<SUBMISSION>
<ACCESSION-NUMBER>0001299933-13-001858
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20131021
<ITEMS>1.01
<ITEMS>2.03
<ITEMS>3.02
<ITEMS>9.01
<FILING-DATE>20131025
<DATE-OF-FILING-DATE-CHANGE>20131025
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Castle Brands Inc
<CIK>0001311538
<ASSIGNED-SIC>2080
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>FL
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32849
<FILM-NUMBER>131169319
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>122 EAST 42ND STREET
<STREET2>SUITE 4700
<CITY>NEW YORK
<STATE>NY
<ZIP>10168
<PHONE>646-356-0200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>122 EAST 42ND STREET
<STREET2>SUITE 4700
<CITY>NEW YORK
<STATE>NY
<ZIP>10168
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_48678.htm
<DESCRIPTION>LIVE FILING
<TEXT>
<!-- CoverPageHeader start -->
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> Castle Brands Inc. (Form: 8-K) </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">
<!-- Comment1 -->
<A NAME="DOCUMENT_TOP">&nbsp;</A>
<P>
<!-- CoverPageHeader end --><!-- CoverPageTitle START -->
<A NAME="DOCUMENT_TOP">&nbsp;</A>
<HR NOSHADE>
<P>
<P ALIGN="CENTER">
<FONT SIZE="4">
		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
</FONT>
<BR>
<FONT SIZE="2">
	WASHINGTON, D.C. 20549
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="5">
	FORM 8-K
</FONT>
<FONT SIZE="2">

</FONT>
</P>
<P ALIGN="CENTER">
<FONT SIZE="3">
	CURRENT REPORT
</FONT>
</P>
<P ALIGN="CENTER">
<FONT SIZE="2">
	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
</FONT>
</P>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="51%">
	&nbsp;
</TD>
<TD WIDTH="5%">
	&nbsp;
</TD>
<TD WIDTH="44%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Date of Report (Date of Earliest Event Reported):
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	October 21, 2013
</FONT>
</TD>
</TR>
</TABLE>
<BR>
</CENTER>
<!-- CoverPageTitle END --><!-- CoverPageRegistrant START -->
<P ALIGN="CENTER"><!-- -->
<FONT SIZE="6">
	Castle Brands Inc.
</FONT>
<FONT SIZE="2">
<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
</FONT>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="33%">
	&nbsp;
</TD>
<TD WIDTH="34%">
	&nbsp;
</TD>
<TD WIDTH="33%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Florida
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	001-32849
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	41-2103550
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_____________________<BR>
	(State or other jurisdiction
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_____________<BR>
	(Commission
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
______________<BR>
	(I.R.S. Employer
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	of incorporation)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	File Number)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Identification No.)
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	122 East 42nd Street, Suite 4700, New York, New York
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	10168
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
_________________________________<BR>
	(Address of principal executive offices)
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
___________<BR>
	(Zip Code)
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
<TD WIDTH="51%">
	&nbsp;
</TD>
<TD WIDTH="5%">
	&nbsp;
</TD>
<TD WIDTH="44%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	Registrant&#146;s telephone number, including area code:
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<FONT SIZE="2">
	(646) 356-0200
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<P ALIGN="CENTER">
<FONT SIZE="2">
	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
</FONT>
<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
</P></FONT><!-- PageBreak START -->
<P>
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
<!-- PageBreak END --><!-- Item START -->
<P ALIGN="LEFT">
<FONT SIZE="2">
<B>
	Item 1.01 Entry into a Material Definitive Agreement.
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
On October 21, 2013, Castle Brands Inc., a Florida corporation (the "Company"), entered into a 5% Convertible Subordinated Note Purchase Agreement (the "Note Purchase Agreement"), by and among the Company and the lending parties set forth on the signature pages attached thereto (the "Purchasers"), which provides for the issuance of an aggregate initial principal amount of $2,125,000 unsecured subordinated notes (the "Convertible Notes") by the Company.  The Company intends to use a portion of the proceeds to finance the acquisition of additional bourbon inventory in support of the growth of its Jefferson's bourbon brand.<br><br>The Convertible Notes bear interest at a rate of 5% per annum, payable quarterly on March 15, June 15, September 15 and December 15 of each year beginning on December 15, 2013 until their maturity date of December 15, 2018.  The Convertible Notes and accrued but unpaid interest thereon are convertible in whole or in part from time to time at the option of the holders thereof into shares of common stock, par value $0.01 per share, of the Company ("Common Stock") at a conversion price of $0.90 per share (the "Conversion Price").  The Convertible Notes may be prepaid in whole or in part at any time without penalty or premium, but with payment of accrued interest to the date of prepayment.  The Convertible Notes contain customary events of default, which, if uncured, entitle each noteholder to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on, the Convertible Notes.  The issuance of the Convertible Notes is subject to customary closing conditions, including the approval of the NYSE MKT with respect to the listing of the shares of Common Stock issuable upon conversion of the Convertible Notes.<br><br>The Purchasers include certain related parties of the Company, including an affiliate of Dr. Phillip Frost ($500,000), a director and principal shareholder of the Company, Mark E. Andrews, III ($50,000), a director of the Company and the Company&#x2019;s Chairman, an affiliate of Richard J. Lampen ($50,000), a director of the Company and the Company&#x2019;s President and Chief Executive Officer, an affiliate of Glenn Halpryn ($200,000), a director of the Company, Dennis Scholl ($100,000), a director of the Company, and Vector Group Ltd. ($200,000), a more than 5% shareholder of the Company, of which Richard Lampen is an executive officer and Henry Beinstein, a director of the Company, is a director. <br><br>The Company may forcibly convert all or any part of the Convertible Notes and all accrued but unpaid interest thereon if (i) the average daily volume of the Common Stock (as reported on the principal market or exchange on which the Common Stock is listed or quoted for trading) exceeds $50,000 per trading day and (ii) the volume weighted average price of the Common Stock for at least twenty (20) trading days during any thirty (30) consecutive trading day period exceeds 250% of the then-current Conversion Price.  Any forced conversion will be applied ratably to the holders of all Convertible Notes issued pursuant to the Note Purchase Agreement based on each holder&#x2019;s then-current note holdings.<br><br>In connection with the Note Purchase Agreement, each Purchaser will be required to execute a joinder to that certain Subordination Agreement, dated as of August 7, 2013 (as amended, the "Subordination Agreement"), by and among Keltic Financial Partners II, LP, a Delaware limited partnership ("Keltic"), and certain other junior lenders to the Company; the Company is not a party to the Subordination Agreement. <br><br>The offering of the Convertible Notes was made in reliance upon the exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and there were no underwriting discounts or commissions with respect thereto.<br><br>Also on October 21, 2013, in connection with the Company&#x2019;s execution and delivery of the Note Purchase Agreement, the Company and Castle Brands (USA) Corp., a Florida corporation and a wholly owned subsidiary of the Company ("CB-USA"), entered into a Fourth Amendment, Waiver and Consent (the "Amendment") to that certain Loan and Security Agreement (as amended, the "Loan Agreement"), dated as of August 19, 2011, with Keltic, in order to amend certain terms of the Company&#x2019;s existing $8,000,000 revolving facility and $4,000,000 term loan with Keltic.  The Amendment modifies certain aspects of the EBITDA covenant contained in the Loan Agreement, permits the Company to incur indebtedness in an aggregate original principal amount of $2,150,000 pursuant to the terms of the Note Purchase Agreement and Convertible Notes and permits the Company to make regularly scheduled payments of principal and interest and voluntary prepayments on the Convertible Notes, subject to certain conditions set forth in the Amendment.<br><br>In connection with the Amendment, on October 21, 2013, the Company and CB-USA entered into a Reaffirmation Agreement (the "Reaffirmation Agreement") with (i) Keltic, (ii) certain officers of the Company and CB-USA, including John Glover, the Company&#x2019;s Chief Operating Officer, T. Kelley Spillane, the Company&#x2019;s Senior Vice President - Global Sales, and Alfred Small, the Company&#x2019;s Senior Vice President, Chief Financial Officer, Secretary & Treasurer, and (iii) certain junior lenders to the Company, including an affiliate of Dr. Phillip Frost, Mark E. Andrews, III and an affiliate of Richard J. Lampen, which reaffirms the existing Validity and Support Agreements by and among each officer, the Company, CB-USA and Keltic.<br><br>The foregoing summary is qualified in its entirety by reference to the text of the Note Purchase Agreement, the Convertible Notes, the Amendment and the Reaffirmation Agreement attached hereto as exhibits 4.1, 4.2, 4.3 and 10.1, respectively, and incorporated by reference herein.<br> <br><br><br>
</FONT>
</P>
<!-- Item END -->
<BR><BR><BR><BR><!-- Item START -->
<P ALIGN="LEFT">
<FONT SIZE="2">
<B>
	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
The information in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.
</FONT>
</P>
<!-- Item END -->
<BR><BR><BR><BR><!-- Item START -->
<P ALIGN="LEFT">
<FONT SIZE="2">
<B>
	Item 3.02 Unregistered Sales of Equity Securities.
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
The information in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.
</FONT>
</P>
<!-- Item END -->
<BR><BR><BR><BR><!-- Item START -->
<P ALIGN="LEFT">
<FONT SIZE="2">
<B>
	Item 9.01 Financial Statements and Exhibits.
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
(d)	Exhibits.<br><br>The following exhibits are filed as exhibits to this Report on Form 8-K:<br>4.1	5% Convertible Subordinated Note Purchase Agreement, dated as of October 21, 2013, among the Company and the parties set forth on the signature pages attached thereto.<br>4.2     Form of 5% Subordinated Convertible Note Due 2018, issued by the Company.<br>4.3     Fourth Amendment, Waiver and Consent to the Loan and Security Agreement, between the Company, Castle Brands (USA) Corp. and Keltic Financial Partners II, LP, dated as of August 19, 2011 and effective as of October 21, 2013.<br>10.1	Reaffirmation Agreement, dated as of October 21, 2013, by and among Keltic Financial Partners II, LP, the Company, Castle Brands (USA) Corp., the officers signatory thereto and certain junior lenders to the Company.<br>
</FONT>
</P>
<!-- Item END -->
<BR><BR><BR><BR><P ALIGN="LEFT" STYLE="FONT-SIZE: 10PT"></P><!-- PageBreak START -->
<P>
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
<!-- PageBreak END --><!-- SignatureHeader START -->
<P ALIGN="CENTER">
<FONT SIZE="2">
<B>
	SIGNATURES
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
</FONT>
</P>
<!-- SignatureHeader END --><!-- Signature START -->
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="19%">
	&nbsp;
</TD>
<TD WIDTH="34%">
	&nbsp;
</TD>
<TD WIDTH="3%">
	&nbsp;
</TD>
<TD WIDTH="1%">
	&nbsp;
</TD>
<TD WIDTH="43%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD COLSPAN="3" VALIGN="TOP" ALIGN="LEFT">
<FONT SIZE="2">
	Castle Brands Inc.
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
<I>
	October 25, 2013
</I>
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	By:
</I>
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	/s/ Alfred J. Small
</I>
<BR>
</FONT>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<HR SIZE="1" NOSHADE>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Name: Alfred J. Small
</I>
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Title: Senior Vice President and Chief Financial Officer
</I>
</FONT>
</TD>
</TR>
</TABLE>
</CENTER>
<!-- Signature END --><!-- PageBreak START -->
<P>
<HR NOSHADE>
<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
<!-- PageBreak END --><P ALIGN="CENTER">
<FONT SIZE="2">
	Exhibit&nbsp;Index
</FONT>
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="60%">
<TR VALIGN="BOTTOM">
<TD WIDTH="8%">
	&nbsp;
</TD>
<TD WIDTH="15%">
	&nbsp;
</TD>
<TD WIDTH="77%">
	&nbsp;
</TD>
</TR>

