Document:

WARRANT
EXERCISE AGREEMENT

 

THIS
WARRANT EXERCISE AGREEMENT (this “Agreement”), dated as of July 13, 2017, is by and between Reed’s,
Inc., a Delaware corporation (the “Company”) and Raptor/Harbor Reeds SPV LLC, a Delaware limited liability
company (the “Holder”).

 

WHEREAS,
Holder is the holder of a warrant (as modified in this Agreement as to a Fundamental Transaction pursuant to Section 2.7, the
“Original Warrant”) to purchase 1,416,667 shares of common stock of the Company (“Original Warrant Shares”),
as defined in the Securities Purchase Agreement by and between Holder and the Company dated April 21, 2017 (“Purchase Agreement”);

 

WHEREAS,
the Company believes it is in the best interests of the Company to induce the Holder to partially exercise the Original Warrant
to purchase 766,667 shares of common stock (“Exercise Shares”), subject to the terms and conditions set forth herein,
by (1) reducing the exercise price of the Original Warrant to $1.50 per share of common stock for all of the Original Warrant
Shares, (2) waiving the 6-month exercise restriction as to only the Exercise Shares, (3) amending Section 3(e) of the Warrant
as it relates to Fundamental Transactions (as defined in the Original Warrant) and (4) issuing additional warrants to Holder as
provided herein, and (5) granting the Holder the right to designate one (1) non-voting observer to attend meetings of the Board
of Directors as an observer; and

 

WHEREAS,
the Holder agrees to immediately exercise the Warrant to purchase the Exercise Shares, pursuant to the terms set forth herein.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Holder and the Company agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1 Definitions. Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the
Purchase Agreement pursuant to which the Original Warrant was issued except that the following terms shall be defined as set forth
herein:

 

“Material
Adverse Effect” means any of the following: (i) a material adverse effect on the legality, validity or enforceability of
this Agreement, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial
or otherwise) of the Company, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in
any material respect on a timely basis its obligations under this Agreement; provided, however, that changes in the trading
price of the Common Stock shall not, in and of itself, constitute a Material Adverse Effect.

 

“SEC
Reports” means the Company’s (i) annual report on Form 10-K for the fiscal year ended December 31, 2016, (ii) quarterly
report on Form 10-Q for the quarter ended March 31, 2017 and (iii) current reports on Form 8-K furnished or filed on May 15, 2017,
June 12, 2017 and July 5, 2017 and all other reports, schedules, forms, statements and other documents filed on or after the date
of the Purchase Agreement and before the date of this Agreement.

 

    	 	 	 

    	 	 	 

    

 

ARTICLE
II

REPRICING
OF ORIGINAL WARRANT; WAIVER OF 6-MONTH EXERCISE

RESTRICTION; EXERCISE OF ORIGINAL WARRANT; ISSUANCE OF

ADDITIONAL WARRANTS

 

Section
2.1 Repricing of Original Warrant. Subject to the terms and conditions of this Agreement, the Company hereby reprices the
Original Warrant held by the Holder, such that the exercise price per share of common stock is $1.50 as to all Original Warrant
Shares.

 

Section
2.2 Waiver of 6-Month Restriction Upon Exercise. Subject to the terms and conditions of this Agreement, the Company hereby
partially waives the 6-month exercise restriction of the Original Warrant as to the Exercise Shares only.

 

Section
2.3 Exercise of Original Warrant. Subject to the terms and conditions of this Agreement, Holder hereby agrees to partially
exercise the Original Warrant to purchase the Exercise Shares for a cash exercise payment, in the aggregate of $1,150,000, pursuant
to the terms of the Original Warrant (“Aggregate Exercise Price”). Within one (1) Trading Day of the date hereof (the
“Closing Date”), subject to the terms and conditions of this Agreement, the Holder shall pay the Aggregate Exercise
Price for such Exercise Shares pursuant to the wire instructions set forth on the Company’s signature page hereto and within
one (1) Trading Day of receipt by the Company of such Aggregate Exercise Price, the Company shall deliver the Original Warrant
Shares to the Holder’s DTC account via the DWAC system or pursuant to such other delivery method as may be reasonably requested
by the Holder. The exercise of the Original Warrant for the purchase of the Exercise Shares shall otherwise be pursuant to, and
subject to the terms of, the Original Warrant. Upon such partial exercise of the Original Warrant, the Company shall deliver Holder
a certificate evidencing the unexercised portion of the Original Warrant, as amended pursuant to this Agreement.

 

Section
2.4 Issuance of Additional Warrants.

 

(a)
On the Closing Date, the Company will deliver to the Holder a warrant to purchase up to 350,000 shares of Common Stock, subject
to adjustment therein, which warrant will be exercisable commencing January 13, 2018 and have an exercise period through July
13, 2022 , with an exercise price equal to $2.00 (“Second Tranche Warrant”). The Second Tranche Warrant shall otherwise
be substantially in the form of the Original Warrant.

 

(b)
Six days after the Closing Date, the Company will deliver to the Holder a warrant to purchase up to 60,000 shares of Common Stock,
subject to adjustment therein, which warrant will be exercisable immediately and have an exercise period through July 13, 2022,
with an exercise price equal to the closing price of shares of the Company’s common stock on the NYSE MKT on the fifth day
after the Closing Date (“Third Tranche Warrant”). The Third Tranche Warrant shall otherwise be substantially in the
form of the Original Warrant. The Second Tranche Warrant and Third Tranche Warrant are collectively referred to herein as the
“Additional Warrants” and the shares of common stock underlying such Additional Warrants are referred to herein as
“Additional Warrant Shares”.

 

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Section
2.5 Board of Directors. Until such time as the Holder and its Affiliates are no longer the beneficial owners (as defined
under Section 13(d) of the Securities Exchange Act of 1934) of Common Stock of the Company, the Holder shall have the right, but
not the obligation, to designate one (1) non-voting observer to attend meetings of the Board of Directors as an observer. The
observer shall be entitled to notice of all meetings of the Board of Directors, in the manner that notice is provided to members
of the Board of Directors, shall be entitled to receive all materials provided to members of the Board of Directors, at the same
time as provided to members of the Board of Directors and shall be entitled to attend (whether in person, by telephone, or otherwise)
all meetings of the Board of Directors as a non-voting observer.

 

Section
2.6 Registration Rights. On or prior to 45 days following the date hereof (the “Filing Date”), the Company
shall prepare and file with the Commission a registration statement covering the resale of all of the Additional Warrant Shares
(“Registrable Securities”) for an offering to be made on a continuous basis pursuant to Rule 415 (it being
understood that such registration statement may also cover the resale of certain securities held by 2016 PIPE Participants that
are participating in this warrant repricing transaction). Each registration statement filed hereunder shall be on Form S-1 or
another appropriate form in accordance herewith); provided, however, that no Holder shall be required to be named
as an “underwriter” without such Holder’s express prior written consent. The Company shall use commercially
reasonable efforts to cause a registration statement filed under this Agreement to be declared effective under the Securities
Act as promptly as possible after the filing thereof, but in any event no later than 90 days following the date hereof, and shall
use commercially reasonable efforts to keep such registration statement continuously effective under the Securities Act until
the date that all Registrable Securities covered by such registration statement (i) have been sold, thereunder or pursuant to
Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 (assuming cashless exercise)
and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144,
as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the
Transfer Agent and the affected Holders (the “Effectiveness Period”). Violations by the Company of this Section
2.6 shall result in payment by the Company to Holder an amount in cash, as liquidated damages and not as a penalty, equal to the
product of 2.0% for each such month after the violation multiplied by the Aggregate Exercise Price. The parties agree that the
maximum aggregate liquidated damages payable to a Holder under this Agreement shall be 10% of the Aggregate Exercise Price. The
partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior
to the cure of a violation.

