Document:

EXHIBIT 4.3

EXHIBIT 4.3

REGISTRATION RIGHTS AGREEMENT

REGISTRATION RIGHTS AGREEMENT (the "Agreement"), dated for
reference as of ____________, 2007 by and among Celsius Holdings, Inc., a Nevada
corporation (the "Corporation") and Investa Capital Partners, Inc.
("Investa"), those subscribers of the Private Placement whose
names and signatures appear on the signature pages hereto (the "Subscribers"),
John T. Nugent ("Nugent"), Anthony J. Baudanza ("Baudanza"), and Gregory T. Horn
("Horn") (the parties other than the Corporation may be referred to as "holders"
or individually as a "holder").

WHEREAS:

A. The Corporation entered into a Merger Agreement and Plan of Reorganization
dated as of January ____, 2007, among the Corporation, Elite FX, Inc. ("Elite"),
and other parties named therein (the "Merger Agreement").

B. To induce the Subscribers to participate in the Private Placement and
Investa to receive the Investa Warrants in connection with the Merger Agreement,
the Corporation has agreed to provide Investa and the Subscribers certain
registration rights under the Securities Act of 1933, as amended, and the
rules and regulations there under, and all applicable state securities laws.

C. Prior to the execution of the Merger Agreement, Elite entered into an
Investor Rights Agreement with Nugent and Baudanza pursuant to which Elite
granted Nugent and Baudanza certain registration rights. To induce Nugent and
Baudanza to terminate its Investor Rights Agreement with Elite, the Corporation
has agreed to provide Nugent and Baudanza certain registration rights pursuant
to this Agreement.

D. Prior to the execution of the Merger Agreement, Elite entered into a
consulting agreement with Horn's company Specialty Nutrition Group, Inc. ("SNG").
To induce SNG to terminate its agreement with Elite, the Corporation has agreed
to provide Horn certain registration rights pursuant to this Agreement. 

Now therefore in consideration of the premises and
the mutual agreements and covenants herein contained, the parties hereto hereby
covenant and agree as follows:

 1. DEFINITIONS.

1.1 Certain Definitions. As used in this Agreement, the
following terms shall have the following meanings:

	"Affiliate" means any entity controlling, controlled by or
 under common control with a designated Person. For the purposes of this
 definition, "control" shall have the meaning specified as of the date of this
 Agreement for that word in Rule 405 promulgated by the SEC under the 
 Securities Act of 1933.

 
	"Common Stock" means the common stock, par value $0.001 per
 share, of the Corporation.

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	"Equity Security" shall mean any stock or similar security,
 including without limitation securities containing equity features and
 securities containing profit participation features, or any security
 convertible or exchangeable, with or without consideration, into or for any
 stock or similar security, or any security carrying any warrant or right to
 subscribe to or purchase any stock or similar security, or any such warrant or
 right.

 
	"Exchange Act" means the Securities Exchange Act of 1934,
 as amended, or any similar federal statute, and the rules and regulations of
 the SEC thereunder, all as the same shall be in effect from time to time.

 
	"Investa" means Investa Capital Partners, Inc.

 
	"Merger Agreement" means the Merger Agreement and Plan of
 Reorganization dated as of January ____, 2007, among the Corporation, Elite FX,
 Inc., and other parties named therein.

 
	"Person" means any individual, corporation, partnership,
 joint venture, association, limited liability company, joint-stock company,
 trust, unincorporated organization or government or any agency or political
 subdivision thereof. 

 
	"Registrable Securities" shall mean the shares of Common
 Stock held by Nugent, Baudanza and Horn upon consummation of the transaction
 contemplated by the Merger Agreement, the shares of Common Stock issued to the
 Subscribers of the Private Placement and any underlying Common Stock issued
 with respect to the Investa Warrants on exercise (except as provided below), or
 by way of a stock dividend or stock split or in connection with a combination
 of shares, recapitalization, merger, consolidation or other reorganization,
 until the earliest to occur of (a) the date on which such security has been
 effectively registered under the Securities Act and disposed of in accordance
 with a registration statement and (b) the date on which such security may be
 sold pursuant to Rule 144 (without any volume limitations thereunder) or may be
 sold without compliance with such rule. Notwithstanding any contrary provision,
 Common Stock issued with respect to the Investa Warrants shall not be deemed
 Registrable Securities for purposes of Section 2.1 below until the Corporation
 has raised at least Two Million, Five Hundred Thousand (US$ 2,500,000) United
 States Dollars in a PIPE financing.

 
	"Rule 144" means Rule 144 promulgated by the SEC under the
 Exchange Act, as such rule may be amended from time to time, or any successor
 rule thereto.

 
	"SEC" means the Securities and Exchange Commission of the
 United States of America or any successor to the rights and duties thereof.
 

1.2 Incorporated Definitions. Capitalized terms used in this
Agreement and not otherwise defined herein shall have the meanings set forth in
the Merger Agreement. 

2. REGISTRATION.

2.1 Initial Registration Statement. Promptly following the
closing of the Merger Agreement and Plan of Reorganization dated as of January
____, 2007, among the Corporation, Elite FX, Inc., and other parties named
therein (the "Closing Date") (but no later than one hundred and
eight (180) days after the Closing Date), the Corporation shall use its
reasonable best efforts to cause to be filed and declared effective as soon as
reasonably practicable (but in no event later than 30 days after the SEC issues
a no review letter) a registration statement under the Securities Act of 1933
and the rules promulgated thereunder (the "1933 Act"), covering the
resale of the Registrable Securities held by the Subscribers, Nugent, Baudanza,
Horn and Investa, if any, plus the number of shares of Common Stock necessary to
permit the exercise in full of the Penalty Warrants outstanding or issuable on
the date of filing. At the time the Registration Statement is declared
effective, the Registration Statement shall include all shares of Common Stock
exercisable under all Penalty Warrants outstanding or issuable at such time, if
any. Such Registration Statement also shall cover, to the extent allowable under
the 1933 Act (including Rule 416), such indeterminate number of additional
shares

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of Common Stock resulting from stock splits, stock dividends or similar
transactions with respect to the Registrable Securities. No securities held by a
third party shall be included in such Registration Statement without the consent
of the Subscribers. The Registration Statement (and each amendment or supplement
thereto, and each request for acceleration of effectiveness thereof) shall be
provided in accordance with Section 3(c) hereof to the Subscribers and their
counsel prior to its filing or other submission. If a Registration Statement
covering the Registrable Securities is not filed with the SEC within one hundred
and eighty (180) days of the Closing Date (the "Registration Date"),
except as excused pursuant to Section 2(d) below, for each 30-day period (or pro
rata for any portion thereof) following the Registration Date during which no
Registration Statement is filed with respect to the Registrable Securities, the
Corporation will issue Penalty Warrants as set forth in Section 8 below in
respect of any Registrable Shares still held by any Subscriber, Nugent, Baudanza,
Horn or Investa, if any; provided, however, that no Penalty Warrants shall be
issuable to any Subscriber, Nugent, Baudanza, Horn or to Investa in the event
such party does not hold or no longer holds Registrable Securities at the time
any Penalty Warrants are to be issued.

2.2 Piggyback Registration. 

	Except as set forth in Section 2.2(b), as, if and when the Corporation
 proposes to register any Common Stock under the Securities Act for sale to the
 public, on a form that would also permit the registration of the Registrable
 Securities (other than registrations on Form S-8, or any successor form, or
 Form S-4, or any successor form) (an "Eligible Registration"),
 each such time it will give written notice to the Subscribers, Nugent, Baudanza,
 Horn and Investa, if applicable, of its intention so to do. Upon the written
 request of a Subscriber, Nugent, Baudanza, Horn or Investa, if Investa's shares
 are deemed Registrable Securities pursuant to Section 1.1(h) above, received by
 the Corporation within 20 days after the giving of any such notice by the
 Corporation, to register such number of shares of Registrable Securities
 specified in such written request, the Corporation will cause the Registrable
 Securities as to which registration shall have been so requested to be included
 in the securities to be covered by the registration statement proposed to be
 filed by the Corporation with respect to such Eligible Registration, all to the
 extent requisite to permit the sale or other disposition by such Subscribers,
 Nugent, Baudanza, Horn and Investa, if applicable, (in accordance with its
 written request) of such Registrable Securities so registered. 

 
	Notwithstanding the foregoing, an Eligible Registration may occur only
 during the one year period following the closing of the Merger Agreement. No
 Eligible Registration shall occur except at the times allowed pursuant to this
 Section 2.2(b).

2.3 Registration Statement Form. Registrations pursuant to Section 2.1
and 2.2 shall be on such appropriate registration form of the SEC as shall be
selected by the Corporation.

