Document:

EXHIBIT C

NEITHER THIS SECURITY NOR
THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH
A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR”AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

people’s
liberation, inc.

	Warrant Shares: _______	Initial Exercise Date: February __, 2012

THIS COMMON STOCK
PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five
(5) year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe
for and purchase from People’s Liberation, Inc., a Delaware corporation (the “Company”), up to ______
shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one
share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

Section 1.Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated February 2, 2012, among the Company and the purchasers signatory thereto.

Section 2.Exercise.

a)Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or
agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise form annexed hereto and within three (3)
Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment of the aggregate
Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank or, if available,
pursuant to the cashless exercise procedure specified in Section 2(c) below. Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to
the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company.
Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder
shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased
and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Business
Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason
of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant
Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

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b)Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $0.175, subject to adjustment hereunder
(the “Exercise Price”).

c)Cashless
Exercise. If at any time after the completion of the then-applicable holding period required by Rule 144, or any successor
provision then in effect, there is no effective Registration Statement registering, or no current prospectus available for, the
resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means
of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares
equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A) = the VWAP
on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless
exercise,” as set forth in the applicable Notice of Exercise;

 

(B) = the Exercise
Price of this Warrant, as adjusted hereunder; and

 

(X) = the
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

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Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise
pursuant to this Section 2(c). 

 

d)     Mechanics
of Exercise. 

 

i.Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer Agent to the
Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal
at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an
effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder
or (B) the shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and
otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading
Days after the latest of (A) the delivery to the Company of the Notice of Exercise, (B) surrender of this Warrant (if required),
and (C) payment of the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the
“Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other
person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as
of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted)
and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having
been paid.

ii.Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant
Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

iii.Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing
the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind
such exercise.

iv.Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant
Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its
broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by
which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the
Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder
the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock
upon exercise of the Warrant as required pursuant to the terms hereof.

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v.No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

vi.Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any
Notice of Exercise.

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vii.Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

e)Limitation
on Exercise. Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable for
Warrant Shares if the issuance of such Warrant Shares would cause the Company to exceed the aggregate number of shares of Common
Stock which the Company may issue upon conversion or exercise (as the case may be) of all Debentures and Warrants (as defined in
the Purchase Agreement), which aggregate number of shares of Common Stock is 86,000,000 (the “Maximum Share Limitation”),
except that such limitation shall not apply in the event that the Company obtains the approval of its stockholders as provided
for in Section 4.15 of the Purchase Agreement to increase the authorized number of shares of its Common Stock and the authorized
number of shares of the Company’s Common Stock is so increased by the filing of an amendment to the Company’s Certificate
of Incorporation. To the extent the above limitation applies, the determination of whether this Warrant shall be exercisable vis-à-vis
the Debentures and Warrants owned by all Holders and of which such securities shall be exercisable or convertible (as among all
such securities owned by the Holders) shall, subject to such Maximum Share Limitation, be determined on the basis of the first
submission to the Company for conversion or exercise (as the case may be). The limitations contained in this paragraph shall apply
to a successor Holder of this Warrant.

Section 3.Certain
Adjustments.

a)Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

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b)[RESERVED].

c)Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time
the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property
pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights.

d)Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "Distribution"),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in
such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if
ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

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e)Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the
other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance
reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction
and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced
by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number
of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable
and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such
Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this
Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant
and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

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f)Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

g)Notice
to Holder.

i.Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of
Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

ii.Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or
effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares
of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

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Section 4.Transfer
of Warrant.

a)Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions
of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued.

b)New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial
Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

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c)Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary. 

d)Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or
current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

e)Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

Section 5.Miscellaneous.

a)No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

b)Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

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c)Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

d)Authorized
Shares.

Subject to and
following the Company obtaining Stockholder Approval pursuant to Section 4.15 of the Purchase Agreement, the Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise
of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that
such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by
this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue).

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant. 

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Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

e)Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

f)Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

g)Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all
rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

h)Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

i)Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

j)Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

k)Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

    	12

    	 

    

l)Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
the Holder.

m)Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

n)Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

 

(Signature
Page Follows)

    	13

    	 

    

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

  

	
        people’s
        liberation, inc.

         

         

	
        By:__________________________________________

        Name: Colin Dyne

        Title: Chief Executive Officer

        

 

    	14

    	 

    

 

NOTICE OF EXERCISE

 

To:[_______________________

 

(1)The undersigned
hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2)Payment shall
take the form of (check applicable box):

[  ] in lawful
money of the United States; or

[  ] [if permitted
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

(3)Please issue
a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified
below:

_______________________________

 

 

The Warrant Shares shall be delivered to the
following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

 

    	

    	 

    
 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

 

 

FOR VALUE RECEIVED,
[____ all of or [_______ shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

 

 

_______________________________________________________________

 

Dated: ______________,
_______

 

 

Holder’s Signature:_____________________________

 

Holder’s Address:_____________________________

 

_____________________________

 

 

 

Signature Guaranteed: ___________________________________________

 

 

NOTE: The signature to this Assignment Form
must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.STOCKHOLDERS AGREEMENT

 

This
STOCKHOLDERS AGREEMENT, dated as of February 22, 2012, by and among (i) People’s Liberation, Inc., a Delaware corporation
(the “Company”), (ii) Colin Dyne, an individual (“Dyne”), (iii) is TCP WR Acquisition, LLC
(“Tengram”), and (iv) any other holder of common stock of the Company that may become a party to this Agreement
after the date and pursuant to the terms hereof (collectively with Tengram and Dyne, the “Stockholders”). Capitalized
terms used herein without definition shall have the meanings set forth in Section 4.1.

 

RECITALS

 

A.Pursuant
to a Securities Purchase Agreement, dated as of February 2, 2012 (the “Securities Purchase Agreement”), between
the Company and Tengram, Tengram has agreed to purchase, on the terms and subject to the conditions set forth in the Securities
Purchase Agreement, a minimum of $14,000,000 principal amount of Convertible Debentures along with a minimum of 14,000 shares of
the Company’s Preferred Stock pursuant to which Tengram has the right to vote on all matters on which holders of common stock,
$0.001 par value per share, of the Company (the “Common Stock” and together with all other voting equity of
the Company, including the Preferred Stock, the “Equity Securities”) have the right to vote (such transaction,
the “Purchase”, and the consummation of the Purchase, the “Closing”).

 

B.
Concurrently with the Closing, the Company will issue the Common Stock, Convertible Debentures and Preferred Stock to Tengram.

 

C.The
Stockholders wish to set forth in this Agreement certain terms and conditions regarding the Purchase and the ownership of all shares
of Equity Securities held by the Stockholders, including certain restrictions on the transfer of such shares, and the management
of the Company and its Subsidiaries.

