Document:

MERRITT
7 VENTURE L.L.C.

c/o
Marcus Partners Management

301
Merritt 7 Corporate Park

Norwalk,
CT 06854

 

September
11, 2018

 

GE
Capital US Holdings, Inc.

901
Main Avenue

Norwalk,
CT 06851

 

Reed’s
Inc.

13000
South Spring Street

Los
Angeles, CA 90061

 

	 	Re:	Sublease
    dated as of September 1, 2018 (the “Sublease”) between GE Capital US Holdings, Inc. (“Sublessor”)
    and Reed’s Inc. (“Sublessee”) for a portion of the UL level (also known as the Upper Lobby Floor)
    of 201 Merritt 7 Corporate Park, Norwalk, CT (the “Sublet Premises”)

 

Ladies
and Gentlemen:

 

Reference
is made to that certain Lease dated October 25, 2012, as amended by First Amendment of Lease dated December I, 2012 and Second
Amendment of Lease dated October 2014 (collectively, the “Lease”) between Merritt 7 Venture L.L.C. (“Landlord”),
as landlord, and Sublessor, as assignee of General Electric Capital LLC (fonnerly General Electric Capital Corporation), as tenant,
for the entire premises (the “Premises”) in the building known as 201 Merritt 7 Corporate Park, Norwalk, Connecticut
06851 (the “Building”).

 

Sublessor
has requested Landlord’s consent to the Sublease. Landlord hereby consents to the subletting of the Sublet Premises by Sublessor
to Sublessee, subject to the following terms and conditions:

 

I.
Landlord’s granting of the within consent shall not be deemed a waiver of Landlord’s rights under and in accordance
with the Lease to consent or refuse to consent to any (a) assignment of the Lease or the Sublease or (b) any further subletting
of the Premises, the Sublet Premises or any portion thereof.

 

2. Nothing
contained herein shall be deemed to constitute a release of Sublessor as tenant under the Lease from any of
its obligations as tenant under the Lease, and Sublessor shall remain fully liable for the performance of all of the
obligations of tenant under the Lease and shall be fully responsible and liable to Landlord for all acts or omissions of
anyone claiming under or through Sublessor of the obligations of tenant under the Lease.

 

 

    	1	 

    	 

    

 

3.
Sublessor and Sublessee each hereby represents and warrants that (a) the Sublease constitutes the complete agreement between the
parties with respect to the Sublet Premises, (b) a true and complete copy thereof is attached hereto as Exhibit A and (c)
no rent or other consideration is being paid to Sublessor by Sublessee for the Sublease, or for the right to use or occupy
the Sublet Premises, except as set forth in the Sublease. Any modification or amendment to the Sublease (except for a termination
of the Sublease, a decrease in the length of the term thereof, or a de minimis modification or amendment not altering any of the
material terms of the Sublease) without the prior written consent of Landlord in each instance shall be deemed to be a default
by Sublessor as tenant under the Lease.

 

4.
Nothing contained herein or in the Sublease shall be deemed to (a) increase, amend, modify or extend any of Landlord’s obligations
under the Lease in any way whatsoever, and/or (b) diminish, restrict, limit, forfeit or waive any of Landlord’s rights under
the Lease in any way whatsoever or (c) constitute a consent to any assignment of the Lease or the Sublease or further subletting
of the Premises, the Sublet Premises or any portion thereof.

 

5.
The Sublease shall be subject and subordinate at all times to all of the covenants, agreements, terms, provisions and conditions
of the Lease and to the matters to which the Lease is or shall be subordinate.

 

6.
Sublessee shall use and occupy the Sublet Premises for the uses permitted under the Lease and the Sublease and for no other purpose.

 

7.
Although a copy of the Sublease is annexed hereto, Sublessor and Sublessee acknowledge and agree that Landlord is not a party
thereto and is not bound by its provisions. Nothing contained herein shall be construed as a consent to. or approval or ratification
by Landlord of, any of the particular provisions of the Sublease, or as a representation or warranty by Landlord, provided that
this sentence shall not be construed as invalidating the consent by Landlord to the Sublease to Sublessee generally, as reflected
herein.

 

8.
Except as expressly set forth herein, no alterations, improvements or additions to the Sublet Premises, or any portion thereof,
shall be made except in accordance with the provisions of the Lease.

 

9.
Should Sublessee request that Landlord provide any building service for which Landlord imposes a separate charge, and should such
service be provided by Landlord, such request for, and provision of, such services shall not serve to create any relationship
of landlord and tenant between Landlord and Sublessee, and Sublessor shall remain primarily liable for payment of such charges.
As an administrative convenience to Sublessee, Landlord may (but shall not obligated to) directly bill to Sublessor and/or Sublessee
any charge respecting the provision of services by Landlord under the Lease or this consent with respect to the Sublet Premises,
including, without limitation, charges for condenser water (if any), after hours HVAC or freight elevator usage, and other extra
services requested by Sublessee (or by Sublessor on Sublessee’s behalf) and/or furnished to Sublessee. Sublessor authorizes
such direct billing and understands and acknowledges that (a) Sublessor, as tenant under the Lease, shall remain primarily liable
for all such charges and billings. Landlord shall notify Sublessor of any default by Sublessor or Sublessee in the payment of
any such charges and billings and (b) despite such authorization from Sublessor. Landlord may choose to seek authorization from
or bill Sublessor for, all such services requested by Sublessee.

