Document:

Exhibit
4.2

 

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

 

Naked
Brand Group Limited

 

WARRANT
TO PURCHASE ORDINARY SHARES

 

1.
Issuance. For good and valuable consideration as set forth in the Purchase Agreement (as defined below), including without
limitation the Purchase Price (as defined in the Purchase Agreement), the receipt and sufficiency of which are hereby acknowledged
by Naked Brand Group Limited, an Australia corporation (“Company”);
St. George Investments LLC, a Utah limited liability company, its successors and/or
registered assigns (“Investor”), is hereby granted the right to purchase at any time on or after the Issue
Date (as defined below) until the date which is the last calendar day of the month in which the second anniversary of the Purchase
Price Date (as defined in the Note (as defined in Attachment 1)) occurs (the “Expiration Date”), a number
of fully paid and non-assessable ordinary shares, no par value per share (the “Ordinary Shares”), equal to
the number of Conversion Shares (as defined in the Note) issued to Investor under the Note (as defined in the Note) as such number
may be adjusted from time to time pursuant to the terms and conditions of this Warrant to Purchase Ordinary Shares (this “Warrant”).

 

This
Warrant is being issued pursuant to the terms of that certain Securities Purchase Agreement dated January 9, 2020, to which Company
and Investor are parties (as the same may be amended from time to time, the “Purchase Agreement”). Certain
capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference. Moreover,
to the extent any defined terms herein are defined in any other Transaction Document (as so noted herein), such defined term shall
remain applicable in this Warrant even if the other Transaction Document has been released, satisfied, or is otherwise cancelled.
This Warrant was issued to Investor on January 9, 2020 (the “Issue Date”).

 

2.
Exercise of Warrant.

 

2.1.
General.

 

(a)
This Warrant is exercisable in whole or in part at any time and from time to time commencing on the Purchase Price Date and ending
on the Expiration Date. Such exercise shall be effectuated by submitting to Company (either by delivery to Company or by email
or facsimile transmission) a completed and signed Notice of Exercise substantially in the form attached to this Warrant as Exhibit
A (the “Notice of Exercise”). The date a Notice of Exercise is either faxed, emailed or delivered to Company
shall be the “Exercise Date,” provided that, if such exercise represents the full exercise of the outstanding
balance of this Warrant, Investor shall tender this Warrant to Company within five (5) Trading Days thereafter, but only if the
Warrant Shares to be delivered pursuant to the Notice of Exercise have been delivered to Investor as of such date. The Notice
of Exercise shall be executed by Investor and shall indicate (i) the number of Warrant Shares to be issued pursuant to such exercise,
and (ii) if applicable (as provided below), whether the exercise is a cashless exercise.

 

    	 	 	 

    	 

    

 

2.2.
Exercise Price.

 

(a)
Notwithstanding any other provision contained herein or in any other Transaction Document to the contrary, if at any time after
the six month anniversary of the Issue Date and prior to the Expiration Date there is no current and effective registration statement
available for the resale by Investor of the Warrant Shares, Investor may elect a “cashless” exercise of this Warrant
for any Warrant Shares, in which event the Company shall issue to Investor a number of Warrant Shares computed using the following
formula:

 

X
= Y (A-B)

A

 

	 Where	 X =	the
    number of Warrant Shares to be issued to Investor.
	 	 	 
	 	Y
    = 	the
    number of Warrant Shares that the Investor elects to purchase under this Warrant (at the date of such calculation).
	 	 	 
	 	A
    =	the
    Closing Trade Price (on the date two Trading Days prior to the Exercise Date).
	 	 	 
	 	B
    =	Exercise
    Price (as adjusted to the date of such calculation).

 

(b)
If the Notice of Exercise form elects a “cash” exercise, the Exercise Price per Ordinary Shares for the Warrant Shares
shall be payable, at the election of Investor, in cash or by certified or official bank check or by wire transfer in accordance
with instructions provided by Company at the request of Investor.

