Document:

EX-4.2

AMENDED AND RESTATED TERM NOTE

August 7, 2013

$4,000,000.00 Tarrytown, New York

FOR VALUE RECEIVED, CASTLE BRANDS INC., a corporation organized under the laws of the State of
Florida (“CBI”) and CASTLE BRANDS (USA) CORP. a corporation organized under the laws of the State
of Delaware (“CBUSA”) (individually and collectively, “Borrower”), jointly and severally promise to
pay to the order of KELTIC FINANCIAL PARTNERS II, LP, a Delaware limited partnership (“Lender”), at
580 White Plains Road, Suite 610, Tarrytown, New York 10591 or at such other place as Lender may
from time to time in writing designate, the aggregate principal sum advanced to Borrower under this
Term Note, which aggregate principal amount shall not exceed FOUR MILLION AND 00/100 DOLLARS
($4,000,000.00) as provided below. Unless defined herein, capitalized terms shall have the
meanings given such terms in the Loan and Security Agreement between Borrower and Lender dated as
of August 19, 2011, as amended by a First Amendment dated as of July 23, 2012, by a Second
Amendment dated March 11, 2013, and by a Third Amendment dated on or about the date of this Note
(together with all Exhibits and Schedules thereto, as the same may be subsequently amended,
extended, restated or otherwise modified, the “Loan Agreement”).

For purposes of this Note, a “Tranche” shall mean a portion of the aggregate principal amount
of this Note that is advanced to Borrower in connection with the acquisition by Borrower (other
than in the ordinary course of Borrower’s business) of certain Inventory that has been
satisfactorily identified to Lender in Lender’s sole discretion. Each Tranche may be advanced by
Lender to Borrower on one (1) Banking Day or on a series of Banking Days, as is acceptable to
Lender in Lender’s sole discretion. The name of a Tranche, date of advance of a Tranche, original
principal amount of a Tranche, terms and conditions relating to repayment of principal and payment
of interest with respect to a Tranche and such other information as may be pertinent to a Tranche
shall be set forth in a Schedule attached to, and made a part of, this Note (such Tranche’s
“Tranche Schedule”). Each Tranche shall be subject to the terms and conditions of this Note and
shall be subject to such additional terms and conditions contained in its Tranche Schedule and the
Loan Agreement. Each Tranche Schedule may be added to this Note by Allonge, may be incorporated
into an amendment and restatement of this Note, or may be made a part of this Note by such other
methods as Lender shall agree in its sole discretion.

Notwithstanding anything to the contrary contained in any Tranche Schedule (i) Lender shall
not be required to make any advance of a Tranche, in whole or in part, following the occurrence and
during the continuation of a Default or Event of Default, and (ii) the entire unpaid principal
balance of this Note, all accrued and unpaid interest thereon, all fees, costs and expenses payable
in connection with the Term Loan, this Note and each Tranche, and all other sums due hereunder and
under the Loan Documents in connection with the Term Loan, shall be due and payable IN FULL on the
Maturity Date.

Borrower shall pay interest on the outstanding principal amount of this Note to Lender until
all Obligations with respect to this Note and the Term Loan have been finally and indefeasibly paid
to Lender in cash and performed in full. Interest shall accrue daily on the daily unpaid principal
amount of this Note, and Borrower shall pay interest to Lender with respect to a Tranche monthly in
arrears commencing on the first Banking Day of the calendar month immediately following the date of
advance of such Tranche and on the first Banking Day of each calendar month thereafter. The
outstanding principal balance of each Tranche shall bear interest at the rate indicated by its
Tranche Schedule.

Notwithstanding anything to the contrary in this Agreement or any other Loan Document, in no
event shall any interest paid to Lender on the Term Loan exceed an amount that would cause the
interest rate on the Term Loan to exceed the maximum rate permitted by applicable law. Any amount
of interest paid to Lender that is finally and irrevocably determined by a court of competent
jurisdiction to exceed the maximum interest payable on the Term Loan under applicable law shall be
returned by Lender to Borrower promptly thereafter.

All repayments or prepayments of principal, all payments of interest and all payments of fees,
costs and expenses payable in connection with the Term Loan shall be made by Borrower, or credited
to the account of Borrower by Lender, pursuant to the terms of the Loan Agreement. Borrower may
prepay the indebtedness evidenced by this Note in whole or in part pursuant to, and subject to, the
applicable provisions of the Loan Agreement and Loan Documents. Any partial prepayment of the
principal of this Note will be applied against the remaining unpaid principal payments due
hereunder in the inverse order in which such payments are due.