<BR>
<TR VALIGN="BOTTOM">
<TD NOWRAP ALIGN="LEFT">
<FONT SIZE="1">
<B>
	Exhibit No.
</B>
</FONT>
</TD>
<TD>
<FONT SIZE="1">
	&nbsp;
</FONT>
</TD>
<TD NOWRAP ALIGN="LEFT">
<FONT SIZE="1">
<B>
	Description
</B>
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD NOWRAP ALIGN="CENTER">
<HR SIZE="1" NOSHADE>
</TD>
<TD>
<FONT SIZE="1">
	&nbsp;
</FONT>
</TD>
<TD NOWRAP ALIGN="CENTER">
<HR ALIGN="LEFT" SIZE="1" WIDTH="88%" NOSHADE>
</TD>
</TR>





<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" WIDTH="8%" nowrap>
<FONT SIZE="2">
<DIV ALIGN="LEFT">
	4.1
</DIV>
</FONT>
</TD>
<TD WIDTH="15%">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
5% Convertible Subordinated Note Purchase Agreement, dated as of October 21, 2013, among the Company and the parties set forth on the signature pages attached thereto.
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" WIDTH="8%" nowrap>
<FONT SIZE="2">
<DIV ALIGN="LEFT">
	4.2
</DIV>
</FONT>
</TD>
<TD WIDTH="15%">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Form of 5% Subordinated Convertible Note Due 2018, issued by the Company.
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" WIDTH="8%" nowrap>
<FONT SIZE="2">
<DIV ALIGN="LEFT">
	4.3
</DIV>
</FONT>
</TD>
<TD WIDTH="15%">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Fourth Amendment, Waiver and Consent to the Loan and Security Agreement, between the Company, Castle Brands (USA) Corp. and Keltic Financial Partners II, LP, dated as of August 19, 2011 and effective as of October 21, 2013.
</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" WIDTH="8%" nowrap>
<FONT SIZE="2">
<DIV ALIGN="LEFT">
	10.1
</DIV>
</FONT>
</TD>
<TD WIDTH="15%">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Reaffirmation Agreement, dated as of October 21, 2013, by and among Keltic Financial Partners II, LP, the Company, Castle Brands (USA) Corp., the officers signatory thereto and certain junior lenders to the Company.
</FONT>
</TD>
</TR></TABLE></CENTER><!-- HTMLFooter START -->
</BODY>
</HTML>
<!-- HTMLFooter END -->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-4.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-4.1 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>CASTLE BRANDS INC.</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>5% Subordinated Convertible Notes Due 2018</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><U><B>PURCHASE AGREEMENT</B></FONT></U></FONT>



<P align="left" style="font-size: 12pt; text-indent: 4%">This 5% Subordinated Convertible Note Purchase Agreement (the &#147;<U>Agreement</U>&#148;) is made as
of October&nbsp;21, 2013 by and among Castle Brands Inc., a Florida corporation (the &#147;<U>Issuer</U>&#148;),
and each person or entity named on the Schedule of Purchasers hereto (individually, a
&#147;<U>Purchaser</U>&#148; and collectively, the &#147;Purchasers&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>NOW</B>, <B>THEREFORE</B>, <B>IN CONSIDERATION </B>of the mutual covenants contained in this Agreement, and for
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
Issuer and each Purchaser agree as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>1.&nbsp;</B><U><B>Issuance of Notes</B></U>. Subject to the terms and conditions set forth in this
Agreement, the Issuer agrees to issue and sell to each Purchaser its 5% Subordinated Convertible
Notes due 2018, substantially in the form attached hereto as <U>Exhibit&nbsp;A</U>, in a principal
amount set forth below such Purchaser&#146;s name on the Schedule of Purchasers hereto (such notes, and
all notes from time to time replacing such notes from time to time outstanding, in an aggregate
outstanding principal amount not to exceed at any time $2,125,000 (the &#147;<U>Initial Aggregate
Principal Amount</U>&#148;), being the &#147;<U>Notes</U>&#148;; and this Agreement and the Notes, being
collectively, the &#147;<U>Operative Documents</U>&#148;). The Notes will be convertible into shares of the
Issuer&#146;s common stock, par value $0.01 per share (the &#147;<U>Common Stock</U>&#148;; the Common Stock into
which the Notes may be so converted, the &#147;<U>Conversion Stock</U>&#148;; and the Conversion Stock and
the Notes being, collectively, the &#147;<U>Securities</U>&#148;), in accordance with the terms of the
Notes. Upon each such conversion, the Initial Aggregate Principal Amount shall be automatically
reduced by the principal amount of the Notes subject to such conversion. Capitalized terms used
but not defined herein shall have the meanings ascribed thereto in the Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">The Notes will be offered and sold to the Purchasers pursuant to an exemption from the
registration requirements under the Securities Act of 1933, as amended (the &#147;<U>Act</U>&#148;). Upon
original issuance thereof, and so long as required under applicable requirements of the Act, the
Notes shall bear the legend regarding transfer restrictions under the Act set forth in Section&nbsp;6(i)
hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>2.&nbsp;</B><U><B>Agreement to Sell and Purchase</B></U>. On the basis of the representations, warranties
and covenants contained in this Agreement, and subject to its terms and conditions, the Issuer
agrees to issue and sell to the Purchasers, and each Purchaser agrees to purchase from the Issuer,
the Notes in the principal amount set forth below such Purchaser&#146;s name on the Schedule of
Purchasers hereto (the &#147;<U>Purchase Price</U>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>3.&nbsp;</B><U><B>Delivery and Payment</B></U>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;Delivery of, and payment of the Purchase Price for, the Notes (the &#147;<U>Closing</U>&#148;),
shall be made at 10:00&nbsp;a.m., Eastern Time, on such other date as may be agreed upon by the
Purchasers and the Issuer (the &#147;<U>Closing Date</U>&#148;) in accordance with Section&nbsp;3(b) hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;At the Closing, the Issuer shall deliver to each Purchaser (or to such other designee(s)
as each Purchaser shall direct at least one business day prior to the Closing) one or more original
Notes against payment by such Purchaser of the Purchase Price by wire transfer in same day funds to
the order of the Issuer.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>4.&nbsp;</B><U><B>Agreements of the Issuer</B></U>. The Issuer hereby agrees with the Purchasers as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;So long as the Notes remain outstanding, to reserve and keep available at all times, free
of preemptive rights, a sufficient number of authorized shares of its Common Stock for the purpose
of enabling the Issuer to satisfy its obligations to issue such Common Stock as Conversion Stock
upon conversion of the Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;To use commercially reasonable efforts to cause all shares of Conversion Stock issuable
upon conversion of the Notes to be listed on the NYSE MKT LLC (&#147;<U>NYSE MKT Approval</U>&#148;) or on
such other national securities exchange or automated quotation system on which the Issuer&#146;s Common
Stock may then be traded or listed so long as such Conversion Stock remains registered under the
Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;To the extent permitted by applicable law, not to voluntarily claim, and to actively
resist any attempts to claim, the benefit of any usury laws against the holders of any Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;To pay all stamp, documentary and transfer taxes and other duties, if any, which may be
imposed by the United States or any political subdivision thereof or taxing authority thereof or
therein with respect to the issuance of the Notes or the sale thereof to the Purchasers.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>5.&nbsp;</B><U><B>Representations and Warranties of the Issuer</B></U>. As of the date hereof and as of the
Closing Date, the Issuer represents and warrants to each Purchaser that:


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;<U>Organization and Qualification</U>. The Issuer and its &#147;<U>Subsidiaries</U>&#148; (which
for purposes of this Agreement means any entity in which the Issuer, directly or indirectly, owns
capital stock or holds an equity or similar interest that exceeds 50% of the aggregate outstanding
equity or similar interests of such entity) are entities duly organized and validly existing in
good standing under the laws of the jurisdiction in which they are formed, and have the requisite
power and authority to own their material properties and to carry on their business as now being
conducted in all material respects.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;<U>Authorization; Enforcement; Validity</U>. The Issuer has the requisite corporate
power and authority to enter into and perform its obligations under each of the Operative Documents
and to issue the Notes in accordance with the terms hereof. The execution and delivery of this
Agreement and the other Operative Documents by the Issuer and the consummation by the Issuer of the
transactions contemplated hereby and thereby, including, without limitation, the issuance of the
Notes, the reservation for issuance, and the issuance of the Conversion Stock issuable upon
conversion of any Notes, have been duly authorized by the Issuer&#146;s board of directors or a duly
authorized committee thereof (the &#147;<U>Board</U>&#148;) and (other than such filings as may be required
by and with the NYSE MKT LLC with respect to the transactions contemplated hereby), no further
consent or authorization by the Issuer, its Board, or its shareholders is required. This Agreement
has been duly executed and delivered by the Issuer and is, and upon execution and delivery of the
other Operative Documents by the Issuer, each of the Operative Documents will be, the legal, valid
and binding obligations of the Issuer, enforceable against the Issuer in accordance with their
respective terms, except as such enforceability may be limited by general principles of equity or
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating
to, or affecting creditors&#146; rights and remedies generally.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;<U>Issuance of Notes</U>. The Notes are duly authorized and upon issuance, shall be free
from all taxes, liens and charges with respect to the issue thereof. As of the Closing Date, a
number of shares of Common Stock shall have been duly authorized and reserved for issuance, free of
pre-emptive rights, and sufficient for the purpose of enabling the Issuer to satisfy all
obligations to issue the Conversion Stock upon conversion of all of the Notes. Upon conversion of
Notes into Conversion Stock in accordance with their terms, the Conversion Stock will be validly
issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens
and charges with respect to the issue thereof, with the holders thereof being entitled to all
rights accorded to a holder of Common Stock.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;<U>No Broker&#146;s Fees</U>. The Issuer has not engaged any broker, finder, commission agent
or other person in connection with the transactions contemplated in the Operative Documents, and
the Issuer is not under any obligation to pay any broker&#146;s fee or commission in connection with
such transactions.


<P align="left" style="font-size: 12pt; text-indent: 4%">(e)&nbsp;<U>SEC Reports</U>. Each report, registration statement and definitive proxy statement
(the &#147;<U>SEC Reports</U>&#148;) filed by Issuer with the Securities and Exchange Commission (the
&#147;<U>SEC</U>&#148;) during the last two fiscal years and the interim period prior to the date of this
Agreement, which are all the forms, reports and documents required to be filed by the Issuer with
the SEC during such time period, are publicly available to the Purchasers on the SEC&#146;s website. As
of their respective dates the SEC Reports: (i)&nbsp;were prepared in accordance, and complied in all
material respects, with the requirements of the Act or the Exchange Act, as the case may be, and
the rules and regulations of the SEC thereunder applicable to such SEC Reports, and (ii)&nbsp;did not at
the time they were filed (and if amended or superseded by a filing prior to the date of this
Agreement then on the date of such filing and as so amended or superseded) contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading. Except to the extent set forth herein, the Issuer makes no
representation or warranty whatsoever concerning any SEC Report as of any time other than the date
or period with respect to which it was filed.