 

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Section
2.7 Amendment of Warrant. Section 3(e) of the Original Warrant is superseded and replaced in its entirety with the following:

 

“Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise
of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of shares of Common
Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of
shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes of
any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to
the contrary, in the event of a Fundamental Transaction (other than a Fundamental Transaction not approved by the Company’s
Board of Directors) the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at
any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of
the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction; provided, however, that for the avoidance of doubt, if the Fundamental Transaction is not approved
by the Company’s Board of Directors, Holder shall not have the option to require the Company to purchase this Warrant. “Black
Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of
the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price
per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any
non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time
between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment of
the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s
election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in
a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all
of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of
this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the
Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the
Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise
price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of
the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately
prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the
Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for,
the Company (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and the Successor Entity may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein. Notwithstanding anything to the
contrary contained in the Warrant, and without limiting the buy-in provision in Section 2(d)(iv), in the event that the Company
does not have an effective registration statement registering, or the prospectus contained therein is not available for the issuance
of, the Warrant Shares to the Holder, there is no circumstance that would require the Company to net cash settle the warrants.”

 

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Section
2.8 Filing of Form 8-K. On or before 9:00 a.m., Eastern time, on the first (1st) Business Day following the execution of
this Agreement by the Company and the Holder, the Company shall file a Current Report on Form 8-K, including the form of this
Agreement (the “8-K Filing”), with the Securities and Exchange Commission (“Commission”) in the form required
by the Securities Exchange Act of 1934, as amended (the “Exchange Act”). From and after the 8-K Filing, the Company
represents and warrants to the Holder that (a) it shall have publicly disclosed all material, non-public information previously
delivered to the Holder by the Company, or any of their respective officers, directors, employees or agents and (ii) the SEC Reports
did not, when filed, and do not contain any untrue statement of a material fact or omit to state any material fact necessary to
prevent the statements contained therein from being misleading.

 

Section
2.9 Conditions to Holder’s Obligations. The obligations of the Holder hereunder in connection with the Closing are
subject to the following conditions being met:

 

(a)
the Registration Statement shall be effective as of the Closing Date for the resale by the Holder of the Original Warrant Shares
underlying the Original Warrant and the Company shall have furnished the Holder with evidence, reasonably satisfactory to the
Holder, thereof;

 

(b)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing shall have been performed
and the Company shall deliver a certificate of an officer of the Company certifying as to the foregoing;

 

(c)
the delivery of a Secretary’s Certificate certifying as to the Board of Directors resolutions approving the transactions
contemplated hereby;

 

(d)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof;

 

(e)
from the date hereof to the Closing, trading in the Company’s common stock shall not have been suspended by the Commission
(except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated prior
to the Closing), and, at any time prior to the Closing, trading in securities generally as reported by Bloomberg Financial Markets
shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported
by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New
York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international
calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the
reasonable judgment of each Holder, makes it impracticable or inadvisable to consummate the transactions hereunder;

 

(f)
delivery of legal opinion typical for such transactions of Company’s U.S. securities counsel in form and substance reasonably
acceptable to Holder’s counsel;

 

(g)
delivery of waivers of 2016 PIPE Participants that do not otherwise exercise their right to participate in this warrant repricing
transaction (if any) ; and

 

(h)
a Good Standing Certificate of the Company in the states of Delaware and California.

 

Section
2.10 Post-Closing Covenants of the Company. The Company represents, covenants and agrees to the following post-closing
conditions:

 

(a)
timely delivery of Exercise Shares and Additional Warrants as provided in this Agreement;

 

(b)
holding an annual or special meeting of stockholders on and before September 29, 2017 to approve the following proposals of the
Board of Directors: (i) the issuance of securities in one or more non-public offerings where the maximum discount at which securities
will be offered will be equivalent to a discount of up to 25% below the market price of the Company’s common stock, in accordance
with NYSE MKT Company Guide Rules and (ii) amendment to the Company’s certificate of incorporation to effect a five million
(5,000,000) share increase in the Company’s authorized common stock. The Board of Directors will recommend that stockholders
approve the above matters. The Company agrees that it shall have its Board of Directors recommend to the Company’s stockholders
that that they vote “for” such proposals, and that all proxies given to management are voted in favor of such proposals.

 

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ARTICLE
III

REPRESENTATIONS
AND WARRANTIES

 

Section
3.1 Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth
below to the Holder that as of the date of its execution of this Agreement:

 

(a)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution
and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly
authorized by all necessary action on the part of such Company and no further action is required by such Company, its Board of
Directors or its stockholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered
in accordance with the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable law.

 

(b)
Registration Statement. The Original Warrant Shares underlying the Original Warrant are registered for resale by the Holder
on an effective registration statement on Form S-1, File No. 333-218679 and the Company knows of no reason why such registration
statement shall not remain available for the resale of such Original Warrant Shares for the foreseeable future. The Company will
keep the Registration Statement effective and available for use by the Holder in accordance with the Registration Rights Agreement.

 

(c)
No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any
lien upon any of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material
instrument (evidencing Company debt or otherwise) or other understanding to which the Company is a party or by which any property
or asset of the Company is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority or securities exchange or self-regulatory
body to which the Company is subject (including federal and state securities laws and regulations), or by which any property or
asset of the Company is bound or affected.

 

(d)
Disclosure. All of the disclosure furnished by or on behalf of the Company to the Holder regarding the Company, its business
and the transactions contemplated hereby, including but not limited to the disclosure set forth in the SEC Reports, is true and
correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

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(e)
DGCL Section 203. The Board of Directors of the Company has taken all necessary action to approve the transactions contemplated
hereunder so as to make Section 203 of the Delaware General Corporation Law not apply to the Holder.

 

(f)
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in
order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation, as amended,
(or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Holder as a
result of the Holder and the Company fulfilling their obligations or exercising their rights hereunder, including without limitation
as a result of the Company’s issuance of the Additional Warrants and the Holder’s ownership of the Additional Warrants
or the election of any individual affiliated with or nominated or proposed by the Holder to serve on the Board of Directors or
the appointment, pursuant to this Agreement, of any Board observer.

 

(g)
Filings, Consents and Approvals. The Company has received all consents, waivers, authorizations or orders of, has given
any notices to, or made all filings or registrations with, any court or other federal, state, local or other governmental authority,
agency or other Person (collectively, “Consents”), to own, lease and operate its properties and conduct its
business as it is now being conducted, and each such Consent is valid and in full force and effect. Neither the Company nor any
of its Affiliates has received any notice of any investigation or proceedings which, if decided adversely to the Company, could
reasonably be expected to result in the revocation of, or the imposition of a materially burdensome restriction on, any Consent.
No Consent contains a materially burdensome restriction not disclosed in the SEC Reports (in the Form 10-K for the year ended
December 31, 2016 and thereafter). The Company is not required to obtain any Consents in connection with the execution, delivery
and performance by the Company of this Agreement, other than: (i) the filings required pursuant to this Agreement, (ii) the notice
and/or application(s) to each applicable Trading Market for the issuance, sale and listing of the Additional Warrant Shares for
trading thereon in the time and manner required thereby, (iii) the filing of Form D with the Commission, (iv) such filings as
are required to be made under applicable state securities laws and (v) the waivers of the 2016 PIPE Participants described in
Section 2.9(g) of this Agreement (collectively, the “Required Approvals”).

 

(h)
Issuance of the Securities; Registration. The Original Warrants and the Additional Warrants are duly authorized and, when
issued and paid for hereunder, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens, other
than restrictions on transfer provided for hereunder. The Original Warrant Shares and the Additional Warrant Shares, when issued
in accordance with the Original Warrants or the Additional Warrants, as applicable, will be validly issued, fully paid and nonassessable,
free and clear of all Liens imposed by the Company, other than restrictions on transfer provided for hereunder. The Company has
reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable upon (i) exercise of the
Original Warrants and the Additional Warrants, (ii) conversion or exchange of all other outstanding securities convertible or
exchangeable for any shares of Common Stock and (iii) exercise of all outstanding options, warrants or rights to subscribe for
or purchase Common Stock or securities convertible into or exchangeable for Common Stock.