 

NOW,
THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto agree as follows:

 

ARTICLE
I 

GOVERNANCE
AND MANAGEMENT OF THE COMPANY

 

1.1 Board of Directors.

 

(a)Initial
Board Composition. Following the Closing, the board of directors of the Company (the “Board”) shall initially
be comprised of six (6) directors. The initial persons serving on the Board shall be as follows:

 

(i)Class I
Directors -- William Sweedler and Colin Dyne, and William Sweedler shall serve as Chairman of the Board;

 

(ii)Class II
Directors -- Matthew D. Eby and Susan White; and

 

    	1

    	 

    

 

(iii)Class
III Directors -- Richard Gersten and Alvin Gossett.

 

(b)Maximum
Size. The size of the Board shall not be increased to greater than seven (7) directors except with the consent of Dyne and
Tengram.

 

1.2Board Nominee
Agreement.

 

(a)Tengram
Nominees. Subject to the terms and conditions of this Section 1, in connection with any director nominees to be submitted
to the Company’s stockholders for election (whether at a stockholders’ meeting or by written consent), Tengram shall
have the right to nominate a number of nominees for director such that the number of directors that will be serving on the Board
(determined immediately following the election of directors and assuming that the director nominee(s) designated by Tengram are
elected to the Board) that have been appointed or nominated by Tengram equals three (3). The Company agrees to include any director
nominees designated by Tengram (each, a “Tengram Nominee” and collectively, the “Tengram Nominees”)
pursuant to this Section 1.2(a) in the slate of the Board’s nominees presented to the Company’s stockholders for election.
Messrs. Sweedler, Eby and Gersten have been appointed to the Board as Tengram’s initial director designees.

 

(b)Special
Nominating Committee Nominees. In connection with any director nominees to be submitted to the Company’s stockholders
for election, a committee of the Board (the “Special Nominating Committee”) comprised solely of directors then
serving on the Board who were not nominated or initially appointed to serve as directors by Tengram, acting by majority vote, shall
have the right to nominate a number of nominees for director such that the number of directors that will be serving on the Board
(determined immediately following the election of directors and assuming that the director nominee(s) designated by the Special
Nominating Committee are elected to the Board) that have been nominated by the Special Nominating Committee or who were serving
on the Board immediately prior to the Closing equals three (3). The Company shall include any director nominees designated by the
Special Nominating Committee (each, a “SNC Nominee” and collectively, the “SNC Nominees”)
pursuant to this Section 1.2(b) in the slate of the Board’s nominees presented to the Company’s stockholders for election.
The directors initially serving on the Special Nominating Committee shall be Colin Dyne, Alvin Gossett and Susan White.

 

(c)Other
Nominees. All Board’s nominees other than those described in Sections 1.2(a) and (b) above, if any, to be presented to
the Company’s stockholders for election shall be designated by the full Board of Directors, acting by majority vote (provided
that an equal number of Tengram and non-Tengram designees shall be represented in any such vote).

 

(d)Staggered
Board. The parties acknowledge that the Company currently has a staggered Board of Directors, with two (2) directors serving
as Class I Directors, Class II Directors and Class III Directors, and that it is expected that each of Tengram and the Special
Nominating Committee always will have one (1) director serving as a Class I Director, Class II Director and Class III Director,
and that each of Tengram and the Special Nominating Committee always will have the right to nominate one (1) director for election
to the Board at each annual meeting of stockholders.

 

    	2

    	 

    

 

(e)Existing
Board Nominee Agreement. The parties acknowledge that the Company is party to that certain Preemptive Rights and Board Nominee
Agreement, dated as of October 1, 2011, by and among the Company, Tennman WR-T, Inc. (“TWR”), and Alvin Gossett
(the “Preemptive Rights and Board Nominee Agreement”), pursuant to which TWR has rights to appoint, and has
appointed, Alvin Gossett to serve on the Board. The Special Nominating Committee will nominate Mr. Gossett to serve as a director,
when he is up for reelection, in accordance with, and for so long as the Company is obligated to do so under, the Preemptive Rights
and Board Nominee Agreement.

 

1.3Qualification
for Service on the Board. Tengram’s right to designate a Tengram Nominee as a Board nominee pursuant to Section 1.2(a)
above, and the Company’s obligations with respect thereto, is conditional upon the following:

 

(a)the Tengram
Nominee consenting in writing to serve as director if elected;

 

(b)the Tengram
Nominee providing the Company with all information reasonably required for a board appointment as requested by the Company from
time to time concerning the Tengram Nominee and his nomination, including his completion of the Company’s non-employee director
questionnaire and providing the Company with all other information that the Company is required to include in its proxy statement
with respect persons nominated by the Company’s Board of Directors;

 

(c)the Tengram
Nominee complying at all times while serving on the Company’s Board of Directors, with all applicable laws including, without
limitation, federal securities laws and state fiduciary duty laws; and

 

(d)the Tengram
Nominee complying at all times while serving on the Company’s Board of Directors, with the Company’s policies applicable
to all non-employee directors of the Company, including, without limitation, insider trading policies, confidentiality agreements,
and codes of ethics.

 

If at any time a Tengram Nominee fails to comply
with his obligations under this Section 1.3, the Company, upon approval of the Special Nominating Committee, acting by majority
vote, may provide the Tengram Nominee with written notice of his failure to so comply, which notice shall specify in reasonable
detail the Tengram Nominee’s failure to so comply. If the Tengram Nominee does not cure such failure within fifteen (15)
days following the date written notice is provided to the Tengram Nominee, then the Tengram Nominee shall no longer qualify for
service on the Company’s Board of Directors, the Tengram Nominee shall immediately tender to the Board his resignation as
a director of the Company, which resignation shall be effective upon receipt, and Tengram shall not have the right to again nominate
such person as a Tengram Nominee for a period of three (3) years following such resignation.

 

    	3

    	 

    

 

1.4Vacancies on
the Board. If a vacancy is created on the Board as a result of the death, disability, retirement, resignation or removal of
any Tengram Nominee or SNC Nominee, then Tengram or the Special Nominating Committee, as the case may be, that designated such
nominee shall have the right to designate such person’s replacement, and the Board shall fill the vacancy caused by such
death, disability, retirement, resignation or removal with the person so designated as the replacement.

