Document:

Exhibit
10.2

 

LOAN
AND SECURITY AGREEMENT

 

This
LOAN AND SECURITY AGREEMENT (this “Agreement”), dated as of November 5, 2021, is made by and among NAKED BRAND
GROUP LIMITED, an Australian company with its home office at Level 61, MLC Centre, 25 Martin Place Sydney, NSW 2000, Australia (“Lender”),
and each of CENNTRO AUTOMOTIVE GROUP LIMITED, a Hong Kong private company limited by shares (“CAG HK”), CENNTRO
AUTOMOTIVE CORPORATION, a Delaware corporation (“CAC”), and CENNTRO ELECTRIC GROUP, INC., a Delaware corporation
(“CEG” and collectively with CAG HK and CAC, individually or collectively as the context may require, the “Borrower,”
the “Borrowers” or the “Companies”), each having an address set forth in Item 4(d) of the
Master Loan Schedule attached hereto (“Loan Schedule”). The Loan Schedule is hereby incorporated herein by reference
and made a part of this Agreement.

 

RECITALS:

 

WHEREAS,
the Lender, the Companies and Cenntro Automotive Group Limited, a Cayman Islands company limited by shares (“CAG”),
the parent company of each of the Companies, are entering into that certain Stock Purchase Agreement on the date hereof (the “Purchase
Agreement”), pursuant to which Lender has agreed to purchase, and CAG has agreed to sell, all of the issued and outstanding
shares of capital stock of the Companies (the “Transaction”);

 

WHEREAS,
the Purchase Agreement contemplates that, simultaneously with the execution thereof, the Lender will extend a loan to Borrower (which
loan shall be on the terms and conditions set forth herein);

 

WHEREAS,
the Promissory Note dated October 27, 2021 between Cenntro Enterprise Limited and Naked Brand Group Limited in an original principal
amount of $5,000,000 will be (in each case immediately preceding the entry into this Agreement) assigned and assumed in whole by the
Companies and repaid in full by deducting the outstanding principal amount and accrued interest thereon from the proceeds of the Loan
extended by the Lender hereunder; and

 

    	 

     

    

 

WHEREAS,
simultaneously the execution hereof, CAG will execute a pledge agreement in favor of Lender with respect to the equity interests of CAG
HK held by CAG.

 

AGREEMENT:

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, each of the parties hereto do hereby agree as follows:

 

ARTICLE
I

 

THE
LOAN

 

SECTION
1.1 Loan. Subject to the terms and conditions of this Agreement, Lender agrees to lend to Borrower the amount set forth in Item
1(a) of the Loan Schedule (the “Loan”, and such amount, the “Loan Amount”) concurrently
with the execution of this Agreement, by wire transfer to the account(s) of Borrower as set forth in Item 2 of the Loan Schedule.

 

SECTION
1.2 Promissory Note. The Loan shall be evidenced by a secured promissory note in the form of Exhibit A hereto (“Note”).
The terms and conditions of the Note are incorporated herein by reference as if fully set forth herein. In the event of conflict between
the provisions of this Agreement (including the Loan Schedule) and the provisions of the Note, the provisions of the Note shall govern.

 

SECTION
1.3 Payment. Loan principal and all interest thereon shall be due and payable by Borrower to Lender in full on the Maturity Date.

 

SECTION
1.4 Maturity; Note. The Maturity Date is as set forth in the Note and Item 1(d) of the Loan Schedule. Subject to
Section 1.3, above, all principal of the Loan, together with interest due thereon, shall be due and payable in full on the Maturity
Date, time being of the essence.

 

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SECTION
1.5 Interest. The Loan shall bear interest until maturity at the per annum rate set forth in the Note and Item 1(b) of
the Loan Schedule, and shall be payable to Lender as provided in Section 1.3 above. If the Repayment Amount (as defined
in the Loan Schedule), as set forth in the Note and Item 1(f) of the Loan Schedule, is not paid in full to Lender by the
Maturity Date, time being of the essence, the Loan shall bear interest at the lower of (a) the rate of 13% per annum and (b) the highest
rate allowed by law on the unpaid principal amount thereof, payable on demand.

 

SECTION
1.6 Pre-Payment. The Loan may be prepaid only if this is expressly stated in Item 1(g) of the Loan Schedule. If
the Loan may be prepaid by Borrower, the terms and conditions of such prepayment shall be as set forth in the Note.

 

SECTION
1.7 Use of Proceeds. Except as set forth in Item 5 of the Loan Schedule, the proceeds of the Loan shall be used
by Borrower for general corporate and working capital purposes, including its business and operations.

 

SECTION
1.8 [Reserved]

 

SECTION
1.9 Assignment. Borrower may not assign, sell or otherwise transfer this Agreement, the Note or any other Loan Documents (as defined
in Section 2.1(b) below). Lender may not assign, sell or otherwise transfer this Agreement, the Note and any other Loan Documents,
in whole or in part, without the prior written consent of the Borrowers; provided that if any amount of principal or interest thereon
is not paid to Lender as and when due on the Maturity Date or upon any earlier acceleration of the obligations of the Borrower under
this Agreement, the Note and the other Loan Documents (as defined below) (the “Obligations”) pursuant to Section
6.2, Lender may assign this Agreement, the Note and/or any Loan Documents in its discretion to any Person (other than natural persons
or competitors of the Company and/or affiliates thereof) without the consent of Borrower.

 

SECTION
1.10 Conditions. It shall be a condition to Lender’s obligation to extend the Loan that:

 

(a)
At the time of the making of the Loan, the representations and warranties of Borrower under Article II hereof shall be true and
correct in all material respects (except to the extent such representations and warranties are subject to a materiality qualifier, in
which case such representations shall be true and correct in all respects);

 

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(b)
All documents executed and delivered in connection with the Loan shall be in form and substance satisfactory to Lender and its counsel;

 

(c)
Any consent required for Borrower to execute and deliver this Agreement, the Note and the other Loan Documents, and to perform its obligations
hereunder and thereunder have been validly obtained and delivered to Lender and remain in full force and effect;

 

(d)
The Purchase Agreement and the other transaction documents contemplated thereby (such documents, as each may be amended, supplemented
or otherwise modified, collectively, the “Transaction Documents”) (if any) required to be signed concurrently with
the Purchase Agreement by the terms thereof have been executed by the parties as of even date herewith;

 

(e)
The Lender shall be in receipt of such certificates of good standing (to the extent such concept exists in the applicable jurisdiction)
from the applicable secretary of state (or similar body of the relevant jurisdiction) of the state (or other jurisdiction) of organization
of each Borrower, copies of resolutions or other corporate or limited liability company action, incumbency certificates and/or other
certificates of responsible officers of each Borrower as the Lender may reasonably require evidencing the identity, authority and capacity
of the Borrowers and such officers; and

 

(f)
The Lender shall be in receipt of the documents set forth on Item 11 of the Loan Schedule (the “Loan Security
Documents”) required to be executed on the date the Loan is made hereunder (such date, the “Closing Date”)
as indicated on such schedule, duly executed by each Loan Party thereto, together with (i) subject to the Intercreditor Agreement, certificates,
if any, representing the Collateral constituting certificated equity securities of any US domestic subsidiary of the Borrowers referred
to therein accompanied by undated stock powers executed in blank; and (ii) proper financing statements (Form UCC-1 or the equivalent)
for filing under the UCC or other appropriate filing offices of each jurisdiction as may be necessary to perfect the security interests
purported to be created by the Borrowers pursuant to the terms hereof.

 

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ARTICLE
II

 

REPRESENTATIONS
AND WARRANTIES OF BORROWER

 

SECTION
2.1 In order to induce Lender to make the Loan, Borrower hereby represents and warrants to Lender on the date hereof as follows. As used
in this Article II, the term “Borrower” includes each and all of CAG HK, CAC and CEG, unless the context otherwise
requires.

 

(a)
Borrower is an entity of the applicable type described in the preface of this Agreement and on Item 4(e) of the Loan Schedule,
duly formed, organized, validly existing and, to the extent such concept applies in the entity’s jurisdiction of formation, in
good standing under the laws of the state or jurisdiction indicated in Item 4(f) of the Loan Schedule, and has all requisite
power to own its properties and to carry on its business as now conducted and as proposed to be conducted. Borrower (directly or through
any subsidiary) is authorized to do business in each of the states or jurisdictions (as applicable) set forth in Item 4(h) of
the Loan Schedule. The subsidiaries of Borrower that are material to the Companies and their subsidiaries taken as a whole (and
the principal address and state or other jurisdiction of formation of each such subsidiary) are as set forth in Item 8 of the
Loan Schedule. Other than as specified in Item 8 of the Loan Schedule, Borrower owns, directly or through one or
more other subsidiaries, 100% of the outstanding capital stock or other Equity Interests (as defined below) of each such subsidiary,
and no person (other than any Borrower or subsidiary thereof) has any option or right to acquire, or any lien, encumbrance or claims
on, any Equity Interest in any such subsidiary, except as specifically indicated on such Item 8(d) or Item 7(c). Each such
subsidiary was duly formed, organized and is validly existing and in good standing (to the extent such concept exists) under the laws
of its state (or other applicable jurisdiction) of formation and has all requisite power to own its properties and to carry on its business
as now conducted and as proposed to be conducted, except to the extent that the failure to be in good standing would not reasonably be
expected to have a Material Adverse Effect. The Borrower and each such subsidiary is duly qualified to do business in each foreign jurisdiction
where it is required to be so qualified, except to the extent that the failure to be so qualified would not reasonably be expected to
have a Material Adverse Effect. The term “Equity Interests” means, with respect to any entity, all of the shares of
capital stock of (or other ownership or profit interests in) such entity, all of the warrants, options or other rights for the purchase
or acquisition from such entity of shares of capital stock of (or other ownership or profit interests in) such person, all of the securities
convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such entity or warrants,
rights or options for the purchase or acquisition from such entity of such shares (or such other interests), and all of the other ownership
or profit interests in such entity (including partnership, member or trust interests therein), whether voting or nonvoting, and whether
or not such shares, warrants, options, rights or other interests are outstanding on any date of determination. The term “subsidiary”
means, as of any applicable date, any limited liability company, partnership, joint venture, corporation, trust, or any other entity
in which a Borrower, directly or indirectly (i) owns more than 50% of the outstanding capital stock or holds any equity or similar interest
of such Person or (ii) has the power to direct or cause the direction of the management through voting power or by contract of such Person.

