Document:

Exhibit 10.1

 

 

ESCROW AGREEMENT

UMB Bank, N.A.

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, MO 64106

     

Re: ICON Oil & Gas Fund-A L.P. 

 

Ladies and Gentlemen:

 

ICON OIL & GAS FUND-A L.P., a Delaware limited partnership
(the “Company”), proposes to offer and sell up to 16,000 investor general partner interests and up to 4,000
limited partner interests (collectively, the “Interests”) in a public offering (the “Offering”)
of Interests pursuant to a registration statement on Form S-1 (the “Registration Statement”) filed by the Company
with the Securities and Exchange Commission (the “SEC”). ICON Securities Corp., a Delaware corporation (the
“Dealer Manager”), will act as dealer manager for the offering of Interests. The Company is entering into this
agreement to set forth the terms on which UMB BANK, N.A. (the “Escrow Agent”) will, except as otherwise provided
herein, hold and disburse the proceeds from subscriptions for the purchase of Interests in the Offering until such time as: (i) in
the case of subscriptions received from non-affiliates of the Company, the Company has received subscriptions for 200 Interests
(the “Minimum Offering”) and (ii) in the case of subscriptions received from residents of the Commonwealth
of Pennsylvania (“Pennsylvania Subscribers”) and the State of Tennessee (“Tennessee Subscribers”),
the Company has received subscriptions for 1,000 Interests (the “5% Minimum Offering”).

 

The Escrow Agent has engaged DST Systems, Inc., a Massachusetts
corporation (the “Processing Agent”) to receive, examine for “good order” and facilitate subscriptions
deposited into the Escrow Account (defined below) as further described herein and to act as record keeper, solely in the capacity
of agent for the Escrow Agent and not in any capacity on behalf of the Company or the Dealer Manager, nor shall it have any interest
other than that provided in this Agreement in assets in the Processing Agent’s possession as the agent of the Escrow Agent.

 

The Company hereby appoints UMB Bank, N.A. as Escrow Agent for
purposes of holding the proceeds from the subscriptions for Interests, on the terms and conditions hereinafter set forth:

 

1. (a) Until such time as the Company has received subscriptions
for Interests in an amount equal to the Minimum Offering and such funds are disbursed from the Escrow Account (as defined below)
in accordance with paragraph 3(a) hereof, persons subscribing to purchase Interests ( “Subscribers”) will be
instructed by the Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks, drafts, wires, Automated
Clearing House (ACH) or money orders (hereinafter “instruments of payment”) payable to the order
of “UMB Bank, N.A., Agent for ICON O&G Fund-A” or a recognizable contraction or abbreviation thereof, including
but not limited to, “UMB Bank, N.A. f/b/o ICON O&G Fund-A.” After subscriptions for Interests in an amount equal
to the Minimum Offering are received and such funds are disbursed from the Escrow Account in accordance with paragraph 3(a) hereof,
subscriptions shall continue to be so submitted unless otherwise instructed by the Dealer Manager. Any checks, drafts or money
orders received made payable to a party other than the Escrow Agent (or after the Minimum Offering is achieved, made payable to
a party other than the party designated by the Dealer Manager) shall be returned to the soliciting dealer that submitted the check,
draft or money order. Within one (1) business day after receipt of instruments of payment from the Offering, the Dealer Manager,
the Company or their respective agents will (a) send to the Escrow Agent each Subscriber’s name, address, number of
Interests purchased, and purchase price remitted, and (b) the Escrow Agent will deposit the instruments of payment from such
Subscribers into an interest-bearing deposit account entitled “Escrow Account for the Benefit of Subscribers for Interests
of ICON O&G Fund-A” (the “Escrow Account”), which deposit shall occur within one (1) business
day after the Escrow Agent’s receipt of the instrument of payment, until such Escrow Account has closed pursuant to paragraph
3(a) hereof.