 

1.5Voting Agreement.
Each Stockholder shall vote all of its Common Stock or voting Preferred Stock, as the case may be, and shall take all other necessary
or desirable actions within such Stockholder’s control (including, without limitation, attending meetings in person or by
proxy for purposes of obtaining a quorum, execution of written consents in lieu of meetings and approval of amendments and/or restatements
of the Company's certificate of incorporation or by-laws), and the Company shall take all necessary and desirable actions within
its control (including, without limitation, calling special board and stockholder meetings and approval of amendments and/or restatements
of the Company’s certificate of incorporation or by-laws), to cause the election, removal and replacement of directors and
members of committees in the manner contemplated in, and otherwise give the fullest effect possible to, the provisions of this
ARTICLE I, including by voting all of such Stockholder’s shares of Common Stock or voting Preferred Stock, as the case may
be, for the election of the Board’s nominees for director.

 

1.6Approvals.

 

(a)General.
Except as required by Applicable Law, all actions requiring the approval of the Board shall be approved by a majority of the directors
present at any duly convened Board meeting or by unanimous written consent of the directors without a meeting, in each case in
accordance with the provisions of the Delaware General Corporation Law and the by-laws of the Company.

 

(b)Notice
of Meetings. When calling meetings of the Board, Dyne shall use commercially reasonable efforts to provide directors with as
much advance notice as practicable under the circumstances, which may be more than the minimum notice required by the Company’s
by-laws, to allow all directors to attend each duly noticed meeting of the Board or, at a minimum, to allow for an equal number
of Tengram Nominees and SNC Nominees then serving on the Board to attend each such meeting.

 

    	4

    	 

    

 

1.7Non-Competition.
So long as Dyne is serving as Chief Executive Officer of the Company, neither Dyne nor his Controlled Affiliates shall directly
or indirectly through one or more Affiliates own, manage, operate, control or participate in the ownership, management, operation
or control of any Competitor, provided that nothing in this Section 1.7 shall prohibit Dyne or his Controlled Affiliates from acquiring
or owning, directly or indirectly:

 

(a)up to
5% of the aggregate voting securities of any Competitor that is a publicly traded Person;

 

(b) up to
5% of the aggregate voting securities of any Competitor that is not a publicly traded Person, provided that neither Dyne nor any
of his Controlled Affiliates, directly or indirectly through one or more Affiliates, designates a member of the board of directors
(or similar body) of such Competitor or its Affiliates or is granted any other governance rights with respect to such Competitor
or its Affiliates (other than customary governance rights granted in connection with the ownership of securities); or

 

(c) any non-convertible debt securities
of any Competitor.

 

1.8Corporate Opportunities.
Except with respect to Dyne for so long as he is an officer or director of the Company, (i) no Stockholder and no member, manager,
partner or Affiliate of any Stockholder or their respective officers, directors, employees or agents (any of the foregoing, a “Stockholder
Group Member”) shall have any duty to communicate or present an investment or business opportunity or prospective economic
advantage to the Company or any of its Subsidiaries in which the Company or one of its Subsidiaries may, but for the provisions
of this Section 1.8, have an interest or expectancy (“Corporate Opportunity”), and (ii) no Stockholder or any
Stockholder Group Member (even if also an officer or director of the Company) will be deemed to have breached any fiduciary or
other duty or obligation to the Company by reason of the fact that any such Person pursues or acquires a Corporate Opportunity
for itself or its Affiliates or directs, sells, assigns or transfers such Corporate Opportunity to another Person or does not communicate
information regarding such Corporate Opportunity to the Company. The Company, on behalf of itself and its Subsidiaries, renounces
any interest in a Corporate Opportunity and any expectancy that a Corporate Opportunity will be offered to the Company, provided
that the Company does not renounce any interest or expectancy it may have in any Corporate Opportunity that is offered to an officer
of the Company whether or not such individual is also a director or officer of a Stockholder, if such opportunity is expressly
offered to such Person in his or her capacity as an officer of the Company and the Stockholders recognize that the Company reserves
such rights.

 

1.9Termination.
This ARTICLE I, and the rights and obligations of the Stockholders under this ARTICLE I, shall terminate on the earliest of (i)
the date that Tengram’s beneficial ownership of the Common Stock (which, for purposes of such calculation, shall include
shares of Common Stock underlying the Debenture and Warrants) is less than 20% of the Fully Diluted Common Stock, (ii) the date
that Tengram and its Affiliates no longer own at least 50% of the shares of Common Stock (which, for purposes of such calculation,
shall include shares of Common Stock underlying the Debenture) acquired by Tengram pursuant to the Securities Purchase Agreement,
and (iii) the tenth (10th) anniversary of the date of this Agreement.

 

    	5

    	 

    
 

ARTICLE II

TRANSFERS/CERTAIN COVENANTS

 

2.1Transfer Restrictions.

 

(a)No Stockholder
may Transfer any of its Equity Securities unless such Stockholder complies with the provisions of this ARTICLE II with respect
to such Transfer, to the extent the provisions of this ARTICLE II apply to such Transfer.

 

(b)Any Transferee
that is an Affiliate of a Stockholder that after the date of this Agreement acquires Equity Securities from a Stockholder shall,
as a condition precedent to the Transfer of such Equity Securities to such Transferee, (i) become a party to this Agreement by
completing and executing a signature page hereto (including the address of such party), (ii) execute all such other agreements
or documents as may reasonably be requested by the Company, (iii) ensure with the Transferring Stockholders that any merger control
or other regulatory authorizations needed in connection with such Transfer are duly obtained, and (iv) deliver such signature page
and, if applicable, other agreements and documents to the Company at its address specified in Section 5.11. Such Person shall,
upon its satisfaction of such conditions and acquisition of Equity Securities, be a Stockholder under this Agreement and be subject
to the terms and conditions of this Agreement to the extent that this Agreement expressly provides that its terms and conditions
apply to such Affiliate.

 

(c) Any Transfer
or attempted Transfer of Equity Securities in violation of any provision of this Agreement shall be void.