 

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(b)
Each Borrower has full power and authority to enter into this Agreement, to make the borrowings hereunder, to execute and deliver the
Note and any other agreements, instruments and documents delivered in connection herewith or therewith, and each Borrower has full power
and authority to enter into any Loan Security Document to which it is a party (this Agreement, the Note, the Loan Security Documents
and such other agreements, instruments and documents identified therein as a “Loan Document” (but for the avoidance of doubt,
not including the Transaction Documents), collectively, the “Loan Documents”), and to incur and perform all liabilities,
indebtedness, actions and obligations provided for herein and therein. The execution and delivery by each Borrower of, and the performance
by each Borrower of this Agreement and the Loan Documents have been duly authorized by all necessary company or other entity action.
Except as otherwise contemplated hereby or under any other Loan Documents or the Intercreditor Agreement, the provisions of this Agreement
and the Loan Security Documents, together with such filings and other actions required to be taken hereby or by the applicable Loan Security
Documents are effective to create in favor of the Lender, a legal, valid, enforceable and first-priority perfected lien on all right,
title and interest of the respective Borrowers in the Collateral described herein and therein subject to (i) bankruptcy, insolvency,
reorganization, liquidation, readjustment of debt or other law of general application relating to or affecting the enforcement of creditors’
rights and by general principles of equity, (ii) the need for filings and registrations necessary to create or perfect the liens on the
Collateral granted by the Borrowers in favor of the Lenders, and (iii) Liens permitted by Section 3.2.

 

(c)
This Agreement, the Note and the other Loan Documents constitute the valid and legally binding obligations of the Borrower, enforceable
in accordance with their respective terms, except to the extent limited by bankruptcy, insolvency, reorganization, liquidation, readjustment
of debt or other law of general application relating to or affecting the enforcement of creditors’ rights and by general principles
of equity.

 

(d)
All information provided by Borrower to Lender in Items 2 – 10 of the Loan Schedule and all historical financial
statements, provided by Borrower to Lender (“Borrower Information”) is complete and accurate in all material respects.
The Borrower Information does not omit any material information reasonably necessary to understand, in light of the circumstances under
which such information was provided, the Borrower Information so provided, taken as a whole.

 

(e)
Borrower has no material liabilities except for those set forth in the Borrower Information or in the Transaction Documents and those
arising after the date hereof (i) in the ordinary course of business, consistent with past practice or (ii) to the extent permitted under
the Transaction Documents, including under the Convertible Secured Notes issued on or about November 5, 2021 by CAG to the holders thereof
in the aggregate principal amount of $50 million (the “Convertible Secured Notes”). Neither Borrower nor any subsidiary
has any indebtedness for borrowed money except as specifically indicated on Item 9 of the Loan Schedule or in the Transaction
Documents.

 

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(f)
Borrower (and each subsidiary) is in compliance under all leases, contracts and agreements to which it is a party or by which any of
its assets are bound and Borrower (and any applicable subsidiary) has made all payments and performed all obligations under such leases,
contract and agreements as required to be performed through the date hereof except to the extent such non-compliance would not reasonably
be expected to materially adversely affect the business, financial condition, assets, liabilities, or results of operations of the Companies
and their respective subsidiaries, taken as a whole, or the Borrowers’ ability to perform their respective obligations hereunder,
under the Note or under the other Loan Documents (a “Material Adverse Effect”).

 

(g)
There exist no security interests, liens, mortgages, encumbrances or other restrictions upon the Collateral of the Borrowers or the Material
Subsidiaries (as defined below) other than the security interest granted or to be granted to Lender pursuant hereto and under the Loan
Documents, except as set forth specifically in Item 7(c) of the Loan Schedules or as disclosed under the Transaction Documents.

 

(h)
The execution, delivery and performance by Borrower of this Agreement and the Loan Documents does not contravene any applicable law,
regulation, order, constitutional document, or contractual restriction binding on or affecting Borrower, its business or properties,
or any applicable subsidiary’s business or properties, except to the extent such contravention would not reasonably be expected
to have a Material Adverse Effect.

 

(i)
No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required
for the due execution, delivery and performance by Borrower of this Agreement or any other Loan Document or the matters contemplated
herein or therein and for Lender to enjoy the benefits conferred hereby or thereby except such filings as may be necessary under applicable
law or to perfect the security interest granted Lender hereunder and under the Loan Documents.

 

(j)
No Borrower nor any subsidiary of a Borrower is in breach of or in default under any judgment, decree or order applicable to Borrower,
its subsidiaries or any of Borrower’s or such subsidiaries’ properties.

 

(k)
There is no pending or, to the knowledge of any Borrower, threatened action or proceeding affecting any Borrower before any court, governmental
agency or arbitrator which would be reasonably be expected to result in a Material Adverse Effect.

 

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(l)
Borrower and its applicable subsidiaries own and have good and marketable title to the Collateral, free and clear of all liens, security
interests, mortgages, restrictions and other encumbrances, except as specified in clause (g) of this Section 2.1 above.

 

(m)
No representation or warranty by Borrower contained in this Agreement or in the other Loan Documents and no information contained in
any Schedule or in the Loan Documents, in each case when taken as a whole, contains or will contain any untrue statement of a material
fact or omits or will omit to state a material fact necessary in order to make the statements contained herein or therein, in light of
the circumstances under which they were made, not materially misleading.

 

(n)
No consent of any person (other than any such consents provided prior to or in connection with the entry into the applicable Loan Document)
is required for Borrower to execute and deliver the Loan Agreement, the Note and the other Loan Documents or to provide Lender with the
security interests and other rights set forth in this Agreement and the other Loan Documents. No consent of any person is or will be
required for Lender to realize on any of the Collateral upon applicable breach of this Loan Agreement or the Note, except for those consents
specifically set forth in Item 10 of the Loan Schedule, or which consents have been validly obtained and delivered to Lender
prior to the date hereof or otherwise required by applicable law.

 

(o)
All material tangible Collateral is located at the addresses set forth in Item 7(b) of the Loan Schedule. No material tangible
Collateral is located in any location other than those set forth in such Item 7(b). In the event any material tangible Collateral
is moved to a location other than those set forth in such Item 7(b), Borrower shall promptly notify Lender of the new location
address. There exist no liens, encumbrances or mortgages on any Collateral, other than as specified pursuant to Section 2.1(g). Borrower
will, prior to or promptly after any change described in the preceding sentence, take all actions reasonably required by the Lender to
maintain the perfection and priority of the Lender’s security interest in the Collateral.

 

(p)
The Borrowers (on a consolidated basis) will be solvent after giving effect to the transactions contemplated by this Agreement and the
Loan Documents.

 

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(q)
The Equity Interests of Borrower and each of its subsidiaries, which in each case is subject to the security interest granted hereunder
or under the relevant Loan Security Document is fully paid and not subject to any option or purchase or surrender rights. The constitutional
documents of companies whose shares are subject to the security interest granted hereunder or thereunder do not and could not restrict
or inhibit any transfer to those shares or creation or enforcement of the security interest granted hereunder or thereunder. There are
no agreements in force which provide for the issue or allotment of, or grant any person to call from the issue or allotment of, any share
or loan capital of any company (including any option or right of pre-emption or conversion) which in each case is subject to the security
interest granted hereunder or thereunder.

 

ARTICLE
III

 

BORROWER’S
COVENANTS

 

SECTION
3.1 Affirmative Covenants. Each Borrower hereby covenants that so long as any amount due hereunder or under the Note remains outstanding
and unpaid, it will, and it will cause each of its subsidiaries that holds assets or generates revenues which are material to the business
or operations of the Borrowers, taken as a whole (each a “Material Subsidiary”) to, in each case unless (i) otherwise
consented to in writing by Lender or (ii) alternative action or circumstance is specifically permitted or prescribed by the Transaction
Documents (and provided the Transaction Documents have not been terminated):

 

(a)
use the proceeds of the Loan only for the purposes prescribed hereby;

 

(b)
pay and discharge, at or before maturity, all of its obligations and liabilities, including without limitation tax liabilities, except
where the same may be contested in good faith and, if requested by Lender, maintain appropriate bond or cash reserves in respect of such
applicable obligations and liabilities;

 

(c)
keep all of its property in good working order and condition, ordinary wear and tear excepted; maintain, with financially sound and reputable
insurance companies, insurance on its properties in such amounts and against such risks as are mandated by sound business practice; and,
promptly upon the reasonable request of Lender, take all action necessary (as may be requested by Lender in accordance with Section 4.3)
so that Lender shall be named as loss payee or additional insured on all material liability or property insurance of which the Borrower
or one of its Material Subsidiaries is named as insured;

 

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(d)
promptly give notice in writing to Lender of (i) the occurrence of any event or circumstance which constitutes or would with the applicable
passage of time constitute an Event of Default (as defined in Section 6.1 below) under this Agreement; (ii) any litigation, proceeding,
investigation or dispute which may exist at any time between Borrower or its Material Subsidiaries and any governmental regulatory body
which might substantially interfere with the normal business operations of Borrower or its Material Subsidiaries; (iii) all litigation
and proceedings against the Borrower or its Material Subsidiaries in which the amount involved is $250,000 or more and not covered by
insurance or indemnity or in which injunctive or similar relief is sought; and (iv) any event or circumstance which would constitute
a Material Adverse Effect;

 

(e)
continue to engage in business of the same general type or line of business as now conducted and contemplated to be conducted by it and
preserve, renew and keep in full force and effect its existence and take all reasonable action to maintain its material rights, privileges,
licenses and franchises necessary in the normal conduct of Borrower’s and its Material Subsidiaries’ business;

 

(f)
keep proper and accurate books and records of its accounts and properties in which full, true and correct entries in conformity with
appropriate accounting principles and all requirements of law shall be made of all dealings and transactions in relation to its business
and activities and permit authorized representatives of Lender to visit and inspect any of its respective properties and examine and
make abstracts from any of its books and records upon reasonable notice at any reasonable time during an Event of Default;

 

(g)
furnish to Lender with quarterly unaudited financial statements (constituting statements of operations, statement of cash flows and a
balance sheet) and an annual financial statement (containing similar statements and notes thereto) in form and substance consistent with
financial statements historically prepared by the Borrowers; provided that delivery of the financial statements required under the Transaction
Documents shall be deemed to satisfy this paragraph;

 

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(h)
in respect of CAG HK, procure that it and its applicable subsidiaries will comply in all respects with sections 274 and 275 of the Companies
Ordinance (Cap. 622 of the Laws of Hong Kong) and any equivalent legislation in other jurisdictions including in relation to the execution
of the Loan Security Documents and payment of amounts due under this Agreement; and

 

(i)
Borrower will give Lender such other financial information as Lender may reasonably request.