    	 

    	 

    

 

      (b) The Escrow Agent agrees to
maintain the funds contributed by the Pennsylvania Subscribers (“Pennsylvania Subscriptions”) and the Tennessee
Subscribers (“Tennessee Subscriptions”) in a manner in which they may be separately accounted for by the records
of the Processing Agent so that the requirements of Sections 3 of this Agreement can be met. The Escrow Account will be established
and maintained in such a way as to permit the interest income calculations described in paragraph 7.

 

2. The Escrow Agent agrees to promptly process for collection
the instruments of payment upon deposit into the Escrow Account. Deposits shall be held in the Escrow Account until such funds
are disbursed in accordance with paragraph 3 hereof. If any of the instruments of payment are returned to the Escrow Agent for
nonpayment prior to achieving the Minimum Offering or, in connection with Pennsylvania Subscriptions and Tennessee Subscriptions,
the 5% Minimum Offering, the Escrow Agent shall promptly notify the Dealer Manager and the Company in writing via mail, email or
facsimile of such nonpayment, and is authorized to debit the Escrow Account, in the amount of such returned payment as well as
any interest earned on the amount of such payment. In the event that instruments of payment are returned for nonpayment, the Escrow
Agent is authorized to debit the Escrow Account, in accordance with this paragraph 2.

 

3. (a) (i) Subject to the provisions of subparagraphs 3(b)-3(e)
below, once the Minimum Offering has been achieved and upon receiving written instruction from the Company, the Escrow Agent shall
(A) disburse to the Company, by check or wire transfer, the funds in the Escrow Account representing the gross purchase price
for the Interests purchased excluding Pennsylvania Subscriptions and Tennessee Subscriptions, and (B) promptly disburse to
the Company any interest thereon excluding interest attributable to Pennsylvania Subscriptions and/or Tennessee Subscriptions.
After such time the Escrow Account shall remain open and the Company shall continue to cause subscriptions for the purchase of
Interests to be deposited in the Escrow Account, and thereafter any subscription documents and instruments of payment received
by the Escrow Agent from Subscribers other than Pennsylvania Subscribers and Tennessee Subscribers shall be forwarded directly
to the Company or its agent, as so instructed. For purposes of this Agreement, the term “collected funds” shall mean
all funds received by the Escrow Agent that have cleared normal banking channels and are in the form of cash or cash equivalent.
After the satisfaction of the foregoing provisions of this paragraph 3(a)(i), in the event the Company receives subscriptions made
payable to the Escrow Agent (other than Pennsylvania Subscriptions and Tennessee Subscriptions), subscription proceeds may continue
to be received in this account generally, but to the extent such proceeds shall not be subject to escrow due to the satisfaction
of the aforementioned provisions of this paragraph 3(a)(i), such proceeds are not subject to this Escrow Agreement and at the instruction
of the Company or its agent to the Escrow Agent shall be transferred from the Escrow Account or deposited directly into, as the
case may be, a commercial deposit account in the name of the Company with the Escrow Agent (the “Deposit Account”)
that has been previously established by the Company, unless otherwise directed by the Company. The Company hereby covenants and
agrees that it shall take commercially reasonable efforts to establish the Deposit Account. No provisions of this Escrow Agreement
shall apply to the Deposit Account.

 

         (ii) regardless
of any release of funds from the Escrow Account, the Company, the Dealer Manager and soliciting dealers shall continue to forward
instruments of payment received from Pennsylvania Subscribers and Tennessee Subscribers for deposit into the Escrow Account to
the Escrow Agent until such time as the Company notifies the Escrow Agent in writing that the 5% Minimum Offering has been achieved.
Within five days after receipt by the Escrow Agent of such notice, the Escrow Agent shall (A) disburse to the Company, by
check or wire transfer, the funds then in the Escrow Account representing the gross purchase price for the 5% Minimum Offering,
and (B) promptly disburse to the Company any interest thereon. Following such disbursements, any instruments of payment received
by the Escrow Agent from Pennsylvania Subscribers and Tennessee Subscribers shall not be subject to this Escrow Agreement and shall
be deposited directly into the Escrow Account or the Deposit Account, as instructed in writing by the Company pursuant to subparagraph
3(a)(i) above.

