Document:

EX-10.2

  Exhibit 10.2

  SPROUTS FARMERS MARKET, INC.

  RSU Agreement

   

  Cover Sheet

   

  Sprouts Farmers Market, Inc., a company organized under the laws of the State of Delaware (“Company”), hereby grants an award of restricted stock units (“RSUs”) to the individual named below.  The terms and conditions of the RSUs are set forth in this cover sheet (“Cover Sheet”), in the attached RSU Agreement (the “Agreement”) and in the Sprouts Farmers Market, Inc. 2013 Incentive Plan (the “Plan”).  All capitalized terms used but not defined in this Cover Sheet and the Agreement will have the meanings ascribed to such terms in the Plan.  

   

  			
	Granted to:
	Lawrence Molloy

	Grant Date:
	September 20, 2021

	Number of RSUs:
	 

	Vesting Schedule:
	Percentage of Shares
100%
	Vest Date
September 20, 2023

	Delivery of Shares:
	As and when the RSUs vest, a number of Shares equal to the number of RSUs so vesting shall be delivered as soon as practicable thereafter in settlement of such RSUs.

	 
	 
	 

  By signing this Cover Sheet, you agree to all of the terms and conditions described in this Cover Sheet, in the Agreement and in the Plan.  If you do not sign and return this Cover Sheet and the attached Irrevocable Standing Order to Sell Shares within 60 days of the Grant Date, the Company will have the right to rescind this award.

   

   

  Signature: _____________________			Date: _______________ 

  	       

  SPROUTS FARMERS MARKET, INC.

   

  By: 	/s/ Brandon Lombardi

  Name:	Brandon Lombardi

  Title:	Chief Legal Officer and Corporate Secretary

   

   

  

   

  SPROUTS FARMERS MARKET, INC.

  2013 INCENTIVE PLAN

  RSU AGREEMENT

   

  				
	Right to Shares
	 
	The award of RSUs represents your right to receive, and the Company’s obligation to deliver, one Share per RSU, subject to the terms and conditions of this Agreement, the Plan and the Cover Sheet.  

	 
	 
	 

	Vesting
	 
	The RSUs awarded to you will vest in accordance with the schedule set forth in the Cover Sheet.
 
All RSUs will cease vesting as of the date your employment with the Company and its Affiliates has terminated for any reason.

	 
	 
	 

	Delivery; Settlement
 
 
 
 
Change in Control
	 
	As and when RSUs vest, a number of Shares equal to the number of such RSUs shall be delivered as soon as practicable thereafter in settlement of such RSUs, and upon such delivery, you shall have no further rights with respect to those RSUs.
 
Notwithstanding the foregoing:
 
(A) if there occurs a Change in Control (as defined in Exhibit A), and this award does not continue or is not assumed by an acquiror on a substantially equivalent basis, then all RSUs that have not yet vested shall vest immediately prior to the Change in Control; and 
 
(B) if there occurs a Change in Control, and this award continues or is assumed by an acquiror on a substantially equivalent basis, and your employment is terminated by the Company or an acquiror without Cause (as defined in Exhibit A) or by you for Good Reason (as defined in Exhibit A), in each case within 24 months following the Change in Control, then all RSUs that have not yet vested shall vest immediately on your date of termination.

	 
	 
	 

	Termination
	 
	Should your employment with the Company and its Affiliates terminate pursuant to an “Involuntary Termination”, as such term is defined in the letter agreement between you and the Company dated September 19, 2021, all RSUs that have not yet vested shall vest immediately prior to such termination. 
 
Should your employment with the Company and its Affiliates terminate for any reason except pursuant to a Change in Control or Involuntary Termination as described above, all of your RSUs then outstanding will terminate, and you will no longer have any right to receive any Shares in respect of such RSUs.  The grant of RSUs does not confer upon you any right to continued employment with the Company or interfere with the Company’s right to terminate your employment at any time. 

	 
	 
	 

	Taxes
	 
	When Shares are delivered to you upon settlement of any of your RSUs, the Company is required to withhold taxes pursuant to applicable law.  The withholding obligation may be satisfied through a “sell to cover” whereby you irrevocably direct a securities broker approved by the Company to sell a portion of your Shares subject to the RSUs upon vesting and to deliver the sale proceeds to the Company in payment of the applicable withholding taxes.  You agree to provide these directions by signing and returning the Irrevocable Standing Order to Sell Shares attached hereto, along with a signed copy of the Cover Sheet, within 60 days of the Grant Date. 
 

