Document:

Exhibit
10.3

 

Vita
Food Products, Inc.

SUBSCRIPTION
AGREEMENT

 

Vita
Food Products, Inc.

2222 West Lake Street

Chicago, Illinois 60612

 

Ladies and Gentlemen:

 

1.             Subscription. The undersigned (the “Purchaser”), intending to be legally bound,
hereby irrevocably agrees to purchase from Vita Food Products, Inc. (the “Company”) the number of units (the “Units”) set forth on the signature page
hereof at a purchase price of $250,000 per Unit. Each Unit consists of 100,000
shares of common stock, par value $.01 per share of the Company (the “Common Stock”), a three (3) year warrant to
purchase 50,000 shares of the Common Stock at $5 per share (the “A Warrant”) and a five (5) year warrant to
purchase 50,000 shares of Common Stock at $7.50 per share (the “B Warrant”). The A Warrant and the B
Warrant are collectively referred to as the “Warrants”.

 

2.             Payment. The Purchaser encloses herewith a
check payable to, or will immediately make a wire transfer payment to, “Vita Food Products, Inc.,” in the full
amount of the purchase price of the Units being subscribed for. Such funds will
be held for the Purchaser’s benefit, and will be returned promptly, without
interest, penalty, expense or deduction if subscriptions for $2,500,000 are not
received.

 

3.             Acceptance of Subscription. The Purchaser
understands and agrees that the Company in its sole discretion reserves the
right to accept or reject this subscription for Units,  notwithstanding prior receipt by the
Purchaser of notice of acceptance of this subscription. The Company shall have
no obligation hereunder until the Company shall execute and deliver to the
Purchaser an executed copy of this Subscription Agreement. If this subscription
is accepted but the conditions set forth in Section 8 of this Agreement are not
satisfied and this Agreement is terminated, all funds received from the
Purchaser will be returned without interest, penalty, expense or deduction, and
this Subscription Agreement shall thereafter be of no further force or effect.

 

4.             Representations and Warranties. The Purchaser
hereby acknowledges, represents, warrants, and agrees as follows:

 

(a)           None
of the shares of Common Stock or Warrants contained in the Units or any of the
shares of Common Stock underlying the Warrants contained in the Units are
registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities
laws. The Purchaser understands that the offering and sale of the Units is
intended to be exempt from registration under the Securities Act, by virtue of
Section 4(2) thereof and the provisions of Regulation D (“Regulation D”) promulgated thereunder,
based, in part, upon the representations, warranties and agreements of the
Purchaser contained in this Subscription Agreement;

 

(b)           Purchaser
has reviewed and understands the Company’s “SEC
Documents.”  For purposes
hereof, the term “SEC Documents”
shall mean the Company’s annual report on Form 10-K for the year 

 

1

 

ended December 31, 2004, the Company’s
quarterly reports on Form 10-Q for the quarters ended September 30, 2005, June
30, 2005, and March 31, 2005, and all Company current reports on Form 8-K filed
with the Securities and Exchange Commission (the “Commission”) since December 31, 2004;

 

(c)           Neither
the Commission nor any state securities commission has approved the Units or
any of the shares of Common Stock or Warrants included in the Units or any of
the shares of Common Stock underlying the Warrants contained in the Units;

 

(d)           The
Purchaser has had a reasonable opportunity to ask questions of and receive
answers from a person or persons acting on behalf of the Company concerning the
offering of the Units and the business, financial condition, results of
operations and prospects of the Company, and all such questions have been
answered to the full satisfaction of the Purchaser, if any;

 

(e)           The
Purchaser has taken no action which would give rise to any claim by any person
for brokerage commissions, finders’ fees or the like relating to this
Subscription Agreement or the transactions contemplated hereby;

 

(f)            The
Purchaser has such knowledge and experience in financial, tax, and business
matters, and, in particular, investments in securities, so as to enable them to
utilize the information made available to them in connection with the offering
of the Units to evaluate the merits and risks of an investment in the Units and
the Company and to make an informed investment decision with respect thereto;

 