 

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(i)
Capitalization. The capitalization of the Company is as set forth in Schedule 3.1(i), which Schedule 3.1(i)
includes the number of shares of Common Stock and Common Stock Equivalents owned beneficially, and of record, by each Affiliate
of the Company as of the date hereof. The Company has not issued any capital stock since its most recently filed periodic report
under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans,
the issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant
to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report
under the Exchange Act, except as provided on Schedule 3.1(i). No Person has any right of first refusal, preemptive right,
right of participation, or any similar right to participate in the transactions contemplated hereby. Except as set forth on Schedule
3.1(i) or pursuant to the transactions described herein, there are no outstanding options, warrants, scrip rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable
or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments,
understandings or arrangements by which the Company is or may become bound to issue additional shares of Common Stock or Common
Stock Equivalents. The amendment of the Original Warrants and the issuance and sale of the Additional Warrants will not obligate
the Company to issue shares of Common Stock or other securities to any Person (other than the Holder) and will not result in a
right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities.
There are no outstanding securities or instruments of the Company that contain any redemption or similar provisions, and there
are no contracts, commitments, binding understandings or arrangements by which the Company is or may become bound to redeem a
security of the Company. The Company does not have any stock appreciation rights or “phantom stock” plans or agreements
or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued,
fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding
shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further
approval or authorization of any stockholder, the Board of Directors or others is required for the amendment of the Original Warrants
and the issuance and sale of the Additional Warrants, the Original Warrant Shares or the Additional Warrant Shares. There are
no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to
which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders. To
the knowledge of the Company, except as disclosed on Schedule 3.1(i), no Person or group of related Persons beneficially owns
(as determined pursuant to Rule 13d-3 under the Exchange Act), or has the right to acquire, by agreement with or by obligation
binding upon the Company, beneficial ownership in excess of 5% of the outstanding Common Stock.

 

(j)
SEC Reports; Financial Statements. The Company’s SEC Reports comply in all material respects with the requirements
of the Exchange Act and do not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. Except for the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016, the Company
has filed all SEC Reports on a timely basis or has received a valid extension of such time of filing and has filed any such SEC
Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material
respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company
has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in
the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission
with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United
States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. All material agreements
to which the Company is a party or to which the property or assets of the Company are subject are included as part of or identified
in the SEC Reports, to the extent such agreements are required to be included or identified pursuant to the rules and regulations
of the Commission.

 

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(k)
Compliance. The Company: (i) is not in default under or in violation of (and no event has occurred that has not been waived
that, with notice or lapse of time or both, would result in a default by the Company), nor has the Company received notice of
a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement
or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation
has been waived), (ii) is not in violation of any judgment, decree, or order of any court, arbitrator or other governmental authority
or (iii) is not and has not been in violation of any statute, rule, ordinance or regulation of any governmental authority, including
without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, health, occupational
health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably
be expected to result, individually or in the aggregate, in a Material Adverse Effect.

 

(l)
Private Placement. Assuming the accuracy of the Holder’s representations and warranties set forth in Section 3.2,
no registration under the Securities Act is required for the amendment of the Original Warrants and the offer and sale of the
Additional Warrants by the Company to the Holder as contemplated hereby. The amendment of the Original Warrants and the issuance
and sale of the Additional Warrants hereunder does not contravene the rules and regulations of the Trading Market.

 

(m)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the transactions
contemplated hereby, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment
company” subject to registration under the Investment Company Act of 1940, as amended.

 

(n)
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. Except as set forth in the SEC Reports, the Company has not, in the 12 months preceding the date
hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the
Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company shall use its best
efforts to maintain its compliance with the NYSE MKT listing standards and pursuant to its plan of compliance submitted to the
NYSE MKT on July 20, 2016. The Common Stock is currently eligible for electronic transfer through the Depository Trust Company
or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company
(or such other established clearing corporation) in connection with such electronic transfer.

 

    	 	 	 9

    	 	 	 

    

 

(o)
No Integrated Offering. Assuming the accuracy of the Holder’s representations and warranties set forth in Section
3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the
amendment of the Original Warrants and the offering of the Additional Warrants to be integrated with prior offerings by the Company
for purposes of (i) any applicable law or regulation including the Securities Act which would require the registration of any
such securities under the Securities Act or any applicable law or regulation, or (ii) any applicable shareholder approval provisions
of any Trading Market on which any of the securities of the Company are listed or designated.

 

(p)
No Disqualification Events. With respect to the Additional Warrants to be offered and sold hereunder in reliance on Rule
506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer,
other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule
405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered
Person” and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor”
disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”),
except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine
whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable,
with its disclosure obligations under Rule 506(e), and has furnished to the Holder a copy of any disclosures provided thereunder.

 

(q)
Outstanding Common Stock. The Common Stock issuable upon the exercise of the
Additional Warrants contemplated hereunder and issuable upon exercise of warrants issued to the 2016 PIPE Participants exercising
their right to participate in this warrant repricing transaction does not equal or exceed 20% of the number of shares of Common
Stock outstanding as of the date hereof.

 

(r)
Amendment of Defined Term. The amendment to the definition of the term “Fundamental Transaction” contained
in this Agreement contains terms that are no less favorable to the Holder than do similar amendments to the definition of such
term or any similar term effected with holders of other securities of the Company that are being effected in connection with the
transactions contemplated by this Agreement, including without limitation the obtaining of the waivers of the 2016 PIPE Participants,
and no Person shall be paid or delivered any consideration other than warrants substantially similar to the Additional Warrants
and in no event shall they be paid or delivered any cash consideration or indebtedness for any such amendment or any waiver.

 

(s)
2016 PIPE Participants’ Right of Participation. The 2016 PIPE Participants have been provided with required written
notices pursuant to Section 4.11 of the Securities Purchase Agreement dated May 16, 2016 by and between such Participants and
the Company in satisfaction of all requirements of such section and /or such Participants have waived any provision of that Section
4.11 that has not been satisfied in connection with this Warrant Exercise Transaction.

 

    	 	 	 10

    	 	 	 

    

 

Section
3.2 Representations and Warranties of the Holder. The Holder hereby makes the representations and warranties set forth
below to the Company that as of the date of its execution of this Agreement:

 

(a)
Due Authorization. The Holder represents and warrants that (i) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on its behalf and
(ii) this Agreement has been duly executed and delivered by the Holder and constitutes the valid and binding obligation of the
Holder, enforceable against it in accordance with its terms.

 

(b)
No Conflicts. The execution, delivery and performance of this Agreement by the Holder and the consummation by the Holder
of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Holder’s
organizational or charter documents, or (ii) conflict with or result in a violation of any agreement, law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority which would interfere with the ability
of the Holder to perform its obligations under this Agreement.

 

(c)
Access to Information. The Holder acknowledges that it has had the opportunity to review this Agreement and the SEC Reports
and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives
of the Company concerning the terms and conditions of the exercise of the Original Warrant and issuance of the Additional Warrants
and the merits and risks of investing in the Exercise Shares underlying the Original Warrant; (ii) access to information about
the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment;
provided, however, that such review, opportunity and access shall not alter, diminish or impair the Holder’s rights hereunder
or under any other agreement, instrument or indenture.

 

(d)
Holder Status. At the time such Holder was offered the Additional Warrants, it was, and as of the date hereof it is, and
on each date on which it exercises any Additional Warrant, it will represent and warrant that it is: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified
institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

ARTICLE
IV

MISCELLANEOUS

 

Section
4.1 No Influence on Exercise Price of Third Tranche Warrant. Neither the Company nor any of its Affiliates shall take any
action or omit to take any action that would reasonably be expected to affect or influence the exercise price of the Third Tranche
Warrant.

 

    	 	 	 11

    	 	 	 

    

 

Section
4.2 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that would be integrated with the amendment of the Original Warrants
or the offer or sale of the Additional Warrants in a manner that would require the registration under the Securities Act of the
sale of the Additional Warrants or that would be integrated with the offer or sale of the Additional Warrants for purposes of
the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other
transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

Section
4.3 Shareholder Rights Plan. The Company shall not adopt any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or similar anti-takeover plan or arrangement that will adversely alter,
diminish or impair the rights of the Holder as a stockholder. The Holder is not and shall not be deemed to be an “Acquiring
Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company and the Holder shall not
be deemed to trigger the provisions of any such plan or arrangement pursuant to the transactions contemplated hereby or under
any other agreement between the Company and the Holder. No claim will be made or enforced by the Company or, with the consent
of the Company, any other Person, that any Holder is any such Acquiring Person and the Company shall defend, indemnify and hold
harmless the Holder from and against any third party claims related thereto.

