity Date, (ii) any Redemption Amount when due and payable, or (iii) any other
principal, interest, fees, charges, or any other amount within five (5) days of when due and payable hereunder (for the avoidance
of doubt, the foregoing five (5) day cure period only applies to clause (iii)); (b) Borrower fails to deliver any Conversion Shares
within three (3) Trading Days of when due hereunder or otherwise fails to deliver any Conversion Shares in accordance with the
terms hereof; (c) a receiver, trustee or other similar official shall be appointed over Borrower or a material part of its assets
and such appointment shall remain uncontested for twenty (20) days or shall not be dismissed or discharged within sixty (60) days;
(d) Borrower becomes insolvent or generally fails to pay, or admits in writing its inability to pay, its debts as they become
due, subject to applicable grace periods, if any; (e) Borrower makes a general assignment for the benefit of creditors; (f) Borrower
files a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign); (g) an involuntary bankruptcy
proceeding is commenced or filed against Borrower and such proceeding shall remain uncontested for twenty (20) days or shall not
be dismissed or discharged within sixty (60) days; (h) Borrower or any pledgor, trustor, or guarantor of this Note defaults or
otherwise fails to observe or perform any material covenant, obligation, condition or agreement of Borrower or such pledgor, trustor,
or guarantor contained herein or in any other Transaction Document (as defined in the Purchase Agreement), other than those specifically
set forth in this Section 4.1 and Section 4 of the Purchase Agreement; (i) any representation, warranty or other statement made
or furnished by or on behalf of Borrower or any pledgor, trustor, or guarantor of this Note to Lender herein, in any Transaction
Document, or otherwise in connection with the issuance of this Note is false, incorrect, incomplete or misleading in any material
respect when made or furnished; (j) the occurrence of a Fundamental Transaction without Lender’s prior written consent;
(k) Borrower effectuates a reverse split of its Ordinary Shares without ten (10) Trading Days prior written notice to Lender,
other than the reverse split of its Ordinary Shares disclosed in its filing with the SEC as of the date hereof; (l) any money
judgment, writ or similar process is entered or filed against Borrower or any subsidiary of Borrower or any of its property or
other assets for more than $1,000,000.00, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) calendar
days unless otherwise consented to by Lender; (m) Borrower fails to be DWAC Eligible; (n) Borrower fails to observe or perform
any covenant set forth in Section 4(i) – (iv) of the Purchase Agreement; (o) Borrower fails to observe or perform any covenant
set forth in Section 4(v) or (vi) of the Purchase Agreement; or (p) Borrower, any affiliate of Borrower, or any pledgor, trustor,
or guarantor of this Note breaches any covenant or other term or condition contained in any Other Agreements. Notwithstanding
the foregoing, the occurrence of any of the events specified in Section 4.1(h) – (p) above shall not be considered an Event
of Default if cured within thirty (30) days of the occurrence of such event.

 

    	 	2	 

    	 

    

 