(g)           The
Purchaser is acquiring the Units solely for such Purchaser’s own account for
investment and not with a view to resale or distribution thereof, in whole or
in part. The Purchaser has no agreement or arrangement, formal or informal,
with any person to sell or transfer all or any part of the Units, the warrants,
or the shares of Common Stock, the shares of Common Stock issuable upon
exercising the Warrants contained in the Units, and the Purchaser has no plans
to enter into any such agreement or arrangement;

 

(h)           The
Purchaser understands that the Units, the Common Stock, the Warrants and the
shares of Common Stock underlying the Warrants are characterized as restricted
securities under the federal securities laws in as much as they are being
acquired from the Company in a transaction not involving a public offering and
that under such laws and applicable regulations, such securities may be resold
without registration under the Securities Act only in certain limited circumstances.
In this regard, Purchaser represents that Purchaser is familiar with Rule 144
under the Securities Act as presently in effect and understands the resale
limitations imposed thereby and by the Securities Act. In addition, the
Purchaser understands the Purchaser must bear the substantial economic risks of
the investment in the Units indefinitely because none of the securities
included in the Units may be sold, hypothecated or otherwise disposed of unless
subsequently registered under the Securities Act and applicable state
securities laws or an exemption from such registration is available. Legends shall
be placed on the securities included in the Units to the effect that they have
not been registered under the Securities Act or applicable state securities
laws and appropriate notations thereof will be made in the Company’s stock
books. Stop transfer instructions will be placed with the transfer agent of the
securities constituting the Units. Purchaser understands that Purchaser will
not have registration rights with respect to the Common Stock, Warrants or
Units.

 

2

 

(i)            The
Purchaser is an “accredited investor”
within the meaning of Rule 501 of Regulation D, as presently in effect;

 

(j)            The
Purchaser:  (i) if a natural person
represents that the Purchaser has reached the age of 21 and has full power and authority
to execute and deliver this Subscription Agreement and all other related
agreements or certificates and to carry out the provisions hereof and thereof;
(ii) if a corporation, partnership, or limited liability company or
partnership, or association, joint stock company, trust, unincorporated
organization or other entity, such entity was not formed for the specific
purpose of acquiring the Units, such entity is duly organized, validly existing
and in good standing under the laws of the state of its organization, the
consummation of the transactions contemplated hereby is authorized by, and will
not result in a violation of state law or its charter or other organizational
documents, such entity has full power and authority to execute and deliver this
Subscription Agreement and all other related agreements or certificates and to
carry out the provisions hereof and thereof and to purchase and hold the
securities constituting the Units, the execution and delivery of this
Subscription Agreement has been duly authorized by all necessary action, this
Subscription Agreement has been duly executed and delivered on behalf of such
entity and is a legal, valid and binding obligation of such entity; and (iii)
if executing this Subscription Agreement in a representative or fiduciary
capacity, it has full power and authority to execute and deliver this
Subscription Agreement in such capacity and on behalf of the subscribing
individual, ward, partnership, trust, estate, corporation, or limited liability
company or partnership, or other entity for whom the Purchaser is executing
this Subscription Agreement, and such individual, partnership, ward, trust,
estate, corporation, or limited liability company or partnership, or other
entity has full right and power to perform pursuant to this Subscription
Agreement and make an investment in the Company, and that this Subscription
Agreement constitutes a legal, valid and binding obligation of such entity. The
execution and delivery of this Subscription Agreement will not violate or be in
conflict with any order, judgment, injunction, agreement or controlling
document to which the Purchaser is a party or by which it is bound; and

 

(k)           Any
information which the undersigned has heretofore furnished or furnishes
herewith to the Company is complete and accurate and may be relied upon by the
Company in determining the availability of an exemption from registration under
Federal and state securities laws in connection with the offering of securities.
The Purchaser further represents and warrants that it will notify and supply
corrective information to the Company immediately upon the occurrence of any
change therein occurring prior to the Company’s issuance of the securities
contained in the Units.

