Exhibit
4.7


 


Barfresh
Food Group, Inc.





Non-Qualified
Stock Option Agreement


	 	●	Granted
    Under 2015 Equity Incentive Plan


 


	1.	Grant
    of Option.


 


This
agreement (the “Agreement”) evidences the grant by Barfresh Food Group, Inc., a Delaware corporation (the “Company”),
on ______ (the “Grant Date”) to __________, a ________ of the Company (the “Participant”),
of an option (the “Option”) to purchase, in whole or in part, on the terms provided herein and in the Company’s
2015 Equity Incentive Plan (the “Plan”), a total of _______ shares (the “Shares”)
of common stock of the Company (“Common Stock”) at $_____ per Share. Unless earlier terminated, this
option shall expire at 5:00 p.m., Eastern Time, on the 8th anniversary of the Grant Date (the “Final Exercise
Date”).


 


It
is intended that the Option evidenced by this Agreement shall be a non-qualified stock option granted
under the Plan. Except as otherwise indicated by the context, the term “Participant”, as used in this
Agreement, shall be deemed to include any person who acquires the right to exercise this option validly under its terms.


 


If
any term(s) of this Agreement contradicts any term(s) set forth in an effective consulting or engagement agreement between the Company
or one of its wholly owned subsidiaries and Participant, the term(s) of the consulting/engagement agreement shall control.


 


Nothing
herein is intended as a representation that the Shares may be sold without registration under state and federal securities laws or an
exemption therefrom or that such registration or exemption will be available at any specified time. The Participant understands and agrees
that so long as Participant remains a service provider to the Company, Participant shall be solely responsible for the taxes due upon
exercise of the Option and that the Company is not required to withhold any amounts upon exercise of this Option by Participant in order
to satisfy Participant’s obligations under the Internal Revenue Code (the “Code”).


 


	2.	Vesting
    Schedule.


 


__________
(___%) of the options will vest on ______________, and ________ (__%) of the options will vest on ______________.


 


The
right of exercise shall be cumulative so that to the extent the Option is not exercised in any period to the maximum extent permissible
it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the
Final Exercise Date or as provided in Section 3 hereof or in the Plan.


 






    	 



     


    

 


	3.	Exercise
    of Option.


 


(a)
(i) Manner of Exercise. Each election to exercise the Option shall be in writing, in substantially the form of Notice of Election
to Exercise attached hereto as Exhibit A (the “Exercise Notice”), signed by the Participant, and received
by the Company at its principal office, accompanied by this Agreement, and payment in full in the manner provided herein. The Participant
may purchase less than the number of Shares covered hereby, provided that no partial exercise of the Option may be for any fractional
share.


 


(ii)
Manner of Payment. Payment of the exercise price may be made in cash, by certified or cashier’s check or on a cashless basis.
The Participant may exercise the Option, in whole or in part, on a cashless basis determined by the following formula:


 


	X=Y*(A-B)

    

    A



 


	 	Where	X
    = the number of Shares to be issued to the Participant.


 


Y
= the number of exercised Shares.


 


A
= the Fair Value (as defined below) of one Share (determined at the date of delivery of the Exercise Notice).


 


B
= the Exercise Price (as adjusted to the date of such calculation).


 


(iii)
For the purposes of Section 3(a)(ii), Fair Value per share of Common Stock shall mean the average Closing Price (as defined below) per
share of Common Stock on the five (5) trading days immediately preceding the date on which the Notice of Exercise is received by the
Company. Closing Price means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a national securities exchange, the closing price per share of the Common Stock for such date (or the
nearest preceding date) on the primary eligible market or exchange on which the Common Stock is then listed or quoted; or (b) if prices
for the Common Stock are then quoted on a securities market that is not a national securities exchange, the closing bid price per share
of the Common Stock for such date (or the nearest preceding date) so quoted. If the Common Stock is not publicly traded as set forth
above, the Fair Value per share of Common Stock shall be reasonably and in good faith determined by the Board of Directors of the Company
as of the date which the Notice of Exercise is received by the Company.