 

    	2

    	 

    

 

     (b) Within four business
days of the close of business on the date that is one year following commencement of the Offering (the “Expiration Date”),
the Company shall promptly notify the Escrow Agent if the Minimum Offering has not been achieved. Within five (5) calendar days
following the date of such notice, the Escrow Agent shall, unless otherwise directed in writing by the Company, promptly return
directly to each Subscriber the collected funds deposited in the Escrow Account on behalf of such Subscriber (unless earlier disbursed
in accordance with paragraph 3(c)), or shall return the instruments of payment delivered, but not yet processed for collection
prior to such time, in either case, together with interest income (which interest shall be paid within five (5) business days after
the first business day of the succeeding month) in the amounts calculated pursuant to paragraph 7 for each Subscriber at the address
provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon. Notwithstanding
the above, in the event that the Escrow Agent has not received an executed IRS Form W-9 at such time for each Subscriber, the Escrow
Agent shall remit an amount to the Subscribers in accordance with the provisions hereof, withholding the applicable percentage
for backup withholding required by the Internal Revenue Code, as then in effect, from any interest income on subscription proceeds
(determined in accordance with paragraph 7) attributable to each Subscriber for whom the Escrow Agent does not possess an executed
IRS Form W-9. However, the Escrow Agent shall not be required to remit any payments until the Escrow Agent has collected funds
represented by such payments.

 

     (c) Notwithstanding subparagraphs
3(a) and 3(b) above, the Company shall notify the Escrow Agent in writing if the 5% Minimum Offering has not been achieved on or
before the close of business on such date that is 120 days after commencement of the Offering (the Company will notify the Escrow
Agent of the commencement date of the Offering) (the “Initial Escrow Period”). Thereafter, the Company shall
send to each Pennsylvania Subscriber by certified mail within two (2) business days after the end of the Initial Escrow Period
a notification in the form of Exhibit A. If, pursuant to such notification, a Pennsylvania Subscriber requests the
return of his or her subscription funds within five (5) calendar days after receipt of the notification (the “Request
Period”), the Escrow Agent shall promptly refund directly to each Pennsylvania Subscriber the collected funds deposited
in the Escrow Account on behalf of such Pennsylvania Subscriber or shall return the instruments of payment delivered, but not yet
processed for collection prior to such time, to the address provided by the Dealer Manager or the Company or their respective agents
to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon, together with interest income (which interest shall
be paid within five business days after the first business day of the succeeding month) in the amounts calculated pursuant to paragraph
7. Notwithstanding the above, if the Escrow Agent has not received an executed IRS Form W-9 is for such Pennsylvania Subscriber,
the Escrow Agent shall thereupon remit an amount to such Pennsylvania Subscriber in accordance with the provisions hereof, withholding
the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any interest income
earned on subscription proceeds (determined in accordance with paragraph 7) attributable to such Pennsylvania Subscriber. However,
the Escrow Agent shall not be required to remit such payments until the Escrow Agent has collected funds represented by such payments.

 

     (d) The subscription funds
of Pennsylvania Subscribers who do not request the return of their subscription funds within the Request Period shall remain in
the Escrow Account for successive 120-day escrow periods (a “Successive Escrow Period”), each commencing automatically
upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the notification and
payment procedure set forth in subparagraph 3(c) above with respect to the Initial Escrow Period for each Successive Escrow Period
until the occurrence of the earliest of (i) the Expiration Date, (ii) the 5% Minimum Offering being achieved, or (iii) all
funds held in the Escrow Account having been returned to the Pennsylvania Subscribers in accordance with the provisions hereof.