 

SECTION
3.2 Negative Covenants. Each Borrower hereby covenants that so long as any amount due hereunder or under the Note remains outstanding
and unpaid, it will not, and it will not permit its Material Subsidiaries to, directly or indirectly, in each case unless (i) otherwise
consented to in writing by Lender or (ii) specifically permitted by the Transaction Documents or undertaken to comply with the terms
of the Transaction Documents as specifically prescribed therein (and provided the Transaction Documents have not been terminated):

 

(a)
create, incur, assume, or suffer to exist any indebtedness for borrowed money (other than under the terms of the Note) in an aggregate
amount in excess of $1.0 million, except (i) indebtedness existing as of the date hereof and any permitted refinancings thereof pursuant
to the terms and conditions of the Transactions Documents and (ii) the Convertible Secured Notes;

 

(b)
create, incur, assume or suffer to exist any mortgage, pledge, lien, charge, security interest or encumbrance of any kind upon any of
its property or assets, income or profits, whether now owned or hereafter acquired, except for (1) any of the foregoing existing or created
under this Agreement and the other Loan Documents, (2) any of the foregoing existing or created as of the date hereof, or (3) any of
the foregoing existing or created under the Convertible Secured Notes;

 

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(c)
assume, guarantee, indorse or otherwise in any way be or become responsible or liable for the obligations of any person, firm, corporation,
or other entity (all such transactions being herein called “guarantees”), whether by agreement to purchase or repurchase
obligations, or by agreement to supply funds for the purpose of paying, or enabling such entity to pay, any obligations (whether through
purchasing stock, making a loan advance or capital contribution or by means of agreeing to maintain or cause such entity to maintain,
a minimum working capital or net worth of any such entity, or otherwise) except (1) in the ordinary course of business, consistent with
past practice, or (2) pursuant to the Convertible Secured Notes;

 

(d)
change its name, identity, type of organization, jurisdiction of organization, corporate structure, location of its chief executive office
or its principal place of business or its organizational identification number, unless the applicable financing statement(s) perfecting
the Lender’s security interest hereunder are amended or otherwise modified as necessary to maintain the perfection of the Lender’s
security interest hereunder;

 

(e)
enter into any transaction of merger or consolidation or liquidate or dissolve itself (or suffer any liquidation or dissolution) or convey,
sell, lease, transfer or otherwise dispose of, in one transaction or a series of related transactions, all or a substantial part of its
property (real or personal), business, or assets, or make any material change in the method of conducting business presently contemplated;

 

(f)
dispose of any property of the Borrower or its subsidiaries, whether now owned or hereinafter acquired, or issue or sell any Equity Interests
of any such subsidiary to any person, except: (i) the sale or disposition of machinery and equipment no longer used or useful in the
business of the Borrower or any of its subsidiaries; (ii) the disposition of obsolete or worn-out property in the ordinary course of
business; or (iii) the sale of inventory and immaterial assets in the ordinary course of business;

 

(g)
make any advances or loans to, or investments (by way of transfers of property, contributions to capital, acquisitions of stock, or securities
or evidences of indebtedness, acquisitions of businesses, acquisitions of assets or otherwise), to any person, firm, subsidiary, affiliate,
corporation or other business entity;

 

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(h)
make any payment of principal or any debt, with a maturity of more than one year, for borrowed money (except the Obligations) or for
the deferred purchase price of property or services, except (i) at the stated maturity of such debt or as required by mandatory prepayment
provisions relating thereto (subject to any subordination provisions applicable thereto), and (ii) subject to the intercreditor agreement,
dated as of the date hereof, by and among Lender and Esousa Holdings LLC (the “Intercreditor Agreement”), the Convertible
Secured Notes;

 

(i)
enter into any agreement, or be or become liable under any agreement, for the lease, hire or use of any real or personal property, except
leases or renewals thereof in the ordinary course of business;

 

(j)
enter into any arrangement with any person whereby it shall sell or transfer any property, real or personal, whether now owned or hereafter
acquired, and thereafter rent or lease such property or other property which it intends to use for substantially the same purpose or
purposes as the property being sold or transferred, except for sale/leaseback transactions involving motor vehicles and/or equipment
entered into in the ordinary course of business;

 

(k)
enter into any transactions with any affiliate involving the purchase, sale or exchange of property or the rendering of any service with
respect to transact, except in the ordinary course of and pursuant to the reasonable requirements of its business and upon fair and reasonable
terms no less favorable to it as would be obtained in any arm’s length transaction with a person not an affiliate;

 

(l)
materially modify the compensation of any executive officer of any Borrower, other than in the ordinary course of business;

 

(m)
declare or pay any dividend on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the
purchase, redemption, defeasance, retirement or other acquisition of, any Equity Interests of the Companies or any of their respective
subsidiaries, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly,
whether in cash or property or in obligations of any Company or any of their respective subsidiaries, other than (1) any such dividends,
distributions or payments payable solely in shares of that class of Equity Interests to the holders of that class, (2) any such dividends,
distributions or payments by a subsidiary of a Borrower to a Borrower or from one Borrower to another Borrower, (3) as specified in Item
5 of the Loan Schedule or (4) to the extent necessary to distribute funds from or through one or more pass-through or disregarded
entities to enable one or more relevant taxpayers to make tax payments.

 

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ARTICLE
IV

 

SECURITY
INTEREST; COLLATERAL

 

SECTION
4.1 In order to secure the Obligations, and without prejudice to the security interests and related rights in the Collateral created
or expressed to be created for the benefit of the Lender under the other Loan Security Documents, Borrower hereby grants to Lender a
first priority security interest (subject to the Intercreditor Agreement) in and to substantially all of the tangible and intangible
property of the Borrower, including any and all real property, personal property, intellectual property, cash, cash collateral, securities,
including capital stock of any subsidiaries owned by the Borrower, receipts, deposits, inventory, Accounts, licenses and any other property
or rights in property owned by the Borrower or in which Borrower has any right or interest, whether now owned or hereafter acquired,
whether now perfected or becoming perfected after the date hereof (collectively, the “Collateral”). Upon the reasonable
request of Lender (after consultation with the Borrowers), the Borrowers shall cause any of their direct or indirect Material Subsidiaries
specified by Lender to execute a joinder to this Agreement, in substantially the form of Exhibit B hereto, pursuant to which any
such specified Material Subsidiary shall grant a first priority security interest in and to substantially all of the tangible and intangible
property of such subsidiary as part of the Collateral and, pursuant to Section 4.3, take such further actions which are in Lender’s
reasonable judgment (after consultation with the Borrowers) necessary to (i) perfect Lender’s security interest in and to the Collateral
with first ranking priority (subject to the Intercreditor Agreement) and/or (ii) exercise any rights, powers and remedies of the Lender
provided by or pursuant to the Loan Documents in accordance with the terms hereof and thereof, unless any of the foregoing actions would
reasonably be likely to result in material adverse tax consequences to a Borrower or any of its subsidiaries (to be mutually determined
by Borrower and Lender). After the execution of any such joinder, the term “Collateral” shall be deemed to include such tangible
and intangible property. “Account” as used in this Agreement means (a) the right of Borrower to payment for goods
sold or leased or for services rendered which is not evidenced by an instrument or chattel paper, whether or not earned by performance
and (b) “accounts” as such term is defined in UCC (as defined below). “UCC” as used in this Agreement
means the Uniform Commercial Code as in effect in the applicable jurisdiction from time to time. For the avoidance of doubt, upon the
consummation of the Transaction, any and all Collateral securing the Obligations shall automatically be released (with no further action
required).

 

    	14

     

    

 

SECTION
4.2 Subject to the Intercreditor Agreement, Borrower shall, at its own cost and expense, defend title to the Collateral and the first
priority lien and security interest of the Lender therein against the claim of any person claiming against or through Borrower and shall
maintain and preserve such perfected first priority security interest for so long as the Loan Documents shall remain in effect.

 

SECTION
4.3 Following the Closing Date, Borrower agrees, to (x) execute and deliver the Transaction Documents and the Loan Security Documents
required to be executed after the Closing Date within the time periods specified in Item 11 to the Loan Schedule, and (y)
(A) execute any and all further documents, financing statements, agreements and instruments including share certificates, transfer and
stock transfer forms or equivalent documents representing the Collateral, duly executed by the relevant persons together with any necessary
incumbency certificates, and (B) take all such further actions (including the filing and recording of financing statements and other
documents), that in each case may be required or desirable under the Loan Security Documents or under applicable law and that the Lender
may reasonably request, which such further actions are in Lender’s reasonable judgment (after consultation with Borrower) necessary
to (i) perfect Lender’s security interest in and to the Collateral with first ranking priority (subject to the Intercreditor Agreement)
and/or (ii) exercise any rights, powers and remedies of the Lender provided by or pursuant to the Loan Documents in accordance with the
terms hereof and thereof, unless any of the foregoing actions would reasonably be likely to result in material adverse tax consequences
to a Borrower or any of its subsidiaries (to be mutually determined by Borrower and Lender). Borrower further agrees to authorize and,
if requested by Lender or its designee, (a) deliver in form for filing in the applicable jurisdiction of organization any financing or
registration statements on each of the Borrowers covering the Collateral (which may be “all assets” filings), and (b) deliver
to Lender a list of all locations of any material tangible Collateral. For the avoidance of doubt, the Lender may grant extensions of
time or waivers for the creation and perfection of security interests in or the obtaining of insurance or other deliverables with respect
to particular assets where it determines that such action cannot be accomplished without undue effort or expense by the time or times
at which it would otherwise be required to be accomplished by this Agreement or the Loan Security Documents.

 

    	15

     

    

 

SECTION
4.4 Lender or its designee may at any time and from time to time file financing statements, continuation statements, and amendments thereto
(or any equivalent document in any other jurisdiction) covering the Collateral or any portion thereof. Borrower agrees to furnish any
information reasonably relating to the Collateral to Lender or its designee promptly upon Lender’s reasonable request. To the extent
consistent with the terms of this Agreement, any such financing statements, continuation statements, or amendments may be signed by Lender
or its designee on behalf of Borrower or may be filed without signature, and may be filed at any time in any appropriate jurisdiction.
Borrower hereby further authorizes the Lender to file with the United States Patent and Trademark Office and the United States Copyright
Office (and any successor office and any similar office in any state of the United States or in any other country) the Intellectual Property
Security Agreement in the form of Exhibit C hereto and other related documents for the purpose of perfecting, confirming, continuing,
enforcing or protecting the security interest granted by the Borrower hereunder, without the signature of the Borrower where permitted
by law (it being understood that Borrower shall execute such agreement where required by law).

 

SECTION
4.5 Borrower shall at any time and from time to time take such steps as Lender or its designee below may reasonably request (subject
to Section 4.3) to insure the continued perfection and priority of Lender’s security interest in any of the Collateral and of the
preservation of its rights therein.