4.2.
Remedies. At any time and from time to time after Lender becomes aware of the occurrence of any Event of Default, Lender
may accelerate this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash
at the Mandatory Default Amount. Notwithstanding the foregoing, at any time following the occurrence of any Event of Default,
Lender may, at its option, elect to increase the Outstanding Balance by applying the Default Effect (subject to the limitation
set forth below) via written notice to Borrower without accelerating the Outstanding Balance, in which event the Outstanding Balance
shall be increased as of the date of the occurrence of the applicable Event of Default pursuant to the Default Effect, but the
Outstanding Balance shall not be immediately due and payable unless so declared by Lender (for the avoidance of doubt, if Lender
elects to apply the Default Effect pursuant to this sentence, it shall reserve the right to declare the Outstanding Balance immediately
due and payable at any time while such Event of Default is continuing and no such election by Lender shall be deemed to be a waiver
of its right to declare the Outstanding Balance immediately due and payable as set forth herein while such Event of Default is
continuing unless otherwise agreed to by Lender in writing). Notwithstanding the foregoing, upon the occurrence of any Event of
Default described in clauses (c), (d), (e), (f) or (g) of Section 4.1, the Outstanding Balance as of the date of acceleration
shall become immediately and automatically due and payable in cash at the Mandatory Default Amount, without any written notice
required by Lender. At any time following the occurrence of any Event of Default, upon written notice given by Lender to Borrower,
interest shall accrue on the Outstanding Balance beginning on the date the applicable Event of Default occurred at an interest
rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law (“Default
Interest”). For the avoidance of doubt, Lender may continue making Conversions at any time following an Event of Default
until such time as the Outstanding Balance is paid in full. In connection with acceleration described herein, except as described
herein, Lender need not provide, and Borrower hereby waives, any presentment, demand, protest or other notice of any kind, and
Lender may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and
all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Lender at any time
prior to payment hereunder and Lender shall have all rights as a holder of the Note until such time, if any, as Lender receives
full payment pursuant to this Section 4.2 or this note is converted in full pursuant to Section 3. No such rescission or annulment
shall affect any subsequent Event of Default or impair any right consequent thereon. Nothing herein shall limit Lender’s
right to pursue any other remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to Borrower’s failure to timely deliver Conversion Shares upon Conversion of the Note
as required pursuant to the terms hereof.

 

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

 

    	 	3	 

    	 

    

 

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

 

7.
Adjustments.

 

7.1.
Adjustment of Conversion Price upon Subdivision or Combination of Ordinary Shares. Without limiting any provision hereof,
if Borrower at any time on or after the Effective Date subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding Ordinary Shares into a greater number of shares, the Conversion Price in effect immediately
prior to such subdivision will be proportionately reduced. Without limiting any provision hereof, if Borrower at any time on or
after the Effective Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding Ordinary
Shares into a smaller number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately
increased. Any adjustment pursuant to this Section 7 shall become effective immediately after the effective date of such subdivision
or combination.

 

7.2.
Reclassification, Reorganization and Consolidation; Fundamental Transaction. In case of any reclassification, capital reorganization,
or change in the capital stock of Borrower (other than as a result of a subdivision, combination, or stock dividend provided for
in Section 7.1 above), or in case a Fundamental Transaction is consummated, then Company shall make appropriate provision so that
Lender shall receive upon Conversion of this Note the kind and amount of shares of stock and/or other securities or property receivable
in connection with such reclassification, reorganization, or change, or Fundamental Transaction, by a holder of the same number
of Ordinary Shares as were receivable by Lender upon Conversion of this Note immediately prior to such reclassification, reorganization,
or change, or Fundamental Transaction. In any such case appropriate provisions shall be made with respect to the rights and interest
of Lender so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities
and property deliverable upon Conversion hereof.

 

8.
Borrower Redemptions. Beginning on the date that is six (6) months from the Purchase Price Date and at any time thereafter
until this Note is paid in full, Lender shall have the right to cause the Borrower to redeem any portion of the Note (the amount
of each exercise, the “Redemption Amount”) up to the Maximum Monthly Redemption Amount in any given calendar
month by providing written notice (each, a “Redemption Notice”) delivered to Borrower by facsimile, email,
mail, overnight courier, or personal delivery. Upon receipt of any Redemption Notice, Borrower shall pay the applicable Redemption
Amount in cash to Lender within three (3) Trading Days of Borrower’s receipt of such Redemption Notice (the “Redemption
Amount Payment Date”). For the avoidance of doubt, in the event Borrower fails to pay any Redemption Amount to Lender
by the applicable Redemption Amount Payment Date for any reason, including, but not limited to, Borrower’s inability to
make such payment in cash as a result of its payment restrictions or other obligations under the Subordination Deed, such failure
to pay the Redemption Amount shall still be considered an Event of Default hereunder.

