<SUBMISSION>
<ACCESSION-NUMBER>0001299933-17-000307
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20170329
<ITEMS>1.01
<ITEMS>2.01
<ITEMS>2.03
<ITEMS>3.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20170330
<DATE-OF-FILING-DATE-CHANGE>20170330
<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>17724013
</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_54745.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> Castle Brands Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	March 29, 2017
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	Castle Brands Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Florida
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	001-32849
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	41-2103550
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	122 East 42nd Street, Suite 5000, New York, New York
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	10168
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
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	Registrant&#146;s telephone number, including area code:
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	(646) 356-0200
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</FONT>

<P align="left" style="font-size: 10pt"><U><B>Stock Purchase Agreement</B></U>


<P align="left" style="font-size: 10pt; text-indent: 4%">On March&nbsp;29, 2017, Castle Brands Inc. (the &#147;Company&#148;), entered into a Stock Purchase Agreement
(&#147;Purchase Agreement&#148;) with Gosling&#146;s Limited (&#147;GL&#148;) and E. Malcolm B. Gosling (&#147;Gosling,&#148; and
together with GL, the &#147;Sellers&#148;). Pursuant to the terms of the Purchase Agreement, the Company
acquired 201,000 shares (the &#147;GCP Share Acquisition&#148;) of the common stock of Gosling-Castle
Partners Inc. (&#147;GCP&#148;), representing a 20.1% equity interest in GCP. GCP is a strategic global
export venture between the Company and the Gosling family. As a result of the completion of the GCP
Share Acquisition, the Company&#146;s total equity interest in GCP increased to 80.1%. The consideration
for the GCP Share Acquisition was (i) $20,000,000 in cash and (ii)&nbsp;1,800,000 shares of common stock
of the Company (the &#147;Castle Brands Shares&#148;). Under the Purchase Agreement, the Sellers agreed to a
lockup covenant such that the Castle Brands Shares may not be offered, sold, pledged, or otherwise
transferred for a period of 18&nbsp;months following the closing date of the GCP Share Acquisition. The
Purchase Agreement contains customary representations, warranties, covenants and closing
conditions.


<P align="left" style="font-size: 10pt; text-indent: 4%">The foregoing description of the Purchase Agreement in this Current Report on Form 8-K is
qualified in its entirety by reference to the full text of such Purchase Agreement filed as exhibit
2.1 hereto.


<P align="left" style="font-size: 10pt"><U><B>Ancillary Agreements</B></U>


<P align="left" style="font-size: 10pt; text-indent: 4%">In connection with the GCP Share Acquisition, the Company and Sellers executed or caused to be
executed, certain ancillary agreements, including an Amended and Restated Distribution Agreement
and an Export Agreement Amendment, both as defined herein.


<P align="left" style="font-size: 10pt"><I>Amended and Restated National Distribution Agreement</I>


<P align="left" style="font-size: 10pt; text-indent: 4%">On March&nbsp;29, 2017, Castle Brands (USA)&nbsp;Corp., a wholly-owned subsidiary of the Company
(&#147;Castle Brands USA&#148;), entered into an Amended and Restated National Distribution Agreement (the
&#147;Amended and Restated Distribution Agreement&#148;) with GCP, which amends and restates the National
Distribution Agreement, dated September&nbsp;3, 2004, by and between Castle Brands USA and Gosling&#146;s
Export (Bermuda) Limited (&#147;GXB&#148;). Pursuant to the Export Agreement (as defined below), GXB, among
other things, assigned its rights, title and interest in and to the National Distribution
Agreement, to GCP. Pursuant to the Amended and Restated Distribution Agreement, Castle Brands USA
continues as the exclusive long-term importer and distributor of certain beverage products as
defined in the Amended and Restated Distribution Agreement, including &#147;Goslings Rum&#148; and &#147;Goslings
Stormy Ginger Beer&#148; (collectively, the &#147;Distribution Products&#148;) throughout the United States, and
such other markets as may be added by mutual consent of the parties (the &#147;Distribution Territory&#148;).
The initial term of the Amended and Restated Distribution Agreement extends through March&nbsp;31, 2030,
with automatic ten-year renewal terms thereafter, subject to specific termination rights held by
each party. The Amended and Restated Distribution Agreement automatically terminates upon the
termination, for any reason, of the Export Agreement. Castle Brands USA will purchase Distribution
Products from GCP for distribution in the Distribution Territory at prices set forth in the Amended
and Restated Distribution Agreement, as may be mutually changed by the parties from time to time.
Castle Brands USA is entitled to receive a net margin amount, certain reimbursement costs, and a
specified fee to defray normal overhead costs, all as specified in the Amended and Restated
Distribution Agreement. GCP will maintain primary responsibility and bear the costs for the overall
marketing, advertising, and promotion of the Distribution Products. Also, Castle Brands USA has a
right of first refusal regarding the distribution of any other current or future rum or ginger beer
products GCP currently maintains in, or adds to, its product line for sale in the Distribution
Territory. The Amended and Restated Distribution Agreement includes customary representations,
warranties, and provisions regarding liability and insurance.


<P align="left" style="font-size: 10pt"><I>Export Agreement Amendment</I>


<P align="left" style="font-size: 10pt; text-indent: 4%">On March&nbsp;29, 2017, GCP entered into Amendment No.&nbsp;4 to Export Agreement (the &#147;Export Agreement
Amendment&#148;) with GXB, which further amends the Export Agreement made as of February&nbsp;14, 2005, by
and between GCP and GXB (as amended from time to time, the &#147;Export Agreement&#148;). Pursuant to the
Export Agreement Amendment, GCP maintains all global distribution rights (with the exception of
Bermuda) during the term of the Export Agreement and continues as the exclusive authorized global
exporter of certain beverage products as defined in the Export Agreement (the &#147;Export Products&#148;) in
all national or international markets, with the exception of Bermuda (the &#147;Export Territory&#148;). The
Export Agreement Amendment, among other things, assigns to GCP global distribution and exporting
rights to Goslings Stormy Ginger Beer and all other Goslings Ginger Beer products and extends the
initial term of the Export Agreement from 15 to 25&nbsp;years, through March&nbsp;31, 2030, with ten-year
renewal terms thereafter, subject to specific termination rights held by each party. Under the
Export Agreement Amendment, in the event GXB decides to sell any or all of its trademarks (or other
intellectual property rights) relating to the Export Products (other than Goslings Stormy Ginger
Beer) during the term of the Export Agreement, GCP shall have a right of first refusal to purchase
said trademark(s) (and intellectual property rights, if applicable) at the same price being offered
by a bona fide third-party offerer. If GCP does not exercise its right of first refusal, then the
Company shall acquire an identical right of first refusal. In the event GXB should decide to sell
any or all of its Export Products (other than Goslings Stormy Ginger Beer) and/or trademark(s)
(other than Goslings Stormy Ginger Beer), whether sold to an affiliate, a third party, GCP or the
Company, GCP is entitled to share in the proceeds of such sale, according to a schedule specified
in the Export Agreement Amendment. Also, in the event GXB should decide to sell the Export Products
or trademarks relating to Goslings Stormy Ginger Beer, whether sold to an affiliate, a third party,
GCP or the Company, then, GXB agrees to share with GCP an amount equal to a certain percentage of
the proceeds of any such sale as specified in the Export Agreement Amendment.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;2.01 Completion of Acquisition or Disposition of Assets.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">The information set forth in Item&nbsp;1.01 and Item&nbsp;2.03 of this Current Report on Form 8-K is
hereby incorporated by reference herein. On March&nbsp;30, 2017, the Company completed the GCP Share
Acquisition.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet
Arrangement of a Registrant.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">The information set forth in Item&nbsp;1.01 of this Current Report on Form 8-K is hereby
incorporated by reference herein.