 

2.2 Tag-Along Rights.

 

(a) In the
event of a proposed Transfer of shares of Equity Securities by Tengram or any Affiliate of Tengram that is or is required to become
a party to this Agreement (each, a “Tengram Stockholder”) other than (x) to a Permitted Transferee or (y) in
connection with a Public Offering or brokers' transactions (within the meaning of Section 4(4) of the Securities Act) pursuant
to Rule 144, each of Dyne and his Affiliates (each, a “Dyne Stockholder”) shall have the right to participate
on the same terms and conditions and for the same per share consideration as the Tengram Stockholder in the Transfer in the manner
set forth in this Section 2.2. Prior to any such Transfer, the Tengram Stockholder shall deliver to Dyne written notice of the
proposed Transfer (the “Transfer Notice”), which notice shall state (i) the name of the proposed Transferee,
(ii) the number of shares of Common Stock (which, for purposes of such calculation, shall include shares of Common Stock underlying
the Debenture subject to transfer) proposed to be Transferred (the “Transferred Shares”) and the percentage
(the “Tag Percentage”) that such number of shares of Common Stock (which, for purposes of such calculation,
shall include shares of Common Stock underlying the Debenture) constitute of the total number of shares of Common Stock owned collectively
by the Tengram Stockholders, (iii) the proposed purchase price therefor, including a description of any non-cash consideration
sufficiently detailed to permit the determination of the Fair Market Value thereof, and (iv) the other material terms and conditions
of the proposed Transfer, including the proposed Transfer date (which date may not be less than 30 days after delivery to Dyne
of the Transfer Notice). Such notice shall be accompanied by a written offer from the proposed Transferee to purchase the Transferred
Shares, which offer may be conditioned upon the consummation of the sale by the Tengram Stockholders, or the most recent drafts
of the purchase and sale documentation between the Tengram Stockholders and the Transferee which shall make provision for the participation
of the Dyne Stockholders in such sale consistent with this Section 2.2.

 

    	6

    	 

    

 

(b) Each
Dyne Stockholder may elect to participate in the proposed Transfer to the proposed Transferee identified in the Transfer Notice
by giving written notice to the Tengram Stockholders within the 30 day period after the delivery of the Transfer Notice to Dyne,
which notice shall state that such Dyne Stockholder elects to exercise its rights of tag-along under this Section 2.2 and shall
state the maximum number of shares of Common Stock sought to be Transferred (which number to be sold by all Dyne Stockholders may
not exceed the product of (i) all such shares of Common Stock owned by the Dyne Stockholders, multiplied by (ii) the Tag Percentage).
Each Dyne Stockholder shall be deemed to have waived its right of tag-along with respect to the Transferred Shares hereunder if
it fails to give notice within the prescribed time period. The proposed Transferee of Transferred Shares will not be obligated
to purchase the number of shares of Common Stock exceeding that that number set forth in the Transfer Notice, and in the event
such Transferee elects to purchase less than all of the additional shares of Common Stock sought to be Transferred by the Dyne
Stockholders, the number of shares of Common Stock (which, for purposes of such calculation, shall include shares of Common Stock
underlying the Debenture) to be Transferred by the Tengram Stockholders and each such Dyne Stockholder shall be reduced so that
each such Stockholder is entitled to sell its Pro Rata Portion of the number of shares of Common Stock the proposed Transferee
elects to purchase (which in no event may be less than the number of Transferred Shares set forth in the Transfer Notice).

 

(c) Each
Dyne Stockholder, if it is exercising its tag-along rights hereunder, shall deliver to Tengram at the closing of the Transfer of
the Tengram Stockholder’s Transferred Shares to the Transferee certificates representing the Transferred Shares to be Transferred
by such Dyne Stockholder, duly endorsed for transfer or accompanied by stock powers duly executed, in either case executed in blank
or in favor of the applicable Transferee against payment of the aggregate purchase price therefor by wire transfer of immediately
available funds. Each Stockholder participating in a sale pursuant to this Section 2.2 shall receive consideration in the same
form and per share amount after deduction of such Stockholder’s proportionate share of the related expenses. Each Dyne Stockholder
participating in a sale pursuant to this Section 2.2 shall agree to make or agree to the same customary representations, covenants,
indemnities and agreements as the Tengram Stockholder so long as they are made severally and not jointly and the liabilities thereunder
are borne on a pro rata basis based on the consideration to be received by each Stockholder; provided, that any general
indemnity given by a Tengram Stockholder, applicable to liabilities not specific to the Tengram Stockholder, to the Transferee
in connection with such sale shall be apportioned among the Stockholders participating in a sale pursuant to this Section 2.2 according
to the consideration received by each such Stockholder and shall not exceed such Stockholder's net proceeds from the sale; provided,
further, that any representation relating specifically to a Stockholder and/or its ownership of the Common Stock to be Transferred
shall be made only by that Stockholder. The fees and expenses incurred in connection with a sale under this Section 2.2 and for
the benefit of all Stockholders (it being understood that costs incurred by or on behalf of a Stockholder for his, her or its sole
benefit will not be considered to be for the benefit of all Stockholders), to the extent not paid or reimbursed by the Company
or the Transferee or acquiring Person, shall be shared by all the Stockholders on a pro rata basis, based on the consideration
received by each Stockholder in respect of its Common Stock (which, for purposes of such calculation, shall include shares of Common
Stock underlying the Debenture) to be Transferred; provided that no Stockholder shall be obligated to make any out-of-pocket expenditure
prior to the consummation of the transaction consummated pursuant to this Section 2.2 (excluding de minimis expenditures).
The proposed Transfer date may be extended beyond the date described in the Transfer Notice to the extent necessary to obtain required
approvals of Governmental Entities and other required approvals and the Company and the Stockholders participating in such Transfer
shall use their respective commercially reasonable efforts to obtain such approvals.

 

    	7

    	 

    

 

(d) If a
Tengram Stockholder sells or otherwise Transfers to the Transferee any of its shares of Equity Securities in breach of this Section
2.2, then each Dyne Stockholder shall have the right to sell to each Tengram Stockholder, and each Tengram Stockholder undertakes
to purchase from each Dyne Stockholder, the number of shares of Common Stock that such Dyne Stockholder would have had the right
to sell to the Transferee pursuant to this Section 2.2, for a per share amount and form of consideration and upon the terms and
conditions on which the Transferee bought such shares of Common Stock from the Tengram Stockholder, but without any indemnity being
granted by any Dyne Stockholder to the Tengram Stockholder; provided that nothing contained in this Section 2.2(d) shall preclude
any Dyne Stockholder from seeking alternative remedies against any such Tengram Stockholder as a result of its breach of this Section
2.2.

 

    	8

    	 

    

 

2.3 Intentionally
omitted.

 

2.4 Right of First Offer.

 

(a) Subject
to the terms and conditions specified in this Section 2.4, other than in connection with (i) a Public Offering or brokers’
transactions (within the meaning of Section 4(4) of the Securities Act) pursuant to Rule 144, (ii) a Transfer made in accordance
with Section 2.2, or (iii) a Transfer to a Permitted Transferee, if any Dyne Stockholder (for purposes of this Section 2.4, an
“Initiator”) proposes to sell any Equity Securities (the “ROFO Shares”), such Initiator must
first make an offering of the ROFO Shares to Tengram in accordance with the following provisions of this Section 2.4.