<P align="left" style="font-size: 12pt; text-indent: 4%">(f)&nbsp;<U>Financial Statements</U>. Each set of financial statements (including, in each case,
any related notes thereto) contained in the SEC Reports complied as to form in all material
respects with the published rules and regulations of the SEC with respect thereto, was prepared in
accordance with U.S. generally accepted accounting principles applied on a consistent basis
throughout the periods involved (except as may be indicated in the notes thereto or, in the case of
unaudited statements, do not contain footnotes as permitted by Form 10-Q under the Exchange Act)
and each fairly presents in all material respects the financial position of Issuer at the
respective dates thereof and the results of its operations and cash flows for the periods
indicated, except that the unaudited interim financial statements were subject to normal
adjustments.


<P align="left" style="font-size: 12pt; text-indent: 4%">The Issuer acknowledges that each Purchaser will rely upon the accuracy and truth of the
foregoing representations and hereby consents to such reliance.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>6.&nbsp;</B><U><B>Representations, Warranties and Agreements of the Purchasers</B></U>. Each Purchaser, for
itself and for no other Purchaser, represents and warrants to, and agrees with, the Issuer that:


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;<U>Authorization; Enforcement; Validity</U>. Such Purchaser has the requisite power and
authority to enter into and perform its obligations under each of the Operative Documents to which
it is a party. The execution and delivery by such Purchaser of this Agreement and the other
Operative Documents to which it is a party, and the consummation by such Purchaser of the
transactions contemplated hereby and thereby, have been duly authorized by such Purchaser and no
further consent or authorization is required by such Purchaser or its beneficiary or beneficiaries,
as the case may be. This Agreement has been duly executed and delivered by such Purchaser and is,
and upon execution and delivery by such Purchaser of the other Operative Documents to which it is a
party, such Operative Documents will be, the legal, valid and binding obligations of such
Purchaser, enforceable against such Purchaser in accordance with their respective terms, except as
such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
creditors&#146; rights and remedies generally.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;<U>Consents</U>. Except for (i)&nbsp;compliance with any filings and notifications under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the &#147;<U>HSR Act</U>&#148;) which may
be required in the future in connection with conversion of the Notes and (ii)&nbsp;any filings required
under the Exchange Act, such Purchaser is not required to obtain any consent, authorization or
order of, or make any filing or registration with, any court, governmental agency or any regulatory
or self-regulatory agency or any other person in order for it to execute, deliver or perform any of
its obligations under or contemplated by this Agreement or the other Operative Documents to which
it is a party, in each case in accordance with the terms hereof or thereof. All consents,
authorizations, orders, filings and registrations which such Purchaser is required to obtain or
make pursuant to the preceding sentence have been (or will be) obtained or made on or prior to the
Closing Date.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;<U>Sufficiency of Funds</U>. Such Purchaser has, and will have at the Closing,
sufficient funds available to pay the Purchase Price for such Purchaser&#146;s Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;<U>No Broker&#146;s Fees</U>. Such Purchaser has not engaged any broker, finder, commission
agent or other person in connection with the transactions contemplated in the Operative Documents,
and such Purchaser is not under any obligation to pay any broker&#146;s fee or commission in connection
with such transactions.


<P align="left" style="font-size: 12pt; text-indent: 4%">(e)&nbsp;<U>Investor Status</U>. Such Purchaser is an &#147;accredited investor&#148; within the meaning of
Rule&nbsp;501 of Regulation&nbsp;D under the Act with such knowledge and experience in financial and business
matters as are necessary in order to evaluate the merits and risks of an investment in the
Securities. Such Purchaser is acquiring the Securities for its own account and is not acquiring
the Securities with a view to any distribution thereof or with any present intention of offering or
selling any of the Securities in a transaction that would violate the Act or the securities laws of
any state of the United States or any other applicable jurisdiction.


<P align="left" style="font-size: 12pt; text-indent: 4%">(f)&nbsp;<U>Reliance on Exemptions</U>. Such Purchaser understands that the Securities are being
offered and issued in reliance on specific exemptions from the registration requirements of the
United States federal and state securities laws and the Issuer is relying in part upon the truth
and accuracy of, and such Purchaser&#146;s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of such Purchaser set forth herein in order to determine the
availability of such exemptions and the eligibility of such Purchaser to acquire the Securities.
Such Purchaser also understands that the Securities may not be offered or sold except pursuant to
an effective registration statement under the Act or pursuant to an applicable exemption from
registration under the Act. Such Purchaser further understands that the exemption from
registration afforded by Rule&nbsp;144 promulgated under the Act depends on the satisfaction of various
conditions, and that, if applicable, Rule&nbsp;144 may afford the basis for sales only in limited
amounts.


<P align="left" style="font-size: 12pt; text-indent: 4%">(g)&nbsp;<U>Information</U>. Such Purchaser and its advisors, if any, have had access to and
reviewed the Issuer&#146;s reports under the Exchange Act filed with the U.S. Securities and Exchange
Commission (collectively, the &#147;<U>Public Reports</U>&#148;) and such Purchaser acknowledges that the
information contained in the Public Reports is sufficient to allow such Purchaser to make an
investment decision with respect to its acquisition of the Securities. Such Purchaser understands
that its investment in the Securities involves a high degree of risk. Such Purchaser has sought
such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to its acquisition of the Securities.


<P align="left" style="font-size: 12pt; text-indent: 4%">(h)&nbsp;<U>Transfer or Resale</U>. Such Purchaser understands that the Securities have not been
and are not being registered under the Act or any state securities laws (except as provided in the
Notes), and may not be offered for sale, sold, assigned or transferred unless (a) (i)&nbsp;subsequently
registered thereunder, (ii)&nbsp;such Purchaser shall have delivered to the Issuer an opinion of
counsel, in a generally acceptable form, to the effect that such Securities to be sold, assigned or
transferred may be sold, assigned or transferred pursuant to an exemption from such registration,
or (iii)&nbsp;such Purchaser provides the Issuer with reasonable assurance that such Securities can be
sold, assigned or transferred pursuant to Rule&nbsp;144 promulgated under the Act (or, in each case, a
successor rule thereto) and (b)&nbsp;such Purchaser otherwise complies with the restrictions on transfer
set forth in the Notes.


<P align="left" style="font-size: 12pt; text-indent: 4%">(i)&nbsp;<U>Legends</U>. Such Purchaser understands that the certificates or other instruments
representing the Securities shall bear any legend as required by the &#147;blue sky&#148; laws of any state
and a restrictive legend in substantially the following form (and a stop-transfer order may be
placed against transfer of such stock certificates):


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt"><B>NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS NOTE NOR THE
SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (&#147;SECURITIES ACT&#148;), OR APPLICABLE STATE
SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
ASSIGNED IN THE ABSENCE OF (A)&nbsp;AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (B)&nbsp;AN
OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS.</B>


<P align="left" style="font-size: 12pt; text-indent: 8%">Such Purchaser acknowledges that the Issuer will rely upon the accuracy and truth of the
foregoing representations and such Purchaser hereby consents to such reliance.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>7.&nbsp;</B><U><B>Conditions of Obligations</B></U>.


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;The obligations of each Purchaser to purchase the Notes under this Agreement on the
Closing Date are subject to the satisfaction of each of the following conditions:


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;All the representations and warranties of the Issuer contained in this Agreement that are
not modified by materiality shall be true and correct in all material respects, and all of the
representations and warranties of the Issuer contained in this Agreement that are modified by
materiality shall be true and correct, in each case, as of the date hereof and on the Closing Date
with the same force and effect as if made on and as of the Closing Date. The Issuer shall have
performed all covenants and agreements, in all material respects, and satisfied all conditions, in
all material respects, on its part to be performed or satisfied at or prior to the Closing Date.


<P align="left" style="font-size: 12pt; text-indent: 8%">(ii)&nbsp;The Issuer shall have executed and delivered the Operative Documents, and the Purchasers
shall have received fully executed copies thereof. The Operative Documents shall be in full force
and effect as of the Closing Date. The Issuer shall have received the requisite governmental and
regulatory approval in connection with each of the Operative Documents to be completed on or before
the Closing Date.


<P align="left" style="font-size: 12pt; text-indent: 8%">(iii)&nbsp;No action shall have been taken and no statute, rule, regulation or order shall have
been enacted, adopted or issued by any federal, state or local or any foreign government, or
political subdivision thereof, or any authority, agency or commission entitled to exercise any
administrative, executive, judicial, legislative or regulatory authority (a &#147;<U>Governmental
Authority</U>&#148;) which would, as of the Closing Date, prevent the issuance of the Notes or the
consummation of any of the other transactions contemplated by the Operative Documents; no action,
suit or proceeding shall have been commenced and be pending against or affecting or, to the
knowledge of the Issuer, threatened against, the Issuer before any court or arbitrator or any
Governmental Authority or an official thereof that, if adversely determined, would be expected to
result in a Material Adverse Effect. As used in this Agreement, &#147;<U>Material Adverse Effect</U>&#148;
means any material adverse effect on the business, assets, results of operations, or condition
(financial or otherwise) of the Issuer and its Subsidiaries, taken as a whole, or on the
transactions contemplated hereby and by the other Operative Documents taken as a whole or by the
agreements and instruments to be entered into in connection herewith or therewith, or on the
authority or ability of the Issuer to perform its obligations under the Operative Documents.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;The obligations of the Issuer to sell and deliver the Notes to the Purchasers under this
Agreement on the Closing Date are subject to the satisfaction of each of the following conditions:


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;All the representations and warranties of the Purchasers contained in this Agreement that
are not modified by materiality shall be true and correct in all material respects, and all of the
representations and warranties of the Purchasers contained in this Agreement that are modified by
materiality shall be true and correct, in each case, as of the date hereof and on the Closing Date
with the same force and effect as if made on and as of the Closing Date. The Purchasers shall have
performed all covenants and agreements, in all material respects, and satisfied all conditions, in
all material respects, on its part to be performed or satisfied at or prior to the Closing Date.


<P align="left" style="font-size: 12pt; text-indent: 8%">(ii)&nbsp;Each Purchaser shall have executed and delivered (a)&nbsp;the Operative Documents to which it
is a party and (b)&nbsp;a joinder to that certain Subordination Agreement, dated as of August&nbsp;7, 2013,
between Keltic Financial Partners II, LP, a Delaware limited partnership, and certain junior
lenders to the Issuer, and the Issuer shall have received fully executed copies thereof. The
Operative Documents shall be in full force and effect as of the Closing Date. Each Purchaser shall
have received the requisite governmental and regulatory approval in connection with each of the
Operative Documents to be completed on or before the Closing Date.


<P align="left" style="font-size: 12pt; text-indent: 8%">(iii)&nbsp;No action shall have been taken and no statute, rule, regulation or order shall have
been enacted, adopted or issued by any Governmental Authority which would, as of the Closing Date,
prevent the issuance of the Notes or the consummation of any of the other transactions contemplated
by the Operative Documents; no action, suit or proceeding shall have been commenced and be pending
against or affecting or, to the knowledge of such Purchaser, threatened against, such Purchaser
before any court or arbitrator or any Governmental Authority or an official thereof that, if
adversely determined, would be expected to result in a material adverse effect on the authority or
ability of such Purchaser to perform its obligations under the Operative Documents.


