Document:

EXHIBIT
      4.2

    

    FLORIDA
      GAMING CORPORATION

    NON-PLAN
      STOCK OPTION AGREEMENT

     

    

    THIS
      NON-PLAN STOCK OPTION AGREEMENT (“Agreement”) is made and entered into by and
      between FLORIDA GAMING CORPORATION, a Delaware corporation (the “Company”), and
      FREEDOM FINANCIAL CORPORATION, an Indiana corporation (the “Optionee”) to
      memorialize and evidence the grant of the following described option (the
“Option”) by the Company to the Optionee. 

    

    Pursuant
      to resolutions duly adopted by the Company’s Board of Directors on April 28,
      2006, the Company hereby grants to the Optionee an Option to purchase up to
      325,000 shares of the Company’s $.20 par value common stock (the “Shares”),
      subject to the terms and conditions stated in this Agreement.

    

    The
      Option is non-transferable except by operation of law and is exercisable, in
      whole or in part from time to time, anytime after October 28, 2006 and before
      October 28, 2011.

    

    The
      purchase price for each share subject to the Option is $17.00 (the “Purchase
      Price”). The Option may be exercised by the Optionee tendering to the Company
      the aggregate Purchase Price of the Shares purchased plus, if required by the
      Company, an amount of monies sufficient to pay all applicable federal, state
      and
      local withholding taxes on the difference between the Purchase Price and the
      market value of the Shares on the date of exercise.

    

    The
      Optionee acknowledges and agrees that the obligation of the Company to sell
      any
      Shares to the Optionee pursuant to this Agreement is subject to the terms and
      conditions of this Agreement, and all applicable laws, rules and regulations,
      including, without limitation, all applicable federal and state securities
      laws.

    

    The
      Optionee acknowledges that (i) neither the Option nor the Shares have been
      registered under the Securities Act of 1933 (the “Act”) or the Securities 
Laws of any state, (ii) the Optionee is acquiring the Option and the Shares
      for
      its own account for investment and not with a view to distribution or resale,
      (iii) the Optionee may be deemed to be an affiliate of the Company within the
      meaning of Rule 144 under the Act, (iv) the Option is non-transferable except
      by
      operation of law, (v) the shares can only be resold by the Optionee if the
      Shares are registered for resale under the Act and any applicable state Security
      Law, or if an exemption from registration is available, and (vi) the stock
      certificate(s) representing the Shares will bear an appropriate legend
      describing the restrictions on resale.[1]

    

    EXECUTED
      as of the 28th
      day of
      April, 2006.

    

    

    
      	 	
              FLORIDA
                GAMING CORPORATION

            
	 	 
	 	 
	 	
              By:
                s/W.
                Bennett
                Collett                                        
                

            
	 	
              W.
                Bennett Collett

            
	 	
               Chairman
                of the Board and

            
	 	
               Chief
                Executive Officer

            
	 	 
	 	 
	 	
              FREEDOM
                FINANCIAL CORPORATION

            
	 	 
	 	 
	 	
              By:
                s/W.
                B. Collett,
                Jr.                                             
                

            
	 	
              W.
                B. Collett, Jr.

            
	 	
              Executive
                Vice President

            

    

    

    
      
        

      

    

    [1]
      The
      following legend will be placed on all stock certificates representing Shares
      issued upon exercise of the Option:

    

    “THE
      SHARES REPRESENTED BY THIS STOCK CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
      THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY STATE SECURITES LAW. SUCH
      SHARES WERE ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO RESALE OR
      DISTRIBUTION AND MAY NOT BE SOLD OR TRANSFERRED UNLESS FIRST REISTERED UNDER
      THE
      ACT AND ANY APPLICABLE STATE SECURITIES LAW, OR UNLESS, IN THE OPINION OF
      COUNSEL ACCEPTABLE TO THE ISSUER, AN EXEMPTION FROM REGISTRATION IS
      AVAILABLE.LICENSE
      AGREEMENT

     

    THIS
      AGREEMENT ("Agreement") is entered into this ___ day of April, 2006, by and
      between CTI Industries Corporation ("CTI"), a corporation organized and existing
      under laws of the State of Illinois, and Rapak, LLC ("Rapak"), an Illinois
      limited liability company.