 

    	16

     

    

 

SECTION
4.6 [Reserved]

 

SECTION
4.7 So long as an Event of Default has occurred and is continuing, Borrower hereby grants to Lender an irrevocable power of attorney
coupled with an interest authorizing and permitting Lender or its designee, at its option, with or without notice to Borrower, to do
any or all of the following (provided that, notwithstanding anything to the contrary herein or in the other Loan Documents, the Lender
may not accelerate the Loan and the other Obligations or exercise any remedies so long as the Purchase Agreement remains in effect and
has not been terminated in accordance with its terms): (a) endorse the name of Borrower on any checks or other evidences of payment whatsoever
that may come into the possession of Lender or its designee regarding Collateral; (b) receive, open and forward any mail addressed to
Borrower and put Lender or its designee’s address on any statements mailed to Account Debtors; (c) pay, settle, compromise, prosecute
or defend any action, claim, conditional waiver and release, or proceeding relating to Collateral; (d) notify, in the name of Borrower,
the U.S. Post Office to change the address for delivery of mail addressed to Borrower to such address as Lender or its designee may designate
(provided that Lender or its designee shall turn over to Borrower all such mail not relating to Collateral); (e) verify, sign,
acknowledge, record, file for recording, serve as required by law, any claim of mechanic’s lien, stop notice or bonded stop notice
in the sole and absolute discretion of Lender or its designee relating to any Collateral; and (f) do all other things necessary and proper
in order to carry out this Agreement and each other Loan Document. So long as an Event of Default has occurred and is continuing, the
authority granted to Lender herein is irrevocable until all the Obligations have been paid in full; provided, Lender shall have
no obligation to exercise any of the rights granted to it hereunder and shall have no liability to Borrower or any third party for failure
to do so or take action.

 

SECTION
4.8 [Reserved]

 

    	17

     

    

 

SECTION
4.9 Except as otherwise provided by law, the Lender shall have no duty with respect to the care and preservation of the Collateral beyond
the exercise of reasonable care. Except as otherwise provided by law, the Lender shall be deemed to have exercised reasonable care in
the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that
which the Lender accords its own property, it being understood that the Lender shall not have any responsibility for (a) ascertaining
or taking action with respect to any claims, the nature or sufficiency of any payment or performance by any party under or pursuant to
any agreement relating to the Collateral or other matters relative to any Collateral, whether or not the Lender has or is deemed to have
knowledge of such matters, or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral. Nothing
set forth in this Agreement, nor the exercise by the Lender of any of the rights and remedies hereunder, shall relieve Borrower from
the performance of any obligation on Borrower’s part to be performed or observed in respect of any of the Collateral.

 

ARTICLE
V

 

INDEMNIFICATION;
LIMITATION OF LIABILITY

 

SECTION
5.1 Borrower hereby indemnifies and agrees to hold harmless and defend Lender, its successors and assigns and their respective officers,
directors, shareholders, employees, attorneys, representatives and Affiliates (“Indemnified Persons”) from and against
all claims, demands, actions, causes of action, judgments, liabilities, damages (including consequential, special or punitive damages,
solely to the extent awarded in a final, non-appealable judgment by a court having jurisdiction over the Borrowers), penalties, fines,
losses, costs, fees, expenses and disbursements (including, without limitation, reasonable, documented and out-of-pocket fees and expenses
of attorneys and other professional consultants and experts in connection with any investigation or defense) of every kind, known or
unknown, existing or hereafter arising, foreseeable or unforeseeable, which are imposed upon, threatened or asserted against or incurred
or paid by any Indemnified Person at any time and from time to time, because of, resulting from, in connection with or arising out of
(a) any breach or alleged breach of a representation or warranty or covenant of Borrower hereunder, or (b) the Loan, the Collateral or
the Loan Documents (including but not limited to enforcement of Lender’s rights thereunder or the defense of Lender’s actions
thereunder), excluding with respect to any Indemnified Persons, any of the foregoing directly caused by such Indemnified Person’s
gross negligence or willful misconduct (“Indemnified Claims”). Upon notification and demand, Borrower agrees to provide
defense of any Indemnified Claim and to pay all reasonable, documented and out-of-pocket costs and expenses of counsel selected by any
Indemnified Person in respect thereof, to the extent Borrower does not otherwise assume the defense of such Indemnified Claim, but only
to the extent Borrower has consented in advance to such counsel selected by such Indemnified Person (such consent not to be unreasonably
withheld, conditioned or delayed). Borrower shall not settle any Indemnified Claim without the prior written consent of the Lender (which
consent may not be unreasonably withheld, conditioned or delayed). Any Indemnified Person against whom any Indemnified Claim may be asserted
reserves the right to settle or compromise any such Indemnified Claim as such Indemnified Person may determine in its sole discretion,
and the obligations of such Indemnified Person, if any, pursuant to any such settlement or compromise shall be deemed included within
the Indemnified Claims. Except as specifically provided in this section, and to the extent permitted by applicable law Borrower waives
all notices from any Indemnified Person. The provisions of this Section 5.1 shall survive the termination of this Agreement.

 

    	18

     

    

 

SECTION
5.2 BORROWER AGREES THAT REGARDLESS OF ANY CLAIMS BORROWER MAY HAVE AGAINST LENDER, BORROWER’S SOLE REMEDY WILL BE AN ACTION AT
LAW FOR ACTUAL MONEY DAMAGES THAT WILL NOT EXCEED THE LOAN AMOUNT, AND THAT BORROWER WILL NOT BE ENTITLED TO AND HEREBY WAIVES ANY AND
ALL CLAIMS FOR, PUNITIVE, EXEMPLARY, CONSEQUENTIAL, LOST PROFITS, STATUTORY, OR SPECIAL DAMAGES OF ANY KIND.

 

ARTICLE
VI

 

DEFAULT;
ACCELERATION; REMEDIES

 

SECTION
6.1 Events of Default. So long as any amount due hereunder or under the Note remains outstanding and unpaid, the occurrence of
any of the following events shall constitute an Event of Default hereunder:

 

(a)
failure by Borrower to pay the principal of or interest on the Note when due; or

 

(b)
default by Borrower in the observance or performance of any of its covenants or agreements contained herein or in the Note or any other
Loan Document in any material respect, and such default continues unremedied for ten (10) business days after written receipt by Borrower
of such default; or any representation, warranty, or certification in the Note or any other Loan Document, or any amendment or modification
hereof or thereof or waiver hereunder or thereunder, proves to have been false or misleading in any material respect on or as of the
date made or deemed made; or

 

    	19

     

    

 

(c)
if Borrower shall (i) default in the payment of principal or interest on any obligation for borrowed money (other than the Obligations)
with an aggregate outstanding principal amount of at least $500,000, or for the deferred purchase price of property, beyond the period
of grace, if any, provided with respect thereto or (ii) 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 in each case such default remain unremedied for a period of ten (10) business days after written receipt by Borrower of such default,
unless in either case such default is remedied or otherwise consented to by the requisite holders of the applicable item of indebtedness,
in either case, prior to the acceleration of the Loan hereunder; or

 

(d)
(i) Borrower shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or
foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect
to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution,
composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian or other similar
official for it or for all or any substantial part of its property, or shall make a general assignment for the benefit of its creditors;
or (ii) there shall be commenced against Borrower any case, proceeding or other action of a nature referred to in clause (i) above or
seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its property,
which case, proceeding or other action (x) results in the entry of an order for relief or (y) remains undismissed, undischarged or unbonded
for a period of 30 consecutive days; or (iii) Borrower shall take any action indicating its consent to, approval of, or acquiescence
in, or in furtherance of, any of the acts set forth in its clause (i) or (ii) above; or (iv) Borrower shall admit in writing its inability
to pay its debts; or

 

    	20

     

    

 

(e)
final judgment for the payment of money in excess of $500,000 (net of amounts covered by insurance policies and amounts covered by third
party indemnification obligations) shall be rendered against Borrower and the same shall remain undischarged for a period of 30 consecutive
days during which execution of such judgment shall not be effectively stayed; or

 

(f)
the security interest hereunder or under any other Loan Security Document ceases to be enforceable, other than as expressly permitted
hereunder or thereunder; or

 

(g)
any Change of Control occurs, other than pursuant to the Transaction Documents; a “Change of Control” means (a) any
person or group of persons within the meaning of §13(d)(3) of the Securities Exchange Act of 1934 becomes the beneficial owner,
directly or indirectly, of 50% or more of the outstanding voting Equity Interests of CAG, or (b) CAG shall cease to own and control,
of record and beneficially, at least 50% of each class of voting Equity Interests of each of the Companies.

 

SECTION
6.2 Acceleration. Upon the occurrence of an Event of Default:

 

(a)
if such Event of Default is specified in Section 6.1(d), then the Loan and the other Obligations of Borrower shall be immediately
due and payable with interest and other fees, if any, thereon without notice or demand; and

 

(b)
if such Event of Default is any other such event specified above Lender may declare, by written notice to Borrower, subject to applicable
grace periods, the Loan and the other Obligations to be forthwith due and payable, whereupon the principal amount of the Note and the
other Obligations, together with accrued interest or fees, if any, thereon shall become immediately due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived to the extent permitted by applicable law, anything
contained in this Agreement, the Note or other Loan Documents to the contrary, notwithstanding;

 

provided
that, notwithstanding anything to the contrary herein or in the other Loan Documents, the Lender may not accelerate the Loan and the
other Obligations or exercise any remedies so long as the Purchase Agreement remains in effect and has not been terminated in accordance
with its terms.

 

    	21

     

    

 

SECTION
6.3 Remedies.

 

(a)
Upon the occurrence of an Event of Default pursuant to Section 6.1, Lender shall have the following rights and remedies, which
are cumulative in nature and shall be immediately available to Lender; provided that, notwithstanding anything to the contrary herein
or in the other Loan Documents, the Lender may not exercise any such rights and remedies (nor accelerate the Loan and the other Obligations)
under this Agreement or any other Loan Document so long as the Purchase Agreement remains in effect and has not been terminated in accordance
with its terms:

 

(1)
All rights and remedies provided by law, including but not limited to those provided by the Uniform Commercial Code, especially those
provided in Part 5 of Article 9, and equitable remedies for specific performance and injunctive relief;

 

(2)
All rights, remedies, powers and discretions provided in this Agreement; and

 

(3)
All rights, remedies, powers and discretions provided in the Note and other Loan Documents (including the Loan Security Documents).

 

(b)
In furtherance of the foregoing (in each case, without prejudice to rights, remedies, powers and discretions of the Lender under applicable
law and/or the terms of the other Loan Security Documents, but subject to the terms and conditions of the Intercreditor Agreement and
subject to applicable law):

 

(1)
Lender shall have the right to take possession of the Collateral.

 

(2)
Lender shall have the sole right to exercise voting and other consensual rights with respect to the Collateral consisting of securities
and to receive and hold as Collateral dividends and other distributions with respect to the Collateral consisting of securities.

 

    	22

     

    

 

(3)
Borrower will cooperate fully with Lender in the exercise of Lender’s right to take possession of the Collateral. This shall include,
but is not limited to, an obligation to assemble and deliver the Collateral or some portion of the Collateral or some part or component
of the Collateral on request of Lender to a place designated by Lender where it shall be made available to Lender.