 

6.             Indemnification. The Purchaser agrees to
indemnify and hold harmless the Company, and its officers, directors,
employees, agents, control persons and affiliates against all losses,
liabilities, claims, damages, costs, fees and expenses whatsoever (including,
but not limited to, any and all expenses incurred in investigating, preparing
or defending against any litigation commenced or threatened) based upon or
arising out of any actual or alleged false acknowledgment, representation or
warranty, or misrepresentation or omission to state a material fact, or breach
by the Purchaser of any covenant or agreement made by the Purchaser herein.

 

3

 

7.             Irrevocability; Binding Effect. The Purchaser
hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this
Subscription Agreement shall survive the death or disability of the Purchaser
and shall be binding upon and inure to the benefit of the parties and their
heirs, executors, administrators, successors, legal representatives, and
permitted assigns. If the Purchaser is more than one person, the obligations of
the Purchaser hereunder shall be joint and several and the agreements,
representations, warranties, and acknowledgments herein shall be deemed to be
made by and be binding upon each such person and such person’s heirs,
executors, administrators, successors, legal representatives, and permitted
assigns.

 

8.             Termination Events. (a) The obligations of
the Company to proceed with the transaction contemplated by this Agreement, is
subject to receipt by the Board of Directors of the Company of an opinion (“Fairness Opinion”) from an investment
banker or other acceptable party which, in the sole determination of the Board
of Directors of the Company, supports the fairness of the transaction to the
Company.

 

(b)           The obligations of the Company to proceed with the issuance
of the Common Stock and Warrants pursuant to this Agreement is also subject to
receipt by the Company of the approval of the transaction by the American Stock
Exchange (“AMEX Approval”).

 

(c)           In the event that the Company does not receive an acceptable
Fairness Opinion or does not receive the AMEX Approval, this Agreement shall be
terminated, and all funds received by the Company from the Purchaser pursuant
to this Subscription Agreement shall be returned to the Purchaser as provided
in Section 2 of this Agreement. The Company represents that it will promptly take
such action as may be necessary to obtain such Fairness Opinion and AMEX
Approval.

 

9.             Modification. This Subscription Agreement
shall not be modified or waived except by an instrument in writing signed by
the party against whom any such modification or waiver is sought.

 

10.           Notices. Any notice or other communication
required or permitted to be given hereunder shall be in writing and shall be
mailed by certified mail, return receipt requested, or delivered against
receipt to the party to whom it is to be given (a) if to the Company, at the
address set forth above, or (b) if to the Purchaser, at the address set forth
on the signature page hereof (or, in either case, to such other address as the
party shall have furnished in writing in accordance with the provisions of this
Section 10). Any notice or other communication given by certified mail shall be
deemed given at the time of certification thereof, except for a notice changing
a party’s address which shall be deemed given at the time of receipt thereof.

 

11.           Assignability. This Subscription Agreement and
the rights, interests and obligations hereunder are not transferable or
assignable by the Purchaser and the transfer or assignment of the Warrants, the
shares of Common Stock contained in the Units or the shares of Common Stock
issuable upon exercise of the Warrants contained in the Units shall be made
only in accordance with all applicable laws.

 

12.           Applicable Law. This Subscription Agreement
shall be governed by and construed in accordance with the laws of the State of Nevada
relating to contracts entered into and to be performed wholly within such
State. The Purchaser hereby irrevocably submits to the jurisdiction of any Illinois

 

4

 

state court or United States Federal court
sitting in Cook County, Illinois over any action or proceeding arising out of
or relating to this Subscription Agreement or any agreement contemplated
hereby, and the Purchaser hereby irrevocably agrees that all claims in respect
of such action or proceeding may be heard and determined in such Illinois state
or Federal court. The Purchaser further waives any objection to venue in such
State and any objection to an action or proceeding in such State on the basis
of a non-convenient forum. The Purchaser further agrees that any action or proceeding
brought against the Company shall be brought only in Illinois state or United
States Federal courts sitting in Cook County, Illinois. THE PURCHASER AGREES TO
WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT
CONTEMPLATED HEREBY.

 

13.           Blue Sky Qualification. The purchase of Units
under this Subscription Agreement is expressly conditioned upon the exemption
from qualification of the offer and sale of the Units from applicable Federal
and state securities laws. The Company shall not be required to qualify this
transaction under the securities laws of any jurisdiction and, should
qualification be necessary, the Company shall be released from any and all obligations
to maintain its offer, and may rescind any sale contracted, in the
jurisdiction.