 

Section
4.4 Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated hereunder
and information and disclosures included in the Company’s SEC Reports, the Company covenants and agrees that neither it,
nor any other Person acting on its behalf will provide any Holder or its agents or counsel with any information that constitutes,
or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Holder shall have consented
to the receipt of such information, which consent shall constitute such Holder’s agreement to keep such information confidential.
The Company understands and confirms that Holder shall be relying on the foregoing covenant in effecting transactions in securities
of the Company. To the extent that the Company delivers any material, non-public information to a Holder without such Holder’s
consent, the Company hereby covenants and agrees that such Holder shall not have any duty of confidentiality to the Company, or
any of its officers, directors, agents, employees or Affiliates, or a duty to the Company or any of its officers, directors, agents,
employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Holder shall remain
subject to applicable law. To the extent that any notice provided pursuant to this Agreement constitutes, or contains, material,
non-public information regarding the Company, the Company shall simultaneously file such notice with the Commission pursuant to
a Current Report on Form 8-K. The Company understands and confirms that Holder shall be relying on the foregoing covenant in effecting
transactions in securities of the Company.

 

    	 	 	 12

    	 	 	 

    

 

Section
4.5 Indemnification of Holder. Subject to the provisions of this Section 4.5, the Company will indemnify and hold Holder
and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
such Holder (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Holder Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all
judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such
Holder Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants
or agreements made by the Company in this Agreement or (b) any action instituted against the Holder Parties in any capacity, or
any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Holder Parties,
with respect to any of the transactions contemplated hereunder (unless such action is based upon a breach of such Holder Party’s
representations, warranties or covenants hereunder or any agreements or understandings such Holder Parties may have with any such
stockholder or any violations by such Holder Parties of state or federal securities laws or any other conduct by such Holder Parties
which constitutes fraud or gross negligence). If any action shall be brought against any Holder Party in respect of which indemnity
may be sought pursuant to this Agreement, such Holder Party shall promptly notify the Company in writing, and the Company shall
have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Holder Party. Any Holder
Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Holder Party except to the extent that (i) the employment thereof
has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume
such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material
conflict on any material issue between the position of the Company and the position of such Holder Party, in which case the Company
shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable
to any Holder Party under this Agreement (y) for any settlement by a Holder Party effected without the Company’s prior written
consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim,
damage or liability is attributable to any Holder Party’s breach of any of the representations, warranties, covenants or
agreements made by such Holder Party in this Agreement or in the other Transaction Documents. The indemnification required by
this Section 4.5 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 are incurred. The indemnity agreements contained herein shall be in addition to any cause of action
or similar right of any Holder Party against the Company or others and any liabilities the Company may be subject to pursuant
to law.

 

Section
4.6 Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve
and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling
the Company to issue the Original Warrant Shares and the Additional Warrant Shares pursuant to any exercise of the Original Warrants
or the Additional Warrants, as applicable. If at any time the number of authorized but unissued shares of Common Stock shall not
be sufficient to effect the conversion of the Original Warrants and the Additional Warrants, the Company shall take such corporate
act as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such
number as shall be sufficient for such purposes.

 

Section
4.7 Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under
Regulation D and to provide a copy thereof, promptly upon request of the Holder. The Company shall take such action as the Company
shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Original Warrants and the Additional
Warrants for, sale to the Holder at the Closing under applicable securities or “Blue Sky” laws of the states of the
United States, and shall provide evidence of such actions promptly upon request of the Holder.

 

    	 	 	 13

    	 	 	 

    

 

Section
4.8 Exercise of Warrants. The form Notice of Exercise included in the Original Warrants and the Additional Warrants sets
forth the totality of the procedures required of the Holder in order to exercise the Original Warrants or the Additional Warrants,
as applicable. Without limiting the preceding sentence, no ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Original
Warrants or the Additional Warrants. No additional legal opinion, other information or instructions shall be required of the Holders
to exercise their Original Warrants or the Additional Warrants. The Company shall honor exercises of the Original Warrants and
the Additional Warrants and shall deliver the Original Warrant Shares and the Additional Warrant Shares in accordance with the
terms, conditions and time periods set forth in the Original Warrants or the Additional Warrants, as applicable.

 

Section
4.9 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be made in accordance with the provisions of Section 5.4 of the Purchase Agreement.

 

Section
4.10 Survival. All warranties and representations (as of the date such warranties and representations were made) made herein
or in any certificate or other instrument delivered by it or on its behalf under this Agreement shall be considered to have been
relied upon by the parties hereto and shall survive the amendment of the Original Warrants and the issuance of the Additional
Warrants. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the
parties; provided however that the Company may not assign this Agreement or the obligations and rights of the Company hereunder
without the prior written consent of the Holder.

 

Section
4.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

 

Section
4.12 Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby
and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon
so agreeing, shall incorporate such substitute provision in this Agreement.

 

Section
4.13 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be determined pursuant to Section 5.9 of the Purchase Agreement.

 

Section
4.14 Entire Agreement. Except as otherwise modified or amended herein, the parties hereby ratify and confirm that the terms
and conditions of the Original Warrant and Purchase Agreement remain in full force and effect. In the event of any conflict between
the provisions of this Agreement and the Original Warrant or the Purchase Agreement, the provisions of this Agreement will control.
This Agreement, the Original Warrant and the Purchase Agreement represent the entire understanding and agreement between the parties
hereto with respect to the subject matter hereof.

 

Section
4.15 Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not
be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

    	 	 	 14

    	 	 	 

    

 

Section
4.16 Fees and Expenses. The Company shall pay the reasonable legal fees and expenses of Holder in connection with the transactions
contemplated hereby not to exceed $25,000 in the aggregate.

 

Section
4.17 No Brokerage Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any
broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the
transactions contemplated by this Agreement. The Holder shall have no obligation with respect to any fees or with respect to any
claims (other than such fees or commissions owed by Holder pursuant to agreements entered into by such Holder, which fees or commission
shall be the sole responsibility of Holder) made by or on behalf of other Persons for fees of a type contemplated in this Section
that may be due in connection with the transactions contemplated by this Agreement due to an arrangement or agreement made by
the Company.

 

Section
4.18 Amendment of Defined Term. In the event the Company amends the terms of any warrant or common stock equivalent, including
without limitation, the exercise or conversion price thereof, the Company shall require, as a condition to any such amendment,
that the definition of the term “Fundamental Transaction” or any similar term contained in the documents relating
to such security be amended in a way that is substantially similar to the definition of the term “Fundamental Transaction”
that is contained in this Agreement and in no event shall any such amendment be on terms more favorable to the holder thereof
than the amendment to the definition of the term “Fundamental Transaction” that is contained in this Agreement.

 

[Signature
Pages Follow]

 

    	 	 	 15

    	 	 	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

REED’S
INC.,

a
Delaware corporation

 

	/s/
    Val Stalowir	 
	By:
    	Val
    Stalowir	 
	Its:
    	Chief
    Executive Officer	 

 

Wire
Instructions:

 

	Account
    Name: 	PMC
    Financial Services Group
	Bank
    Name: 	Wells
    Fargo Bank N.A.
	Bank
    Address: 	420
    Montgomery Street, San Francisco, CA 94104
	Account
    No.: 	4124005760
	Routing
    No.: 	121000248
	Swift
    BIC: 	WFBIUS6S

 

    	 	 	 16

    	 	 	 

    

 

[HOLDER
SIGNATURE PAGE TO WARRANT EXERCISE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed by its authorized signatory as of the date first
indicated above.