This is the Note evidencing the “Term Loan” referred to in the Loan Agreement and is entitled
to the benefit of all of the terms and conditions and the security of all of the security interests
and liens granted by Borrower or any other person to Lender pursuant to the Loan Agreement, all
collateral security agreements executed and/or delivered by Borrower, and all of the other Loan
Documents including, without limitation, supplemental provisions regarding mandatory and/or
optional prepayment rights and premiums. This Note amends and restates in its entirety, and is
given in replacement of and in substitution for, but not in payment of, a Term Note dated March 11,
2013 and executed and delivered by Borrower to Lender, as such Note may have been amended from time
to time prior to the date hereof.

The entire unpaid Obligations and Indebtedness evidenced by this Note shall become immediately
due and payable, without further notice to or demand of Borrower upon the happening of any Event of
Default. After an Event of Default, Lender shall have all of the rights and remedies available to
Lender as set forth in the Loan Documents, including but not limited to those relating to the
enforcement of this Note and the collection of the Obligations owing in connection with this Note
and the Term Loan.

The agreements, covenants, Indebtedness, liabilities and Obligations of Borrower set forth in
this Note shall continue to be effective, or be reinstated, as the case may be, if at any time any
payment in respect of the Term Loan is rescinded or must otherwise be restored or returned by
Lender by reason of any bankruptcy, reorganization, arrangement, composition or similar proceeding
or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or
similar officer for, Borrower or any other Person, or any Property of Borrower or any other Person,
or otherwise, all as though such payment had not been made.

Whenever any payment to be made under this Note shall be stated to be due on a day other than
a Banking Day, such payment shall be made on the next succeeding Banking Day and such extension of
time shall be included in the computation of any interest then due and payable hereunder.

The undersigned and all other parties who, at any time, may be liable hereon in any capacity
waive presentment, demand for payment, protest and notice of dishonor of this Note. This Note and
any provision hereof may not be waived, modified, amended or discharged orally, but only by an
agreement in writing which is signed by the holder and the party or parties against whom
enforcement of any waiver, change, modification, amendment or discharge is sought.

The agreements, covenants, Indebtedness, liabilities and Obligations of Borrower under this
Note are joint and several obligations of each of the undersigned. Each of undersigned expressly
represents that it is part of a common enterprise and that any financial accommodations by Lender
under this Note and under the other Loan Documents are and will be of direct and indirect interest,
benefit and advantage to the undersigned.

This Note shall be governed by and construed in accordance with the internal laws of the State
of New York, as the same may from time to time be in effect, without regard to principles of
conflicts of laws thereof. This Note shall be binding upon Borrower, its successors and assigns,
and shall inure to the benefit of Lender, its successors and assigns. Lender shall have the right,
without the necessity of any further consent of or other action by Borrower, to sell, assign,
securitize or grant participations in all or a portion of Lender’s interest in this Note to other
financial institutions of Lender’s choice and on such terms as are acceptable to Lender in Lender’s
sole discretion. Borrower shall not assign, exchange or otherwise hypothecate any Obligations under
this Note or any other rights, liabilities or obligations of Borrower in connection with this Note,
in whole or in part, without the prior written consent of the Lender, and any attempted assignment,
exchange or hypothecation without such written consent shall be void and be of no effect.

IN WITNESS WHEREOF, the undersigned has executed this Note on the day and year first above
written.

CASTLE BRANDS INC.

By: /s/ Alfred J. Small

Name: Alfred J. Small

Title: Chief Financial Officer

CASTLE BRANDS (USA) CORP.

By: /s/ Alfred J. Small

Name: Alfred J. Small

Title: Chief Financial Officer

STATE OF NEW YORK

COUNTY OF NEW YORK

On the 7th day of August in the year 2013, before me, the undersigned, a notary public in and for
said state, personally appeared Alfred J. Small, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within
instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by
his/her signature on the instrument, the individual, or the person upon behalf of which the
individual acted, executed the instrument.

/s/ Donna M. Hibbert

Notary Public, State of New YorkEX-4.3

LOAN AGREEMENT

THIS LOAN AGREEMENT (this “Agreement”), dated as of August 7, 2013, is entered into by and
between Castle Brands Inc., a Florida corporation (“Borrower ”), and the lending parties set forth
on the signature pages attached hereto (individually a “Lender” and collectively, the “Lenders”).