 

14.           Use of Pronouns. All pronouns and any
variations thereof used herein shall be deemed to refer to the masculine,
feminine, neuter, singular or plural as the identity of the person or persons
referred to may require.

 

15.           Confidentiality. The Purchaser acknowledges and
agrees that any information or data it has acquired from or about the Company,
not otherwise properly in the public domain, was received in confidence. The
Purchaser agrees not to divulge, communicate or disclose, except as may be
required by law or for the performance of this Agreement, or use to the
detriment of the Company or for the benefit of any other person or persons, or
misuse in any way, any confidential information of the Company, including any
scientific, technical, trade or business secrets of the Company and any
scientific, technical, trade or business materials that are treated by the
Company as confidential or proprietary, including, but not limited to, ideas,
discoveries, inventions, developments and improvements belonging to the Company
and confidential information obtained by or given to the Company about or
belonging to third parties.

 

16.           Miscellaneous.

 

(a)           This
Agreement constitutes the entire agreement between the Purchaser and the
Company with respect to the subject matter hereof and supersedes all prior oral
or written agreements and understandings, if any, relating to the subject
matter hereof. The terms and provisions of this Agreement may be waived, or
consent for the departure therefrom granted, only by a written document
executed by the party entitled to the benefits of such terms or provisions.

 

(b)           The
Purchaser’s representations and warranties made in this Agreement shall survive
the execution and delivery hereof and delivery of the shares of Common Stock
and Warrants contained in the Units.

 

5

 

(c)           Each
of the parties hereto shall pay its own fees and expenses (including the fees
of any attorneys, accountants, appraisers or others engaged by such party) in
connection with this Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.

 

(d)           This
Agreement may be executed in one or more counterparts each of which shall be
deemed an original, but all of which shall together constitute one and the same
instrument.

 

(e)           Each
provision of this Subscription Agreement shall be considered separable and, if
for any reason any provision or provisions hereof are determined to be invalid
or contrary to applicable law, such invalidity or illegality shall not impair
the operation of or affect the remaining portions of this Subscription
Agreement.

 

(f)            Paragraph
titles are for descriptive purposes only and shall not control or alter the
meaning of this Subscription Agreement as set forth in the text.

 

[Remainder
of page intentionally blank]

 

6

 

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement
this 16 day of February, 2006.

 

	
  1

  	
  x $250,000 =

  	
  $250,000

  
	
  (Units being

  	
   

  	
  (Subscription Price)

  
	
  purchased)

  	
   

  	
   

  

 

If the purchaser is an INDIVIDUAL, or if
purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

 

 

	
  Stephen Rubin

  	
   

  	
  6511 Longmeadow,
  Lincolnwood, IL 60646

  	
   

  
	
  Print Name(s)

  	
   

  	
  Address

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Stephen Rubin

  	
   

  	
  ###-##-####

  	
   

  
	
  Signature of Purchaser

  	
   

  	
  Social Security Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature of Purchaser

  	
   

  	
  Social Security Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  If the purchaser is a
  PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name of Partnership,

  	
   

  	
  Federal Taxpayer

  	
   

  
	
  Corporation, Limited

  	
   

  	
  Identification Number

  	
   

  
	
  Liability Company or

  	
   

  	
   

  	
   

  
	
  Trust

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  State of Organization

  	
   

  
	
  Title

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SUBSCRIPTION ACCEPTED AND
  AGREED TO

  	
   

  	
   

  
	
  this 16th day of February,2006.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Vita Food Products, Inc.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Clifford Bolen

  	
   

  	
   

  	
   

  
	
  Title:

  	
  COO & CFO

  	
   

  	
   

  	
   

  
								

 

7Exhibit 10.4

 

Vita Food Products, Inc.

SUBSCRIPTION AGREEMENT

 

Vita Food Products, Inc.