2.4 Expenses. Except as otherwise provided in this Section 2.4,
all expenses incurred in connection with each registration pursuant to Section
2.1 and 2.2 hereof (excluding in each case underwriting discounts and
commissions applicable to Registrable Securities), including, without
limitation, in each case, all registration, filing and other fees of the
securities exchange; all fees and expenses of complying with securities or blue
sky laws; all word processing, duplicating and printing expenses, messenger,
delivery and shipping expenses; fees and disbursements of the accountants and
counsel for the Corporation including the expenses of any special audits or
"cold comfort" letters or opinions required by or incident to such
registrations; and any fees and disbursements of underwriters customarily paid
by issuers or sellers of securities, but excluding underwriting discounts and
commissions, if any, shall be borne by the Corporation. In all cases, the
holder(s) of Registrable Securities shall pay the underwriting discounts and
commissions applicable to the securities sold by such holder(s).

2.5 Effective Registration Statement. The Corporation shall use its
reasonable best efforts to have each Registration Statement declared effective
as soon as practicable. If (A) a Registration Statement covering Registrable
Securities is not declared effective by the SEC within two-hundred and seventy
(270) days after the closing date or thirty (30) days after receiving a no
review status from the Securities and Exchange Commission, (B) after a
Registration Statement has been declared effective by the SEC, sales cannot be
made pursuant to such Registration Statement during the Registration Period 

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(as defined in Section 3(a)) due to the Corporation's failure to use
reasonable efforts to ensure that sales can be made pursuant to the Registration
Statement, or (C) the Common Stock generally or the Registrable Securities
specifically are not listed or included for quotation on the Nasdaq National
Market System, the Nasdaq Small Cap Market, the American Stock Exchange or the
OTC Bulletin Board during the Registration Period due to the Corporation's
failure to use reasonable efforts to maintain such listing, then the Corporation
will issue Penalty Warrants as set forth in Section 8 below in respect of any
Registrable Shares still held by a Subscriber, Nugent, Baudanza, Horn or Investa,
if any, for any 30-day period or pro rata for any portion thereof following the
date by which such a Registration Statement should have been effective as
described in (A) or (B) or (C) above (the "Blackout Period"). The
issuance of such Penalty Warrants shall be the exclusive remedy of the
Subscribers, Nugent, Baudanza, Horn and Investa for such events. The Blackout
Period shall terminate upon (x) the Corporation's use of reasonable efforts to
ensure the effectiveness of the applicable Registration Statement in the case of
(A) and (B) above; (y) the Corporation's use of reasonable efforts to ensure
listing or inclusion of the Common Stock on the Nasdaq National Market System,
the Nasdaq Small Cap Market, the American Stock Exchange or the OTC Bulletin
Board in the case of (C) above; or (z) the termination of the Registration
Period (as defined in Section 3(b) below). The obligation of the Corporation to
issue Penalty Warrants hereunder shall cease when the Subscribers, Nugent,
Baudanza, Horn and Investa no longer hold Registrable Securities.

2.6 Selection of Underwriters. If a registration pursuant to Section
2.1 or 2.2 hereof involves an underwritten offering, the underwriter or
underwriters thereof shall be selected by the Corporation in its sole
discretion.

3. REGISTRATION PROCEDURES.

3.1 Procedures. The Corporation will, subject to the
limitations provided herein, as expeditiously as possible:

	use its best efforts to cause such Registration Statement to become
 effective and to remain continuously effective for a period that will terminate
 upon the earlier of (i) the date on which all Registrable Securities, covered
 by such Registration Statement, as amended from time to time, have been sold,
 or (ii) the date on which all Registrable Securities may be sold pursuant to
 Rule 144(k) (the "Registration Period"); 
	prepare and file with the SEC the requisite registration statement to
 effect such registration, and thereafter, use reasonable efforts to cause such
 registration statement to become effective; provided that before filing a
 registration statement or prospectus or any amendments or supplements thereto,
 including documents incorporated by reference, the Corporation will furnish to
 counsel to the holders of Registrable Securities and the managing underwriter
 or underwriters, if any, draft copies of all such documents proposed to be
 filed (other than exhibits, unless so requested) a reasonable time prior
 thereto, which documents will be subject to the reasonable review of such
 counsel and such holders and underwriters, and will notify each holder of any
 stop order issued by the SEC in connection therewith and take all reasonable
 actions required to remove such stop order;

 
	prepare and file with the SEC such amendments and supplements to such
 registration statement and the prospectus used in connection therewith as may
 be reasonably necessary to keep such registration statement effective and to
 comply with the provisions of the Securities Act with respect to the
 disposition of all securities covered by such registration statement until such
 time as all of such securities have been disposed of in accordance with the
 intended methods of disposition by the seller or sellers thereof set forth in
 such registration statement; provided however that the Corporation may, at any
 time, delay the filing or suspend the effectiveness of any registration under
 this Agreement, or without suspending such effectiveness, instruct the holders
 of Registrable Securities not to sell any Registrable Securities included in
 any such registration, (i) if the Corporation shall have determined upon the
 advice of counsel that the Corporation would be required to disclose any
 actions taken or proposed to be taken by the Corporation in good faith and for
 valid business reasons, including without limitation, the acquisition or
 divestiture of assets, which disclosure would have a material adverse effect on
 the Corporation or on such actions, or 

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 (ii) if required by law, to update the prospectus relating to any such
 registration to include updated financial statements (a "Suspension
 Period") by providing the holders of Registrable Securities with
 written notice of such Suspension Period and the reasons therefore; provided,
 however, that the Corporation will not be required to disclose such reasons
 with particularity if an authorized executive officer of the Corporation
 certifies that the Corporation believes it is required by law to delay the
 filing or suspend the effectiveness of any such registration. In addition, the
 Corporation shall not be required to keep any registration effective, or may
 without suspending such effectiveness, instruct the holder if it has
 Registrable Securities included in such registration not to sell such
 securities, during any period which the Corporation is instructed, directed,
 ordered or otherwise requested by any governmental agency or self-regulatory
 organization to stop or suspend such trading or sales ("Supplemental
 Extension Period"). In the event of a Suspension Period or Supplemental
 Extension Period, the period during which any registration under this Agreement
 is to remain effective pursuant to this Section 3.1(a) shall be tolled until
 the end of any such Suspension Period or Supplemental Extension Period. The
 Corporation will use reasonable efforts to limit any Suspension Period or
 Supplemental Extension Period to less than 30 days;

 

	furnish to the holders of Registrable Securities such number of
 conformed copies of such registration statement and of each such amendment and
 supplement thereto (in each case including all exhibits), such number of copies
 of the prospectus contained in such registration statement (including each
 preliminary prospectus and any summary prospectus) and any other prospectus
 filed under Rule 424 under the Securities Act, and such other documents, as the
 holders may reasonably request;

 
	use its reasonable efforts to register or qualify all Registrable
 Securities and other securities covered by such registration statement under
 such other securities or blue sky laws of such jurisdictions in the United
 States of America as each seller thereof shall reasonably request and to keep
 such registration or qualification in effect for so long as such registration
 statement remains in effect, and take any other action which may be reasonably
 necessary or advisable to enable such seller to consummate the disposition in
 such jurisdictions of the securities owned by such seller, except that the
 Corporation shall not for any such purpose be required to qualify generally to
 do business as a foreign corporation in any jurisdiction wherein it would not
 but for the requirements of this Section 3.1(d) be obligated to be so qualified
 or to consent to general service of process in any such jurisdiction.

 
	use its reasonable efforts to cause all Registrable Securities covered by
 such registration statement to be registered with or approved by such other
 United States Federal or state governmental agencies or authorities as may be
 necessary to enable the holders to consummate the disposition of such
 Registrable Securities;

 
	notify in writing the holders, if Registrable Securities are covered by
 such registration statement, at any time when a prospectus relating thereto is
 required to be delivered under the Securities Act, upon discovery that, or upon
 the happening of any event as a result of which the prospectus included in such
 registration statement, as then in effect, includes an untrue statement of a
 material fact or omits to state any material fact required to be stated therein
 or necessary to make the statements therein not misleading in the light of the
 circumstances under which they were made, and at the request of the holders
 prepare and furnish to the holders a reasonable number of copies of a
 supplement to or an amendment of such prospectus as may be necessary so that,
 as thereafter delivered to the purchasers of such securities, such prospectus
 shall not include an untrue statement of a material fact or omit to state a
 material fact required to be stated therein or necessary to make the statements
 therein not misleading in the light of the circumstances under which they were
 made.

 
	otherwise use reasonable efforts to comply with all applicable rules and
 regulations of the SEC and make available to its security holders, as soon as
 reasonably practicable, an earnings statement covering the period of at least
 twelve months beginning with the first full calendar month after the effective
 date of such registration statement, which earnings statement shall satisfy the
 provisions of Section 11(a) of the Securities Act;

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provide and cause to be maintained a transfer agent for all Registrable
Securities covered by such registration statement from and after a date not
later than the effective date of such registration statement; and

	provide and cause to be maintained a transfer agent for all
 Registrable Securities covered by such registration statement from and after a
 date not later than the effective date of such registration statement; and
	use its reasonable efforts to list all Registrable Securities covered by
 such registration statement on any securities exchange on which any of the
 Corporation's Common Stock is then listed.