 

     (e) If the Company rejects
any subscription for which the Escrow Agent has collected funds, the Escrow Agent shall, upon the written request of the Company,
promptly issue a refund to the rejected Subscriber at the address provided by the Dealer Manager or the Company, which the Escrow
Agent shall be entitled to rely upon. If the Company rejects any subscription for which the Escrow Agent has not yet collected
funds, but has submitted the Subscriber’s check for collection, the Escrow Agent shall promptly return the funds in the amount
of the Subscriber’s check to the rejected Subscriber, at the address provided by the Dealer Manager or the Company or their
respective agents, which the Escrow Agent shall be entitled to rely upon, after such funds have been collected. If the Escrow Agent
has not yet submitted a rejected Subscriber’s check for collection, the Escrow Agent shall promptly remit the Subscriber’s
check directly to the Subscriber.

 

    	3

    	 

    

 

4. The Escrow Agent shall provide to the Company monthly statements
(or more frequently as reasonably requested by the Company) on the account balance in the Escrow Account and the activity in such
account since the last report. The Escrow Agent will provide access to its   Web Exchange program to allow the Company
to view account balances for the Escrow Account at any time.

 

5. Prior to the disbursement of funds deposited in the Escrow
Account in accordance with the provisions of paragraph 3 hereof, the Escrow Agent shall invest all of the funds deposited as well
as earnings and interest derived therefrom in the Escrow Account, as applicable, in the “Short-Term Investments” specified
below at the written direction of the Company, unless the costs to the Company for the making of such investment are reasonably
expected to exceed the anticipated interest earnings from such investment in which case the funds and interest thereon shall remain
in the respective escrow account until the balance in the respective escrow account reaches the minimum amount necessary for the
anticipated interest earnings from such investment to exceed the costs to the Company for the making of such investment, as determined
by the Company based upon applicable interest rates.

 

“Short-Term Investments” include obligations of,
or obligations guaranteed by, the United States government or bank money-market accounts or certificates of deposit of national
or state banks that have deposits insured by the Federal Deposit Insurance Corporation (including certificates of deposit of any
bank acting as a depository or custodian for any such funds) which mature on or before the Expiration Date, unless such instrument
cannot be readily sold or otherwise disposed of for cash by the Expiration Date without any dissipation of the offering proceeds
invested. Without limiting the generality of the foregoing, Exhibit B hereto sets forth specific Short-Term Investments
that shall be deemed permissible investments hereunder.

 

The following securities are not permissible investments:

     (a) money market funds;

     (b) corporate equity or debt securities;

     (c) repurchase agreements;

     (d) bankers’ acceptances;

     (e) commercial paper; and

     (f) municipal securities.

 

It is hereby expressly agreed and stipulated by the parties
hereto that the Escrow Agent shall not be required to exercise any investment discretion hereunder and shall have no investment
or management responsibility and, accordingly, shall have no duty to, or liability for its failure to, provide investment recommendations
or investment advice to the parties hereto. It is the intention of the parties hereto that, except as otherwise provided in paragraph
9, the Escrow Agent shall never be required to use, advance or risk its own funds or otherwise incur financial liability in the
performance of any of its duties or the exercise of any of its rights and powers hereunder.

 

6. The Escrow Agent is entitled to rely upon written instructions
received from the Company or the Dealer Manager or their respective agents, unless the Escrow Agent has actual knowledge that such
instructions are not valid or genuine; provided that, if in the Escrow Agent’s opinion, any instructions from the Company
or the Dealer Manager or their respective agents are unclear, the Escrow Agent may request clarification from the Company or the
Dealer Manager or their respective agents, as applicable, prior to taking any action, and if such instructions continue to be unclear,
the Escrow Agent may rely upon written instructions from the Company’s legal counsel in distributing or continuing to hold
any funds. However, the Escrow Agent shall not be required to disburse any funds attributable to instruments of payment that have
not been processed for collection, until such funds are collected and then shall disburse such funds in compliance with the disbursement
instructions from the Company or the Dealer Manager or their respective agents.