<P align="left" style="font-size: 12pt; text-indent: 8%">(iv)&nbsp;The Issuer shall have received the Purchase Price, in accordance with Section&nbsp;3(b)
hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">(v)&nbsp;NYSE MKT Approval shall have been obtained.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>8.&nbsp;</B><U><B>Notices</B></U>. All statements, requests, notices and agreements (each, a
&#147;<U>Notice</U>&#148;) hereunder shall be in writing, and:


<P align="left" style="font-size: 12pt; text-indent: 4%">(a)&nbsp;If to the Purchasers, Notices shall be delivered or sent by mail, facsimile transmission
or overnight courier to a Purchaser as set forth on the Schedule of Purchasers or to such other
address as such Purchaser may designate in writing:


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;If to the Issuer, Notices shall be delivered or sent by mail, facsimile transmission or
overnight courier to the address of the Issuer as follows:



<P align="left" style="margin-left:8%; font-size: 12pt">Castle Brands Inc.
<BR>
122 East 42<sup>nd</sup> Street, Suite&nbsp;4700
<BR>
New York, NY 10168
<BR>
Attention: Alfred J. Small
<BR>
Facsimile: (646)&nbsp;356.0222



<P align="left" style="margin-left:8%; font-size: 12pt">or to such other address as the Issuer may designate in writing,


<P align="left" style="font-size: 12pt">Any such statements, requests, notices or agreements shall take effect upon receipt thereof.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>9.&nbsp;</B><U><B>Applicable Law</B></U>. <B>THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS
AND CONDITIONS SET FORTH HEREIN, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.</B>


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>10.&nbsp;</B><U><B>Submission to Jurisdiction</B></U>. EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY (I)
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, AND STATE COURTS SITTING IN NEW YORK COUNTY, NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY; AND (II)&nbsp;WAIVES (A)&nbsp;ITS
RIGHT TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREBY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PURCHASER AND FOR ANY COUNTERCLAIM RELATED TO ANY OF THE
FOREGOING AND (B)&nbsp;ANY OBLIGATION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF
ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>11.&nbsp;</B><U><B>Counterparts</B></U>. This Agreement may be signed in various counterparts, and by each
party in several counterparts, all of which together shall constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by electronic or facsimile transmission
shall be as effective as delivery of a manually executed counterpart hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>12.&nbsp;</B><U><B>Headings</B></U>. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>13.&nbsp;</B><U><B>Third Parties</B></U>. This Agreement shall inure to the benefit of and be binding upon
the Purchasers and the Issuer and their respective successors, permitted assigns and legal
representatives, and nothing expressed or mentioned in this Agreement is intended or shall be
construed to give any other person any legal or equitable right, remedy or claim under or in
respect of this Agreement, or any provisions herein contained; this Agreement and all conditions
and provisions hereof being intended to be and being for the sole and exclusive benefit of such
persons and for the benefit of no other person. No purchaser of the Notes from any Purchaser will
be deemed a successor because of such purchase.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>14.&nbsp;</B><U><B>Invalidity</B></U>. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their commercially reasonable efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties
that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>15.&nbsp;</B><U><B>Amendments, Modifications, Waivers, etc</B></U>. This Agreement may be amended, modified
or supplemented, and waivers or consents to departures from the provisions hereof may be given,
provided that the same are in writing and signed by all of the signatories hereto.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>16.&nbsp;</B><U><B>HSR Fees and Expenses</B></U><B>. </B>The Issuer agrees to reimburse the Purchasers for any fees
in connection with filings and notifications required under the HSR Act in order to permit the
Purchasers to convert any or all of the Notes.


<P align="center" style="font-size: 12pt">&#091;Remainder of page intentionally left blank&#093;



<P align="left" style="font-size: 12pt; text-indent: 4%">IN WITNESS WHEREOF, the parties have executed this Purchase Agreement as of the date
first written above.



<P align="left" style="margin-left:25%; font-size: 12pt"><B>CASTLE BRANDS INC.</B>

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD colspan="3" valign="top" align="left">By: /s/ Alfred J. Small<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alfred J. Small</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title: Senior Vice President and Chief Financial<BR>
Officer</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 12pt">&#091;Signatures continue on following pages&#093;



<P align="center" style="font-size: 12pt"><U><B>SCHEDULE OF PURCHASERS</B></U>



<P align="left" style="font-size: 12pt; text-indent: 4%">IN WITNESS WHEREOF, the parties have executed this Purchase Agreement as of the date first
written above.


<P align="left" style="font-size: 12pt">Name of Purchaser:
<BR>
<I>Signature of Authorized Signatory of Purchaser</I>:
<BR>
Name of Authorized Signatory:
<BR>
Title of Authorized Signatory:
<BR>
Email Address of Authorized Signatory:
<BR>
Facsimile Number of Authorized Signatory:
<BR>
Address for Notice of Purchaser:


<P align="left" style="font-size: 12pt">Address for Delivery of Notes for Purchaser (if not same as address for notice):


<P align="left" style="font-size: 12pt">Principal Amount: $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P align="left" style="font-size: 12pt">EIN Number: <B>&#091;PROVIDE THIS UNDER SEPARATE COVER&#093;</B>


<P align="center" style="font-size: 12pt">&#091;SIGNATURE PAGES CONTINUE&#093;



<P align="right" style="font-size: 12pt"><FONT style="font-size: 11pt"><B>EXHIBIT A</B></FONT>



<P align="center" style="font-size: 11pt"><FONT style="font-size: 12pt"><B>FORM OF NOTE</B><BR>
(see attached)</FONT>




<P align="center" style="font-size: 10pt; display: none">




<!-- v.121908 -->
</BODY>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-4.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-4.2 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS NOTE NOR THE SECURITIES
INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (&#147;SECURITIES ACT&#148;), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE
OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A)&nbsp;AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (B)
AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
AND APPLICABLE STATE SECURITIES LAWS.</B>
</FONT>

<P align="center" style="font-size: 12pt"><B>CASTLE BRANDS INC.</B>



<P align="center" style="font-size: 12pt"><B>5% SUBORDINATED CONVERTIBLE NOTE DUE 2018</B><BR>
(this &#147;<U>Note</U>&#148;)


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2013
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York, New York<BR>
$&#091;?&#093;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt; text-indent: 4%">FOR VALUE RECEIVED, the undersigned, Castle Brands Inc., a Florida corporation (the
&#147;<U><I>Company</I></U>&#148;), promises to pay to the order of &#091;<B>?</B>&#093; (the &#147;<U><I>Holder</I></U>&#148;), the principal sum
of $&#091;?&#093; plus interest to the extent and at the rate specified in <U>Section&nbsp;1</U> below from and
after the date hereof. This Note is issued pursuant to the terms of that certain 5% Subordinated
Convertible Notes Purchase Agreement, made as of October&nbsp;21, 2013, by and among the Company and
each person or entity named on the Schedule of Purchasers thereto (the &#147;<U><I>Agreement</I></U>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;<U>Payments; Subordination</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">a) The unpaid principal balance of this Note, and all accrued but unpaid interest earned
hereon, shall be due and payable, without demand or notice, on December&nbsp;15, 2018 (the &#147;<U><I>Maturity
Date</I></U>&#148;). The Company will pay interest quarterly on the unpaid balance of this Note in arrears
on December&nbsp;15, March&nbsp;15, June&nbsp;15 and September&nbsp;15 of each year, or if any such day is not a
business day, on the next succeeding business day. Interest on this Note will accrue from the most
recent date to which interest has been paid or, if no interest has been paid, from the date of
issuance; <I>provided </I>that the first interest payment date shall be December&nbsp;15, 2013. Interest shall
be due and payable, without demand or notice, on such dates, at a rate of five percent (5.00%) per
annum, (computed on the basis of a 360-day year of twelve (12)&nbsp;thirty (30)-day months) from the
date hereof until paid in full.


<P align="left" style="font-size: 12pt; text-indent: 8%">b) All payments (including payments) of principal or interest made by the Company hereunder
shall be made without set off, deduction, or counterclaim on the due date thereof by wire transfer
of immediately available funds to the Holder at such account as shall be specified in writing by
the Holder to the Company. If payment hereunder becomes due and payable on a day that is not a
business day, the payment due date shall be extended to the next succeeding business day.


<P align="left" style="font-size: 12pt; text-indent: 8%">c) <U>Optional Prepayment</U>. This Note may be prepaid by the Company, in whole or in part,
without penalty, at any time.


<P align="left" style="font-size: 12pt; text-indent: 8%">d) <U>Subordination</U>. All claims of the Holder to principal, interest and any other
amounts owed under this Note are hereby subordinated in right of payment to all indebtedness of the
Company existing as of the date hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&nbsp;<U>Conversion</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">a) <U>Conversion by Holder</U>. This Note and any accrued but unpaid interest thereon shall
be convertible, in whole or in part, at the option of the Holder at any time prior to the Maturity
Date, into the number (rounded to the nearest whole) of fully paid shares of Common Stock of the
Company (the &#147;<U>Common Stock</U>&#148;) equal to (i)&nbsp;the aggregate principal amount of this Note and
any accrued but unpaid interest thereon being converted through the Date of Conversion (as defined
below), divided by (ii) $0.90 (the &#147;<U><I>Conversion Price</I></U>&#148;). If the Company, at any time while
this Note is outstanding: (i)&nbsp;pays a stock dividend or otherwise makes a distribution or
distributions payable in shares of Common Stock on shares of Common Stock or any other Common Stock
Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by
the Company upon conversion of this Note), (ii)&nbsp;subdivides outstanding shares of Common Stock into
a larger number of shares, (iii)&nbsp;combines (including by way of a reverse stock split) outstanding
shares of Common Stock into a smaller number of shares, or (iv)&nbsp;issues, in the event of a
reclassification of shares of the Common Stock, any shares of capital stock of the Company, then
the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number
of shares of Common Stock (excluding any treasury shares of the Company) outstanding immediately
before such event, and of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event. Any adjustment made pursuant to this &#253;Section&nbsp;2(a) shall
become effective immediately after the record date for the determination of shareholders entitled
to receive such dividend or distribution and shall become effective immediately after the effective
date in the case of a subdivision, combination or reclassification. For purposes hereof,
&#147;<U><I>Common Stock Equivalents</I></U>&#148; shall mean any securities of the Company or its subsidiaries
which would entitle the holder thereof to acquire at any time Common Stock, including, without
limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, Common Stock.


<P align="left" style="font-size: 12pt; text-indent: 8%">b) <U>Conversion Procedures</U>. In order to convert this Note and/or accrued but unpaid
interest thereon, or a portion thereof, into Common Stock, the Holder shall deliver prior to 5:00
p.m., New York time, on any business day, a copy of the fully executed notice of conversion in the
form attached hereto as <U>Exhibit&nbsp;A</U> (the &#147;<U><I>Notice of Conversion</I></U>&#148;) to the Company at
its principal office, which notice shall specify the principal amount of this Note and/or accrued
but unpaid interest thereon to be converted on the date the Notice of Conversion is delivered to
the Company (the &#147;<U><I>Date of Conversion</I></U>&#148;), duly completed as appropriate.


<P align="left" style="font-size: 12pt; text-indent: 8%">c) <U>Share Issuance</U>. The Company shall issue and deliver, within ten (10)&nbsp;business days
after delivery to the Company of the Notice of Conversion, to the Holder or to the nominee of such
Holder, at the address of the Holder on the books of the Company or as otherwise directed by such
Holder on the Notice of Conversion, a certificate evidencing the shares of Common Stock to which
the Holder shall be entitled. The person or persons entitled to receive the shares of Common Stock
issuable upon such conversion shall be treated for all purposes as the record holder of such Common
Stock on the Date of Conversion. The Company shall not be obligated to issue certificates
evidencing the shares of Common Stock issuable upon conversion unless this Note is delivered to the
Company or the Holder notifies the Company that this Note has been lost, stolen or destroyed and
executes an agreement satisfactory to the Company to indemnify the Company from any loss incurred
by it in connection with this Note. The Company shall, within ten (10)&nbsp;business days after such
delivery, or such agreement and indemnification, issue and deliver a certificate representing the
number of fully paid shares of Common Stock into which the Note converts in accordance with the
provisions herein.