3.2 Information Requirements. It shall be a condition precedent
to the obligations of the Corporation to take any action with respect to
registering the holders' Registrable Securities pursuant to this Section 3 that
the holders furnish the Corporation in writing such information regarding the
holders, the Registrable Securities and other securities of the Corporation held
by the holders, and the distribution of such securities as the Corporation may
from time to time reasonably request in writing. If a holder refuses to provide
the Corporation with any of such information on the grounds that it is not
necessary to include such information in the registration statement, the
Corporation may exclude the holder's Registrable Securities from the
registration statement unless such holder provides the Corporation with an
opinion of counsel, which opinion and counsel shall be reasonably satisfactory
to the Corporation and its counsel, to the effect that such information need not
be included in the registration statement.

The holders agree by acquisition of such Registrable Securities that upon
receipt of any notice from the Corporation of the happening of any event of the
kind described in Section 3.1(j), the holders will forthwith discontinue the
holders' disposition of Registrable Securities pursuant to the registration
statement relating to such Registrable Securities until the holders' receipt of
the copies of the supplemented or amended prospectus contemplated by Section
3.1(j) and, if so directed by the Corporation, will deliver to the Corporation
copies, other than permanent file copies then in the holders' possession, of the
current prospectus relating to such Registrable Securities at the time of
receipt of such notice.

4. UNDERWRITTEN OFFERINGS.

If requested by the underwriters for any underwritten offering of Registrable
Securities pursuant to a registration under Section 2 hereof, the Corporation
and holder will enter into an underwriting agreement with such underwriters for
such offering, such agreement to be satisfactory in substance and form to the
Corporation and the underwriters and to contain such representations and
warranties by the Corporation and the holder and such other terms as are
generally prevailing in agreements of this type, including, without limitation,
indemnities to the effect and to the extent provided in Section 6 hereof. 

5. PREPARATION; REASONABLE INVESTIGATION.

In connection with the preparation and filing of each registration statement
under the Securities Act in connection with an Eligible Registration, the
Corporation will give the holders and their respective agents and advisors and
the underwriters, if any, the reasonable opportunity to participate in the
preparation of such registration statement, each prospectus included therein or
filed with the SEC, and each amendment thereof or supplement thereto, and will
give each of them such access to its books and records and such opportunities to
discuss the business of the Corporation with its officers and the independent
public accountants who have certified its financial statements as shall be
necessary, in the option of the holders' counsel, to conduct a reasonable
investigation within the meaning of the Securities Act. Subject to the rights
and obligations of the Corporation under the Securities Act and other applicable
laws, the holders shall have the right to review and approve those portions of
such registration statement that directly pertain to the holders.

6. INDEMNIFICATION

6.1 Indemnification by the Corporation. In the event any
Registrable Securities are included in a registration statement under this
Agreement, to the extent permitted by law, the Corporation will, and hereby
does, indemnify and hold harmless each holder, its directors and officers, each
other Person who participates as an underwriter in the offering or sale of such
securities and each other Person, if any, who controls each holder or any such
underwriter within the 

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meaning of the Securities Act, against any losses, claims, damages or
liabilities, joint or several, to which each holder or any such director or
officer or underwriter or controlling person may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any registration statement
under which such securities were registered under the Securities Act, any
preliminary prospectus, final prospectus or summary prospectus contained
therein, or any amendment or supplement thereto, or any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and the Corporation
will reimburse the holders and each such director, officer, underwriter and
controlling person for any legal or any other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim,
liability, action or proceeding; provided that the Corporation shall not be
liable in any such case to the extent that any such loss, claim, damage,
liability (or action or proceeding in respect thereof) or expense arises out of
or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in such registration statement, any such preliminary
prospectus, final prospectus, summary prospectus, amendment or supplement in
reliance upon and in conformity with information furnished to the Corporation by
the holders, and provided further that the Corporation shall not be liable to
any Person who participates as an underwriter in the offering or sale of
Registrable Securities or any other Person, if any, who controls such
underwriter within the meaning of the Securities Act, in any such case to the
extent that any such loss, claim, damage, liability (or action or proceeding in
respect thereof) or expense arises out of such Person's failure to send or give
a copy of the final prospectus, as the same may be then supplemented or amended
to the Person asserting an untrue statement or alleged untrue statement or
omission or alleged omission at or prior to the written confirmation of the sale
of Registrable Securities to such Person if such statement or omission was
corrected in such final prospectus and such delivery would have mitigated
liability. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of the holders or any such director,
officer, underwriter or controlling person and shall survive the transfer of
such securities by such seller.

6.2 Indemnification by the holders. In the event any
Registrable Securities are included in a registration statement under this
Agreement, to the extent permitted by law, each holder whose Registrable
Securities are registered pursuant to such registration statement will, and
hereby does indemnify and hold harmless (in the same manner and to the same
extent as set forth in Section 6.1) each underwriter, each Person who controls
such underwriter within the meaning of the Securities Act, the Corporation, each
director of the Corporation, each officer of the Corporation and each other
Person, if any, who controls the Corporation within the meaning of the
Securities Act, with respect to any statement or alleged statement in or
omission or alleged omission from such registration statement, any preliminary
prospectus, final prospectus or summary prospectus contained therein, or any
amendment or supplement thereto, if such statement or alleged statement or
omission or alleged omission was made in reliance upon and in strict conformity
with information furnished to the Corporation by the holders expressly for use
in the preparation of such registration statement, preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement; provided that the
holders shall not be liable to any Person who participates as an underwriter in
the offering or sale of Registrable Securities or any other Person, if any, who
controls such underwriter within the meaning of the Securities Act, in any such
case to the extent that any such loss, claim, damage, liability (or action or
proceeding in respect thereof) or expense arises out of such Person's failure to
send or give a copy of the final prospectus, as the same may be then
supplemented or amended, to the Person asserting an untrue statement or alleged
untrue statement or omission or alleged omission at or prior to the written
confirmation of the sale of Registrable Securities to such Person if such
statement or omission was corrected in such final prospectus. Such indemnity
shall remain in full force and effect regardless of any investigation made by or
on behalf of any underwriter, the Corporation or any such director, officer or
controlling Person and shall survive the transfer of such securities by such
seller.

6.3 Notices of Claims, Participation in Defense. Promptly after
receipt by an indemnified party of notice of the commencement of any action or
proceeding involving a claim referred to in Sections 6.1 and 6.2, such
indemnified party will, if a claim in respect thereof is to be made against an
indemnifying party, give written notice to the latter of the commencement of
such action; provided that the failure of any indemnified party to give notice
as provided herein shall not relieve the indemnifying party of its obligations
under the preceding subdivisions of this Section 6, except to the extent that
the indemnifying party is actually prejudiced by such failure to give notice. In
case any such action is brought against an indemnified party, unless in such
indemnified party's reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist in respect of such claim, the
indemnifying party shall be entitled to participate in and to assume the defense
thereof, jointly with any other indemnifying party similarly notified to the
extent that it may wish, with counsel reasonably satisfactory to such
indemnified party, and after notice 

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from the indemnifying party to such indemnified party of its election so to
assume the defense thereof, the indemnifying party shall not be liable to such
indemnified party for any legal or other expenses subsequently incurred by the
latter in connection with the defense thereof other than reasonable costs of
investigation. No indemnifying party shall, without the consent of the
indemnified party, consent to entry of any judgment or enter into any
settlement, which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation. No indemnified party shall
consent to entry of any judgment or enter into any settlement without the
consent of the indemnifying party.

6.4 Other Indemnification. Indemnification similar to that
specified in the preceding subdivisions of this Section 6 (with appropriate
modifications) shall be given by the Corporation and the holders with respect to
any required registration or other qualification of securities under any Federal
or state law or regulation of any governmental authority other than the
Securities Act.

6.5 Indemnification Payments. The indemnification required by
this Section 6 shall be made by periodic payments of the amount thereof during
the course of the investigation or defense, as and when bills are received or
expense, loss, damage or liability is incurred.

6.6 Contribution. If the indemnification provided for in this
Section 6 from the indemnifying party is unavailable to an indemnified party
hereunder in respect of any losses, claims, damages, liabilities or expenses
referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such loss, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party and indemnified parties in connection with the actions
which resulted in such losses, claims, damages, liabilities or expenses, as well
as any other relevant equitable considerations. The relative fault of such
indemnifying party and indemnified parties shall be determined by reference to,
among other things, whether any action in question, including any untrue
statement of material fact or omission or alleged omission to state a material
fact, has been made by, or relates to information supplied by, such indemnifying
party or indemnified parties, and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such action. The
amount paid or payable by a party as a result of the losses, claims, damages,
liabilities and expenses referred to above shall be deemed to include, subject
to the limitations set forth in Section 6.3 hereof, any legal or other fees or
expenses reasonably incurred by such party in connection with any investigation
or proceeding.

The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 6.6 were determined by pro rata allocation
or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 6.6 no underwriter shall be
required to contribute any amount in excess of the amount by which the total
price at which the Registrable Securities underwritten by it and distributed to
the public were offered to the public exceeds the amount of any damages which
such underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation.