 

(4)
Lender shall have the right to dispose of the Collateral by public or private proceeding and may do so by way of one or more contracts.
Such sale or other disposition of the Collateral may be made as a unit or in parcels and at any time and place and on any terms provided
only that the disposition effected is commercially reasonable. Any actions so taken shall be considered commercially reasonable if made
in the good faith exercise of Lender’s business judgment in the matter.

 

(5)
Lender shall give Borrower notice of the time and place of any public or private sale of the Collateral. It shall be considered commercially
reasonable if such notice is sent to Borrower by overnight delivery five (5) business days prior to the public or private sale, provided,
notice shall also be sent to Lender or its designee by email pursuant to Section 8.1 below.

 

(6)
So long as the sale of the Collateral is made in a commercially reasonable manner, the Lender may sell such Collateral on such terms
and to such purchaser(s) as the Lender in its absolute discretion may choose, without assuming any credit risk and without any obligation
to advertise or give notice of any kind other than that necessary under applicable law. Without precluding any other methods of sale,
the sale of the Collateral or any portion thereof shall have been made in a commercially reasonable manner if conducted in conformity
with reasonable commercial practices of creditors disposing of similar property. To the extent permitted by applicable law, Borrower
waives all claims, damages and demands it may acquire against the Secured Party arising out of the exercise by it of any rights hereunder.
Borrower hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with respect to the Collateral,
whether before or after sale hereunder, and all rights, if any, of marshaling the Collateral and any other security for the Obligations
under the Note or otherwise. At any such sale, unless prohibited by applicable law, the Lender may bid for and purchase all or any part
of the Collateral so sold free from any such right or equity of redemption. The Lender shall not be liable for failure to collect or
realize upon any or all of the Collateral or for any delay in so doing, nor shall it be under any obligation to take any action whatsoever
with regard thereto. The Lender shall not be obligated to clean-up or otherwise prepare the Collateral for sale.

 

    	23

     

    

 

(7)
The proceeds of any disposition shall be applied as provided in Section 9-504 of the Uniform Commercial Code and shall include any and
all reasonable expenses provided in this Agreement and the other Loan Documents, including reasonable, documented and out-of-pocket attorney’s
fees and expenses to the extent such items are not prohibited by law.

 

(8)
If the Lender shall determine to exercise its rights to sell all or any of the Collateral pursuant to this Section, Borrower agrees that,
upon request of the Lender, Borrower will, at its own expense, do or cause to be done all such acts and things as may be necessary to
make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law.

 

ARTICLE
VII

 

BORROWER
ACKNOWLEDGMENTS

 

SECTION
7.1 Obligations Absolute and Unconditional; Confession of Judgment. By signing this Agreement, Borrower expressly understands
and agrees that the Obligations, including without limitation the repayment of all amounts owed under the Note, are absolute and unconditional
and that Lender, at its option, may proceed under the terms of this Agreement or the Note or both. No obligation shall be subject to
the application of or deduction for any claim, set-off, disability, defense (whether substantive or procedural) or counterclaim of Borrower;
and shall be discharged only by (x) full payment of all amounts owed under the Loan and other amounts that may be payable under this
Agreement, including any Costs of Collection (as defined in Section 8.6 below) or (y) the consummation of the Transaction. Borrower
further understands and expressly agrees that, to the extent permitted by applicable law, this Agreement shall also serve as a confession
of judgment (cognovit) that waives all defenses and affirms Lender’s right to payment, including Costs of Collection as
provided above. Borrower further understands and expressly agrees that this Agreement may be filed as a confession of judgment (cognovit)
in any tribunal specified in Section 8.9 below if, upon acceleration of the Loan and all other Obligations, all of the Obligations
are not paid in full (and the Transaction has not been consummated) to Lender or its assignee as provided herein, time being of the essence.

 

    	24

     

    

 

SECTION
7.2 Consent to Electronic Transactions. By signing this Agreement, Borrower expressly consents to conducting this transaction
by electronic means, including without limitation email communications, electronic signatures, the creation of a duly authenticated security
interest by electronic signature, and the retention and storage of electronic records.

 

SECTION
7.3 Borrower Reports. By signing this Agreement, Borrower and expressly consents expressly authorizes Lender to obtain a credit
report or background report on the Borrower. Any such report(s) that Lender obtains may include, without limitation, the business’
credit history or similar characteristics, public records, and any other information bearing on credit standing, credit capacity or character.
Such reports will be used by Lender to determine if it will proceed with the Loan to Borrower. Borrower shall also provide and/or execute
such further and additional documents, instruments, and writings as Lender may require in order to access and review any tax information
(including tax returns) related to Borrower’s business (including, without limitation, by executing a 4506T form with the Internal
Revenue Service).

 

ARTICLE
VIII

 

MISCELLANEOUS

 

SECTION
8.1 Notices. Any and all notices, requests, demands, consents, approvals or other communications required or permitted to be given
under any provision of this Agreement shall be in writing and shall be given in accordance with Section 9.02 of the Purchase Agreement
for notices sent to Parent (if the addressee hereunder is the Lender) or to CAG or the Companies, if the addressee hereunder is any Borrower
(including with copies to Pillsbury Winthrop Shaw Pittman LLP prescribed therein). Any party may change its address for the purposes
of this Agreement by notice to the other party given as aforesaid. Lender may also designate a designee or its assignee to receive notices
under this Agreement upon written notice thereof to Borrower.

 

    	25

     

    

 

SECTION
8.2 Joint and Several Obligations. The Borrowers hereby are jointly and severally liable for (i) the Obligations, and (ii) the
performance of all obligations under this Agreement, the Note and the other Loan Documents.

 

SECTION
8.3 No Waiver; Cumulative Remedies; Amendments. No failure to exercise and no delay in exercising, on the part of Lender, any
right, power or privilege hereunder or under the Note or any other Loan Document shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any
other right, power or privilege; nor shall the Lender be required to look first to, enforce or exhaust any other security, collateral
or guaranties. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law. No
modification, or waiver of any provision of this Agreement or the Note, and no consent to any departure by Borrower from the provisions
hereof or thereof, shall be effective unless in writing signed by Borrower and Lender, and the same shall be effective only in the specific
instance and for the purpose for which it is given. No notice to Borrower shall entitle Borrower to any other or further notice in other
or similar circumstances unless expressly provided for herein. No course of dealing between Borrower and Lender shall operate as a waiver
of any of the rights of Lender under this Agreement.

 

SECTION
8.4 Captions. The captions of the various sections and subsections of this Agreement have been inserted only for the purposes
of convenience, and shall not be deemed in any manner to modify, explain, enlarge or restrict any of the provisions of this Agreement.

 

SECTION
8.5 [Reserved]

 

SECTION
8.6 Payment of Fees. Borrower agrees to pay all reasonable, documented and out-of-pocket costs and expenses of Lender in enforcing
or preserving any of the rights and remedies available to Lender under this Agreement, the Note or the other Loan Documents including,
without limitation, reasonable, documented and out-of-pocket legal fees, costs and disbursements of Lender’s attorneys in the enforcement
thereof (collectively, “Costs of Collection”).

 

    	26

     

    

 

SECTION
8.7 Survival of Agreements. All agreements, representations and warranties made herein and in any certificates delivered pursuant
hereto shall survive the execution and delivery of this Agreement, the Note and the other Loan Documents, and the making of the Loan
hereunder, and shall continue in full force and effect until the earlier of (x) all Obligations of Borrower hereunder and under the Note
have been paid in full and (y) the consummation of the Transaction.

 

SECTION
8.8 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Borrower and Lender and their respective
permitted successors and permitted assigns.

 

SECTION
8.9 Construction; Jurisdiction; Consent. This Agreement, the Note and other Loan Documents and the rights and obligations of the
parties hereunder and thereunder shall be governed by, and construed and interpreted in accordance with, the internal law of the State
of New York without regard to the principles of conflicts of law thereof. BORROWER AND LENDER, IN ANY LITIGATION IN WHICH THE OTHER
PARTY SHALL BE AN ADVERSE PARTY, WAIVES TRIAL BY JURY, WAIVES THE RIGHT TO CLAIM THAT A FORUM SPECIFIED HEREIN IS AN INCONVENIENT FORUM
AND WAIVES THE RIGHT TO INTERPOSE ANY SETOFF, DEDUCTION OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION AND CONSENTS TO THE JURISDICTION
OF THE COURTS (STATE AND FEDERAL) LOCATED IN THE COUNTY AND STATE OF NEW YORK, BOROUGH OF MANHATTAN, AND TO SERVICE OF PROCESS BY REGISTERED
MAIL ADDRESSED TO SUCH PARTY AT THE ADDRESS SET FORTH ABOVE OR SUCH OTHER ADDRESS AS SUCH PARTY SHALL NOTIFY THE OTHER PARTY IN WRITING
IS TO BE USED FOR SUCH PURPOSE. If any of the provisions of this Agreement shall be or become illegal or unenforceable under any
law, the other provisions shall remain in full force and effect.

 

    	27

     

    

 

SECTION
8.10 Interest. Anything in the Agreement, the Note or the other Loan Documents to the contrary notwithstanding, Lender shall not
charge, take or receive, and Borrower shall not be obligated to pay, interest in excess of the maximum rate from time to time permitted
by applicable law. In the event the interest payable on the Note is held by a court of competent jurisdiction in a final non-appealable
order to exceed the maximum amount permitted under applicable law, (i) the interest payable on the Note shall be deemed to be the maximum
amount permitted under applicable law and (ii) Borrower shall receive a credit for any excess interest amounts so paid.

 

SECTION
8.11 Currency. All amounts of currency expressed hereunder or under the Note or the other Loan Documents shall refer to United
States dollars.

 

SECTION
8.12 Confidentiality. Except as required by applicable law or the rules and regulations of any securities exchange, including
the requirements of the United States securities laws and The Nasdaq Stock Market LLC, without the consent of the other party, (i) neither
Borrower nor Lender shall make any public comment, statement or communication with respect to, or otherwise disclose or permit the disclosure
of the terms of, this Agreement and the transactions contemplated hereby, and (ii) the Lender shall maintain the confidentiality of all
material non-public information that it receives from CAG and the Companies relating to CAG, the Companies and their respective businesses
other than any such information received on a non-confidential basis prior to disclosure by CAG or the Companies in accordance with the
Confidentiality Agreement (as defined in Section 6.02(b) of the Purchase Agreement).

 

SECTION
8.13 Intercreditor Agreement. Each party hereto agrees
that it will be bound by and will take no actions contrary to the
provisions of the Intercreditor Agreement.

 

SECTION
8.14 Australian Goods and Services Tax. All amounts payable or to be provided under this Agreement are exclusive of Australian
goods and services tax (“GST”). If GST is payable on any supply made under or in connection with this Agreement (not
being a supply the consideration for which is specifically described in this Agreement as inclusive of GST), the recipient of the supply
must pay to the supplier, an additional amount equal to the GST payable on the supply, provided that the supplier gives the recipient
a tax invoice for the supply.