RECITALS

WHEREAS, the Lenders desire to provide Borrower with additional funding on the terms set forth
herein.

NOW, THEREFORE, in consideration of the covenants, promises and representations set forth
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
expressly and mutually acknowledged, and intending to be legally bound hereby, the parties hereto
agree as follows:

ARTICLE I

THE LOAN

Section 1.1.  Commitment and Loan. Subject to the terms and conditions of this
Agreement, the Lenders agree to lend to Borrower the aggregate sum of One Million Two Hundred Fifty
Thousand Dollars and No Cents ($1,250,000.00) (collectively, the “Commitment”), in the amounts set
forth on the signature page attached hereto. The Lenders shall advance the funds due under the
Commitment to Borrower (collectively, the “Loan”) immediately prior to the date that the Closing
(as defined herein) will take place.

Section 1.2. Note. Upon the advance of the Loan to Borrower, Borrower shall execute
and deliver to each Lender a promissory note in substantially the form of Exhibit A (the
“Notes”) in the amount of each Lender’s Commitment. The terms and conditions of the Notes are
incorporated herein by reference as if fully set forth herein. In the event of conflict between
the provisions of this Agreement and the provisions of the Notes, the provisions of the Notes shall
govern.

Section 1.3. Funding Fee. In connection with the Loan to Borrower, Borrower shall
pay to the Lenders a funding fee (“Funding Fee”) of 2% per annum on the then outstanding Loan
balance (pro-rated for any period of less than one year), payable pro rata among the Lenders in
proportion to the amount of the Loan they are making as follows: payable each on the date hereof,
and on the first and second anniversary of the date hereof, respectively.

ARTICLE II

CLOSING

The obligation of Lenders to make the Loan to the Borrower is subject to the following express
conditions precedent:

Section 2.1 Transaction Documents. Borrower shall have executed (or obtained the
execution or issuing of) and delivered to Lenders this Agreement and the Notes.

Section 2.2 Representations True. All representations and warranties by Borrower
shall be true and correct as of the date hereof.

Section 2.3 Closing. The consummation of the transactions contemplated hereby (the
“Closing”) shall take place by wire transfer to account provided by the Borrower, telecopy,
email delivery and/or overnight delivery on the date hereof.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF BORROWER

Borrower represents and warrants to the Lenders as follows:

Section 3.1 Capacity; Execution of Agreement. Borrower has all requisite power,
authority, and capacity to enter into this Agreement and to perform the transactions and
obligations to be performed by it hereunder. The execution and delivery of this Agreement, and the
performance by Borrower of the transactions and obligations contemplated hereby have been duly
authorized by all requisite corporate action of Borrower. This Agreement has been duly executed and
delivered by Borrower and constitutes a valid and legally binding agreement of Borrower,
enforceable in accordance with its terms, except as enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws, both state and federal,
affecting the enforcement of creditors’ rights or remedies in general from time to time in effect
and the exercise by courts of equity powers or their application of principles of public policy.

Section 3.2. Formation and Standing. Borrower is duly formed, validly existing and
in good standing under the laws of the State of Florida and has the requisite power and authority
to own and operate its properties and assets, and to carry on its business as currently conducted.

Section 3.3 Power and Authority. Borrower has all requisite legal and other power
and authority to execute and deliver this Agreement and to carry out and perform its other
obligations hereunder.

Section 3.4 SEC Reports. Each report, registration statement and definitive proxy
statement (the “SEC Reports”) filed by Borrower with the Securities and Exchange Commission (the
“SEC”) during the last two fiscal years and the interim period prior to the date of this Agreement,
which are all the forms, reports and documents required to be filed by the Borrower with the SEC
during such time period, are publicly available to the Lenders on the SEC’s website. As of their
respective dates the SEC Reports: (i) were prepared in accordance, and complied in all material
respects, with the requirements of the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), as the case may be, and the rules and
regulations of the SEC thereunder applicable to such SEC Reports, and (ii) did not at the time they
were filed (and if amended or superseded by a filing prior to the date of this Agreement then on
the date of such filing and as so amended or superseded) contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make
the statements therein, in light of the circumstances under which they were made, not misleading.
Except to the extent set forth in this Article III, the Borrower makes no representation or
warranty whatsoever concerning any SEC Report as of any time other than the date or period with
respect to which it was filed.