 

 

    	2

    	 

    

 

10.
Upon the expiration or any earlier termination of the term of the Lease, or in case Landlord accepts surrender of the Lease by
Sublessor, except as provided in the next sentence, tbe Sublease and its term shall expire and come to an end as of the effective
date of such expiration, termination, or surrender and Sublessee shall vacate the Sublet Premises on or before such date. If the
Lease shall expire or terminate during the term of the Sublease for any reason other than condemnation or destruction by fire
or other cause, or if Sublessor shall surrender the Lease to Landlord during the term of the Sublease, Landlord, in its sole discretion,
upon written notice given to Sublessor and Sublessee on or before the effective date of such expiration, termination or
surrender, without any additional or further agreement of any kind on the part of Sublessee, may elect to continue the
Sublease as a direct lease between Landlord and Sublessee (provided that the terms and provisions of the Lease shall be deemed
incorporated in the Sublease to the same extent as if the Lease had not expired or terminated). ln that event, Sublessee shall
attorn to Landlord and Landlord and Sublessee shall have the same rights, obligations and remedies under the Sublease as Sublessor
and Sublessee, respectively, had thereunder prior to such effective date, except that Landlord shall not be (1) liable for any
act, omission, or default of Sublessor under the Sublease, or (2) subject to any offsets, claims, or defenses that Sublessee had
or might have against Sublessor, or (3) bound by any rent or additional rent or other payment paid by Sublessee to Sublessor for
more than one month in advance, or (4) bound by any modification, amendment, or abridgment of the Sublease made without Landlord’s
prior written consent. Upon expiration of the Sublease pursuant to the provisions of the first sentence of this Paragraph
10, if Sublessee shall fail to vacate the Sublet Premises as provided in the Lease, Landlord shall have against Sublessee all
of the rights and remedies available against Sublessor under the Lease as well as the rights and remedies available generally
to a landlord against a tenant holding over after the expiration of a lease term.

 

11.
Sublessor and Sublessee each represents and warrants to Landlord that it has not dealt with any broker in connection with
the Sublease or this consent, other than CBRE Inc. and Newmark of Connecticut, LLC (collectively, “Broker”).
Sublessor and Sublessee shall each indemnify, defend and hold Landlord harmless from and against any and all claims, losses,
liabilities, damages, judgments, fines, suits, demands, costs, interest and expenses of any kind or nature (including reasonable
attorneys’ fees and disbursements) incurred in connection with any claim, proceeding or judgment and the defense thereof
which Landlord may incur by reason of any claim of or liability to any broker (including, without limitation, Broker), finder
or like agent arising out of any dealings claimed to have occurred between the indemnifying party and the claimant in connection
with the Sublease or this consent, or the above representation being false.

 

12.
Nothing contained in the Sublease shall be construed to create privity of estate or (except as expressly provided herein) of contract
between Sublessee and Landlord.

 

13. This consent is
further conditioned upon payment by Sublessor of Landlord’s legal fees and expenses incurred in connection with the
review of the Sublease and the preparation and negotiation of this consent.

 

 

    	3

    	 

    

 

14.
This consent will for all purposes be construed in accordance with and governed by the laws of the State of Connecticut applicable
to agreements made and to be perfonned wholly therein.

 

15.
This consent shall not be effective until executed by all the parties hereto and may be executed in several counterparts, each
of which will constitute an original instrument and all of which will together constitute one and the same instrument.

 

16.
The terms and provisions of this consent shall bind and inure to the benefit of the parties hereto and their respective successors
and assigns.

 

[REMAINDER
OF PAGE INTENTIONALLY BLANK;

SIGNATURES FOLLOW ON NEXT PAGE]

 

 

    	4

    	 

    

 

Please
acknowledge your agreement with the foregoing by signing this consent where indicated below.

 

	 	LANDLORD:
	 	 
	 	

 

ACKNOWLEDGED
AND AGREED:

 

SUBLESSOR:

 

GE
CAPITAL US HOLDINGS, INC.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	SUBLESSEE: 	 
	 	 
	REED’S INC.	 
	 	 
	By:	 	 
	Name:	Valentin Stalowir	 
	Title:	CEO	 

 

    	5

    	 

    

 

SUBLEASE

 

THIS
SUBLEASE is made and entered into as of September 1, 2018 (“Effective Date”), by and between GE Capital US
Holdings, Inc., a Delaware corporation, having an office and place of business at 901 Main Avenue, Norwalk, Connecticut 06851,
hereinafter called “Sublessor”, and Reed’s Inc., a Delaware corporation, having an office and principal
place of business at 13000 South Spring Street, Los Angeles, CA 90061, hereinafter called “Sublessee”. Sublessor
and Sublessee are collectively referred to herein as the “Parties” and individually as a “Party”.

 

WITNESSETH:

 

WHEREAS,
by a certain written Amended and Restated Lease between Merritt 7 Venture L.L.C., a Delaware limited liability company, as landlord
(hereinafter called “Owner”), and Sublessor, as assignee of General Electric Capital LLC (formerly General
Electric Capital Corporation), as tenant, dated as of October 25, 2012, as amended by that certain First Amendment of Lease, dated
December 1, 2013 and that certain Second Amendment of Lease dated October 2014 (said lease, as same has been so amended, supplemented
and/ or extended, being hereinafter called the “Master Lease”) (a redacted copy of which Master Lease is attached
hereto and made a part hereof as Exhibit “A”), Owner leased to Sublessor those certain premises consisting
of the entire building (“Building”) with the right to use, in common with others, the walkways, driveways,
and parking areas located on the land (“Property”) commonly known as 20 1 Merritt 7 Corporate Park, Norwalk,
Connecticut which, together with such other improvements and appurtenances therein mentioned, are more particularly described
in the Master Lease, which are located in the office park known as Merritt 7 Corporate Park (the “Park”); and

 

    	6

    	 

    

 

