Document:

Exhibit
10.31

 

INTELLECTUAL
PROPERTY SECURITY AGREEMENT

 

This
INTELLECTUAL PROPERTY SECURITY AGREEMENT (this “Agreement”), dated as of February 10, 2021, is made by KONA
GOLD SOLUTIONS, INC., a Delaware corporation (the “Company”), KONA GOLD, LLC (“KG”), a Florida limited
liability company, HIGHDRATE, LLC (“HD”), a Florida limited liability company, GOLD LEAF DISTRIBUTION LLC (“GLD”),
a Florida limited liability company, and S AND S BEVERAGE, INC. (“S&S”), a Wisconsin corporation (collectively,
“Grantors” and each a “Grantor”), in favor of YA II PN, LTD. (the “Secured Party”),
a Cayman Island exempted company.

 

WITNESSETH:

 

WHEREAS,
in connection with: (i) a Securities Purchase Agreement, and (ii) an Intellectual Property Security Agreement by and among
the Company, KG, HD, and GLD and the Secured Party dated May 14, 2020 (collectively, the “2020 Securities Purchase Agreement”),
KG, HD, and GLD agreed to grant Secured Party security interests in, and liens upon, all of their Intellectual Property (as that
term was defined in the 2020 Securities Purchase Agreement);

 

WHEREAS,
the Company acquired all of the issued and outstanding shares of capital stock of S&S on or about February 1, 2021, and the
parties now desire to enter into a new Securities Purchase Agreement, as set forth below;

 

WHEREAS,
pursuant to that certain Securities Purchase Agreement, dated of even date herewith, by and between the Company and Secured Party
(the “Securities Purchase Agreement”), and pursuant to that certain Security Agreement dated of even date herewith,
by and among the Grantors and Secured Party (the “Security Agreement”), pursuant to which the Grantors have
granted Secured Party security interests in, and liens upon, substantially all of each Grantor’s assets, including without
limitation all of each Grantor’s Intellectual Property and specifically including all of each Grantor’s registered
United States patents, trademarks, copyrights and domain names, and all of each Grantor’s filed United States patent applications,
trademark applications and copyright applications, all whether now owned or hereafter created, arising and/or acquired (collectively,
the “Intellectual Property Collateral” as hereinafter further defined); and

 

WHEREAS,
Grantors have agreed to execute and deliver this Agreement, and to have a copy of this Agreement filed with the United States Patent
and Trademark Office and/or the United States Copyright Office (as applicable), in order to provide notice and/or protect all of
Secured Party’s security interest in, and liens upon, the Intellectual Property Collateral;

 

WHEREAS,
in connection with the Securities Purchase Agreement, Secured Party and KG, HD, GLD and S&S executed and delivered a Global
Guaranty Agreement dated the date hereof (the “Guaranty Agreement” and collectively with the Security Agreement,
the “Security Documents”) in favor of Secured Party;

 

    	 	 1	 

     

    

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants and agreements provided for herein and in the Securities Purchase
Agreement, and for other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged by each
party hereto, and intending to be legally bound, the parties hereto agree as follows:

 

Section
1. Grant of Security Interest in Intellectual Property Collateral. Without limiting any other grant of any lien by any Grantor
in any Collateral under the Securities Purchase Agreement or any other of the Transaction Documents (as that term is defined in
the Securities Purchase Agreement), to secure the prompt payment and performance of all obligations to Secured Party, each Grantor
hereby pledges and grants to Secured Party a continuing security interest in and lien upon all of such Grantor’s right, title
and interest in, to and under Intellectual Property Collateral:

 

(a)       all
of its registered/issued United States patents and filed United States patent applications, including, without limitation, those
referred to on Schedule 1 hereto or on any Schedule to any Supplement (as defined below) delivered hereafter, together with
all reissues, reexaminations, continuations, continuations-in-part, divisional, renewals and extensions of the foregoing (the “Patents”);

 

(b)       all
of its registered United States trademarks, filed United States trademark applications, and common law trademarks, including, without
limitation, those referred to on Schedule 1 hereto or on any Schedule to any supplement delivered hereafter, together with
all renewals, reversions and extensions of the foregoing (the “Trademarks”);

 

(c)       all
goodwill of the business connected with the use of, and symbolized by, each of the Trademarks;

 

(d)       all
of its registered United States copyrights and filed United States copyright applications, including, without limitation, those
referred to on Schedule 1 hereto or on any Schedule to any supplement delivered hereafter, together with all renewals, reversions
and extensions of the foregoing (the “Copyrights”);

 

(e)       all
of its Internet domain names, including, without limitation, those referred to on Schedule 1 hereto or on any Schedule to
any supplement delivered hereafter, and all goodwill associated with the same (the “Domain Names”);

 

