Document:

Exhibit
10.1

 

Securities
Purchase Agreement

 

This
Securities Purchase Agreement (this “Agreement”),
dated as of February 11, 2020, is entered into by and between Naked Brand Group Limited,
an Australia corporation (“Company”), and St. George Investments LLC,
a Utah limited liability company, its successors and/or assigns (“Investor”).

 

A.
Company and Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the Securities Act of 1933, as amended (the “1933 Act”), and the rules and regulations promulgated thereunder
by the United States Securities and Exchange Commission (the “SEC”).

 

B.
Investor desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement:
(i) a Convertible Promissory Note, in the form attached hereto as Exhibit A, in the original principal amount of $3,170,000.00
(the “Note”), convertible into ordinary shares, no par value per share, of Company (the “Ordinary
Shares”), upon the terms and subject to the limitations and conditions set forth in such Note, and (ii) a Warrant to
Purchase Ordinary Shares, substantially in the form attached hereto as Exhibit B.

 

C.
This Agreement, the Note, the Warrant, the Subordination Deed (as defined below), and all other certificates, documents, agreements,
resolutions and instruments delivered to any party under or in connection with this Agreement, as the same may be amended from
time to time, are collectively referred to herein as the “Transaction Documents”.

 

D.
For purposes of this Agreement: “Conversion Shares” means all Ordinary Shares issuable upon conversion of all
or any portion of the Note; “Warrant Shares” means all Ordinary Shares issuable upon the exercise of the Warrant;
and “Securities” means the Note, the Conversion Shares, the Warrant and the Warrant Shares.

 

NOW,
THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Company and Investor hereby agree as follows:

 

1.
Purchase and Sale of Securities.

 

1.1.
Purchase of Securities. Company shall issue and sell to Investor and Investor shall purchase from Company the Note and
the Warrant. In consideration thereof, Investor shall pay the Purchase Price (as defined below) to Company.

 

1.2.
Form of Payment. On the Closing Date (as defined below), Investor shall pay the Purchase Price to Company via wire transfer
of immediately available funds against delivery of the Note and the Warrant.

 

1.3.
Closing Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section 6 below,
the date of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be February
11, 2020, or another mutually agreed upon date. The closing of the transactions contemplated by this Agreement (the “Closing”)
shall occur on the Closing Date by means of the exchange by email of signed .pdf documents, but shall be deemed for all purposes
to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

1.4.
Collateral for the Note. The Note shall be unsecured.

 

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1.5.
Subordination. This Agreement, the other Transaction Documents, and the obligations of Company hereunder are subject in
all respects to the terms of that certain Deed of Subordination by and among Company, Investor and Bank of New Zealand of even
date herewith (as amended, modified or supplemented, the “Subordination Deed”), a copy of which is attached
hereto as Exhibit C.

 

1.6.
Purchase Price. The Note carries an original issue discount of $150,000.00 (the “OID”). In addition,
Company agrees to pay $20,000.00 to Investor to cover Investor’s legal fees, accounting costs, due diligence, monitoring
and other transaction costs incurred in connection with the purchase and sale of the Securities (the “Transaction Expense
Amount”), all of which amount is included in the initial principal balance of the Note. The “Purchase Price”,
therefore, shall be $3,000,000.00, computed as follows: $3,170,000.00 initial principal balance, less the OID, less the Transaction
Expense Amount.

 

2.
Investor’s Representations and Warranties. Investor represents and warrants to Company that as of the Closing Date:
(i) this Agreement has been duly and validly authorized and all action on Investor’s part required for the execution and
delivery of this Agreement and the other Transaction Documents has been taken; (ii) this Agreement constitutes a valid and binding
agreement of Investor enforceable in accordance with its terms; (iii) Investor is an “accredited investor” as that
term is defined in Rule 501(a) of Regulation D of the 1933 Act; (iv) Investor is purchasing the Note and the Warrant (and any
Conversion Shares and Warrant Shares) for its own account, for investment purposes only and has no current arrangements or understandings
for the resale or distribution to others and will only resell such Securities or any part thereof pursuant to a registration or
an available exemption under applicable law; (v) Investor acknowledges that the offer and sale of the Securities have not been
registered under the 1933 Act or the securities laws of any state or other jurisdiction, and that the Securities are being (and
the Conversion Shares and Warrant Shares will be) offered and sold pursuant to an exemption from registration contained in the
1933 Act, and cannot be disposed of unless they are subsequently registered under the 1933 Act and any applicable state laws or
an exemption from such registration is available; (vi) Investor has reviewed this Agreement and the information set forth in the
reports filed by Company with the SEC pursuant to the Securities Exchange Act of 1934, as amended (the “1934 Act”),
and has had both the opportunity to ask questions and receive answers from the officers and directors of Company concerning the
business and operations of Company and to obtain any additional information regarding Company and its business and operations,
to the extent Company possesses such information or can acquire it without unreasonable effort or expense, necessary to verify
the accuracy of such information; (vii) Investor possesses sufficient knowledge and experience in financial and business matters
to enable it to evaluate the merits and risks of the purchase of the Note and the transactions contemplated by this Agreement;
and (viii) neither Company nor any of its officers, directors, stockholders, employees, agents or representatives has made any
representations or warranties to Investor or any of its officers, directors, employees, agents or representatives except as expressly
set forth in the Transaction Documents and, in making its decision to enter into the transactions contemplated by the Transaction
Documents, Investor is not relying on any representation, warranty, covenant or promise of Company or its officers, directors,
members, managers, employees, agents or representatives other than as set forth in the Transaction Documents.

 

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3.
Company’s Representations and Warranties. Company represents and warrants to Investor that as of the Closing Date:
(i) Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation
and has the requisite corporate power to own its properties and to carry on its business as now being conducted; (ii) Company
is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction where the nature of the
business conducted or property owned by it makes such qualification necessary; (iii) Company has registered its Ordinary Shares
under Section 12(b) of the 1934 Act, and is obligated to file reports pursuant to Section 13 or Section 15(d) of the 1934 Act;
(iv) there is no limit on the number of Ordinary Shares the Company is authorized to issue under its formation documents or applicable
company law; (v) each of the Transaction Documents and the transactions contemplated hereby and thereby, have been duly and validly
authorized by Company and all necessary corporate actions related thereto have been taken; (vi) the Transaction Documents have
been duly executed and delivered by Company and constitute the valid and binding obligations of Company enforceable in accordance
with their terms; (vii) the execution and delivery of the Transaction Documents by Company, the issuance of Securities in accordance
with the terms hereof, and the consummation by Company of the other transactions contemplated by the Transaction Documents do
not and will not conflict with or result in a breach by Company of any of the terms or provisions of, or constitute a default
under (a) Company’s formation documents, each as currently in effect, (b) any indenture, mortgage, deed of trust, or other
material agreement or instrument to which Company is a party or by which it or any of its properties or assets are bound, including,
without limitation, any listing agreement for the Ordinary Shares, or (c) any existing applicable law, rule, or regulation or
any applicable decree, judgment, or order of any court, United States federal, state or foreign regulatory body, administrative
agency, or other governmental body having jurisdiction over Company or any of Company’s properties or assets; (viii) no
further authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory organization, or
stock exchange or market or the stockholders or any lender of Company is required to be obtained by Company for the issuance of
the Securities to Investor or the entering into of the Transaction Documents, other than any filings required to be made with
the SEC; (ix) none of Company’s filings with the SEC contained, at the time they were filed, any untrue statement of a material
fact or omitted to state any material fact required to be stated therein or necessary to make the statements made therein, in
light of the circumstances under which they were made, not misleading; (x) Company has filed all reports, schedules, forms, statements
and other documents required to be filed by Company with the SEC under the 1934 Act; (xi) except as disclosed to the Investor
in writing, there is no action, suit, proceeding, inquiry or investigation before or by any court, public board or body pending
or, to the knowledge of Company, threatened against or affecting Company before or by any governmental authority or non-governmental
department, commission, board, bureau, agency or instrumentality or any other person, wherein an unfavorable decision, ruling
or finding would have a material adverse effect on Company or which would adversely affect the validity or enforceability of,
or the authority or ability of Company to perform its obligations under, any of the Transaction Documents; (xii) except as disclosed
to Investor in writing, Company has not consummated any financing transaction that has not been disclosed in a periodic filing
or current report with the SEC under the 1934 Act; (xiii) Company is not, nor has it been at any time in the previous twelve (12)
months, a “Shell Company,” as such type of “issuer” is described in Rule 144(i)(1) under the 1933 Act;
(xiv) with respect to any commissions, placement agent or finder’s fees or similar payments that will or would become due
and owing by Company to any person or entity as a result of this Agreement or the transactions contemplated hereby (“Broker
Fees”), any such Broker Fees will be made in full compliance with all applicable laws and regulations and only to a
person or entity that is a registered investment adviser or registered broker-dealer; (xv) Investor shall have no obligation with
respect to any Broker Fees or with respect to any claims made by or on behalf of other persons for fees of a type contemplated
in this subsection that may be due in connection with the transactions contemplated hereby and Company shall indemnify and hold
harmless each of Investor, Investor’s employees, officers, directors, stockholders, members, managers, agents, and partners,
and their respective affiliates, from and against all claims, losses, damages, costs (including the costs of preparation and attorneys’
fees) and expenses suffered in respect of any such claimed Broker Fees; (xvi) when issued, the Conversion Shares and Warrant Shares
will be duly authorized, validly issued, fully paid for and non-assessable, free and clear of all liens, claims, charges and encumbrances,
other than restrictions under the securities laws; (xvii) neither Investor nor any of its officers, directors, stockholders, members,
managers, employees, agents or representatives has made any representations or warranties to Company or any of its officers, directors,
employees, agents or representatives except as expressly set forth in the Transaction Documents and, in making its decision to
enter into the transactions contemplated by the Transaction Documents, Company is not relying on any representation, warranty,
covenant or promise of Investor or its officers, directors, members, managers, employees, agents or representatives other than
as set forth in the Transaction Documents; (xviii) Company acknowledges that the State of Utah has a reasonable relationship and
sufficient contacts to the transactions contemplated by the Transaction Documents and any dispute that may arise related thereto
such that the laws and venue of the State of Utah, as set forth more specifically in Section 10.2 below, shall be applicable to
the Transaction Documents and the transactions contemplated therein; and (xix) Company has performed due diligence and background
research on Investor and its affiliates including, without limitation, John M. Fife, and, to its satisfaction, has made inquiries
with respect to all matters Company may consider relevant to the undertakings and relationships contemplated by the Transaction
Documents including, among other things, the following: http://investing.businessweek.com/research/stocks/people/person.asp?personId=7505107&ticker=UAHC;
SEC Civil Case No. 07-C-0347 (N.D. Ill.); SEC Civil Action No. 07-CV-347 (N.D. Ill.); and FINRA Case #2011029203701. Company,
being aware of the matters described in subsection (xix) above, acknowledges and agrees that such matters, or any similar matters,
have no bearing on the transactions contemplated by the Transaction Documents and covenants and agrees it will not use any such
information as a defense to performance of its obligations under the Transaction Documents or in any attempt to avoid, modify
or reduce such obligations.