<P align="left" style="font-size: 10pt; text-indent: 4%">On March&nbsp;29, 2017, the Company issued a promissory note to Frost Nevada Investments Trust (the
&#147;Holder&#148;), an entity affiliated with Phillip Frost, M.D., a director and a principal shareholder of
the Company, in the principal amount of $20,000,000 (the &#147;Note&#148;). The purpose of Company&#146;s issuance
of the Note was to finance the GCP Share Acquisition. The Note bears interest quarterly at the rate
of 11% per annum. The principal and interest incurred thereon shall be due and payable in full on
March&nbsp;15, 2019. All claims of the Holder to principal, interest and any other amounts owed under
the Note are subordinated in right of payment to all indebtedness of the Company existing as of the
date of the Note. The Note contains customary events of default and may be prepaid by the Company,
in whole or in part, without penalty, at any time.


<P align="left" style="font-size: 10pt; text-indent: 4%">The foregoing description of the Note in this Current Report on Form 8-K is qualified in its
entirety by reference to the full text of such Note filed as exhibit 4.1 hereto.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;3.02 Unregistered Sales of Equity Securities.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">The information set forth in Item&nbsp;1.01 of this Current Report on Form 8-K is hereby
incorporated by reference herein.


<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the Purchase Agreement, the Company issued the Castle Brands Shares to the Sellers
in an unregistered offering. The sale of the Company&#146;s common stock in accordance with the Purchase
Agreement was exempt from the registration requirements of the Securities Act of 1933, as amended
(the &#147;Securities Act&#146;), pursuant to transactions by an issuer not involved in any public offering
under Section&nbsp;4(a)(2) of the Securities Act and Rule&nbsp;506 of Regulation&nbsp;D promulgated under the
Securities Act (&#147;Regulation&nbsp;D&#148;). The Company made this determination based on the representations
of the Sellers that they are each &#147;accredited investors&#148; within the meaning of Rule&nbsp;501 of
Regulation&nbsp;D, have access to adequate information about the Company and their investment in the
Castle Brands Shares and other customary representations and warranties made by accredited
investors in an exempt offering.


<P align="center" style="font-size: 10pt; display: none; text-indent: 4%">1
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<P align="left" style="font-size: 10pt"><B>Item&nbsp;7.01 Regulation&nbsp;FD Disclosure.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">On March&nbsp;30, 2017, the Company issued a press release announcing the GCP Share Acquisition and
the transactions contemplated by the Purchase Agreement, Amended and Restated Distribution
Agreement, and Export Agreement Amendment. A copy of the press release is furnished as Exhibit&nbsp;99.1
to this Current Report on Form 8-K.


<P align="left" style="font-size: 10pt; text-indent: 4%">In accordance with General Instruction B.2 of Form 8-K, Exhibit&nbsp;99.1 attached hereto is being
furnished pursuant to Item&nbsp;7.01 of Form 8-K and will not, except to the extent required by
applicable law or regulation, be deemed filed by Castle Brands Inc. for purposes of Section&nbsp;18 of
the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that
Section, nor will such exhibit be deemed incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as
expressly set forth by specific reference in such filing.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>


<P align="left" style="font-size: 10pt">(d)&nbsp;Exhibits.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock Purchase Agreement, dated March&nbsp;29, 2017, by and among Castle Brands Inc., Gosling&#146;s
Limited, and E. Malcolm B. Gosling.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">4.1 11% Subordinated Note due 2019, issued by the Company.


<P align="left" style="font-size: 10pt">99.1 Press release, issued on March&nbsp;30, 2017.



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




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	SIGNATURES
</B>
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	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.
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	Castle Brands Inc.
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	&nbsp;&nbsp;
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<I>
	March 30, 2017
</I>
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	&nbsp;
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<I>
	By:
</I>
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	&nbsp;
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<I>
	/s/ Alfred J. Small
</I>
<BR>
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	&nbsp;
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<I>
	Name: Alfred J. Small
</I>
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	&nbsp;
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	&nbsp;
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<I>
	Title: Senior Vice President, CFO, Treasurer and Secretary
</I>
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</TD>
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	Exhibit&nbsp;Index
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	Exhibit No.
</B>
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	&nbsp;
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	Description
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	&nbsp;
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	2.1
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	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
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Stock Purchase Agreement, dated March 29, 2017, by and among Castle Brands Inc., Gosling&#x2019;s Limited, and E. Malcolm B. Gosling.
</FONT>
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	4.1
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	&nbsp;
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11% Subordinated Note due 2019, issued by the Company.
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	99.1
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	&nbsp;
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Press release issued on March 30, 2017.
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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-2.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
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<HEAD>
<TITLE> EX-2.1 </TITLE>
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<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

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


<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EXHIBIT 2.1<BR>
Execution Version</B></FONT>



<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt">March&nbsp;29, 2017
</FONT>

<P align="left" style="font-size: 11pt">Gosling&#146;s Limited
<BR>
Attention: Dr.&nbsp;Nancy Gosling, President and Chief Executive Officer
<BR>
P.O. Box HM 827
<BR>
Hamilton, HM CX
<BR>
Bermuda


<P align="left" style="font-size: 11pt">Mr.&nbsp;E. Malcolm B. Gosling
<BR>
&#147;Bloomfield&#148;
<BR>
15 Middle Road
<BR>
Paget, PG 01
<BR>
Bermuda


<P align="left" style="font-size: 11pt"><B>Re: Gosling-Castle Partners Inc. (&#147;GCP&#148;)</B>


<P align="left" style="font-size: 11pt">Dear Nancy and Malcolm:


<P align="left" style="font-size: 11pt">This letter, once fully executed and delivered, constitutes a securities purchase agreement (this
&#147;Agreement&#148;) of Castle Brands Inc., a corporation incorporated in the State of Florida (&#147;Castle
Brands&#148;), to purchase from each of Gosling&#146;s Limited (&#147;GL&#148;) and E. Malcolm B. Gosling (each, a
&#147;Seller,&#148; and collectively, the &#147;Sellers&#148;), and of each of the Sellers to sell and deliver to
Castle Brands, the securities indicated in Section&nbsp;1 below, free and clear of all liens, which
securities are beneficially owned of record by the Sellers.