 

(c)
Upon the appropriate payment to Company, if any, of the Exercise Price for the Warrant Shares, Company shall promptly, but in
no case later than the date that is three (3) Trading Days following the date the Exercise Price is paid to Company (or with respect
to a “cashless exercise,” the date that is five (5) Trading Days following the Exercise Date) (the “Delivery
Date”), deliver or cause Company’s Transfer Agent to deliver the applicable Warrant Shares electronically via
the DWAC system to the account designated by Investor on the Notice of Exercise. If for any reason Company is not able to so deliver
the Warrant Shares via the DWAC system, notwithstanding its best efforts to do so, such shall constitute a breach of this Warrant,
and Company shall instead, on or before the applicable date set forth above in this subsection, issue and deliver to Investor
or its broker (as designated in the Notice of Exercise), via reputable overnight courier, a certificate, registered in the name
of Investor or its designee, representing the applicable number of Warrant Shares; provided that, for the avoidance of doubt,
it shall not constitute a breach to deliver Warrant Shares in accordance with Section 2.2(d). For the avoidance of doubt, Company
has not met its obligation to deliver Warrant Shares within the required timeframe set forth above unless Investor or its broker,
as applicable, has actually received the Warrant Shares (whether electronically or in certificated form) no later than the close
of business on the latest possible delivery date pursuant to the terms set forth above.

 

    	 	2	 

    	 

    

 

(d)
Notwithstanding anything to the contrary herein or in any other Transaction Document, in the event Company or its Transfer Agent
refuses to deliver any Warrant Shares to Investor on grounds that such issuance is in violation of Rule 144 under the 1933 Act
(as defined below) (“Rule 144”), Company shall deliver or cause its Transfer Agent to deliver the applicable
Warrant Shares to Investor in certificated form with a restricted securities legend, but otherwise in accordance with the provisions
of Section 2.2(c). In conjunction therewith, Company will also deliver to Investor a written opinion from its counsel or its Transfer
Agent’s counsel opining as to why the issuance of the applicable Warrant Shares via DWAC or otherwise without a restricted
securities legend violates Rule 144. Investor acknowledges that the Warrant Shares shall bear a legend so long as the applicable
holding period under Rule 144 has not been met or any other conditions of Rule 144, including the requirement for current public
information to be available, would apply to sale of the Warrant Shares.

 

(e)
If Warrant Shares are delivered later than as required under subsection (d) immediately above, Company agrees to pay, in addition
to all other remedies available to Investor in the Transaction Documents, a late charge equal to the greater of (i) $500.00 and
(ii) 1% of the product of the number of shares of Ordinary Shares not issued to Investor on a timely basis and to which Investor
is entitled multiplied by the Closing Trade Price of the Ordinary Shares on the Trading Day immediately preceding the last possible
date which Company could have issued such Ordinary Shares to Investor without violating this Warrant, rounded to the nearest multiple
of $100.00 (such resulting amount, the “Warrant Share Value”) (but in any event the cumulative amount of such
late fees for each exercise shall not exceed 50% of the Warrant Share Value), per Trading Day until such Warrant Shares are delivered
(the “Late Fees”). Company acknowledges and agrees that the failure to timely deliver Warrant Shares hereunder
is a material breach of this Warrant and that the Late Fees are properly charged as liquidated damages to compensate Investor
for such breach. Company shall pay any Late Fees incurred under this subsection in immediately available funds upon demand; provided,
however, that, so long as the Note is outstanding, at the option of Investor, such amount owed may be added to the principal
amount of the Note. Furthermore, in the event that Company fails for any reason to effect delivery of the Warrant Shares as required
under subsection (d) immediately above, Investor may revoke all or part of the relevant Warrant exercise by delivery of a notice
to such effect to Company, whereupon Company and Investor shall each be restored to their respective positions immediately prior
to the exercise of the relevant portion of this Warrant, except that the Late Fees described above shall be payable through the
date notice of revocation or rescission is given to Company.

 

(f)
Investor shall be deemed to be the holder of the Warrant Shares issuable to it in accordance with the provisions of this Section
2.1 on the Exercise Date.

 

2.3.
Ownership Limitation. Notwithstanding anything to the contrary contained in this Warrant or the other Transaction Documents,
Investor shall not effect any exercise of this Warrant to the extent that giving effect to such exercise would cause Investor
(together with its affiliates) to own a number of shares exceeding 4.99% of the number of Ordinary Shares outstanding on such
date (including for such purpose the Ordinary Shares issuable upon such issuance) (the “Maximum Percentage”).
Notwithstanding the foregoing, the term “4.99%” above shall be replaced with “9.99%” at such time as the
Market Capitalization is less than $10,000,000.00. Notwithstanding any other provision contained herein, if the term “4.99%”
is replaced with “9.99%” pursuant to the preceding sentence, such change to “9.99%” shall be permanent.
By written notice to Company, Investor may increase or decrease the Maximum Percentage, up to a maximum of 9.99%, but any such
waiver will not be effective until the 61st day after delivery thereof. The foregoing 61-day notice requirement is enforceable,
unconditional and non-waivable and shall apply to all affiliates and assigns of Investor.

