Document:

Exhibit 10.2

 

Repurchase
Option Agreement

 

This Repurchase Option Agreement (this
“Agreement”) is executed as of October 8, 2019 (the “Effective Date”) by and between Good
Times Restaurants Inc. (the “Company”) and Boyd E. Hoback (“Hoback”). The Company and Hoback
are each a “Party,” and collectively are the “Parties,” to this Agreement.

 

WHEREAS, Hoback currently holds 119,605
shares of the common stock of the Company, par value $0.001 (the “Common Stock”) and the other equity interests
or related rights described herein;

 

WHEREAS, Hoback desires to exercise all
rights he has to acquire shares of Common Stock and to obtain the right sell such shares of Common Stock as described herein; and

 

WHEREAS, by its execution hereof, the Company
authorizes and approves the grant of an option and other rights and transactions as described herein.

 

NOW, THEREFORE, in consideration of the
premises and mutual covenants herein, the Parties agree as follows:

 

		1.	RSUs and Options. On the Effective Date:

 

		a.	The Parties agree that all unvested Restricted Stock Units granted to Hoback under the Company’s
2008 Omnibus Equity Incentive Compensation Plan or its 2018 Omnibus Equity Incentive Compensation Plan (together, the “Incentive
Plans”) shall vest as of the Effective Date and that, in respect of all such newly vested Restricted Stock Units, Hoback
shall receive 40,697 shares of Common Stock in settlement thereof; and

 

		b.	The Parties agree that all unvested stock options granted to Hoback under the Plans shall vest
as of the Effective Date.

 

		c.	Hoback is exercising, through a cashless exercise, all stock options he holds to acquire shares,
of Common Stock at an exercise price of less than $1.75 per share, in exchange for 2,413 shares of Common Stock. For the avoidance
of doubt, all Incentive Stock Options and Non-qualified Stock Options Hoback holds having an exercise price of more than $1.75
per share of Common Stock are fully vested as of the date of this Agreement and the exercise prices and terms of such Options are
being kept in full force by the Company pursuant to their original terms.

 

		2.	Option. Subject to the provisions of Section 8, the Company hereby grants Hoback
the right to sell to the Company up to 43,110 shares of Common Stock at a price per share of $1.75 (the “Option”).
The Option shall be exercised by delivering written notice to the Company (x) indicating that Hoback intends to exercise the Option,
(y) number of shares which Hoback is then selling to the Company and (z) reaffirming each of the representations set forth in Section
6 as if made as of the date of such notice, which notice must be received by the Company no later than the close of business on
January 3, 2020. If notice is not timely delivered, the Option shall expire. The Option is non-transferable. The Option may only
be exercised in connection with one sale of shares Common Stock to the Company at one time (i.e., it may not be exercised more
than once). Upon the exercise of the Option:

 

		a.	Hoback shall deliver any shares of Common Stock held in certificated form to the Company with a
fully executed stock power within 5 business days after the date the Option is exercised. Hoback shall direct the Company’s
transfer agent to reflect the transfer of any shares of Common Stock held in electronic book entry form to the Company within 2
business days after the Option is exercised.

 

    	 		Repurchase Option Agreement – Page 1

    	 

    

 

		b.	The Company shall pay to Hoback by check or by wire transfer of immediately available funds the
price of $1.75 per share of Common Stock sold to the Company under the Option within 3 business days after the Company’s
receipt of the shares being transferred. The Company may deduct and withhold from the amounts otherwise payable pursuant to this
Agreement such amounts as such party, as applicable, determines in good faith that it is required to withhold or deduct under the
Internal Revenue Code of 1986, as amended, or any provision of applicable state or local tax law with respect to the making of
such payment. Any such amounts so withheld by the Company shall be timely remitted to the appropriate governmental entity and shall
be treated for all purposes of this Agreement as having been paid to Hoback.

 

		3.	No Further Equity Rights. As a result of the transactions described in Section 1
and the shares of Common Stock previously held by Hoback, the parties agree that Hoback owns, beneficially or of record, (a) 162,715
shares of Common Stock (“Owned Shares”) and (b) the options set forth on Exhibit A hereto (which are
subject to the exercise prices and expiration dates set forth thereupon), in each case as of close of business on the Effective
Date. Hoback agrees that, except for the Owned Shares, the options set forth on Exhibit A, and for his rights under that
certain Separation Agreement, dated as of the date hereof by and between Hoback and the Company, Hoback has no further equity or
similar interest in the Company, and hereby disclaims all other rights to any Common Stock, restricted stock, other equity securities,
options (whether issued under the Incentive Plans or any other plan), Restricted Stock Units (whether issued under an Incentive
Plan or otherwise), phantom equity rights, bonus rights, or any other rights to, or options to acquire or dispose of, any equity
security or compensation right based on the equity value of the Company.