 

(b) The Initiator
shall give written notice (the “Initiator Notice”) to Tengram stating its bona fide intention to sell the ROFO
Shares and specifying the number of ROFO Shares, and the material terms and conditions (other than price) upon which the Initiator
proposes to sell such ROFO Shares.

 

(c) Upon
receipt of the Initiator Notice, Tengram shall have 30 days (the “ROFO Notice Period”) to offer to purchase
all (and not less than all) of the ROFO Shares by delivering a written notice (a “ROFO Offer Notice”) to the
Initiator of such offer stating that it offers to purchase such ROFO Shares on the terms specified in the Initiator Notice and
designating the price that it is offering to pay for such ROFO Shares (the “Offer Price”). Any ROFO Offer Notice
shall be binding upon delivery and irrevocable without the consent of the Initiator.

 

(d) Within
15 days after the expiration of the ROFO Notice Period, the Initiator shall indicate to Tengram whether it has accepted Tengram’s
offer by sending irrevocable written notice of such acceptance to Tengram, and Tengram shall then be obligated to purchase, and
the Initiator shall then be obligated to sell, the ROFO Shares on the terms and conditions set forth in the Initiator Notice at
the Offer Price and on the other terms set forth in the ROFO Offer Notice.

 

(e) If the
Initiator does not accept any offer made by Tengram, or if Tengram does not deliver a ROFO Offer Notice in accordance with Section
2.4(c), the Initiator may, during the 120-day period following the expiration of the ROFO Notice Period, enter into an agreement
for the sale of all the ROFO Shares to any Person at a price not less than the Offer Price set forth in any ROFO Offer Notice and
on other economic terms not more favorable in the aggregate to the buyer than those specified in the Initiator Notice (it being
understood that “economic terms” shall not include customary representations and warranties with respect to the Initiator,
the ROFO Shares or the Company and its Subsidiaries and indemnities with respect thereto). If the Initiator does not enter into
an agreement for the sale of the ROFO Shares within such period or, if such agreement is not consummated within 120 days of the
execution thereof (which period shall be extended solely to the extent needed to obtain any required governmental approvals, provided
that the Initiator shall have used all reasonable best efforts to obtain such approval in a timely manner), the right provided
hereunder shall be deemed to be revived and such ROFO Shares shall not be offered unless first reoffered to Tengram in accordance
with this Section 2.4.

 

    	9

    	 

    

 

2.5Legend.

 

(a) All certificates
representing the Equity Securities held by each Stockholder shall bear a legend substantially in the following form:

 

“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO A STOCKHOLDERS AGREEMENT (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY). NO TRANSFER,
SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT AND (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. THE HOLDER OF THIS CERTIFICATE,
BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT.”

 

(b) Upon
the permitted sale of any Equity Securities pursuant to (i) an effective registration statement under the Securities Act or pursuant
to Rule 144 or (ii) another exemption from registration under the Securities Act or upon the termination of this Agreement, the
certificates representing such Equity Securities shall be replaced, at the expense of the Company, with certificates or instruments
not bearing the legends required by this Section 2.5; provided that the Company may condition such replacement of certificates
under clause (ii) upon the receipt of an opinion of securities counsel reasonably satisfactory to the Company.

 

ARTICLE III 

PREEMPTIVE RIGHTS

 

3.1Equity Purchase Rights.

 

(a) The Company
hereby grants to each Stockholder that is an “accredited investor” (as defined in Rule 501 of Regulation D promulgated
under the Securities Act) (each, a “Preemptive Stockholder”) the right to purchase its Pro Rata Portion of all
or any part of New Securities that the Company or any Subsidiary may, from time to time after the Closing, propose to sell or issue
for cash. The number or amount of New Securities which the Stockholders may purchase pursuant to this Section 3.1(a) shall be referred
to as the “Equity Purchase Shares.” The equity purchase right provided in this Section 3.1(a) shall apply at
the time of issuance of any right, warrant or option or convertible or exchangeable security and not to the conversion, exchange
or exercise thereof. Each Preemptive Stockholder may assign its rights to make such purchase to any other member of its Stockholder
Group.

 

    	10

    	 

    

 

(b) The Company
shall give written notice of a proposed issuance or sale described in Section 3.1(a) to the Preemptive Stockholders within 15 Business
Days following any meeting of the Board at which any such issuance or sale is approved and at least 30 days prior to the proposed
issuance or sale. Such notice (the “Issuance Notice”) shall set forth the material terms and conditions of such
proposed transaction, including the proposed manner of disposition, the number or amount and description of the shares proposed
to be issued, the proposed issuance date and the proposed purchase price per share. Such notice shall also be accompanied by any
written offer from the prospective purchaser to purchase such New Securities.

 

(c) At any
time during the 30-day period following the receipt of an Issuance Notice, each Preemptive Stockholder shall have the right to
elect irrevocably to purchase its Pro Rata Portion of the number of the Equity Purchase Shares at the purchase price set forth
in the Issuance Notice and upon the other terms and conditions specified in the Issuance Notice by delivering a written notice
to the Company. Except as provided in the following sentence, such purchase shall be consummated concurrently with the consummation
of the issuance or sale described in the Issuance Notice. The closing of any purchase by any Preemptive Stockholder may be extended
beyond the closing of the transaction described in the Issuance Notice to the extent necessary to (i) obtain required approvals
of Government Entities and other required approvals and the Company and the Stockholders shall use their respective commercially
reasonable efforts to obtain such approvals and (ii) permit the Preemptive Stockholders to complete their internal capital
call process following the 15-day notice period; provided that the extension pursuant to this clause (ii) shall not exceed 60 days.

 

(d) Each
Preemptive Stockholder exercising its right to purchase its respective portion of the Equity Purchase Shares in full (an “Exercising
Stockholder”) shall have a right of over-allotment such that if any other Preemptive Stockholder or Affiliate of any
Preemptive Stockholder fails to exercise its right hereunder to purchase its full Pro Rata Portion of New Securities (a “Non-Purchasing
Stockholder”), such Exercising Stockholder may purchase its Pro Rata Portion of such securities by giving written notice
to the Company within 10 days from the date that the Company provides written notice of the amount of New Securities as to which
such Non-Purchasing Stockholders have failed to exercise their purchase rights hereunder.