 

    	 	3	 

    	 

    

 

3.
Exchange Option. Within in thirty (30) days of the Purchase Price Date, Investor may return this Warrant to Company for
cancellation in exchange for a five percent (5%) increase to the outstanding balance of the Note.

 

4.
Mutilation or Loss of Warrant. Upon receipt by Company of evidence satisfactory to it of the loss, theft, destruction or
mutilation of this Warrant, and (in the case of loss, theft or destruction) receipt of reasonably satisfactory indemnification,
and (in the case of mutilation) upon surrender and cancellation of this Warrant, Company will execute and deliver to Investor
a new Warrant of like tenor and date and any such lost, stolen, destroyed or mutilated Warrant shall thereupon become void.

 

5.
Rights of Investor. Investor shall not, by virtue of this Warrant alone, be entitled to any rights of a stockholder in
Company, either at law or in equity, and the rights of Investor with respect to or arising under this Warrant are limited to those
expressed in this Warrant and are not enforceable against Company except to the extent set forth herein.

 

6.
Adjustments.

 

6.1.
Capital Adjustments. If Company shall at any time prior to the expiration of this Warrant subdivide the Ordinary Shares,
by split-up or stock split, or otherwise, or combine its Ordinary Shares, or issue additional shares of its Ordinary Shares as
a dividend, the number of Warrant Shares issuable upon the exercise of this Warrant shall forthwith be automatically increased
proportionately in the case of a subdivision, split or stock dividend, or proportionately decreased in the case of a combination.
Appropriate adjustments shall also be made to the Exercise Price and other applicable amounts, but the aggregate purchase price
payable for the total number of Warrant Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment
under this Section 6.1 shall become effective automatically at the close of business on the date the subdivision or combination
becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of
such dividend.

 

6.2.
Reclassification, Reorganization and Consolidation; Fundamental Transaction. In case of any reclassification, capital reorganization,
or change in the capital stock of Company (other than as a result of a subdivision, combination, or stock dividend provided for
in Section 6.1 above), or in case a Fundamental Transaction (as defined in the Note) is consummated, then Company shall make appropriate
provision so that Investor shall have the right at any time prior to the expiration of this Warrant to purchase, at a total price
equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and/or other securities or property
receivable in connection with such reclassification, reorganization, or change, or Fundamental Transaction, by a holder of the
same number of Ordinary Shares as were purchasable by Investor immediately prior to such reclassification, reorganization, or
change, or Fundamental Transaction. In any such case appropriate provisions shall be made with respect to the rights and interest
of Investor so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities
and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the purchase price per Warrant Share
payable hereunder, provided the aggregate purchase price shall remain the same.

 

7.
Certificate as to Adjustments. In each case of any adjustment or readjustment in the number or kind of shares issuable
on the exercise of this Warrant, or in the Exercise Price, pursuant to the terms hereof, Company at its expense will promptly
cause its Chief Financial Officer or other appropriate designee to compute such adjustment or readjustment in accordance with
the terms of this Warrant and prepare a certificate setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based, including a statement of (a) the number of Ordinary Shares outstanding or
deemed to be outstanding, and (b) the Exercise Price and the number of Ordinary Shares or other shares of stock or other securities
or property to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. Nothing in this Section 7 shall be deemed to limit any other provision contained
herein.

 

    	 	4	 

    	 

    

 