 


(b)
Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3, the Option may not be exercised
unless the Participant, at the time he or she exercises the Option, is, and has been at all times since the Grant Date, an employee,
consultant or director of the Company or any parent or subsidiary of the Company as defined in Section 424(e) or (f) of the Code (an
“Eligible Participant”).


 


(c)
Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except
as provided in paragraphs (d) through (g) below or pursuant to a separate consulting/engagement agreement between the Company or one
of its wholly owned subsidiaries and Participant, the right to exercise the Option shall terminate upon such cessation (but in no event
after the Final Exercise Date); provided that the Option shall be exercisable only to the extent that the Participant was entitled
to exercise the Option on the date of such cessation.


 


Unless
otherwise provided by the Board of Directors of the Company or pursuant to a separate consulting/engagement agreement between the Company
or one of its wholly owned subsidiaries and Participant, all of the Options that have not yet vested as of the date the Participant ceases
to be an Eligible Participant shall terminate immediately upon such cessation for any reason whatsoever, including, termination for cause,
termination without cause, disability and death.


 




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(d)
Termination for Cause. Notwithstanding anything herein contained to the contrary, the Option shall terminate upon the date of
the first discovery by the Company of any reason for the termination of the Participant as an Eligible Participant for cause (as determined
in the sole discretion of the Board of Directors of the Company). If the Participant’s status as an Eligible Participant is suspended
pending any investigation by the Company as to whether the Participant should be terminated for cause, the Participant’s rights
under this Agreement and the Plan shall likewise be suspended during the period of any such investigation.


 


(e)
Exercise Period Upon Disability. If the Participant becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior
to the Final Exercise Date while he or she is an Eligible Participant, the Option shall be exercisable, only to the extent that the Participant
was entitled to exercise the Option on the date of such disability, within the period of one year following the date of disability of
the Participant, by the Participant, provided that the Option shall not be exercisable after the Final Exercise Date.


 


(f)
Exercise Period Upon Death. If the Participant dies prior to the Final Exercise Date while he or she is an Eligible Participant,
the Option shall be exercisable, only to the extent that the Participant was entitled to exercise the Option on the date of death, within
the period of one year following the date of death of the Participant, by the person(s) to whom the Participant’s rights under
the Option shall pass by the Participant’s will or by the laws of descent and distribution, provided that the Option shall
not be exercisable after the Final Exercise Date.


 


(g)
Termination Without Cause. If the Participant is terminated without “cause”, the Option shall be exercisable, only
to the extent that the Participant was entitled to exercise the Option on the date of such termination, within the period of three months
following the date of termination of the Participant, by the Participant, provided that the Option shall not be exercisable after
the Final Exercise Date.


 


	4.	Tax
    Matters.


 


(a)
Withholding. No Shares will be issued pursuant to the exercise of the Option unless and until the Participant pays to the Company,
or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld
in respect of the Option. Regardless of any action the Company or the Participant take with respect to any or all income tax (including
federal, state, local and foreign tax), social insurance, payroll tax, payment on account or other tax-related items related to the Participant’s
participation in the Plan and legally applicable to the Participant (“Tax-Related Items”), the Participant
acknowledges that the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and may exceed
the amount actually withheld by the Company.


 


	5.	Transfer
    Restrictions.


 


(a)
The Option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation
of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, the Option shall be exercisable
only by the Participant.


 


(b)
The issuance and transfer of Shares shall be subject to compliance by the Company and the Participant with all applicable requirements
of federal, state, local or foreign securities laws and with all applicable requirements of any stock exchange or trading market on which
the Shares may be listed at the time of such issuance or transfer.


 




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	6.	Nature
    of the Grant.