<P align="left" style="font-size: 12pt; text-indent: 8%">d) <U>Adjustment of Principal and Accrued Interest Upon Conversion</U>. Following any
conversion, the principal amount of this Note and accrued but unpaid interest thereon shall be
reduced in an amount equal to the portion of the principal amount of this Note and accrued but
unpaid interest thereon so converted. Within ten (10)&nbsp;business days after delivery to the Company
of the Notice of Conversion and this Note, the Company shall issue and deliver to the Holder or to
the nominee of such Holder, at the address of the Holder on the books of the Company or as
otherwise directed by such Holder, a replacement note otherwise identical to this Note evidencing
the principal amount of this Note and accrued but unpaid interest thereon that has not been
converted.


<P align="left" style="font-size: 12pt; text-indent: 8%">e) <U>Reserved Shares</U>. The Company shall at all times keep authorized and approved under
its Articles of Incorporation, as amended, solely for the purpose of effecting the conversion, the
number of shares of Common Stock issuable upon the conversion of the outstanding principal amount
of this Note and accrued but unpaid interest thereon and shall take all such action as may be
required from time to time in order that it may, subject to the surrender of this Note, validly and
legally issue shares of Common Stock upon such conversion.


<P align="left" style="font-size: 12pt; text-indent: 8%">f) <U>Adjustment for Reorganizations</U>. If, prior to the Maturity Date or the conversion
of the entire principal amount of this Note and accrued but unpaid interest thereon, there shall be
any merger, consolidation, share exchange, business combination, issuance of securities, direct or
indirect acquisition of securities, recapitalization, tender offer, exchange offer, sale of all or
substantially all of the Company&#146;s assets or other similar transaction as a result of which the
shares of Common Stock shall be changed into the same or a different amount of equity interests,
shares of a class or classes of stock or securities of the Company or another entity, or other
property, then the Holder shall thereafter have the right to purchase and receive upon conversion
of this Note, upon the basis and upon the terms and conditions specified herein and in lieu of the
shares of Common Stock immediately theretofore issuable upon conversion, such equity interests,
shares of stock, securities and/or other property as may be issued or payable with respect to or in
exchange for the shares of Common Stock immediately theretofore purchasable and receivable upon the
conversion of this Note held by such Holder had such merger, consolidation, share exchange,
business combination, issuance of securities, direct or indirect acquisition of securities,
recapitalization, tender offer, exchange offer, sale of all or substantially all of the Company&#146;s
assets or other similar transaction not taken place, and in any such case appropriate provisions
shall be made with respect to the rights and interests of the Holder to the end that the provisions
hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the
number of shares issuable upon conversion of this Note) shall thereafter be applicable, as nearly
as may be practicable in relation to any shares of stock or securities thereafter deliverable upon
the exercise hereof.


<P align="left" style="font-size: 12pt; text-indent: 8%">g) <U>Legend</U>. All certificates representing shares of Common Stock issued hereunder
shall bear on the face thereof a legend substantially in the form set forth below:



<P align="left" style="margin-left:4%; font-size: 12pt">THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;) OR APPLICABLE STATE SECURITIES LAW. THE
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A)
AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS, OR (B)&nbsp;AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS.


<P align="left" style="font-size: 12pt; text-indent: 8%">h) <U>Forced Conversion</U>. Notwithstanding anything herein to the contrary, if (a)&nbsp;the
average daily volume of the Common Stock (as reported on the principal market or exchange on which
the Common Stock is listed or quoted for trading (the &#147;<U><I>Principal Trading Market</I></U>&#148;) exceeds
$50,000 per Trading Day and (b)&nbsp;the volume weighted average price of the Common Stock for at least
twenty (20)&nbsp;Trading Days during any thirty (30)&nbsp;consecutive Trading Day period exceeds 250% of the
then-current Conversion Price, the Company may, within five (5)&nbsp;Trading Days after the end of any
such thirty (30)&nbsp;consecutive Trading Day period, deliver a written notice to holders of all notes
issued pursuant to the Agreement (a &#147;<U><I>Forced Conversion Notice</I></U>&#148; and the date such notice is
delivered to all such holders, the &#147;<U><I>Forced Conversion Notice Date</I></U>&#148;) to cause each holder to
convert all or part of such holder&#146;s notes (as specified in such Forced Conversion Notice) plus all
accrued but unpaid interest thereon, it being agreed that the &#147;<U><I>Conversion Date</I></U>&#148; shall be
deemed to occur on the third Trading Day following the Forced Conversion Notice Date (such third
Trading Day, the &#147;<U><I>Forced Conversion Date</I></U>&#148;). Any Forced Conversion Notices shall be applied
ratably to the holders of all notes issued pursuant to the Agreement based on each holder&#146;s
then-current note holdings. For purposes hereof, &#147;<U><I>Trading Day</I></U>&#148; shall mean a day on which
the Principal Trading Market is open for trading.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.&nbsp;<U>Representations and Warranties</U>. The Company represents and warrants to the Holder
that:


<P align="left" style="font-size: 12pt; text-indent: 8%">a) It is duly organized, validly existing and in good standing under the laws of the State of
Florida;


<P align="left" style="font-size: 12pt; text-indent: 8%">b) It has full power and legal right to execute and deliver this Note and to perform its
obligations hereunder, and its execution and delivery of this Note, and the performance by it of
its obligations hereunder, have been duly authorized by all necessary corporate action and do not
conflict with any law or contractual restriction binding upon or affecting it or any of its
property or assets, except where such conflict, individually or in the aggregate, could not
reasonably be expected to result in a material adverse effect;


<P align="left" style="font-size: 12pt; text-indent: 8%">c) This Note constitutes the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as the enforcement hereof may be limited
by bankruptcy, insolvency, or other laws affecting the enforcement of creditors&#146; rights generally
and subject to the applicability of general principles of equity;


<P align="left" style="font-size: 12pt; text-indent: 8%">d) No consent, approval or authorization of, or registration, declaration or filing with, any
governmental authority or other person or entity is required as a condition to or in connection
with the due and valid execution, delivery and performance by the Company of this Note that has not
been received or made, as applicable; and


<P align="left" style="font-size: 12pt; text-indent: 8%">e) There are currently no material judgments entered against the Company, and the Company is
not in default with respect to any judgment, writ, injunction, order, decree or consent of any
court or other judicial authority.


<P align="left" style="font-size: 12pt; text-indent: 4%">4.&nbsp;<U>Events of Default</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">a) The occurrence of any of the following events shall constitute an &#147;<U><I>Event of
Default</I></U>&#148; under this Note:


<P align="left" style="font-size: 12pt; text-indent: 12%">i) Failure by the Company to pay when due an installment of principal, interest or other
amount owing under this Note on or before the date such payment is due, and such failure continues
for five (5)&nbsp;days following written notice of such default to the Company;


<P align="left" style="font-size: 12pt; text-indent: 12%">ii) The Company fails to comply with or perform any other term, obligation, covenant or
condition contained in this Note and which failure shall continue for five (5)&nbsp;consecutive days
following written notice of such default to the Company;


<P align="left" style="font-size: 12pt; text-indent: 12%">iii) The Company or Castle Brands (USA)&nbsp;Corp., a Delaware corporation and wholly-owned
subsidiary of the Company (&#147;<U><I>CBUSA</I></U>&#148;), shall (a)&nbsp;commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect; (b)&nbsp;consent to
the entry of an order for such relief in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect; (c)&nbsp;consent to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official for either the Company or CBUSA, or for all or substantially all of the assets of
the Company or CBUSA; or (d)&nbsp;make any general assignment for the benefit of creditors;


<P align="left" style="font-size: 12pt; text-indent: 12%">iv) There shall have occurred a default by the Company or CBUSA in the payment of principal or
interest on any obligation in excess of $50,000 for borrowed money beyond the period of grace, if
any, provided with respect thereto or default in the performance or observance of any other term,
condition or agreement contained in any such obligation or in any agreement relating thereto, if
the effect thereof is to cause, or permit the holder or holders of such obligation (or a trustee on
behalf of such holder or holders) to cause such obligation to become due prior to its stated
maturity and such default remains unremedied for a period of 10&nbsp;days;


<P align="left" style="font-size: 12pt; text-indent: 12%">v) A final judgment for the payment of money in excess of $50,000 shall be rendered against
the Company or CBUSA and the same shall remain undischarged for a period of thirty (30)&nbsp;days during
which execution of such judgment shall not be effectively stayed; or


<P align="left" style="font-size: 12pt; text-indent: 12%">vi) The non-payment, for any reason, of any check tendered to Holder by the Company.


<P align="left" style="font-size: 12pt; text-indent: 8%">b) Upon the occurrence of an Event of Default, all amounts due hereunder, including, without
limitation, the unpaid principal balance and accrued and unpaid interest thereon, shall, at the
Holder&#146;s option, become immediately due and payable upon written notice to the Company; provided,
however, that upon the occurrence of an Event of Default described in <U>Section&nbsp;4.a)iii)</U>, all
such amounts shall be immediately due and payable automatically and without written notice or
demand by the Holder. Upon the occurrence of an Event of Default, the Holder may additionally
exercise any of its other rights and remedies granted hereunder or under applicable law. Such
remedies shall be cumulative and concurrent and may be pursued singly, successively or together, at
the Holder&#146;s option, and as often as the occasion therefore arises.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.&nbsp;<U>Miscellaneous</U>.


<P align="left" style="font-size: 12pt; text-indent: 8%">a) <U>Governing Law</U>. The validity and interpretation of this Note, and the terms and
conditions set forth herein, shall be governed by and construed in accordance with the laws of the
State of New York, without regard to any choice of law or conflict of law provision or rule that
would cause the application of the laws of any jurisdiction other than the state of New York.


<P align="left" style="font-size: 12pt; text-indent: 8%">b) <U>Submission to Jurisdiction</U>. THE COMPANY, AND THE HOLDER BY ITS ACCEPTANCE HEREOF
AND AS SET FORTH IN THE AGREEMENT, HEREBY EXPRESSLY AND IRREVOCABLY (I)&nbsp;SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF THE FEDERAL, TO THE EXTENT PERMITTED BY APPLICABLE LAW, AND STATE
COURTS SITTING IN NEW YORK COUNTY, NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY; AND (II)&nbsp;WAIVES (A)&nbsp;ITS RIGHT TO A TRIAL BY JURY
IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS NOTE, THE TRANSACTIONS CONTEMPLATED HEREBY, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY
PURCHASER AND FOR ANY COUNTERCLAIM RELATED TO ANY OF THE FOREGOING AND (B)&nbsp;ANY OBLIGATION WHICH IT
MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH
COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.


<P align="left" style="font-size: 12pt; text-indent: 8%">c) <U>Costs</U>. The Company agrees to pay all cost of collection, including reasonable
attorney&#146;s fees (including attorney&#146;s fees on appeal) in case the principal of this Note or any
payment on the principal or interest thereon is not paid at the respective maturity thereof,
whether suit be brought or not.


<P align="left" style="font-size: 12pt; text-indent: 8%">d) <U>Presentment</U>. The Company hereby waives presentment, demand for payment (except as
expressly required herein), protest, notice of protest, notice of dishonor and any and all other
notices or demands in connection with the delivery, acceptance, performance, default or enforcement
of this Note. No delay on the part of the Holder in exercising any right hereunder shall operate
as a waiver of such right or any other right.