 

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4.
Company Covenants. Until all of Company’s obligations under all of the Transaction Documents are paid and performed
in full, or within the timeframes otherwise specifically set forth below, Company will at all times comply with the following
covenants: (i) so long as Investor beneficially owns any Securities exercisable or exchangeable for, or convertible into, Ordinary
Shares, or beneficially owns any Conversion Shares or Warrant Shares, Company will timely file on the applicable deadline all
reports required to be filed with the SEC pursuant to Sections 13 or 15(d) of the 1934 Act, and will take all reasonable action
under its control to ensure that adequate current public information with respect to Company, as required in accordance with Rule
144 of the 1933 Act, is publicly available, and will not terminate its status as an issuer required to file reports under the
1934 Act even if the 1934 Act or the rules and regulations thereunder would permit such termination; (ii) when issued, the Conversion
Shares and Warrant Shares will be duly authorized, validly issued, fully paid for and non-assessable, free and clear of all liens,
claims, charges and encumbrances; (iii) so long as Investor beneficially owns any Securities exercisable or exchangeable for,
or convertible into, Ordinary Shares, or beneficially owns any Conversion Shares or Warrant Shares, Company will use reasonable
efforts to ensure that the Ordinary Shares shall be listed or quoted for trading on any of (a) NYSE, (b) NASDAQ, (c) OTCQX, (d)
OTCQB, or (e) OTC Pink Current Information; (iv) Company will not enter into any financing transaction with John Kirkland or any
entity owned by or affiliated with John Kirkland; (v) Company must file a Registration Statement on Form F-1 or F-3 (the “Registration
Statement”) with the SEC within ninety (90) days of the Closing Date registering a number of Ordinary Shares sufficient
to convert the entire Outstanding Balance of the Note, but in any event, not less than 1,185,000 Ordinary Shares; (vi) Company
will ensure that the Registration Statement is declared effective by the SEC within one hundred twenty (120) days of the Closing
Date (for the avoidance of doubt, such Registration Statement at effectiveness need not register Ordinary Shares issuable upon
conversion of the Note to the extent the SEC takes the position that the offering of some or all of the Ordinary Shares is not
eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the 1933 Act or requires Investor
to be named as an “underwriter,” unless the Investor consents to being so named); (vii) Company shall complete a financing
round with aggregate proceeds received by Company equal to or greater than $5,000,000.00, excluding the Purchase Price hereunder,
through the sale of Ordinary Shares and/or securities exercisable or exchangeable for or convertible into Ordinary Shares (not
including any equity securities with price reset features or with a price that varies with the market price of the Ordinary Shares),
within forty-five (45) days of the Closing Date; (viii) beginning on December 19, 2019 and ending on the ROFO Termination Date,
Company will not consummate any financing or financings through the sale of Ordinary Shares and/or securities exercisable or exchangeable
for or convertible into Ordinary Shares, in which it raises more than $1,500,000.00 in March or April of 2020 and $3,000,000.00
in any calendar month thereafter (including the amounts invested by Investor or its affiliates hereunder or under substantially
similar documents) or $15,000,000.00 cumulatively (including the amounts invested by Investor or its affiliates hereunder or under
substantially similar documents), without Investor’s prior written consent, which consent may be granted or withheld in
Investor’s sole discretion; provided, that this clause shall not apply to one financing of up to $12,000,000.00 provided
that (1) each investor in such financing must invest at least $500,000.00, (2) in such financing the securities sold are restricted
securities as defined in Rule 144 under the 1933 Act, (3) the holders thereof do not have the right to require the registration
of such securities under the 1933 Act until six months after the closing of the related financing, and (4) if the securities sold
are convertible debt, such convertible debt does not contain an ownership limitation or affiliate blocker provision (a “Permitted
Financing”); and (ix) until the date the aggregate debt balance owing to Investor and its affiliates is less than $3,000,000.00
(the “Minimum Debt Balance Date”), Company will not enter into any exchange transaction for Ordinary Shares
pursuant Section 3(a)(9) of the 1933 Act without Investor’s prior written consent, which consent may be granted or withheld
in Investor’s sole discretion.

 

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5.
Conditions to Company’s Obligation to Sell. The obligation of Company hereunder to issue and sell the Securities
to Investor at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions:

 

5.1.
Investor shall have executed this Agreement and delivered the same to Company.

 

5.2.
Investor shall have delivered the Purchase Price to Company in accordance with Section 1.2 above.

 

6.
Conditions to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Securities
at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, provided that
these conditions are for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

 

6.1.
Company shall have executed this Agreement, the Note, and the Warrant and delivered the same to Investor.

 

6.2.
Company shall have delivered to Investor a fully executed Irrevocable Letter of Instructions to Transfer Agent (the “TA
Letter”) substantially in the form attached hereto as Exhibit D acknowledged and agreed to in writing by Company’s
transfer agent (the “Transfer Agent”).

 

6.3.
Company shall have delivered to Investor a fully executed Secretary’s Certificate substantially in the form attached hereto
as Exhibit E evidencing Company’s approval of the Transaction Documents.

 

6.4.
Company shall have delivered to Investor a fully executed Share Issuance Resolution substantially in the form attached hereto
as Exhibit F to be delivered to the Transfer Agent.

 

6.5.
Company shall have delivered to Investor fully executed copies of all other Transaction Documents required to be executed by Company
herein or therein.

 

7.
Authorized Shares. There is no limit under the Company’s governing documents or Australian law on the number of Ordinary
Shares the Company is authorized to issue.

 

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8.
OFAC; Patriot Act.

 

8.1.
OFAC Certification. Company certifies that (i) it is not acting on behalf of any person, group, entity, or nation named
by any Executive Order or the United States Treasury Department, through its Office of Foreign Assets Control (“OFAC”)
or otherwise, as a terrorist, “Specially Designated Nation”, “Blocked Person”, or other banned or blocked
person, entity, nation, or transaction pursuant to any law, order, rule or regulation that is enforced or administered by OFAC
or another department of the United States government, and (ii) Company is not engaged in this transaction on behalf of, or instigating
or facilitating this transaction on behalf of, any such person, group, entity or nation.