 

Name
of Holder: Raptor Harbor/ Reeds SPV LLC

Signature
of Authorized Signatory of Holder: /s/ Robert Needham

Name
of Authorized Signatory: Robert Needham

Title
of Authorized Signatory: Chief Financial Officer

Email
Address of Holder:

 

Number
of Exercise Shares: 766,667

Aggregate
Exercise Price: $1,150,000

Additional
Warrant Shares underlying Second Tranche Warrant: 350,000

Additional
Warrant Shares underlying Third Tranche Warrant: 60,000

 

DWAC
Instructions for Exercise Shares:

 

Address
for Delivery of Additional Warrants for Holder:

 

    	 	 	 17WARRANT
EXERCISE AGREEMENT

 

THIS
WARRANT EXERCISE AGREEMENT (this “Agreement”), dated as of July 13, 2017, is by and between Reed’s, Inc.,
a Delaware corporation (the “Company”) and ________________ (the “Holder”).

 

WHEREAS,
the Company is entering into a warrant exercise transaction (the “Transaction”) upon the terms and conditions set
forth on the Term Sheet attached hereto as Exhibit A, incorporated herein by this reference, with the lead investor (“Lead
Investor”);

 

WHEREAS,
Holder wishes to exercise its right to participate in the Transaction, which participation right was granted in that certain Securities
Purchase Agreement dated May 26, 2016 and extended pursuant to the Notice, Consent, Amendment, Exchange and Waiver Agreement by
dated April 19, 2017 (the “2016 Participation Rights”);

 

WHEREAS,
Holder is the holder of an Exchange Warrant and New Warrant (as defined in the Notice, Consent, Amendment, Exchange and Waiver
Agreement by and between Holder and the Company dated April 19, 2017), to purchase shares of common stock of the Company; and

 

WHEREAS,
the Holder agrees to immediately exercise the Original Warrants (defined below), pursuant to the terms set forth herein.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Holder and the Company agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1 Definitions. Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the
Securities Purchase Agreement dated May 26, 2016.

 

“Additional
Warrant” is defined in Section 2.3(c)

 

“Additional
Warrant Shares” is defined in Section 2.3(c).

 

“Material
Adverse Effect” means any of the following: (i) a material adverse effect on the legality, validity or enforceability of
this Agreement, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial
or otherwise) of the Company, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in
any material respect on a timely basis its obligations under this Agreement; provided, however, that changes in the trading
price of the Common Stock shall not, in and of itself, constitute a Material Adverse Effect.

 

“Original
Warrants” collectively refers to the Exchange Warrant and New Warrant.

 

“Original
Warrant Shares” means shares of common stock, $0.0001 par value, issuable upon exercise of the Original Warrants.

 

“Purchase
Agreement”, as used herein, means the Securities Purchase Agreement dated May 26, 2016 and extended pursuant to the Notice,
Consent, Amendment, Exchange and Waiver Agreement by dated April 19, 2017.

 

    	 	 	 

    	 	 	 

    

 

“SEC
Reports” means the Company’s (i) annual report on Form 10-K for the fiscal year ended December 31, 2016, (ii) quarterly
report on Form 10-Q for the quarter ended March 31, 2017 and (iii) current reports on Form 8-K furnished or filed on May 15, 2017,
June 12, 2017 and July 5, 2017 and all other reports, schedules, forms, statements and other documents filed on or after the date
of the Purchase Agreement and before the date of this Agreement.

 

ARTICLE
II

REPRICING
OF WARRANTS; EXERCISE OF WARRANTS; ISSUANCE OF ADDITIONAL WARRANTS

 

Section
2.1 Repricing of Warrants. Subject to the terms and conditions of this Agreement, the Company hereby reprices the Original
Warrants held by the Holder, such that the exercise price per share of common stock is $1.50 as to all underlying shares.

 

Section
2.2 Exercise of Warrants. Holder hereby agrees to exercise the Original Warrants to purchase [                
] shares of common stock set forth on the signature page to this Agreement (“Exercise Shares”) for a cash exercise
payment of $1.50 per share, in the aggregate exercise price of $[                    ]
(“Aggregate Exercise Price”). Within one (1) Trading Day of the date hereof (the “Closing Date”), the
Holder shall deliver the Aggregate Exercise Price for such Exercise Shares to the wire instructions set forth on the Company’s
signature page hereto, and within one (1) Trading Day of receipt by the Company of such Aggregate Exercise Price, the Company
shall deliver the Exercise Shares underlying the Exchange Warrant to the Holder’s DTC account via the DWAC system. The Exercise
Shares underlying the New Warrant will be issued in certificated form. Upon partial exercise of the Original Warrants, the Company
shall deliver Holder certificates evidencing the unexercised portion of such Warrants, as amended pursuant to this Agreement.

 

Section
2.3 Issuance of Additional Warrants.

 

(a) On
the Closing Date, the Company will deliver to the Holder a warrant to purchase [                       
] shares of Common Stock, representing that number of shares of Common Stock equal to 45.7% of the Exercise Shares (rounded up
to the nearest whole share), subject to adjustment therein, which warrant will be exercisable commencing January 13, 2018 and
have an exercise period through July 13, 2022, with an exercise price equal to $2.00 (“Second Tranche Warrant”). The
Second Tranche Warrant shall otherwise be substantially in the form of the Exchange Warrant, as amended pursuant to Section 2.5
of this Agreement.

 

(b) Six
days after the Closing Date, the Company will deliver to the Holder a warrant to purchase [                        ]
shares of Common Stock, representing that number of shares of Common Stock equal to 7.8% of the Exercise Shares (rounded up to
the nearest whole share), subject to adjustment therein, which warrant will be exercisable immediately and have an exercise period
through July 5, 2022, with an exercise price equal to the closing price of shares of the Company’s common stock on the NYSE
MKT on the fifth day after the Closing Date (“Third Tranche Warrant”). The Third Tranche Warrant shall otherwise be
substantially in the form of the Exchange Warrant, as amended pursuant to Section 2.5 of this Agreement.

 

    	 	 	 2

    	 	 	 

    

 

(c) The
Second Tranche Warrant and Third Tranche Warrant are collectively referred to herein as the “Additional Warrants”
and the shares of common stock underlying the Additional Warrants are referred to herein as the “Additional Warrant Shares”.

 

Section
2.4 Registration Rights. On or prior to 45 days following the date hereof (the “Filing Date”), the Company
shall prepare and file with the Commission a registration statement covering the resale of all of the Original Warrant Shares
and the Additional Warrant Shares (“Registrable Securities”) for an offering to be made on a continuous basis pursuant
to Rule 415 (it being understood that such registration statement will also cover the resale of certain securities held by the
Lead Investor and other holders of 2016 Participation Rights that are participating in this warrant exercise transaction). Each
registration statement filed hereunder shall be on Form S-1 or another appropriate form in accordance herewith); provided, however,
that no Holder shall be required to be named as an “underwriter” without such Holder’s express prior written
consent. The Company shall use commercially reasonable efforts to cause a registration statement filed under this Agreement to
be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event no later than
90 days following the date hereof, and shall use commercially reasonable efforts to keep such registration statement continuously
effective under the Securities Act until the date that all Registrable Securities covered by such registration statement (i) have
been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule
144 (assuming cashless exercise) and without the requirement for the Company to be in compliance with the current public information
requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed
and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness Period”). Violations by the Company
of this Section 2.4 shall result in payment by the Company to Holder an amount in cash, as liquidated damages and not as a penalty,
equal to the product of 2.0% for each such month after the violation multiplied by the Aggregate Exercise Price. The parties agree
that the maximum aggregate liquidated damages payable to a Holder under this Agreement shall be 10% of the Aggregate Exercise
Price. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a
month prior to the cure of a violation.

 

Section
2.5 Amendment of Warrant.

 

(a) Section
3(e) of each of the Original Warrants is superseded and replaced in its entirety with the following:

 

    	 	 	 3

    	 	 	 

    

 

“Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise
of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation
in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction (other than a Fundamental
Transaction not approved by the Company’s Board of Directors) the Company or any Successor Entity (as defined below) shall,
at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental
Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant
from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion
of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that for the avoidance of
doubt, if the Fundamental Transaction is not approved by the Company’s Board of Directors, Holder shall not have the option
to require the Company to purchase this Warrant. “Black Scholes Value” means the value of this Warrant based on the
Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”)
determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and
the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the
price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available
funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the
option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares
of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable
upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of
this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for, the Company (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant
and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and the
Successor Entity may exercise every right and power of the Company and shall assume all of the obligations of the Company under
this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company
herein. Notwithstanding anything to the contrary contained in the Warrant, and without limiting the buy-in provision in Section
2(d)(iv) and exercise limitations in 2(e), in the event that the Company does not have an effective registration statement registering,
or the prospectus contained therein is not available for the issuance of, the Warrant Shares to the Holder, there is no circumstance
that would require the Company to net cash settle the Warrant.”