Section 3.5. Financial Statements. Each set of financial statements (including, in
each case, any related notes thereto) contained in the SEC Reports complied as to form in all
material respects with the published rules and regulations of the SEC with respect thereto, was
prepared in accordance with U.S. generally accepted accounting principles applied on a consistent
basis throughout the periods involved (except as may be indicated in the notes thereto or, in the
case of unaudited statements, do not contain footnotes as permitted by Form 10-Q under the Exchange
Act) and each fairly presents or will fairly present in all material respects the financial
position of Borrower at the respective dates thereof and the results of its operations and cash
flows for the periods indicated, except that the unaudited interim financial statements were
subject to normal adjustments.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF EACH LENDER

Each Lender severally and not jointly represents and warrants to Borrower as of the date of
this Agreement as follows:

Section 4.1. Capacity; Execution of Agreement. It has all requisite power,
authority, and capacity to enter into this Agreement and to perform the transactions and
obligations to be performed by it hereunder. The execution and delivery of this Agreement, and the
performance by it of the transactions and obligations contemplated hereby have been duly authorized
by all requisite action on the part of the Lender. This Agreement has been duly executed and
delivered by it and constitutes a valid and legally binding agreement of it, enforceable in
accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws, both state and federal, affecting the enforcement
of creditors’ rights or remedies in general from time to time in effect and the exercise by courts
of equity powers or their application of principles of public policy.

Section 4.2. Formation and Standing. If an entity, it is duly formed, validly
existing and in good standing under the laws of its formation and has the requisite power and
authority to own and operate its properties and assets, and to carry on its business as currently
conducted.

Section 4.3. Power and Authority. It has all requisite legal and other power and
authority to execute and deliver this Agreement and to carry out and perform its other obligations
hereunder.

Section 4.4. Accredited Investor. It is an “accredited investor” as defined in Rule
501(a) of Regulation D promulgated under the Securities Act of 1933, as amended.

Section 4.5. Suitability and Sophistication. It has (i) such knowledge and
experience in financial and business matters that it is capable of independently evaluating the
risks and merits of entering into this Agreement and acquiring the Note and (ii) independently
evaluated the risks and merits of acquiring the Note and has independently determined that the Note
is a suitable investment for it.

Section 4.6. Brokers or Finders. It has not engaged any brokers, finders or agents,
or incurred, directly or indirectly, any liability for brokerage or finders’ fees or agents’
commissions or any similar charges in connection with this Agreement and the transactions
contemplated hereby.

ARTICLE V

MISCELLANEOUS

Section 5.1. Survival of Representations and Warranties; Indemnification.

	 	(a)	 	The representations and warranties of Borrower and the Lenders contained in or
made pursuant to this Agreement shall continue in full force and effect until the
indebtedness of Borrower under the Notes and all other obligations hereunder and
thereunder have been paid in full.

	 	(b)	 	Borrower hereby agrees to indemnify and hold harmless each Lender and, as
applicable, its respective officers, directors, shareholders, agents and
representatives from and against any and all claims, demands, losses, damages, expenses
or liabilities (including reasonable attorneys’ fees) due to or arising out of a
material breach of any representation, warranty or covenant provided, made or agreed to
by Borrower hereunder or under the Note, the use or the proposed use of the proceeds
thereof and any other transaction contemplated by this Agreement.

	 	 	 	(c)

Section 5.2. Successors and Assigns. This Agreement is binding upon and inures to
the benefit of the parties and their successors and assigns. The Borrower shall not assign this
Agreement or any rights or obligations hereunder without the prior written consent of the Lenders.

Section 5.3. Counterparts. This Agreement may be executed in any number of
counterparts or other electronic signatures, each of which shall be deemed an original, and all of
which together shall constitute one instrument.

Section 5.4. Facsimile. A facsimile copy of an original written signature shall be
deemed to have the same effect as an original written signature.

Section 5.5. Captions and Headings. The captions and headings used in this Agreement
are used for convenience only and are not to be considered in construing or interpreting this
Agreement.