 

    	11

    	 

    

 

(e) If any
Stockholder or Exercising Stockholder fails to exercise fully the equity purchase right within the periods described above and
after expiration of the 10-day period for exercise of the over-allotment provisions pursuant to Section 3.1(d), the Company or
the applicable Subsidiary shall be free to complete the proposed issuance or sale of the New Securities described in the Issuance
Notice with respect to which Exercising Stockholders failed to exercise the option set forth in this Section 3.1 on terms no less
favorable to the Company or the applicable Subsidiary than those set forth in the Issuance Notice (except that the amount of securities
to be issued or sold by the Company may be reduced); provided that (x) such issuance or sale is closed within 90 days after
the expiration of the 10-day period described in Section 3.1(d) and (y) the price at which the New Securities are Transferred
must be equal to or higher than the purchase price described in the Issuance Notice. Such periods within which such issuance or
sale must be closed shall be extended to the extent necessary to obtain required approvals of Government Entities and other required
approvals and the Company shall use its commercially reasonable efforts to obtain such approvals. In the event that the Company
has not sold such New Securities within such 90-day period, the Company shall not thereafter issue or sell any New Securities,
without first again offering such securities to the Stockholders in the manner provided in this Section 3.1.

 

(f)The preemptive
rights granted under this ARTICLE III to each party shall terminate on the earliest of (i) the date that Tengram’s beneficial
ownership of the Common Stock (which, for purposes of such calculation, shall include shares of Common Stock underlying the Debenture)
is less than 20% of the Fully Diluted Common Stock, (ii) the date that Tengram and its Affiliates no longer own at least 50% of
the shares of Common Stock (which, for purposes of such calculation, shall include shares of Common Stock underlying the Debenture)
acquired by Tengram pursuant to the Securities Purchase Agreement, and (iii) the tenth (10th) anniversary of the date
of this Agreement

 

ARTICLE IV 

DEFINITIONS

 

4.1Certain Definitions. For the purposes
hereof, in addition to the terms defined elsewhere in this Agreement, (a) capitalized terms not otherwise defined herein shall
have the meanings set forth in the Securities Purchase Agreement and (b) the following terms shall have the following meanings:

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly Controlling, Controlled by or under common Control with
such Person, (ii) any Person directly or indirectly owning or Controlling 10% or more of any class of outstanding voting securities
of such Person or (iii) any officer, director, general partner or trustee of any such Person described in clause (i) or (ii).

 

    	12

    	 

    

 

“Agreement”
means this Stockholders Agreement, as amended from time to time in accordance with Section 5.7.

 

“Applicable Law”
means all applicable provisions of (i) constitutions, treaties, statutes, laws (including the common law), rules, regulations,
ordinances, codes or orders of any Governmental Entity, (ii) any consents or approvals of any Governmental Entity and (iii) any
orders, decisions, injunctions, judgments, awards, decrees of or agreements with any Governmental Entity.

 

“Board”
has the meaning set forth in Section 1.1(a).

 

“Business Day”
means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required to
close.

 

“Closing”
has the meaning set forth in the Recitals.

 

“Common Stock”
has the meaning set forth in the Preamble.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

“Company”
has the meaning set forth in the Preamble.

 

“Competitor”
means any Person conducting business primarily in the area of licensing branded apparel products and accessories.

 

“Control”
means the power to direct the affairs of a Person by reason of ownership of voting securities, by contract or otherwise.

 

“Controlled Affiliate”
means, with respect to any Person, any Person directly or indirectly Controlled by such Person; provided that the limited partners
and non-managing members of any Person that is an investment fund shall in no event be deemed Controlled Affiliates of such fund.

 

“Convertible Debenture”
means the Senior Secured Convertible Debenture Due January 31, 2015 and held by Tengram.

 

“Corporate Opportunity”
has the meaning set forth in Section 1.8.

 

“Equity Securities”
has the meaning set forth in the Recitals.

 

“Fair Market Value”
means with respect to any non-cash consideration, the fair market value of such non-cash consideration as determined in good faith
by the Board.

 

    	13

    	 

    

 

“Fully Diluted
Common Stock” shall mean all of the Common Stock of the Company, assuming conversion, exercise or exchange of all outstanding
convertible or exchangeable securities, options, warrants and similar instruments into or for Common Stock (regardless of whether
such convertible securities, options, warrants or similar securities are then convertible or exercisable, and without regard to
any limitations on exercise or conversion thereof).

 

“Group”
has the meaning assigned to such term in Section 13(d)(3) of the Exchange Act.

 

“Information”
means all information about the Company or any of its Subsidiaries that is or has been furnished to any Stockholder or any of its
Representatives by or on behalf of the Company or any of its Subsidiaries or any of their respective Representatives, and any other
information supplied by the Company in connection with the Purchase (whether written or oral or in electronic or other form and
whether prepared by the Company, its advisers or otherwise), together with all written or electronically stored documentation prepared
by such Stockholder or its Representatives based on or reflecting, in whole or in part, such information; provided that the term
“Information” does not include any information that (x) is or becomes generally available to the public through no
action or omission by any Stockholder or its Representatives or (y) is or becomes available to such Stockholder on a non-confidential
basis from a source, other than the Company or any of its subsidiaries, or any of their respective Representatives, that to the
best of such Stockholder's knowledge, after reasonable inquiry, is not prohibited from disclosing such portions to such Stockholder
by a contractual, legal or fiduciary obligation.

 

“Initiator”
has the meaning set forth in Section 2.4(a).

 

“Initiator Notice”
has the meaning set forth in Section 2.4(b).

 

“New Securities”
means Common Stock or Common Stock Equivalents of the Company or of any Subsidiary other than (a) shares of Common Stock or options
to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority
of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established
for such purpose, (b) securities issued upon the exercise or exchange of or conversion of any securities of the Company issued
hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding
on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase
the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities, (c) securities
issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company,
provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its
subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall
provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which
the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities, and (d) securities issued to Tennman WR-T, Inc., pursuant to the exercise of its preemptive rights in accordance
with the Preemptive Rights and Board Nomineee Agreement.

 

    	14

    	 

    

 

“Offer Price”
has the meaning set forth in Section 2.4(c).

 

“Permitted Transferee”
means as to any Stockholder: (i) the owners of such Stockholder in connection with any liquidation of, or a distribution with respect
to an equity interest in, such Stockholder (including but not limited to any distribution by a Stockholder to its limited partners);
or (ii) an Affiliate of such Stockholder; provided that in no event shall any “portfolio company” (as such term is
customarily used among institutional investors) of any Stockholder or any entity Controlled by any portfolio company of any Stockholder
constitute a “Permitted Transferee”. Any Stockholder shall also be a Permitted Transferee of the Permitted Transferees
of itself.

 

“Person”
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group comprised
of two or more of the foregoing.

 

“Preferred Stock”
shall mean shares of the Company’s Series A Preferred Stock issued to Tengram at the Closing.