WHEREAS,
Sublessee desires to sublease and hire from Sublessor, and Sublessor is willing to sublet to Sublessee, a portion of the UL level
of the Building, all of which are shown on the plan attached hereto and made a part hereof as Exhibit “B” (hereinafter
called the “Sublease Premises”) on the terms and conditions more particularly hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the mutual covenants, conditions and agreements herein contained, Sublessor and Sublessee agree
as follows:

 

1.
Demise and Use. Sublessor, for and in consideration of the rents and covenants specified to be paid, performed
and observed by Sublessee, does hereby let, sublet, lease and demise to Sublessee the Sublease Premises and Sublessee hereby subleases
the Sublease Premises from Sublessor for the Term (as hereinafter defined) and according to the covenants and conditions contained
herein. The Sublease Premises is deemed and agreed by the Parties to contain the following rentable square feet: (i) a portion
of the UL level of the Building containing approximately Four Thousand Six Hundred Twenty (4,620) rentable square feet of space
(sometimes referred to herein as “Sublease Premises A”) and (ii) a portion of the UL level of the Building
containing approximately Four Thousand (4,000) rentable square feet of space (sometimes referred to herein as “Sublease
Premises B”). Accordingly, the parties agree that the Sublease Premises shall be deemed to consist of Eight Thousand
Six Hundred Twenty (8,620) rentable square feet. Sublessee shall use and occupy the Sublease Premises as permitted under the Master
Lease and for no other purpose whatsoever. As used herein, the term “Sublease Premises” shall include such appurtenant
rights to use the common areas of the Building, the Property and the Park, as applicable (including, without limitation, the fitness
center, restrooms, elevators, outdoor plazas, parking areas and cafeteria), in common with the other tenants and occupants thereof
as granted to Sublessor under the Master Lease to the extent required by Sublessee in connection with (i) the use of and access
to the Sublease Premises and (ii) Sublessee’s business operations, all as contemplated hereby, including the Plaza area
located outside the Sublease Premises for outdoor collaboration and meetings as may be permitted under the Master Lease. Sublessor
represents and warrants that, as of the date on which Sublessor delivers possession of the Premises to Sublessee, the Building
structure and Building systems serving the Premises shall be in good working order.

 

    	7

    	 

    

 

Notwithstanding
anything to the contrary contained in Section 5.01 of the Master Lease, but subject to the terms of Section 29 below (Pantry Space),
Sublessee shall not be allowed to use any portion of the Sublease Premises as a fitness center or cafeteria; provided, however,
notwithstanding anything in this Sublease to the contrary, Sublessee and it employees shall have the right to use any fitness
center and cafeteria in the common areas of the Building as reasonably desired, subject to Sublessor’s reasonable rules
and regulations related to management and operation of such facilities, which rules and regulations shall be applied to all users
of such facilities in a non discriminatory manner (provided that with respect to the fitness center, each such employee who desires
to use the fitness center (i) provides a waiver in the form attached hereto as Exhibit “H” or such other form
as Sublessor may reasonably request from time to time for use by all fitness center members, and (ii) pays directly to the Sublessor
(or fitness center manager, if so directed by Sublessor) the reasonable monthly fee charged for usage of said fitness center).
Notwithstanding anything contained in this Sublease to the contrary, Sublessee shall not be required to pay Sublessor any fee
or other amount in connection the use of the fitness center by Sublessee’s employees.

 

Sodexo
is the current Cafeteria operator. In the event that annual Cafeteria and catering target sales reach a certain level at the
Building (“Target Sales”) then Sodexo does not charge Sublessor for Cafeteria services. Sublessor
represents to Sublesee that Sublessee’s share of the Target Sales amount for calendar year 2018 would have been Twelve
Thousand Nine Hundred Fifty-Nine and No/ 100 Dollars ($12,959) for Sublease Premises A and Eleven Thousand Two Hundred Twenty
and No/ 100 Dollars ($11,220) for Sublease Premises B. Target Sales for 2019 and future calendar years will be established at
a later date. In the event that the annual Target Sales amount is not achieved then Sublessor is required to pay Sodexo
Fifty-Two Cents ($0.52) for each dollar of any such shortfall (“Shortfall Amount”), e.g., a maximum of Six
Thousand Seven Hundred Thirty-Nine and NojlOO Dollars ($6,739) for 2018 Target Sales applicable to Sublease Premises A and
Five Thousand Eight Hundred Thirty-Four and Noj 100 Dollars ($5,834) for 2018 Target Sales applicable to Sublease
Premises B. So long as Sublessee remains a user of the Cafeteria, Sublessee shall be responsible to Sublessor for (i) its
Target Sales amount, and (ii) any Shortfall Amount resulting from Sublessee’s failure to reach its Target Sales amount.
For avoidance of doubt, Sublease Premises B’s Target Sales requirement will be established in 2021 and commence on
April 1, 2021. Until then, Sublessee is only responsible for the shortfall for Target Sales applicable to Sublease
Premises A (beginning on the Sublease Premises A Commencement Date).

 

Sublessor
shall have the right at any time to cease the operation of a Cafeteria without any liability to Sublessee and Sublessee shall
have the right at any time with thirty (30) days’ prior written notice to Sublessor to cease using the Cafeteria and thereafter
Sublessee shall not be obligated for any Target Sales or shortfall amounts so long as Sublessee’s employees do not use the
Cafeteria.

 

    	8

    	 

    

 

2.
Term. Subject to Owner’s Consent described in Section 23 below, the term of this Sublease (the “Term”)
shall commence on the date on which Sublessor delivers possession of the Sublease Premises to Sublessee in the condition required
under this Sublease (the “Commencement Date”), which is estimated to occur on or about September 1, 20 18 for
Sublease Premises A and April 1, 2021 for Sublease Premises B. This Sublease shall terminate and the Term shall end on December
15, 2024 (“Expiration Date”), unless the Term shall be sooner terminated in accordance with the provisions
hereof. Any rights or options of Sublessor under the Master Lease to terminate the Master Lease, to extend the term of the Master
Lease, to expand the Premises, or any rights offirst offer or refusal are hereby specifically excluded from this Sublease.