 

    	 	4	 

    	 

    

 

9.
Method of Conversion Share Delivery.

 

9.1.
On or before the close of business on the third (3rd) Trading Day following the date of delivery of a Conversion Notice
(the “Delivery Date”), Borrower shall, provided it is DWAC Eligible at such time, deliver or cause its transfer
agent to deliver the applicable Conversion Shares electronically via DWAC to the account designated by Lender in the applicable
Conversion Notice. If Borrower is not DWAC Eligible, it shall deliver to Lender or its broker (as designated in the Conversion
Notice), via reputable overnight courier, a certificate representing the number of Ordinary Shares equal to the number of Conversion
Shares to which Lender shall be entitled, registered in the name of Lender or its designee. For the avoidance of doubt, Borrower
has not met its obligation to deliver Conversion Shares by the Delivery Date unless Lender or its broker, as applicable, has actually
received the certificate representing the applicable Conversion Shares no later than the close of business on the relevant Delivery
Date pursuant to the terms set forth above.

 

9.2.
Notwithstanding anything to the contrary herein or in any other Transaction Document, in the event Borrower or its transfer agent
refuses to deliver any Conversion Shares without a restrictive securities legend to Lender on grounds that such issuance is in
violation of Rule 144 under the Securities Act of 1933, as amended (“Rule 144”), Borrower shall deliver or
cause its transfer agent to deliver the applicable Conversion Shares to Lender in certificated form with a restricted securities
legend, but otherwise in accordance with the provisions of this Section 9. In conjunction therewith, Borrower will also deliver
to Lender a written explanation from its counsel or its transfer agent’s counsel explaining why the issuance of the applicable
Conversion Shares via DWAC or otherwise without a restricted securities legend violates Rule 144. The Lender acknowledges that
the Conversion Shares shall bear a legend so long as the applicable holding period under Rule 144 has not been met or any other
conditions of Rule 144, including the requirement for current public information to be available, would apply to sale of the Conversion
Shares. For the avoidance of doubt, it shall not constitute an Event of Default to deliver Conversion Shares in accordance with
this Section 9.2.

 

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

 

11.
Restriction on Equity Sales. If at any time after the date that is six (6) months from the Purchase Price Date, Borrower
is unable to issue Ordinary Shares to Lender as result of any lock-up or other agreement or restriction prohibiting the issuance
of Ordinary Shares for a certain period of time (the “Lock-Up”), then, at Lender’s option, the Outstanding
Balance will be increased by three percent (3%) for each thirty (30) day period that Borrower is prohibited from issuing Ordinary
Shares (which increase shall be pro-rated for any partial period). For the avoidance of doubt, if Lender elects to increase the
Outstanding Balance as set forth in the previous sentence, Lender shall be deemed to have waived its right to call an Event of
Default for failure to deliver Conversion Shares as a result of the Lock-Up.

 

12.
Ownership Limitation. Notwithstanding anything to the contrary contained in this Note or the other Transaction Documents,
Borrower shall not effect any conversion of this Note to the extent that after giving effect to such conversion would cause Lender
(together with its affiliates) to beneficially own a number of shares exceeding 4.99% of the number of Ordinary Shares outstanding
on such date (including for such purpose the Ordinary Shares issuable upon such issuance) (the “Maximum Percentage”).
For purposes of this section, beneficial ownership and the percentage of beneficial ownership of Ordinary Shares will be determined
pursuant to Section 13(d) of the 1934 Act. Notwithstanding the forgoing, the term “4.99%” above shall be replaced
with “9.99%” at such time as the Market Capitalization is less than $10,000,000.00. Notwithstanding any other provision
contained herein, if the term “4.99%” is replaced with “9.99%” pursuant to the preceding sentence, such
increase to “9.99%” shall remain at 9.99% until increased or decreased by Lender as set forth below. By written notice
to Borrower, Lender may increase or decrease the Maximum Percentage, up to a maximum of 9.99%, but any such increase will not
be effective until the 61st day after delivery thereof. The foregoing 61-day notice requirement is enforceable, unconditional
and non-waivable and shall apply to all affiliates and assigns of Lender.