   

  -2-

   

  

   

  			
	 
	 
	The number of Shares that the broker will sell will be based on an estimate made by the broker of the Shares required to be sold to satisfy the withholding taxes. You agree that the proceeds received from the sale of Shares will be used to satisfy the withholding taxes and, accordingly, you authorize the broker to pay such proceeds to the Company for such purpose. To the extent that the proceeds obtained by such sale exceed the amount necessary to satisfy the withholding taxes, such excess proceeds shall be deposited into your brokerage account and in the event of a shortfall, additional Shares may be sold and/or cash withholding may be required from you. Any remaining Shares shall be deposited into your brokerage account.
  
If there is not a market in the Shares or the Company determines in its sole discretion that the sell to cover procedure is not advisable or sufficient, the Company will have the right to make other arrangements to satisfy the withholding taxes due upon issuance of the Shares with respect to the RSUs, including, but not limited to, the right to deduct amounts from salary or payments of any kind otherwise due to the Participant or withhold in Shares, provided that the Company only withholds the amount of Shares necessary to satisfy the statutory minimum withholding amount.  If such other arrangements are made, your Irrevocable Standing Order to Sell Shares will be voided.
 
You represent to the Company that, as of the date you sign the Irrevocable Standing Order to Sell Shares, you are not aware of any material nonpublic information about the Company or the Shares. You and the Company have structured this Agreement to constitute a “binding contract” relating to the sale of Shares, consistent with the affirmative defense to liability under Section 10(b) of the Exchange Act under Rule 10b5-1(c) issued under such Act.

	 
	 
	 

	Restrictions on Resale and Settlement
	 
	By signing this Agreement, you agree not to sell any Shares received upon settlement of RSUs at a time when applicable laws, regulations or Company policies prohibit a sale.  
 
The Company’s obligation to deliver Shares upon settlement of the RSUs shall be subject to applicable laws, rules and regulations and also to such approvals by governmental agencies as may be deemed appropriate to comply with relevant securities laws and regulations.  
 

	 
	 
	 

	Transfer of RSUs
	 
	You cannot transfer or assign RSUs or your right to receive Shares upon settlement of RSUs.  For instance, you may not sell RSUs or use them as security for a loan.  If you attempt to do any of these things, your RSUs will immediately become invalid.  
 
Regardless of any marital property settlement agreement, the Company or a securities broker, as applicable, is not obligated to recognize your former spouse’s interest in your RSUs in any way.

	 
	 
	 

   

  -3-

   

  

   

  			
	Stockholder Rights; Dividend Equivalent Rights
	 
	You, or your estate or heirs, have no rights as a stockholder of the Company in respect of RSUs until Shares have been delivered in settlement of the RSUs.  No adjustments are made for dividends or other rights if the applicable record date occurs before Shares are delivered, except as described in the Plan.
 
However, to the extent you hold RSUs on the record date of any cash dividend on Shares, you will be entitled to a payment in an amount, per RSU held, equal to the amount of the cash dividend declared and paid in respect of one Share.  This Dividend Equivalent Right will be included in your regular compensation for the pay period during which the actual cash dividend is paid, and will be subject to applicable withholding taxes.

	 
	 
	 

	Applicable Law
	 
	This Agreement will be interpreted and enforced under the laws of the State of Delaware.

	 
	 
	 

	The Plan and Other Agreements
	 
	The text of the Plan and any amendments thereto are incorporated in this Agreement by reference.
 
This Agreement, the Cover Sheet and the Plan constitute the entire understanding between you and the Company regarding the RSUs.  Any prior agreements, commitments or negotiations concerning the RSUs are superseded.

   

  By signing the Cover Sheet of this Agreement, you agree to all of the terms and conditions described above and in the Plan and evidence your acceptance of the powers of the Committee of the Board of Directors of the Company that administers the Plan.