 

3. Early
Access; Delivery of Possession. (a) Sublessor shall allow Sublessee access to the Sublease Premises at least fifteen (15)
days prior to the Commencement Date to allow Sublessee to perform Sublessee’s Work and to install its fixtures,
furniture, telephones, data lines and other telecommunications/IT equipment and cabling (the “Early Access
Period”). Sublessee shall not be required to pay Base Rent or Additional Rent during the Early Access Period.
However, during the Early Access Period, Sublessee shall comply with all of Sublessee’s indemnity obligations and
insurance requirements set forth herein. The parties agree to comply with the following terms and conditions during the
Early Access Period: (i) Sublessor shall continue to have control of the Sublease Premises for all purposes provided the same
does not interfere with Sublessee’s performance of Sublessee’s Work, (ii) Sublessee shall provide Sublessor with
a schedule relating to Sublessee’s Work prior to the time when any such work is to be performed in the Sublease
Premises, and (iii) Sublessor shall reasonably cooperate with Sublessee in connection with Sublessee’s exercise of the
foregoing rights. Sublessor shall deliver possession of the Sublease Premises to Sublessee on the Commencement Date in the
condition required under this Sublease. Sublessor is not obligated to provide or pay for any improvement work related to the
improvement of the Sublease Premises for Sublessee’s occupancy. Sublessee shall have access to the Sublease Premises
seven (7) days per week, twenty-four (24) hours per day, 365 days per year and may install a card key or other security
system to restrict access to the Sublease Premises.

 

    	9

    	 

    

 

4.
Rent. Commencing upon the applicable Commencement Date, Sublessee shall pay to Sublessor (at the address designated by
prior written notice to Sublessee), in lawful money of the United States without any prior notice or demand therefor, a fixed
monthly rent (the “Base Rent”) for the Sublease Premises as set forth on Exhibit “C” attached
hereto and made a part hereof (subject to abatement as provided therein), in advance on the first day of each calendar month during
the Term.

(b)
In addition to the Base Rent due hereunder during the Term, Sublessee shall promptly pay to Sublessor its proportionate share
of all additional rents payable to Owner pursuant to Section 2.02 of the Master Lease (“Proportionate Share”), except
(i) those payments specifically excluded by the terms of this Sublease (including any penalties, costs and/ or fees in
connection with Sublessor’s default under the Master Lease), and (ii) those payments which cover a period prior to the
Commencement Date. provided, however, that Sublessee shall only be responsible for increases over the 2018 calendar base year
for OpEx Additional Rent and increases over the 2018/2019 fiscal year for Tax Additional Rent (“Additional
Rent”). The Proportionate Share for Sublease Premises A is One and Seventy-One One Hundredths percent (1.71%) and
the Proportionate Share for Sublease Premises B is One and Forty-Eight One Hundredths percent ( 1.48%). Any such payments
which Sublessee is herein required to make which cover a period of time both before and after the Commencement Date shall be
prorated between the Parties as of the Commencement Date. Notwithstanding anything to the contrary contained in this Sublease
or the Master Lease, the Proportionate Share shall not be increased during the Term of this Sublease. In addition, if the
Master Lease requires the tenant to make payments of real estate taxes and/or utilities which are applicable to the Sublease
Premises directly to the taxing authorities and/ or utility companies, as the case may be, Sublessee shall make such payments
in a timely manner and promptly supply Sublessor with evidence thereof, and such shall be deemed to be Additional Rent
hereunder. Sublessee shall pay the Additional Rent to Sublessor five (5) business days prior to when it is due under the
Master Lease. Notwithstanding the foregoing, Sublessee hereby acknowledges and agrees that in the event Sublessee wishes to
use any utility or service, the cost of which is not included in the base services provided by Owner under the terms of the
Master Lease (e.g., HVAC use outside of Business Hours, as defined below, and other costs described in Section 3.02 of the
Master Lease), Sublessee shall be solely responsible for the cost of any such utility or service utilized by Sublessee and
the cost thereof shall be deemed Additional Rent. Sublessee agrees that Sublessor is not responsible for providing such
services or utilities, and that Sublessee shall be solely responsible for requesting such services or utilities directly from
Owner and for paying Owner for the same. Base Rent and all Additional Rent are hereinafter collectively called “Rent”. Sublessor’s
right to recoup any expenses under this Sublease shall not be duplicative. Sublessor warrants and represents that the
Building contains two hundred forty-one thousand five hundred eighty-nine (241,589) rentable square feet and based solely on
Owner’s assertions the Building constitutes nineteen percent ( 19%) of the rentable square feet in the Park. For
purposes of this Sublease, the term “Business Hours” shall mean Monday-Friday, from 8:00am to 8:00pm, and
Saturday, from 9:00am to 1:00pm. The current after Business Hours HVAC rate is Two Hundred and NojlOO Dollars ($200) per
hour.

 

    	10

    	 

    

 

(c)
All amounts due from Sublessee to Sublessor under this Sublease shall be paid by wire transfer of immediately available funds
to an account designated in writing by Sublessor, or to such other place as Sublessor may designate in writing at least thirty
(30) days prior to the due date, without any offset or deduction whatsoever except as provided elsewhere in this Sublease. The
monthly Base Rent and Additional Rent payable on account of any partial calendar month during the Term, if any, shall be prorated
on a per diem basis based on the number of actual days in such partial calendar month. Sublessee’s obligation to pay Rent
owing and due for any period during the Term shall survive the expiration of the Term.