 

    	 	 	 4

    	 	 	 

    

 

Section
2.6 Filing of Form 8-K. On or before 9:00 a.m., Eastern time, on the first (1st) Business Day following the execution of
this Agreement by the Company and the Holder, the Company shall file a Current Report on Form 8-K, including the form of this
Agreement (the “8-K Filing”), with the Securities and Exchange Commission (“Commission”) in the form required
by the Securities Exchange Act of 1934, as amended (the “Exchange Act”). From and after the 8-K Filing, the Company
represents and warrants to the Holder that (a) it shall have publicly disclosed all material, non-public information previously
delivered to the Holder by the Company, or any of their respective officers, directors, employees or agents and (ii) the SEC Reports
did not, when filed, and do not contain any untrue statement of a material fact or omit to state any material fact necessary to
prevent the statements contained therein from being misleading.

 

Section
2.7 Conditions to Holder’s Obligations. The obligations of the Holder hereunder in connection with the Closing are
subject to the following conditions being met:

 

    	 	 	 5

    	 	 	 

    

 

(a)
 the Registration Statement shall be effective as of the Closing Date for the resale
by the Holder of the Exercise Shares underlying the Exchange Warrant, and the Company shall have furnished the Holder with evidence,
reasonably satisfactory to the Holder, thereof;;

 

(b)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing shall have been performed
and the Company shall deliver a certificate of an officer of the Company certifying as to the foregoing;

 

(c)
the delivery of a Secretary’s Certificate, certifying as to Board of Directors resolutions approving the transactions contemplated
hereby;

 

(d)
 there shall have been no Material Adverse Effect with respect to the Company since the
date hereof; and

 

(e)
 from the date hereof to the Closing, trading in the Company’s common stock shall
not have been suspended by the Commission (except for any suspension of trading of limited duration agreed to by the Company,
which suspension shall be terminated prior to the Closing), and, at any time prior to the Closing, trading in securities generally
as reported by Bloomberg Financial Markets shall not have been suspended or limited, or minimum prices shall not have been established
on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared
either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of
hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in,
any financial market which, in each case, in the reasonable judgment of each Holder, makes it impracticable or inadvisable to
consummate the transactions hereunder.

 

(f)
 delivery of legal opinion typical for such transactions of Company’s U.S. securities
counsel in form and substance reasonably acceptable to Lead Investor’s counsel;

 

(g)
 delivery of waivers of 2016 PIPE Participants that do not otherwise exercise their right
to participate in this warrant exercise transaction (if any) to Lead Investor’s counsel; and

 

(h)
 Good Standing Certificate of the Company in the states of Delaware and California.

 

Section
2.8 Post-Closing Covenants of the Company. The Company represents, covenants and agrees to timely delivery of Exercise
Shares and Additional Warrants as provided in this Agreement.

 

    	 	 	 6

    	 	 	 

    

 

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES

 

Section
3.1 Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth
below to the Holder that as of the date of its execution of this Agreement:

 

(a)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized
by all necessary action on the part of such Company and no further action is required by such Company, its Board of Directors
or its stockholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance
with the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company in accordance
with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(b)
 Registration Statement. The shares of common stock underlying the Exchange Warrant are
registered for resale by the Holder on an effective registration statement on Form S-1, File No. 333-212206 and the Company knows
of no reasons why such registration statement shall not remain available for the resale of such warrant shares for the foreseeable
future. The Company will keep the registration statement effective and available for use by the Holder in accordance with the
Registration Rights Agreement.

 

(c)
 No Conflicts. The execution, delivery and performance of this Agreement by the
Company and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or
violate any provision of the Company’s certificate or articles of incorporation, bylaws or other organizational or charter
documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become
a default) under, result in the creation of any lien upon any of the properties or assets of the Company, or give to others any
rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material
agreement, credit facility, debt or other material instrument (evidencing Company debt or otherwise) or other understanding to
which the Company is a party or by which any property or asset of the Company is bound or affected, or (iii) conflict with or
result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority or securities exchange or self-regulatory body to which the Company is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company is bound or affected.

 

(d)
 Disclosure. All of the disclosure furnished by or on behalf of the Company to
the Holder regarding the Company, its business and the transactions contemplated hereby, including but not limited to the disclosure
set forth in the SEC Reports, is true and correct and does not contain any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were
made, not misleading.

 

(e)
 DGCL Section 203. The Board of Directors of the Company has taken all necessary
action to approve the transactions contemplated hereunder so as to make Section 203 of the Delaware General Corporation Law not
apply to the Holder.

 

    	 	 	 7

    	 	 	 

    

 

(f)
 Application of Takeover Protections. The Company and the Board of Directors have
taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison
pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s
certificate of incorporation, as amended, (or similar charter documents) or the laws of its state of incorporation that is or
could become applicable to the Holder as a result of the Holder and the Company fulfilling their obligations or exercising their
rights hereunder, including without limitation as a result of the Company’s issuance of the Additional Warrants and the
Holder’s ownership of the Additional Warrants.

 

(g) Filings,
Consents and Approvals. The Company has received all consents, waivers, authorizations or orders of, has given any notices
to, or made all filings or registrations with, any court or other federal, state, local or other governmental authority, agency
or other Person (collectively, “Consents”), to own, lease and operate its properties and conduct its business
as it is now being conducted, and each such Consent is valid and in full force and effect. Neither the Company nor any of its
Affiliates has received any notice of any investigation or proceedings which, if decided adversely to the Company, could reasonably
be expected to result in the revocation of, or the imposition of a materially burdensome restriction on, any Consent. No Consent
contains a materially burdensome restriction not disclosed in the SEC Reports (in the Form 10-K for the year ended December 31,
2016 and thereafter). The Company is not required to obtain any Consents in connection with the execution, delivery and performance
by the Company of this Agreement, other than: (i) the filings required pursuant to this Agreement, (ii) the notice and/or application(s)
to each applicable Trading Market for the issuance, sale and listing of the Additional Warrant Shares for trading thereon in the
time and manner required thereby, (iii) the filing of Form D with the Commission, (iv) such filings as are required to be made
under applicable state securities laws and (v) the waivers of the 2016 PIPE Participants described in Section 2.7(g) of this Agreement
(collectively, the “Required Approvals”).

 

(h) Issuance
of the Securities; Registration. The Original Warrants and the Additional Warrants are duly authorized and, when issued and
paid for hereunder, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens, other than restrictions
on transfer provided for hereunder. The Original Warrant Shares and the Additional Warrant Shares, when issued in accordance with
the Original Warrants or the Additional Warrants, as applicable, will be validly issued, fully paid and nonassessable, free and
clear of all Liens imposed by the Company, other than restrictions on transfer provided for hereunder. The Company has reserved
from its duly authorized capital stock the maximum number of shares of Common Stock issuable upon (i) exercise of the Original
Warrants and the Additional Warrants, (ii) conversion or exchange of all other outstanding securities convertible or exchangeable
for any shares of Common Stock and (iii) exercise of all outstanding options, warrants or rights to subscribe for or purchase
Common Stock or securities convertible into or exchangeable for Common Stock.