 

“Pro Rata Portion”
means:

 

(a)for the
purposes of Section 2.2, with respect to any Tengram Stockholder or any Dyne Stockholder, with respect to any proposed Transfer,
on the applicable Transfer date, the number of shares of Common Stock equal to the product of (i) the total number of shares of
Common Stock (which, for purposes of such calculation, shall include shares of Common Stock underlying the Debenture) to be Transferred
to the proposed Transferee and (ii) the fraction determined by dividing (A) the total number of shares of Common Stock owned by
the Tengram Stockholders collectively (which, for purposes of such calculation, shall include shares of Common Stock underlying
the Debenture) or the Dyne Stockholders collective (as applicable) as of such date by (B) the total number of shares of Common
Stock owned by all of the Tengram Stockholders (which, for purposes of such calculation, shall include shares of Common Stock underlying
the Debenture) and all of the Dyne Stockholders as of such date; and

 

(b)for the
purposes of Section 3.1, with respect to any Preemptive Stockholder, on any issuance date for New Securities, the number or amount
of New Securities equal to the product of (i) the total number or amount of New Securities to be issued by the Company or its applicable
Subsidiary on such date and (ii) the fraction determined by dividing (A) the number of shares of Common Stock (which, for purposes
of such calculation, shall include shares of Common Stock underlying the Debenture) owned by such Preemptive Stockholder immediately
prior to such issuance by (B) the total number of shares of Common Stock outstanding (which, for purposes of such calculation,
shall include shares of Common Stock underlying the Debenture) on such date immediately prior to such issuance.

 

    	15

    	 

    

 

“Public Offering”
means an offering of Common Stock pursuant to a registration statement filed in accordance with the Securities Act.

 

“Purchase”
has the meaning set forth in the Recitals.

 

“Representatives”
means with respect to any Person, any of such Person’s, or its Affiliates’, directors, officers, employees, general
partners, Affiliates, direct or indirect shareholders, members or limited partners, attorneys, accountants, financial and other
advisers, and other agents and representatives, including in the case of any Stockholder any person nominated to the Board or a
Committee by such Stockholder.

 

“ROFO Notice Period”
has the meaning set forth in Section 2.4(c).

 

“ROFO Offer Notice”
has the meaning set forth in Section 2.4(c).

 

“ROFO Shares”
has the meaning set forth in Section 2.4(a).

 

“Rule 144”
means Rule 144 under the Securities Act (or any successor rule).

 

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

 

“Securities Purchase
Agreement” has the meaning set forth in the Recitals.

 

“Stockholder Group”
means, with respect to any Stockholder, such Stockholder and the Stockholder Group Members of such Stockholder. 

 

“Stockholder Group
Member” has the meaning set forth in Section 1.8.

 

“Stockholders”
has the meaning set forth in the Preamble.

 

“Subsidiary”
means each Person in which a Person owns or controls, directly or indirectly, capital stock or other equity interests representing
more than 50% of the outstanding capital stock or other equity interests.

 

“Tag-Percentage”
has the meaning set forth in Section 2.2(a).

 

“Tengram”
has the meaning set forth in the Recitals.

 

    	16

    	 

    

 

“Transfer”
means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any shares of Equity Securities owned by a Person or
any interest (including but not limited to a beneficial interest) in any shares of Equity Securities owned by a Person.

 

“Transferee”
means any Person to whom any Stockholder or any Transferee thereof Transfers Equity Securities in accordance with the terms hereof.

 

“Transfer Notice”
has the meaning set forth in Section 2.2(a).

 

“Transferred Shares”
has the meaning set forth in Section 2.2(a).

 

4.2 Terms Generally.
The words “hereby”, “herein”, “hereof”, “hereunder” and words of similar import
refer to this Agreement as a whole (including the Exhibits and Annexes hereto) and not merely to the specific section, paragraph
or clause in which such word appears. All references herein to Articles, Sections, Exhibits and Annexes and Schedules shall be
deemed references to Articles and Sections of, and Exhibits and Annexes to, this Agreement unless the context shall otherwise require.
The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The definitions given for terms in this Article IV and elsewhere in this Agreement shall apply
equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms. References herein to any agreement or letter shall be deemed references
to such agreement or letter as it may be amended, restated or otherwise revised from time to time.

 

ARTICLE V

MISCELLANEOUS

 

5.1Termination.
Subject to the early termination of any provision as a result of an amendment to this Agreement agreed to by the Company and the
Stockholders as provided under Section 5.7, this Agreement may be terminated only by the unanimous agreement of the Company, Dyne
and Tengram. Nothing in this Agreement shall relieve any party from any liability for the breach of any obligations set forth in
this Agreement.

 

5.2 Publicity.
Each Stockholder will coordinate in good faith with each other Stockholder with respect to all press releases and other public
relations matters with respect to the Purchase and the Closing. Unless otherwise required by Applicable Law or the rules of any
stock exchange, no Stockholder may issue any press release or otherwise make any public announcement or comment on the Purchase
or the Closing without the prior consent of each of the Company, Dyne and Tengram.

 

5.3Confidentiality.
Each Stockholder agrees to, and shall cause its Representatives to, keep confidential and not divulge any Information, and to use,
and cause its Representatives to use, such Information only in connection with the Purchase, the Closing or, following the Closing,
the operation of the Company and its Subsidiaries; provided that nothing herein shall prevent any party hereto from disclosing
such Information (a) upon the order of any court or administrative agency, (b) upon the request or demand of any regulatory agency
or authority having jurisdiction over such party, (c) to the extent compelled by legal process or required or requested pursuant
to subpoena, interrogatories or other discovery requests, (d) to the extent necessary in connection with the exercise of any remedy
hereunder, (e) to other Stockholders, (f) to such party’s Representatives that in the reasonable judgment of such pm1y need
to know such Information or (g) to any potential Permitted Transferee in connection with a proposed Transfer of Equity Securities
from such Stockholder as long as such transferee agrees to be bound by the provisions of this Section 5.3 as if a Stockholder,
provided that, in the case of clause (a), (b) or ( c), such party shall notify the Company, Dyne and Tengram of the proposed disclosure
as far in advance of such disclosure as practicable and use reasonable efforts to ensure that any Information so disclosed is accorded
confidential treatment, when and if available.

 

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5.4 Restrictions
on Other Agreements; Conflicts.

 

(a) Following
the date hereof, no Stockholder shall enter into or agree to be bound by any stockholder agreements or arrangements of any kind
with any Person with respect to any Equity Securities that conflicts with the terms of this Agreement.