 

8.2.
Foreign Corrupt Practices. Neither Company, nor any of its subsidiaries, nor any director, officer, agent, employee or
other person acting on behalf of Company or any subsidiary has, in the course of his actions for, or on behalf of, Company, used
any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity;
made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds;
violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

8.3.
Patriot Act. Company shall not (i) be or become subject at any time to any law, regulation, or list of any government agency
(including, without limitation, the OFAC) that prohibits or limits Investor from making any advance or extension of credit to
Company or from otherwise conducting business with Company, or (ii) fail to provide documentary and other evidence of Company’s
identity as may be requested by Investor at any time to enable Investor to verify Company’s identity or to comply with any
applicable law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.
Company shall comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions,
now or hereafter in effect. Upon Investor’s request from time to time, Company shall certify in writing to Investor that
Company’s representations, warranties and obligations under this Section 8.3 remain true and correct and have not been breached.
Company shall immediately notify Investor in writing if any of such representations, warranties or covenants are no longer true
or have been breached or if Company has a reasonable basis to believe that they may no longer be true or have been breached. In
connection with such an event, Company shall comply with all requirements of law and directives of governmental authorities and,
at Investor’s request, provide to Investor copies of all notices, reports and other communications exchanged with, or received
from, governmental authorities relating to such an event. Company shall also reimburse Investor any expense incurred by Investor
in evaluating the effect of such an event on the loan secured hereby, in obtaining any necessary license from governmental authorities
as may be necessary for Investor to enforce its rights under the Transaction Documents, and in complying with all requirements
of law applicable to Investor as the result of the existence of such an event and for any penalties or fines imposed upon Investor
as a result thereof.

 

9.
Right of First Offer. In the event Company intends to consummate any financing through the sale of Ordinary Shares and/or
securities exercisable or exchangeable for or convertible into Ordinary Shares, other than a Permitted Financing, beginning on
the Closing Date and ending on the ROFO Termination Date, it shall first offer such financing to Investor in writing (the “ROFO
Notice”). The ROFO Notice shall specify the amount of the proposed financing. The ROFO Notice shall constitute an offer
by Company to allow Investor to make the proposed financing on substantially the same terms and conditions set forth herein and
in the other Transaction Documents. Investor, if it desires to accept such offer, shall give Company written notice to such effect
(the “Acceptance Notice”) within seven (7) days of its receipt of the ROFO Notice (the “Acceptance
Period”). If Investor sends the Acceptance Notice to Company, the parties shall have seven (7) days to negotiate definitive
documents and consummate the financing. If Investor shall fail to give the Acceptance Notice to Company within the time period
provided or otherwise elects not to participate in the financing, Company shall be free to consummate, within 90 days of the expiration
of the Acceptance Period, a financing with a third party investor. For the avoidance of doubt, Investor’s declining its
right of first offer pursuant to this Section 9 with respect to a particular financing shall not be deemed to be Investor’s
consent to such financing pursuant to Section 4(vii) above, and such consent must be obtained separately from Investor, unless
Investor’s declining its right of first offer causes the ROFO Termination Date to occur. The “ROFO Termination
Date” shall be the earlier of (i) the Minimum Debt Balance Date and (ii) the expiration date of the first Acceptance
Period as to which Investor does not deliver an Acceptance Notice, unless Investor has delivered funding of not less than $3,000,000.00
(except for March and April 2020 which shall be capped at $1,500,000.00) in the calendar month during which such Acceptance
Period expires or of not less than $15,000,000.00 cumulatively (including the amounts invested by Investor hereunder).

 

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10.
Miscellaneous. The provisions set forth in this Section 10 shall apply to this Agreement, as well as all other Transaction
Documents as if these terms were fully set forth therein; provided, however, that in the event there is a conflict between any
provision set forth in this Section 10 and any provision in any other Transaction Document, the provision in such other Transaction
Document shall govern.

 

10.1.
Arbitration of Claims. The parties shall submit all Claims (as defined in Exhibit G) arising under this Agreement
or any other Transaction Document or any other agreement between the parties and their affiliates to binding arbitration pursuant
to the arbitration provisions set forth in Exhibit G attached hereto (the “Arbitration Provisions”)
and the International Dispute Resolution Procedures (the “IDR Procedures”) established by the International
Centre for Dispute Resolution (“ICDR”), the international division of the American Arbitration Association.
In the event of any conflict between or among the Arbitration Provisions and those of the ICDR, the Arbitration Provisions shall
prevail. For the avoidance of doubt, the parties agree that the injunction described in Section 10.3 below may be pursued in an
arbitration that is separate and apart from any other arbitration regarding all other Claims arising under the Transaction Documents.
The parties hereby acknowledge and agree that the Arbitration Provisions are binding on the parties hereto and are severable from
all other provisions of this Agreement. By executing this Agreement, Company represents, warrants and covenants that Company has
reviewed the Arbitration Provisions carefully, consulted with legal counsel about such provisions (or waived its right to do so),
understands that the Arbitration Provisions are intended to allow for the expeditious and efficient resolution of any dispute
hereunder, agrees to the terms and limitations set forth in the Arbitration Provisions. Company acknowledges and agrees that Investor
may rely upon the foregoing representations and covenants of Company regarding the Arbitration Provisions.

 

10.2.
Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State
of Utah, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any
other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Utah. Each party
consents to and expressly agrees that the exclusive venue for arbitration of any dispute arising out of or relating to any Transaction
Document or the relationship of the parties or their affiliates shall be in Salt Lake County, Utah. Without modifying the parties’
obligations to resolve disputes hereunder pursuant to the Arbitration Provisions, for any litigation arising in connection with
any of the Transaction Documents, each party hereto hereby (i) consents to and expressly submits to the exclusive personal jurisdiction
of any state or federal court sitting in Salt Lake County, Utah, (ii) expressly submits to the exclusive venue of any such court
for the purposes hereof, (iii) agrees to not bring any such action outside of any state or federal court sitting in Salt Lake
County, Utah, and (iv) waives any claim of improper venue and any claim or objection that such courts are an inconvenient forum
or any other claim, defense or objection to the bringing of any such proceeding in such jurisdiction or to any claim that such
venue of the suit, action or proceeding is improper. Finally, Company covenants and agrees to name Investor as a party in interest
in, and provide written notice to Investor in accordance with Section 10.9 below prior to bringing or filing, any action (including
without limitation any filing or action against any person or entity that is not a party to this Agreement, including without
limitation the Transfer Agent) that is related in any way to the Transaction Documents or any transaction contemplated herein
or therein, including without limitation any action brought by Company to enjoin or prevent the issuance of any Ordinary Shares
to Investor by the Transfer Agent, and further agrees to timely name Investor as a party to any such action. Company acknowledges
that the governing law and venue provisions set forth in this Section 10.2 are material terms to induce Investor to enter into
the Transaction Documents and that but for Company’s agreements set forth in this Section 10.2 Investor would not have entered
into the Transaction Documents.

 

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10.3.
Specific Performance. Company acknowledges and agrees that Investor may suffer irreparable harm in the event that Company
fails to perform any material provision of this Agreement or any of the other Transaction Documents in accordance with its specific
terms. It is accordingly agreed that Investor shall be entitled to seek an injunction in connection with an alleged breach of
the provisions of this Agreement or such other Transaction Document and to enforce specifically the terms and provisions hereof
or thereof, this being in addition to any other remedy to which the Investor may be entitled under the Transaction Documents,
at law or in equity. Company specifically agrees that following an Event of Default (as defined in the Note) under the Note for:
(a) failure to deliver Conversion Shares or Warrant Shares, (b) failure to make a payment mutually agreed to be made in Ordinary
Shares, or (c) failure to timely pay any Redemption Amount (as defined in the Note), Investor shall have the right to seek and
receive injunctive relief from a court or an arbitrator prohibiting Company from issuing any of its Ordinary Shares or any of
its preferred shares to any party unless at least fifty (50%) of the proceeds from such issuance (but in any event not more than
the Outstanding Balance of the Note) will be paid simultaneously to Investor. Company specifically acknowledges that Investor’s
right to seek specific performance constitutes bargained for leverage and that the loss of such leverage would result in irreparable
harm to Investor. For the avoidance of doubt, in the event Investor seeks to obtain an injunction from a court or an arbitrator
against Company or specific performance of any provision of any Transaction Document, such action shall not be a waiver of any
right of Investor under any Transaction Document, at law, or in equity, including without limitation its rights to arbitrate any
Claim pursuant to the terms of the Transaction Documents, nor shall Investor’s pursuit of an injunction prevent Investor,
under the doctrines of claim preclusion, issues preclusion, res judicata or other similar legal doctrines, from pursuing other
Claims in the future in a separate arbitration.

 

10.4.
Counterparts. Each Transaction Document may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another
party’s executed counterpart of a Transaction Document (or such party’s signature page thereof) will be deemed to
be an executed original thereof.

 

10.5.
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the
interpretation of, this Agreement.

 

10.6.
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision hereof.

 

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10.7.
Entire Agreement. This Agreement, together with the other Transaction Documents, contains the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Company nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters. For the avoidance
of doubt, all prior term sheets or other documents between Company and Investor, or any affiliate thereof, related to the transactions
contemplated by the Transaction Documents (collectively, “Prior Agreements”), that may have been entered into
between Company and Investor, or any affiliate thereof, are hereby null and void and deemed to be replaced in their entirety by
the Transaction Documents. To the extent there is a conflict between any term set forth in any Prior Agreement and the term(s)
of the Transaction Documents, the Transaction Documents shall govern.