(f)       all
applications, registrations, claims, awards, judgments, amendments, improvements and insurance claims related thereto now or hereafter
owned or licensed by any Grantor, or any claims for damages by way of any past, present, or future infringement of any of the foregoing,
together with all accessions and additions thereto and proceeds thereof (including, without limitation, any proceeds resulting
under insurance policies); and

 

    	 	 2	 

     

    

 

(g)       all
cash, income, royalties, fees, other proceeds, receivables, accounts and general intangibles that consist of rights of payment
to or on behalf of any Grantor, proceeds from the sale, licensing or other disposition of all or any part of, or rights in, the
Intellectual Property Collateral by or on behalf of any Grantor, and all rights to sue and recover at law or in equity for any
past, present and future infringement, misappropriation, dilution, violation or other impairment thereof;

 

which
such continuing security interest in and lien upon the Intellectual Property Collateral, and this Agreement, shall continue in
full force and effect to secure each of the obligations under the Transaction Documents (as that term is defined in the Securities
Purchase Agreement), unless and until the obligations have been indefeasibly satisfied and paid in full in cash and all commitments
under the Transaction Documents have been terminated.

 

Section
2. Security Agreement, The security interests and liens granted pursuant to this Agreement are granted in conjunction with,
and in no way limit, the security interests and liens granted to the Secured Party pursuant to the Security Agreement, and each
Grantor hereby acknowledges and agrees that the rights and remedies of the Secured Party with respect to the security interests
in and liens upon the Intellectual Property Collateral made and granted hereby are more fully set forth in the Security Agreement,
the terms and provisions of which are incorporated by reference herein as if fully set forth herein.

 

Section
3. Registration/Filing. The “Acknowledgement of Security Interest in Intellectual Property” attached hereto
as Exhibit B is intended by the parties to be filed, and each Grantor hereby authorizes Secured Party to file and record
a copy of such “Acknowledgement of Security Interest in Intellectual Property”, with the United States Patent and Trademark
Office and/or United States Copyright Office, as applicable.

 

Section
4. Grantors Remains Liable. Each Grantor hereby agrees that, anything herein to the contrary notwithstanding, such Grantor
shall retain full and complete responsibility for the prosecution, defense, enforcement or any other necessary or desirable actions
in connection with the Intellectual Property Collateral subject to a security interest hereunder.

 

Section
5. Agreement to Deliver Supplements. Each Grantor hereby covenants and agrees that promptly upon the acquisition by such
Grantor of any new Intellectual Property Collateral, Grantors shall deliver to Secured Party a duly executed supplement to this
Agreement in the form of Exhibit A hereto (a “Supplement”), listing all such newly acquired Intellectual
Property Collateral on Schedule I thereto, pursuant to which Grantors shall reconfirm the grant of a security interest in such
newly acquired Intellectual Property Collateral to Secured Party, to secure the Grantor’s obligations under the Securities
Purchase Agreement and the other Transaction Documents, as this term is defined in the Securities Purchase Agreement. Each Supplement
is intended by the parties to be filed, and Grantors hereby authorize Secured Party to file and record a copy of each Supplement,
with the United States Patent and Trademark Office and/or United States Copyright Office, as applicable. Regardless of whether
any Supplement is delivered by Grantors, and without limiting the generality of the provisions of Section 1 hereof above, Grantors
hereby confirm and agree that any and all such after-acquired Intellectual Property Collateral shall immediately and automatically
upon any Grantor’s acquisition of any right, title and interest therein become part of the Intellectual Property Collateral
hereunder. In the event that any Grantor acquires any such new Intellectual Property Collateral but Grantors fail for whatever
reason to promptly execute and deliver a Supplement to Secured Party pursuant to this Section 5, each Grantor hereby authorizes
Secured Party, acting under its Power of Attorney granted pursuant to Section 8 below, to at any time thereafter execute in the
name of such Grantor an applicable Supplement with respect to such newly acquired Intellectual Property Collateral and to file
the same with the United States Patent and Trademark Office and/or United States Copyright Office, as applicable.

 

    	 	 3	 

     

    

 

Section
6. Representation and Warranties. Grantors hereby represent and warrant to Secured Party that Schedule 1 sets forth
a full, complete and correct list of all Intellectual Property Collateral owned by Grantors as of the date hereof.

 

Section
7. Events of Default and Remedies. The occurrence of an Event of Default under the Transaction Documents shall constitute
an “Event of Default” under this Agreement. Upon the occurrence of and during the continuance of an Event of
Default, in addition to all other rights, options, and remedies granted to Secured Party under the Transaction Documents, or otherwise
available to Secured Party as a secured creditor at law or in equity, Secured Party may exercise, either directly or through one
or more assignees or designees, all rights and remedies granted to it as a secured creditor under the Uniform Commercial Code with
respect to the Intellectual Property Collateral.