If indemnification is available under this Section 6, the indemnifying
parties shall indemnify each indemnified party to the full extent provided in
Section 6.1 through Section 6.5 hereof without regard to the relative fault of
said indemnifying party or indemnified party or any other equitable
consideration provided for in this Section 6.6.

7. REPORTING REQUIREMENTS UNDER EXCHANGE ACT.

If and when the Corporation registers the Common Stock under the Exchange
Act, thereafter the Corporation shall use its reasonable efforts to keep
effective the registration of its Common Stock under Section 12 of the Exchange
Act 

8

and shall timely file such information, documents and reports as the SEC may
require or prescribe under Section 13 of the Exchange Act. The Corporation shall
timely file such information, documents and reports which a corporation,
partnership or other entity subject to Section 13 or 15(d) (whichever is
applicable) of the Exchange Act is required to file.

If the Corporation is subject to the reporting requirements of either Section
13 or 15(d) of the Exchange Act, the Corporation shall forthwith upon request
furnish the holders (i) a written statement by the Corporation that it has
complied with such reporting requirements, (ii) a copy of the most recent annual
or quarterly report of the Corporation, and (iii) such other reports and
documents filed by the Corporation with the SEC as the holders may reasonably
request in availing itself of an exemption for the sale of Registrable
Securities without registration under the Securities Act. The Corporation
acknowledges and agrees that the purpose of the requirements contained in this
Section 7 are to enable the holders to comply with the current public
information requirement contained in Paragraph (c) of Rule 144 under the
Securities Act should the holders ever wish to dispose of any of the Securities
of the Corporation acquired by it without registration under the Securities Act
in reliance upon Rule 144 (or any other similar exemptive provision). In
addition, the Corporation shall take such other measures and file such other
information, documents and reports, as shall hereafter be required by the SEC as
a condition to the availability of Rule 144 under the Securities Act (or any
similar exemptive provision hereafter in effect).

8. FAILURE TO EFFECT REGISTRATION.

If the Corporation shall fail file the Registration Statement with respect to
the Registrable Securities within the time period described in Section 2.1 or
use reasonable efforts to obtain or maintain the effectiveness thereof or
maintain the listing of the Common Stock (as described in Section 2.2) within
the time periods described in Section 2.4, then, with respect to each 30-day
period (or pro rata for any portion thereof) after such date for which such
Registration Statement contemplated thereby shall not have been filed or made
effective, the Corporation will issue to each Subscriber, Nugent, Baudanza, Horn
and, to the extent Investa holds Registrable Securities, to Investa warrants to
purchase Common Stock equal to one half of one percent (.5%) of the number of
Registrable Shares owned by such Subscriber, Nugent, Baudanza, Horn and Investa,
if any (the "Penalty Warrants"), such warrants having the terms and
conditions substantially as set forth in the Form of Warrant attached hereto as
Schedule A. The Corporation shall issue and deliver any Penalty Warrants within
10 days after the end of each such 30-day period (or portion thereof).

9. STOCKHOLDER INFORMATION.

The Corporation may require the holders to furnish the Corporation such
information in writing with respect to the holders and the distribution of its
Registrable Securities as the Corporation may from time to time reasonably
request in writing and as shall be required by law or by the SEC in connection
therewith.

10. FORMS.

All references in this Agreement to particular forms of registration
statements are intended to include, and shall be deemed to include, references
to all successor forms which are intended to replace, or to apply to similar
transactions as, the forms herein referenced.

11. TRANSFER OF REGISTRATION RIGHTS.

The registration rights granted to the holders under this Agreement may not
be transferred without the prior written consent of the Corporation, which may
be withheld or granted in the Corporation's sole discretion.

12. AMENDMENT.

This Agreement may be amended only by a written agreement signed by the
Corporation and the holders.

9

13. NOTICES.

All notices, requests, consents and other communications required or
permitted hereunder shall be in writing and shall be delivered, or mailed
first-class postage prepaid, registered or certified mail,

 

	If to a holder at its respective address as shown on the books of the
 Corporation, or at such other address as such holder may specify by written
 notice to the Corporation, or

 
	If to the Corporation: Celsius Holdings, Inc., 140 NE 4th Avenue, Suite C,
 Delray Beach, FL 33483, Attention: Steve Haley, President; or at such other
 address as the Corporation may specify by written notice to the holder, and
 such notices and other communications shall for all purposes of this Agreement
 be treated as being effective or having been given if delivered personally, or,
 if sent by mail, when received.

14. COUNTERPARTS.

This Agreement may be executed concurrently in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

15. CHOICE OF LAW.

THIS AGREEMENT AND THE VALIDITY AND ENFORCEABILITY HEREOF SHALL BE GOVERNED
BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEVADA WITHOUT GIVING EFFECT TO CONFLICT OF LAWS RULES OR CHOICE OF LAWS RULES
THEREOF. Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by
this Agreement (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, employees or agents) shall be
commenced in the state and federal courts sitting in the palm beach county
florida (the "floridaCourts"). Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the florida Courts for the adjudication
of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the
enforcement of any term the Agreement), and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, or such florida Courts
are improper or inconvenient venue for such proceeding. 

16. SEVERABILITY.

Should any one or more of the provisions of this Agreement or any agreement
entered into pursuant to this Agreement be determined to be illegal or
unenforceable, all other provisions of this Agreement and of each other
agreement entered into pursuant to this Agreement, shall be given effect
separately from the provision or provisions determined to be illegal or
unenforceable and shall not be affected thereby.

17. WHOLE AGREEMENT.

This Agreement constitutes the complete agreement and understanding by and
among the parties hereto and shall supersede any prior understanding, agreement
or representation by or among the parties, whether written or oral, related to
the subject matter hereof.

10

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized representatives effective the day and year
first above written.

CELSIUS HOLDINGS, INC.

/s/ Kristian Kostovski

By:   

        Kristian Kostovski, President  

 

INVESTA CAPITAL PARTNERS, INC.

/s/

By:   

        __________________, President

/s/ Jogn T. Nugent

_________________________

John T. Nugent

/s/
Anthony J. Baudanza

_________________________

Anthony J. Baudanza

 

/s/ Gregory T. Horn

_________________________

Gregory T. Horn

 

SUBSCRIBERS:

 

 
 	 	 	 
	 
   __________________________________
	 	

   

   __________________________________
	

   By: 

     _______________________________	 	

   By: 

     _______________________________
	Print Name & Title	 	Print Name & Title
	 	 	 
	 	 	 
	  

   __________________________________
	 	

   

   __________________________________
	

   By: 

     _______________________________	 	

   By: 

      _______________________________
	Print Name & Title	 	Print Name & Title
	 	 	 

 

11

SCHEDULE A 

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED, PLEDGED, OFFERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE APPLICABLE SECURITIES LAWS OR AN
OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION STATING THAT SUCH REGISTRATION
IS NOT REQUIRED. 

SUBJECT TO THE PROVISIONS OF SECTION 10 HEREOF, THIS WARRANT SHALL BECOME
VOID AFTER 5:00 P.M. EASTERN TIME ON ___________, 2009 ("EXPIRATION DATE"). 

CELSIUS HOLDINGS, INC. 

WARRANT TO PURCHASE ______ SHARES OF 

COMMON STOCK, $0.001 PAR VALUE PER SHARE ("COMMON STOCK") 

 

Series One

Warrant Certificate No.  
W 2007-10-0000 

Number of Shares:  _________________         
                                                                                                            
Holder:    ____________________

Expiration Date: ____________, 2009     
                                                                                                                      
Address:   ___________________

 
  
   
    
     
      
       
        
         
          
           
            
             
              
               
                ___________________

                ___________________

               

              

             

            

           

          

         

        

       

      

     

    

   

  

 

Exercise Price Per Share: US $ 0.140535 

For identification only. The governing terms of this Warrant are set forth
below.

For VALUE RECEIVED, _____________________ ("Warrantholder"), is
entitled to purchase, subject to the provisions of this Warrant, from Celsius
Holdings, Inc., a Nevada corporation ("Corporation"), at any time not
later than 5:00 P.M., Eastern time, on ___________, 2009 (the "Expiration
Date"), at an exercise price per share equal to $0.140535 (the exercise
price in effect being herein called the "Warrant Price"), _________ shares ("Warrant
Shares") of Common Stock. The number of Warrant Shares purchasable upon
exercise of this Warrant and the Warrant Price shall be subject to adjustment
from time to time as described herein. 

Section 1. Registration. The Corporation shall maintain books for the
transfer and registration of the Warrant. Upon the initial issuance of the
Warrant, the Corporation shall issue and register the Warrant in the name of the
Warrantholder. 