2222 West Lake Street

Chicago, Illinois 60612

 

Ladies and Gentlemen:

 

1.             Subscription. The
undersigned (the “Purchaser”),
intending to be legally bound, hereby irrevocably agrees to purchase from Vita
Food Products, Inc. (the “Company”)
the number of units (the “Units”)
set forth on the signature page hereof at a purchase price of $250,000 per Unit.
Each Unit consists of 100,000 shares of common stock, par value $.01 per share
of the Company (the “Common Stock”),
a three (3) year warrant to purchase 50,000 shares of the Common Stock at $5
per share (the “A Warrant”) and a
five (5) year warrant to purchase 50,000 shares of Common Stock at $7.50 per
share (the “B Warrant”). The A
Warrant and the B Warrant are collectively referred to as the “Warrants”.

 

2.             Payment. The Purchaser
encloses herewith a check payable to, or will immediately make a wire transfer
payment to, “Vita Food Products, Inc.,”
in the full amount of the purchase price of the Units being subscribed for. Such
funds will be held for the Purchaser’s benefit, and will be returned promptly,
without interest, penalty, expense or deduction if subscriptions for $2,500,000
are not received.

 

3.             Acceptance of Subscription. The
Purchaser understands and agrees that the Company in its sole discretion
reserves the right to accept or reject this subscription for Units,  notwithstanding prior receipt by the
Purchaser of notice of acceptance of this subscription. The Company shall have
no obligation hereunder until the Company shall execute and deliver to the
Purchaser an executed copy of this Subscription Agreement. If this subscription
is accepted but the conditions set forth in Section 8 of this Agreement are not
satisfied and this Agreement is terminated, all funds received from the
Purchaser will be returned without interest, penalty, expense or deduction, and
this Subscription Agreement shall thereafter be of no further force or effect.

 

4.             Representations and Warranties. The
Purchaser hereby acknowledges, represents, warrants, and agrees as follows:

 

(a)           None of the shares of Common Stock or Warrants contained
in the Units or any of the shares of Common Stock underlying the Warrants
contained in the Units are registered under the Securities Act of 1933, as
amended (the “Securities Act”), or
any state securities laws. The Purchaser understands that the offering and sale
of the Units is intended to be exempt from registration under the Securities
Act, by virtue of Section 4(2) thereof and the provisions of Regulation D (“Regulation D”) promulgated thereunder,
based, in part, upon the representations, warranties and agreements of the
Purchaser contained in this Subscription Agreement;

 

(b)           Purchaser has reviewed and understands the Company’s “SEC Documents.”  For purposes hereof, the term “SEC Documents” shall mean the Company’s
annual report on Form 10-K for the year 

 

1

 

ended December 31, 2004, the
Company’s quarterly reports on Form 10-Q for the quarters ended September 30,
2005, June 30, 2005, and March 31, 2005, and all Company current reports on
Form 8-K filed with the Securities and Exchange Commission (the “Commission”) since December 31, 2004;

 

(c)           Neither the Commission nor any state securities commission
has approved the Units or any of the shares of Common Stock or Warrants
included in the Units or any of the shares of Common Stock underlying the
Warrants contained in the Units;

 

(d)           The Purchaser has had a reasonable opportunity to ask
questions of and receive answers from a person or persons acting on behalf of
the Company concerning the offering of the Units and the business, financial
condition, results of operations and prospects of the Company, and all such
questions have been answered to the full satisfaction of the Purchaser, if any;

 

(e)           The Purchaser has taken no action which would give rise to
any claim by any person for brokerage commissions, finders’ fees or the like
relating to this Subscription Agreement or the transactions contemplated
hereby;

 

(f)            The Purchaser has such knowledge and experience in
financial, tax, and business matters, and, in particular, investments in
securities, so as to enable them to utilize the information made available to
them in connection with the offering of the Units to evaluate the merits and
risks of an investment in the Units and the Company and to make an informed
investment decision with respect thereto;

 

(g)           The Purchaser is acquiring the Units solely for such
Purchaser’s own account for investment and not with a view to resale or
distribution thereof, in whole or in part. The Purchaser has no agreement or
arrangement, formal or informal, with any person to sell or transfer all or any
part of the Units, the warrants, or the shares of Common Stock, the shares of
Common Stock issuable upon exercising the Warrants contained in the Units, and
the Purchaser has no plans to enter into any such agreement or arrangement;