 


By
entering into this Agreement and accepting the grant of the Option evidenced hereby, the Participant acknowledges that: (i) the Plan
is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by
the Company at any time unless otherwise provided in the Plan and this Agreement; (ii) the grant of the Option is voluntary and occasional
and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options; (iii) all decisions
with respect to future grants, if any, will be at the sole discretion of the Company; (iv) the Participant’s participation in the
Plan shall not create a right to further engagement with the Company and shall not interfere with the ability of the Company to terminate
the Participant’s consulting/engagement relationship at any time; (v) the Participant’s participation in the Plan is voluntary;
(vi) the future value of the underlying Shares is unknown and cannot be predicted with certainty, and if the Participant exercises the
Option and obtains Shares, the value of those Shares may increase or decrease in value, even below the exercise price; and (vii) if the
underlying Shares do not increase in value, the Option will have no value.


 


	7.	409A
    Disclaimer.


 


This
Agreement shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the Code. The
Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify
this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take
any other actions, as the Company determines are necessary or appropriate to ensure that the Option qualifies for exemption from, or
complies with the requirements of, Code Section 409A; provided, however, that the Company makes no representation that the Option
will be exempt from, or will comply with, Section 409A of the Code, and makes no undertakings to preclude Section 409A of the Code from
applying to the Option or to ensure that it complies with Section 409A of the Code. For the avoidance of doubt, the Participant hereby
acknowledges and agrees that the Company will have no liability to the Participant or any other party if the grant, vesting, exercise,
issuance of shares or any other transaction under this Agreement is not exempt from, or compliant with, Code Section 409A, or for any
action taken by the Company with respect thereto.


 


	8.	Additional
    Terms.


 


The
Company reserves the right to impose other requirements on the Participant’s participation in the Plan, to the extent the Company
determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require
the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.


 


	9.	Investment
    Intent.


 


By
accepting the Option, the Participant represents and agrees that none of the Shares of Common Stock purchased upon exercise of the Option
will be distributed in violation of applicable federal and state laws and regulations. In addition, the Company may require, as a condition
of exercising the Option, that the Participant execute an undertaking, in such a form as the Company shall reasonably specify, that the
Shares are being purchased only for investment and without any then-present intention to sell or distribute such shares.


 




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	10.	Adjustments
    for Stock Splits, Stock Dividends, Etc.


 


(a)
In the case of any recapitalization, reclassification, consolidation, stock split, stock dividend, subdivision or combination of shares
or like change in the nature of the Common Stock covered by this Agreement, the number of Options and exercise price shall be proportionately
adjusted.


 


(b)
The existence of the Options shall not affect in any way the right or power of the Company or its shareholders to make or authorize any
adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger
or consolidation of the Company, or any issue of bonds, debentures, preferred or preference stocks ahead of or affecting the shares issuable
upon exercise of the Options, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets
or business, or any other corporate act or proceeding, whether of a similar character or otherwise.


 


	11.	Professional
    Advice.


 


The
acceptance of the Option, exercise of the Option, and the sale of Common Stock issued following the exercise of Option may have consequences
under federal and state tax and securities laws which may vary depending upon the individual circumstances of the Participant. Accordingly,
the Participant acknowledges that he or she has been advised to consult his or her personal legal and tax advisor in connection with
this Agreement and his or her dealings with respect to the Options. Without limiting other matters to be considered with the assistance
of the Participant’s professional advisors, the Participant should consider: (a) whether upon the exercise of the Options, the
Participant will file an election with the Internal Revenue Service pursuant to Section 83(b) of the Code and the implications of alternative
minimum tax pursuant to the Code; (b) the merits and risks of an investment in the underlying Shares of Common Stock; and (c) any resale
restrictions that might apply under applicable securities laws.


 


	12.	Provisions
    of the Plan.


 


The
terms of the Options are subject to the provisions of the Plan, as the same may from time to time be amended, and any inconsistencies
between this Agreement and the Plan, as the same may be from time to time amended, shall be governed by the provisions of the Plan, a
copy of which has been delivered to the Participant, and which is available for inspection at the principal offices of the Company.