 

		4.	Further Assurances. In connection with this Agreement and the transactions
contemplated hereby, each Party shall execute and deliver any additional documents and instruments and perform any additional acts
that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions.

 

		5.	Approval. The Company hereby authorizes and approves the transactions hereunder.

 

		6.	Hoback Representations. Hoback hereby represents as follows:

 

		a.	Hoback is a sophisticated party.

 

		b.	Hoback has full right, title and interest (legal and beneficial) in and to the Equity Interests,
free and clear of all liens, pledges, security interests, charges, claims, equity or encumbrances of any kind. Upon paying for
the Equity Interests in accordance with this Agreement, The Company will acquire full ownership of the Equity Interests, free and
clear of all liens, pledges, security interests, charges, claims, or encumbrances of any kind.

 

		c.	Hoback has had an opportunity to review with Hoback’s tax advisers the federal, state, local
and foreign tax consequences of the transactions contemplated by this Agreement. Hoback understands that Hoback (and not the Company)
shall be responsible for Hoback’s tax liability and any related interest or penalties that may arise as a result of the transactions
contemplated by this Agreement.

 

    	 		Repurchase Option Agreement – Page 2

    	 

    

 

		d.	Hoback understands that there may be a disparity in the price being paid for the Equity Interests
hereunder and the price that may be achievable in sales on the applicable public securities exchange and Hoback is proceeding with
the transactions hereunder notwithstanding such potential disparity in pricing.

 

		7.	Company Representations. The Company hereby represents as follows:

 

		a.	The Company is duly organized and validly existing under the laws of the state of Nevada.

 

		b.	The Company has the absolute and unrestricted right, power, and authority to enter into and perform
its obligations under this Agreement.

 

		c.	Upon execution hereof by Hoback the execution, delivery and performance by the Company of this
Agreement has been duly authorized by all necessary action.

 

		8.	Lender Approval. The parties hereto acknowledge and agree that the credit facilities
to which the Company is a party may prohibit the Company’s repurchase of shares of Common Stock pursuant to the Option. The
Company shall use its best efforts to cause such prohibition to be waived as promptly as possible and the Company’s obligation
to repurchase the shares shall continue until completed and Hoback shall have the right to retract the repurchase option at any
time if not completed within 15 days of exercise of the Option

 

		9.	Satisfaction of Employment Agreement terms. Hoback agrees that this Agreement, including
the Option rights granted hereunder (subject to the limitations set forth herein), are in full satisfaction of any rights of Hoback
to require a repurchase of his shares of Common Stock under Section 7(f) of his Employment Agreement dated September 27, 2016 in
connection with the termination of Hoback’s employment with the Company, and that Hoback shall have no other rights (and
the Company shall have no other obligations) in respect of any required purchase and sale of Company stock in connection with such
termination of employment.

 

		10.	Attorney’s Fees. Should one Party sue the other for a breach of this Agreement,
the prevailing Party shall be entitled to recover its reasonable attorney’s fees, costs of court, and litigation expenses,
in addition to any other remedy.

 

		11.	Severability. If any provision or term of this Agreement is held to be illegal, invalid,
or unenforceable, such provision or term shall be fully severable; this Agreement shall be construed and enforced as if such illegal,
invalid, or unenforceable provision or term had never comprised part of this Agreement; and the remaining provisions and terms
of this Agreement shall remain in full force and effect.

 

		12.	Authority. Hoback expressly warrants and represents that Hoback: (i) is legally competent
and authorized to execute and consummate the terms of this Agreement; (ii) is the sole legal owner of all right, title and interest
in and to the Equity Interests; and (iii) has full right and authority to enter into this Agreement.

 

		13.	Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the Parties and their respective heirs, administrators, representatives, executors, successors and assigns, as applicable.

 

		14.	Amendment and Waiver. No term or condition of this Agreement shall be deemed waived
other than by a writing signed by the Party against whom the waiver is sought. A Party's failure to insist upon the other Party's
compliance with any provision of this Agreement or to assert any right that a Party may have under this Agreement shall not be
deemed a waiver of that provision or that right. Any written waiver shall operate only as to the specific term or condition waived.
No amendment or modification of this Agreement shall be deemed effective unless stated in a writing signed by the Parties.