   

  -4-

   

  

   

  Exhibit A

  Certain Definitions

   

  “Affiliate” means, when used with reference to any Person, any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with, or owns greater than fifty percent (50%) of the voting power in, the specified Person (the term “control” for this purpose shall mean the ability, whether by the ownership of shares or other equity interest, by contract or otherwise, to elect a majority of the directors of a corporation, independently to select the managing partner of a partnership or the managing member or the majority of the managers, as applicable, of a limited liability company, or otherwise to have the power independently to remove and then select a majority of those Persons exercising governing authority over an entity, and control shall be conclusively presumed in the case of the direct or indirect ownership of fifty percent (50%) or more of the voting equity interests in the specified Person).

   

  “Cause” shall have the meaning set forth in any effective employment agreement between the Company or any of its Subsidiaries or Affiliates on the one hand, and you on the other hand, or if no such employment agreement is in effect that contains a definition of “Cause”, then Cause shall mean the occurrence of any one or more of the following events: (i) a conviction of or pleading guilty to (a) a felony, or (b) a misdemeanor that causes or is reasonably likely to cause material harm to the business, financial condition or operating results of the Company or any of its Affiliates; (ii) theft, embezzlement or fraud committed by you in connection with the performance of your job duties; (iii) engaging in any activity that gives rise to a material conflict with the Company or any of its Affiliates; (iv) the misappropriation of any material business opportunity of the Company or any of its Subsidiaries or Affiliates; (v) any material failure to comply with, observe or carry out the rules, regulations, policies, directions, codes of ethics and/or conduct and restrictions applicable to team members generally or established or approved by the Board from time to time for executive officers of the Company or any of its Subsidiaries or Affiliates, including (without limitation), in any case, those regarding conflicts of interest; and (vi) substance abuse or use of illegal drugs that materially impairs the performance of your job duties or causes or is likely to cause material harm to the business, financial condition or operating results of the Company or any of its affiliates.  In order to terminate you for Cause, (I) the Company must deliver a written notice of its intent to terminate you for Cause, (II) you must be given a reasonable opportunity to cure any such acts or omissions (if curable) that constitute “Cause” within 30 days after receipt of such notice, and (III) you must have failed to timely cure any such acts or omissions.

   

  “Change in Control” shall mean: 

   

  
   (i)
   
    any event occurs the result of which is that any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act, becomes the “beneficial owner”, as defined in Rules l3d-3 and l3d-5 under the Exchange Act directly or indirectly, of more than  50% of the voting stock of the Company or any successor company thereto, including, without limitation, through a merger or consolidation or purchase of voting stock of the Company; provided that the transfer of 100% of the voting stock of the Company to a Person that has an ownership structure identical to that of the Company prior to such transfer, such that the Company becomes a wholly owned subsidiary of such Person, shall not be treated as a Change in Control;
   

  

  
   (ii)
   
    during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board, together with any new directors whose election by such Board or whose nomination for election by the stockholders of the Company was approved by a vote of a majority of the directors of the Company then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board then in office;
   

  

  
   (iii)
   
    the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions other than a merger or consolidation, of all or substantially all of the assets of the Company and its consolidated subsidiaries taken as a whole to any Person or group of related Persons; or
   

  

  
   (iv)
   
    the adoption of a plan relating to the liquidation or dissolution of the Company.
   

  

  “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

  -5-

   

  

   

   

  “Good Reason” shall have the meaning ascribed thereto in any effective employment agreement between the Company or any of its Subsidiaries or Affiliates on the one hand, and you on the other hand, or if no such employment agreement is in effect that contains a definition of “Good Reason”, then Good Reason shall mean the occurrence of any of the following: (i) material reduction in your base salary or target annual bonus opportunity; (ii) adverse change in your job title; provided, however, that a change in your duties or responsibilities without a change in your job title shall not constitute “Good Reason”; or (iii) a requirement that you work at any office or location more than 50 miles from the location of the then current principal office of the Company in Phoenix, Arizona (excluding normal travel responsibilities).  In order for you to terminate employment for Good Reason, you must provide the Company with at least 30 days’ prior written notice specifying in reasonable detail the reason therefor, and the Company shall have a reasonable opportunity to cure any such Good Reason within 15 days after receipt of such notice.  If the Company is not seeking to cure, it shall not be obligated to allow you to continue performing duties for the Company during the 15-day cure period and may, in its sole discretion, accelerate such termination of employment to any date during the 15-day cure period.  You may not terminate employment for Good Reason regarding any act or omission of which you had actual notice for 90 days or more prior to giving notice of termination for “Good Reason”.