 

(d)
The Parties hereto agree and acknowledge that no statement or letter accompanying any payment shall be deemed to be an accord
and satisfaction and Sublessor may accept any such payment without prejudice to Sublessor’s right to recover the balance
or pursue any other remedy provided in this Sublease or at law, and (ii) Sublessee shall be required to pay to Sublessor interest
on any sum of money which Sublessee is required to pay to Sublessor pursuant to the terms of this Sublease that is not paid to
Sublessor within five (5) days of the due date and that such interest shall be calculated at an annual rate of three percent (3%)
above the so-called “prime rate” of Citibank, N.A. (or its successor), as announced from time to time, (or the maximum
percent permitted by law, whichever is less) (“Interest Rate”) from the date that such sum becomes due until
the date it is paid.

 

    	11

    	 

    

 

5.
Incorporation of Master Lease Terms. (a) The provisions, terms, covenants and conditions of the Master Lease are, except
as otherwise herein specifically provided, hereby incorporated in this Sublease with the same effect as if entirely rewritten
herein,except for the prov1s1ons as to base rent, additional rent and such other terms, covenants and conditions that are specifically
inconsistent with the terms hereof. Words or terms which are capitalized but not defined herein shall have the meanings ascribed
thereto in the Master Lease unless the context clearly requires otherwise.Sublessee acknowledges that it has read and examined
the Master Lease attached hereto as Exhibit “A” and is fully familiar with the terms, provisions, covenants
and conditions contained therein. Sublessee hereby covenants to perform the terms, provisions, covenants and conditions of
Sublessor as tenant under the Master Lease to the extent the same are applicable to the Sublease Premises during the Term and
are not otherwise expressly modified by the terms of this Sublease , and agrees not to do or permit to be done any act which shall
result in a violation of any of the terms and conditions of the Master Lease. Except as otherwise specifically provided herein,
Sublessee is to have the benefit of the covenants and undertakings of Owner as landlord in the Master Lease to the extent the
same are applicable to the Sublease Premises during the Term. Sublessor does not assume any obligation to perform the terms, covenants
and conditions contained in the Master Lease on the part of Owner to be performed as the same relates to providing Building services
and utilities, and performing maintenance, repair, replacement, rebuilding, and restoration. It is further understood and agreed,
therefore, that notwithstanding anything to the contrary contained in this Sublease, Sublessor shall not be in default under this
Sublease for failure to render any of the services or perform any of the maintenance, repair, replacement, rebuilding, and restoration
obligations required of Sublessor by the terms of this Sublease which are the responsibility of Owner as landlord under the Master
Lease, but Sublessor agrees to timely take all commercially reasonable measures to insure that Owner performs such services and
obligations. In addition to the foregoing, upon the request of Sublessee, Sublessor shall be obligated to exercise its self-help
rights under Section 7.05 of the Master Lease on Sublessee’s behalf and if successful in doing so, then pass through to
Sublessee its proportionate share of any benefits thereof. The term “commercially reasonable measures” shall not include
legal action against Owner for its failure to so perform unless Sublessee agrees to pay all costs and expenses in connection therewith
which shall be payable as Additional Rent. In addition to the foregoing, no such failure or default on the part of Owner shall
constitute an actual or constructive total or partial eviction of Sublessee or entitle Sublessee to a reduction or abatement of
Base Rent or Additional Rent hereunder, unless such failure or default would constitute an actual or constructive total or partial
eviction of Sublessor or would entitle Sublessor to a reduction or abatement of Base Rent or Additional Rent (as such terms are
used in the Master Lease) under the terms of the Master Lease or applicable law, if this Sublease did not exist. Notwithstanding
the foregoing, if any utility, HVAC or elevator service (i.e. no elevators are functioning) is interrupted for a period of three
(3) days or longer, and such interruption is not caused by Sublessee’s negligence or willful misconduct or a fire or other
casualty, then the Rent payable under this Sublease shall be fully abated from the first day of such interruption on a per diem
basis until such interruption is eliminated.

 

    	12

    	 

    

 

(b)
The Parties agree that the following provisions of the Master Lease are, for the purposes of this Sublease, hereby deleted:
1.01 (first paragraph only); 1.02; 2.01; 2.02 (paragraph titled “Tenant’s Pro Rata Share” only); 2.02(e);
2.03 (third sentence only); 3.02(b); 5.03 (last paragraph only); 6.01(b) (second sentence only); 6.01(c); 7.05; 8.01(b);
10.01; 10.03; 11.01; 11.02; 12.01; 13.01 (except (c) and (e)); 13.02; 13.03; 14.04; 15.02; 16.01; 18.01; 20.10 (except last
sentence); 20.12; 20.13; 20.15; Article 21; 22.0 1; 23.01; 24.01-24.02; and All Exhibits except 3.02 and 5.04. The remaining
provisions of the Master Lease shall, for the purposes of this Sublease and to the extent that same are applicable, remain in
full force and effect as between Sublessor and Sublessee as provided in this Section 5 of this Sublease, except as said
provisions have been otherwise amended or modified by this Sublease (or as otherwise set forth in Section 5(a)
above).

 

(c)
Notwithstanding the generality of clause (b) above, and except to the extent provided in this Sublease, for the purposes of incorporation
of the terms, provisions, covenants and conditions contained in the Master Lease herein, the term “Tenant” in the
Master Lease shall mean and refer to Sublessee hereunder; the term “Landlord” in the Master Lease shall mean and refer
to Sublessor hereunder; the term “the Demised Premises” in the Master Lease shall mean and refer to the Sublease Premises
hereunder; the term “Base Rent” in the Master Lease shall mean and refer to the Base Rent hereunder; the term “Additional
Rent” in the Master Lease shall mean and refer to the Additional Rent hereunder; the term “this Lease” in the
Master Lease shall mean and refer to this Sublease; the term “Commencement Date” in the Master Lease shall mean and
refer to the Commencement Date hereunder; and the term “Expiration Date” in the Master Lease shall mean and refer
to the Expiration Date hereunder.