 

[Signature
Page Follows]

 

    	28

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

	BORROWERS:	 
	 	 	 
	CENNTRO AUTOMOTIVE GROUP LIMITED,	 
	a Hong Kong private company limited by shares	 
	 	 	 
	By:	/s/
    Peter Zuguang Wang	 
	Name:
    	Peter
    Zuguang Wang	 
	Title:
    	Chief
    Executive Officer	 
	 	 	 
	CENNTRO AUTOMOTIVE CORPORATION,	 
	a Delaware corporation	 
	 	 	 
	By:	/s/
    Peter Zuguang Wang	 
	Name:
    	Peter
    Zuguang Wang	 
	Title:
    	Chief
    Executive Officer	 
	 	 	 
	CENNTRO ELECTRIC GROUP, INC.,	 
	a Delaware corporation	 
	 	 	 
	By:	/s/
    Peter Zuguang Wang	 
	Name:
    	Peter
    Zuguang Wang	 
	Title:
    	Chief
    Executive Officer	 

  

LENDER:

 

	EXECUTED
                                            by NAKED BRAND 

    GROUP
    LIMITED in accordance with

    section
    127(1) of the Corporations Act 2001 (Cth):
	 	 
	 	 	 
	/s/
    Justin Davis-Rice	 	/s/
    Mark Ziirsen
	Signature
    of Director	 	Signature
of Director / Company Secretary

    (delete
    as applicable)

	 	 	 
	Justin
    Davis-Rice	 	Mark
    Ziirsen
	Name
                                            of Director

    (Please
    print)
	 	Name
                                            of Director / Company Secretary

    (Please
    print)Exhibit
10.3

 

SUPPORT
AGREEMENT

 

This
SUPPORT AGREEMENT (this “Agreement”), dated as of November 5, 2021, is entered into by and among Naked Brand Group
Limited (ACN 619 054 938), an Australian company (“Parent”), Cenntro Automotive Group Limited, a Cayman Islands company
limited by shares (“CAG”), and each undersigned shareholder of CAG (any such shareholder, a “Shareholder”
and, together with Parent and CAG, the “Parties” and each a “Party”). Capitalized terms used herein
and not otherwise defined shall have the meaning ascribed to them in the Stock Purchase Agreement, dated as of November 5, 2021 (as amended,
supplemented or otherwise modified from time to time, the “Stock Purchase Agreement” or the “SPA”),
by and among Parent, CAG, and Cenntro Automotive Group Limited, a Hong Kong private company limited by shares and a wholly owned subsidiary
of CAG (“CAG HK”), Cenntro Automotive Corporation, a Delaware corporation and a wholly owned subsidiary of CAG (“CAC”),
and Cenntro Electric Group, Inc., a Delaware corporation and a wholly owned subsidiary of CAG (“CEG” and, collectively
with CAG HK and CAC, the “Companies” and each a “Company”).

 

RECITALS

 

WHEREAS,
as of the date of this Agreement, each Shareholder is the record holder, beneficial owner (as such term is defined in Rule 13d-3 under
the Exchange Act, which meaning shall apply for all purposes of this Agreement whenever the term “beneficial” or “beneficially”
is used), and has full voting power over ordinary and/or preferred shares of CAG set forth on such Shareholder’s signature page
hereto (such ordinary and/or preferred shares of CAG and any additional ordinary or preferred shares of CAG that are hereafter held of
record or beneficially owned by a Shareholder, collectively, the “CAG Shares”);

 

WHEREAS,
Parent, CAG, and the Companies have entered into the Stock Purchase Agreement, pursuant to which CAG will sell (i) all of the issued
and outstanding ordinary shares of CAG HK (the “CAG HK Shares”), (ii) all of the issued and outstanding shares of
common stock, par value $0.001 per share, of CAC (the “CAC Shares”), and (iii) all of the issued and outstanding shares
of common stock, par value $0.01 per share, of CEG (together with the CAG HK Shares and the CAC Shares, the “Company Shares”)
to Parent in exchange for fully paid ordinary shares of Parent, on the terms and subject to the conditions set forth in the SPA (the
“Acquisition”);

 

WHEREAS,
Parent desires that each Shareholder agree, and each Shareholder is willing to agree, subject to the limitations herein and during the
Applicable Period, (1) not to Transfer (as defined below) any of its CAG Shares, (2) to vote its CAG Shares (or cause its CAG Shares
to be voted), or provide or cause to be provided a written consent in lieu thereof, in a manner so as to facilitate consummation of the
Acquisition and the other transactions contemplated by the SPA, and (3) to undertake certain additional obligations pursuant to this
Agreement; and

 

WHEREAS,
Parent, CAG, and each Shareholder desire to make certain representations, warranties, covenants and agreements in connection with this
Agreement;

 

NOW,
THEREFORE, in consideration of the foregoing premises and the representations, warranties, covenants and agreements set forth in this
Agreement, the Parties agree as follows:

 

article
1

VOTING
AND TRANSFER OF CAG SHARES

 

1.1
Voting.

 

(a)The
Shareholder irrevocably and unconditionally agrees, during the period beginning on the date of this Agreement and ending on the Expiration
Date (the “Applicable Period”), at each meeting of CAG shareholders (a “Meeting”) and at each adjournment
or postponement thereof, and in connection with each action or approval by consent in writing of CAG shareholders (a “Consent
Solicitation”), which written consent shall be delivered promptly, and in any event within twenty four (24) hours, after CAG
requests such delivery, to cause to be present in person or represented by proxy and to vote or cause to be voted (or express consent
or dissent in writing, as applicable) the CAG Shares set forth on the Shareholder’s signature page hereto and any additional CAG
Shares that are hereafter held of record or beneficially owned by the Shareholder that are entitled to vote (or express consent or dissent
in writing, as applicable), in each case as follows:

 

(i)
in favor (including by executing and delivering, and
not revoking or attempting or purporting to revoke, any written consents) of any proposal for CAG shareholders to approve the SPA, the
Acquisition, and any other matters relating to CAG necessary for consummation of the transactions contemplated by the SPA (the “Matters”);

 

    	 

     

    

  

(ii)
in favor of any proposal to adjourn a Meeting at which
there is a proposal for CAG shareholders to approve any Matter to a later date if there are not sufficient votes to approve the Matter
or if there are not sufficient CAG Shares present in person or represented by proxy at such Meeting to constitute a quorum;

 

(iii)
against any proposal, offer or submission with respect
to a CAG Competing Proposal or the adoption of any agreement to enter into a CAG Competing Proposal;

 

(iv)
against any proposal for any amendment or modification
of CAG’s Charter Documents that would change the voting rights of any CAG Shares or the number of votes required to approve any
proposal, including the vote required to adopt the Matters; and

 

(v)
against any action, transaction, agreement or proposal
that would, or would reasonably be expected to (A) result in a breach of any representation, warranty, covenant or any other obligation
or agreement of CAG and/or any of the Companies under the SPA or any agreement ancillary thereto or the Shareholder under this Agreement
or any of the conditions to the consummation of the Acquisition under the SPA not being fulfilled on a timely basis, (B) prevent, delay
or impair consummation of the Acquisition or dilute, in any material respect, the benefit of the Acquisition to Parent, or (C) facilitate
any proposal, offer or submission with respect to a CAG Competing Proposal or any agreement to enter into a CAG Competing Proposal.

 

(b)
Any vote required to be cast or consent or dissent in
writing required to be expressed pursuant to this Section 1.1 shall be cast or expressed in accordance with the applicable procedures
relating thereto so as to ensure that it is duly counted for purposes of determining that a quorum is present (if applicable) and for
purposes of recording the results of that vote or Consent Solicitation. For the avoidance of doubt, nothing contained herein requires
the Shareholder (or entitles any proxy of the Shareholder) to convert, exercise or exchange any options, warrants or convertible securities
in order to obtain any underlying CAG Shares.

 

(c)
During the Applicable Period, the Shareholder agrees
not to enter into any commitment, agreement, understanding or similar arrangement with any Person to vote or give voting instructions
or express consent or dissent in writing in any manner inconsistent with the terms of this Section 1.1.

 

1.2
No Transfers. During the Applicable Period, the
Shareholder agrees not to, directly or indirectly, in one or more transactions, whether by merger, consolidation, division, operation
of law, or otherwise (including by succession or otherwise by operation of applicable Legal Requirements): (a) sell, convey, assign,
transfer, exchange, pledge, hypothecate or otherwise encumber or dispose of any CAG Shares (or any right, title or interest therein)
or any rights to acquire any securities or equity interests of CAG; (b) deposit any CAG Shares or any rights to acquire any securities
or equity interests of CAG into a voting trust or enter into a voting agreement or any other arrangement with respect to any CAG Shares
or any rights to acquire any securities or equity interests of CAG or grant or purport to grant any proxy or power of attorney with respect
thereto that is inconsistent with this Agreement; (c) enter into any contract, option, call or other arrangement or undertaking, whether
or not in writing, with respect to the direct or indirect sale, conveyance, assignment, transfer, exchange, pledge, hypothecation or
other encumbrance or disposition, or limitation on the voting rights, of any CAG Shares (or any right, title or interest therein) or
any rights to acquire any securities or equity interests of CAG; (d) otherwise grant, permit or suffer the creation of any Lien on any
CAG Shares, other than Permitted Liens; or (e) approve or commit or agree to take any of the foregoing actions (any action described
in the immediately preceding sentence, a “Transfer”); provided, however, that the foregoing shall not
prohibit Transfers (i) between the Shareholder and any Affiliate of the Shareholder, (ii) if the Shareholder is an individual, to a trust
for the benefit of the Shareholder or to any member of a Shareholder’s immediate family or a trust for the benefit of such immediate
family member or (iii) if the Shareholder is an individual, by will, other testamentary document or under the laws of intestacy upon
the death of Shareholder, in each case, so long as, prior to and as a condition to the effectiveness of any such Transfer, such Affiliate
or transferee executes and delivers to Parent a joinder to this Agreement in the form attached hereto as Annex A. Any Transfer
or action in violation of this Section 1.2 shall be void ab initio. If any involuntary Transfer of any of CAG Shares occurs,
the transferee (and all transferees and subsequent transferees of such transferee) shall take and hold such CAG Shares subject to all
of the restrictions, liabilities and rights under this Agreement, which shall continue in full force and effect during the Applicable
Period.

 

    	2

     

    

  

1.3
Stop Transfer. The Shareholder shall not request
that CAG register any transfer of any certificate or book-entry of CAG Shares or other uncertificated interest representing any CAG Shares
made in violation of the restrictions set forth in Section 1.2 during the Applicable Period and hereby authorizes and instructs
CAG to instruct its transfer agent, if any, to enter a stop transfer order with respect to all of the CAG Shares, subject to the provisions
hereof; provided that any such stop transfer order will immediately be withdrawn and terminated by CAG following the termination
of this Agreement.