Section 2. Transfers. As provided herein, this Warrant may be transferred
only pursuant to a registration statement filed under the Securities Act of
1933, as amended ("Securities Act") or an exemption from such
registration. Subject to such restrictions, the Corporation shall transfer this
Warrant from time to time upon the books to be maintained by the Corporation for
that purpose, upon surrender thereof for transfer properly endorsed or
accompanied by appropriate instructions for transfer and such other documents as
may be reasonably required by the Corporation to establish that such transfer is
being made in accordance with the terms hereof, and a new Warrant shall be
issued to the transferee and the surrendered Warrant shall be canceled by the
Corporation. 

12

Section 3. Exercise of Warrant. Subject to the provisions hereof, the
Warrantholder may exercise this Warrant in whole or in part at any time upon
surrender of the Warrant, together with delivery of the duly executed Warrant
exercise form attached hereto as Appendix A (the "Exercise Agreement") and
payment by cash, certified check or wire transfer of funds (or by cashless
exercise as provided below) for the Warrant Price for that number of Warrant
Shares then being purchased, to the Corporation during normal business hours on
any business day at the Corporation's principal executive offices (or such other
office or agency of the Corporation as it may designate by notice to the holder
hereof). The Warrant Shares so purchased shall be deemed to be issued to the
holder hereof or such holder's designee, as the record owner of such shares, as
of the close of business on the date on which this Warrant shall have been
surrendered (or evidence of loss, theft or destruction thereof and security or
indemnity satisfactory to the Corporation shall have been provided to the
Corporation), the Warrant Price shall have been paid and the completed Exercise
Agreement shall have been delivered. Certificates for the Warrant Shares so
purchased, representing the aggregate number of shares specified in the Exercise
Agreement, shall be delivered to the holder hereof within a reasonable time, not
exceeding thirty (30) business days, after this Warrant shall have been so
exercised. The certificates so delivered shall be in such denominations as may
be requested by the holder hereof and shall be registered in the name of such
holder or such other name as shall be designated by such holder. If this Warrant
shall have been exercised only in part, then, unless this Warrant has expired,
the Corporation shall, at its expense, at the time of delivery of such
certificates, deliver to the holder a new Warrant representing the number of
shares with respect to which this Warrant shall not then have been exercised.
Notwithstanding any contrary provision, in no event shall any Warrantholder be
entitled to a cashless or net-cash exercise of any portion of the Warrant.

Each exercise hereof shall constitute the representation and warranty of the
Warrantholder to the Corporation that the representations and warranties
contained in Article 5 of the Purchase Agreement (as defined below) are true and
correct in all material respects with respect to the Warrantholder as of the
time of such exercise. 

Section 4. Compliance with the Securities Act of 1933. The Corporation
may cause the legend set forth on the first page of this Warrant to be set forth
on each Warrant or similar legend on any security issued or issuable upon
exercise of this Warrant, unless counsel for the Corporation is of the opinion
as to any such security that such legend is unnecessary. 

Section 5. Payment of Taxes. 

	The Corporation will pay any documentary stamp taxes attributable to the
 initial issuance of Warrant Shares issuable upon the exercise of the Warrant;
 provided, however, that the Corporation shall not be required to pay any tax or
 taxes which may be payable in respect of any transfer involved in the issuance
 or delivery of any certificates for Warrant Shares in a name other than that of
 the registered holder of this Warrant, and in such case, the Corporation shall
 not be required to issue or deliver any certificate for Warrant Shares or any
 Warrant until the person requesting the same has paid to the Corporation the
 amount of such tax or has established to the Corporation's reasonable
 satisfaction that such tax has been paid. 
	The Warrantholder or other holder shall be responsible for any income,
 capital gains or other similar taxes due under any federal, state, local,
 foreign or other law, if any such tax is due. The Corporation shall be entitled
 to deduct and withhold a sufficient number of Warrant Shares and/or amount of
 other consideration payable or otherwise deliverable pursuant to this Warrant
 to the Warrantholder or other holder as may be required to be deducted or
 withheld therefrom under the Internal Revenue Code of 1986, as amended, or
 under any provision of state, local or foreign tax law or under any other
 applicable legal requirement. To the extent such Warrant Shares or amounts are
 so deducted or withheld, such amounts shall be treated for all purposes under
 this Warrant as having been delivered or paid to the Warrant Holder or other
 holder to whom such Warrant Shares or amounts would otherwise have been
 delivered or paid. 

Section 6. Mutilated or Missing Warrants. In case this Warrant shall be
mutilated, lost, stolen, or destroyed, the Corporation shall issue in exchange
and substitution of and upon cancellation of the mutilated Warrant, or in lieu
of and substitution for the Warrant lost, stolen or destroyed, a new Warrant of
like tenor and for the purchase of a like number of Warrant Shares, but only
upon receipt of evidence reasonably satisfactory to the Corporation of such
loss, 

13

theft or destruction of the Warrant, and with respect to a lost, stolen or
destroyed Warrant, reasonable indemnity or bond with respect thereto, if
requested by the Corporation. 

Section 7. Reservation of Common Stock. The Corporation hereby represents
and warrants that there have been reserved, and the Corporation shall at all
applicable times keep reserved until issued (if necessary) as contemplated by
this Section 7, out of the authorized and unissued Common Stock, sufficient
shares to provide for the exercise of the rights of purchase represented by the
Warrant. The Corporation agrees that all Warrant Shares issued upon exercise of
the Warrant shall be, at the time of delivery of the certificates for such
Warrant Shares, duly authorized, validly issued, fully paid and non-assessable
shares of Common Stock of the Corporation. 

Section 8. Adjustments. The Corporation's authorized capital stock as of
the date hereof consists of 400,000,000 shares of authorized capital stock of
Parent which has been divided into 350,000,000 authorized shares of Common Stock
with a par value $0.001 per share, of which at or just prior to the date of this
Warrant 96,212,246 shares will be issued and outstanding on a fully-diluted
basis after certain adjustments, and 50,000,000 shares of authorized Preferred
Stock with a par value $0.001 per share, of which at the time of closing no
shares of Parent Preferred Stock will be issued and outstanding, excluding
2,783,000 shares of Common Stock to be issued by the Corporation to purchase
certain trademark rights to the name "Celsius"; and further excluding Common
Stock to be issued for options assumed by the Corporation pursuant to the Merger
Agreement and Plan of Reorganization dated as of January ____, 2007, among the
Corporation, its wholly-owned subsidiary, Celsius, Inc. ("Sub"), Elite FX, Inc.
( "Elite"), and other parties named therein (the "Merger Agreement").
Subject and pursuant to the provisions of this Section 8, the Warrant Price and
number of Warrant Shares subject to this Warrant shall be subject to adjustment
from time to time as set forth hereinafter. 

	If the Corporation shall at any time or from time to time while the Warrant
 is outstanding, pay a dividend or make a distribution on its Common Stock in
 shares of Common Stock, subdivide its outstanding shares of Common Stock into a
 greater number of shares or combine its outstanding shares of Common Stock into
 a smaller number of shares or issue by reclassification of its outstanding
 shares of Common Stock any shares of its capital stock (including any such
 reclassification in connection with a consolidation or merger in which the
 Corporation is the continuing corporation), then the number of Warrant Shares
 purchasable upon exercise of the Warrant and the Warrant Price in effect
 immediately prior to the date upon which such change shall become effective,
 shall be adjusted by the Corporation so that the Warrantholder thereafter
 exercising the Warrant shall be entitled to receive the number of shares of
 Common Stock or other capital stock which the Warrantholder would have received
 if the Warrant had been exercised immediately prior to such event upon payment
 of a Warrant Price that has been adjusted to reflect a fair allocation of the
 economics of such event to the Warrantholder. Such adjustments shall be made
 successively whenever any event listed above shall occur. 
	If any capital reorganization, reclassification of the capital stock of the
 Corporation, consolidation or merger of the Corporation with another
 corporation in which the Corporation is not the survivor, or sale, transfer or
 other disposition of all or substantially all of the Corporation's assets to
 another corporation shall be effected, then, as a condition of such
 reorganization, reclassification, consolidation, merger, sale, transfer or
 other disposition, lawful and adequate provision shall be made whereby each
 Warrantholder shall thereafter have the right to purchase and receive upon the
 basis and upon the terms and conditions herein specified and in lieu of the
 Warrant Shares immediately theretofore issuable upon exercise of the Warrant,
 such shares of stock, securities or assets as would have been issuable or
 payable with respect to or in exchange for a number of Warrant Shares equal to
 the number of Warrant Shares immediately theretofore issuable upon exercise of
 the Warrant, had such reorganization, reclassification, consolidation, merger,
 sale, transfer or other disposition not taken place, and in any such case
 appropriate provision shall be made with respect to the rights and interests of
 each Warrantholder to the end that the provisions hereof (including, without
 limitation, provision for adjustment of the Warrant Price) shall thereafter be
 applicable, as nearly equivalent as may be practicable in relation to any
 shares of stock, securities or properties thereafter deliverable upon the
 exercise thereof. The Corporation shall not effect any such 

14

 

 consolidation, merger, sale, transfer or other disposition unless prior to
 or simultaneously with the consummation thereof the successor corporation (if
 other than the Corporation) resulting from such consolidation or merger, or the
 corporation purchasing or otherwise acquiring such assets or other appropriate
 corporation or entity shall assume the obligation to deliver to the holder of
 the Warrant such shares of stock, securities or assets as, in accordance with
 the foregoing provisions, such holder may be entitled to purchase, and the
 other obligations under this Warrant. The provisions of this paragraph (b)
 shall similarly apply to successive reorganizations, reclassifications,
 consolidations, mergers, sales, transfers or other dispositions. 