 

10.8.
Amendments. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by both
parties hereto.

 

10.9.
Notices. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall
be deemed effectively given on the earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt
therefor or by email to an executive officer named below or such officer’s successor, or by facsimile (with successful transmission
confirmation which is kept by sending party), (ii) the earlier of the date delivered or the seventh Trading Day after deposit,
postage prepaid, in the United States Postal Service by certified mail, or (iii) the earlier of the date delivered or the seventh
Trading Day after mailing by express courier, with delivery costs and fees prepaid, in each case, addressed to each of the other
parties thereunto entitled at the following addresses (or at such other addresses as such party may designate by advance written
notice given in accordance with this paragraph to each of the other parties hereto):

 

If
to Company:

 

Naked
Brand Group Limited

Attn:
Anna Johnson

c/o
Bendon Limited

Building
7C, Huntley Street

NSW
2015, Australia

 

If
to Investor:

 

St.
George Investments LLC

Attn:
John Fife

303
East Wacker Drive, Suite 1040

Chicago,
Illinois 60601

 

With
a copy to (which copy shall not constitute notice):

 

Hansen
Black Anderson Ashcraft PLLC

Attn:
Jonathan Hansen

3051
West Maple Loop Drive, Suite 325

Lehi,
Utah 84043

 

10.10.
Successors and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be
performed by Investor hereunder may be assigned by Investor to a third party, including its affiliates, in whole or in part, in
connection with the transfer or all or a portion of the Note or the Conversion Shares, without the need to obtain Company’s
consent thereto. Company may not assign its rights or obligations under this Agreement or delegate its duties hereunder without
the prior written consent of Investor.

 

    	9

    	 

    

 

10.11.
Survival. The representations and warranties of Company and the agreements and covenants set forth in this Agreement shall
survive the Closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of Investor. Company agrees
to indemnify and hold harmless Investor and all its officers, directors, employees, attorneys, and agents for loss or damage arising
as a result of or related to any breach or alleged breach by Company of any of its representations, warranties and covenants set
forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they
are incurred.

 

10.12.
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

10.13.
Investor’s Rights and Remedies Cumulative. All rights, remedies, and powers conferred in this Agreement and the Transaction
Documents are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power,
and remedy that Investor may have, whether specifically granted in this Agreement or any other Transaction Document, or existing
at law, in equity, or by statute, and any and all such rights and remedies may be exercised from time to time and as often and
in such order as Investor may deem expedient.

 

10.14.
Attorneys’ Fees and Cost of Collection. In the event of any arbitration or action at law or in equity to enforce
or interpret the terms of this Agreement or any of the other Transaction Documents, the parties agree that the party who is awarded
the most money (which, for the avoidance of doubt, shall be determined without regard to any statutory fines, penalties, fees,
or other charges awarded to any party) shall be deemed the prevailing party for all purposes and shall therefore be entitled to
an additional award of the full amount of the attorneys’ fees, deposition costs, and expenses paid by such prevailing party
in connection with arbitration or litigation without reduction or apportionment based upon the individual claims or defenses giving
rise to the fees and expenses. Nothing herein shall restrict or impair an arbitrator’s or a court’s power to award
fees and expenses for frivolous or bad faith pleading. If (i) the Note or the Warrant is placed in the hands of an attorney for
collection or enforcement prior to commencing arbitration or legal proceedings, or is collected or enforced through any arbitration
or legal proceeding, or Investor otherwise takes action to collect amounts due under the Note or to enforce the provisions of
the Note or the Warrant, or (ii) there occurs any bankruptcy, reorganization, receivership of Company or other proceedings affecting
Company’s creditors’ rights and involving a claim under the Note or the Warrant; then Company shall pay the costs
incurred by Investor for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership
or other proceeding, including, without limitation, attorneys’ fees, expenses, deposition costs, and disbursements.

 

10.15.
Waiver. No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed by
the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any
other provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in
writing.

 

10.16.
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND
THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT,
OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY
ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH
PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

10.17.
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement
and the other Transaction Documents.

 

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

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, the undersigned Investor and Company have caused this Agreement to be duly executed as of the date first above
written.

 

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

 

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

 

[Signature
Page to Securities Purchase Agreement]

 

    	 

    	 

    

 

ATTACHED
EXHIBITS:

 

	Exhibit
    A	Note
	Exhibit
    B	Warrant
	Exhibit
    C	Subordination
    Deed
	Exhibit
    D	Irrevocable
    Transfer Agent Instructions
	Exhibit
    E	Secretary’s
    Certificate
	Exhibit
    F	Share
    Issuance Resolution
	Exhibit
    G	Arbitration
    ProvisionsExhibit 10.2

 

	 	Dated	11
    February 2020
	 	 	 
	 	DEED
    OF SUBORDINATION	 
	 	 	 
	 	NAKED
    BRAND GROUP LIMITED	 
	 	(Debtor)	 
	 	 	 
	 	BANK
    OF NEW ZEALAND	 
	 	(Senior
    Creditor)	 
	 	 	 
	 	and	 
	 	 	 
	 	ST.
    GEORGE INVESTMENTS LLC	 
	 	(Junior
    Creditor)	 

 

    	 

    	 

    

 

CONTENTS

 

	1.	INTERPRETATION	3
	2.	PARAMOUNTCY	7
	3.	SUBORDINATION	8
	4.	ASSIGNMENT	11
	5.	POWER
    OF ATTORNEY	11
	6.	REPRESENTATIONS	12
	7.	UNDERTAKINGS	12
	8.	NOTICES	13
	9.	GENERAL	14

 

    	 

    	 

    

 

THIS
DEED is dated 11 February 2020

 

PARTIES

 

	1.	NAKED
    BRAND GROUP LIMITED (a company registered in Australia with ACN 619 054 938) (the “Debtor”);
	 	 
	2.	BANK
    OF NEW ZEALAND (a company registered in New Zealand with company number 428849) (the “Senior Creditor”);
    and
	 	 
	3.	ST.
    GEORGE INVESTMENTS LLC (a company registered in Utah, United States of America with entity number 8931086-0160) (the “Junior
    Creditor”).

.

BACKGROUND

 

	A.	Financial
    accommodation has been made to Bendon Limited by the Senior Creditor and to the Debtor by the Junior Creditor.
	 	 
	B.	The
    Senior Security has been granted in respect of, among other things, Bendon Limited’s obligations to the Senior Creditor.
    The Debtor’s obligations to the Junior Creditor are unsecured.
	 	 
	C.	The
    Debtor and the Junior Creditor have agreed in favour of the Senior Creditor that, until the Termination Date, the Junior Debt
    is to be subordinated to the Senior Debt.

 

TERMS
OF THIS DEED

 

	1.	INTERPRETATION

 

	1.1	Definitions:
    In this Deed, unless the context otherwise requires:

 

“Business
Day” means a day (other than a Saturday or a Sunday) on which banks are open for business in Auckland.

 

“Creditors”
means the Senior Creditor and the Junior Creditor (and “Creditor” means either of them, as the context requires).

 

“Debt”
means, in relation to:

 

(a)
the Senior Creditor, the Senior Debt; or

 

(b)
the Junior Creditor, the Junior Debt.

 

“Documents”
means, in relation to:

 

(a)
the Senior Creditor, the Senior Documents; or

 

(b)
the Junior Creditor, the Junior Documents.

 

“Enforcement”
means the exercise by a Secured Creditor of any right available to it by way of enforcement or realisation of a security interest
under the Senior Security (including, without limitation, service of a notice under section 119 of the Property Law Act 2007),
appointment of a receiver, exercise of a right of set-off or claiming, proving or accepting payment in a liquidation or administration
of, the Debtor.

 

“Enforcement
Date” means the first day on which the Secured Creditor becomes entitled to exercise any right of Enforcement available
to it under the Senior Security.

 

    	Page 3

    	 

    

 

“Facility
Agreement” means the Senior Facility Agreement or the Junior Facility Agreement, as the context requires.

 

“Junior
Debt” means all present and future liabilities and indebtedness of the Debtor to the Junior Creditor, absolute, contingent
or otherwise, whether or not matured, whether or not liquidated, and whether or not owed solely or jointly by the Debtor or to
the Junior Creditor solely or jointly, including without limitation (a) liabilities and indebtedness which the Junior Creditor
acquires by purchase, security assignment or otherwise, (b) interest (including any capitalised interest), (c) damages, (d) claims
for restitution, (e) costs and (f) any obligation under a guarantee or indemnity.

 

“Junior
Documents” means each Junior Facility Agreement.

 

“Junior
Event of Default” means any default or event of default (howsoever defined or described) under any Junior Document.

 

“Junior
Facility Agreement” means the Junior Note Agreement, Junior Securities Purchase Agreement, the Junior Warrant and all
other loan facility agreements, deeds or documents entered into at any time between (among others) the Junior Creditor and the
Debtor and each other document constituting or evidencing any financial accommodation made available by the Junior Creditor to
the Debtor or the Junior Debt from time to time.