 

(d)
It is further understood and agreed that some of the provisions of the Master Lease incorporated herein by reference are hereby
amended as follows:

 

(i)
The word “Landlord” shall refer to both Owner and Sublessor in Section 5.03 of the Master Lease.

 

(ii)
Sublessor shall have an additional five (5) business days for purposes of Sublessor’s delivery to Sublessee of the Reconciliation
Notice and items related to the same as set forth in Section 2.02 of the Master Lease. If an excluded provision contains the definition
of a defined term used in an incorporated provision or is specifically referenced in this Sublease, such definition in the excluded
provision shall be deemed incorporated solely for such purpose.

 

    	13

    	 

    

 

6.
Holding Over. If Sublessee retains all or any portion of the Sublease Premises after the expiration or termination of the
Term, then during such period Sublessee shall pay Sublessor the greater of: (i) two hundred percent (200%) of the Base Rent; and
(ii) any amount charged to Sublessor under the terms of the Master Lease on account of such holdover. Sublessee shall also pay
all damages, consequential as well as direct, sustained by Sublessor by reason of such retention (including, without limitation,
any such damages payable to Owner under the terms of the Master Lease). Nothing in this Section 6 contained shall be construed
or operate as a waiver of Sublessor’s right of re-entry or any other right of Sublessor.

 

7.
Notices. All notices, requests, demands and other communications with respect to this Sublease, whether or not herein expressly
provided for, shall be in writing and shall be deemed to have been duly given the next business day after being deposited (in
time for delivery by such service on such business day) with Federal Express or another national courier service, for delivery
to the Parties at the addresses listed below, or to such other address or addresses as may hereafter be designated by either party
in writing for such purpose:

 

	Sublessor:	GE
    Capital US Holdings, Inc.
		901
    Main Avenue
		Norwalk,
    CT 06851
		Attn:
    Real Estate Leader
	 	 
	With
    a copy to:	GE
    Global Operations- Properties
		191
Rosa Parks Street
		Cincinnati,
    OH 45202
		Attn: Steve Copsinis
	 	 
	Sublessee:	Reeds’s
    Inc.
		20
    1 Merritt 7
		Norwalk,
    CT 06851
		Attn: Iris Synder, CFO
	 	 
	With
    a copy to:	Libertas
    Law Group
		225 Santa Monica Blvd, 5th Floor
		Attn: Ruba Qashu

 

    	14

    	 

    

 

8. Sublease
Subject to Master Lease. (a) This Sublease is expressly made subject to all the terms and conditions of the Master Lease,
except as specifically provided to the contrary in this Sublease or in the Owner’s Consent (as hereinafter defined).
Sublessee hereby assumes, and covenants that it shall, throughout the Term, observe all of the terms, provisions, covenants
and conditions of the Master Lease on the part of Sublessor to be performed as the tenant thereunder (except the provisions
which are not incorporated herein), and that Sublessee will not do any act, matter or thing which will be, result in, or
constitute a violation or breach of or a default under the Master Lease; any such violation, breach or default shall
constitute the breach by Sublessee of a substantial obligation under this Sublease. Sublessee shall indemnify and hold
Sublessor harmless from and against all claims, penalties and expenses, including reasonable out-of-pocket attorneys’
fees and disbursements, based upon any default by Sublessee, during the Term, in Sublessee’s performance of those
terms, provisions, covenants and conditions of the Master Lease which are or shall be applicable to Sublessee, as above
provided, and Sublessee shall pay to Sublessor as Additional Rent hereunder any and all sums which Sublessor is required to
pay to Owner, which requirement is caused in whole or in part by Sublessee’s failure to perform or observe any of the
terms, provisions, covenants and conditions of the Master Lease or by any act or omission described in the preceding
sentence. In any case where the consent or approval of Owner shall be required pursuant to the Master Lease,
Sublessor’s consent shall also be required hereunder.

 

(b)
Except as specifically set forth in this Sublease, to the extent that any duty, requirement or obligation of Sublessee which
is covered or addressed by any of the terms or provisions of this Sublease is also covered and/ or addressed by any of the
terms or provisions of the Master Lease with respect to the Sublease Premises: (i) Sublessee shall comply with the terms and
provisions of both this Sublease and the Master Lease, to the extent that such terms and provisions of this Sublease and
those of the Master Lease are not in conflict, and (ii) to the extent that such terms and provisions of this Sublease and
those ofthe Master Lease are in conflict, Sublessee shall (as between the terms and provisions of this Sublease and the terms
and provisions of the Master Lease) comply with the terms and provisions of the Sublease.

 

(c)
This Sublease is subject and subordinate to the Master Lease and to the matters to which the Master Lease is or shall be subordinate,
and in the event of termination, re-entry or dispossess by Owner under the Master Lease, Sublessee shall, at Owner’s option,
attorn to Owner pursuant to the then executory provisions of this Sublease, except that Owner shall not (i) be liable for any
previous act or omission of Sublessor under this Sublease, (ii) be subject to any offset not expressly provided in this Sublease
which shall have theretofore accrued to Sublessee against Sublessor, or (iii) be bound by any previous modification of this Sublease
or by any previous prepayment of more than one (1) month’s Base Rent or Additional Rent.