 

(i) Capitalization.
The capitalization of the Company is as set forth in Schedule 3.1(i), which Schedule 3.1(i) includes the number
of shares of Common Stock owned beneficially, and of record, by each Affiliate of the Company as of the date hereof. The Company
has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to
the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to
employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common
Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act, except as provided
on Schedule 3.1(i). No Person has any right of first refusal, preemptive right, right of participation, or any similar
right to participate in the transactions contemplated hereby. Except as set forth on Schedule 3.1(i) or pursuant to the
transactions described herein, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable
for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings
or arrangements by which the Company is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents.
The amendment of the Original Warrants and the issuance and sale of the Additional Warrants will not obligate the Company to issue
shares of Common Stock or other securities to any Person (other than the Holder) and will not result in a right of any holder
of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. There are no outstanding
securities or instruments of the Company that contain any redemption or similar provisions, and there are no contracts, commitments,
binding understandings or arrangements by which the Company is or may become bound to redeem a security of the Company. The Company
does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.
All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable,
have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any
stockholder, the Board of Directors or others is required for the amendment of the Original Warrants and the issuance and sale
of the Additional Warrants, the Original Warrant Shares or the Additional Warrant Shares. There are no stockholders agreements,
voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party
or, to the knowledge of the Company, between or among any of the Company’s stockholders. To the knowledge of the Company,
except as disclosed on Schedule 3.1(i), no Person or group of related Persons beneficially owns (as determined pursuant to Rule
13d-3 under the Exchange Act), or has the right to acquire, by agreement with or by obligation binding upon the Company, beneficial
ownership in excess of 5% of the outstanding Common Stock.

 

    	 	 	 8

    	 	 	 

    

 

(j) SEC
Reports; Financial Statements. The Company’s SEC Reports comply in all material respects with the requirements of the
Exchange Act and do not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. Except for the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016, the Company
has filed all SEC Reports on a timely basis or has received a valid extension of such time of filing and has filed any such SEC
Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material
respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company
has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in
the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission
with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United
States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. All material agreements
to which the Company is a party or to which the property or assets of the Company are subject are included as part of or identified
in the SEC Reports, to the extent such agreements are required to be included or identified pursuant to the rules and regulations
of the Commission.

 

    	 	 	 9

    	 	 	 

    

 

(k) Compliance.
The Company: (i) is not in default under or in violation of (and no event has occurred that has not been waived that, with notice
or lapse of time or both, would result in a default by the Company), nor has the Company received notice of a claim that it is
in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to
which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived),
(ii) is not in violation of any judgment, decree, or order of any court, arbitrator or other governmental authority or (iii) is
not and has not been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without
limitation all foreign, federal, state and local laws relating to taxes, environmental protection, health, occupational health
and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be
expected to result, individually or in the aggregate, in a Material Adverse Effect.

 

(l) Private
Placement. Assuming the accuracy of the Holder’s representations and warranties set forth in Section 3.2, no registration
under the Securities Act is required for the amendment of the Original Warrants and the offer and sale of the Additional Warrants
by the Company to the Holder as contemplated hereby. The amendment of the Original Warrants and the issuance and sale of the Additional
Warrants hereunder does not contravene the rules and regulations of the Trading Market.

 

(m) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the transactions contemplated
hereby, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act
of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

(n) Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the
Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. Except as set forth in the SEC Reports, the Company has not, in the 12 months preceding the date
hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the
Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company shall use its best
efforts to maintain its compliance with the NYSE MKT listing standards and pursuant to its plan of compliance submitted to the
NYSE MKT on July 20, 2016. The Common Stock is currently eligible for electronic transfer through the Depository Trust Company
or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company
(or such other established clearing corporation) in connection with such electronic transfer.

 

    	 	 	 10

    	 	 	 

    

 

(o) No
Integrated Offering. Assuming the accuracy of the Holder’s representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the amendment
of the Original Warrants and the offering of the Additional Warrants to be integrated with prior offerings by the Company for
purposes of (i) any applicable law or regulation including the Securities Act which would require the registration of any such
securities under the Securities Act or any applicable law or regulation, or (ii) any applicable shareholder approval provisions
of any Trading Market on which any of the securities of the Company are listed or designated.

 

(p) No
Disqualification Events. With respect to the Additional Warrants to be offered and sold hereunder in reliance on Rule 506
under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer,
other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule
405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered
Person” and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor”
disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”),
except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine
whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable,
with its disclosure obligations under Rule 506(e), and has furnished to the Holder a copy of any disclosures provided thereunder.

 

(q) Outstanding
Common Stock. The Common Stock issuable upon the exercise of all Warrants issuable in this Transaction by the Holder, 2016
PIPE Participants and Lead investor does not equal or exceed 20% of the number of shares of Common Stock outstanding as of the
date hereof.

 

(r) Amendment
of Defined Term. The amendment to the definition of the term “Fundamental Transaction” contained in this Agreement
contains terms that are no less favorable to the Holder than do similar amendments to the definition of such term or any similar
term effected with holders of other securities of the Company that are being effected in connection with the transactions contemplated
by this Agreement, including without limitation the obtaining of the waivers of the 2016 PIPE Participants, and no Person shall
be paid or delivered any consideration other than warrants substantially similar to the Additional Warrants and in no event shall
they be paid or delivered any cash consideration or indebtedness for any such amendment or any waiver.

 

Section
3.2 Representations and Warranties of the Holder. The Holder hereby makes the representations and warranties set forth
below to the Company that as of the date of its execution of this Agreement:

 

(a)
Due Authorization. The Holder represents and warrants that (i) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on its behalf and
(ii) this Agreement has been duly executed and delivered by the Holder and constitutes the valid and binding obligation of the
Holder, enforceable against it in accordance with its terms.

 

    	 	 	 11

    	 	 	 

    

 

(b)
No Conflicts. The execution, delivery and performance of this Agreement by the Holder and the consummation by the Holder
of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Holder’s
organizational or charter documents, or (ii) conflict with or result in a violation of any agreement, law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority which would interfere with the ability
of the Holder to perform its obligations under this Agreement.

 

(c)
Access to Information. The Holder acknowledges that it has had the opportunity to review this Agreement and the SEC Reports
and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives
of the Company concerning the terms and conditions of the exercise of the Original Warrants and issuance of the Additional Warrants
and the merits and risks of investing in the Exercise Shares underlying the Original Warrants; (ii) access to information about
the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment;
provided, however, that such review, opportunity and access shall not alter, diminish or impair the Holder’s rights hereunder
or under any other agreement, instrument or indenture.

 

(d)
Holder Status. At the time such Holder was offered the Additional Warrants, it was, and as of the date hereof it is, and
on each date on which it exercises any Additional Warrant, it will represent and warrant that it is: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified
institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

ARTICLE
IV

MISCELLANEOUS

 

Section
4.1 No Influence on Exercise Price of Third Tranche Warrant. Neither the Company nor any of its Affiliates shall take any
action or omit to take any action that would reasonably be expected to affect or influence the exercise price of the Third Tranche
Warrant.

 

Section
4.2 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that would be integrated with the amendment of the Original Warrants
or the offer or sale of the Additional Warrants in a manner that would require the registration under the Securities Act of the
sale of the Additional Warrants or that would be integrated with the offer or sale of the Additional Warrants for purposes of
the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other
transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

Section
4.3 Shareholder Rights Plan. The Company shall not adopt any control share acquisition, business combination, poison pill
(including any distribution under a rights agreement) or similar anti-takeover plan or arrangement that will adversely alter,
diminish or impair the rights of the Holder as a stockholder. The Holder is not and shall not be deemed to be an “Acquiring
Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company and the Holder shall not
be deemed to trigger the provisions of any such plan or arrangement pursuant to the transactions contemplated hereby or under
any other agreement between the Company and the Holder. No claim will be made or enforced by the Company or, with the consent
of the Company, any other Person, that any Holder is any such Acquiring Person and the Company shall defend, indemnify and hold
harmless the Holder from and against any third party claims related thereto.