 

“Junior
Redemption Payments” means the monthly redemption payments (of no more than USD$600,000.00) beginning on the date that
is six months from the Purchase Price Date (as that term is defined in the Junior Note Agreement) by the Debtor to the Junior
Creditor pursuant to the Junior Note Agreement.

 

“Junior
Note Agreement” means the ‘Convertible Promissory Note’ dated on or about 11 February 2020 between the Junior
Creditor (as lender) and the Debtor (as borrower).

 

“Junior
Securities Purchase Agreement” means the ‘Securities Purchase Agreement’ dated on or about 11 February 2020
between the Junior Creditor (as company) and the Debtor (as investor).

 

“Junior
Warrant” means the “Warrant” dated on or about 11 February 2020 between the Junior Creditor (as investor)
and the Debtor (as company).

 

“Other
Property” means all of the Debtor’s assets and property, including any real property, but excluding the Personal
Property, that is subject to the Senior Security, and includes any part of it.

 

“Personal
Property” means all personal property of the Debtor that is subject to the Senior Security, and includes any part of
it.

 

“PPSA”
means the Personal Property Securities Act 1999.

 

“Secured
Property” means all Personal Property and Other Property.

 

“Senior
Debt” means all present and future liabilities and indebtedness of the Debtor to the Senior Creditor, absolute, contingent
or otherwise, whether or not matured and whether or not liquidated, including without limitation (a) any liability and indebtedness
documented under a Senior Document (b) liabilities which the Senior Creditor acquires by purchase, security assignment or otherwise,
(c) interest (including any capitalised interest), (d) damages, (e) claims for restitution and (f) costs.

 

    	Page 4

    	 

    

 

“Senior
Document” means each Senior Facility Agreement and each other ‘Transaction Document’ (however defined or
described) in the Senior Facility Agreement including, without limitation, each Senior Security.

 

“Senior
Event of Default” means any event of default (howsoever described) under any Senior Document.

 

“Senior
Event of Review” means any event of review (howsoever described) under any Senior Document.

 

“Senior
Facility Agreement” means the Facility Agreement dated 27 June 2016 (as amended from time to time) between, among others,
Bendon Limited (as initial borrower) and the Debtor (as initial guarantor), and all other loan facility agreement(s) between (among
others) the Senior Creditor and the Debtor from time to time and also includes each other document evidencing the provision of,
or setting out the terms that apply to, any Senior Debt (of whatever nature) made or to be made available by the Senior Creditor
to the Debtor from time to time (howsoever documented).

 

“Senior
Potential Event of Default” means any potential event of default (howsoever described) under any Senior Document.

 

“Senior
Security” means each guarantee or indemnity and each security interest granted by the Debtor or any other party in favour
of the Senior Creditor from time to time as security or support for the Senior Debt including, without limitation, the relevant
guarantees and securities described in Schedule 1, and any other document which constitutes a ‘Security Document’
as defined in the Senior Facility Agreement.

 

“Termination
Date” means, subject to clause 9.5, the date upon which the Senior Creditor confirms in writing to the Debtor that it
(i) has received final payment in full of all the Senior Debt and no circumstances exist which would cause it to believe on reasonable
grounds that any amount received in payment or repayment of the Senior Debt may be avoided or required to be paid or refunded
to a liquidator or similar person and (ii) is satisfied that it is not under any actual or contingent obligation to provide any
future financial accommodation to the Debtor.

 

	1.2	Construction
    of certain references: In this Deed, unless the context otherwise requires, any reference to:

 

a
Senior Event of Default, Senior Potential Event of Default, Senior Event of Review or Junior Event of Default “continuing”
is a reference to that Senior Event of Default, Senior Potential Event of Default, Senior Event of Review or Junior Event of Default
having occurred and not having been waived by the Senior Creditor or remedied to the Senior Creditor’s satisfaction;

 

“costs”
include all costs, fees, commissions, charges, losses, fines, damages, expenses (including any break costs and legal fees and
disbursements on a solicitor and own client basis) and taxes, including any interest or taxes on such costs;

 

the
“dissolution” of a person also includes the winding-up or liquidation of that person and any equivalent or
analogous procedure under the law of any jurisdiction in which that person is incorporated, domiciled, resident, carries on business
or has assets;

 

    	Page 5

    	 

    

 

a
“guarantee” also includes an indemnity, letter of credit, bond, third party security or any other obligation
(whatever called and of whatever nature) of any person to pay, purchase, provide funds (whether by the advance of money, the purchase
or subscription of shares or other securities, the purchase of assets or services or otherwise) for the payment or performance
of, indemnify against the consequences of default in the payment or performance of, or otherwise to be responsible or assume liability
for, any indebtedness or obligation of any other person;

 

“indebtedness”
includes any obligation (whether present or future, actual, absolute, prospective, contingent or otherwise, secured or unsecured,
and whether incurred alone, severally, jointly or jointly and severally, as principal or surety or otherwise) relating to the
payment or repayment of, or arising in connection with, money borrowed, raised or otherwise owing, or under any finance lease,
redeemable preference share, letter of credit, guarantee or indemnity or any financial accommodation whatsoever and “indebted”
shall be construed accordingly;

 

“law”
includes any common law, equity and statute;

 

“person”
includes any individual, any association of persons (whether corporate or not), any trust and any state or agency of a state (in
each case whether or not having separate legal personality);

 

“real
property” includes all freehold and leasehold land, all estates and interests in land and buildings, structures and
fixtures (including trade fixtures) for the time being on that land;

 

a
“receiver” includes a receiver and manager;

 

“security
interest” includes any security interest (as defined in section 17(1)(a) of the PPSA), interest in real property of
a security nature, assignment, mortgage, charge, pledge, lien, hypothecation, encumbrance and any deferred purchase, title retention,
finance lease, flawed asset arrangement, sale-and-repurchase or sale-and-leaseback arrangement and any other arrangement the economic
effect of which is to secure a creditor;

 

“writing”
includes an email communication and any means of reproducing words in a tangible and visible form;

 

the
terms “at risk”, “collateral”, “default”, “financing change
statement”, “financing statement”, “perfection”, “personal property”,
“possession”, “proceeds” and “seriously misleading” each have the meaning
given to them in the PPSA;

 

any
document or agreement includes such document or agreement as amended, restated, modified, novated or replaced from time to time;

 

any
enactment includes that enactment as amended, modified and/or replaced from time to time;

 

a
party to this Deed or any other document or agreement includes a reference to that party’s successors and permitted assigns;
and

 

the
singular includes the plural and vice versa.

 

	1.3	References
    to legislation: In this Deed, any reference to New Zealand legislation (including the Companies Act 1993, Contract and
    Commercial Law Act 2017, PPSA and Property Law Act 2007) includes the equivalent legislation in any other applicable jurisdiction,
    including for the avoidance of doubt, Australia and Utah, United States of America.

 

    	Page 6

    	 

    

 

	1.4	Headings:
    Headings and the table of contents shall be ignored in construing this Deed.

 

	2.	PARAMOUNTCY
	 	 
	2.1	Arrangements
    not affected: The subordination and priority arrangements in this Deed will have effect in each and every circumstance
    notwithstanding:

 

	 	(a)	any
    rule of law or equity to the contrary (including, but not limited to, any application of the rule in Clayton’s Case
    (1816) 1 Mer. 529 or the rule in Hopkinson v Rolt (1861) 9 H.L. Case. 514);
	 	 	 
	 	(b)	any
    sums which may from time to time be paid to the credit of any account or accounts of the Debtor with a Secured Party;
	 	 	 
	 	(c)	the
    fact that any account or accounts of the Debtor with a Secured Party may at any time or times be or appear to be in credit;
	 	 	 
	 	(d)	any
    time or waiver granted to, or composition with the Debtor or other person;
	 	 	 
	 	(e)	the
    fact that any security interest is not enforceable, or any unenforceability, illegality or invalidity of an obligation of
    the Debtor to the Senior Creditor;
	 	 	 
	 	(f)	the
    fact that any part of the money secured by a Security may be advanced or re-advanced after the date of the other Security
    or after notice of that Security to the other Secured Party or after money has been advanced under a Security; or
	 	 	 
	 	(g)	any
    other matter which might otherwise alter or postpone the priority of the Senior Security.

 

	2.2	Inconsistent
    provisions not to apply:

 

	 	(a)	Any
    provision in any Junior Facility Agreement or any other agreement or arrangement entered into before or after the date of
    this Deed which is inconsistent with the terms of this Deed, will, for so long as this Deed is in effect, be superseded or
    varied to the extent necessary to give full effect to these arrangements.
	 	 	 
	 	(b)	The
    Junior Creditor agrees that the failure by the Debtor to comply with any obligation or undertaking of the Debtor in a Junior
    Document or any other agreement or arrangement entered into before or after the date of this Deed which is restricted or subordinated
    pursuant to this Deed shall not constitute a Junior Event of Default, provided that nothing in this clause 2.2(b) will prevent
    the Junior Creditor from taking the action permitted under clause 3.5.