 

Section
8. Power of Attorney. Without limiting the generality of any power of attorney granted to Secured Party under the Security
Documents or any other document, each Grantor hereby authorizes Secured Party, its successors and assigns, and any officer, employee,
attorney or agent thereof, as such Grantor’s true and lawful attorney-in-fact, with the power (a) to execute and endorse
on behalf of and in the name of such Grantor any Supplement to this Agreement or other security agreement or similar document or
instrument which Secured Party may deem necessary or desirable in order to create, protect or perfect the security interest provided
for herein in the Intellectual Property Collateral and in each case to file or record any such Supplement or other security agreement
or similar document or instrument with the United States Patent and Trademark Office and/or the United States Copyright Office,
as applicable, in the name of and on behalf of such Grantor, and (b) after the occurrence and during the continuance of an Event
of Default, to execute and endorse on behalf of and in the name of such Grantor any assignment, bill of sale or similar document
or instrument which Secured Party may deem necessary or desirable in order for Secured Party to enforce, assign, pledge, convey
or otherwise sell, transfer title in or dispose of the Intellectual Property Collateral, and in each case to file or record with
the United States Patent and Trademark Office and/or the United States Copyright Office, as applicable, in the name of and on behalf
of such Grantor any such assignment or bill of sale or other document executed by Secured Party, its successors and assigns, and
any officer, employee, attorney or agent thereof under this power of attorney. Each Grantor hereby unconditionally ratifies all
that any person authorized under this power of attorney shall lawfully do or cause to be done by virtue hereof and in accordance
with the terms of hereof and of the Security Agreement. This power of attorney is coupled with an interest and is and shall be
irrevocable unless and until all of the obligations under the Transaction Documents (including any obligations to provide cash
collateral for any Letters of Credit) have been indefensibly paid in full in cash and satisfied, and all of the commitments under
the Transaction Documents have been terminated.

 

    	 	 4	 

     

    

 

Section
9. Miscellaneous. This Agreement, and all matters relating hereto or arising herefrom (whether arising under contract law,
tort law or otherwise) shall, in accordance with Section 5-1401 of the General Obligations Law of the State of New York, be governed
by and construed in accordance with the laws of the State of New York. If any part of this Agreement is contrary to, prohibited
by, or deemed invalid under applicable laws or regulations, such provision shall be inapplicable and deemed omitted to the extent
so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far
as possible. This Agreement shall be binding upon and inure to the benefit of Grantors and Secured Party, and their respective
successors and assigns, except that no Grantor may assign or transfer any of its rights or obligations under this Agreement without
the prior written consent of Secured Party. This Agreement may be executed in counterparts, each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. Any signature delivered by a party by facsimile or other
electronic means of transmission (including email transmission of a PDF copy) shall be deemed to be an original signature hereto.

 

[Signature
Pages Follow]

 

    	 	 5	 

     

    

 

In witness
whereof, each Grantor has caused this Intellectual Property Security Agreement to be executed and delivered by its duly authorized
officer as of the date first set forth above.

 

	 	GRANTORS:
	 	 	 
	 	KONA GOLD, LLC, a Delaware limited liability company
	 	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GOLD LEAF DISTRIBUTION LLC, a Florida limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	HIGHDRATE, LLC, a Florida limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	S AND S BEVERAGE, INC., a Wisconsin Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	 6	 

     

    

 

ACCEPTED AND AGREED:

 

SECURED PARTY:

 

YA II PN, LTD.

 

By:Yorkville Advisors Global, LP

Its:Investment Manager

 

By:Yorkville Advisors Global II, LLC

Its:General Partner

 

By: _____________________________ 

Name: ___________________________ 

Title: ____________________________

 

    	 	 7	 

     

    

 

Schedule
1

to

Intellectual Property Security Agreement

 

PATENTS,
TRADEMARKS AND COPYRIGHTS

 

1. Patents

 

	Title	App. No.	
        Filing

         

        Date
	Patent No.	Issue Date
	 	 	 	 	 

 

2. Trademarks

 

	Mark	Serial No.	Filing Date	Registration No.	Registration Date
	KONA GOLD HEMP ENERGY DRINK	87/310,479	01/23/2017	5,597,686	10/30/2018
	HIGHDRATE	87/196,854	10/07/2016	5,351,770	12/05/2017
	 	 	 	 	 
	LEMIN	88/462468	06/06/2019	Abandoned	Abandoned
	LEMI	88/394871	04/20/2019	Abandoned	Abandoned
	 	 	 	 	 
	LEMIN1	Common Law	 	 	 
	OOH LA LEMIN2	Common Law	 	 	 
	3. Copyrights and Copyright Applications
	Title	App. No.	Filing Date	Copyright No.	Issue Date
	 	 	 	 	 

  

4. Domain
Names

 

https://konagoldhemp.com/

 

https://www.drinklemin.com/

 

https://goldleafdist.com/

 

 

 