8.
Transfer to Comply with the Securities Act. This Warrant and the Warrant Shares have not been registered under the Securities
Act of 1933, as amended (the “1933 Act”). Neither this Warrant nor the Warrant Shares may be sold, transferred,
pledged or hypothecated without (a) an effective registration statement under the 1933 Act relating to such security or (b) an
opinion of counsel reasonably satisfactory to Company that registration is not required under the 1933 Act; provided, however,
that the foregoing restrictions on transfer shall not apply to the transfer of the Warrant to an affiliate of Investor. Until
such time as registration has occurred under the 1933 Act, each certificate for this Warrant and any Warrant Shares shall contain
a legend, in form and substance satisfactory to counsel for Company, setting forth the restrictions on transfer contained in this
Section 8; provided, however, that Company acknowledges and agrees that any such legend shall be removed from all certificates
for DTC Eligible Ordinary Shares delivered hereunder, provided that the applicable holding period under Rule 144 has been met
and no other conditions of Rule 144, including the requirement for current public information to be available, would apply to
sale of the Warrant Shares. Subject to the foregoing, upon receipt of a duly executed assignment of this Warrant, Company shall
register the transferee thereon as the new holder on the books and records of Company and such transferee shall be deemed a “registered
holder” or “registered assign” for all purposes hereunder, and shall have all the rights of Investor under this
Warrant. Until this Warrant is transferred on the books of Company, Company may treat Investor as the absolute owner hereof for
all purposes, notwithstanding any notice to the contrary.

 

9.
Notices. Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices”
in the Purchase Agreement, the terms of which are incorporated herein by reference.

 

10.
Supplements and Amendments; Whole Agreement. This Warrant may be amended or supplemented only by an instrument in writing
signed by the parties hereto. This Warrant, together with the Purchase Agreement, contains the full understanding of the parties
hereto with respect to the subject matter hereof and thereof and there are no representations, warranties, agreements or understandings
with respect to the subject matter hereof and thereof other than as expressly contained herein and therein.

 

11.
Purchase Agreement; Arbitration of Disputes; Calculation Disputes. This Warrant is subject to the terms, conditions and
general provisions of the Purchase Agreement, including without limitation the Arbitration Provisions (as defined in the Purchase
Agreement) set forth as an exhibit to the Purchase Agreement. In addition, notwithstanding the Arbitration Provisions, in the
case of a dispute as to any Calculation (as defined in the Purchase Agreement), such dispute will be resolved in the manner set
forth in the Purchase Agreement.

 

12.
Governing Law; Venue. This Warrant shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of
Utah, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Utah. The provisions set
forth in the Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference.

 

    	 	5	 

    	 

    

 

13.
Waiver of Jury Trial. COMPANY IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS WARRANT OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY.
THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE
OR REGULATION. FURTHER, COMPANY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT TO DEMAND TRIAL BY JURY.

 

14.
Remedies. The remedies at law of Investor under this Warrant in the event of any default or threatened default by Company
in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate and, without limiting
any other remedies available to Investor in the Transaction Documents, at law or equity, to the fullest extent permitted by law,
such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction
against a violation of any of the terms hereof or otherwise without the obligation to post a bond.

 

15.
Liquidated Damages. Company and Investor agree that in the event Company fails to comply with any of the terms or provisions
of this Warrant, Investor’s damages would be uncertain and difficult (if not impossible) to accurately estimate because
of the parties’ inability to predict future interest rates, future share prices, future trading volumes and other relevant
factors. Accordingly, Investor and Company agree that any fees or other charges assessed under this Warrant are not penalties
but instead are intended by the parties to be, and shall be deemed, liquidated damages (under Investor’s and Company’s
expectations that any such liquidated damages will tack back to the Issue Date for purposes of determining the holding period
under Rule 144.

 

16.
Counterparts. This Warrant may be executed in any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Signatures delivered
via facsimile or email shall be considered original signatures for all purposes hereof.

 

17.
Attorneys’ Fees. In the event of any arbitration, litigation or dispute arising from this Warrant, the parties agree
that the party who is awarded the most money (which, for the avoidance of doubt, shall be determined without regard to any statutory
fines, penalties, fees, or other charges awarded to any party) shall be deemed the prevailing party for all purposes and shall
therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses paid by said prevailing
party in connection with arbitration or litigation without reduction or apportionment based upon the individual claims or defenses
giving rise to the fees and expenses. Nothing herein shall restrict or impair an arbitrator’s or a court’s power to
award fees and expenses for frivolous or bad faith pleading.

 

18.
Severability. Whenever possible, each provision of this Warrant shall be interpreted in such a manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be invalid or unenforceable in any jurisdiction, such
provision shall be modified to achieve the objective of the parties to the fullest extent permitted and such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Warrant or the validity or enforceability of this Warrant
in any other jurisdiction.

 

19.
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Warrant.

 

20.
Descriptive Headings. Descriptive headings of the sections of this Warrant are inserted for convenience only and shall
not control or affect the meaning or construction of any of the provisions hereof.