<P align="left" style="font-size: 12pt; text-indent: 8%">e) <U>Lost, Stolen, Destroyed or Mutilated Note</U>. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, the Company
will issue a new Note of like tenor and amount and dated the date to which interest has been paid,
in lieu of such lost, stolen, destroyed or mutilated Note, and in such event the Holder agrees to
indemnify and hold the Company harmless in respect of any such lost, stolen, destroyed or mutilated
Note.


<P align="left" style="font-size: 12pt; text-indent: 8%">f) <U>Notices</U>. All notices and other communications required or permitted hereunder
shall be in writing and shall be deemed given or delivered when delivered personally or sent by
telecopy with confirmation of transmission by the transmitting equipment, four days after being
mailed by registered or certified mail, return receipt requested, or one day after being sent by
private overnight courier, addressed as follows:

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to the Company:</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Castle Brands Inc.<BR>
122 East 42<sup>nd</sup> Street, Suite&nbsp;4700<BR>
New York, NY 10168<BR>
Attention: Alfred J. Small<BR>
Facsimile: (646)&nbsp;356.0222</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">with a copy (which shall not constitute notice) to:</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greenberg Traurig, P.A<BR>
333 Avenue of the Americas (333 S.E. Second Ave.)<BR>
Miami, Florida 33131<BR>
Attn: Robert L. Grossman<BR>
Facsimile: (305)&nbsp;961.5756</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="margin-left:3%; margin-right:8%; font-size: 12pt">If to the Holder: To the address listed in the Purchase Agreement


<P align="left" style="font-size: 12pt; text-indent: 8%">g) <U>Severability</U>. If any provision of this Note is held to be invalid and
unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i)&nbsp;the other
provisions hereof shall remain in full force and effect in such jurisdiction and (ii)&nbsp;the
invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the
validity or enforceability of such provision in any other jurisdiction.


<P align="center" style="font-size: 12pt">&#091;Remainder of page intentionally left blank.&#093;




<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->




<P align="left" style="font-size: 12pt; text-indent: 4%"><B>IN WITNESS WHEREOF, </B>the undersigned has executed and delivered this Note as of the date first
above written.


<P align="left" style="font-size: 12pt; text-indent: 27%"><B>COMPANY:</B>


<P align="left" style="font-size: 12pt; text-indent: 27%">CASTLE BRANDS INC.



<P align="left" style="margin-left:19%; font-size: 12pt; text-indent: 8%">By:<BR>
Name:<BR>
Title:<BR>


<P align="center" style="font-size: 12pt"><U><B>Exhibit&nbsp;A</B></U>



<P align="center" style="font-size: 12pt"><B>Notice of Conversion</B>



<P align="left" style="font-size: 12pt; text-indent: 4%"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (&#147;<U>Holder</U>&#148;) hereby elects to convert $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> principal amount
and $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> accrued but unpaid interest thereon of the 5% Subordinated Convertible Note due
2018, dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;<U>Note</U>&#148;), issued by Castle Brands Inc., a Florida
corporation (the &#147;<U>Company</U>&#148;), into <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Common Stock of the Company (the
&#147;<U>Shares</U>&#148;) at a Conversion Rate of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> according to the conditions set forth in the
Note as of the date written below. No fee will be charged to Holder for any conversion.


<P align="left" style="font-size: 12pt">Date of Conversion:


<P align="left" style="font-size: 12pt">Name of Holder:


<P align="left" style="font-size: 12pt">Signature:


<P align="left" style="font-size: 12pt">Title:


<P align="left" style="font-size: 12pt">Address for delivery of stock certificate:


<P align="left" style="font-size: 12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P align="left" style="font-size: 12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>


<P align="left" style="font-size: 12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>



<P align="center" style="font-size: 10pt; display: none">2




<!-- v.121908 -->
</BODY>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>exhibit3.htm
<DESCRIPTION>EX-4.3
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-4.3 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt">_________________________________________________________________</FONT>



<P align="center" style="font-size: 11pt"><B>FOURTH AMENDMENT, WAIVER AND CONSENT</B>



<P align="center" style="font-size: 11pt"><B>TO THE</B>



<P align="center" style="font-size: 11pt"><B>LOAN AND SECURITY AGREEMENT</B>



<P align="center" style="font-size: 11pt"><B>BETWEEN</B>



<P align="center" style="font-size: 11pt"><B>CASTLE BRANDS INC.,<BR>
CASTLE BRANDS (USA)&nbsp;CORP.</B>



<P align="center" style="font-size: 11pt"><B>AND</B>



<P align="center" style="font-size: 11pt"><B>KELTIC FINANCIAL PARTNERS II, LP</B>



<P align="center" style="font-size: 11pt"><B>DATED AS OF AUGUST 19, 2011</B>



<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="center" style="font-size: 11pt">Effective Date: October&nbsp;21, 2013



<P align="left" style="font-size: 11pt"><B>FOURTH AMENDMENT, WAIVER AND CONSENT TO LOAN AND SECURITY AGREEMENT</B>


<P align="left" style="font-size: 11pt"><B><I>RECITALS</I></B>:


<P align="left" style="font-size: 11pt"><B>CASTLE BRANDS INC.</B>, a corporation organized under the laws of the State of Florida (&#147;<B><I>CBI</I></B>&#148;) and
<B>CASTLE BRANDS (USA)&nbsp;CORP. </B>a corporation organized under the laws of the State of Delaware (&#147;<B><I>CBUSA</I></B>&#148;)
(individually and collectively, &#147;<B><I>Borrower</I></B>&#148;) and <B>KELTIC FINANCIAL PARTNERS II, LP</B>, a Delaware
limited partnership (&#147;<B><I>Lender</I></B>&#148;), are parties to a Loan and Security Agreement dated as of August&nbsp;19,
2011, as amended by a First Amendment dated as of July&nbsp;23, 2012, by a Second Amendment dated as of
March&nbsp;11, 2013, and by a Third Amendment dated as of August&nbsp;7, 2013 (as so amended, the &#147;<B><I>Credit
Agreement</I></B>&#148;), in connection with which Borrower delivered an Amended and Restated Revolving Credit
Note dated March&nbsp;11, 2013 in a maximum principal amount of <B>$8,000,000 </B>(the &#147;<B><I>Revolving Credit
Note</I></B>&#148;), an Amended and Restated Term Note dated August&nbsp;7, 2013 in the original principal amount of
<B>$4,000,000 </B>(the &#147;<B><I>Term Note</I></B>&#148;), a Subordination Agreement dated August&nbsp;7, 2013 between Lender and the
parties executing the same (the &#147;<B><I>Subordination Agreement</I></B>&#148;) and other agreements, documents and
instruments in connection therewith (all of the foregoing, as the same may be amended, restated, or
otherwise modified from time to time to be collectively referred to as the &#147;<B><I>Loan Documents</I></B>&#148;).


<P align="left" style="font-size: 11pt">Borrower has requested that the Lender permit CBI to incur indebtedness in an aggregate original
principal amount of $2,125,000 (the &#147;<B><I>2018 Subordinated Debt</I></B>&#148;) pursuant to the terms of the Castle
Brands Inc. 5% Subordinated Convertible Notes due 2018 Purchase Agreement dated on or about the
date of this Amendment (the &#147;<B><I>2018 Notes Purchase Agreement</I></B>&#148;), the Castle Brands Inc. 5%
Subordinated Convertible Notes due 2018 dated on or about the date of this Amendment and issued to
the &#147;Purchasers&#148; described in the 2018 Notes Purchase Agreement (collectively, the &#147;<B><I>2018
Subordinated Notes</I></B>&#148;), and the other agreements, documents and instruments executed and/or delivered
to CBI in connection therewith (collectively, the &#147;<B><I>2018 Subordinated Debt Documents</I></B>&#148;). The Loan
Documents prohibit Borrower from incurring additional indebtedness in such amount without Lender&#146;s
consent.


<P align="left" style="font-size: 11pt">Borrower has requested that Lender consent to CBI&#146;s incurrence of the 2018 Subordinated Debt, waive
all Defaults and Events of Default occurring as a result of CBI&#146;s execution and delivery of the
2018 Subordinated Debt Documents and incurrence of the 2018 Subordinated Debt, and amend the
&#147;EBITDA&#148; covenant contained in the Credit Agreement in connection therewith. Upon the terms and
conditions contained in this Amendment Lender has agreed to provide such consent, waive such
Defaults and Events of Default and amend the Credit Agreement as provided below.


<P align="left" style="font-size: 11pt"><B><I>AGREEMENT</I></B>:


<P align="left" style="font-size: 11pt">1.&nbsp;<U>Defined Terms</U>. Unless otherwise defined in the Recitals or in the body of this
Amendment, all capitalized terms shall have the meanings ascribed to such terms in the Loan
Documents.


<P align="left" style="font-size: 11pt">2.&nbsp;<U>Consent; Waiver</U>. Subject to the terms, conditions, representations and warranties
contained herein, Lender hereby consents to CBI&#146;s execution and delivery of the 2018 Subordinated
Debt Documents and CBI&#146;s incurrence of the 2018 Subordinated Debt in an original principal amount
equal to Two Million One Hundred Twenty Five Thousand and 00/100 Dollars ($2,125,000.00), and
hereby agrees to waive all Defaults and Events of Default under the Loan Agreement specifically
caused by CBI&#146;s execution and delivery of the 2018 Subordinated Debt Documents and incurrence of
the 2018 Subordinated Debt.


<P align="left" style="font-size: 11pt">3.&nbsp;<U>Amendment of Subordination Agreement</U>. As a condition precedent to the effectiveness of
this Amendment and specifically the incurrence of the 2018 Subordinated Debt described herein, the
Subordination Agreement shall be amended, in form and content acceptable to Lender in Lender&#146;s sole
discretion, to reflect the addition of the 2018 Subordinated Debt as &#147;Junior Obligations&#148; as
defined therein, the addition of the 2018 Subordinated Debt Documents as &#147;Junior Creditor Loan
Documents&#148; as described therein, and the addition of each holder of a 2018 Subordinated Note as a
&#147;Junior Creditor&#148; for all purposes of the Subordination Agreement, and containing such other terms
and conditions thereto as Lender deems reasonable, necessary and/or appropriate in Lender&#146;s sole
discretion.