<P align="left" style="font-size: 11pt">The terms and conditions of this Agreement are as follows:


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">1.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Purchase and Sale of GCP Common Stock; Purchase Price</U>. The Sellers agree to
sell an aggregate of 201,000 shares of the common stock of GCP (the &#147;GCP Shares&#148;),
representing a 20.1% equity interest in GCP, to Castle Brands for consideration payable to the
Sellers as follows: (i)&nbsp;twenty million dollars ($20,000,000.00) in cash (the &#147;Cash Payment&#148;)
and (ii)&nbsp;1,800,000 shares of the common stock of Castle Brands (the &#147;Castle Brands Shares&#148;)
(the Cash Payment and the Castle Brands Shares, collectively, the &#147;Purchase Price&#148;). The
purchase and sale transaction with the Sellers contemplated above is referred to hereinafter
as the &#147;Transaction.&#148; The allocation of the components of the Purchase Price between each of
the Sellers at the Closing (as defined below) is indicated on <U>Schedule&nbsp;A</U> attached
hereto.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">2.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Closing</U>. The closing of the Transaction (the &#147;Closing&#148;) shall take place
electronically by facsimile or &#147;PDF&#148; electronic mail transmission exchange of executed
documents or signature pages followed by the exchange of originals as soon thereafter as
practicable, and will be effective as of 12:01&nbsp;a.m. Eastern Time on the third business day
following the satisfaction or written waiver of all conditions contained in Sections&nbsp;3, 4 and
8 hereof (except for those conditions which by their terms are to be satisfied at the Closing,
but subject to the satisfaction or waiver of such conditions), or on such other date, place
and time as the Sellers and Castle Brands may agree in writing (the &#147;Closing Date&#148;).</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">3.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Deliveries by Sellers at Closing</U>. At Closing, the Sellers shall deliver, or
cause to be delivered, to Castle Brands, or as otherwise specified in Section&nbsp;3.a., the
following:</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">a.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Original stock powers for the transfer of the GCP Shares and the original stock
certificates representing such GCP Shares shall be delivered to the Secretary of GCP
(with a copy to Castle Brands) including instructions that the Secretary issue
certificates representing the GCP Shares to Castle Brands and issue new stock
certificates to the Sellers for the balance of the Sellers&#146; shares;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">b.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Each of the following ancillary agreements (collectively, the &#147;Ancillary
Documents&#148;):</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(i)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">An Amendment No.&nbsp;1 (the &#147;Amended Stockholders Agreement&#148;) to that
Stockholders Agreement dated February&nbsp;18, 2005, by and among Castle Brands and
the Sellers (the &#147;Stockholders Agreement&#148;), substantially in the form attached
hereto as <U>Exhibit&nbsp;A</U>, duly executed by the Sellers and GCP;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(ii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">An Amendment No.&nbsp;4 to the Export Agreement dated as of February&nbsp;14,
2005, by and between GCP (f/k/a Gosling Partners Inc.) and Gosling&#146;s Export
(Bermuda) Limited (the &#147;Amended Export Agreement&#148;), substantially in the form
attached hereto as <U>Exhibit&nbsp;B</U>, duly executed by Gosling&#146;s Export
(Bermuda) Limited and GCP;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(iii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">An Amended and Restated National Distribution Agreement, by and
between Castle Brands (USA)&nbsp;Corp. and GCP (the &#147;Amended Distribution
Agreement&#148;), substantially in the form attached hereto as <U>Exhibit&nbsp;C</U>,
duly executed by GCP;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(iv)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">A consulting agreement between GCP and Gosling&#146;s International Limited
(the &#147;Consulting Agreement&#148;), substantially in the form attached hereto as
<U>Exhibit&nbsp;D</U>, duly executed by Gosling&#146;s International Limited and GCP; and</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(v)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">An Amendment No.&nbsp;1 to the Manufacturing and Distribution Agreement
dated April&nbsp;1, 2009, by and between Gosling Export (Bermuda) Limited and Polar
Corp. (the &#147;Amended Polar Agreement&#148;), substantially in the form attached hereto
as <U>Exhibit&nbsp;E</U>, duly executed by Gosling Export (Bermuda) Limited and
Polar Corp.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">c.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">An IRS Form W-8 or IRS Form W-9, as applicable, for each of the Sellers.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">4.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Deliveries by Castle Brands at Closing</U>. At the Closing, Castle Brands shall
deliver, or cause to be delivered, to the Sellers the items set forth below in this Section&nbsp;4.
The allocation of the components of the Purchase Price between each of the Sellers at the
Closing is indicated on <U>Schedule&nbsp;A</U> attached hereto.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">a.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Cash Payment;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">b.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Certificates evidencing the Castle Brands Shares or book entry statements
confirming the issuance of the Castle Brands Shares to the Sellers;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">c.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Amended Stockholders Agreement, duly executed by Castle Brands;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">d.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Amended Export Agreement, duly executed by GCP;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">e.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Amended Distribution Agreement, duly executed by Castle Brands (USA)&nbsp;Corp.,
a wholly owned subsidiary of Castle Brands, and by GCP; and</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">f.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Consulting Agreement, duly executed by GCP.</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt"><U>Cash Payment Instructions</U>. Subject to the satisfaction of the delivery requirements
in Section&nbsp;3 and the conditions to closing in Section&nbsp;8. a. and 8. b., Castle Brands agrees
to remit to each of the Sellers, $10,000,000.00 of the Cash Payment pursuant to the wiring
instructions delivered by Sellers to Buyer in advance of Closing.