 

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7. If the Offering terminates prior to achieving the Minimum
Offering or one or more Pennsylvania Subscribers elects to have his or her subscription returned in accordance with paragraph 3,
interest income earned on subscription proceeds deposited in the Escrow Account (the “Escrow Income”), , shall
be remitted to Subscribers to the address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent
shall be entitled to rely upon, or to the Company if the applicable Subscriber’s funds have been held in escrow by the Escrow
Agent for less than thirty five (35) calendar days, in accordance with paragraph 3 and without any deductions for escrow expenses.
The Company shall reimburse the Escrow Agent for all reasonable and documented escrow expenses. If the Escrow Agent remits interest
income pursuant to this Agreement, the Escrow Agent shall be responsible for any necessary federal tax reporting associated with
such income; provided, however, that the Escrow Agent shall not be responsible for any other tax reporting associated with this
Agreement. The Escrow Agent shall remit all such Escrow Income in accordance with paragraph 3. If the Company chooses to leave
the Escrow Account open after achieving the Minimum Offering then it shall make regular acceptances of subscriptions therein, but
no less frequently than monthly, and the Escrow Income from the last such acceptance shall be calculated and remitted to the Subscribers
or the Company, as applicable, pursuant to the provisions of paragraph 3.

 

8. The Escrow Agent shall receive compensation from the Company
as set forth in Exhibit C attached hereto, which such Exhibit C is hereby incorporated by reference.

 

9. In performing any of its duties hereunder, the Escrow Agent
shall not incur any liability to anyone for any damages, losses, or expenses, except for willful misconduct, breach of trust, or
gross negligence. Accordingly, the Escrow Agent shall not incur any such liability with respect to any action taken or omitted
(a) in good faith upon advice of the Escrow Agent’s counsel given with respect to any questions relating to the Escrow
Agent duties and responsibilities under this Agreement, or (b) in reliance upon any instrument, including any written instrument
or instruction provided for in this Agreement, not only as to its due execution and validity and effectiveness of its provisions
but also as to the truth and accuracy of information contained therein, which the Escrow Agent shall in good faith believe to be
genuine, to have been signed or presented by a proper person or persons and to conform to the provisions of this Agreement.

 

10. The Company hereby agrees to indemnify and hold the Escrow
Agent harmless against any and all losses, claims, damages, liabilities, and expenses, including reasonable attorneys’ fees
and disbursements, that may be imposed on or incurred by the Escrow Agent in connection with acceptance of appointment as the Escrow
Agent hereunder, or the performance of the duties hereunder, including any litigation arising from this Agreement or involving
the subject matter hereof, except where such losses, claims, damages, liabilities, and expenses result from willful misconduct,
breach of trust, or gross negligence.

 

11. The Escrow Agent, or any successor to it hereafter appointed,
may at any time resign and be discharged from the duties and obligations under this Agreement by giving at least thirty (30) days
prior written notice to the Company and accounting in full for all sums delivered to, and held by, it and all earnings thereon
while acting as the Escrow Agent hereunder. The Escrow Agent may be removed at any time upon sixty (60) days prior written notice
by any instrument purportedly signed by an authorized representative of the Company. Any successor Escrow Agent shall deliver to
the Escrow Agent, the Company and the Dealer Manager a written instrument accepting such appointment hereunder and shall accept
delivery of the Escrow Account to hold and distribute same in accordance with the terms of this Agreement. If no successor Escrow
Agent shall have been appointed within thirty (30) days after the Company receives notice of the Escrow Agent’s intention
to resign or within sixty (60) days of the Escrow Agent’s receipt of notice of its removal, the Escrow Agent shall deliver
all amounts deposited with it in the Escrow Account and all earnings thereon to a national bank with a net worth of not less than
$100,000,000 that is designated by the Escrow Agent and has agreed in writing to accept such monies and to act as substitute Escrow
Agent in compliance with the terms of this Agreement. Upon such delivery and acceptance, the Escrow Agent shall be discharged from
any future obligations under this Agreement.