 


	13.	Miscellaneous.


 


(a)
Disputes. Any dispute or disagreement that may arise under or as a result of this Agreement, or any question as to the interpretation
of this Agreement, may be determined by the Company’s Board of Directors in its absolute and uncontrolled discretion, and any such
determination shall be final, binding, and conclusive on all affected persons.


 


(b)
Notices. Any notice that a party may be required or permitted to give to the other shall be in writing, and may be delivered personally,
by overnight courier or by certified or registered mail, postage prepaid, addressed to the parties at their current principal addresses,
or such other address as either party, by notice to the other, may designate in writing from time to time.


 


(c)
Law Governing. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without
reference to the principles thereof relating to the conflict of laws.


 


(d)
Agreement Binding. This Agreement shall be binding upon the heirs, executors, administrators, successors and assigns of the parties
hereto.


 


(e)
Further Action. The parties hereto shall execute and deliver all documents, provide all information and take or forbear from all
such action as may be necessary or appropriate to achieve the purposes of the Agreement.


 


(f)
Parties of Interest. Nothing herein shall be construed to be to the benefit of any third party, nor is it intended that any provision
shall be for the benefit of any third party.


 


(g)
Savings Clause. If any provision of this Agreement, or the application of such provision to any person or circumstance, shall
be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as
to which it is held invalid, shall not be affected thereby.


 


[signature
page follows]


 




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IN
WITNESS WHEREOF, the Company has caused this Non-Qualified Stock Option Agreement to be executed under its corporate seal by its
duly authorized officer. This Agreement shall take effect as a sealed instrument.


 


	 	Barfresh
    Food Group, Inc.
	 	 	 
	 	By:	       
	 	Name:
    	 
	 	Title:	 


 


PARTICIPANT’S
ACCEPTANCE


 


The
undersigned hereby accepts the foregoing Option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt
of a copy of Barfresh Food Group, Inc.’s 2015 Equity Incentive Plan.


 


	 	PARTICIPANT:
	 	 
	 	Name:
    
	 	Address:
	 	 
	 	 
	 	 


 




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EXHIBIT
A


 


Notice
of Election to Exercise


 


Barfresh
Food Group, Inc.


 


3600
Wilshire Boulevard, Suite 1720


 


Beverly
Hills, CA 90010


 


This
Notice of Election to Exercise shall constitute proper notice pursuant to Barfresh Food Group, Inc.’s (the “Company”)
2015 Equity Incentive Plan (the “Plan”) and Section 3(a)(i) of that certain Non-Qualified Stock Option Agreement
(the “Agreement”) dated as of ___________, between the Company and the undersigned.


 


The
undersigned hereby elects to exercise Participant’s option to purchase [____________________] shares of common stock
of the Company at a price of US$[_______] per share, for aggregate consideration of US$[__________], on the
terms and conditions set forth in the Agreement and the Plan.


 


Payment
is to be made as follows:


 


	 	☐	Cash
	 	☐	Bank
    or Certified Check
	 	☐	Cashless
    Exercise Pursuant to Section 3(a)(ii) of this Agreement


 


The
Optionee hereby directs the Company to issue, register and deliver the certificates representing the shares as follows:


 


	Registration
    Information:	 	Delivery
    Instructions:
	 	 	 
	 	 	 
	(Name
    to appear on certificates)	 	Name
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Telephone
    Number:	 


 


DATED
at ______________________________, the _____ day of __________, 20_____.


 


	 	 
	 	 
	 	(Name
    of Optionee – Please type or print)
	 	 
	 	 
	 	(Signature
    and, if applicable, Title)
	 	 
	 	 
	 	(Address
    of Optionee)
	 	 
	 	 
	 	(City,
    State and Zip Code of Optionee)


 




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