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">5.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Representation and Warranties of Castle Brands</U>. Castle Brands represents and
warrants to the Sellers as follows:</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">a.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands is a corporation incorporated in the State of Florida, validly
existing and in good standing under the laws of the State of Florida and has the full
power and authority to enter into this Agreement and the Ancillary Documents (to the
extent Castle Brands is a party thereto), and to carry out its obligations hereunder
and thereunder.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">b.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">This Agreement has been duly executed and delivered by Castle Brands and is the
legal, valid and binding obligation of Castle Brands, enforceable against Castle Brands
in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the
enforcement of creditors&#146; rights generally and subject to general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity).</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">c.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The execution and delivery of this Agreement and the Ancillary Documents (to
the extent Castle Brands is a party thereto) and the consummation of the transactions
contemplated herein and therein will not violate, conflict with or constitute a default
under (i)&nbsp;the formation and governing documents of Castle Brands, (ii)&nbsp;any material
agreement, indenture or instrument to which Castle Brands is a party; provided,
however, Castle Brands has received the prior written consent of ACF FinCo I LP
relating to any possible violations, defaults or conflicts under the Loan and Security
Agreement, dated as of September&nbsp;22, 2014, as amended, by and among ACF FinCo I LP, the
Company and Castle Brands (USA)&nbsp;Corp., and the related loan documents thereto, (iii)
any law, statute, rule or regulation to which Castle Brands is subject, or (iv)&nbsp;any
agreement, order, judgment or decree to which Castle Brands is subject.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">d.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The issuance and delivery of the Castle Brands Shares by Castle Brands to the
Sellers has been duly authorized by Castle Brands&#146; board of directors and, when issued
and delivered to the Sellers pursuant to this Agreement, will be validly issued, fully
paid and non-assessable.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">e.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands is not a party to any tax-sharing agreements.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">f.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The prior guaranties by GL and E. Malcolm B. Gosling in favor of Castle Brands
have been cancelled.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">g.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands is: (i)&nbsp;sophisticated in financial matters and able to evaluate
the risks and benefits of its acquisition of the GCP Shares and able to afford a
complete loss of the value of the GCP Shares, and (ii)&nbsp;able to bear the economic risk
of its acquisition of the GCP Shares for an indefinite period of time because the GCP
Shares have not been registered under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;) or under the &#147;blue sky&#148; laws of any jurisdiction, and are further
restricted by the terms of the Amended Stockholders Agreement, and therefore cannot be
resold without compliance with the terms of the Amended Stockholders Agreement and
registration under the Securities Act unless an exemption from such registration is
available. Castle Brands is capable of evaluating the merits and risks of its
acquisition of the GCP Shares and has the capacity to protect its own interests.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">h.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands represents that it is an &#147;accredited investor&#148; as such term is
defined in Rule 501(a) of Regulation&nbsp;D under the Securities Act and acknowledges that
its acquisition of the GCP Shares contemplated hereby is being made in reliance on a
private placement exemption to &#147;accredited investors&#148; or similar exemptions under
federal and state law.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">i.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands is acquiring the GCP Shares solely for investment purposes, for
its own account and not for the account or benefit of any other person, and not with a
view towards the distribution or dissemination thereof. Castle Brands did not enter
into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule&nbsp;502 of Regulation&nbsp;D under the Securities Act.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">j.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands represents that it has consulted with and relied upon its own
legal, financial and tax advisors in order to review and evaluate the tax, economic and
other possible risks and/or benefits of the Transaction.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">k.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands is not relying on any representation, warranty, or covenant of
Sellers except as expressly provided in this Agreement.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">l.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers are not currently officers, directors or affiliates of Castle
Brands.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">m.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The representations made in this Agreement by Castle Brands are deemed to be
remade as of the Closing.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">6.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Representation and Warranties of the Sellers</U>. The Sellers jointly and
severally represent and warrant to Castle Brands as follows:</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">a.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">GL is a company formed in Bermuda, validly existing and in good standing under
the laws of Bermuda, and E. Malcolm B. Gosling is citizen of Bermuda.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">b.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers have the full power and authority to enter into this Agreement and
the Ancillary Documents (to the extent the Sellers are parties thereto) and to carry
out their obligations hereunder and thereunder, including the transfer of the GCP
Shares.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">c.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">This Agreement has been duly executed and delivered by the Sellers and is the
legal, valid and binding obligation of the Sellers, enforceable against the Sellers in
accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement
of creditors&#146; rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">d.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers are not currently officers, directors or affiliates of Castle
Brands.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">e.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">With respect to GL, the execution and delivery of this Agreement and the
Ancillary Documents (to the extent GL is a party thereto) and the consummation of the
transactions contemplated herein and therein will not violate, conflict with or
constitute a default under (i)&nbsp;the formation and governing documents of GL, (ii)&nbsp;any
material agreement, indenture or instrument to which GL is a party, (iii)&nbsp;any law,
statute, rule or regulation to which GL is subject, or (iv)&nbsp;any agreement, order,
judgment or decree to which GL is subject.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">f.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers are the beneficial and record owners of the GCP Shares as set forth
on <U>Schedule&nbsp;A</U> and have good and marketable title to the GCP Shares, free and
clear of all liens, claims, charges, security interests, and encumbrances of any kind
or nature, except for applicable securities law restrictions and restrictions pursuant
to the Amended Stockholders Agreement.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">g.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers acknowledge that Castle Brands, its officers and its directors may
possess or have access to material non-public information of Castle Brands, which has
not been communicated to the Sellers and that Castle Brands, its officers and its
directors have no duty or obligation to disclose any such material non-public
information of Castle Brands to the Sellers.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">h.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers are: (i)&nbsp;sophisticated in financial matters and are able to
evaluate the risks and benefits of their acquisition of the Castle Brands Shares and
are able to afford a complete loss of the value of the Castle Brands Shares, and (ii)
able to bear the economic risk of their acquisition of the Castle Brands Shares for an
indefinite period of time because the Castle Brands Shares have not been registered
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) or under the &#147;blue
sky&#148; laws of any jurisdiction, and therefore cannot be resold unless the Lockup (as
defined below) expires and the resale of the Castle Brands Shares is registered under
the Securities Act or an exemption from registration is available. The Sellers are
capable of evaluating the merits and risks of their acquisition of the Castle Brands
Shares and have the capacity to protect their own interests.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">i.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers represent that they are &#147;accredited investors&#148; as such term is
defined in Rule 501(a) of Regulation&nbsp;D under the Securities Act and acknowledge their
acquisition of the Castle Brands Shares contemplated hereby is being made in reliance
on a private placement exemption to &#147;accredited investors&#148; or similar exemptions under
federal and state law.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">j.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers are acquiring the Castle Brands Shares solely for investment
purposes, for their own accounts and not for the account or benefit of any other
person, and not with a view towards the distribution or dissemination thereof;
provided, however, GL may distribute to its equity owners the Castle Brands Shares it
receives pursuant to this Agreement if and only if such equity owners or any other
transferees allowed pursuant to this Agreement agree in writing to be bound by the
restrictions on Transfer (as defined below) set forth in this Agreement. The Sellers
did not enter into this Agreement as a result of any general solicitation or general
advertising within the meaning of Rule&nbsp;502 of Regulation&nbsp;D under the Securities Act.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">k.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers represent that they have consulted with and relied upon their own
legal, financial and tax advisors in order to review and evaluate the tax, economic and
other possible risks and/or benefits of the Transaction.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">l.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Prior to the execution of this Agreement, the Sellers have had the opportunity