 

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

 

    	 	6	 

    	 

    

 

IN
WITNESS WHEREOF, Company has caused this Warrant to be duly executed by an officer thereunto duly authorized as of the Issue Date.

 

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

 

[Signature
Page to Warrant] 

 

    	 	 	 

    	 

    

 

ATTACHMENT
1

DEFINITIONS

 

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

 

A1.
“Bloomberg” means Bloomberg L.P. (or if that service is not then reporting the relevant information regarding
the Ordinary Shares, a comparable reporting service of national reputation selected by Investor and reasonably satisfactory to
Company).

 

A2.
“Closing Trade Price” means the last closing trade price for the Ordinary Shares on its principal market, as
reported by Bloomberg, or, if its principal market begins to operate on an extended hours basis and does not designate the closing
bid price or the closing trade price (as the case may be) then the last trade price, respectively, of the Ordinary Shares prior
to 4:00:00 p.m., New York time, as reported by Bloomberg, or if the foregoing does not apply, the last closing trade price of
the Ordinary Shares in the over-the-counter market on the electronic bulletin board for the Ordinary Shares as reported by Bloomberg,
or, if no closing trade price is reported for the Ordinary Shares by Bloomberg, the average of the bid and ask prices of any market
makers for the Ordinary Shares as reported by OTC Markets Group, Inc., and any successor thereto. If the Closing Trade Price cannot
be calculated for the Ordinary Shares on a particular date on any of the foregoing bases, the Closing Trade Price of the Ordinary
Shares on such date shall be the fair market value as mutually determined by Investor and Company. All such determinations shall
be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

A3.
“DTC” means the Depository Trust Company or any successor thereto.

 

A4.
“DTC Eligible” means, with respect to the Ordinary Shares, that such Ordinary Shares is eligible to be deposited
in certificate form at the DTC, cleared and converted into electronic shares by the DTC and held in the name of the clearing firm
servicing Investor’s brokerage firm for the benefit of Investor.

 

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

 

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

 

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

 

A8.
“Exercise Price” means $5.00 per Ordinary Share, as the same may be adjusted from time to time pursuant to
the terms and conditions of this Warrant.

 

A9.
“Market Capitalization” means the product equal to (a) the average VWAP of
the Ordinary Shares for the immediately preceding fifteen (15) Trading Days, multiplied by (b) the aggregate number of outstanding
Ordinary Shares as reported on Company’s most recently filed Form 10-Q or Form 10-K.

 

A10.
“Note” means that certain Convertible Promissory Note issued by Company to Investor pursuant to the Purchase
Agreement, as the same may be amended from time to time, and including any promissory note(s) that replace or are exchanged for
such referenced promissory note.

 

A11.
“Trading Day” means any day the New York Stock Exchange is open for trading.

 

A12.
“Transaction Documents” means the Purchase Agreement, the Note, this Warrant, and all other documents, certificates,
instruments and agreements entered into or delivered in conjunction therewith, as the same may be amended from time to time.

 

A13.
“VWAP” means the volume-weighted average price of the Ordinary Shares on the principal market for a particular
Trading Day or set of Trading Days, as the case may be, as reported by Bloomberg.

 

[Attachment
1 to Warrant, Page 1]

 

    	 	 	 

    	 

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE OF WARRANT

 

	TO:	Naked
    Brand Group Limited
	 	ATTN:
    _______________
	 	VIA
    FAX TO: (    )______________ EMAIL: ______________

 

The
undersigned hereby irrevocably elects to exercise the right, represented by Warrant to Purchase Ordinary Shares dated as of January
9, 2020 (the “Warrant”), to purchase shares of the ordinary shares, no par value (“Ordinary Shares”),
of Naked Brand Group Limited, and tenders herewith payment in accordance with Section 2 of the Warrant, as follows:

 

	_______	 	CASH:
    $__________________________ = (Exercise Price x Warrant Shares)
	 	 	 
	_______	 	Payment
    is being made by:
	 	 	 
	 	 	_____
    enclosed check
	 	 	_____
    wire transfer 
	 	 	_____
    other
	 	 	 
	_______	 	CASHLESS
    EXERCISE:
	 	 	 
	 	 	Net
    number of Warrant Shares to be issued to Investor: ______*

 

* X
= Y (A-B)

A

 

	Where	 X =	the
    number of Warrant Shares to be issued to Investor.
	 	 	 