 In case the Corporation shall fix a payment date for the making of a
 distribution to all holders of Common Stock (including any such distribution
 made in connection with a consolidation or merger in which the Corporation is
 the continuing corporation) on evidences of indebtedness or assets (other than
 cash dividends or cash distributions payable out of consolidated earnings or
 earned surplus or dividends or distributions referred to in Section 8(a)), or
 subscription rights or warrants, the Warrant Price to be in effect after such
 payment date shall be determined by multiplying the Warrant Price in effect
 immediately prior to such payment date by a fraction, the numerator of which
 shall be the total number of shares of Common Stock outstanding multiplied by
 the Market Price per share of Common Stock (as defined below), less the fair
 market value (as determined by the Corporation's Board of Directors in good
 faith) of said assets or evidences of indebtedness so distributed, or of such
 subscription rights or warrants, and the denominator of which shall be the
 total number of shares of Common Stock outstanding multiplied by such Market
 Price per share of Common Stock. "Market Price" as of a particular date (the
 "Valuation Date") shall mean the following: (a) if the Common Stock is then
 listed on a national stock exchange, the price per share of the last sale of
 Common Stock on such exchange on the last trading day prior to the Valuation
 Date; (b) if the Common Stock is then quoted on the Nasdaq National Market or
 Nasdaq SmallCap Market ("Nasdaq"), the issued prior to the date hereof or of
 Common Stock on Nasdaq on the last trading day prior to the Valuation Date or,
 if no such closing sale price is available, the average of the high bid and the
 low sales price quoted on Nasdaq on the last trading day prior to the Valuation
 Date; or (c) if the Common Stock is not then listed on a national stock
 exchange or quoted on Nasdaq and if prices for the Common Stock are then quoted
 on the OTC Bulletin Board, the volume weighted average price of the Common
 Stock for such date (or the nearest preceding date) on the OTC Bulletin Board;
 or (d) if the Common Stock is not then listed on a national stock exchange or
 quoted on Nasdaq or the OTC Bulletin Board, the fair market value of one share
 of Common Stock as of the Valuation Date, which shall be determined in good
 faith by the Board of Directors of the Corporation and the Warrantholder. The
 Board of Directors of the Corporation shall respond promptly, in writing, to an
 inquiry by the Warrantholder prior to the exercise hereunder as to the Market
 Value of a share of Common Stock as determined by the Board of Directors of the
 Corporation. In the event that the Board of Directors of the Corporation and
 the Warrantholder are unable to agree upon the fair market value in respect of
 subpart (c) hereof, the Corporation and the Warrantholder shall jointly select
 an appraiser, who is experienced in such matters. The decision of such
 appraiser shall be final and conclusive, and the cost of such appraiser shall
 be borne evenly by the Corporation and the Warrantholder. Such adjustment shall
 be made successively whenever such a payment date is fixed. 

	For the term of this Warrant, in addition to the provisions
 contained above, the Warrant Price shall be subject to adjustment as provided
 below. An adjustment to the Warrant Price shall become effective immediately
 after the payment date in the case of each dividend or distribution and
 immediately after the effective date of each other event which requires an
 adjustment. 
	In the event that, as a result of an adjustment made pursuant to Section
 8(a), the holder of this Warrant shall become entitled to receive any shares of
 capital stock of the Corporation other than shares of Common Stock, the number
 of such other shares so receivable upon exercise of this Warrant shall be
 subject thereafter to adjustment from time to time in a manner and on terms as
 nearly equivalent as practicable to the provisions with respect to the Warrant
 Shares contained in this Warrant. 
	Anything herein to the contrary notwithstanding, the Corporation shall not
 be required to make any adjustment of the Warrant Price in the case of the
 issuance of any of (A) capital stock, Options or Convertible Securities issued
 to directors, officers, employees or consultants of the Corporation in
 connection with their service as directors of the Corporation, their employment
 by the Corporation or their retention as consultants by the Corporation
 pursuant to an equity compensation program approved by the Board of Directors
 of the Corporation or the compensation committee of the Board of Directors of
 the Corporation, (B) sales of shares of Common 

15

 Stock upon the conversion or exercise of Options or Convertible Securities
 (C) capital stock issued in any public or private offering for cash at the
 Market Price (as defined above) or such other price as the Board of Directors
 shall determine in good faith or (D) capital stock issued as full or partial
 consideration for a merger or acquisition, or a strategic allegiance or
 alliance in which the Corporation with respect to such strategic allegiance or
 alliance issues shares of its equity securities having an aggregate Fair Market
 Value (as defined below) of less than $10 million, approved by the Board of
 Directors of the Corporation. The "Fair Market Value" of a security as of a
 particular date (the "Valuation Date") shall mean the following: (a) if the
 security is then listed on a national stock exchange, the closing sale price of
 one security on such exchange on the last trading day prior to the Valuation
 Date; (b) if the security is then quoted on NASDAQ, the closing sale price of
 one security on NASDAQ on the last trading day prior to the Valuation Date or,
 if no such closing sale price is available, the average of the high bid and the
 low sales price quoted on NASDAQ on the last trading day prior to the Valuation
 Date; or (c) if the Common Stock is not then listed on a national stock
 exchange or quoted on NASDAQ and if prices for the Common Stock are then quoted
 on the OTC Bulletin Board, the volume weighted average price of the Common
 Stock on the last trading day prior to the Valuation Date (or the nearest
 preceding date) on the OTC Bulletin Board; (d) if the security is not then
 listed on a national stock exchange or quoted on NASDAQ or on the OTC Bulletin
 Board, the fair market value of one security as of the Valuation Date, shall be
 determined in good faith by a nationally selected investment banking firm or
 other nationally recognized business appraiser selected by the Board of
 Directors of the Corporation. The decision of such appraiser shall be final and
 conclusive, and the cost of such appraiser shall be borne evenly by the
 Corporation. An "Excluded Issuance" shall mean each of items (A), (B) (C) and
 (D) above. 

Section 9. Fractional Interest. The Corporation shall not be required to
issue fractions of Warrant Shares upon the exercise of the Warrant. If any
fractional share of Common Stock would, except for the provisions of the first
sentence of this Section 9, be delivered upon such exercise, the Corporation, in
lieu of delivering such fractional share, shall pay to the exercising holder of
this Warrant an amount in cash equal to the current Fair Market Value of such
fractional share of Common Stock (rounded up to the nearest one cent). 

Section 10. Extension of Expiration Date. If the Corporation fails to
cause any Registration Statement covering Registrable Securities (capitalized
terms used in this section are as defined in the Registration Rights Agreement
dated ____________, 2007) (the "Registration Rights Agreement") to be
declared effective prior to the applicable dates set forth therein, or if any of
the events specified in clause (B) or (C) of Section 2(c) of the Registration
Rights Agreement occurs and the Blackout Period (whether alone, or in
combination with any other Blackout Period) continues for more than 60 days in
any 12 month period, or for more than a total of 90 days, then the Expiration
Date of this Warrant shall be extended one day for each day beyond the 60-day or
90-day limits, as the case may be, that the Blackout Period continues. 

Section 11. Benefits. Nothing in this Warrant shall be construed to give
any person, firm or corporation (other than the Corporation and the
Warrantholder) any legal or equitable right, remedy or claim, it being agreed
that this Warrant shall be for the sole and exclusive benefit of the Corporation
and the Warrantholder. 

Section 12. Identity of Transfer Agent. The Transfer Agent for the Common
Stock is Holladay Stock Transfer having an office at 2939 N 67th Place Suite C,
Scottsdale, AZ 85251. Upon the appointment of any subsequent transfer agent for
the Common Stock or other shares of the Corporation's capital stock issuable
upon the exercise of the rights of purchase represented by the Warrant, the
Corporation will mail to the Warrantholder a statement setting forth the name
and address of such transfer agent. 

Section 13. Registration Rights. The initial holder of this Warrant is
entitled to the benefit of certain registration rights in respect of the Warrant
Share as provided in the Registration Rights Agreement, and any subsequent
holder hereof may be entitled to such rights. 

Section 14. Notices to Warrantholder. Upon the happening of any event
requiring an adjustment of the Warrant Price, the Corporation shall promptly
give written notice thereof to the Warrantholder at the address appearing in the
records of the Corporation, stating the adjusted Warrant Price and the adjusted
number of Warrant Shares resulting from such event and setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based. Failure to give such notice to the Warrantholder or any
defect therein shall not affect the legality or validity of the subject
adjustment. 