 

12. All communications and notices required or permitted by
this Agreement shall be in writing and shall be deemed to have been given when delivered personally or by messenger or by overnight
delivery service or when received via telecopy or other electronic transmission, in all cases addressed to the person for whom
it is intended at such person’s address set forth below or to such other address as a party shall have designated by notice
in writing to the other party in the manner provided by this paragraph:

 

    	5

    	 

    

 

     (a) if to the Company:

           ICON
Oil & Gas Fund-A L.P.

           c/o ICON Oil & Gas GP, LLC

           3 Park Avenue, 36th
Floor

           New York, NY 10016

           Fax: (212) 418-4739

           Attention: Chief Executive Officer

 

     (b) if to the Dealer Manager:

           ICON
Securities Corp.

           3 Park Avenue, 36th Floor

           New York, NY 10016

           Fax: (212) 300-9681

           Attention: Chief Executive Officer

 

     (c) if to the Escrow Agent:

           UMB
Bank, N.A.

           Corporate Trust & Escrow Services

           1010 Grand Blvd., 4th Floor

           Mail Stop: 1020409

           Kansas City, MO 64106

           Attention: Lara Stevens

 

Each party hereto may, from time to time, change the address
to which notices to it are to be delivered or mailed hereunder by notice in accordance herewith to the other parties.

 

13. This Agreement shall be governed by the laws of the State
of New York as to both interpretation and performance without regard to the conflict of laws rules thereof.

 

14. The provisions of this Agreement shall be binding upon the
legal representatives, successors, and assigns of the parties hereto.

 

15. The Company and the Dealer Manager hereby acknowledge that
UMB Bank, N.A. is serving as Escrow Agent only for the limited purposes herein set forth, and hereby agree that they will not represent
or imply that, by serving as Escrow Agent hereunder or otherwise, have investigated the desirability or advisability of investment
in the Company or have approved, endorsed, or passed upon the merits of the Interests or the Company.

 

16. This Agreement and any amendment hereto may be executed
by the parties hereto in one or more counterparts, each of which shall be deemed to be an original.

 

17. The Escrow Agent shall be bound only by the terms of this
Escrow Agreement and shall not be bound by or incur any liability with respect to any other agreements or understanding between
any other parties, whether or not the Escrow Agent has knowledge of any such agreements or understandings.

 

18. The liability and indemnification provisions set forth herein
shall survive the termination of this Agreement.

 

19. In the event that any part of this Agreement is declared
by any court or other judicial or administrative body to be null, void, or unenforceable, said provision shall survive to the extent
it is not so declared, and all of the other provisions of this Agreement shall remain in full force and effect.

 

20. Unless otherwise provided in this Agreement, final termination
of this Escrow Agreement shall occur on the date that all funds held in the Escrow Account are distributed and the Company has
informed the Escrow Agent in writing to close the Escrow Account pursuant to paragraph 3 hereof.

 

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21. Neither the Escrow Agent, nor its agents, shall have responsibility
for accepting, rejecting, or approving subscriptions. The Escrow Agent or its agent (including the Processing Agent) on its behalf
shall complete an OFAC search, in compliance with its policy and procedures, of each subscription and shall inform the Company
if a subscription fails the OFAC search. The Dealer Manager shall provide a copy of each subscription agreement in order that the
Escrow Agent, or its agent, may perform such OFAC search.

 

22. This Agreement shall not be modified, revoked, released,
or terminated unless reduced to writing and signed by all parties hereto, subject to the following paragraph.

 

23. The Company shall provide to Escrow Agent any documentation
and information reasonably requested by the Escrow Agent for it to comply with the USA Patriot Act of 2001, as amended from time
to time.