     

    RECITALS

     

    WHEREAS,
      CTI is the owner of record of U.S. Patent No. 6,984,278 issued January 10,
      2006,
      entitled "Method for Texturing a Film", and corresponding foreign patent
      applications (hereinafter referred to collectively as the "Patent"), and
      technical information relating thereto; 

     

    WHEREAS,
      Rapak wishes to acquire the right to make, have made, use, sell and offer to
      sell the invention disclosed in the Patent, and technical information relating
      thereto, in the field of pouches or bags with fitments;

     

    WHEREAS,
      the parties have entered into a certain Supply Agreement dated December 20,
      2002
      ("2002 Supply Agreement"), pursuant to which CTI supplies certain film products
      to Rapak.

     

    NOW
      THEREFORE, in consideration of the mutual covenants set forth herein and other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties agree as follows:

     

    I.  Definitions

     

    As
      used
      herein, the following terms shall have the meanings set forth
      below:

     

    1.1  "Affiliates"
      shall mean all entities controlled by, controlling or under common control
      with
      the identified entity, that is, CTI or Rapak.

     

    1.2  "Patent"
      shall mean and include U.S. Patent No. 6,984,278 issued January 10, 2006 and
      any
      other patents that may issue from any continuation, continuation-in-part,
      divisional, reexamination or reissue application of, or relating to, U.S. Patent
      No. 6,984,278, and any improvements thereon.

     

    1.3 "Film"
      shall mean the embossed film described in the Patent.

     

    1.4 "Products"
      shall mean pouches or bags with fitments for the packaging of various liquid
      products, including bag-in-box products, incorporating the Film and made by
      any
      method claimed in the Patent.

     

    1.5 "Field
      Of
      Use" shall mean the manufacture, use and sale of pouches or bags with fitments,
      such pouches or bags used for packaging various liquid products, including
      bag-in-box products.

     

    1.6 "Rapak"
      shall mean Rapak LLC, its successors in interest, its parent corporations and
      its Affiliates.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    II.  Grant
      Of
      License

     

    2.1  CTI
      grants to Rapak a worldwide, royalty-free license to make, have made, use,
      sell,
      offer for sale and otherwise dispose of Products utilizing Film supplied to
      Rapak by (i) CTI, (ii) any person or entity that produces Film under license
      from CTI or (iii) any third party that Rapak has identified as an alternate
      source of Film in accordance with Section 2.4 of the 2002 Supply Agreement,
      including Amcor and Alcan or (iv) any other third party that Rapak identifies
      in
      accordance with Section 2.4 of the 2002 Supply Agreement and that CTI consents
      to, with the understanding that such consent by CTI shall not be unreasonably
      withheld.

     

    2.2  The
      license granted to Rapak herein is irrevocable and shall extend through the
      last
      expiration date of the Patent. Subject to the provisions of Article IV hereof
      and to the retained right of CTI to produce Film, the license shall be exclusive
      to Rapak in the Field Of Use through and until October 31, 2008 and for any
      additional extensions of the 2002 Supply Agreement. Commencing on either
      November 1, 2008 or on the last date on which any extension of the 2002 Supply
      Agreement expires, whichever date is later in time, the license granted by
      CTI
      to Rapak will become non-exclusive. Throughout the term of the non-exclusive
      license, Rapak shall have the right to sublicense others to make Film for Rapak
      in its Field Of Use.