 

1.4
Public Announcements; Filings; Disclosures.

 

(a)
The Shareholder (and the Shareholder’s controlled
Affiliates) shall not issue any press release or make any other public announcement or public statement (a “Public Communication”)
with respect to this Agreement, the SPA, or the transactions contemplated hereby or thereby, without the prior written consent of Parent
and CAG (such consent not to be unreasonably withheld, conditioned or delayed), except as required by applicable Legal Requirements,
in which case the Shareholder shall use its reasonable best efforts to provide Parent and CAG and their respective legal counsel with
a reasonable opportunity to review and comment on such Public Communication in advance of its issuance and shall give reasonable and
good faith consideration to any such comments, or as contemplated by the Transaction.

 

(b)
The Shareholder hereby consents to and authorizes CAG
and Parent to publish and disclose in any Public Communication or in any disclosure required by the SEC and in the Registration Statement
and Notice of Meeting prepared by Parent and filed with the SEC and ASIC relating to the Extraordinary General Meeting the Shareholder’s
identity and ownership of CAG Shares and the Shareholder’s obligations under this Agreement (the “Shareholder Information”),
consents to the filing of this Agreement, to the extent required by applicable Legal Requirements to be filed with the SEC or any regulatory
authority relating to the Acquisition, and agrees to cooperate with Parent in connection with such filings, including providing Shareholder
Information reasonably requested by Parent.

 

1.5
Non-Solicitation. The Shareholder acknowledges
that the Shareholder has read Section 6.05 of the SPA. In addition, the Shareholder agrees that the restrictions imposed on CAG and the
Companies pursuant to Section 6.05 of the SPA shall, during the Applicable Period, be binding upon the Shareholder mutatis mutandis
and further agrees not to take (and agrees to cause its controlled Affiliates and its and their Representatives not to take), directly
or indirectly, any action that would violate Section 6.05 of the SPA if such action were taken by CAG or any of the Companies.

 

1.6
No Agreement as Director or Officer. The Shareholder
is entering into this Agreement solely in the Shareholder’s capacity as record or beneficial owner of CAG Shares and nothing herein
is intended to or shall limit or affect any actions taken by the Shareholder or any employee, officer, director (or person performing
similar functions), partner or other Affiliate (including, for this purpose, any appointee or representative of the Shareholder to the
board of directors of CAG or of the Companies) of the Shareholder in his or her capacity as a manager or officer of CAG or any of the
Companies (or a Subsidiary of CAG or any of the Companies) or other fiduciary capacity for CAG shareholders.

 

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1.7
Acquisition of Additional CAG Shares. In the
event that, during the Applicable Period, (a) any CAG Shares are issued to the Shareholder, (b) the Shareholder purchases or otherwise
acquires beneficial ownership of any CAG Shares or (c) the Shareholder acquires the right to vote or share in the voting of any CAG Shares
(collectively the “New Securities”), then such New Securities acquired or purchased by such Shareholder shall be subject
to the terms of this Agreement to the same extent as if they constituted the CAG Shares owned by the Shareholder as of the date hereof.

 

1.8
No Litigation. The Shareholder hereby agrees
not to commence, maintain or participate in, or facilitate, assist or encourage, and agrees to take all actions necessary to opt out
of any class in any class action with respect to, any claim, derivative or otherwise, suit, proceeding or cause of action, in law or
in equity, in any court or before any Governmental Authority (a) challenging the validity of, or seeking to enjoin or delay the operation
of, any provision of this Agreement or the SPA or the transactions contemplated hereby or thereby (including any claim seeking to enjoin
or delay the consummation of the Acquisition), (b) alleging a breach of any fiduciary duty of any Person or alleging that any Person
aided or abetted any breach of any fiduciary duty of any Person in connection with this Agreement or the SPA or the transactions contemplated
thereby or thereby, or (c) otherwise relating to the SPA, this Agreement or the Acquisition or other transactions contemplated hereby
or thereby. Notwithstanding the foregoing, nothing herein shall be deemed to prohibit the Shareholder from enforcing the Shareholder’s
rights under this Agreement or the Shareholder’s right to receive its portion of the Acquisition Shares pursuant to the SPA and
the Distribution.

 

1.9
Further Assurances. The Shareholder shall execute
and deliver, or cause to be executed and delivered, such further certificates, instruments and other documents and to take such further
actions as Parent or CAG may reasonably request for the purpose of effectively carrying out the transactions contemplated by this Agreement
and the SPA.

 

article
2

REPRESENTATIONS
AND WARRANTIES OF THE SHAREHOLDER

 

The
Shareholder hereby represents and warrants to Parent and CAG as follows:

 

2.1
Organization; Authorization. In the event the
Shareholder is an individual, the Shareholder has full power, right and legal capacity to execute and deliver this Agreement and to perform
his or her obligations hereunder. In the event the Shareholder is a legal entity, (a) the Shareholder is an entity duly organized, validly
existing and, to the extent such concept is recognized, in good standing under the applicable Legal Requirements of the Shareholder’s
jurisdiction of its organization, (b) the Shareholder has all requisite corporate, limited liability company or similar power and authority
and has taken all action necessary in order to execute and deliver this Agreement, to perform the Shareholder’s obligations under
this Agreement and consummate the transactions contemplated by this Agreement, and (c) no approval by any holder of the Shareholder’s
equity interests is necessary to approve this Agreement that has not been received as of the date hereof. This Agreement has been duly
authorized, executed and delivered by the Shareholder and, in the event the Shareholder is an individual and is married and any of the
Shareholder’s CAG Shares constitute community property or spousal approval is otherwise required in order for this Agreement to
be a valid and binding obligation of the Shareholder, this Agreement has been duly authorized, executed and delivered by or on behalf
of the Shareholder’s spouse, and this Agreement constitutes a valid and binding agreement of the Shareholder enforceable against
the Shareholder in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

2.2
Governmental Filings; No Violations; Certain Contracts.
The execution, delivery and performance by the Shareholder of this Agreement and the consummation by the Shareholder of the transactions
contemplated hereby do not and will not (a) conflict with or violate any United States or non-United States statute, law, ordinance,
regulation, rule, code, executive order, injunction, judgment, decree or other order applicable to the Shareholder, (b) require any consent,
approval or authorization of, declaration, filing or registration with, or notice to, any person or entity, (c) result in the creation
of any encumbrance on any CAG Shares (other than under this Agreement) or (d) conflict with or result in a breach of or constitute a
default under any provision of the Shareholder’s governing documents or any agreement (including any voting agreement) to which
the Shareholder is a party.

 

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2.3
Litigation. As of the date of this Agreement,
except as would not, individually or in the aggregate, reasonably be expected to prevent, delay or impair the ability of the Shareholder
to perform its obligations under this Agreement or to consummate the transactions contemplated by this Agreement (a) there is no action,
suit, demand, complaint, litigation, review, audit, hearing, arbitration, proceeding, investigation or similar dispute by or before any
Governmental Authority or otherwise pending or, to the knowledge of the Shareholder, threatened against the Shareholder or any of its
Affiliates, and (b) neither the Shareholder nor any of its Affiliates is a party to or subject to the provisions of any judgment, order,
writ, injunction, decree or award of any Governmental Authority.

 

2.4
Ownership of CAG Shares; Voting Power. The Shareholder’s
signature page hereto correctly sets forth the Shareholder’s CAG Shares as of the date of this Agreement and, other than such CAG
Shares, as of the date of this Agreement, there are no securities of CAG (or any securities convertible, exercisable or exchangeable
for, or rights to purchase or acquire, any securities of CAG) held of record or beneficially owned by the Shareholder or in respect of
which the Shareholder has voting power. The Shareholder has not made any Transfer of CAG Shares and the Shareholder is the record holder
and beneficial owner of all of its CAG Shares and has, and shall have throughout the Applicable Period, good and valid title to the CAG
Shares and full voting power and power of disposition with respect to all such CAG Shares, free and clear of any Liens, except for any
such Lien that (a) may be imposed pursuant to (i) this Agreement, the SPA and the transactions contemplated hereby and thereby, (ii)
any applicable restrictions on transfer under applicable Legal Requirements (including securities laws) or (iii) CAG’s Charter
Documents or the terms of any customary custody or similar agreement applicable to CAG Shares held in brokerage accounts, or (b) would
not, individually or in the aggregate, reasonably be expected to prevent, delay or impair the ability of the Shareholder perform its
obligations under this Agreement or to consummate the transactions contemplated by this Agreement. No Person has any contractual or other
right or obligation to purchase or otherwise acquire any of the Shareholder’s CAG Shares other than pursuant to the SPA or as set
forth in CAG’s Charter Documents.

 

2.5
Reliance. The Shareholder understands and acknowledges
that Parent is relying upon the Shareholder’s execution, delivery and performance of this Agreement and upon the representations
and warranties and covenants of the Shareholder contained in this Agreement.

 

2.6
Finder’s Fees. Except as set forth in Schedule
3.26 to the SPA, no agent, broker, investment banker, finder or other intermediary is or shall be entitled to any fee or commission or
reimbursement of expenses from Parent, CAG, the Companies, or any of their respective Affiliates, in respect of this Agreement based
upon any arrangement or agreement made by or on behalf of the Shareholder.

 

2.7
Registration Statement/Notice of Meeting. None
of the information supplied in writing or to be supplied by the Shareholder specifically for inclusion or incorporation by reference
in the Registration Statement, Notice of Meeting or any amendment or supplement thereto will, at the date of mailing of the Prospectus
to the holders of CAG capital stock or at the time of the CAG Shareholder Meeting, or at the date of mailing of the Notice of Meeting
to the Parent shareholders or at the time of the Extraordinary General Meeting, contain any untrue statement of a material fact or omit
to state any 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.

 

2.8
Other Agreements. The Shareholder has not taken
or permitted any action that would or would reasonably be expected to (a) constitute or result in a breach hereof, (b) make any representation
or warranty of the Shareholder set forth herein untrue or inaccurate or (c) otherwise restrict, limit or interfere with the performance
of this Agreement, the SPA or the transactions contemplated by this Agreement or the SPA.

 

2.9
Adequate Information. The Shareholder acknowledges
that the Shareholder is a sophisticated investor with respect to the Shareholder’s CAG Shares and has adequate information concerning
the business and financial condition of CAG and Parent to make an informed decision regarding the transactions contemplated by this Agreement
and has, independently and without reliance upon Parent, CAG, any of the Companies, or any Affiliate of Parent, CAG, or any of the Companies,
and based on such information as the Shareholder has deemed appropriate, made the Shareholder’s own analysis and decision to enter
into this Agreement. The Shareholder acknowledges that the Shareholder has received and reviewed this Agreement and the SPA and has had
the opportunity to seek independent legal advice prior to executing this Agreement.