   

  “Person” means and includes any individual, partnership, joint venture, corporation, limited liability company, estate, trust, or other entity.

   

  -6-

   

  

   

  IRREVOCABLE STANDING ORDER TO SELL SHARES

   

  I have been granted an award in respect of Restricted Stock Units (“RSUs”) by Sprouts Farmers Market, Inc. (the “Company”), which is evidenced by a restricted stock unit award agreement between me and the Company (the “Agreement,” copy attached).  Provided that I remain employed by the Company on the applicable vesting date, the shares vest according to the provisions of the Agreement. 

   

  I understand that on or as soon as practicable after the vesting date (the “issuance date”), the shares issuable in respect of the RSUs (the “Shares”) will be deposited into my account at E*Trade or such other broker the Company may engage at such time (the “Broker”) and that I will recognize taxable ordinary income as a result. Pursuant to the terms of the Agreement and as a condition of my receipt of the Shares, I understand and agree that, on the issuance date, I must sell a number of shares sufficient to satisfy all withholding taxes applicable to that ordinary income. Therefore, I hereby direct the Broker to sell, at the market price and on the issuance date (or the first business day thereafter if the issuance date should fall on a day when the market is closed), the number of Shares that the Company informs the Broker is sufficient to satisfy the applicable withholding taxes, which shall be calculated based on the closing price of the Company’s ordinary shares on the last trading day before the issuance date. I understand that the Broker will remit the proceeds to the Company for payment of the withholding taxes.

   

  I understand and agree that by signing below, I am making an Irrevocable Standing Order to Sell Shares which will remain in effect until the vesting date. I also agree that this Irrevocable Standing Order to Sell Shares is in addition to and subject to the terms and conditions of any existing Account Agreement that I have with the Broker. 

   

  	
	 

	 

	Signature

	 

	 

	Print Name

   

  -7-Exhibit 10.1

 

NEITHER THE ISSUANCE NOR SALE OF THE SECURITIES
REPRESENTED BY THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT.

 

	Principal Amount: $100,001.00	Issue Date: September 17th, 2021

 

 

	
     

    PROMISSORY NOTE

     

  

FOR VALUE RECEIVED, VPR
Brands, LP, a Delaware limited partnership (the “Company”), hereby promises to pay to the order of Kevin Frija or registered
assigns (the “Holder”) on September 17th, 2022 (the “Maturity Date”), the principal amount set forth
above (the “Principal Amount”), and to pay interest on the outstanding Principal Amount at the rate of Twenty Four percent
(24%) per annum (the “Note”). Interest shall commence accruing on the date hereof (the “Issue Date”), computed
on the basis of a 365-day year and the actual number of days elapsed, provided that any payment otherwise due on a Saturday, Sunday or
legal Bank holiday may be paid on the following business day. All payments due hereunder, shall be made in lawful money of the United
States of America.

 

1.       Transfers
of Note to Comply with the 1933 Act. The Holder agrees that this Note may not be sold, transferred,
pledged, hypothecated or otherwise disposed of except as follows:  (a) to a person whom the Note may legally be transferred
without registration and without delivery of a current prospectus under the 1933 Act with respect thereto and then only against receipt
of an agreement of such person to comply with the provisions of this Section 1 with respect to any resale or other disposition of the
Note; or (b) to any person upon delivery of a prospectus then meeting the requirements of the 1933 Act relating to such securities and
the offering thereof for such sale or disposition, and thereafter to all successive assignees.

 

2.       Right
of Prepayment. The Company may repay any amount of the Note at any time. On each business
day, the Holder may deduct one (1) ACH payment from the bank account of the Borrower (as specified on Exhibit “A” of this
Note) in the amount of $500.00 per business day until such time as the Borrower has paid an amount equal to the principal and accrued
interest as set forth in the Note. Each such payment shall be applied first to accrued and unpaid interest and the balance shall be applied
towards the reduction of the principal amount due under this Note.