16

Section 15. Notices. Any notice pursuant hereto to be given or made by
the Warrantholder to or on the Corporation shall be sufficiently given or made
if sent by certified mail, return receipt requested, postage prepaid, addressed
as follows: 

	
  Celsius Holdings, Inc.

	
  140 NE 4th Avenue, Suite C

	
  Delray Beach, FL 33483

	
  Attention: Steve Haley

	
  Fax No. (561) 276-2268

or such other address as the Corporation may specify in writing by notice to
the Warrantholder complying as to delivery with the terms of this Section 15.

Any notice pursuant hereto to be given or made by the Corporation to or on
the Warrantholder shall be sufficiently given or made if personally delivered or
if sent by an internationally recognized courier services by overnight service,
to the address set forth on the books of the Corporation or, as to each of the
Corporation and the Warrantholder, at such other address as shall be designated
by such party by written notice to the other party complying as to delivery with
the terms of this Section 15. All such notices, requests, demands, directions
and other communications shall, when sent by courier be effective one (1) day
after delivery to such courier as provided and addressed as aforesaid. 

Section 16. Successors. All the covenants and provisions hereof by or for
the benefit of the Warrantholder shall bind and inure to the benefit of its
respective successors and assigns hereunder. 

Section 17. Governing Law. This Warrant and the validity and
enforceability hereof shall be governed by and construed and interpreted in
accordance with the laws of the state of New York without giving effect to
conflict of laws rules or choice of laws rules thereof. All legal proceedings
concerning the interpretations, enforcement and defense of terms of the Warrant
(whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in the state and
federal courts sitting in Palm Beach County Florida (the "Florida Courts"). By
accepting the Warrant, the Warrant Holder and any other holder shall be deemed
to have irrevocably submitted to the exclusive jurisdiction of the Florida
Courts for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with
respect to the enforcement of any term of the Warrant), and shall be deemed to
have irrevocably waived, and agreed not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, or such Florida Courts are improper or inconvenient venue for
such proceeding; provided, however, that, insofar as the Corporation is
incorporated under the laws of the State of Nevada, the General Corporation Law
of the State of Nevada (or any successor statute) shall govern those matters
that apply to the internal governance of the Corporation. 

Section 18. Amendments and Waivers. This Warrant may be amended only by a
writing signed by the Corporation and the Warrantholder. 

IN WITNESS WHEREOF, Celsius Holdings, Inc. has caused this Warrant to be duly
executed, as of the day and year first above written. 

CELSIUS HOLDINGS, INC.

By:   

______________, President  

17

SCHEDULE A

APPENDIX A 

CELSIUS HOLDINGS, INC.

WARRANT EXERCISE FORM 

To: Celsius Holdings, Inc. 

The undersigned hereby irrevocably elects to exercise the right of purchase
represented by the within Warrant ("Warrant") for, and to purchase thereunder by
the payment of the Warrant Price and surrender of the Warrant, _______________
shares of Common Stock ("Warrant Shares") provided for therein,
and requests that certificates for the Warrant Shares be issued as follows: 

_________________________________________________________________

Name 

_________________________________________________________________

Address 

__________________________________________________________________

Address 

__________________________________________________________________

Federal Tax ID or Social Security No. 

and delivered by 

___ certified mail to the above address, or 

___ electronically (provide DWAC Instructions:_______________), or 

___ other (specify: _______________________________). 

and, if the number of Warrant Shares shall not be all the Warrant Shares
purchasable upon exercise of the Warrant, that a new Warrant for the balance of
the Warrant Shares purchasable upon exercise of this Warrant be registered in
the name of the undersigned Warrantholder or the undersigned's Assignee as below
indicated and delivered to the address stated below. 

By exercising the rights represented by this Warrant, the undersigned hereby
certifies that, as of the date of exercise of this Warrant, the representations
and warranties contained in Section 5 of the Purchase Agreement are true and
correct in all material respects with respect to the undersigned. 

 	Dated: ___________________, ____
	 	 	Signature:___________________________________
	Note: The signature
   must correspond with the name of the registered holder as written on the
   first page of the Warrant in every particular, without alteration or
   enlargement or any change whatever, unless the Warrant has been assigned.	 	Name (please
   print):___________________________
	 	Address___________________________________
	 	__________________________________________
	 	__________________________________________
	 	Federal Identification or

   Social Security No.: ______________________

 

18

APPENDIX "B" 

Net Issue Election Notice 

To: Celsius Holdings, Inc. 

Date:_________________________ 

The undersigned hereby elects under Section 18 of this Warrant to surrender
the right to purchase ____________ shares of Common Stock pursuant to this
Warrant and hereby requests the issuance of _____________ shares of Common
Stock. The certificate(s) for the shares issuable upon such net issue election
shall be issued in the name of the undersigned or as otherwise indicated below.

	Signature: 

  ___________________________________

  By: _____________________

  Title: _____________________

  Address:         
  ________________________________

  ________________________________

    ________________________________

    ________________________________

    Tel: ____________________________

    Fax.: ___________________________

   
  
  	Registration Instructions: 

   

  ___________________________________

  Name for Registration

  Address:         
  ____________________________

  ____________________________

    ____________________________

    Tel: _________________________

    Fax.: ________________________

   
  
  

19Exhibit 4.4

EXHIBIT 4.4

Observation Rights And Termination Agreement

 

CELSIUS HOLDINGS, INC.

OBSERVATION RIGHTS AND TERMINATION AGREEMENT

This Agreement dated as of January ___, 2007 is entered into
by and among Celsius Holdings, Inc., a Nevada corporation (the "Company"),
and John T. Nugent and Anthony J. Baudanza (the "Observers" collectively or the
"Observer" individually).

Recitals

WHEREAS, the Company entered into a Merger Agreement and Plan of
Reorganization dated as of January ____, 2007, among the Company, Elite FX,
Inc., and other parties named therein (the "Merger Agreement") providing for the
merger of Elite FX, Inc. with and into a subsidiary of the Company (the
"Merger"); and

WHEREAS, prior to the execution of the Merger Agreement,
Elite FX, Inc. entered into the following agreements with the Observers: 
Stockholders Voting Agreement, Investor Rights Agreement, Right of First Refusal
and Co-sale Agreement (the "Elite Agreements"), pursuant to which Elite FX,
Inc. granted the Observers certain rights related to the voting for members of
Elite's board of directors, rights of first refusal to purchase stock issued by
Elite, registration of Elite stock held by the Observers and right of first
refusal to purchase stock from one of Elite's founding shareholders; and 

WHEREAS, the Company and the Observers desire to provide for
the continuation or re-establishment of certain rights from the Elite Agreements
and for the termination of all other rights arising out of the Elite Agreements.

NOW, THEREFORE, in consideration of the mutual promises and
covenants contained in this Agreement, the parties hereto agree as follows:

1. Termination of Elite Agreements. The following
agreements between Elite FX, Inc. and John T. Nugent and Anthony J. Baudanza and
Stephen Haley (with respect to certain of the agreements), each dated August 1,
2006, shall be terminated in their entirety at the effective time of the Merger:
Stockholders Voting Agreement, Investor Rights Agreement, Right of First
Refusal and Co-sale Agreement.

2. Observation Rights. Pursuant to the terms of this
Agreement, the Observers shall be entitled to attend, as observers, all meetings
of the Company's Board of Directors (including telephonic meetings); provided,
however, that (a) the Company's Board of Directors may require that the
Observers, or either of them, not attend any particular Board meeting or be
excused from any portions of meetings that involve matters or business that the
Company's Board of Directors, in its reasonable discretion, determines involve
matters or business necessary to be considered by the Board of Directors without
the Observers being in attendance; and (b) such rights shall exist for each such
individual only for so long as such individual owns at least 1.0% of the
outstanding shares of the Company's Common Stock. Should the Company's Board of
Directors determine that an extraordinary and rare circumstance exists such that
the Observers, or either of them, should be asked not to attend all or part of a
Board meeting, the Board must provide to the Observers, at least five (5)
business days prior to such a meeting, with a written explanation detailing the
reasons for the exclusion; provided that the Company's Board of Directors
may not exclude one or both of the Observers from meetings or portions of
meetings during which the Board will address either stockholder or compensation
matters. 

1

Except with respect to matters or business as to which the
Company's Board of Directors has determined should be considered by the Board of
Directors without the Observers being in attendance and for so long as such
individual is entitled to attend Board meetings, such individuals shall be
provided with the same meeting notices and materials as the members of the
Company's Board of Directors, including but not limited to copies of all
proposed and final resolutions, minutes and written consents. Notwithstanding
anything to the contrary herein, the Observers may opt to terminate their
Observation rights effective upon 5 business days written notice to the Company,
following which time the Observers will no longer be provided with meeting
notices and material. Upon electing to terminate their status as Observers, the
Observers will in no way be considered by the Corporation to be insiders or
affiliates, unless required by applicable law. 