 

    	 	5	 

    	 

    

 

13.
Transfer to Comply with the Securities Act. This Note and the Conversion Shares have not been registered under the Securities
Act of 1933, as amended (the “1933 Act”). Neither this Note nor the Conversion Shares may be sold, transferred,
pledged or hypothecated without (a) an effective registration statement under the 1933 Act relating to such security or (b) an
opinion of counsel reasonably satisfactory to Borrower that registration is not required under the 1933 Act; provided, however,
that the foregoing restrictions on transfer shall not apply to the transfer of the Note to an affiliate of Lender. Until such
time as registration has occurred under the 1933 Act, each certificate for this Note and any Conversion Shares shall contain a
legend, in form and substance satisfactory to counsel for Borrower, setting forth the restrictions on transfer contained in this
Section 13; provided, however, that Borrower acknowledges and agrees that any such legend shall be removed from all certificates
for DTC Eligible Ordinary Shares delivered hereunder, provided that the applicable holding period under Rule 144 has been met
and no other conditions of Rule 144, including the requirement for current public information to be available, would apply to
sale of the Conversion Shares. Subject to the foregoing, upon receipt of a duly executed assignment of this Note, Borrower shall
register the transferee thereon as the new holder on the books and records of Borrower and such transferee shall be deemed a “registered
holder” or “registered assign” for all purposes hereunder, and shall have all the rights of Lender under this
Note. Until this Note is transferred on the books of Borrower, Borrower may treat Lender as the absolute owner hereof for all
purposes, notwithstanding any notice to the contrary.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

    	 

    

 

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

 

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

 

ACKNOWLEDGED,
ACCEPTED AND AGREED:

 

LENDER:

 

	St. George Investments LLC	 
	 	 	 
	By:
    	Fife
    Trading, Inc., its Manager	 
	 	 	 
	By:
    	/s/
    John M. Fife	 
	 	John
    M. Fife, President 	 

 

[Signature
Page to Convertible Promissory Note]

 

    	 	 	 

    	 

    

 

ATTACHMENT
1

DEFINITIONS

 

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

 

A1.
“Closing Trade Price” means the last closing trade price for the Ordinary Shares on its principal market, as
reported by Bloomberg, or, if its principal market begins to operate on an extended hours basis and does not designate the closing
bid price or the closing trade price (as the case may be) then the last trade price, respectively, of the Ordinary Shares prior
to 4:00:00 p.m., New York time, as reported by Bloomberg, or if the foregoing does not apply, the last closing trade price of
the Ordinary Shares in the over-the-counter market on the electronic bulletin board for the Ordinary Shares as reported by Bloomberg,
or, if no closing trade price is reported for the Ordinary Shares by Bloomberg, the average of the bid and ask prices of any market
makers for the Ordinary Shares as reported by OTC Markets Group, Inc., and any successor thereto. If the Closing Trade Price cannot
be calculated for the Ordinary Shares on a particular date on any of the foregoing bases, the Closing Trade Price of the Ordinary
Shares on such date shall be the fair market value as mutually determined by Lender and Borrower. All such determinations shall
be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

A2.
“Conversion Share Value” means the product of the number of Conversion Shares deliverable pursuant to any Conversion
Notice multiplied by the Closing Trade Price of the Ordinary Shares on the Delivery Date for such Conversion.

 

A3.
“Default Effect” means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred
by (a) fifteen percent (15%) for each occurrence of any Major Default, or (b) five percent (5%) for each occurrence of any Minor
Default, and then adding the resulting product to the Outstanding Balance as of the date the applicable Event of Default occurred,
with the sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Event of Default
occurred; provided that the Default Effect may only be applied two (2) times hereunder with respect to Major Defaults and three
(3) times hereunder with respect to Minor Defaults; provided, however, that the percentage increases to the Outstanding Balance
from applying the Default Effect shall not in any event exceed twenty-five percent (25%) in the aggregate; provided further that
the Default Effect shall not apply to any Event of Default pursuant to Section 4.1(b) hereof.

 

A4.
“DTC” means the Depository Trust Company or any successor thereto.

 

A5.
“DTC/FAST Program” means the DTC’s Fast Automated Securities Transfer program.

 

A6.
“DWAC” means the DTC’s Deposit/Withdrawal at Custodian system.