 

3.       Representations
and Warranties.  The Company represents and warrants to the Holder that:

 

		(a)	such party is duly organized, validly existing and in good standing (if applicable) under the laws of
the jurisdiction of its organization;

 

		(b)	such party has authority to own its property and assets and to carry on its business as now conducted,
except, in each case, where the failure to do so, or so possess, individually or in the aggregate would not reasonably be expected to
result in a material adverse effect;

 

		(c)	such party has all requisite organizational power and authority to execute and deliver and perform all
its obligations under this Note;

 

		(d)	such party is qualified to do business in, and is in good standing (where such concept exists) in, every
jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such

     

     

    

qualification necessary, except where the failure to be so qualified
or in good standing individually or in the aggregate would not reasonably be expected to result in a material adverse effect;

 

		(e)	the transactions contemplated hereby is within such party’s organizational powers and have been
duly authorized by all necessary corporate or limited liability company action;

 

		(f)	this Note has been duly executed and delivered by such party and constitutes a legal, valid and binding
obligation of such party, enforceable in accordance with its terms; and

 

		(g)	the transactions to be entered into and contemplated by this Note (a) do not require any consent or
approval of, registration or filing with, or any other action by, any governmental authority except for the Company’s disclosure
obligations under federal securities laws, (b) will not (i) violate any applicable law or (ii) the organizational documents, bylaws, charter,
operating agreement, certificate of formation or certificate of incorporation of such party, (c) will not violate or result in a
default under any indenture or any other agreement, instrument or other evidence of indebtedness, and (d) will not result in the
creation or imposition of any lien on any asset of such party.

 

4.       Remedies
Upon Default.  In the event that the Company defaults on its payment obligations under
this Note, the Holder may proceed to protect and enforce its rights and remedies under this Note by suit in equity, action at law or other
appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Note and proceed to enforce
the payment thereof or any other legal or equitable right of the Holder.

 

5.       Cancellation
of Note. Upon the repayment by the Company of all of its obligations hereunder to the Holder,
including, without limitation, the principal amount of this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby
shall be deemed canceled and paid in full.  Payments received by the Holder hereunder shall be applied first against interest
accrued on this Note, and next in reduction of the outstanding principal balance of this Note.

 

6.       Severability.  If
any provision of this Note is, for any reason, invalid or unenforceable, the remaining provisions of this Note will nevertheless be valid
and enforceable and will remain in full force and effect.  Any provision of this Note that is held invalid or unenforceable
by a court of competent jurisdiction will be deemed modified to the extent necessary to make it valid and enforceable and as so modified
will remain in full force and effect.

 

7.       Amendment
and Waiver.  This Note, or any provision of this Note, may only be amended or waived
if set forth in a writing executed by the Company and Holder.  The waiver by Holder of a breach of any provision of this Note
shall not operate or be construed as a waiver of any other breach.

 

8.       Successors.  Except
as otherwise provided herein, this Note shall bind and inure to the benefit of and be enforceable by the Holder and its permitted successors
and assigns.

 

9.       Assignment.  This
Note shall not be directly or indirectly assignable or delegable by the Company or the Holder, except as provided in a writing executed
by the Company and Holder.

 

10.       Further
Assurances.  The Holder will execute all documents and take such other actions as the
Company may reasonably request in order to consummate the transactions provided for herein and to accomplish the purposes of this Note.

 

11.       Notices,
Consents, etc.  Any notices, consents, waivers or other communications required or
permitted to be given under the terms hereof must be in writing and will be deemed to have been delivered:  (i) upon receipt,
when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) one (1) business day after deposit with a nationally recognized overnight delivery
service, in each case properly addressed to the party to receive the same.  The addresses and facsimile numbers for such communications
shall be:

 

	If to Company:	
    VPR BRANDS, LP

    3001 Griffin Road

    Fort Lauderdale, FL 33312

     

     

    

 

	 	
    Attention: Kevin Frija

    Telephone: 954.715.7001

    Facsimile: Kevin.Frija@vprbrands.com

	 	 
	With a Copy to (which shall not constitute notice):	
     

    Anthony LG, PLLC

    Attention: Laura E. Anthony, Esq.