     

    III.  Amendments
      To The 2002 Supply Agreement

     

    In
      consideration for the license rights granted above, Rapak agrees to certain
      amendments, prospectively, to the terms and conditions of the 2002 Supply
      Agreement. The following amendments are hereby made to the 2002 Supply Agreement
      and shall be effective as between the parties from and after the date
      hereof:

     

    3.1  The
      parties agree that Section 2.1 of the 2002 Supply Agreement is amended to
      provide for Rapak to commit to purchase from CTI not less than 65% of Rapak's
      production requirements for Film for the remainder of the current renewal term
      and additional renewal terms of the 2002 Supply Agreement to October 31, 2008.
      Rapak's obligation to buy not less than 65% of its Film requirements will be
      determined on a calendar quarterly basis. The 2002 Supply Agreement shall be
      renewed for the period from November 1, 2006 to October 31, 2008. From and
      after
      November 1, 2008, for so long as the 2002 Supply Agreement shall continue in
      effect, Rapak shall purchase from CTI, subject to the provisions of Section
      3.3
      hereof, 65% of its requirements for Film, determined on a calendar quarterly
      basis. 

     

    3.2  The
      parties agree that Section 2.3 of the 2002 Supply Agreement is amended to reduce
      the inventory of Film that CTI must maintain from six (6) weeks consumption
      of
      Film by Rapak to three (3) weeks consumption of Film by Rapak.

     

    3.3  The
      parties agree that the portion of Section 4.2 of the 2002 Supply Agreement
      commencing with the fifth sentence thereof is amended as follows:

     

    3.3.1  If,
      at
      any time during any renewal term of the 2002 Supply Agreement and after October
      31, 2008, Rapak receives an offer from a third party supplier to purchase Film
      of like grade or quality in the same country at a lower price or on more
      favorable terms and conditions than provided for by the 2002 Supply Agreement,
      including any rebates, bonuses, discounts, free goods or other allowances,
      Rapak
      will provide CTI with written notice of such superior offer. Any offer for
      the
      sale of Film from a third party to Rapak must be in writing and conform to
      the
      Specification. Rapak agrees to provide either a copy of the offer to CTI or
      a
      complete identification of the terms and conditions of that offer if, for some
      reason, confidentiality restrictions are imposed by the third
      party.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    3.3.2  All
      terms
      of the offer for sale, other than price, such as payment terms, delivery
      schedules, volumes, quality, services and grade, shall be substantially equal
      to
      the terms provided herein. The price for Film in the offer shall be less than
      the then current price for Film being sold hereunder to Rapak by CTI by an
      amount greater than Two Percent (2%).

     

    3.3.3  CTI
      shall
      have ten (10) days after receipt of notice to match such lower price and/or
      more
      favorable terms and conditions presented in such superior offer. In the event
      that CTI fails to match the terms of such superior offer, Rapak may purchase
      Film from such third party suppliers and the quantity of Film required to be
      purchased by Rapak as set out in Section 2.1 of the 2002 Supply Agreement,
      and
      Section 3.1 above, shall be reduced. 

     

    3.3.4  Upon
      Rapak's first purchase from a third party supplier under Section 3.3.3, Rapak
      agrees that it will, on a one time only basis, purchase up to three (3) weeks
      of
      finished goods stock that CTI has at that point in time and up to an additional
      three (3) weeks of materials that CTI has commitments at that point in time
      to
      purchase from raw materials suppliers.

     

    3.4 At
      or
      prior to the date hereof, the parties shall have prepared and mutually accepted
      amended Schedule 1.6 and Schedule 4.1 to the 2002 Supply Agreement which amended
      Schedules shall be attached to this Agreement and shall be and become the
      applicable Schedules for the 2002 Supply Agreement.

     

    3.5 CTI’s
      obligations under Section 2.6 of the 2002 Supply Agreement shall cease and
      terminate as of the date on which the license granted herein to Rapak becomes
      non-exclusive.

     

    3.6 Except
      as
      and only to the extent amended herein, the 2002 Supply Agreement shall remain
      in
      full force and effect as written.