Section 5.6. Notices. Unless otherwise provided herein, all notices, requests,
waivers and other communications made pursuant to this Agreement will be in writing and will be
conclusively deemed to have been duly given (i) when hand delivered to the other party; (ii) upon
receipt, when sent by facsimile to the number set forth below or email to the address set forth
below; (iii) five business days after deposit in the U.S. mail, postage prepaid and addressed to
the other party at the address set forth below; or (iv) the next business day after deposit with a
national overnight delivery service, postage prepaid, addressed to the parties as set forth below
with next business day delivery guaranteed. Each person making a communication hereunder by
facsimile or email will promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile or email pursuant hereto but the absence of
such confirmation will not affect the validity of any such communication. A party may change or
supplement the addresses given below, or designate additional addresses for purposes of this
Section 5.6, by giving the other party written notice of the new address in the manner set forth
above.

If to Borrower:

Castle Brands Inc.

122 East 42nd Street

Suite 4700

New York, NY 10168

Attention: Alfred J. Small, Senior Vice President, Treasurer & CFO

Phone: (646) 356-0200

Facsimile: (646) 356-0222

If to a Lender, the address set forth on the signature page attached hereto.

Section 5.7. Amendments and Waivers. Any term of this Agreement may be amended and
the observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of Borrower and
the Lenders.

Section 5.8. Enforceability; Severability. The parties hereto agree that each
provision of this Agreement will be interpreted in such a manner as to be effective and valid under
applicable law. If one or more provisions of this Agreement are nevertheless held to be prohibited,
invalid or unenforceable under applicable law, such provision will be effective to the fullest
extent possible excluding the terms affected by such prohibition, invalidity or unenforceability,
without invalidating the remainder of such provision or the remaining provisions of this Agreement.
If the prohibition, invalidity or unenforceability referred to in the prior sentence requires such
provision to be excluded from this Agreement in its entirety, the balance of the Agreement will be
interpreted as if such provision were so excluded and will be enforceable in accordance with its
terms.

Section 5.9. Governing Law; Choice of Forum. THIS AGREEMENT SHALL BE GOVERNED BY,
INTERPRETED IN ACCORDANCE WITH, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD OR REFERENCE TO ITS PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO
EACH HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN THE STATE OF NEW
YORK AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT SHALL BE LITIGATED IN SUCH COURTS.

Section 5.10. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF. EACH OF
THE PARTIES HERETO ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND THAT MIGHT, BUT FOR
THIS WAIVER, BE REQUIRED OF THE OTHER PARTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE PARTIES HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT. EACH OF THE
PARTIES HERETO HEREBY FURTHER ACKNOWLEDGES AND AGREES THAT EACH HAS REVIEWED OR HAD THE OPPORTUNITY
TO REVIEW THIS WAIVER WITH ITS RESPECTIVE LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH SUCH LEGAL COUNSEL. IN THE EVENT
OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

Section 5.11. Further Assurances; Access. The Lenders and Borrower will from time to
time and at all times hereafter make, do, execute, or cause or procure to be made, done and
executed such further acts, deeds, conveyances, consents and assurances without further
consideration, which may reasonably be required to effect the transactions contemplated by this
Agreement. Upon reasonable written notice, Borrower shall afford the officers, employees and
authorized agents and representatives of the Lenders reasonable access, during normal business
hours, to the offices, properties, books, records and such additional financial and operating data
and other information regarding the assets, goodwill and business of the Borrower as the Lenders
may from time to time reasonably request.

Section 5.12. Entire Agreement. This Agreement, the Notes and that certain
Subordination Agreement, dated as of August   , 2013, between Keltic Financial Partners II, LP and
the Lenders, and all exhibits hereto and thereto constitute the entire agreement among the parties
with respect to the subject matter hereof and thereof and supercedes the Commitment Letter. No
party will be liable or bound to any other party in any manner by any warranties, representations
or covenants except as specifically set forth herein or therein.

Section 5.13. Delays or Omissions. No delay or omission to exercise any right power
or remedy accruing to any party under this Agreement, or upon any breach or default of any other
party under this Agreement, will impair any such right, power or remedy of such non-breaching or
non-defaulting party nor will it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default thereafter occurring; nor will any
waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or
character on the part of any party of any provisions or conditions of this Agreement, must be in
writing and will be effective only to the extent specifically set forth in such writing. Except as
otherwise set forth herein, all remedies, either under this Agreement or by law or otherwise
afforded to any party, will be cumulative and not alternative.