 

(d)
If any termination of the Master Lease is the result of a voluntary termination of the Master Lease by Sublessor or a default
by Sublessor under the Master Lease and such default of Sublessor was not due to default by Sublessee of its obligations
hereunder, Sublessor shall be liable to Sublessee for any and all damages (except for consequential and punitive damages)
incurred by Sublessee as a result of such termination. In the event of any other expiration or earlier termination of the
Master Lease, for any reason whatsoever, this Sublease shall automatically terminate on the date of the expiration or
termination of the Master Lease; provided, however, that those terms and conditions of this Sublease which expressly survive
expiration or termination of this Sublease, including, but not limited to, indemnity obligations, shall survive any such
expiration or termination of this Sublease. Further, in the event of any damage to or destruction of the Premises or the
Building or in the event that the Premises or the Building (or any portion thereof, including, any parking spaces allocated
to Sublessor under the Master Lease) are taken for any public or quasi-public use in condemnation proceedings or by any right
of eminent domain or sale in lieu of condemnation and if Sublessor or Owner elect to terminate the Master Lease as a result
of such damage, destruction or condemnation, then this Sublease shall automatically terminate (provided, however, that if the
damage, destruction or taking solely affects the Sublease Premises, Sublessor will not elect to terminate the Master Lease
unless Sublessee has given its prior written consent to such termination). Upon any termination of this Sublease pursuant to
the foregoing provisions of this Section 8(d) of this Sublease, Sublessee shall not have any right or claim against Sublessor
on account of such termination other than as specifically provided herein.

 

9.
Performance of Master Lease. (a) The respective terms, covenants, provisions and conditions of the Master Lease on the
part of Owner to be performed, which have been incorporated herein by reference, are to be performed by Owner or its successors
and assigns, and, subject to Section S(a) hereof, Sublessee shall look solely to Owner for such performance. Sublessor shall not
be liable or responsible to Sublessee for any failure or default on the part of Owner, its successors or assigns, with respect
to any of the terms, covenants, provisions and conditions of the Master Lease.

 

    	15

    	 

    

 

(b)
If Sublessee shall default in the payment of Rent hereunder or in the performance or observance of any of the terms, covenants
or conditions of this Sublease on the part of Sublessee to be performed or observed, Sublessor shall have the right (but not the
obligation) to exercise all of the same rights and remedies provided to or reserved by Owner in the Master Lease with respect
to such default and at law and in equity; provided, however, the foregoing shall in no way be deemed to limit or impair the rights
and privileges of Owner under the Master Lease, or to impose any obligations on the part of Sublessor by reason of the exercise
by Owner of any of such rights or privileges with respect to the Sublease Premises or to the use and occupation thereof by Sublessee.
Without limiting the foregoing, Sublessor shall have the same rights and remedies in the event of non-payment by Sublessee of
Rent hereunder as are available to Owner under the Master Lease and at law and in equity for the non-payment of Rent and/ or of
any installment thereof.

 

(c)
Sublessee or Sublessor, as applicable, shall, within three (3) days after receipt thereof, notify the other Party of any notice
applicable to the Sublease Premises served by Owner upon such Party. Wherever Owner requires Sublessor, as tenant under the Master
Lease (except in respect of any provision which has not been incorporated herein), to take any action or to cure any default (other
than a default in the payment of Base Rent or Additional Rent) applicable to the Sublease Premises within a period of time stated
therein or in the Master Lease, Sublessee shall complete such action or cure such default not later than three (3) days prior
to the expiration of such period and shall promptly furnish notice of compliance to Sublessor, unless the nature of such cure
cannot reasonably be completed within five (5) business days, in which case, Sublessee shall have an additional time period to
complete such cure (which shall not exceed a total of thirty (30) days), and Sublessee shall not be deemed to be in default or
breach of its obligations under this Sublease unless Sublessee fails to cure such default within such thirty (30) day period.

 

    	16

    	 

    

 

10. Subleases,
Assignments, etc.

 

(a) Sublessee shall not by operation of law or otherwise, assign this Sublease or any interest therein
or sublet any portion or all of the Sublease Premises (each, a “Transfer”) without Owner’s
prior written consent as set forth in the Master Lease, and Sublessor’s prior written consent which may be granted or
withheld in Sublessor’s sole discretion; provided, however, that commencing on the earlier of (i) the date upon which
Sublessor has sublet the entire Premises or assigned the Master Lease, each to an unaffiliated third party for the remainder
of the Term (as defined in the Master Lease) and (ii) the date that is twelve (12) months after the Commencement Date,
Sublessor shall not unreasonably withhold its consent to any Transfer. Notwithstanding the foregoing, Sublessee shall not
offer to make or enter into negotiations with respect to a Transfer to any of the following: (x) a tenant in the Building;
(y) any party with whom Sublessor or any affiliate of Sublessor is then negotiating or has been negotiating in the then-prior
six (6) months with respect to space in the Building; (z) any entity owned by, owning, or affiliated with, directly or
indirectly, any tenant or party described in clauses (x) and (y) hereof, and it shall not be unreasonable for Sublessor to
disapprove any proposed Transfer to such entities. Any Transfer in violation of the provisions of this Sublease shall, at the
option of Sublessor, be void and of no force or effect, and, at the option of Sublessor, terminate this Sublease.

 

(b)
No consent by Sublessor or Owner to any Transfer shall in any manner be considered to relieve Sublessee from obtaining Sublessor
or Owner’s express written consent to any further Transfer.

