Company: JSDA
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001641172-25-017818
Chunk: 15

Company: JONES SODA CO.
Filing Date: 2025-07-03
Form: S-1
Chunk 15
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principal amount of the Note together with any accrued and unpaid interest thereon shall accrue interest at a rate of 10% per annum.
The Note shall mature upon the earlier of (i) the Final Maturity and (ii) in the event of prepayment of the Note, the date that the principal
amount of the Note together with the interest accrued thereon is paid in full by the Buyer. The outstanding balance of the Note shall
become due and payable as follows: (i) $510,601.30 of the principal amount was due on June 27, 2025 of which $125,000 was paid and $385,601.30 remains payable as of June 30, 2025; (ii) $500,000 of
the principal amount shall be paid on or before June 19, 2026; (iii) $750,000 of the principal amount shall be paid on or before June
19, 2027; and (iv) $750,000 of the principal amount shall be paid on or before June 19, 2028.

On the License Effective Date, in connection with
the SPA, the Company entered into the License Agreement with MJ Holdings pursuant to which the Company granted MJ Holdings an exclusive,
freely-usable and non-transferable, fully sublicensable license to use the Licensed IP (as defined in the License Agreement) during the
term of such agreement in connection with the manufacture, sale, distribution, advertising, and promotion of the Licensed Products each
consisting of a mutually agreed upon composition, formula, recipe, flavor necessary for the Licensed Products and labeling, container
size, and packaging, as applicable, to be made available by MJ Holdings for sale on-site at MJ Holdings’ places of business and/or
by means of other distributors of MJ Holdings globally, including in any country or jurisdiction where the sale, marketing, and distribution
of the Licensed Products is lawful. Pursuant to the License Agreement, MJ Holdings shall retain the exclusive right to any consumable
product containing an emulsion derived from the cannabis plant with a THC concentration greater than 0.3% by dry weight and any Licensed
IP in connection therewith. Furthermore, MJ Holdings shall own all Licensee Modified Formulas (as defined in the License Agreement) and
such Licensee Modified Formulas may be incorporated and/or otherwise used in connection with a Licensed Product during the term of such
agreement and at any time thereafter; provided, however, the Company