     

    IV.  Term
      and
      Termination

     

    The
      term
      of this Agreement shall be for the full term of the Patent. CTI shall be
      entitled to convert the exclusive license provided herein to a non-exclusive
      license, sixty (60) days prior written notice to Rapak in the event that (i)
      Rapak shall violate or fail to perform any provision of this Agreement or the
      2002 Supply Agreement and shall fail to cure such violation or non-performance
      within sixty (60) days after CTI shall give written notice of such violation
      or
      failure to perform to Rapak specifying the violation or failure to perform,
      (ii)
      Rapak shall utilize barrier film (other than the Film specified in this
      Agreement) in more than 20% of the beverage syrup bags it produces within a
      given calendar quarter.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    V.  Improvements

     

    With
      respect to any and all improvements to the subject matter of the Patent which
      may be developed by or for CTI as to which a patent shall issue, CTI shall
      grant
      to Rapak a license with respect thereto on the same terms as set forth
      herein.

     

    VI.  Acknowledgments

     

    Each
      of
      the parties acknowledges to the other, and agrees, and nothing herein shall
      be
      construed to provide otherwise, that:

     

    6.1  CTI
      makes
      no representation or warranty, express or implied, to Rapak (i) as to the
      validity or scope of the Patent or that (ii) anything made, used or sold, or
      otherwise disposed of under this License Agreement is or will be free from
      infringement of patents of third persons.

     

    6.2  CTI
      undertakes no obligation, commitment or requirement (i) to file any patent
      application, secure any patent or maintain any patent in force, (ii) to bring
      or
      prosecute actions or suits against third parties for infringement of any patent
      or (iii) to furnish any manufacturing or technical information to
      Rapak.

     

    6.3  CTI
      shall
      not be obligated hereunder to, (i) confer upon, or consent or grant to, Rapak
      any right in, or to, the use of, any trademark, tradename, character, logo,
      copyright, graphic design, product design (except where the subject of a design
      patent or foreign equivalent right), trade secret or other proprietary right
      of
      CTI or (ii) grant or give, whether by agreement, implication, estoppel or
      otherwise, any license or other right with respect to any patent rights of
      CTI,
      whether now owned or hereafter acquired, except as expressly provided
      herein.

     

    VII.  Notices

     

    All
      notices, or other communications required or permitted to be given hereunder
      shall be in writing and shall be delivered personally or mailed, certified
      mail,
      return receipt requested, postage prepaid, to the parties, as
      follows:

    

      
        	 	
                If
                  to CTI:

              	
                Mr.
                  Howard W. Schwan

              
	 	 	
                President

              
	 	 	
                CTI
                  Industries Corporation

              
	 	 	
                22160
                  N. Pepper Road

              
	 	 	
                Barrington,
                  IL 60010

              
	 	 	 
	 	
                If
                  to Rapak:

              	
                Mr.
                  Stuart McPherson

              
	 	 	
                Segment
                  Director

              
	 	 	
                DS
                  Smith Plastics Limited

              
	 	 	
                Brownsover
                  Road

              
	 	 	
                Rugby

              
	 	 	
                Warwickshire
                  CV21 1HL UK

              

      

       

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      
        	 	
                Copy
                  to:

              	
                Jeremy
                  Aron, Esq.

              
	 	 	
                Head
                  of Group Legal

              
	 	 	
                DS
                  Smith Plc

              
	 	 	
                4-16
                  Artillery Row

              
	 	 	
                London
                  SW1P 1RZ UK

              

      

    

    
       

    

    Any
      notice mailed in accordance with the terms hereof shall be deemed received
      on
      the third day following the date of mailing. Either party may change the address
      to which notices to such party may be given hereunder by serving a proper notice
      of such change of address to the other party.

     

    VIII.  Entire
      Agreement

     

    This
      License Agreement constitutes the entire agreement between the parties hereto
      with respect to the subject matter hereof and supersedes all prior written
      or
      oral negotiations, representations, agreements, commitments, contracts or
      agreements with respect to the subject matter hereof.