1
As used in connection with “Non-alcoholic beverages, namely, lemonades”.

2
As used in connection with “Non-alcoholic beverages, namely, lemonades”.

 

    	 	 8	 

     

    

 

EXHIBIT
A

 

SUPPLEMENT
TO INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

THIS
SUPPLEMENT TO INTELLECTUAL PROPERTY SECURITY AGREEMENT (the “Supplement”) made as of this        day
of                             ,
202    , by KONA GOLD SOLUTIONS, INC., a Delaware corporation (the “Company”), KONA
GOLD, LLC (“KG”), a Florida limited liability company, HIGHDRATE, LLC (“HD”), a Florida limited
liability company, GOLD LEAF DISTRIBUTION LLC (“GLD”), a Florida limited liability company, and S AND S BEVERAGE,
INC. (“S&S”), a Wisconsin corporation (collectively, “Grantors” and each a “Grantor”),
in favor of YA II PN, LTD. (the “Secured Party”), a Cayman Island exempted company.

 

WITNESSETH

 

WHEREAS,
Grantors and Secured Party are parties to a certain Intellectual Property Security Agreement, dated as of February 10, 2021 (as
amended, modified, supplemented, renewed, restated or replaced from time to time, the “IP Security Agreement”).
Capitalized terms used herein but not otherwise defined herein shall have the meanings given to such terms in the IP Security Agreement;

 

WHEREAS,
pursuant to the IP Security Agreement, to secure the prompt payment and performance of all obligations to Secured Party, Grantors
have assigned, pledged and granted to Secured Party, a continuing security interest in and to and lien upon all of such Grantor’s
right, title and interest in, to and under the Intellectual Property Collateral of each Grantor, all whether now owned or hereafter
created, arising and/or acquired; and

 

WHEREAS,
pursuant to the IP Security Agreement, Grantors have agreed that upon the acquisition by Grantors of any new Intellectual Property
Collateral, Grantors shall deliver to Secured Party a Supplement to the IP Security Agreement in the form of Exhibit A thereto
pursuant to which Grantors shall reconfirm the grant by them of a security interest in and lien upon all such newly acquired Intellectual
Property Collateral, which such Supplement is intended by the parties to be filed with the United States Patent and Trademark Office
and/or United States Copyright Office, as applicable,

 

    	 	 9	 

     

    

 

NOW,
THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, receipt and sufficiency
of which are hereby acknowledged by each party hereto, and intending to be legally bound, and with the foregoing background and
recitals incorporated by reference, Grantors agree as follows:

 

1.
Grant and Reaffirmation of Grant of Security Interests. Without limiting any other grant of any security interest or lien
by any Grantor in and upon any collateral under the Security Documents, to secure the prompt payment and performance of all obligations
to Secured Party, each Grantor hereby assigns, pledges and grants to Secured Party, a continuing security interest in and to and
lien upon all of such Grantor’s right, title and interest in, to and under the following Collateral of Grantor, all whether
now owned or hereafter created, arising and/or acquired:

 

(a)       the
newly acquired Intellectual Property Collateral listed on Schedule I to this Supplement (together with all reissues, reexaminations,
continuations, continuations-in-part, divisionals, renewals and extensions of the foregoing),

 

(b)       all
goodwill of the business connected with the use of, and symbolized by, any trademark and trademark application covered by (a) above;
and

 

(c)       all
other property otherwise constituting Intellectual Property Collateral relating to the foregoing.

 

Grantors
agree that all such newly acquired Intellectual Property Collateral described above shall be included in and be part of the Intellectual
Property Collateral under and subject to all of the terms and provisions of the IP Security Agreement. Grantors hereby authorize
Secured Party to file and record a copy of this Supplement with the United States Patent and Trademark Office and/or United States
Copyright Office, as applicable.

 

Representations
and Warranties. Each Grantor hereby represents and warrants to Secured Party that Schedule I hereto sets forth a full, complete
and correct list of all Intellectual Property Collateral owned by Grantor as of the date hereof not listed on Schedule I to the
original IP Security Agreement or any Schedule to any other Supplement to the original IP Security Agreement delivered by Grantor
since the date thereof but prior to the date hereof.

 

Incorporation
of the IP Security Agreement. The terms and provisions of the IP Security Agreement are hereby incorporated by reference and
this Supplement shall be considered an amendment and supplement to and part of the IP Security Agreement; all of the provisions
of which IP Security Agreement are and remain in full force and effect as supplemented by this Supplement.

 

[Remainder
of Page Left Intentionally Blank]

 

    	 	 10	 

     

    

 

In witness
whereof, Grantors have duly executed this Supplement to the IP Security Agreement as of the date first written above.