<P align="left" style="font-size: 11pt">4.&nbsp;<U>Dividends and Distributions; Payment of Indebtedness</U>. Paragraphs (a)&nbsp;and (b)&nbsp;of Section
8.6 of the Credit Agreement are hereby deleted in their entirety and replaced with the following:


<P align="left" style="font-size: 11pt; text-indent: 4%">&#147;<U>(a)&nbsp;Permitted Payments</U>. Subject to the terms and conditions hereof, CBI shall be
permitted to make (i)&nbsp;regularly scheduled payments of principal and interest due and payable under
the terms of the Loan Agreement between Castle Brands Inc. and the lending parties named therein
dated on or about August&nbsp;7, 2013 (the &#147;<B><I>CBI August&nbsp;2013 Subordinated Loan Agreement</I></B>&#148;) and the
Promissory Notes dated on or about August&nbsp;7, 2013 in an aggregate original principal amount equal
to One Million Two Hundred Fifty Thousand and 00/100 Dollars ($1,250,000.00) issued by CBI (&#147;<B><I>CBI
August&nbsp;2013 Subordinated Notes</I></B>&#148;) to the lending parties named therein (collectively, the &#147;<B><I>CBI
August&nbsp;2013 Subordinated Noteholders</I></B>&#148;) and such other agreements, documents and instruments
executed and/or delivered to the CBI August&nbsp;2013 Subordinated Noteholders in connection therewith
(all such agreements, documents and instruments, together with any amendments, restatements,
extensions or other modifications made from time to time, shall be collectively referred to herein
as the &#147;<B><I>CBI August&nbsp;2013 Subordinated Loan Documents</I></B>&#148;), as the CBI August&nbsp;2013 Subordinated Loan
Documents are in effect on the date hereof, and voluntary prepayments of principal and interest
permitted under the terms of the CBI August&nbsp;2013 Subordinated Loan Documents as the CBI August&nbsp;2013
Subordinated Loan Documents are in effect on the date hereof, but not any mandatory, voluntary,
discretionary or optional payment, distribution, or other amount in repayment or prepayment of the
CBI August&nbsp;2013 Subordinated Notes or under the CBI August&nbsp;2013 Subordinated Loan Documents,
whether required or permitted pursuant to the terms of the CBI August&nbsp;2013 Subordinated Loan
Documents, due to the acceleration of maturity of the CBI August&nbsp;2013 Subordinated Notes, in whole
or in part, or any other CBI August&nbsp;2013 Subordinated Loan Document, in whole or in part, for any
reason, and (ii)&nbsp;regularly scheduled payments of interest due and payable under the terms of the
Castle Brands Inc. 5% Subordinated Convertible Notes due 2018 Purchase Agreement dated on or about
October&nbsp;21, 2013 (the &#147;<B><I>2018 Subordinated Notes Purchase Agreement</I></B>&#148;), the Castle Brands Inc. 5%
Subordinated Convertible Notes due 2018 dated on or about October&nbsp;21, 2013 (collectively, the &#147;<B><I>2018
Subordinated Notes</I></B>&#148;) and issued to the &#147;Purchasers&#148; (the &#147;<B><I>2018 Subordinated Noteholders</I></B>&#148;) executing
the 2018 Subordinated Notes Purchase Agreement, and the other agreements, documents and instruments
executed and/or delivered to CBI in connection therewith (all such agreements, documents and
instruments, together with any amendments, restatements, extensions or other modifications made
from time to time, shall be collectively referred to herein as the, the &#147;<B><I>2018 Subordinated Debt
Documents</I></B>&#148;), as the 2018 Subordinated Debt Documents are in effect on the date hereof, but not any
mandatory, voluntary, discretionary or optional payment, distribution, or other amount in repayment
or prepayment of the 2018 Subordinated Notes or under the 2018 Subordinated Debt Documents, whether
required or permitted pursuant to the terms of the 2018 Subordinated Debt Documents, due to the
acceleration of maturity of 2018 Subordinated Notes, in whole or in part, or any other 2018
Subordinated Debt Document, in whole or in part, for any reason. For purposes of this Agreement
the CBI August&nbsp;2013 Subordinated Noteholders and the 2018 Subordinated Noteholders shall be
collectively referred to as the &#147;<B><I>Junior Creditors</I></B>&#148;, the CBI August&nbsp;2013 Subordinated Loan Documents
and the 2018 Subordinated Debt Documents shall be referred to as the &#147;<B><I>Junior Creditor Loan
Documents</I></B>&#148;, each payment permitted pursuant to the provisions of this <B>Section&nbsp;8.</B><B>6(a)</B> shall be
referred to as a &#147;<B><I>Permitted Payment</I></B>&#148;, and any amendment, modification, restatement, extension or
replacement of any Junior Creditor Loan Document after the date of this Agreement shall be
disregarded for purposes of determining Permitted Payments.


<P align="left" style="font-size: 11pt; text-indent: 4%">(b)&nbsp;<U>Termination of Permitted Payments</U>. Notwithstanding anything of this <B>Section&nbsp;8.6</B>
to the contrary (specifically including <B>paragraph (a) </B>immediately above), or anything to the
contrary in the Junior Creditor Loan Documents, no Junior Creditor shall demand, take, accept, or
receive from or on behalf of CBI, Borrower or any Person that is a co-borrower with Borrower of the
Obligations, or that has guaranteed the repayment of the Obligations or the performance by the
Borrower of the terms and conditions of the Loan Documents in whole or in part or that has provided
any letter of credit, pledge, financial instrument or other accommodation to Lender as security for
or in support of the Obligations, any Permitted Payment:



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 3%">(i)&nbsp;if any payment of principal or interest then due with respect to the Obligations
shall not have been paid to Lender in full; or



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 3%">(ii)&nbsp;if after giving effect to such Permitted Payment the remainder of the Borrowing
Capacity less the aggregate amount of all Obligations then outstanding would not exceed One
and 00/100 Dollar ($1.00) (as determined on a <I>pro forma </I>basis); or



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 3%">(iii)&nbsp;if after giving effect to such Permitted Payment a Default or Event of Default
would occur (as determined on a <I>pro forma </I>basis); or



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 3%">(iv)&nbsp;during any period in which a Default or Event of Default has occurred and is
continuing.&#148;


<P align="left" style="font-size: 11pt">5.&nbsp;<U>EBITDA Covenant</U>. Section&nbsp;8.19 of the Credit Agreement shall be deleted in its entirety
and replaced with the following:



<P align="left" style="margin-left:3%; font-size: 11pt">&#147;<B>8.19. EBITDA. </B>Permit EBITDA as of and for:



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 2%">(a)&nbsp;The twelve (12)&nbsp;consecutive calendar month period ending on September&nbsp;30, 2013, to
be a negative number greater than negative Two Hundred Fifty Thousand and 00/100 Dollars
(-$250,000.00); and



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 2%">(b)&nbsp;The twelve (12)&nbsp;consecutive calendar month period ending on December&nbsp;31, 2013, to
be less than Zero and 00/100 Dollars ($0.00); and



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 2%">(c)&nbsp;The twelve (12)&nbsp;consecutive calendar month period ending on March&nbsp;31, 2014, to be
less than Five Hundred Thousand and 00/100 Dollars ($500,000.00); and



<P align="left" style="margin-left:4%; font-size: 11pt; text-indent: 2%">(d)&nbsp;The twelve (12)&nbsp;consecutive calendar month period ending on June&nbsp;30, 2014, and for
each period of twelve (12)&nbsp;consecutive calendar months ending on a Fiscal Quarter
thereafter, to be less than Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00).&#148;


<P align="left" style="font-size: 11pt">6.&nbsp;<U>Reimbursement of Lender</U>. As consideration for Lender&#146;s increase of the Revolving Credit
and amendment of the Credit Agreement described above, and pursuant to Sections&nbsp;3.4 and 10.9 of the
Credit Agreement, Borrower shall reimburse, indemnify and hold Lender harmless for the reasonable
fees and costs and expenses incurred by Lender for the services of legal professionals engaged by
Lender in connection with the negotiation and preparation of this Agreement. With respect to any
amount required to be paid or reimbursed by Borrower pursuant to the foregoing provisions of this
paragraph 9, it is hereby agreed that Lender may charge any such amount to the Revolving Credit on
the dates such payment is due or such reimbursement is made. Borrower acknowledges and agrees that
on and after the Effective Date of this Amendment the Facility Fee shall be calculated based on the
Revolving Credit Limit as amended by the terms hereof.


<P align="left" style="font-size: 11pt">7.&nbsp;<U>Effective Date</U>. This Amendment shall be effective as of October&nbsp;21, 2013.


<P align="left" style="font-size: 11pt">8.&nbsp;<U>Specificity of Provisions</U>. The amendments set forth herein are limited precisely as
written and shall not be deemed to (a)&nbsp;be a consent to or a waiver of any other term or condition
of the Credit Agreement or any of the documents referred to therein, or (b)&nbsp;prejudice any right or
rights which Lender may now have or may have in the future under or in connection with the Credit
Agreement or any or any other Loan Document. From and after the effective date of this Amendment,
whenever the Credit Agreement is referred to in the Credit Agreement or in any of the other Loan
Documents, it shall be deemed to mean the Credit Agreement as modified by this Amendment.


<P align="left" style="font-size: 11pt">9.&nbsp;<U>Binding Effect of Loan Documents</U>. Borrower hereby acknowledges and agrees that upon
giving effect to this Amendment, the Credit Agreement, the Revolving Credit Note and each Loan
Document shall continue to be binding upon such Borrower and shall continue in full force and
effect.


<P align="left" style="font-size: 11pt">10.&nbsp;<U>No Other Events of Default</U>. Borrower hereby represents and warrants that upon giving
effect to the terms and provisions of this Amendment no default or Event of Default shall have
occurred and be continuing under the terms of the Credit Agreement.


<P align="left" style="font-size: 11pt">11.&nbsp;<U>Choice of Law</U>. This Amendment and the legal relations among the parties hereto shall
be governed by and construed in accordance with the internal laws of the State of New York without
regard to conflicts of law principles.


<P align="left" style="font-size: 11pt">12.&nbsp;<U>Counterparts</U>. This Amendment may be executed by one or more the parties to this
Amendment on any number of separate counterparts and all of said counterparts taken together shall
be deemed to constitute one and the same instrument.


<P align="center" style="font-size: 11pt"><B><I>&#091;REMAINDER OF PAGE INTENTIONALLY LEFT BLANK&#093;</I></B>



<P align="center" style="font-size: 11pt"><B><I>&#091;SIGNATURE PAGE IMMEDIATELY FOLLOWS&#093;</I></B>




<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->




<P align="left" style="font-size: 11pt">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered
by their respective duly authorized officers.


<P align="left" style="font-size: 11pt"><B>LENDER:</B>


<P align="left" style="font-size: 11pt">KELTIC FINANCIAL PARTNERS II, LP
<BR>
By: Keltic Financial Services, LLC, its general partner

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="66%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD colspan="3" valign="top" align="left">By: /s/ Oleh Szczupak<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oleh Szczupak</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt">Its: Chief Credit Officer


<P align="left" style="font-size: 11pt"><B>BORROWER:</B>


<P align="left" style="font-size: 11pt">CASTLE BRANDS INC.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:<BR>
Name:<BR>
Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Alfred J. Small<BR>
Alfred J. Small<BR>
CFO</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt">CASTLE BRANDS (USA)&nbsp;CORP.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:<BR>
Name:<BR>
Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Alfred J. Small<BR>
Alfred J. Small<BR>
CFO</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">2




<!-- v.121908 -->
</BODY>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>5
<FILENAME>exhibit4.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-10.1 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><U><B>REAFFIRMATION AGREEMENT</B></U></FONT>



<P align="left" style="font-size: 11pt; text-indent: 4%"><B>THIS REAFFIRMATION AGREEMENT </B>(this &#147;<B><I>Agreement</I></B>&#148;) is made as of October&nbsp;21, 2013, by the
undersigned in favor of <B>KELTIC FINANCIAL PARTNERS II, LP </B>(&#147;<B><I>Lender</I></B>&#148;).


<P align="left" style="font-size: 11pt"><B>RECITALS:</B>


<P align="left" style="font-size: 11pt"><B>CASTLE BRANDS INC</B>., a corporation organized under the laws of the State of Florida (&#147;<B><I>CBI</I></B>&#148;) and
<B>CASTLE BRANDS (USA)&nbsp;CORP</B>. a corporation organized under the laws of the State of Delaware (&#147;<B><I>CBUSA</I></B>&#148;)
(individually and collectively, &#147;<B><I>Borrower</I></B>&#148;) and <B>KELTIC FINANCIAL PARTNERS II, LP</B>, a Delaware
limited partnership (&#147;<B><I>Lender</I></B>&#148;), are parties to a Loan and Security Agreement dated as of August&nbsp;19,
2011, as amended by a First Amendment dated as of July&nbsp;23, 2012, by an Second Amendment dated as of
March&nbsp;11, 2013, and by a Third Amendment dated as of August&nbsp;7, 2013 (as so amended, the &#147;<B><I>Credit
Agreement</I></B>&#148;), in connection with which Borrower delivered an Amended and Restated Revolving Credit
Note dated March&nbsp;11, 2013 in a maximum principal amount of $8,000,000 (the &#147;<B><I>Revolving Credit
Note</I></B>&#148;), an Amended and Restated Term Note dated August&nbsp;7, 2013 in an original principal amount of
$4,000,000, a Subordination Agreement dated August&nbsp;7, 2013 between Lender and the parties named as
&#147;Junior Creditors&#148; thereto (the &#147;<B><I>Subordination Agreement</I></B>&#148;), and other agreements, documents and
instruments in connection therewith.