     

    IX.  Assignment

     

    This
      Agreement shall be binding upon and shall inure to the benefit of the parties
      hereto and their respective heirs, personal representatives and successors
      in
      interest. Neither party shall be entitled to assign any right or obligation
      under this Agreement without the express written consent of the other party,
      such consent not to be unreasonably withheld. Any attempted assignment of any
      such right or obligation shall be void; provided that either party hereto may
      assign all of its rights and obligations hereunder (a) to any person who shall
      acquire substantially all of the business and assets, and shall assume
      substantially all of the liabilities of, such party or (b) a corporation into
      which or with which the party shall merger or consolidate, if in such
      transaction the acquiring person or succeeding corporation shall expressly
      assume all of the obligations of such party hereunder. 

     

    X.  Governing
      Law

     

    This
      Agreement shall be governed by and shall be interpreted and enforced in
      accordance with, the laws of the State of Illinois.

     

    XI.  Relationship
      Of The Parties

     

    This
      Agreement does not constitute either party hereto the agent of the other party
      for any purpose whatsoever, nor does either party hereto have the right or
      authority to assume, create or incur any liability or obligation of any kind,
      express or implied, against or in the name of or on behalf of the other
      party.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    XII.  Severability

     

    Whenever
      possible, each paragraph of this Agreement shall be interpreted in such manner
      as to be effective and valid under applicable law. If any paragraph of this
      Agreement shall be unenforceable or invalid under applicable law, such paragraph
      shall be ineffective only to the extent and duration of such unenforceability
      or
      invalidity and the remaining substance of such paragraph and the remaining
      paragraphs of this Agreement shall in such event continue to be binding and
      in
      full force and effect.

     

    XIII.  Waiver

     

    No
      failure by any party to exercise any of such party's rights hereunder or to
      insist upon strict compliance with respect to any obligation hereunder, and
      no
      custom or practice of the parties at variance with the terms hereof, shall
      constitute a waiver by any party to demand exact compliance with the terms
      hereof. Waiver by any party of any particular default by any other party shall
      not affect or impair such party's rights in respect to any subsequent default
      of
      the same or of a different nature, nor shall any delay or omission of any party
      to exercise any right arising from any default by any other party affect or
      impair such party's rights as to such default or any subsequent
      default.

     

    XIV.  Arbitration

     

    The
      parties shall endeavor to resolve any
      dispute arising out of or related to this Agreement amicably. Failing an
      amicable resolution of any dispute relating to a material breach of this
      agreement, such dispute shall be referred to arbitration by a panel of three
      (3)
      arbitrators. If the parties are unable to agree on the appointment, the
      arbitrators shall be appointed on application by either party to the American
      Arbitration Association ("AAA"), who shall select panel members with at least
      15
      years relevant patent experience. The seat of the arbitration shall be Chicago
      and the Commercial Rules and Regulations of the AAA shall be applied by the
      arbitrators. The arbitrators' ruling shall be final and binding on the
      parties.

     

     

    [THE
      REMAINDER OF THIS PAGE INTENTIONALLY BLANK]

     

    

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      day
      and year first above written.

     

    
      	 	 	 
	 	CTI
              INDUSTRIES
              CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/ Howard
              W.
              Schwan 
	 	
              
Authorized
              Officer

    

    
      	 	 	 	 
	Attest:	 	 	 
	 	 	 	 
	/s/ Stephen
              M. Merrick 	 	 	 
	
              
Secretary	 	 	
            

    

    
      	 	 	 
	 	RAPAK,
              LLC
	 
 	 
 	 
 
	 	By:  	/s/ Mark
              A. Smith 
	 	
              
Authorized
              Officer
	 	Title 

    
      
        	 	 	 	 
	Attest:	 	 	 
	 	 	 	 
	 	 	 	 
	
                
Secretary	 	 	
              

      

       

       

      
        
           

        

        
          -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]