 

(h)           The Purchaser understands that the Units, the Common Stock,
the Warrants and the shares of Common Stock underlying the Warrants are
characterized as restricted securities under the federal securities laws in as
much as they are being acquired from the Company in a transaction not involving
a public offering and that under such laws and applicable regulations, such securities
may be resold without registration under the Securities Act only in certain
limited circumstances. In this regard, Purchaser represents that Purchaser is
familiar with Rule 144 under the Securities Act as presently in effect and
understands the resale limitations imposed thereby and by the Securities Act. In
addition, the Purchaser understands the Purchaser must bear the substantial
economic risks of the investment in the Units indefinitely because none of the
securities included in the Units may be sold, hypothecated or otherwise
disposed of unless subsequently registered under the Securities Act and
applicable state securities laws or an exemption from such registration is
available. Legends shall be placed on the securities included in the Units to
the effect that they have not been registered under the Securities Act or
applicable state securities laws and appropriate notations thereof will be made
in the Company’s stock books. Stop transfer instructions will be placed with
the transfer agent of the securities constituting the Units. Purchaser
understands that Purchaser will not have registration rights with respect to
the Common Stock, Warrants or Units.

 

2

 

(i)            The Purchaser is an “accredited
investor” within the meaning of Rule 501 of Regulation D, as
presently in effect;

 

(j)            The Purchaser:  (i)
if a natural person represents that the Purchaser has reached the age of 21 and
has full power and authority to execute and deliver this Subscription Agreement
and all other related agreements or certificates and to carry out the
provisions hereof and thereof; (ii) if a corporation, partnership, or limited
liability company or partnership, or association, joint stock company, trust,
unincorporated organization or other entity, such entity was not formed for the
specific purpose of acquiring the Units, such entity is duly organized, validly
existing and in good standing under the laws of the state of its organization,
the consummation of the transactions contemplated hereby is authorized by, and
will not result in a violation of state law or its charter or other
organizational documents, such entity has full power and authority to execute
and deliver this Subscription Agreement and all other related agreements or
certificates and to carry out the provisions hereof and thereof and to purchase
and hold the securities constituting the Units, the execution and delivery of
this Subscription Agreement has been duly authorized by all necessary action,
this Subscription Agreement has been duly executed and delivered on behalf of
such entity and is a legal, valid and binding obligation of such entity; and
(iii) if executing this Subscription Agreement in a representative or fiduciary
capacity, it has full power and authority to execute and deliver this
Subscription Agreement in such capacity and on behalf of the subscribing
individual, ward, partnership, trust, estate, corporation, or limited liability
company or partnership, or other entity for whom the Purchaser is executing
this Subscription Agreement, and such individual, partnership, ward, trust,
estate, corporation, or limited liability company or partnership, or other
entity has full right and power to perform pursuant to this Subscription
Agreement and make an investment in the Company, and that this Subscription
Agreement constitutes a legal, valid and binding obligation of such entity. The
execution and delivery of this Subscription Agreement will not violate or be in
conflict with any order, judgment, injunction, agreement or controlling
document to which the Purchaser is a party or by which it is bound; and

 

(k)           Any information which the undersigned has heretofore
furnished or furnishes herewith to the Company is complete and accurate and may
be relied upon by the Company in determining the availability of an exemption
from registration under Federal and state securities laws in connection with
the offering of securities. The Purchaser further represents and warrants that
it will notify and supply corrective information to the Company immediately
upon the occurrence of any change therein occurring prior to the Company’s
issuance of the securities contained in the Units.

 

6.             Indemnification. The
Purchaser agrees to indemnify and hold harmless the Company, and its officers,
directors, employees, agents, control persons and affiliates against all
losses, liabilities, claims, damages, costs, fees and expenses whatsoever
(including, but not limited to, any and all expenses incurred in investigating,
preparing or defending against any litigation commenced or threatened) based
upon or arising out of any actual or alleged false acknowledgment,
representation or warranty, or misrepresentation or omission to state a material
fact, or breach by the Purchaser of any covenant or agreement made by the
Purchaser herein.