 

(b)The provisions
of this Agreement shall be controlling if any such provisions or the operation thereof conflict with the provisions of the Company’s
by-laws. Each of the parties covenants and agrees to vote their Common Stock (including Preferred Stock) and to take any other
action reasonably requested by the Company or any Stockholder to amend the Company's by-laws or certificate of incorporation so
as to avoid any conflict with the provisions hereof.

 

5.5 Further Assurances.
Each party hereto shall do and perform or cause to be done and performed all such further acts and things, and shall execute and
deliver all such further agreements, certificates, instruments and documents, as any other parties hereto reasonably may request
in order to carry out the provisions of this Agreement and the consummation of the transactions contemplated hereby.

 

5.6 No Recourse.
Notwithstanding anything to the contrary in this Agreement, the Company and each Stockholder agrees and acknowledges that no recourse
under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current
or future director, officer, employee, general or limited partner or member of any Stockholder or of any Affiliate or assignee
thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation
or other Applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed
on or otherwise be incurred by any current or future officer, agent or employee of any Stockholder or any current or future
member of any Stockholder or any current or future director, officer, employee, partner or member of any Stockholder or of
any Affiliate or assignee thereof, as such for any obligation of any Stockholder under this Agreement or any documents or instruments
delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

 

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5.7 Amendment; Waivers,
etc. This Agreement may be amended, and the Company may take any action herein prohibited, or omit to perform any act herein
required to be performed by it, only if any such amendment, action or omission to act, has been approved by the Company, Tengram
and Dyne, provided that this Agreement may not be amended in a manner adversely affecting the rights or obligations of any Stockholder
which does not adversely affect the rights or obligations of all similarly situated Stockholders in the same manner without the
consent of such Stockholder. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed
as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this
Agreement in accordance with its terms. Any Stockholder may waive (in writing) the benefit of any provision of this Agreement with
respect to itself for any purpose. Any such waiver shall constitute a waiver only with respect to the specific matter described
in such writing and shall in no way impair the rights of the Stockholder granting such waiver in any other respect or at any other
time.

 

5.8 Assignment.
Neither this Agreement nor any right or obligation arising under this Agreement may be assigned by any party without the prior
written consent of the other parties, provided that any Stockholder may assign all or a portion its rights (but not its obligations)
hereunder to any member of its Stockholder Group that is or becomes a Stockholder.

 

5.9 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and
permitted assigns.

 

5.10 No Third Party
Beneficiaries. Nothing in this Agreement shall confer any rights upon any Person other than the parties hereto and each such
party’s respective heirs, successors and permitted assigns.

 

5.11 Notices.
All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement shall be
in writing and shall be deemed to have been duly given if (a) delivered personally, (b) mailed, certified or registered mail with
postage prepaid, (c) sent by reputable overnight courier or (d) sent by fax (provided a confirmation copy is sent by one of the
other methods set forth above), to the addresses set forth on the signature pages attached hereto (or to such other address as
the party entitled to notice shall hereafter designate in accordance with the terms hereof):

 

5.12
Severability. Any term or provision of this Agreement which is invalid, illegal or unenforceable in any
jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without rendering invalid, illegal or unenforceable the remaining terms and provisions of this Agreement or affecting the
validity, illegality or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any
provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as is
enforceable. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated herein are consummated as originally
contemplated to the fullest extent possible.

 

    	19

    	 

    
  

5.13 Headings.
The headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning or interpretation
of this Agreement.

 

5.14 Entire Agreement.
This Agreement, together with the exhibits hereto and the Transaction Agreements, constitute the entire agreement and supersedes
all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

 

5.15 Governing Law.
This Agreement will be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that
might otherwise govern under applicable principles or rules of conflicts of law to the extent such principles or rules are not
mandatorily applicable by statute and would require the application of the laws of another jurisdiction).

 

5.16Consent to Jurisdiction.
Each party irrevocably submits to the exclusive jurisdiction of (a) the Supreme Court of the State of New York, New York County,
and (b) the United States District Court for the Southern District of New York, for the purposes of any suit, action or other proceeding
arising out of this Agreement or any transaction contemplated hereby (and agrees not to commence any such suit, action or other
proceeding except in such courts). Each party further agrees that service of any process, summons, notice or document by U.S.
registered mail to such party’s respective address set forth or referred to in Section 5.11 shall be effective service of
process for any such suit, action or other proceeding. Each party irrevocably and unconditionally waives any objection to the laying
of venue of any such suit, action or other proceeding in (i) the Supreme Court of the State of New York, New York County, and (ii)
the United States District Court for the Southern District of New York, that any such suit, action or other proceeding brought
in any such court has been brought in an inconvenient forum.

 

5.17 Waiver of Jury
Trial. Each party hereby waives, to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury
in respect of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each party
(a) certifies and acknowledges that no representative, agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, and (b) acknowledges that it
understands and has considered the implications of this wavier and makes this wavier voluntarily, and that it and the other parties
have been induced to enter into the Agreement by, among other things, the mutual waivers and certifications in this Agreement.

 

    	20

    	 

    

 

5.18Enforcement.
Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements
in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting
any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order
or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms
and provisions hereof. In the event that the Company or one or more Stockholders shall file suit to enforce the covenants contained
in this Agreement (or obtain any other remedy in respect of any breach thereof), the prevailing party in the suit shall be entitled
to recover, in addition to all other damages to which it may be entitled, the costs incurred by such party in conducting the suit,
including, without limitation, reasonable attorney's fees and expenses.

 

5.19 Counterparts;
Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one instrument. This Agreement may be executed by facsimile signature(s).

 

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IN WITNESS WHEREOF, the
parties hereto have duly executed this Agreement by their authorized representatives as of the date first above written.

  

	PEOPLE’S LIBERATION, INC.	 	Address for Notice:
	 	 	 
	By: /s/ Colin Dyne                               	 	1212 South Flower Street, 5th Floor
	Name: Colin Dyne	 	Los Angeles, CA 90015
	Title: Chief Executive Officer	 	 
	 	 	 
	 	 	 
	TCP WR ACQUISITION, LLC	 	Address for Notice:
	 	 	 
	 	 	 
	By: /s/ Matthew Eby                            	 	 
	Name: Matthew Eby	 	 
	Title: member 	 	 
	 	 	 
	 	 	 
	COLIN DYNE	 	Address for Notice:
	 	 	 
	 	 	 
	By: /s/ Colin Dyne                           
     	 	c/o People’s Liberation, Inc.
	 	 	1212 South Flower Street, 5th Floor
	 	 	Los Angeles, CA 90015

 

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