 

2.10
No Other Representations or Warranties. Except
for the representations and warranties made by the Shareholder in this Article 2, neither the Shareholder nor any other Person
makes any express or implied representation or warranty to Parent in connection with this Agreement or the transactions contemplated
by this Agreement, and the Shareholder expressly disclaims any such other representations or warranties.

 

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article
3

REPRESENTATIONS
AND WARRANTIES OF PARENT AND CAG

 

Each
of Parent and CAG represents and warrants to the Shareholder as follows:

 

3.1
Organization. Such Party is a legal entity duly
organized or incorporated, as applicable, validly existing and, to the extent such concept is recognized, in good standing under the
laws under which it was incorporated.

 

3.2
Corporate Authority. Such Party has all requisite
corporate power and authority and has taken all action necessary in order to execute and deliver this Agreement, to perform its obligations
under this Agreement and to consummate the transactions contemplated by this Agreement. This Agreement has been duly executed and delivered
by such Party and constitutes a valid and binding agreement of such Party enforceable against such Party in accordance with its terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally and by general principles of equity.

 

3.3
No Other Representations or Warranties. Except
for the representations and warranties made by Parent and CAG in this Article 3, neither such Party nor any other Person makes
any express or implied representation or warranty to the Shareholder in connection with this Agreement or the transactions contemplated
by this Agreement, and the Shareholder expressly disclaims reliance upon, and the Shareholder acknowledges and agrees that such Party
expressly disclaims, any such other representations or warranties.

 

article
4

GENERAL
PROVISIONS

 

4.1
Termination. This Agreement, including the voting
agreements contemplated by this Agreement, shall automatically terminate at the earliest to occur of: (a) immediately prior to the Closing;
(b) the termination of the SPA pursuant to Article VIII thereof; or (c) the effective date of a written agreement duly executed and delivered
by Parent, CAG and the Shareholder terminating this Agreement (the date and time at which the earliest of clause (a), (b), and
(c) occurs being, the “Expiration Date”); provided, however, that, in the case of any termination pursuant
to clause (a), Section 1.4 (Public Announcements; Filings; Disclosure), Section 1.8 (No Litigation) and Section
1.9 (Further Assurances) and this Article 4 shall survive such termination. Nothing set forth in this Section 4.1
or elsewhere in this Agreement shall relieve any Party of any liability or damages to any other Party for any intentional and willful
breach of this Agreement by such Party prior to such termination or actual and intentional fraud in connection with, arising out of or
otherwise related to the representations and warranties set forth in this Agreement or any instrument or other document delivered pursuant
to this Agreement.

 

4.2
Notices. All notices and other communications
between the Parties shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) when delivered
after posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (c)
when delivered by FedEx or other nationally recognized overnight delivery service or (d) when e-mailed during normal business hours (and
otherwise as of the immediately following Business Day), addressed as follows:

 

If
to Parent:

 

Naked
Brand Group Limited

Level
61, MLC Centre

25
Martin Place

Sydney,
NSW 2000

Australia

Attention:Justin
Davis-Rice

E-mail:
justin.davis@nakedbrands.com

 

With
copies to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue, 11th Floor

New
York, New York 10174

Attention:
Jeffrey M. Gallant / Eric T. Schwartz

E-mail:
jgallant@graubard.com / eschwartz@graubard.com

 

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If
to CAG or any of the Companies:

 

Cenntro
Automotive Group Limited

c/o
Cenntro Electric Group, Inc.

501
Okerson Road

Freehold,
New Jersey 07728

Attention:Peter
Z. Wang

Email:peterw@cenntromotors.com

 

with
copies to (which shall not constitute notice):

 

Pillsbury
Winthrop Shaw Pittman LLP

 

31
West 52nd Street

New
York, New York 10019

Attention:
Jonathan J. Russo / Ted Powers III

Email: jonathan.russo@pillsburylaw.com / ted.powers@pillsbury.com

 

If
to the Shareholder, to the Shareholder’s address set forth on a signature page hereto.

 

4.3
Expenses. Except as otherwise provided herein
or in the SPA, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid
by the Party incurring such costs and expenses, whether or not the Acquisition is consummated.

 

4.4
Counterparts; Electronic Delivery. This Agreement,
and the consummation thereof, may be executed in counterparts, all of which shall be considered one and the same document and shall become
effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party, it being understood
that all Parties need not sign the same counterpart. Delivery by electronic transmission to counsel for the other Party of a counterpart
executed by a Party shall be deemed to meet the requirements of the previous sentence.

 

4.5
Entire Agreement; Third Party Beneficiaries.
This Agreement and the documents and instruments and other agreements between the Parties as contemplated by or referred to herein, including
the annexes hereto (a) constitute the entire agreement between the Parties with respect to the subject matter hereof and supersede all
prior agreements and understandings, both written and oral, between the Parties and any of their respective Affiliates with respect to
the transactions contemplated hereby; and (b) are not intended to confer upon any other person any rights or remedies hereunder (except
as specifically provided in this Agreement). No representations, warranties, covenants, understandings or agreements, oral or otherwise,
relating to the transactions contemplated by this Agreement exist between the Parties, except as expressly set forth or referenced in
this Agreement and the SPA.

 

4.6
Severability. In the event that any provision
of this Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable,
the remainder of this Agreement will continue in full force and effect and the application of such provision to other persons or circumstances
will be interpreted so as reasonably to effect the intent of the Parties. The Parties further agree to modify this Agreement to replace
such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible,
the economic, business, and other purposes of such void or unenforceable provision.

 

    	7

     

    

 

4.7
Other Remedies; Specific Performance. Except
as otherwise provided herein, any and all remedies herein expressly conferred upon a Party will be deemed cumulative with and not exclusive
of any other remedy conferred hereby, or by law or equity upon such Party, and the exercise by a Party of any one remedy will not preclude
the exercise of any other remedy. The Parties agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties
shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions hereof in any court of the United States or any state having jurisdiction, this being in addition to any other remedy to which
they are entitled at law or in equity. Each Party agrees that it will not oppose the granting of specific performance and other equitable
relief on the basis that the other Party has an adequate remedy at law or that an award of specific performance is not an appropriate
remedy for any reason at law or equity. The Parties acknowledge and agree that any Party seeking an injunction to prevent breaches of
this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section shall not be required
to provide any bond or other security in connection with any such injunction.

 

4.8
Governing Law. This Agreement shall be governed
by and construed in accordance with the internal law of the State of Delaware, regardless of the law that might otherwise govern under
applicable principles of conflicts of law thereof.

 

4.9
Consent to Jurisdiction; WAIVER OF TRIAL BY JURY.
Each of the Parties irrevocably consents to the exclusive jurisdiction and venue of the Delaware Chancery Court (or, if the Delaware
Chancery Court shall be unavailable, any other court in the State of Delaware or, in the case of claims to which the federal courts have
exclusive subject matter jurisdiction, any federal courts of the United States of America sitting in the State of Delaware) in connection
with any matter based upon or arising out of this Agreement or the transactions contemplated hereby, agrees that process may be served
upon them in any manner authorized by the laws of the State of Delaware for such persons and waives and covenants not to assert or plead
any objection which they might otherwise have to such jurisdiction, venue and manner of service of process. Each Party hereby agrees
not to commence any legal proceedings relating to or arising out of this Agreement or the transactions contemplated hereby in any jurisdiction
or courts other than as provided herein. Without limiting the foregoing, each Party agrees that service of process on such Party in accordance
with Section 4.2 shall be deemed effective service of process on such Party and each Party waives any further argument that such
service is insufficient. Each of the Parties (a) certifies that no representative, agent or attorney of any other Party has represented,
expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce that foregoing waiver and (b) acknowledges
that it and the other Parties have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable,
by, among other things, the mutual waivers and certifications in this Section. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

4.10
Assignment. No Party may assign either this Agreement
or any of its rights, interests, or obligations hereunder without the prior written approval of the other Parties. Subject to the first
sentence of this Section, this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors
and permitted assigns.

 

4.11
Amendment. This Agreement may be amended by the
Parties at any time only by execution of an instrument in writing signed on behalf of each of the Parties.

 

[Signature
Page Follows]

 

    	8

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above.

 

	EXECUTED
                                            by NAKED BRAND GROUP LIMITED

                           ACN
                           619 054 938 in accordance with section 127(1) of the Corporations Act 2001 (Cth):
	 	 
		 	
		 	 
	Signature
    of Director 	 	Signature
                                            of Director / Company Secretary

        (delete
        as applicable)

	 

                                                           
	 	 
	Name
                                            of Director

        (Please
        print)
	 	Name
                                            of Director / Company Secretary

        (Please
        print)

 

[Signature Page to Support Agreement]

 

    	 

     

    

 

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

 

	 	CENNTRO
    AUTOMOTIVE GROUP LIMITED, a Cayman Islands company limited by shares
	 	 	                   
	 	By:	
	 	Name:
    	 
	 	Title:
    	 

 

[Signature
Page to Support Agreement]

 

    	 

     

    

 

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

 

SHAREHOLDER

 

If
individual:

 

		 	 
	Signature
    of Shareholder	 	 
	 	 	 
	 	 	 
	Printed
    Name of Shareholder	 	 
	 	 	 
	 	 	 
	Signature
    of Shareholder’s Spouse (if applicable)	 	Printed
    Name of Shareholder’s Spouse (if applicable)

 

If
entity:

	 	 	 
	Printed
    Name of Entity	 
	 	 	 
	By:	 	 
	Name:		 
	Title:		 

 

Address
of Shareholder:

 

	Series	 	CAG
                                            Shares Owned

    Beneficially
	 	CAG
    Shares Held of Record	 	CAG
                                            Shares Over Which the

    Shareholder
    has

    Full
    Voting Power

				 		 	
	 	 	 	 	 	 	 

 

Note:
Please indicate class, series and subseries of CAG Shares, as applicable.

 

[Signature Page to Support Agreement] 

 

    	 

     

    

 

ANNEX
A

 

FORM
OF JOINDER

 

This
Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining
Party”) in accordance with the Support Agreement, dated as of [●], 2021 (as amended, supplemented or otherwise modified
from time to time, the “Support Agreement”), by and between Parent, CAG, and the CAG shareholders party thereto. Capitalized
terms used herein and not otherwise defined shall have the meaning ascribed to them in the Support Agreement.

 

The
Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed
to be a party to, and a “Shareholder” under, the Support Agreement as of the date hereof and shall have all of the rights
and obligations of a Shareholder as if it had executed the Support Agreement. The Joining Party hereby ratifies, as of the date hereof,
and agrees to be bound by, all of the terms, provisions and conditions contained in the Support Agreement.

 

IN
WITNESS WHEREOF, the undersigned has duly executed this Joinder Agreement as of the date written below.

 

	Date:
    [●], 20[●]	 	            
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address
    for Notices:
	 	 	 
	 	With
    copies to:

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