 

	2.3	Amendments
    to Senior Documents: Each of the Debtor and the Junior Creditor agrees for the benefit of the Senior Creditor that the
    provisions of this Deed shall not be impaired, discharged or otherwise affected by any amendment, restatement or supplement
    to any Senior Document.

 

    	Page 7

    	 

    

 

	3.	SUBORDINATION
	 	 
	3.1	Subordination
    of Junior Debt: The Debtor and the Junior Creditor covenant for the benefit of the Senior Creditor that the Junior Debt
    is and shall at all times be subordinated and subject in point of priority and right of payment to the prior payment in full
    of the Senior Debt. For the avoidance of doubt, the Junior Creditor agrees that:

 

	 	(a)	for
    the purposes of section 313(3) of the Companies Act 1993, it is accepting a lower priority in respect of the Junior Debt than
    that which it might otherwise have under section 313; and
	 	 	 
	 	(b)	nothing
    in section 313 will prevent this Deed from having effect in accordance with its terms.

 

	3.2	Debtor’s
    undertakings: Subject to clause 3.5, the Debtor covenants for the benefit of the Senior Creditor that it will not:

 

	 	(a)	directly
    or indirectly make any payment or distribution to, or to the order of, the Junior Creditor in respect of any of the Junior
    Debt or under any Junior Document (including, without limitation, under any guarantee or indemnity in relation to any Junior
    Document);
	 	 	 
	 	(b)	create
    or suffer or permit to exist any security interest, guarantee, indemnity or other assurance against financial loss in respect
    of the Junior Debt;
	 	 	 
	 	(c)	amend,
    supplement, novate or release any of the Junior Documents;
	 	 	 
	 	(d)	take
    or omit any action whereby the subordination contemplated by this Deed may be impaired or terminated;
	 	 	 
	 	(e)	purchase
    or acquire any of the Junior Debt;
	 	 	 
	 	(f)	enter
    into any agreement (other than any Junior Facility Agreement in the form reviewed by the Senior Creditor as at the date of
    this Deed) that constitutes or evidences any Junior Debt without the prior written consent of the Senior Creditor;
	 	 	 
	 	(g)	assign,
    sell, novate or transfer any of its rights or obligations in respect of any Junior Debt or under any Junior Document without
    the Senior Creditor’s prior written consent;
	 	 	 
	 	(h)	discharge
    any of the Junior Debt by way of set-off; or
	 	 	 
	 	(i)	make
    available to the Junior Creditor any financial accommodation (of whatever nature).

 

	3.3	Junior
    Creditor’s undertakings: Subject to clause 3.5, the Junior Creditor covenants for the benefit of the Senior Creditor
    that it will not:

 

	 	(a)	demand,
    accelerate, declare to be due and owing, ask or sue for, take or receive payment or distribution or take or accept any assets
    in respect of, all or any of the Junior Debt, directly or indirectly and whether in any composition by the Debtor with its
    creditors, by exercise of set-off, counterclaim, merger or consolidation of accounts or in any other manner;
	 	 	 
	 	(b)	make
    any claim or demand in respect of any guarantee or indemnity in any Junior Document;
	 	 	 
	 	(c)	prove
    in competition with the Senior Creditor in the dissolution of the Debtor;
	 	 	 
	 	(d)	take,
    accept or receive the benefit of any security interest, guarantee, indemnity or other assurance from any person against financial
    loss in respect of the Junior Debt;
	 	 	 
	 	(e)	exercise
    any right or make any claim or demand in respect of any guarantee or indemnity in any Junior Document;
	 	 	 
	 	(f)	amend,
    supplement, terminate or release any of the Junior Documents;

 

    	Page 8

    	 

    

 

	 	(g)	create
    or suffer or permit to exist any security interest over or affecting any of its right, title or interest in any of the Junior
    Debt;
	 	 	 
	 	(h)	claim,
    prove or accept payment in composition by, or in a liquidation or administration of, the Debtor;

 

	 	(i)	initiate
    or support or take any step with a view to:

 

	 	(i)	any
    insolvency, liquidation, reorganisation, administration or dissolution proceedings of the Debtor;
	 	 	 
	 	(ii)	any
    voluntary arrangement or assignment for the benefit of creditors; or
	 	 	 
	 	(iii)	any
    similar proceedings involving the Debtor whether by petition, convening a meeting, voting for a resolution or otherwise;

 

	 	(j)	receive
    any financial accommodation (of whatever nature) from the Debtor;
	 	 	 
	 	(k)	enter
    into any agreement (other than any Junior Facility Agreement in the form reviewed by the Senior Creditor as at the date of
    this Deed) that constitutes or evidences any Junior Debt without the prior written consent of the Senior Creditor;
	 	 	 
	 	(l)	assign,
    sell, novate or transfer any of its rights or obligations in respect of any Junior Debt or under any Junior Document without
    the Senior Creditor’s prior written consent;
	 	 	 
	 	(m)	bring
    or support any legal proceedings against the Debtor, or otherwise exercise any remedy for the recovery of any Junior Debt;
    or
	 	 	 
	 	(n)	take
    or omit any action whereby the subordination contemplated by this Deed may be impaired or terminated.

 

	3.4	Postponement
    absolute: The provisions of clauses 3.1 to 3.3 shall apply notwithstanding that any amount owing to the Junior Creditor
    may have become due and payable because of the making of demand for payment or the maturity of such debt or the occurrence
    of a default under a Junior Document or otherwise.
	 	 
	3.5	Permitted
    Actions: Notwithstanding anything in this Deed to the contrary:

 

	 	(a)	the
    Junior Creditor may declare a Junior Event of Default if the Debtor fails to pay a Junior Redemption Amount in accordance
    with clause 8 of the Junior Facility Agreement;
	 	 	 
	 	(b)	the
    Debtor may only pay the Junior Redemption Payments to the Junior Creditor prior to the Termination Date, provided that such
    payments are funded in full by the issue of new equity in the Debtor (and for the avoidance of doubt, not by any debt instrument)
    and no Senior Event of Default, Senior Potential Event of Default or Senior Event of Review has occurred and is continuing
    as at the date of relevant payment;
	 	 	 
	 	(c)	the
    Junior Creditor may convert all or any portion of the Outstanding Balance into Ordinary Shares (as each of those capitalised
    terms are defined in the Junior Note Agreement) in accordance with the Junior Note Agreement or exchange all or any portion
    of the Outstanding Balance for Ordinary Shares pursuant to one or more exchange transactions pursuant to Section 3(a)(9) of
    the United States Securities Act of 1933, as amended, to be agreed by the Debtor and the Junior Creditor; and
	 	 	 
	 	(d)	the
    Junior Creditor may bring a legal proceeding against the Debtor but only for: (i) specific performance wherein the Junior
    Creditor seeks to cause the Debtor to deliver Ordinary Shares pursuant to the Junior Creditor’s rights to receive Ordinary
    Shares described in clause 3.5(b) above; or (ii) specific performance wherein the Junior Creditor seeks an injunction prohibiting
    the Debtor from issuing Ordinary Shares as described in clause 10.3 of the Junior Securities Purchase Agreement.

 

    	Page 9

    	 

    

 

	3.6	Turnover:
    If the Junior Creditor:

 

	 	(a)	receives
    or recovers a payment or distribution in cash or in kind of, or on account of, any Junior Debt; or
	 	 	 
	 	(b)	accepts
    any assets in respect of any Junior Debt; or
	 	 	 
	 	(c)	receives
    a discharge of any of the Junior Debt by the exercise of any rights against the Debtor (whether of set-off, combination of
    accounts or otherwise),

 

which
is not permitted by the provisions of this Deed, whether upon the dissolution of the Debtor or for any other reason, then the
Junior Creditor shall hold each such payment and any such assets (or, if any of the Junior Debt is discharged by set-off or otherwise,
an amount equal to the discharge) on trust as bare trustee for the Senior Creditor and will pay the relevant amount (plus interest
(if any)) and turn over the relevant funds and/or assets to the Senior Creditor in or towards the discharge of the Senior Debt.
Any such amount paid, or the value of any such assets held, by the Junior Creditor on account of being trustee for the benefit
of the Senior Creditor and paid over to the Senior Creditor shall be treated, for the purposes of the obligations of the Debtor
in respect of the Junior Debt, as if it had not been paid or turned over by the Debtor. The Junior Debt shall accordingly be deemed
not to be discharged to that extent.

 

	3.7	Perpetuity
    Period of Trust: The trust constituted by clause 6.6 of this Deed shall be for a term of 21 years from the date of this
    Deed.
	 	 
	3.8	Duties
    of the Junior Creditor as trustee: Pending the payment by the Junior Creditor to the Senior Creditor of any of the Junior
    Debt so taken or received or the turning over of any assets so accepted by the Junior Creditor, the Junior Creditor shall:

 

	 	(a)	not
    co-mingle any such amount to be paid or any assets to be turned over to the Senior Creditor with its other assets; and
	 	 	 
	 	(b)	place
    any such amount to be paid to the Senior Creditor in a separate, interest-bearing account (to be designated as a trust account)
    with any bank or financial institution in New Zealand.