to ask questions of and receive answers from representatives of the Company concerning
an investment in the Company, as well as the finances, operations and business of the
Company, and the opportunity to obtain additional information to verify the accuracy of
all information so obtained, including reviewing the Company&#146;s public filings under the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). In determining
whether to make these investments, the Sellers have relied solely on their own
knowledge and understanding of the Company and its business based upon the Sellers&#146; own
due diligence, including such information obtained from the Company&#146;s public filings
under the Exchange Act. The Sellers have not relied on any other representations or
information in making its investment decision, whether written or oral, relating to the
Company, its finances, operations and business.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">m.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The representations made in this Agreement by the Sellers are deemed to be
remade as of the Closing.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">7.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Covenants</U>.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">a.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands, on the one hand, and the Sellers, jointly and severally on the
other hand, agree as follows:</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(i)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">To ensure that the Amended Export Agreement and the Amended
Distribution Agreement have been duly executed by the parties thereto as of the
Closing Date, in the forms attached hereto.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(ii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">To hold each other harmless and indemnify each other for any
commission and/or fees agreed to be paid to any broker, finder or other person
or entity acting or purporting to act in a similar capacity on behalf of the
indemnifying party in connection with the Transaction.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(iii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">To furnish to each other such additional information as the other
party shall reasonably request prior to the Closing and which may be obtained
without any unreasonable hardship or expense in connection with the consummation
of the Transaction.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(iv)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">To do all things reasonably necessary or convenient before or after
the Closing, and without further consideration, to consummate the Transaction in
good faith and fair dealing.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(v)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">To indemnify, defend and hold harmless each other against and in
respect of any loss, damage, deficiency, cost or expense (including without
limitation reasonable attorneys&#146; fees) resulting from any breach by the other
party of any of the representations, warranties, covenants or agreements of such
other party contained in this Agreement.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">b.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands agrees as follows:</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(i)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">To take all reasonable measures necessary to ensure that upon the
expiration of the Lockup (as defined below), the Sellers will be able to sell
their Castle Brands Shares within the safe harbor provided by Rule&nbsp;144 of the
Securities Act, subject to the conditions set forth therein.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(ii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">In the event that any Seller is considered an &#147;affiliate&#148; of Castle
for purposes of Rule&nbsp;144, Castle shall take all reasonable measures necessary to
ensure that upon the expiration of the Lockup, the Castle Brands Shares will be
registered.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(iii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">To file a supplemental listing application with the NYSE MKT to list
the Castle Brands Shares on the NYSE MKT and receive the NYSE MKT&#146;s approval
thereof.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">c.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The Sellers each agree as follows:</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(i)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">That he/it will not, directly or indirectly, offer, sell, pledge,
contract to sell (including any short sale), grant any option to purchase,
transfer, or otherwise dispose of any of the Castle Brands Shares (&#147;Transfer&#148;)
for a period commencing on the Closing Date and continuing until and through the
date that is 18&nbsp;months from the Closing Date (the &#147;Lockup&#148;), except that the
Lockup shall not apply to a Transfer to a spouse,</FONT><FONT style="font-size: 12pt"> </FONT><FONT style="font-size: 11pt"> ancestor, lineal
descendant or sibling of the Seller, and the spouses of the foregoing family
members (each, a &#147;Family Member&#148;) or to a trust established solely for the
benefit of such Seller and/or to such Seller&#146;s Family Members, or to an
affiliate or equity owner of such Seller, provided that such transferee agrees
in writing to be bound by the restrictions on Transfer set forth in this
Agreement.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">8.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Conditions to Closing</U>.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">a.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Conditions Precedent to Obligation of the Parties</U>. The respective
obligation of each party hereto to consummate the Transaction is subject to the
satisfaction or waiver, in writing, on or prior to the Closing Date of the following
conditions:</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(i)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">There shall not be in effect any order by a governmental authority of
competent jurisdiction restraining, enjoining or otherwise prohibiting the
consummation of the Transaction; and</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(ii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">There shall not be any law enacted, entered or enforced which makes
the consummation of the Transaction illegal.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">b.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Conditions Precedent to Obligation of Castle Brands</U>. The obligation of
Castle Brands to consummate the Transaction is further subject to the satisfaction or
waiver, in writing, on or prior to the Closing Date of the following conditions:</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(i)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The representations and warranties of each of the Sellers made herein
shall be true and correct as of the date hereof and as of the Closing Date as if
made on the Closing Date;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(ii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Each of the Sellers shall have performed and complied in all material
respects with all agreements and covenants required by this Agreement to be
performed or complied with by such Seller on or prior to the Closing Date;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(iii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Each of the Sellers shall have delivered, or caused to be delivered,
the items set forth in Section&nbsp;3;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(iv)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands shall have obtained adequate financing from one or more
lenders to fund the Cash Payment on terms and conditions satisfactory to Castle
Brands;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(v)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">The opinion of Bermuda counsel on behalf of the Sellers that was
received by Castle Brands on March&nbsp;22, 2017, shall not have been revoked or
modified; and</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(vi)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">That Castle Brands shall have received the Amended Polar Agreement,
duly executed by Gosling Export (Bermuda) Limited and Polar Corp., and that the
Amended Polar Agreement shall be in full force and effect as of the Closing Date
and shall not have been further amended or modified by the parties thereto.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">c.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt"><U>Conditions Precedent to Obligation of the Sellers</U>. The obligation of
the Sellers to consummate the Transaction are further subject to the satisfaction or
waiver, in writing, on or prior to the Closing Date of the following conditions:</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(i)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">the representations and warranties of Castle Brands made herein shall
be true and correct as of the date hereof and as of the respective Closing Date
as if made on the Closing Date;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(ii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands shall have performed and complied in all material
respects with all agreements and covenants required by this Agreement to be
performed or complied with by Castle Brands on or prior to the Closing Date;</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(iii)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands shall have delivered, or caused to be delivered, each
of the items set forth in Section&nbsp;4; and</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">(iv)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 11pt">Castle Brands shall have filed a supplemental listing application with
the NYSE MKT to list the Castle Brands Shares on the NYSE MKT and received the
NYSE MKT&#146;s approval thereof.</FONT></TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Termination.</U> In the event the Closing does not occur by March&nbsp;31, 2017, either party
may terminate this Agreement by providing written notice to the other party. Upon
termination, all further obligations of the parties under this&nbsp;Agreement&nbsp;shall terminate
without liability of any party to the other party to this&nbsp;Agreement, except that no such
termination shall relieve any party from liability for any fraud or willful breach of
this&nbsp;Agreement.</TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Legend</U>. The Castle Brands Shares shall be stamped or otherwise imprinted with a
legend in substantially the following form:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FROM THE ISSUER WITHOUT BEING
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), AND UNLESS
REGISTERED, SUCH SHARES ARE RESTRICTED SHARES AS THAT TERM IS DEFINED UNDER RULE 144,
PROMULGATED UNDER THE SECURITIES ACT. THESE SHARES MAY NOT BE SOLD, PLEDGED, TRANSFERRED,
DISTRIBUTED, OR OTHERWISE DISPOSED OF IN ANY MANNER (&#147;TRANSFER&#148;) UNLESS SUCH SHARES ARE
REGISTERED UNDER THE SECURITIES ACT OR EXCEPT PURSUANT TO A VALID EXEMPTION FROM SUCH
REGISTRATION REQUIREMENTS AS EVIDENCED BY AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO
THE ISSUER, STATING THAT THE TRANSFER WILL NOT RESULT IN A VIOLATION OF THE SECURITIES ACT.