Section 5.14. Third Party Beneficiaries. This Agreement is intended for the benefit
of the parties hereto and their respective permitted successors and assigns. This Agreement shall
not be construed to confer upon or give to any person other than the parties hereto and their
respective permitted successors and assigns any benefits, rights or remedies under or by reason of,
or any rights to enforce or cause the Company to enforce, the provisions of this Agreement.

Section 5.15. Equitable Relief. The parties hereto recognize that, if such party
fails to perform or discharge any of its obligations under this Agreement, any remedy at law may
prove to be inadequate relief to the other parties. Each party hereto therefore agrees that the
other parties are entitled to seek temporary and permanent injunctive relief and any other
equitable remedy a court of competent jurisdiction may deem appropriate in any such case.

Section 5.16. No Strict Construction. The language used in this Agreement is deemed
to be the language chosen by the parties to express their mutual intent, and no rules of strict
construction will be applied against any party.

Section 5.17. Expenses. Each party shall bear its own costs and expenses in
connection with the transactions contemplated hereby.

Section 5.18. Exhibits. All exhibits annexed hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full herein.

[Signatures begin on next page.]

IN WITNESS THEREOF, this Agreement has been executed by the undersigned as of the day, month
and year first above written.

	 	 	 	 	 	 	 
	 
	 	 
	 	 

	 	 
	 	 	Castle Brands Inc.
 
	 	 	By:  	 	/s/ Alfred J. Small

	 
	 	 
	 	Name:  

	 	Alfred J. Small
	 
	 	 
	 	Title:  

	 	Senior Vice President and CFO
	 
	 	 
	 	 

	 	 
	 	 	 

1

[COUNTERPART SIGNATURE PAGE TO LOAN AGREEMENT]

	 	 	 
	LENDER	 	LENDER
	By:

	 	By:
	Name:

	 	Name:
	Title:

	 	Title:
	Commitment

Amount: $

Address:

	 	Commitment

Amount: $

Address:
	Phone:

	 	Phone:
	Facsimile:

	 	Facsimile:

2

EXHIBIT B

FORM OF NOTE

3

PROMISSORY NOTE

$[      ]                                                 August 7, 2013

FOR VALUE RECEIVED, CASTLE BRANDS INC., a Florida corporation (“Maker”), having an address at
122 East 42nd Street, Suite 4700, New York, New York 10168, hereby promises to pay to
the order of       , a       , its successors and/or assigns (any of which is
hereinafter referred to as “Holder”), in lawful money of the United States, the sum of [TBD]
Dollars and No Cents ($XXX,XXX.XX), on October 15, 2015 (“Maturity Date”). Capitalized terms used
but not defined herein shall have the meanings ascribed to such terms in the Loan Agreement, dated
as of the date hereof (the “Loan Agreement”), between the Maker and the Lenders party thereto.

Beginning on the issuance date of this Note, the outstanding principal balance of this Note
shall bear interest at a rate per annum equal to eleven percent (11.0%), payable quarterly in
arrears on November 1, February 1, May 1 and August 1 of each year (each, an “Interest Payment
Date”), commencing November 1, 2013, and on the Maturity Date.  Interest shall be computed on the
basis of a 360-day year of twelve (12) 30-day months.  At the Holder’s request, payments shall be
made by wire transfer to an account designated by the Holder. This Note, however, may be prepaid in
whole or in part at any time without penalty or premium but with payment of accrued interest to the
date of prepayment.

So long as any amount under this Note remains outstanding and unpaid, Maker will not, unless
otherwise consented to in writing by the Holder, create, incur, assume or suffer to exist (other
than indebtedness existing on the date hereof) any indebtedness for borrowed funds (institutional
or otherwise) which is not subordinated in all respects to the indebtedness under this Note.

Holder may, with or without notice to Maker or any guarantor or other party liable herefor,
extend or renew this Note, or extend the time for making payment of any amount provided for herein,
or accept any amount in advance, all without affecting the liability of Maker or any other party or
guarantor liable herefor.