	 	Y
    = 	the
    number of Warrant Shares that the Investor elects to purchase under this Warrant (at the date of such calculation).
	 	 	 
	 	A
    =	the
    Closing Price (on the date two Trading Days prior to the Exercise Date).
	 	 	 
	 	B
    =	Exercise
    Price (as adjusted to the date of such calculation).

 

The
Lender hereby certifies that the representations and warranties set forth in Section 2 of the Purchase Agreement are true and
correct as of the date hereof. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them
in the Warrant.

 

It
is the intention of Investor to comply with the provisions of Section 2.2 of the Warrant regarding certain limits on Investor’s
right to receive shares thereunder. Investor believes this exercise complies with the provisions of such Section 2.2. Nonetheless,
to the extent that, pursuant to the exercise effected hereby, Investor would receive more Ordinary Shares than permitted under
Section 2.2, Company shall not be obligated and shall not issue to Investor such excess shares until such time, if ever, that
Investor could receive such excess shares without violating, and in full compliance with, Section 2.2 of the Warrant.

 

As
contemplated by the Warrant, this Notice of Exercise is being sent by email or by facsimile to the fax number and officer indicated
above.

 

Exhibit
A to Warrant, Page 1

 

    	 	 	 

    	 

    

 

If
this Notice of Exercise represents the full exercise of the outstanding balance of the Warrant, Investor will surrender (or cause
to be surrendered) the Warrant to Company at the address indicated above by express courier within five (5) Trading Days after
the Warrant Shares to be delivered pursuant to this Notice of Exercise have been delivered to Investor.

 

To
the extent the Warrant Shares are not able to be delivered to Investor via the DWAC system, please deliver certificates representing
the Warrant Shares to Investor via reputable overnight courier after receipt of this Notice of Exercise (by facsimile transmission
or otherwise) to:

 

_____________________________________

 

_____________________________________

 

_____________________________________

 

Dated:
_____________________

 

___________________________

[Name
of Investor]

 

By:________________________

 

Affirmed:

 

Naked
Brand Group Limited

 

	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

Exhibit
A to Warrant, Page 2Exhibit
10.1

 

Securities
Purchase Agreement

 

This
Securities Purchase Agreement (this “Agreement”),
dated as of January 9, 2020, is entered into by and between Naked Brand Group Limited,
an Australia corporation (“Company”), and St. George Investments LLC,
a Utah limited liability company, its successors and/or assigns (“Investor”).

 

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

 

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

 

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

 

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

 

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

 

1.
Purchase and Sale of Securities.

 

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

 

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

 

1.3.
Closing Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section 6 below,
the date of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be January
9, 2020, or another mutually agreed upon date. The closing of the transactions contemplated by this Agreement (the “Closing”)
shall occur on the Closing Date by means of the exchange by email of signed .pdf documents, but shall be deemed for all purposes
to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

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

 

    	 	1	 

    	 

    

 

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

 

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

 

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

 

    	 	2	 

    	 

    

 

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

 

    	 	3	 

    	 

    

 

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

 

    	 	4	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	5	 

    	 

    

 

8.
OFAC; Patriot Act.

 

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

 

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

 

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

 

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

 

    	 	6	 

    	 

    

 

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

 

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

 

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

 

    	 	7	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	 	8	 

    	 

    

 

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

 

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

 

If
to Company:

 

Naked
Brand Group Limited

Attn:
Anna Johnson

c/o
Bendon Limited

Building
7C, Huntley Street

NSW
2015, Australia

 

If
to Investor:

 

St.
George Investments LLC

Attn:
John Fife

303
East Wacker Drive, Suite 1040

Chicago,
Illinois 60601

 

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

 

Hansen
Black Anderson Ashcraft PLLC

Attn:
Jonathan Hansen

3051
West Maple Loop Drive, Suite 325

Lehi,
Utah 84043

 

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

 

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

 

    	 	9	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	10	 

    	 

    

 

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

 

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

 

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

 

[Signature
Page to Securities Purchase Agreement]

 

    	 	 	 

    	 

    

 

ATTACHED
EXHIBITS:

 

Exhibit
A        Note

Exhibit
B        Warrant

Exhibit
C        Subordination Deed

Exhibit
D        Irrevocable Transfer Agent Instructions

Exhibit
E        Secretary’s Certificate

Exhibit
F        Share Issuance Resolution

Exhibit
G        Arbitration Provisions

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