<P align="left" style="margin-left:4%; font-size: 11pt">THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP AGREEMENT BETWEEN THE
HOLDER OF SUCH SHARES AND CASTLE BRANDS INC., EXCEPT THAT THE LOCKUP SHALL NOT APPLY TO A
TRANSFER TO A SPOUSE, ANCESTOR, LINEAL DESCENDANT OR SIBLING OF THE SELLER, AND THE SPOUSES
OF THE FOREGOING FAMILY MEMBERS (EACH, A &#147;FAMILY MEMBER&#148;) OR TO A TRUST ESTABLISHED SOLELY
FOR THE BENEFIT OF SUCH SELLER AND/OR TO SUCH SELLER&#146;S FAMILY MEMBERS, OR TO AN AFFILIATE OR
EQUITY OWNER OF SUCH SELLER. THE LOCKUP EXPIRES ON OCTOBER 1, 2018.


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Arbitration</U>. Except as otherwise specifically provided for in this Agreement, and to
the fullest extent permitted by law, any controversy or claim arising out of or relating to
this Agreement, or the breach thereof, shall be settled by arbitration in New York, New York,
in accordance with the then-existing rules for commercial arbitration of the Judicial
Arbitration and Mediation Service (&#147;JAMS&#148;). Any judgment or award rendered by JAMS will be
final, binding and non-appealable, and judgment may be entered by any state or federal court
having jurisdiction thereof.</TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Survival</U>. The representations and warranties contained herein shall survive the
Closing for a period of one year from the Closing Date.</TD>
</TR>

</TABLE>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Notice</U>. All notices to be given under this Agreement shall be sent by certified mail,
return receipt requested, postage prepaid or by personal delivery (by commercial courier or
otherwise) in either case to the address of the party appearing on the signature pages to this
Agreement, or by electronic mail to the electronic mail address of the party appearing on the
signature pages to this Agreement, or by telecopy. Notices sent by mail shall be deemed
delivered on the second business day following deposit in the U.S. mail. Notices delivered by
electronic mail shall be deemed delivered upon confirmation of transmission. Notices
personally delivered or by telecopy shall be deemed delivered upon the business day of receipt
at the office of the addressee.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">A copy of all notices sent to Castle Brands (which shall not itself constitute notice) shall
also be provided to Holland & Knight LLP at:



<P align="left" style="margin-left:7%; font-size: 11pt">Holland & Knight LLP
<BR>
Attention: Bradley D. Houser
<BR>
701 Brickell Avenue, Suite&nbsp;3300
<BR>
Miami, Florida 33131
<BR>
E-mail: bradley.houser@hklaw.com



<P align="left" style="margin-left:4%; font-size: 11pt">A copy of all notices sent to either Seller (which shall not itself constitute notice) shall
also be provided to Hinckley, Allen & Snyder LLP at:



<P align="left" style="margin-left:7%; font-size: 11pt">Hinckley, Allen & Snyder LLP
<BR>
Attention: Daniel L. Gottfried
<BR>
20 Church Street, 18 Floor
<BR>
Hartford, CT 06103
<BR>
E-mail: dgottfried@hinckleyallen.com


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be executed by facsimile or scanned document via email in two or more
counterparts, each of which shall be deemed an original and together shall constitute one and
the same Agreement.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 11pt">&#091;Signature page follows&#093;





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




<P align="left" style="font-size: 11pt; text-indent: 4%">IN WITNESS WHEREOF, this Agreement is executed the day and year first written below.


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


<P align="left" style="font-size: 11pt">The undersigned, as of the 29th day of March, 2017, executes and delivers this Agreement on behalf
of Castle Brands:

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>CASTLE BRANDS INC.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD colspan="3" valign="top" align="left">By: /s/ Richard Lampen<BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:<BR>
Title:<BR>
Address:<BR>
E-mail:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Richard Lampen<BR>
President and Chief Executive Officer<BR>
122 East 42<sup>nd</sup> Street, Suite&nbsp;5000<BR>
New York, New York 10168<BR>
rlampen@castlebrandsinc.com</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><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">Fax No.:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(305) 579-8009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt">SELLERS:


<P align="left" style="font-size: 11pt">Each of the undersigned, as of the 29th day of March, 2017, executes and delivers this Agreement on
behalf of each Seller:

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>GOSLING&#146;S LIMITED</B></TD>
    <TD>&nbsp;</TD>
    <TD>&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: /s/ Nancy Gosling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:<BR>
Title:<BR>
Address:<BR>
Email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dr. Nancy Gosling<BR>
President and Chief Executive Officer<BR>
P.O. Box HM 827<BR>
Hamilton, HM CX<BR>
Bermuda<BR>
<FONT style="font-size: 12pt">ngosling@goslings.com</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><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: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt"> Fax No.:</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(441) 292-1775</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: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>E.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MALCOLM B. GOSLING</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 11pt"><U>/s/ E. Malcolm B. Gosling</U>