 

	 	GRANTORS:
	 	 	 
	 	KONA GOLD, LLC, a Delaware limited liability company
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GOLD LEAF DISTRIBUTION LLC, a Florida limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	HIGHDRATE, LLC, a Florida limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	S AND S BEVERAGE, INC., a Wisconsin Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	 11	 

     

    

 

ACCEPTED AND AGREED:

 

SECURED PARTY:

 

YA II PN, LTD.

 

By:Yorkville Advisors Global, LP

Its:Investment Manager

 

By:Yorkville Advisors Global II, LLC

Its:General Partner

 

By: _____________________________

 

Name: ___________________________

 

Title: ____________________________

 

    	 	 12	 

     

    

 

Schedule I

to

Intellectual Property Security Agreement

 

PATENTS,
TRADEMARKS AND COPYRIGHTS

 

1. Patents

 

	Title	App. No.	
        Filing 

        Date
	Patent No.	Issue Date
	 	 	 	 	 

  

2. Trademarks

 

	Mark	Serial No.	Filing Date	Registration No.	Registration Date
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	

                                                                                 

                                                                                3. Copyrights and Copyright Applications

                                                                                 

	Title	App. No.	Filing Date	Copyright No.	Issue Date
	 	 	 	 	 

  

4. Domain
Names

 

    	 	 13	 

     

    

 

EXHIBIT B

 

Acknowledgement
of Security Interest in Intellectual Property

 

February
10, 2021

 

WHEREAS,
KONA GOLD SOLUTIONS, INC., a Delaware Corporation (the “Company”), KONA GOLD, LLC (“KG”), a Florida
limited liability company, HIGHDRATE, LLC (“HD”), a Florida limited liability company, GOLD LEAF DISTRIBUTION
LLC (“GLD”), a Florida limited liability company, and S AND S BEVERAGE, INC. (“S&S”), a Wisconsin
corporation (collectively, “Grantors” and each a “Grantor”) have adopted, used and are using,
and holds all right, title and interest in and to, the Patents, Trademarks and Copyrights (as those terms are defined in the IP
Security Agreement) listed on the annexed Schedule 1;

 

WHEREAS,
the Company has entered into a certain Securities Purchase Agreement, dated as of the date hereof, with YA II PN, LTD (the “Secured
Party”):

 

WHEREAS,
the Grantors have entered into a certain Intellectual Property Security Agreement, dated as of the date hereof (the “IP
Security Agreement”), with YA II PN, LTD. (the “Secured Party”) pursuant to which each Grantor has granted
to Secured Party a continuing security interest in all right, title and interest of the Grantor in, to and under the Intellectual
Property Collateral (as such term is defined in the IP Security Agreement)(the “Collateral”), to secure the
payment, performance and observance of certain obligations defined in a Securities Purchase Agreement between Grantors and Secured
Party (the “Obligations”);

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor does
hereby grant to Secured Party a continuing security interest in the Collateral set forth on Schedule 1 hereto to secure
the prompt payment, performance and observance of the Obligations.

 

Each
Grantor does hereby further acknowledge and affirm that the rights and remedies of the Secured Party with respect to the Collateral
are more fully set forth in the Security Documents, the IP Security Agreement and the other documents, the terms and provisions
of which are hereby incorporated herein by reference as if fully set forth herein.

 

All
capitalized terms used herein without definition have the same meanings given to such terms in the Transaction Documents (as that
term is defined in the Securities Purchase Agreement).

 

[Signature
Page Follows]

 

    	 	 14	 

     

    

 

IN WITNESS
WHEREOF, the Grantors have caused this Acknowledgment to be duly executed by its officer thereunto duly authorized as of the date
first written above.

 

	 	GRANTORS:
	 	 	 
	 	KONA GOLD, LLC, a Delaware limited liability company
	 	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 
	 	 	 
	 	GOLD LEAF DISTRIBUTION LLC, a Florida limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	HIGHDRATE, LLC, a Florida limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	S AND S BEVERAGE, INC., a Wisconsin Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	 15	 

     

    

 

ACCEPTED AND AGREED:

 

SECURED PARTY:

 

YA II PN, LTD.

 

By:Yorkville Advisors Global, LP

Its:Investment Manager

 

By:Yorkville Advisors Global II, LLC

Its:General Partner

 

By: _____________________________

 

Name: ___________________________

 

Title: ____________________________

 

    	 	 16	 

     

    

 

Schedule
1

to

Intellectual Property Security Agreement

 

PATENTS,
TRADEMARKS AND COPYRIGHTS

 

1. Patents

 

	Title	App. No.	
        Filing 

        Date
	Patent No.	Issue Date
	-----	 	 	 	 

  

2. Trademarks

 

	Mark	Serial No.	Filing Date	Registration No.	Registration Date
	KONA GOLD HEMP ENERGY DRINK	87/310,479	01/23/2017	5,597,686	10/30/2018
	HIGHDRATE	87/196,854	10/07/2016	5,351,770	12/05/2017
	 	 	 	 	 