 

[Signature page follows]

 

    	7

    	 

    

 

Agreed to as of the 13th day of June, 2012.

 

	 	ICON OIL & GAS FUND-A L.P.
	 	 
	 	By: ICON Oil & Gas GP, LLC, its 
 Managing General Partner
	 	 	 
	 	By:  	/s/ Michael A. Reisner
	 	 	Michael A. Reisner
	 	 	Co-Chief Executive Officer and Co-President
	 	 	 
	 	ICON SECURITIES CORP.
	 	 	 
	 	By:  	/s/ Douglas S. Crossman
	 	 	Douglas S. Crossman
	 	 	Chief Executive Officer

 

The terms and conditions contained above are hereby accepted
and agreed to by:

UMB Bank, N.A. as Escrow Agent

 

	By: 	/s/ Lara L. Stevens	 
	Name:  	Lara L. Stevens	 
	Title:  	Vice President	 

 

    	8SENIOR PROMISSORY NOTE

 

 

	U.S. $50,000.00	June 7, 2012

 

FOR VALUE RECEIVED,
the undersigned Skinny Nutritional Corporation (hereinafter called the “Borrower” or “Maker”) does hereby
covenant and promise to pay to the order of MICHAEL SALAMAN, (hereinafter together with any holder hereof, called “Lender”
or “Holder”) at Three Bala Plaza East, Suite 101, Bala Cynwyd, PA, 19004, or at such other place as the Lender may
designate to the Borrower in writing from time to time, in legal tender of the United States, the Principal Sum of Fifty Thousand
and 00/100 DOLLARS ($50,000.00) (the "Loan") together with interest at the Interest Rate on the unpaid balance of the
Principal Amount.

 

1. Term. The term of this note shall
be two (2) months maturing on August 7, 2012 (such date being referred to herein as the “Maturity Date”).

 

2. Interest. The principal balance
from time to time outstanding during the term of this note shall bear interest at a fixed rate of twelve percent (12%) per annum
(the “Interest Rate”). The Interest Rate shall be computed on the basis of a 360 day year and shall be calculated for
the actual number of days elapsed.

 

3. Payment. This Note shall be due
and payable in one (1) payment of Interest and Principal shall be due in full on August 7, 2012. Upon the Maturity Date, any amounts
due hereunder that remain outstanding shall be due in full.

 

4. Prepayment. Borrower may pay
without penalty all or a portion of the amount owed earlier than it is due.

 

5. Interest After Default. Upon
default, including failure to pay upon final maturity, Lender, at its option, may, if permitted under applicable law, increase
the interest rate on this Note to 18.000% per annum, if and to the extent that the increase does not cause the interest rate to
exceed the maximum rate permitted by applicable law.

 

6. Default. Each of the following
shall constitute an event of default (“Event of Default”) under this Note:

 

		6.1	Monetary Default. Borrower fails to pay any installment or principal within ten (10) days of the
date such payment is due under this Note.

 

		6.2	Non-Monetary Defaults. Borrower fails to comply with or to perform any other term, obligation,
covenant or condition contained in this Note or in any of the related documents which is not cured within thirty (30) days after
written notice from Lender.

 

7. Lender’s Rights. Upon default,
Lender may declare the entire unpaid principal balance on this Note and all accrued unpaid interest immediately due and forthwith
payable in advance of the Maturity Date.

 

    	 

    	 

    
 

 

8. Costs of Collection; Attorney’s
Fees. If Borrower fails to make any amount due hereunder, or if any dispute arises hereunder (whether or not suit be brought);
or if any legal action or other proceeding (including, without limitation, appeals or bankruptcy proceedings) whether at law or
in equity, which arises out of, concerns, or relates to this Note, any and all transactions contemplated hereunder, the performance
hereof, or the relationship created hereby, or is brought for the enforcement of this Note, or because of an alleged dispute, breach,
default or misrepresentation in connection with any provisions of this agreement, the successful or prevailing party or parties
shall be entitled to recover all costs of collection including, without limitation, reasonable attorney’s fees, court costs,
all expenses (even if not taxable as court costs), and all collection agency expenses, commissions or charges, incurred in connection
with the dispute, action or proceeding, in addition to any other relief to which such party or parties may be entitled.