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

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Malcolm B. Gosling</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top">Address:<BR>
Email:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;Bloomfield&#148;<BR>
Paget, PG 01<BR>
Bermuda<BR>
<FONT style="font-size: 12pt">mgosling@goslings.com</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 align="left" valign="top"><FONT style="font-size: 11pt">Fax No.:</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(441) 292-1775</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000"><B>GCP Shares Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Purchase Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Castle Brands</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of GCP Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percentage (%)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Cash ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares (#)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gosling&#146;s Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">E. Malcom B. Gosling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>201,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>20.1</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>20,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,800,000</TD>
    <TD>&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt; display: none">2
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<P align="center" style="font-size: 11pt"><U><B>EXHIBIT A</B></U><BR>
Amendment No.&nbsp;1 to the Stockholders Agreement, Dated March&nbsp;29, 2017




<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 11pt"><U><B>EXHIBIT B</B></U><BR>
Amendment No.&nbsp;4 to the Export Agreement, Dated March&nbsp;29, 2017




<P align="center" style="font-size: 10pt; display: none">4
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<P align="center" style="font-size: 11pt"><U><B>EXHIBIT C</B></U><BR>
Amended and Restated National Distribution Agreement, Dated March&nbsp;29, 2017




<P align="center" style="font-size: 10pt; display: none">5
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<P align="center" style="font-size: 11pt"><U><B>EXHIBIT D</B></U><BR>
Consulting Agreement, Dated March&nbsp;29, 2017




<P align="center" style="font-size: 10pt; display: none">6
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<P align="center" style="font-size: 11pt"><U><B>EXHIBIT E</B></U><BR>
Amendment No.&nbsp;1 to the Manufacturing and Distribution Agreement, Dated March&nbsp;29, 2017




<P align="center" style="font-size: 10pt; display: none">7




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<FILENAME>exhibit2.htm
<DESCRIPTION>EX-4.1
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>CASTLE BRANDS INC.</B></FONT>



<P align="center" style="font-size: 12pt"><B>11% SUBORDINATED NOTE DUE 2019</B><BR>
(this &#147;<U>Note</U>&#148;)


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">March&nbsp;29, 2017
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York<BR>
$20,000,000.00</TD>
</TR>
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</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 Frost Nevada Investments Trust (the
&#147;<U><I>Holder</I></U>&#148;), the principal sum of Twenty Million Dollars and No Cents ($20,000,000.00) plus
interest to the extent and at the rate specified in <U>Section&nbsp;1</U> below from and after the date
hereof.


<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 March&nbsp;15, 2019 (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 June&nbsp;15, September&nbsp;15, December&nbsp;15 and March&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 June&nbsp;15, 2017. Interest shall be
due and payable, without demand or notice, on such dates, at a rate of eleven percent (11.00%) 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>.&nbsp; 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.&nbsp; The Company agrees that until the obligations hereunder
have been paid in full, it and its subsidiaries will not create, incur or allow to exist (other
than indebtedness existing on the date hereof and amendments to the Company&#146;s indebtedness with ACF
Finco I L.P. or affiliates thereof) any indebtedness for borrowed funds which is not subordinated
in all respects to the indebtedness under this Note.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&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%">3.&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;


<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; or


<P align="left" style="font-size: 12pt; text-indent: 12%">vii) The occurrence of a Company Sale. As used herein, &#147;<U>Company Sale</U>&#148; shall mean (A)
the sale, transfer or exclusive license of all or substantially all of the assets of the Company,
(B)&nbsp;a merger or consolidation of the Company with or into another company, or (C)&nbsp;a sale of
outstanding units or securities convertible into the units of the Company (except for transactions
in which the Company is raising additional capital), if, in the case of (B)&nbsp;or (C), as a result of
such transaction, the holders of the Company&#146;s voting securities immediately prior to the closing
of such transaction own less than fifty percent (50%) of the voting securities of the surviving or
resulting entity.


<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;3.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%">4.&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 Florida, 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 Florida.


<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,
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 MIAMI-DADE COUNTY, FLORIDA 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%">
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<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

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<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;5000<BR>
New York, NY 10168<BR>
Attention: Alfred J. Small<BR>
Facsimile: (646)&nbsp;356-0222</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to the Holder:</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frost Nevada Investments Trust<BR>
4400 Biscayne Boulevard<BR>
15<sup>th</sup> Floor<BR>
Miami, Florida 33137<BR>
Attn: Veronica Miranda<BR>
Facsimile: (305)&nbsp;575-6518</DIV></TD>
</TR>
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</TABLE>
</DIV>


<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.


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<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: <U>/s/ Alfred J. Small</U>

<DIV align="center">
<TABLE style="font-size: pt" cellspacing="0" border="0" cellpadding="0" width="95%">
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<TR valign="bottom">
    <TD width="%">&nbsp;</TD>
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<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Name: Alfred J. Small</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Senior Vice President, Chief</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Financial Officer, Treasurer</TD>
</TR>

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<P align="left" style="margin-left:27%; font-size: 12pt; text-indent: 4%">and Secretary



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<TYPE>EX-99.1
<SEQUENCE>4
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<DESCRIPTION>EX-99.1
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 14pt"><B>Castle Brands Announces Key New Developments with Goslings</B></FONT>



<P align="center" style="font-size: 14pt"><FONT style="font-size: 12pt"><I>Castle Brands increases ownership to 80.1% of Gosling-Castle Partners</I></FONT>



<P align="center" style="font-size: 12pt"><I>Exclusive Export and Distribution Agreements for Goslings Rum and Goslings Stormy Ginger Beer<BR>
Extended</I>



<P align="left" style="font-size: 12pt">NEW YORK &#150; March&nbsp;30, 2017 &#151; Castle Brands Inc. (NYSE MKT: ROX), a developer and international
marketer of premium and super-premium branded spirits, today announced that it has acquired an
additional 20.1% stake in Gosling-Castle Partners Inc. (&#147;GCP&#148;), its strategic global export venture
with the Gosling family.


<P align="left" style="font-size: 12pt">GCP holds the exclusive long-term export and distribution rights for Goslings Rum and Goslings
Stormy Ginger Beer for all countries other than Bermuda. The transaction increases Castle Brands
ownership of GCP to 80.1% and will enable consolidation for tax purposes.