 

3

 

7.             Irrevocability; Binding Effect. The
Purchaser hereby acknowledges and agrees that the subscription hereunder is
irrevocable by the Purchaser, except as required by applicable law, and that
this Subscription Agreement shall survive the death or disability of the
Purchaser and shall be binding upon and inure to the benefit of the parties and
their heirs, executors, administrators, successors, legal representatives, and
permitted assigns. If the Purchaser is more than one person, the obligations of
the Purchaser hereunder shall be joint and several and the agreements,
representations, warranties, and acknowledgments herein shall be deemed to be
made by and be binding upon each such person and such person’s heirs,
executors, administrators, successors, legal representatives, and permitted
assigns.

 

8.             Termination Events. (a)
The obligations of the Company to proceed with the transaction contemplated by
this Agreement, is subject to receipt by the Board of Directors of the Company
of an opinion (“Fairness Opinion”)
from an investment banker or other acceptable party which, in the sole
determination of the Board of Directors of the Company, supports the fairness
of the transaction to the Company.

 

(b)           The obligations of the Company to
proceed with the issuance of the Common Stock and Warrants pursuant to this
Agreement is also subject to receipt by the Company of the approval of the
transaction by the American Stock Exchange (“AMEX
Approval”).

 

(c)           In the event that the Company does
not receive an acceptable Fairness Opinion or does not receive the AMEX Approval,
this Agreement shall be terminated, and all funds received by the Company from
the Purchaser pursuant to this Subscription Agreement shall be returned to the
Purchaser as provided in Section 2 of this Agreement. The Company represents
that it will promptly take such action as may be necessary to obtain such Fairness
Opinion and AMEX Approval.

 

9.             Modification. This
Subscription Agreement shall not be modified or waived except by an instrument
in writing signed by the party against whom any such modification or waiver is
sought.

 

10.           Notices. Any notice or
other communication required or permitted to be given hereunder shall be in
writing and shall be mailed by certified mail, return receipt requested, or
delivered against receipt to the party to whom it is to be given (a) if to the
Company, at the address set forth above, or (b) if to the Purchaser, at the
address set forth on the signature page hereof (or, in either case, to such
other address as the party shall have furnished in writing in accordance with
the provisions of this Section 10). Any notice or other communication given by
certified mail shall be deemed given at the time of certification thereof,
except for a notice changing a party’s address which shall be deemed given at
the time of receipt thereof.

 

11.           Assignability. This
Subscription Agreement and the rights, interests and obligations hereunder are
not transferable or assignable by the Purchaser and the transfer or assignment
of the Warrants, the shares of Common Stock contained in the Units or the
shares of Common Stock issuable upon exercise of the Warrants contained in the
Units shall be made only in accordance with all applicable laws.

 

12.           Applicable Law. This
Subscription Agreement shall be governed by and construed in accordance with
the laws of the State of Nevada relating to contracts entered into and to be
performed wholly within such State. The Purchaser hereby irrevocably submits to
the jurisdiction of any Illinois 

 

4

 

state court or United States
Federal court sitting in Cook County, Illinois over any action or proceeding
arising out of or relating to this Subscription Agreement or any agreement
contemplated hereby, and the Purchaser hereby irrevocably agrees that all
claims in respect of such action or proceeding may be heard and determined in
such Illinois state or Federal court. The Purchaser further waives any
objection to venue in such State and any objection to an action or proceeding
in such State on the basis of a non-convenient forum. The Purchaser further
agrees that any action or proceeding brought against the Company shall be
brought only in Illinois state or United States Federal courts sitting in Cook County,
Illinois. THE PURCHASER AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR
ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

 

13.           Blue Sky Qualification. The
purchase of Units under this Subscription Agreement is expressly conditioned
upon the exemption from qualification of the offer and sale of the Units from
applicable Federal and state securities laws. The Company shall not be required
to qualify this transaction under the securities laws of any jurisdiction and,
should qualification be necessary, the Company shall be released from any and
all obligations to maintain its offer, and may rescind any sale contracted, in
the jurisdiction.

 

14.           Use of Pronouns. All
pronouns and any variations thereof used herein shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as the identity of the person
or persons referred to may require.