 

    	 		Repurchase Option Agreement – Page 3

    	 

    

 

		15.	Entire Agreement. This Agreement constitutes the entire Agreement of the Parties
with regard to the subject matter of this Agreement, and supersedes all prior and contemporaneous negotiations and agreements,
oral or written, with regard to the same subject matter.

 

		16.	NO RELIANCE. NO PARTY IS RELYING ON ANY REPRESENTATION OR STATEMENT OF THE OTHER
PARTY OUTSIDE OF THE TERMS OF THIS AGREEMENT; THE PARTIES HAVE ENTERED INTO THIS AGREEMENT BASED EACH ON THEIR SEPARATE, INDEPENDENT
JUDGMENT.

 

		17.	Governing Law and Venue. This Agreement shall be governed and construed in accordance
with the laws of the State of Colorado, unless preempted by federal law or otherwise stated in this Agreement. EXCLUSIVE VENUE
OF ANY DISPUTE ARISING FROM OR RELATED TO THIS AGREEMENT SHALL BE DENVER, COLORADO.

 

		18.	Headings. The headings of this Agreement are for purposes of reference only and shall
not limit or define the meaning of the provisions of this Agreement.

 

		19.	Construction. The Parties were each fully represented by counsel in negotiating this
Agreement. The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning,
and not strictly for or against any Party. As used herein, the singular or plural number shall be deemed to include the other whenever
the context so indicates or requires.

 

		20.	Counterparts. This Agreement may be executed in multiple originals and/or counterparts,
each of which shall be deemed an original for all purposes, but all such counterparts together shall constitute one and the same
instrument.

 

NOTICES – PLEASE READ CAREFULLY
BEFORE SIGNING BELOW:

 

UNDERSTANDING OF AGREEMENT: HOBACK
HAS CAREFULLY READ THIS AGREEMENT INCLUDING ITS ADDENDA, AND INCLUDING THIS AND THE ABOVE NOTICES. HOBACK UNDERSTANDS AND ACCEPTS
THE TERMS OF THIS AGREEMENT. HOBACK SIGNS THIS AGREEMENT FREELY AND VOLUNTARILY, BASED ON ITS EXPRESS TERMS.

 

 

 

 

 

 

 

THE SIGNATURE PAGE IS NEXT.

 

    	 		Repurchase Option Agreement – Page 4

    	 

    

 

 

BY EXECUTION OF THIS AGREEMENT, HOBACK ACKNOWLEDGES RECEIPT
AND REVIEW OF THE ABOVE-WRITTEN NOTICES. 

 

IN WITNESS WHEREOF, THE PARTIES, INTENDING
TO BE LEGALLY BOUND BY THIS AGREEMENT, HAVE DULY EXECUTED THIS AGREEMENT, AS OF THE DATES INDICATED BELOW:

 

 

 

	COMPANY:	GOOD TIMES RESTAURANTS INC.
	 	 
	
        141 Union Blvd. # 400

        Lakewood, CO 80228

         
	By:	 
	 	Name:	Geoff Bailey
	 	Title:	Chairman of the Board
	 	Date:	October 8, 2019
		 	 
	 	 	 
	 	 	 
	 	 	 
	EXECUTIVE:	 	 
	
         

        3058 Newton Street

        Denver, CO 80228
	 
	 	
        BOYD E. HOBACK

        

	 	Date:	October 8, 2019

 

    	 		Repurchase Option Agreement – Page 5

    	 

    

 

 

Exhibit A

 

Options

 

 

 

	Options	Exercise Price	Expiration Date
	4,550.6212	$3.45	November 6, 2019
	45,696.0000	$2.31	January 2, 2023  
	44,000.0000	$2.48	November 21,2023
	17,635.0000	$5.29	November 23, 2025
	29,333.0000	$3.15	November 16, 2026
	26,817.0000	$3.55	June 27, 2028
	14,811.0000	$4.25	July 23, 2028
	14,811.0000	$4.25	July 23, 2028
	15,000.0000	$5.00	October 12, 2028
	20,601.0000	$4.66	November 16, 2028

 

 

Repurchase
Option Agreement – Page 6Exhibit
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: October 7, 2019

 

 

	 

        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 October 7, 2020 (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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