<P align="left" style="font-size: 12pt">In a related development, Castle Brands announced that GCP&#146;s exclusive export agreement with
Gosling&#146;s Export (Bermuda) Limited and exclusive distribution agreement with Castle Brands have
been extended through March&nbsp;31, 2030, with ten-year renewal terms thereafter.


<P align="left" style="font-size: 12pt">&#147;Since Castle Brands joined forces with the Gosling family to form GCP in 2005, sales of Goslings
Rum have grown rapidly in the United States and internationally. Sales were approximately 170,000
cases (9L) during the 12&nbsp;months ended December&nbsp;31, 2016. In addition, we have worked together to
launch and grow Goslings Stormy Ginger Beer, used in the trademarked <I>Dark &#145;n Stormy</I>&#174; cocktail, an
important driver of Goslings Rum sales. Sales of Goslings Stormy Ginger Beer were approximately
1,325,000 cases during the 12&nbsp;months ended December&nbsp;31, 2016. We are very glad that we have
increased our ownership of GCP and have extended the terms of our Goslings agreements,&#148; stated
Richard J. Lampen, President and Chief Executive Officer of Castle Brands.


<P align="left" style="font-size: 12pt">&#147;The Goslings family has produced Goslings rum in Bermuda for 200&nbsp;years. Because we realized that
the brand had great potential in the U.S. and internationally, we initiated sales in the U.S.
almost 20&nbsp;years ago. By joining together with Castle Brands in 2005, we sharply accelerated that
growth by gaining a very strong sales force, top-tier distributor relations and substantial
infrastructure to support operations. We are excited to be taking these important steps to expand
the relationship with Castle Brands,&#148; said Malcolm Gosling, President and Chief Executive Officer
of GCP.


<P align="left" style="font-size: 12pt">&#147;We believe that our sales and marketing initiatives will enhance Goslings Rum sales and that the
strong growth of Goslings Stormy Ginger Beer will expand the consumer base, grow brand awareness
and drive more consumer pull. We look forward to working even more closely with Malcolm Gosling and
the Gosling family to build the prominence of the iconic Goslings brands,&#148; added John Glover,
Executive Vice President and Chief Operating Officer of Castle Brands.


<P align="left" style="font-size: 12pt"><B>About Goslings Rum</B>


<P align="left" style="font-size: 12pt">Goslings Rum has been blended in Bermuda for over 200&nbsp;years by Gosling&#146;s Brothers Ltd., the oldest
company in Bermuda.&nbsp; Seven generations of the Gosling&#146;s family have built the brand into the
&#147;National Drink of Bermuda&#148;. Goslings Black Seal<sup>&#174;</sup> Rum, Goslings Gold<sup>&#174;</sup> Rum and
Goslings Old<sup>&#174;</sup> Rum are all award-winners. Because of its rapid growth, Goslings Rum was
named a &#147;Hot Prospect&#148; by <U><I>Impact Magazine</I></U>. In addition to the United States, Goslings is
now sold in 20 countries globally. Goslings <I>Dark &#145;n Stormy</I><sup>&#174;</sup> cocktail is one of the few
trademarked cocktails in the world and Goslings Stormy Ginger Beer, launched in 2009 to fuel the
growth of this cocktail, has become the leading Ginger Beer in the United States.


<P align="left" style="font-size: 12pt"><B>About Castle Brands</B>


<P align="left" style="font-size: 12pt">Castle Brands is a developer and international marketer of premium and super-premium brands
including: Jefferson&#146;s<sup>&#174;</sup>, Jefferson&#146;s Presidential Select<sup>&#153;</sup>, Jefferson&#146;s
Reserve<sup>&#174;</sup>, Jefferson&#146;s Ocean Aged at Sea Bourbon, Jefferson&#146;s Wine Finish Collection and
Jefferson&#146;s Wood Experiments, Goslings<sup>&#174;</sup> Rums, Goslings<sup>&#174; </sup>Stormy Ginger Beer,
Knappogue Castle Whiskey<sup>&#174;</sup>, Clontarf<sup>&#174;</sup> Irish Whiskey, Pallini<sup>&#174;</sup>
Limoncello, Boru<sup>&#174;</sup> Vodka, and Brady&#146;s<sup>&#174;</sup> Irish Cream. Additional information
concerning the Company is available on the Company&#146;s website, <U>www.castlebrandsinc.com</U>.


<P align="left" style="font-size: 12pt"><U>Forward Looking Statements </U>


<P align="left" style="font-size: 12pt"><I>This press release includes statements of our expectations, intentions, plans and beliefs that
constitute &#147;forward looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of
1933 and Section&nbsp;21E of the Securities Exchange Act of 1934 and are intended to come within the
safe harbor protection provided by those sections. These statements, which involve risks and
uncertainties, relate to the discussion of our business strategies and our expectations concerning
future operations, margins, sales, taxes, new products and brands, potential joint ventures,
potential acquisitions, expenses, profitability, liquidity and capital resources and to analyses
and other information that are based on forecasts of future results and estimates of amounts not
yet determinable. You can identify these and other forward-looking statements by the use of such
words as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;anticipates,&#148; &#147;believes,&#148;
&#147;thinks,&#148; &#147;estimates,&#148; &#147;seeks,&#148;&nbsp; &#147;predicts,&#148; &#147;could,&#148; &#147;projects,&#148; &#147;potential&#148; and other similar
terms and phrases, including references to assumptions. These forward looking statements are made
based on expectations and beliefs concerning future events affecting us and are subject to
uncertainties, risks and factors relating to our operations and business environments, all of which
are difficult to predict and many of which are beyond our control, that could cause our actual
results to differ materially from those matters expressed or implied by these forward looking
statements. These risks include our history of losses and expectation of further losses, our
ability to expand our operations in both new and existing markets, our ability to develop or
acquire new brands, our relationships with distributors, the success of our marketing activities,
the effect of competition in our industry and economic and political conditions generally,
including the current economic environment and markets. More information about these and other
factors are described under the caption &#147;Risk Factors&#148; in Castle Brands&#146; Annual Report on Form&nbsp;10-K
for the year ended March&nbsp;31, 2016, as amended, and other reports we file with the Securities and
Exchange Commission. When considering these forward looking statements, you should keep in mind the
cautionary statements in this press release and the reports we file with the Securities and
Exchange Commission. New risks and uncertainties arise from time to time, and we cannot predict
those events or how they may affect us. We assume no obligation to update any forward looking
statements after the date of this press release as a result of new information, future events or
developments, except as required by the federal securities laws.</I>



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