 

The
Junior Creditor as trustee shall account to the Senior Creditor for any of the Junior Debt so taken or received by it or assets
so accepted by it.

 

	3.9	Failure
    of Trust: If and to the extent that the trust constituted by clause 6.6 of this Deed is for any reason not properly constituted
    or is otherwise not effective, the Junior Creditor agrees (on an indemnity basis) immediately on demand to pay to the Senior
    Creditor any of the Junior Debt so taken, recovered or received or any assets so accepted or any discharge received by the
    Junior Creditor as described in clause 6.6 of this Deed.
	 	 
	3.10	Exception
    - capitalisation of interest and fees: Nothing in this Deed is intended to prevent the Junior Creditor from charging interest
    or fees on or in connection with the Junior Debt in accordance with the terms of the Junior Documents (as at the date of this
    Deed), provided that such interest or fees are capitalised to the Junior Debt.

 

    	Page 10

    	 

    

 

	3.11	Deemed
    Waiver of Default:

 

Any
waiver or consent granted by or on behalf of the Senior Creditor at any time prior to the Termination Date in respect of the Senior
Documents will also be deemed to have been given by Junior Creditor if:

 

	 	(a)	in
    order for any such waiver or consent to take effect in accordance with its terms, such waiver or consent is required from
    the Junior Creditor; or
	 	 	 
	 	(b)	the
    act matter or thing the subject of the waiver or consent would, if such waiver or consent was not provided, result in a Junior
    Event of Default or a ‘Potential Event of Default’ (however described) under any Junior Document,
	 	 	 

in
each case, whether or not an Enforcement Date has already occurred.

 

	4.	ASSIGNMENT
	 	 
	4.1	Benefit
    and Burden of this Deed: This Deed shall be binding upon and enure for the benefit of the parties and their respective
    successors and any permitted assignee or transferee.
	 	 
	4.2	By
    the Debtor and the Junior Creditor: Neither the Debtor nor the Junior Creditor may assign or transfer any or all of their
    respective rights (if any) or obligations under this Deed without (i) obtaining the prior written consent of the Senior Creditor
    and (ii) procuring that any assignee or transferee enters into a deed of covenant with the other parties to this Deed in a
    form approved by the Senior Creditor, agreeing to be bound by this Deed in the place of the transferring party.
	 	 
	4.3	By
    the Senior Creditor: The Senior Creditor may assign any or all of its rights and benefits under this Deed subject to the
    requirement that any assignee enters into a deed of covenant with the Debtor and the Junior Creditor whereby the assignee
    agrees to be bound by this Deed as if it were the Senior Creditor.
	 	 
	5.	POWER
    OF ATTORNEY
	 	 
	5.1	The
    Junior Creditor irrevocably appoints (by way of security) the Senior Creditor, each officer and employee for the time being
    of the Senior Creditor whose title includes the term “manager” or “director” and any receiver appointed
    by the Senior Creditor severally to be its attorney (with full power to appoint substitutes and to sub-delegate), on its behalf
    and in its name or otherwise, at such time and in such manner as the attorney may think fit to do any thing which the Junior
    Creditor may be obliged to do or ought to do under this Deed and which the Junior Creditor fails to do within 3 Business Days
    of request, and generally in its name and on its behalf to carry into effect, complete or facilitate the exercise or purported
    exercise of all or any of the rights conferred on the Senior Creditor under this Deed (including without limitation by executing,
    delivering, registering and/or otherwise perfecting any release or agreement).
	 	 
	5.2	The
    Junior Creditor agrees to ratify and confirm anything an attorney lawfully does or causes to be done under clause 5.1, and
    to indemnify the Senior Creditor and each such attorney on demand against any cost or liability they may suffer or incur as
    a direct or indirect consequence of the lawful exercise of such power.

 

    	Page 11

    	 

    

 

	6.	REPRESENTATIONS
	 	 
	6.1	The
    Junior Creditor and the Debtor each make the following representations and warranties to the Senior Creditor on the date of
    this Deed:

 

	 	(a)	it
    has the power to enter into and perform, and has taken all necessary actions to authorise the entry into and performance of,
    this Deed and the transactions contemplated by it;
	 	 	 
	 	(b)	the
    entry into and performance by it of, and the transactions contemplated by, this Deed does and will not conflict with:

 

	 	(i)	any
    law or regulation applicable to it;
	 	 	 
	 	(ii)	its
    constitutional or establishment documents (as the case may be); or
	 	 	 
	 	(iii)	any
    agreement or instrument binding upon it or its assets; and

 

	 	(c)	true,
    complete and up-to-date copies of all Junior Documents have been provided to the Senior Creditor and there are no documents
    or agreements in place in relation to the Junior Debt which have not been disclosed in writing to the Senior Creditor prior
    to the date of this Deed;
	 	 	 
	 	(d)	its
    obligations under this Deed are legal, valid, binding and enforceable against it in accordance with the terms of this Deed,
    subject to equitable principles and laws affecting creditors’ rights generally; and
	 	 	 
	 	(e)	no
    security interest, guarantee, indemnity or other assurance against financial loss in respect of the Junior Debt has been granted
    or exists (whether registered or unregistered).

 

	7.	UNDERTAKINGS
	 	 
	7.1	Undertakings:
    Each of the Debtor and the Junior Creditor undertakes that it will:

 

	 	(a)	at
    its own cost, promptly execute and deliver to the Senior Creditor all agreements, consents or any other document whatsoever
    and do anything else that the Senior Creditor reasonably requires, to secure to the Senior Creditor the full benefit of this
    Deed;
	 	 	 
	 	(b)	not
    enter into any agreement (other than any Junior Facility Agreement, in each case, in the form reviewed by the Senior Creditor
    as at the date of this Deed) that constitutes or evidences any Junior Debt without the prior written consent of the Senior
    Creditor;
	 	 	 
	 	(c)	not
    assign, sell, novate or transfer any of its rights or obligations in respect of any Junior Debt or under any Junior Document
    without the Senior Creditor’s prior written consent; and
	 	 	 
	 	(d)	promptly
    notify the Senior Creditor in writing after it becomes aware of any Junior Event of Default occurring.

 

    	Page 12

    	 

    

 

	7.2	Further
    Assurance: The Junior Creditor undertakes that it will promptly and at its own cost execute and deliver to the Senior
    Creditor (or any receiver appointed by the Senior Creditor) all agreements, transfers, consents (of whatever nature), releases
    of caveats, assignments, security interests and other documents (including, without limitation, any priority registrations
    and/or filings), and do anything else that the Senior Creditor (or any receiver appointed by the Senior Creditor) reasonably
    considers necessary or desirable, in each case (i) to secure to the Senior Creditor the full benefit of this Deed, (ii) to
    assist with the Senior Debt being fully recovered from the realisation of the Secured Property or (iii) to remove any impediment
    to the exercise by the Senior Creditor of its rights under this Deed or the Senior Security;
	 	 
	7.3	Dissolution:
    In the event of the dissolution of the Debtor:

 

	 	(a)	the
    Senior Creditor may, and is irrevocably authorised on behalf of the Junior Creditor to, claim, enforce and prove for the Junior
    Debt, file claims and proofs, accept payments, give receipts and do all such things as the Senior Creditor sees fit to recover
    the Junior Debt and receive all payments and distributions in respect of the Junior Debt for application towards the Senior
    Debt;
	 	 	 
	 	(b)	the
    Junior Creditor shall take such action as may be required by the Senior Creditor in order to enable it to enforce payment
    of the Junior Debt and to collect and receive all payments and distributions in respect of the Junior Debt for application
    towards the Senior Debt; and
	 	 	 
	 	(c)	any
    payment or distribution of any nature that is payable or deliverable in respect of the Junior Debt shall be paid or delivered
    by the liquidator or other person making the distribution directly to the Senior Creditor until the Senior Debt has been irrevocably
    paid in full to the satisfaction of the Senior Creditor (subject to clause 3.1). The Junior Creditor will give all notices
    and do all things as the Senior Creditor may direct to give effect to this provision.