 

    	 	 	 12

    	 	 	 

    

 

Section
4.4 Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated hereunder
and information and disclosures included in the Company’s SEC Reports, the Company covenants and agrees that neither it,
nor any other Person acting on its behalf will provide any Holder or its agents or counsel with any information that constitutes,
or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Holder shall have consented
to the receipt of such information, which consent shall constitute such Holder’s agreement to keep such information confidential.
The Company understands and confirms that Holder shall be relying on the foregoing covenant in effecting transactions in securities
of the Company. To the extent that the Company delivers any material, non-public information to a Holder without such Holder’s
consent, the Company hereby covenants and agrees that such Holder shall not have any duty of confidentiality to the Company, or
any of its officers, directors, agents, employees or Affiliates, or a duty to the Company or any of its officers, directors, agents,
employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Holder shall remain
subject to applicable law. To the extent that any notice provided pursuant to this Agreement constitutes, or contains, material,
non-public information regarding the Company, the Company shall simultaneously file such notice with the Commission pursuant to
a Current Report on Form 8-K. The Company understands and confirms that Holder shall be relying on the foregoing covenant in effecting
transactions in securities of the Company.

 

Section
4.5 Indemnification of Holder. Subject to the provisions of this Section 4.5, the Company will indemnify and hold Holder
and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
such Holder (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Holder Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all
judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such
Holder Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants
or agreements made by the Company in this Agreement or (b) any action instituted against the Holder Parties in any capacity, or
any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Holder Parties,
with respect to any of the transactions contemplated hereunder (unless such action is based upon a breach of such Holder Party’s
representations, warranties or covenants hereunder or any agreements or understandings such Holder Parties may have with any such
stockholder or any violations by such Holder Parties of state or federal securities laws or any other conduct by such Holder Parties
which constitutes fraud or gross negligence). If any action shall be brought against any Holder Party in respect of which indemnity
may be sought pursuant to this Agreement, such Holder Party shall promptly notify the Company in writing, and the Company shall
have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Holder Party. Any Holder
Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Holder Party except to the extent that (i) the employment thereof
has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume
such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material
conflict on any material issue between the position of the Company and the position of such Holder Party, in which case the Company
shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable
to any Holder Party under this Agreement (y) for any settlement by a Holder Party effected without the Company’s prior written
consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim,
damage or liability is attributable to any Holder Party’s breach of any of the representations, warranties, covenants or
agreements made by such Holder Party in this Agreement or in the other Transaction Documents. The indemnification required by
this Section 4.5 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 are incurred. The indemnity agreements contained herein shall be in addition to any cause of action
or similar right of any Holder Party against the Company or others and any liabilities the Company may be subject to pursuant
to law.

 

    	 	 	 13

    	 	 	 

    

 

Section
4.6 Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve
and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling
the Company to issue the Original Warrant Shares and the Additional Warrant Shares pursuant to any exercise of the Original Warrants
or the Additional Warrants, as applicable. If at any time the number of authorized but unissued shares of Common Stock shall not
be sufficient to effect the conversion of the Original Warrants and the Additional Warrants, the Company shall take such corporate
act as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such
number as shall be sufficient for such purposes.

 

Section
4.7 Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under
Regulation D and to provide a copy thereof, promptly upon request of the Holder. The Company shall take such action as the Company
shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Original Warrants and the Additional
Warrants for, sale to the Holder at the Closing under applicable securities or “Blue Sky” laws of the states of the
United States, and shall provide evidence of such actions promptly upon request of the Holder.

 

Section
4.8 Exercise of Warrants. The form Notice of Exercise included in the Original Warrants and the Additional Warrants sets
forth the totality of the procedures required of the Holder in order to exercise the Original Warrants or the Additional Warrants,
as applicable. Without limiting the preceding sentence, no ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the Original
Warrants or the Additional Warrants. No additional legal opinion, other information or instructions shall be required of the Holders
to exercise their Original Warrants or the Additional Warrants. The Company shall honor exercises of the Original Warrants and
the Additional Warrants and shall deliver the Original Warrant Shares and the Additional Warrant Shares in accordance with the
terms, conditions and time periods set forth in the Original Warrants or the Additional Warrants, as applicable.

 

Section
4.9 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be made in accordance with the provisions of Section 5(h) of the Exchange Warrant.

 

    	 	 	 14

    	 	 	 

    

 

Section
4.10 Survival. All warranties and representations (as of the date such warranties and representations were made) made herein
or in any certificate or other instrument delivered by it or on its behalf under this Agreement shall be considered to have been
relied upon by the parties hereto and shall survive the amendment of the Original Warrants and the issuance of the Additional
Warrants. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the
parties; provided however that the Company may not assign this Agreement or the obligations and rights of the Company hereunder
without the prior written consent of the Holder.

 

Section
4.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

 

Section
4.12 Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby
and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon
so agreeing, shall incorporate such substitute provision in this Agreement.

 

Section
4.13 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be determined pursuant to Section 5(e) of the Exchange Warrant.

 

Section
4.14 Entire Agreement. Except as otherwise modified or amended herein, the parties hereby ratify and confirm that the terms
and conditions of the Original Warrants and Purchase Agreement remain in full force and effect. In the event of any conflict between
the provisions of this Agreement and the Original Warrants or the Purchase Agreement, the provisions of this Agreement will control.
This Agreement, the Original Warrants and the Purchase Agreement represent the entire understanding and agreement between the
parties hereto with respect to the subject matter hereof.

 

Section
4.15 Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not
be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

Section
4.16 No Brokerage Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any
broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the
transactions contemplated by this Agreement. The Holder shall have no obligation with respect to any fees or with respect to any
claims (other than such fees or commissions owed by Holder pursuant to agreements entered into by such Holder, which fees or commission
shall be the sole responsibility of Holder) made by or on behalf of other Persons for fees of a type contemplated in this Section
that may be due in connection with the transactions contemplated by this Agreement due to an arrangement or agreement made by
the Company.

 

    	 	 	 15

    	 	 	 

    

 

Section
4.17 Amendment of Defined Term. In the event the Company amends the terms of any warrant or common stock equivalent, including
without limitation, the exercise or conversion price thereof, the Company shall require, as a condition to any such amendment,
that the definition of the term “Fundamental Transaction” or any similar term contained in the documents relating
to such security be amended in a way that is substantially similar to the definition of the term “Fundamental Transaction”
that is contained in this Agreement and in no event shall any such amendment be on terms more favorable to the holder thereof
than the amendment to the definition of the term “Fundamental Transaction” that is contained in this Agreement.

 

Section
4.18 Compliance with Notice Requirements of Purchase Agreement. By its execution of this Agreement, Holder acknowledges
that it has been provided with required written notices pursuant to Section 4.11 of the Purchase Agreement in satisfaction of
all requirements of such section and/or waives any provision of Section 4.11 that has not been satisfied in connection with this
Transaction.

 

[Signature
Pages Follow]

 

    	 	 	 16

    	 	 	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

REED’S
INC.,

a
Delaware corporation

 

	 	 	 
	By:	Val
Stalowir	 
	Its:
    	Chief
    Executive Officer 	 

 

Wire
Instructions:

 

	Account
    Name: 	 	PMC
    Financial Services Group
	Bank
    Name: 	 	Wells
    Fargo Bank N.A.
	Bank
    Address: 	 	420
    Montgomery Street, San Francisco, CA 94104
	Account
    No.: 	 	4124005760
	Routing
    No.: 	 	121000248
	Swift
    BIC: 	 	WFBIUS6S

 

    	 	 	 17

    	 	 	 

    

 

[HOLDER
SIGNATURE PAGE TO WARRANT EXERCISE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed by its authorized signatory as of the date first
indicated above.

 

Name
of Holder: _________________________________________________________________________

 

Signature
of Authorized Signatory of Holder: __________________________________________________

 

Name
of Authorized Signatory: _____________________________________________________________

 

Title
of Authorized Signatory: ______________________________________________________________

 

Email
Address of Holder: __________________________________________________________________

 

Number
of Exercise Shares underlying Exchange Warrant: __________________________________________

 

Number
of Exercise Shares underlying New Warrant: ______________________________________________

 

Aggregate
Exercise Price ($1.50 per Exercise Share): _____________________________________________________

 

Additional
Warrant Shares underlying Second Tranche Warrant: ___________________________________________

 

Additional
Warrant Shares underlying Third Tranche Warrant:____________________________________________

 

DWAC
Instructions for Exercise Shares:_____________________________________________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

 

Address
for Delivery of Exercise Shares and Additional Warrants for Holder:______________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

 

    	 	 	 18

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