 

A7.
“DWAC Eligible” means that (a) Borrower’s Ordinary Shares is eligible at DTC for full services pursuant
to DTC’s operational arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has
been approved (without revocation) by DTC’s underwriting department; (c) Borrower’s transfer agent is approved as
an agent in the DTC/FAST Program; (d) the Conversion Shares are otherwise eligible for delivery via DWAC; and (e) Borrower’s
transfer agent does not have a policy prohibiting or limiting delivery of the Conversion Shares via DWAC.

 

A8.
“Financing Completion Failure” means the failure to timely comply with the covenant found in Section 4(vii)
of the Purchase Agreement.

 

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

 

Attachment 1 to Convertible Promissory Note, Page 1

 

    	 	 	 

    	 

    

 

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

 

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

 

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

 

A13.
“Maximum Monthly Redemption Amount” means $600,000.00.

 

A14.
“Minor Default” means any Event of Default that is not a Major Default.

 

A15.
“OID” means an original issue discount.

 

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

 

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

 

A18.
“Purchase Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

 

A19.
“Registration Statement Filing Failure” means the failure to timely comply with the covenant found in Section
4(v) of the Purchase Agreement.

 

A20.
“Registration Statement Effectiveness Failure” means the failure to timely comply with the covenant found in
Section 4(vi) of the Purchase Agreement.

 

A21.
“Section 4 Covenant Failure” means a Financing Completion Failure, a Registration Statement Filing Failure
or a Registration Statement Effectiveness Failure.

 

A22.
“Trading Day” means any day on which the Capital Market of the Nasdaq Stock Market (or such other principal
market for the Ordinary Shares) is open for trading.

 

A23.
“VWAP” means the volume weighted average price of the Ordinary Shares on the principal market for a particular
Trading Day or set of Trading Days, as the case may be, as reported by Bloomberg.

 

[Remainder
of page intentionally left blank]

 

Attachment 1 to Convertible
Promissory Note, Page 2

 

    	 	 	 

    	 

    

 

EXHIBIT
A

 

St.
George Investments LLC

303
East Wacker Drive, Suite 1040

Chicago,
Illinois 60601

 

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

 

CONVERSION
NOTICE

 

The
above-captioned Lender hereby gives notice to Naked Brand Group Limited, an Australia corporation (the “Borrower”),
pursuant to that certain Convertible Promissory Note made by Borrower in favor of Lender on January 9, 2020 (the “Note”),
that Lender elects to convert the portion of the Note balance set forth below into fully paid and non-assessable Ordinary Shares
of Borrower as of the date of conversion specified below. Said conversion shall be based on the Conversion Price set forth below.
In the event of a conflict between this Conversion Notice and the Note, the Note shall govern, or, in the alternative, at the
election of Lender in its sole discretion, Lender may provide a new form of Conversion Notice to conform to the Note. Capitalized
terms used in this notice without definition shall have the meanings given to them in the Note.

 

A.
Date of Conversion: ____________

B.
Conversion #: ____________

C.
Conversion Amount: ____________

D.
Conversion Price: _______________

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

F.
Remaining Outstanding Balance of Note: ____________*

 

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

 

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

 

	Broker:  ________________________	 	Address:	_________________________
	DTC#:  _________________________	 	 	_________________________
	Account
    #:  ______________________	 	 	_________________________
	Account
    Name:  __________________	 	 	 

 

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

 

	 	_______________________________________
	 	 
	 	_______________________________________
	 	 
	 	_______________________________________

 

[Signature
Page Follows]

 

Exhibit A to Convertible Promissory Note, Page 1

 

    	 	 	 

    	 

    

 

Sincerely,

 

Lender:

 

	St. George Investments LLC	 
	 	 	 
	By:
    	Fife
    Trading, Inc., its Manager	 
	 	 	 
	By:
    	 	 
	 	John
    M. Fife, President	 

 

Affirmed:

 

Naked
Brand Group Limited

 

	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

Exhibit
A to Convertible Promissory Note, Page 2

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