	LEMIN	88/462468	06/06/2019	Abandoned	Abandoned
	LEMI	88/394871	04/20/2019	Abandoned	Abandoned
	 	 	 	 	 
	LEMIN[3]	Common Law	 	 	 
	 	 	 	 	 
	OOH LA LEMIN[4]	Common Law	 	 	 
	

                                                                                 

                                                                                3. Copyrights and Copyright Applications

                                                                                 

	Title	App. No.	Filing Date	Copyright No.	Issue Date
	 	 	 	 	 

 

4. Domain
Names

 

https://konagoldhemp.com/

 

https://www.drinklemin.com/

 

https://goldleafdist.com/

 

 

 

3
As used in connection with “Non-alcoholic beverages, namely, lemonades”.

4
As used in connection with “Non-alcoholic beverages, namely, lemonades”.

 

    	 	 17Exhibit 10.32

 

AMENDED
AND RESTATED

 

GLOBAL
GUARANTY AGREEMENT

 

This
AMENDED AND RESTATED GLOBAL GUARANTY AGREEMENT (the “Guaranty”) is made as of February 10, 2021, by and
among KONA GOLD, LLC (“KG”), a Delaware limited liability company, GOLD LEAF DISTRIBUTION LLC
(“GL”), a Florida limited liability company, HIGHDRATE, LLC (“HD”), a Florida limited
liability company, and S AND S BEVERAGE, INC. (“S&S”), a Wisconsin corporation (KG, GL, HD and S&S
are collectively referred to as the “Guarantors”), in favor of YAII PN, LTD. (the “Investor”)
with respect to all obligations of KONA GOLD SOLUTIONS, INC. (the “Company”), a Delaware corporation,
owes to the Investor. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Securities
Purchase Agreement (as defined below).

 

RECITALS

 

WHEREAS,
the Company and YAII entered into a Securities Purchase Agreement (the “May 2020 Securities Purchase Agreement”)
dated May 14, 2020 pursuant to which the Company issued and sold to the Investor (i) senior secured convertible debentures (the
“May 2020 Convertible Debentures”) which shall be convertible into shares of the Company’s common stock,
par value $0.00001 per share (the “2020 Common Stock,” as converted, the “2020 Conversion Shares”),
and (ii) a warrant (the “May 2020 Warrant”) to purchase upon exercise shares of Common Stock, (as exercised,
the “2020 Warrant Shares”);

 

WHEREAS,
it is a condition of the May 2020 Securities Purchase Agreement and the Investor’s obligation to purchase the May 2020 Convertible
Debentures from the Company that KG, GL and HD jointly and severally guaranty the payment and performance of all of the Company’s
obligations under the May 2020 Securities Purchase Agreement, the May 2020 Convertible Debentures, the Security Agreement by and
between the Company, KG, GL, HD and the Investor dated May 14, 2020 (the “May 2020 Security Agreement”), and
all other “Transaction Documents” as that term is defined in the May 2020 Securities Purchase Agreement. The Investor
was only willing to enter into the May 2020 Securities Purchase Agreement if each of KG, GL and HD jointly and severally agreed
to execute and deliver to the Investor the Guaranty Agreement dated May 14, 2020, which is now hereby amended and restated (with
S&S included as a Guarantor);

 

WHEREAS,
the Company and YAII have entered into a new Securities Purchase Agreement (the “Securities Purchase Agreement”)
dated the date hereof pursuant to which the Company agreed, upon the terms and subject to the conditions of the Securities Purchase
Agreement, to issue and sell to the Investor (i) senior secured convertible debentures (the “Convertible Debentures”)
which shall be convertible into shares of the Company’s common stock, par value $0.00001 per share (the “Common
Stock,” as converted, the “Conversion Shares”), and (ii) to grant to the Investor a warrant (the
“Warrant”) to purchase upon exercise shares of Common Stock, (as exercised, the “Warrant Shares”);

 

     

     

    

 

WHEREAS,
the Company acquired all of the issued and outstanding shares of capital stock of S&S on or about February 1, 2021;

 

WHEREAS,
it is a condition of the Securities Purchase Agreement and the Investor’s obligation to purchase the Convertible Debentures
from the Company that KG, GL, HD and S&S jointly and severally guaranty the payment and performance of all of the Company’s
obligations under the Securities Purchase Agreement, the Convertible Debentures, the Security Agreement by and between the Company,
the KG, GL, HD and S&S and the Investor dated the date hereof, and all other “Transaction Documents” as that term
is defined in the Securities Purchase Agreement.

 

WHEREAS,
it is a further condition of the Securities Purchase Agreement and the Investor’s obligation to purchase the Convertible
Debentures from the Company that S&S jointly and severally with KG, GL, HD guaranty the payment and performance of all of
the Company’s obligations under the May 2020 Securities Purchase Agreement, the May 2020 Convertible Debentures, the May
2020 Security Agreement and all other “Transaction Documents” as that term is defined in the May 2020 Securities Purchase
Agreement.