 

15.           Confidentiality. The
Purchaser acknowledges and agrees that any information or data it has acquired
from or about the Company, not otherwise properly in the public domain, was
received in confidence. The Purchaser agrees not to divulge, communicate or
disclose, except as may be required by law or for the performance of this
Agreement, or use to the detriment of the Company or for the benefit of any
other person or persons, or misuse in any way, any confidential information of
the Company, including any scientific, technical, trade or business secrets of
the Company and any scientific, technical, trade or business materials that are
treated by the Company as confidential or proprietary, including, but not
limited to, ideas, discoveries, inventions, developments and improvements
belonging to the Company and confidential information obtained by or given to
the Company about or belonging to third parties.

 

16.           Miscellaneous.

 

(a)           This Agreement constitutes the entire agreement between
the Purchaser and the Company with respect to the subject matter hereof and
supersedes all prior oral or written agreements and understandings, if any,
relating to the subject matter hereof. The terms and provisions of this
Agreement may be waived, or consent for the departure therefrom granted, only
by a written document executed by the party entitled to the benefits of such
terms or provisions.

 

(b)           The Purchaser’s representations and warranties made in
this Agreement shall survive the execution and delivery hereof and delivery of
the shares of Common Stock and Warrants contained in the Units.

 

5

 

(c)           Each of the parties hereto shall pay its own fees and
expenses (including the fees of any attorneys, accountants, appraisers or
others engaged by such party) in connection with this Agreement and the
transactions contemplated hereby whether or not the transactions contemplated
hereby are consummated.

 

(d)           This Agreement may be executed in one or more counterparts
each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument.

 

(e)           Each provision of this Subscription Agreement shall be
considered separable and, if for any reason any provision or provisions hereof
are determined to be invalid or contrary to applicable law, such invalidity or
illegality shall not impair the operation of or affect the remaining portions
of this Subscription Agreement.

 

(f)            Paragraph titles are for descriptive purposes only and
shall not control or alter the meaning of this Subscription Agreement as set
forth in the text.

 

[Remainder of page intentionally blank]

 

6

 

IN WITNESS WHEREOF, the undersigned has executed
this Subscription Agreement this 23 day of January, 2006.

 

	
  1

  	
  x $250,000 =

  	
  $250,000

  
	
  (Units being

  	
   

  	
  (Subscription Price)

  
	
  purchased)

  	
   

  	
   

  

 

If the purchaser is an
INDIVIDUAL, or if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as
COMMUNITY PROPERTY:

 

	
   

  	
   

  	
   

  	
   

  
	
  Print
  Name(s)

  	
   

  	
  Address

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature of
  Purchaser

  	
   

  	
  Social
  Security Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature of
  Purchaser

  	
   

  	
  Social
  Security Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  If the
  purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST:

  
	
   

  	
   

  	
   

  	
   

  
	
  John C.
  Seramur

  	
   

  	
   

  	
   

  
	
  2005 FLITE
  Trust Dated September 19, 2005

  	
   

  	
  ###-##-####

  	
   

  
	
  Name of
  Partnership,

  	
   

  	
  Federal
  Taxpayer

  	
   

  
	
  Corporation,
  Limited

  	
   

  	
  Identification
  Number

  	
   

  
	
  Liability
  Company or

  	
   

  	
   

  	
   

  
	
  Trust

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ John C.
  Seramur

  	
   

  	
  Florida

  	
   

  
	
  Name: John
  C. Seramur

  	
   

  	
  State of
  Organization

  	
   

  
	
  Title:
  Trustee

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  260 Barefoot
  Beach Blvd. PH 4

  	
   

  
	
   

  	
   

  	
  Bonita
  Springs, FL 34134

  	
   

  
	
   

  	
   

  	
  Address

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SUBSCRIPTION
  ACCEPTED AND AGREED TO

  	
   

  	
   

  
	
  this 16th
  day of February,2006.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Vita
  Food Products, Inc.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Clifford
  Bolen

  	
   

  	
   

  
	
  Title:

  	
  COO &
  CFO

  	
   

  	
   

  
								

 

7

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