Upon the occurrence of a Default, the whole sum of principal shall become due immediately at
the option of Holder. As used herein, “Default” shall mean the occurrence of any of the following
events: (i) failure to make any payment hereunder within five days of the date prescribed for
payment; (ii) filing, as to the Maker or any guarantor or endorser of this Note, of an involuntary
petition which is not dismissed within sixty (60) days or of a voluntary petition under the
provisions of the Federal Bankruptcy Code or any state statute for the relief of debtors; (iii)
default in the payment of principal or interest on any obligation in excess of $50,000 for borrowed
money beyond the period of grace, if any, provided with respect thereto or default in the
performance or observance of any other term, condition or agreement contained in any such
obligation or in any agreement relating thereto, if the effect thereof is to cause, or permit the
holder or holders of such obligation (or a trustee on behalf of such holder or holders) to cause
such obligation to become due prior to its stated maturity and such default remains unremedied for
a period of 10 days; (iv) final judgment for the payment of money in excess of $50,000 shall be
rendered against Maker and the same shall remain undischarged for a period of thirty (30) days
during which execution of such judgment shall not be effectively stayed; (v) the non-payment, for
any reason, of any check tendered to Holder by Maker; or (vi) any material breach by the Maker of
any covenant or agreement under this Note or the Loan Agreement.

                 

The times for the payment of the principal sum as herein stated are of the essence of this
Note. Upon the occurrence of a Default, the amount of the principal sum hereunder, plus reasonable
attorneys fees and expenses, shall bear interest from the date thereof to the actual date of
payment (whether such payment is made voluntarily or as a result of legal process) at the maximum
rate of interest permitted by law or 18% per annum, whichever is lower, from the date of the
Default to the date of actual payment.

The Maker shall not consolidate or merge into, or transfer or lease all or substantially all
of its assets to, any person unless the Lenders consent to such consolidation, merger, transfer,
lease or sale, which consent shall not be unreasonably withheld.

Maker and each other party liable herefor, whether principal, endorser, guarantor or
otherwise, jointly and severally hereby (i) waive presentment, demand, protest, notice of dishonor
and/or protest, notice of non-payment and all other notices or demands in connection with the
delivery, acceptance, performance, default, enforcement or guaranty of this Note, (ii) waive
recourse to suretyship defenses generally, including extensions of time, releases of security and
other indulgences which may be granted from time to time by Holder to Maker or any party liable
herefor, and (iii) agree to pay all costs and expenses, including reasonable attorneys fees, in
connection with the enforcement or collection of this Note.

Nothing contained in this Note or in any other agreement between Maker and Holder shall
require Maker to pay, or Holder to accept, interest in an amount which would subject Holder to any
penalty or forfeiture under applicable law. In no event shall the total of all charges payable
hereunder, whether of interest or of such other charges which may or might be characterized as
interest, exceed the maximum rate permitted to be charged under applicable law. Should Holder
receive any payment which is or would be in excess of that permitted to be charged under such
applicable law, such payment shall have been and shall be deemed to have been made in error and
shall automatically be applied to reduce the principal balance outstanding on this Note.

Holder shall not, by any act, delay, omission or otherwise, be deemed to have waived any of
its rights and/or remedies hereunder, and no waiver whatsoever shall be valid unless in writing,
signed by Holder, and then only to the extent therein set forth. The making of any demands or the
giving of any notices by Holder or a waiver by Holder of any right and/or remedy hereunder on any
one occasion shall not be construed as a bar to or waiver of any right and/or remedy which Holder
would otherwise have on any future occasion. All rights and remedies of Holder shall be cumulative
and may be exercised singly or concurrently.

This Note may be assigned at any time by Holder to any person controlling, controlled by or
under common control with the Holder or to any affiliate of the Holder on notice to Maker.

The terms and provisions hereof shall survive the payment, cancellation or surrender of this
Note. Any instrument taken by Holder in payment of, or for application against, any obligation of
Maker or any other party liable herefor shall not operate as a discharge of such obligation until
the instrument is finally paid, notwithstanding the fact that a bank may be the maker, drawer or
acceptor of such instrument.

This Note shall be governed and construed in accordance with the law of the State of New York
without giving effect to choice of law principles. MAKER AND EACH OTHER PARTY LIABLE HEREFOR, IN
ANY LITIGATION IN WHICH HOLDER SHALL BE AN ADVERSE PARTY, WAIVES TRIAL BY JURY AND WAIVES THE RIGHT
TO INTERPOSE ANY DEFENSE, SETOFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION. ANY SUCH LITIGATION
SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE STATE OR FEDERAL COURTS LOCATED IN THE STATE
OF NEW YORK.

CASTLE BRANDS INC.

By:/s/ Alfred J. Small

Name: Alfred J. Small

Title: Senior Vice President, Chief Financial Officer, Treasurer and Secretary

4

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