 

WHEREAS,
the Investor was only willing to enter into the Securities Purchase Agreement if each of KG, GL, HD and S&S jointly and severally
agreed to execute and deliver to the Investor this Amended and Restated Guaranty; and

 

WHEREAS,
each Guarantor is a wholly-owned subsidiary of the Company and will benefit, directly or indirectly, from the Company entering
into the Securities Purchase Agreement and other Transaction Documents and such investment the Investor will make into the Company;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Guarantor
covenants and agrees as follows:

 

1.
 Guaranty of Payment and Performance. Each Guarantor, jointly and severally,
hereby guarantees to the Investor the full, prompt and unconditional payment when due (whether at maturity, by acceleration or
otherwise), and the performance, of all liabilities, agreements and other obligations of the Company to the Investor, whether
direct or indirect, absolute or contingent, due or to become due, secured or unsecured, now existing or hereafter arising or acquired
(whether by way of discount, letter of credit, lease, loan, or otherwise), together with all interest and costs of collection,
compromise or enforcement, including without limitation reasonable attorneys’ fees, incurred with respect to any such obligations
or this Guaranty, or with respect to a proceeding under the federal bankruptcy laws or any insolvency, receivership, arrangement
or reorganization law or an assignment for the benefit of the Investor concerning Company or any Guarantor, together with interest
on all such costs of collection, compromise or enforcement from the date arising (including without limitation all amounts due
and owing under the Convertible Debentures and the May 2020 Convertible Debentures) (all the foregoing, collectively, the “Obligations”).
This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual payment and performance of the Obligations
and not of their collectability only and is in no way conditioned upon any requirement that the Investor first attempt to collect
any of the Obligations from the Company or resort to any security or other means of obtaining their payment. Should the Company
default in the payment or performance of any of the Obligations, the obligations of any Guarantor hereunder shall become immediately
due and payable to the Investor, without demand or notice of any nature, all of which are expressly waived by each Guarantor.

 

    	 	 2	 

     

    

 

2. Unlimited
Guaranty. The liability of each Guarantor hereunder shall be unlimited.

 

3. Waivers
by each Guarantor; the Investor’s Freedom to Act. Each Guarantor hereby agrees that the Obligations will be paid
and performed strictly in accordance with their terms regardless of any law, regulation or order now or hereafter in effect in
any jurisdiction affecting any of such terms or the rights of the Investor with respect thereto. Each Guarantor waives presentment,
demand, protest, notice of acceptance, notice of Obligations incurred and all other notices of any kind, all defenses that may
be available by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to require
the marshalling of assets of the Company, and all suretyship defenses generally. Without limiting the generality of the foregoing,
each Guarantor agrees to the provisions of any instrument evidencing, securing or otherwise executed in connection with any Obligation
and agrees that the obligations of each Guarantor hereunder shall not be released or discharged, in whole or in part, or otherwise
affected by (i) the failure of the Investor to assert any claim or demand or to enforce any right or remedy against the Company;
(ii) any extensions or renewals of, or alteration of the terms of, any Obligation or any portion thereof; (iii) any rescissions,
waivers, amendments or modifications of any of the terms or provisions of any agreement evidencing, securing or otherwise executed
in connection with any Obligation; (iv) the substitution or release of any entity primarily or secondarily liable for any Obligation;
(v) the adequacy of any rights that the Investor may have against any collateral or other means of obtaining repayment of the
Obligations; (vi) the impairment of any collateral securing the Obligations, including without limitation the failure to perfect
or preserve any rights the Investor might have in such collateral or the substitution, exchange, surrender, release, loss or destruction
of any such collateral; (vii) failure to obtain or maintain a right of contribution for the benefit of each Guarantor; (viii)
errors or omissions in connection with the Investor’s administration of the Obligations (except behavior constituting bad
faith); or (ix) any other act or omission that might in any manner or to any extent vary the risk of any Guarantor or otherwise
operate as a release or discharge of any Guarantor, all of which may be done without notice to any Guarantor.

 

4. Unenforceability
of Obligations Against Company. If for any reason the Company is under no legal obligation to discharge any of the Obligations,
or if any of the Obligations have become irrecoverable from the Company by operation of law or for any other reason, this Guaranty
shall nevertheless be binding on each Guarantor to the same extent as if each Guarantor at all times had been the principal obligor
on all such Obligations. In the event that acceleration of the time for payment of the Obligations is stayed upon the insolvency,
bankruptcy or reorganization of the Company, or for any other reason, all such amounts otherwise subject to acceleration under
the terms of any agreement evidencing, securing or otherwise executed in connection with any Obligation shall be immediately due
and payable by each Guarantor.