 

9. Governing Law. This Note will
be governed by, construed and enforced in accordance with federal law and the laws of the Commonwealth of Pennsylvania. This Note
has been accepted by Lender in the Commonwealth of Pennsylvania.

 

10. Seniority. The Lender and Borrower
agree and acknowledge that the obligations of the Borrower to the Holder under the Notes constitute
“Senior Indebtedness” and “Permitted Indebtedness”, as those terms are defined in the November 2011 Security
Agreement(s). 

 

11. Transfer of Note. Lender may,
at any time, sell, transfer or assign the Note, the related security instrument and any related loan documents, and any or all
servicing rights with respect thereto, or grant participations therein (the “Securities”). Lender may forward to each
purchaser, transferee, assignee, servicer, participant, or investor in such Securities or any Rating Agency (as hereinafter defined)
rating such Securities (collectively, the “Investor”) and each prospective Investor, all documents and information
which Lender now has or may hereafter acquire relating to the Borrower, any loan to Borrower, any guarantor or the property, whether
furnished by Borrower, any guarantor or otherwise, as Lender determines necessary or desirable. 

 

12. General Provisions. 

 

12.1 If any part of
this Note cannot be enforced, this fact will not affect the rest of the Note.

 

12.2 Notwithstanding
any term, condition, obligation or provision herein to the contrary, it is the expressed intent of the Lender that no interest,
consideration or charge in excess of that permitted in the Commonwealth of Pennsylvania may be accrued, charged or taken or become
payable hereunder. In the event it is hereafter determined that the Lender of this Note has taken, charged or reserved interest
in excess of that permitted, whether due to prepayment, acceleration, or otherwise, such excess shall be refunded to the Borrower
or credited against the sums due the Lender hereunder. Such refund or credit shall be Borrower’s sole and exclusive remedy
for any interest taken, charged or reserved in excess of that permitted in Pennsylvania.

 

12.3 Lender may delay
or forgo enforcing any of its rights or remedies under this Note without losing them.

 

12.4 Acceptance of
partial payments or payments marked “payment in full” or “in satisfaction” or words to similar effect shall
not affect the duty of Borrower to pay all obligations due under this Note, and shall not affect the right of Lender to pursue
any or all of the remedies available to it under this Note, at law or in equity.

 

12.5 Borrower and
any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment,
and notice of dishonor.

 

12.6 Upon any change
in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as Borrower,
guarantor, accommodation Borrower or endorser, shall be released from liability. All such parties agree that Lender may renew or
extend (repeatedly and for any length of time) this loan or release any party; and take any other action deemed necessary by Lender
without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of
or notice to anyone other than the party with whom the modification is made.

 

    	 

    	 

    
  

12.7 This Note may
not be changed orally, but only by an agreement in writing, signed by the party against whom enforcement of any waiver, change,
modification or discharge is sought.

 

12.8 BORROWER AND
LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
BASED THEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION
HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR LENDER’S ENTERING INTO THE LOAN EVIDENCED BY THIS NOTE.

 

12.9 Borrower acknowledges
that the above paragraph has been expressly bargained for by Lender as part of the loan evidenced hereby and that, but for Borrower’s
agreement and the agreement of any other person liable for payment hereof thereto, Lender would not have extended to the loan for
the term and with the Interest Rate provided herein.

 

The undersigned has
executed this Note on the day and year first above written.

 

	 	BORROWER
	 	 
	 	Skinny Nutritional Corp., a Nevada Corporation
	 	 
	 	/s/
	 	 
	 	By:
	 	Title:

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