     

	 	 
	If to the Holder:	
    Kevin Frija

    Attention:

    Telephone:

    Facsimile: ______________________

	 	 

or at such other address and/or facsimile
number and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three
(3) trading days prior to the effectiveness of such change.  Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's facsimile machine containing
the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

12.       Governing
Law.  Except in the case of the Jurisdiction provisions of Section 13 below, this Note
shall be delivered and accepted in and shall be deemed to be contracts made under and governed by the internal laws of the State of Delaware,
and for all purposes all questions concerning the construction, validity and interpretation of this Note and any and all disputes or controversies
arising out of the subject matter hereof (whether by contract, tort or otherwise) shall be governed by and construed in accordance with
the domestic laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision (whether of the State
of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Florida.

 

13.       Jurisdiction.  EACH
PARTY HERETO AGREES THAT JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY THE HOLDER PURSUANT TO THIS NOTE SHALL PROPERLY (BUT NOT EXCLUSIVELY)
LIE IN ANY FEDERAL OR STATE COURT LOCATED IN BROWARD COUNTY, FLORIDA.  BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY
HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO SUCH ACTION.  EACH
PARTY HERETO IRREVOCABLY AGREES THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVES ANY OBJECTION THAT SUCH COURT IS AN IMPROPER
OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION.  EACH PARTY HERETO FURTHER AGREES THAT THE MAILING BY CERTIFIED OR
REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH COURT SHALL CONSTITUTE VALID AND LAWFUL SERVICE OF PROCESS
AGAINST THEM, WITHOUT NECESSITY FOR SERVICE BY ANY OTHER MEANS PROVIDED BY STATUTE OR RULE OF COURT.

 

14.        No
Inconsistent Agreements.  No party hereto will hereafter enter into any agreement,
which is inconsistent with the rights granted to the Holder in this Note.

 

15.       Third
Parties.  Nothing herein expressed or implied is intended or shall be construed to
confer upon or give to any person or entity, other than the Holder and its permitted successor and assigns, any rights or remedies under
or by reason of this Note.

  

16.       Waiver
of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS NOTE. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF THE HOLDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE HOLDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, (B) EACH

     

     

    

PARTY HERETO UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY HERETO MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH PARTY HERETO HAS BEEN INDUCED TO ENTER
INTO THIS NOTE BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

17.       Usury
Savings Clause. Notwithstanding any provision in this Note to the contrary, the total
liability for payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions,
or other sums which may at any time be deemed to be interest, shall not exceed the limit imposed by the usury laws of the jurisdiction
governing this Note or any other applicable law. In the event the total liability of payments of interest and payments in the nature of
interest, including, without limitation, all charges, fees, exactions or other sums which may at any time be deemed to be interest, shall,
for any reason whatsoever, result in an effective rate of interest, which for any month or other interest payment period exceeds the limit
imposed by the usury laws of the jurisdiction governing this Note, all sums in excess of those lawfully collectible as interest for the
period in question shall, without further agreement or notice by, between, or to any party hereto, be applied to the reduction of the
outstanding principal balance due hereunder immediately upon receipt of such sums by the Holder hereof, with the same force and effect
as though the Company had specifically designated such excess sums to be so applied to the reduction of the principal balance then outstanding,
and the Holder hereof had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Holder may, at
any time and from time to time, elect, by notice in writing to the Company, to waive, reduce, or limit the collection of any sums in excess
of those lawfully collectible as interest, rather than accept such sums as a prepayment of the principal balance then outstanding. It
is the intention of the parties that the Company does not intend or expect to pay, nor does the Holder intend or expect to charge or collect
any interest under this Note greater than the highest non-usurious rate of interest which may be charged under applicable law.

 

18.       Entire
Agreement.  This Note (including any recitals hereto) set forth the entire understanding
of the parties with respect to the subject matter hereof, and shall not be modified or affected by any offer, proposal, statement or representation,
oral or written, made by or for any party in connection with the negotiation of the terms hereof, and may be modified only by instruments
signed by all of the parties hereto.

 

 

[Signature page to follow]

     

     

    

 

 

IN WITNESS WHEREOF, this
Note is executed by the undersigned as of the date hereof.

 

  

	VPR BRANDS, LP	 
	
    By: Soleil Capital Management LLC,

    its General Partner
	 
	 	 
	 	 
	By: /s/ Kevin Frija                                       	 
	Name: Kevin Frija	 
	Title:   Manager and Chief Executive Officer

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