 

    	 	 3	 

     

    

 

5. Subrogation;
Subordination. Until the payment and performance in full of all Obligations and any and all obligations of the Company to
the Investor, no Guarantor shall exercise any rights against the Company arising as a result of payment by each Guarantor hereunder,
by way of subrogation or otherwise, and will not prove any claim in competition with the Investor in respect of any payment hereunder
in bankruptcy or insolvency proceedings of any nature; each Guarantor will not claim any set-off or counterclaim against the Company
in respect of any liability of each Guarantor to the Company; and each Guarantor waives any benefit of and any right to participate
in any collateral that may be held by the Investor. The payment of any amounts due with respect to any indebtedness of the Company
now or hereafter held by each Guarantor is hereby subordinated to the prior payment in full of the Obligations. Each Guarantor
agrees that after the occurrence of any default in the payment or performance of the Obligations, each Guarantor will not demand,
sue for or otherwise attempt to collect any such indebtedness of the Company to any Guarantor until the Obligations shall have
been paid in full. If, notwithstanding the foregoing sentence, any Guarantor shall collect, enforce or receive any amounts in
respect of such indebtedness, such amounts shall be collected, enforced and received by any Guarantor as trustee for the Investor
and be paid over to the Investor on account of the Obligations without affecting in any manner the liability of any Guarantor
under the other provisions of this Guaranty.

 

6.
 Termination; Reinstatement. This Guaranty is irrevocable and shall continue
without limit of time. This Guaranty shall be reinstated if at any time any payment made or value received with respect to an
Obligation is rescinded or must otherwise be returned by the Investor upon the insolvency, bankruptcy or reorganization of the
Company, or otherwise, all as though such payment had not been made or value received.

 

7.
 Successors and Assigns. This Guaranty shall be binding upon each Guarantor,
its successors and assigns, and shall inure to the benefit of and be enforceable by the Investor and the Investor’s shareholders,
officers, directors, agents, successors and assigns.

 

8.
 Amendments and Waivers. No amendment or waiver of any provision of this
Guaranty nor consent to any departure by each Guarantor therefrom shall be effective unless the same shall be in writing and signed
by the Investor. No failure on the part of the Investor to exercise, and no delay in exercising, any right hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right.

 

9. Notices.
All notices and other communications called for hereunder shall be made in writing and, unless otherwise specifically provided
herein, shall be deemed to have been duly made or given in accordance with the notice provisions set forth in the Securities Purchase
Agreement.

 

    	 	 4	 

     

    

 

10.
 Governing Law; Consent to Jurisdiction. TO INDUCE THE INVESTOR TO PURCHASE
THE CONVERTIBLE DEBENTURE, THE GUARANTORS IRREVOCABLY AGREE THAT ANY DISPUTE ARISING UNDER, RELATING TO, OR IN CONNECTION WITH,
DIRECTLY OR INDIRECTLY, THIS AGREEMENT OR RELATED TO ANY MATTER WHICH IS THE SUBJECT OF OR INCIDENTAL TO THIS AGREEMENT ANY OTHER
TRANSACTION DOCUMENT (WHETHER OR NOT SUCH CLAIM IS BASED UPON BREACH OF CONTRACT OR TORT) SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION
AND VENUE OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK AND THE FEDERAL DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK; PROVIDED, HOWEVER,
INVESTOR MAY, AT ITS SOLE OPTION, ELECT TO BRING ANY ACTION IN ANY OTHER JURISDICTION. THIS PROVISION IS INTENDED TO BE A “MANDATORY”
FORUM SELECTION CLAUSE AND GOVERNED BY AND INTERPRETED CONSISTENT WITH NEW JERSEY LAW. EACH GUARANTOR HEREBY CONSENTS TO THE EXCLUSIVE
JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT HAVING ITS SITUS IN SAID COUNTY, AND WAIVES ANY OBJECTION BASED ON FORUM
NON CONVENIENS. EACH GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENT THAT ALL SUCH SERVICE OF PROCESS
MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO EACH GUARANTOR AS SET FORTH HEREIN IN THE MANNER PROVIDED
BY APPLICABLE STATUTE, LAW, RULE OF COURT OR OTHERWISE.

 

    	 	 5	 

     

    

 

IN
WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered as a sealed instrument as of the date
appearing on page one.

 

	 	KONA GOLD, LLC, a Delaware limited liability company
	 	 
	 	By:	               
	 	Name:	 
	 	Title:	 
	 	 
	 	GOLD LEAF DISTRIBUTION LLC, a Florida limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	HIGHDRATE, LLC, a Florida limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	S AND S BEVERAGE, INC., a Wisconsin corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Address of each Grantor, except S&S:
	 	746 North Drive, Suite A
	 	Melbourne, Florida 32934
	 	 
	 	Address of S&S:
	 	700 W. Virginia Street, Suite 200
	 	Milwaukee, WI 53204-1549

 

    	 	 6

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