 

	8.	NOTICES
	 	 
	8.1	Each
    notice or other communication under this Deed is to be in writing and is to be made by facsimile, personal delivery, email
    or post to the addressee at the facsimile number or address, and marked for the attention of the person or officeholder (if
    any), set out below (or such other address, facsimile number and/or person as the relevant party may notify the other parties
    in writing from time to time):

 

	 	(a)
    	The
    Debtor

 

	 	 	Naked
    Brand Group Limited 
	 	Address:	c/o
        Bendon Limited

        Building
7C, Huntley Street

        NSW
2015, Australia

	 	Attention:	Anna
    Johnson

 

	 	(b)	The
    Junior Creditor

 

	 	 	St.
    George Investments LLC
	 	Address:	303
        East Wacker Drive, Suite 1040

        Chicago,
Illinois 60601

	 	Attention:	John
    Fife

 

    	Page 13

    	 

    

 

With
a copy to:

 

	 	 	Hansen
    Black Anderson Ashcraft PLLC
	 	Address:	3051
        West Maple Loop Drive, Suite 325

        Lehi,
Utah 84043

	 	Attention:	Jonathan
    Hansen

 

	 	(c)
    The Senior Creditor

 

	 	 	Bank
    of New Zealand
	 	Address:	Level
        5, Deloitte Centre, 80 Queen Street

        Auckland
1010

	 	Email:	Christian_Thomas@bnz.co.nz

        Amanda_Warrington@bnz.co.nz

	 	Attention:	Christian
    Thomas and Amanda Warrington

 

	8.2	A
    communication under this Deed will be effective:

 

	 	(a)	in
    the case of personal delivery, when delivered;
	 	 	 
	 	(b)	if
    posted, 3 Business Days, in the place of receipt, after posting (by airmail if to another country);
	 	 	 
	 	(c)	if
    made by facsimile, upon production of a transmission report by the machine from which the facsimile was sent which indicates
    complete transmission to the facsimile number of the recipient designated for the purposes of this Deed; and
	 	 	 
	 	(d)	if
    emailed, at the time the notifying party receives an acknowledgement of receipt of delivery from the recipient’s email
    address or (if earlier) two Business Days, in the place of receipt, after the email was sent (unless the notifying party receives
    an error message relating to the sending of the email before that time), otherwise, upon receipt by the notifying party of
    a non-automated confirmation of receipt of such notice from the recipient,

 

provided
that any communication received or deemed received after 5pm or on a day which is not a Business Day in the place to which it
is delivered, posted or sent shall be deemed not to have been received until the next Business Day in that place.

 

	9.	GENERAL
	 	 
	9.1	Amendments:
    This Deed may from time to time be amended if all parties agree in writing.
	 	 
	9.2	Remedies
    and waivers: Time is of the essence for this Deed but no failure to exercise, and no delay in exercising, any right or
    remedy of the Senior Creditor under this Deed is to operate as a waiver of such right or remedy, nor will any single or partial
    exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any right or remedy. No
    waiver by the Senior Creditor of any rights or remedies under this Deed is to be effective unless it is in writing signed
    by the Senior Creditor.

 

    	Page 14

    	 

    

 

	9.3	Partial
    invalidity: The illegality, invalidity or unenforceability of any provision of this Deed under any law will not affect
    the legality, validity or enforceability of that provision under any other law or the legality, validity or enforceability
    of any other provision.
	 	 
	9.4	Expiry:
    With effect from the Termination Date, this Deed shall terminate and the parties shall have no further obligations hereunder.
	 	 
	9.5	Reinstatement:
    If any payment received or recovered by a Creditor in respect of its Debt is avoided by law or has to be refunded to any liquidator
    or other person, that payment will be deemed not to have discharged the Senior Debt or the Junior Debt (as the context requires)
    in respect of which the payment was received or recovered and accordingly, if the Termination Date has occurred in such circumstances
    affecting the Senior Debt, then the Termination Date will be deemed not to have occurred.
	 	 
	9.6	Third
    party payments: If the Senior Creditor receives any amount otherwise than from the Debtor, the Senior Debt will not be
    deemed reduced by that amount until and except to the extent that it is applied towards the Senior Debt.
	 	 
	9.7	Disclosure
    of information: Each Creditor may disclose to the other such information about the Debtor, the Senior Security (in the
    case of the Senior Creditor), the facilities being provided to the Debtor and any related information as that Creditor thinks
    fit.
	 	 
	9.8	No
    requirement to enforce: The Senior Creditor may refrain from enforcing the Senior Security as long as it sees fit. The
    Junior Creditor waives any right it may have of first requiring the Senior Creditor (or any party on its behalf) to proceed
    against or enforce any other right or security or claim payment from any person before claiming the benefit of this Deed.
	 	 
	9.9	Senior
    Creditor’s discretion: The Senior Creditor (or any person on its behalf) may:

 

	 	(a)	apply
    any moneys or property received under this Deed or from the Debtor or any other person against the Senior Debt in such order
    as it sees fit;
	 	 	 
	 	(b)	hold
    in suspense any moneys or distributions received from the Junior Creditor under this Deed.

 

	9.10	Custody
    of documents: So long as the Senior Documents are in effect, the Senior Creditor will be entitled to hold any title documents,
    share certificates or similar original documents in respect of any Secured Property. The Senior Creditor has no responsibility
    to the Junior Creditor in connection with obtaining or maintaining custody of such documents.
	 	 
	9.11	Debtor:
    This Deed is given for the sole benefit of the Creditors and does not create any obligation or liability on the part of either
    Creditor to the Debtor.

 

    	Page 15

    	 

    

 

	9.12	Costs:

 

	 	(a)	The
    Debtor agrees to pay on demand all reasonable costs incurred by the Creditors in connection with the preparation, negotiation,
    execution and performance of this Deed, and all waivers under and amendments to this Deed.
	 	 	 
	 	(b)	The
    Debtor and the Junior Creditor (as the case may be) agree to pay on demand all costs incurred by the Senior Creditor in connection
    with the enforcement against the Debtor or the Junior Creditor (as applicable), or (in the case of the Debtor only) review
    and consideration, of the Senior Creditor’s rights under this Deed. For the avoidance of doubt, the Junior Creditor
    shall not be liable for any costs and expenses in connection with the enforcement against the Debtor.

 

	9.13	Contracts
    Privity: The parties acknowledge that, in terms of the Contract and Commercial Law Act 2017, this Deed is made for the
    benefit of and is intended to be enforceable by the Senior Creditor and any receiver appointed by it.
	 	 
	9.14	Counterparts:
    This Deed may be signed in any number of counterparts (including scanned PDF counterparts) all of which, when taken together,
    will constitute one and the same instrument. Any party may enter into this Deed by executing any such counterpart.
	 	 
	9.15	Delivery:
    For the purposes of section 9 of the Property Law Act 2007 and without limiting any other mode of delivery, this Deed will
    be delivered by each of the Debtor and the Junior Creditor immediately on the earlier of:

 

	 	(a)	physical
    delivery of an original of this Deed, executed by the relevant party, into the custody of the Senior Creditor or its solicitors;
    or
	 	 	 
	 	(b)	transmission
    by the relevant party, its solicitors or any other person authorised in writing by that party of a facsimile, photocopied
    or scanned copy of an original of this Deed, executed by that party, to the Senior Creditor or its solicitors.

 

	9.16	Copies:
    If any party transmits a facsimile, photocopied or scanned copy of this Deed to the Senior Creditor by way of delivery under
    clause 9.15:

 

	 	(a)	the
    other parties may rely on that copy as though it were the original copy; and
	 	 	 
	 	(b)	the
    transmitting party will, as soon as reasonably practicable thereafter, deliver to each other party the executed original of
    this Deed.

 

	9.17	Governing
    law: This Deed is to be governed by and construed in accordance with the laws of New Zealand and the parties submit to
    the non-exclusive jurisdiction of the courts of New Zealand.

 

EXECUTION
TO FOLLOW

 

    	Page 16

    	 

    

 

EXECUTED
as a deed

 

The
Debtor

 

	SIGNED,
    SEALED and DELIVERED as a DEED for and on behalf of NAKED BRAND GROUP LIMITED ACN 619 054 938 	)

        )

        )
	 
	by
    its attorney under power of attorney dated:	)

        )
	 
	 

        
	)

        )
	/s/
Justin Davis-Rice
	In
    the presence of:	 

        

        
	Signature
    of Attorney
	/s/	 	Justin Davis-Rice
	Witness
    signature	 	Name
    of Attorney (BLOCK LETTERS)
	 	 	 
	 	 	 
	Name
    of witness (BLOCK LETTERS)	 	 
	 	 	 
	Address
    of witness	 	 
	 	 	 
	Occupation
    of witness	 	 

 

The
Senior Creditor

 

	EXECUTED
    as a DEED for and on behalf of BANK OF NEW ZEALAND by its Attorneys	)

        )

        )
	/s/ Amanda
    Jane Washington
	in
    the presence of	)	Signature
	/s/	 	Amanda Jane Washington
	Witness
    signature	 	Name
    of Attorney
		 	 
	Full
    name	 	 
	 	 	/s/ Ennis John Young
	Address	 	Signature
	 	 	Ennis John Young
	Occupation	 	Name
    of Attorney

 

 Note:

 

-Person
authorised by constitution - signature must be witnessed

-Attorney
appointed under s181 Companies Act - signature does not need to be witnessed

 

	The
    Junior Creditor	 
	 	 
	EXECUTED
    as a DEED for and on behalf of	 
	ST.
    GEORGE INVESTMENTS LLC	 
	 	 	 
	By:
    	Fife
    Trading, Inc., its Manager	 
	 	 	 
	By:
    	/s/ John M. Fife	
	 	John
    M. Fife, President	 

 

    	Page 17

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