<P align="left" style="font-size: 11pt">CBI is proposing to incur indebtedness in an aggregate original principal amount of $2,125,000 (the
&#147;<B><I>2018 Subordinated Debt</I></B>&#148;) pursuant to the terms of the Castle Brands Inc. 5% Subordinated
Convertible Notes due 2018 Purchase Agreement dated on or about the date of this Amendment (the
&#147;<B><I>2018 Notes Purchase Agreement</I></B>&#148;), the Castle Brands Inc. 5% Subordinated Convertible Notes due 2018
dated on or about the date of this Amendment and issued to the &#147;Purchasers&#148; described in the 2018
Notes Purchase Agreement (collectively, the &#147;<B><I>2018 Subordinated Notes</I></B>&#148;), and the other agreements,
documents and instruments executed and/or delivered to CBI in connection therewith (collectively,
the &#147;<B><I>2018 Subordinated Debt Documents</I></B>&#148;). The Loan Documents prohibit Borrower from incurring
additional indebtedness in such amount without Lender&#146;s consent.


<P align="left" style="font-size: 11pt">Borrower has requested that Lender consent to CBI&#146;s incurrence of the 2018 Subordinated Debt, waive
all Defaults and Events of Default occurring as a result of CBI&#146;s execution and delivery of the
2018 Subordinated Debt Documents and incurrence of the 2018 Subordinated Debt, and amend the
&#147;EBITDA&#148; covenant contained in the Credit Agreement in connection therewith pursuant to a Fourth
Amendment, Waiver and Consent to the Credit Agreement and a First Amendment to the Subordination
Agreement, each dated on or about the date hereof (together will all other agreements, documents
and instruments executed and/or delivered to Lender, the &#147;<B><I>Fourth Amendment Documents</I></B>&#148;).


<P align="left" style="font-size: 11pt">The Credit Agreement, the Revolving Credit Note, the Subordination Agreement, the Fourth Amendment
Documents, and all other agreements, documents and instruments executed and/or delivered in
connection therewith, as the same may be amended, restated, or otherwise modified from time to
time, shall be collectively referred to as the &#147;<B><I>Loan Documents</I></B>&#148;.


<P align="left" style="font-size: 11pt">Each of the undersigned indicated as a &#147;<B>Validity Party</B>&#148; has executed and delivered a Validity and
Support Agreement dated on or about August&nbsp;19, 2011 in favor of Lender (each, a &#147;<B><I>Validity
Agreement</I></B>&#148;) pursuant to which such Validity Party has agreed to validate certain information
provided by Borrower to Lender and provide support in connection with Lender&#146;s efforts to collect
collateral to secure Borrower&#146;s payment and performance of all obligations and to Lender and such
other matters as described in such Validity Agreement.


<P align="left" style="font-size: 11pt">Each of the undersigned indicated as a &#147;<B>Term Loan Participant</B>&#148; has executed and delivered to Lender
an Amended and Restated Participation Agreement dated August&nbsp;7, 2013 in connection with the Term
Note (the &#147;<B><I>Participation Agreement</I></B>&#148;) pursuant to which such Participant has agreed to participate
in the Term Note and to such other matters upon such terms and conditions contained in the
Participation Agreement.


<P align="left" style="font-size: 11pt">Each of the undersigned indicated as a &#147;<B>Junior Creditor</B>&#148; has executed and delivered to Lender a
Subordination Agreement dated August&nbsp;7, 2013, in connection with the amendment and restatement of
the Term Loan on August&nbsp;7, 2013.


<P align="left" style="font-size: 11pt">Lender has agreed to consent to CBI&#146;s incurrence of the 2018 Subordinated Debt, waive all Defaults
and Events of Default occurring as a result of CBI&#146;s execution and delivery of the 2018
Subordinated Debt Documents and incurrence of the 2018 Subordinated Debt, and amend the &#147;EBITDA&#148;
covenant contained in the Credit Agreement, subject to and conditioned on the execution and
delivery of this Agreement by the undersigned to Lender.


<P align="left" style="font-size: 11pt"><B>AGREEMENT:</B>


<P align="left" style="font-size: 11pt; text-indent: 2%">1.&nbsp;Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in any of the Loan Documents, Borrower hereby reaffirms to the
Lender and ratifies its obligations under the Loan Documents (collectively, the &#147;<B><I>Keltic
Obligations</I></B>&#148;), including, specifically, the Fourth Amendment Documents, and as the Loan Documents
may have been amended, modified and/or restated from time to time and including the amendment,
modification or restatement thereof in connection with the matters described in the recitals
hereto, and each other agreement, document and instrument executed and/or delivered by the Borrower
in connection therewith as the same may have been amended, modified and/or restated from time to
time and including the amendment, modification or restatement thereof in connection with the
matters described in the recitals hereto (collectively, the &#147;<B><I>Borrower Documents</I></B>&#148;), and hereby
further ratifies and confirms that each of the Borrower Documents shall remain in full force and
effect.


<P align="left" style="font-size: 11pt; text-indent: 2%">2.&nbsp;Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in such party&#146;s Validity Agreement, each Validity Party hereby
reaffirms to the Lender and ratifies its obligations under such Validity Agreement, and each other
agreement, document and instrument executed and/or delivered by such Validity Party in connection
therewith (collectively, the &#147;<B><I>Validity Documents</I></B>&#148;), and hereby further ratifies and confirms that
each of the Validity Documents executed and/or delivered to Lender shall remain in full force and
effect.


<P align="left" style="font-size: 11pt; text-indent: 2%">3.&nbsp;Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in the Participation Agreement, each Term Loan Participant
hereby reaffirms to the Lender and ratifies its obligations under the Participation Agreement, as
the same may be amended and restated pursuant to the Fourth Amendment Documents, and each other
agreement, document and instrument executed and/or delivered by such Participant in connection
therewith (collectively, the &#147;<B><I>Participation Documents</I></B>&#148;), and hereby further ratifies and confirms
that each of the Participation Documents executed and/or delivered to Lender shall remain in full
force and effect.


<P align="left" style="font-size: 11pt; text-indent: 2%">4.&nbsp;Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in the Subordination Agreement, each Junior Creditor hereby
reaffirms to the Lender and ratifies its obligations under the Subordination Agreement, as the same
may be amended and restated pursuant to the Fourth Amendment Documents, and each other agreement,
document and instrument executed and/or delivered by such Junior Creditor in connection therewith
(collectively, the &#147;<B><I>Subordination Documents</I></B>&#148;), and hereby further ratifies and confirms that each
of the Subordination Documents executed and/or delivered to Lender shall remain in full force and
effect.


<P align="left" style="font-size: 11pt; text-indent: 2%">5.&nbsp;No change, amendment or modification of this Agreement shall be valid or binding unless
such change, amendment or modification shall be in writing and duly executed by all parties hereto
and consented to by the Lender in writing.


<P align="left" style="font-size: 11pt; text-indent: 2%">6.&nbsp;This Agreement shall be governed by and interpreted and construed in accordance with the
internal laws of the State of New York, without regard to its principles of conflicts of laws, and
any dispute hereunder shall be brought in the appropriate court located in Westchester County, New
York or Erie County, New York.


<P align="left" style="font-size: 11pt; text-indent: 2%">7.&nbsp;This Agreement may not be assigned by any party hereto without the prior written consent of
the other parties hereto and the Lender, and no party hereto shall be relieved of its duties,
obligations or liabilities under this Agreement without the express written consent of the other
parties hereto and the Lender, regardless of assignments, delegations or other agreements with
third parties which may provide otherwise.


<P align="left" style="font-size: 11pt; text-indent: 2%">8.&nbsp;This Agreement shall be binding upon the parties hereto, their successors, permitted
assigns, heirs and legal representatives.


<P align="left" style="font-size: 11pt; text-indent: 2%">9.&nbsp;The invalidity of one or more phrases, sentences, clauses or paragraphs contained in this
Agreement shall not affect the validity of the remainder of this Agreement.


<P align="left" style="font-size: 11pt; text-indent: 2%">10.&nbsp;This Agreement contains the entire understanding of the parties and the Lender with
respect to the subject matter hereof and there are no other oral understandings, terms or
conditions except as expressly stated herein and none of the parties have relied upon any
representation, express or implied, not contained in this Agreement.


<P align="left" style="font-size: 11pt; text-indent: 2%">11.&nbsp;This Agreement may be executed in two (2)&nbsp;or more counterparts, each of which shall be
considered an original, and all of which shall be considered one and the same instrument.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B>IN WITNESS WHEREOF</B>, the undersigned have duly executed this Agreement as of the date first
written above.


<P align="left" style="font-size: 11pt"><B>BORROWER:</B>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CASTLE BRANDS INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CASTLE BRANDS (USA)&nbsp;CORP.</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:<FONT style="font-size: 10pt"> <FONT style="font-size: 11pt">/s/ Alfred&nbsp;J.&nbsp;Small
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Alfred&nbsp;J.&nbsp;Small</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Alfred J. Small
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Alfred J. Small</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its: CFO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: CFO</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>VALIDITY PARTIES:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Alfred&nbsp;J.&nbsp;Small
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John Glover</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ALFRED SMALL
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JOHN GLOVER</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Michael Becker
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ T. Kelley Spillane</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MICHAEL BECKER
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T. KELLY SPILLANE</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TERM LOAN PARTICIPANTS:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FROST GAMMA INVESTMENTS TRUST
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MARIN BLEU INC.</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Phillip Frost, M.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Stephen Liu, M.D.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Phillip Frost
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Stephen Liu, M.D.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its: Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Chairman</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mark E. Andrews, III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Susan M. Lampen</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MARK E. ANDREWS, III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SUSAN M. LAMPEN</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael S. Liebowitz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Chester Franklin Zoeller, III</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MICHAEL S. LIEBOWITZ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CHESTER FRANKLIN ZOELLER III</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>JUNIOR CREDITORS</B>:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FROST GAMMA INVESTMENTS TRUST
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THREE COURT MASTER, LP</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Phillip Frost, M.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Arthur Y. Roulac</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Phillip Frost, M.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Arthur Y. Roulac</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its: Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Managing Partner</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JACQUELINE SIMKIN TRUST AS AMENDED<BR>
AND RESTATED 12/16/2003
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Jacqueline Simkin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name: Jacqueline Simkin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its: Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Susan M. Lampen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark E. Andrews, III</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SUSAN M. LAMPEN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MARK E. ANDREWS, III</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Brian L. Heller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael Brauser</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BRIAN L. HELLER
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MICHAEL BRAUSER</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Subbarao Uppaluri
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Juan F. Rodriguez</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SUBBARAO UPPALURI
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JUAN F. RODRIGUEZ</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Tibor Hollo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Elliott Harris</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TIBOR HOLLO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELLIOTT HARRIS</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">3




<!-- v.121908 -->
</BODY>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