3. Registration Rights. Following the closing of the
Merger, the Observers shall have certain registration and related rights with
respect to the shares of common stock of the Company they receive as
consideration in the Merger pursuant to the Registration Rights Agreement
attached as Exhibit H to the Merger Agreement. The Company and Elite FX, Inc.
will not waive the conditions in the Merger Agreement that the private placement
occur prior to or concurrent with the closing of the Merger or that the
registration rights agreement be effective at the closing of the private
placement and will not amend the terms of the Registration Rights Agreement
without the consent of the Observers.

4. Repayment of Debt. At the closing of the Merger and
as a condition thereto, all outstanding indebtedness of Elite FX, Inc. owed to
the Observers in their capacity as lenders under the Secured Credit Agreement
dated as of April 10, 2006 (the "Secured Credit Agreement") will be repaid in
full which shall result in the termination of the Secured Credit Agreement and
cancellation of any outstanding promissory notes issued pursuant thereto.

5. Non-transferability. This Agreement, and the rights
and obligations of each Observer hereunder, may not be transferred or assigned
by such Observer.

6. Confidential and Material Non-Public Information.
As Observers, it is anticipated that you will receive or learn of confidential
and/or other material non-public information which shall all be deemed
"Confidential Information" as defined below. This Agreement shall establish a
fiduciary duty or other relationship of trust and confidence with respect to
your possession or knowledge of Confidential Information and your
acknowledgement of, and covenant to comply with, the prohibitions on the use and
dissemination of material, non-public information as well as the other
restrictive provisions contained herein. 

 6.1 Confidential Information Defined. "Confidential
 Information" as used in this Agreement shall mean any material, non-public
 information about the Company or its securities and the following information
 that you receive pursuant to your observation rights: all technical and
 non-technical information belonging to, or in the possession of, the Company or
 its officers, directors, employees, affiliates, subsidiaries, clients, vendors,
 or Observers, including without limitation, patent, trade secret, and
 proprietary information; techniques, sketches, drawings, models, inventions,
 know-how, processes, apparatus, equipment, algorithms, source codes, object
 codes, software programs, software source documents, and formulae related to
 the Company's business or any other current, future and/or proposed business,
 product or service contemplated by the Company; and includes, without
 limitation, all information concerning research, experimental work,
 development, design details and specifications, engineering, financial
 information, procurement requirements, purchasing, manufacturing, customer
 lists, vendor lists, business forecasts, sales and merchandising, and marketing
 plans or similar information. "Confidential Information" does not include such
 information that (i) is or becomes lawfully available to the public, other than
 as a result of disclosure by one of the Observers in violation of this
 Agreement, or (ii) is already available or becomes lawfully available to the
 Observers from a source other than the Company or Elite FX, Inc.

 

 6.2 Disclosures. Each Observer agrees that it shall,
 at no time during or after termination of this Agreement, directly or
 indirectly make use of, disseminate, or in any way disclose Confidential
 Information to any person, firm or business, except to the extent necessary for
 performance of this Agreement. Observer agrees that it shall disclose
 Confidential Information only to the Company's other Observers who need to know
 such 

2

 information and who have previously agreed to be bound by
 the terms and conditions of a substantially similar confidentiality provision
 and shall be liable for damages for the intentional or negligent disclosure of
 Confidential Information. Observer's obligations with respect to any portion of
 Confidential Information shall terminate only when Observer has documented to
 the Company that (a) such information was lawfully in the public domain at the
 time it was communicated to Observer by the Company; or (b) the communication
 was in response to a valid and effective subpoena, order, civil investigative
 demand or similar process or other written request issued by a federal, state
 or local, foreign or domestic, governmental or regulatory body with competent
 jurisdiction or was necessary to establish the rights of the Company under this
 Agreement; provided that the Observers will promptly notify the Company of the
 existence, terms and circumstances surrounding such request or requirement.

 

 6. 3. Survival. This Section 5 shall survive any
 termination of this Agreement and all extended periods.

7. General. 

           
(a) Severability. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

           
(b) Specific Performance. In addition to any and all other remedies that
may be available at law in the event of any breach of this Agreement, each
Observer shall be entitled to specific performance of the agreements and
obligations of the Company hereunder and to such other injunctive or other
equitable relief as may be granted by a court of competent jurisdiction.

           
(c) Governing Law. This Agreement shall be governed by and construed in
accordance with Florida law.

           
(d) Choice of Venue. All parties agree that any litigation which results
from the relationship of the parties established by this Agreement will be
commenced in the state or federal courts within the borough of Manhattan in the
city of New York and each party hereby agrees to submit themselves to the
personal jurisdiction of those New York courts.

           
(e) Alternative Dispute Resolution. The resolution of all disputes,
actions or proceedings arising out of this Agreement first shall be submitted to
nonbinding mediation for a minimum of eight hours before a business mediation
organization approved by the parties. Such mediation shall be held at a mutually
agreed to location within New York City or such other site as agreed by the
parties. In the event the non-binding mediation procedures are unsuccessful, the
resolution of all disputes, actions or proceedings arising out of this or the
Agreement shall be determined solely and exclusively by arbitration under the
rules of the American Arbitration Association ("AAA") as then in effect. Upon
the demand of any party, each party or its designated representative, together
with counsel, shall meet within two weeks of the time demand is made, unless the
parties otherwise agree in writing. The parties shall agree upon a single
arbitrator (the "Arbitrator"). If the parties are unable to agree, then the AAA
shall select the Arbitrator. The Arbitrator shall hear the dispute at a mutually
agreed location within New York City within three (3) months of the
representatives meeting and properly consider any and all matters related
thereto that would be admissible in a non-jury trial under the Applicable Rules
of Civil Procedure or Evidence. The Arbitrator's award shall be announced within
fourteen (14) days of the hearing of the dispute. Unless the Arbitrator
determines that one of the parties acted in bad faith, the parties shall share
the fees and costs of the Arbitration equally and shall each pay its own
attorneys fees. Any decision rendered by the Arbitrator shall be final and
binding, and any judgment upon any award rendered by the Arbitrator may be
entered in any court having jurisdiction.

           
(f) Notices. All notices, requests, consents, and other communications
under this Agreement shall be in writing and shall be deemed delivered (i) two
business days after being sent by registered or certified mail, return receipt
requested, postage prepaid or (ii) one business day after being sent via a
reputable nationwide overnight courier service guaranteeing next business day
delivery, in each case to the intended recipient as set forth below:

3

        If to the Company,
at 140 NE 4th Avenue Suite C Delray Beach, FL 33483, Attention:
President, or at such other address or addresses as may have been furnished in
writing by the Company to the Observer; or

    If to Observer John T. Nugent at 151 Haggetts Pond Road,
 Andover, MA 01810, or at such other address or addresses as may have been
 furnished to the Company in writing by the Observer; or

     If to Observer Anthony J. Baudanza at 29 Peakham Road,,
 Sudbury, MA 01776, or at such other address or addresses as may have been
 furnished to the Company in writing by the Observer.

Any party may give any notice, request, consent or other
communication under this Agreement using any other means (including, without
limitation, personal delivery, messenger service, fax, first class mail or
electronic mail), but no such notice, request, consent or other communication
shall be deemed to have been duly given unless and until it is actually received
by the party for whom it is intended. Confirmed fax shall be deemed to
constitute actual receipt. Any party may change the address to which notices,
requests, consents or other communications hereunder are to be delivered by
giving the other parties notice in the manner set forth in this Section.

        (g) Complete
Agreement. This Agreement constitutes the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings relating to such subject matter.

        (h) Amendments
and Waivers. Except as otherwise provided in Section 4 hereof, any term of
this Agreement may be amended or terminated and the observance of any term of
this Agreement may be waived (either generally or in a particular instance and
either retroactively or prospectively), with the written consent of the Company
and the Observers. No waivers of or exceptions to any term, condition or
provision of this Agreement, in any one or more instances, shall be deemed to
be, or construed as, a further or continuing waiver of any such term, condition
or provision.

        (i) Pronouns.
Whenever the context may require, any pronouns used in this Agreement shall
include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns and pronouns shall include the plural, and vice versa. 

        (j) 
Counterparts; Faxed Signatures. This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, and all of
which together shall constitute one and the same document. This Agreement may be
executed by faxed signatures. 

        (k) Section
Headings. The section headings are for the convenience of the parties and in
no way alter, modify, amend, limit or restrict the contractual obligations of
the parties. 

 

[Remainder of page intentionally left blank.]

4

Executed as of the date first written above.

 

CELSIUS HOLDINGS, INC.

            

             

            By:________________________________

       Stephen Haley, President 

           
          
         
        
       
      
     
    
   
  
 

 

 
  
   
    
     
      
       
        
         
          
           
            JOHN T. NUGENT

            

             

            By: _________________________________

       John T. Nugent

      151 Haggetts Pond Road

      Andover, MA 01810

           

          

         

        

       

      

     

    

   

  

 

 

 
  
   
    
     
      
       
        
         
          
           
            ANTHONY J. BAUDANZA

            

             

            By:__________________________________

            Anthony J. Baudanza

            29 Peakham Road

            Sudbury, MA 01776

           

          

         

        

       

      

     

    

   

  

 

 

5

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