 

(c)
Without limitation of the foregoing, if this Sublease is assigned, or if the Sublease Premises or any part thereof is sublet or
occupied by anyone other than Sublessee, Sublessor may, after default by Sublessee, collect Base Rent and Additional Rent from
the assignee, subtenant or occupant, and apply the amount collected to the Base Rent and Additional Rent herein reserved, but
no such assignment, subletting, occupancy or collection of Base Rent and Additional Rent shall be deemed a waiver of the covenants
in this Section 10, nor shall it be deemed acceptance of the assignee, subtenant or occupant as a tenant, or a release of Sublessee
from the full performance of all the terms, conditions and covenants of this Sublease.

 

    	17

    	 

    

 

11. “As
Is” Condition. Without limiting any representation or warranty or any other obligation of Sublessor under this
Sublease, Sublessor warrants and represents that the Building systems that serve the Sublease Premises shall be in good
working order and condition and to Sublessor’s actual knowledge all such Building systems are and shall be in
compliance with all applicable laws and regulations, with the Sublease Premises being broom clean and vacant on the
Commencement Date (exclusive of the Personal Property, as such term is hereinafter defined). Sublessee acknowledges that it
has inspected the Sublease Premises demised hereunder, and, agrees to accept the Sublease Premises in “AS
IS” “WHERE IS CONDITION” in reliance upon Sublessor’s warranty and representation set forth above in
this Section, and without any obligation on Sublessor’s part to alter or reconfigure the Sublease Premises and subject
to all applicable zoning, federal, state and local laws, ordinances and regulations governing and regulating the Sublease
Premises, including but not limited to the Americans with Disabilities Act, and any covenants and restrictions of record and
all matters disclosed thereby and by any exhibits attached to this Sublease; provided, however, Sublessee shall not be
responsible for performing any improvements to cure any non-compliance with such laws except to the extent caused by its
specific (and not general office) use of the Sublease Premises or any alteration made by Sublessee. Except as set forth above
in this Section or elsewhere in this Sublease, Sublessee further acknowledges that neither Sublessor nor Owner has made any
representations or warranties whatsoever with respect to the physical condition of the Sublease Premises or Personal
Property, expressed and/ or implied, or arising by operation of law, including, but not limited to, any warranty of
condition, habitability, merchantability or fitness for a particular purpose and Sublessee agrees that neither Sublessor or
Owner have any obligation to alter or repair the Sublease Premises or to prepare the same in any way prior to the
Commencement Date for Sublessee’s occupancy or use.

 

    	18

    	 

    

 

12.
Alterations. All alterations, changes, additions, improvements, repairs or replacements in, to, or about the Sublease
Premises (collectively, “Sublessee Changes”), including, without limitation, Sublessee’s Work, shall
be made in accordance with the provisions of the Master Lease applicable thereto. No Sublessee Changes shall be affected by
Sublessee to the Sublease Premises without Sublessor’s prior written consent, which consent shall not be unreasonably
withheld, delayed or conditioned. All Sublessee Changes shall be subject to Owner’s consent if required by the terms of
the Master Lease, and Sublessor makes no representations or warranties, and expresses no opinion, with respect to
Owner’s consent to any Sublessee Changes. Sublessee shall reimburse: (i) Owner in accordance with the provisions in
the Master Lease with respect to Sublessee Changes, and (ii) Sublessor for all actual, reasonable out-of-pocket costs and
expenses incurred in connection with the review of proposed Sublessee Changes, including the plans with respect thereto,
which shall not exceed $2,000 per request. Sublessee shall not be required to remove any such alteration from the Sublease
Premises unless Owner or Sublessor requires such removal in writing at the time of granting its consent to Sublessee’s
proposed alteration.

 

    	19

    	 

    

 

13.
Sublessee’s Work. Subject to the consent of Sublessor and Owner (i) to the Sublessee’s Preliminary Work described
on Exhibit “E” attached hereto, and (ii) the Sublessee’s Final Work Plans (as hereinafter defined), Sublessee
shall have the right to perform and complete at its sole cost and expense the work (“Sublessee’s Work”)
as described in the Sublessee’s Final Work Plans, which when approved by Sublessor and Owner shall be made a part hereof
and shall constitute Exhibit “E”; provided, however, by its execution of this Sublease, Sublessor shall be
deemed to have consented to all of the work described in Exhibit “E”, except as may be otherwise expressly noted in
said Exhibit. At its sole cost and expense, Sublessee shall remove Sublessee’s Work and restore the Sublease Premises to
its pre-Sublessee’s Work condition on the Commencement Date at the expiration of the Term, normal wear and tear and casualty
excepted; provided, however, Sublessor specifically agrees that if at the time Owner consents to Sublessee’s Work, Owner
does not require the removal of Sublessee’s Work and restoration of the Sublease Premises to its pre-Sublessee’s Work
condition on the Commencement Date by either Sublessor or Sublessee, Sublessee shall not be obligated to remove Sublessee’s
Work nor to restore the Sublease Premises at the expiration of the Term. Sublessee shall construct all Sublessee’s Work
in a good and workmanlike manner and in compliance with all federal, state and local laws, rules, regulations and ordinances,
including, but not limited to, the Americans with Disabilities Act. Further, Sublessee shall comply with all terms and conditions
of the Master Lease relating to alterations or changes to be made to the Sublease Premises and shall comply with Owner’s
reasonable health, safety and security policies and procedures in so constructing the Sublessee’s Work, a copy of which
shall be delivered to Sublessee prior to the execution of this Sublease. In addition, Sublessee shall indemnify, defend and hold
harmless Sublessor and Owner against liability, loss, cost, damage, liens and expense imposed upon Sublessor or Owner arising
out of the performance of such Sublessee’s Work by Sublessee, excluding, however, any such liability, loss, cost, damage,
or lien resulting from the acts or omissions of Sublessor or Owner.

 

    	20

    	 

    

 

14.
Brokers. Sublessor and Sublessee each represent and warrant to the other that it has had no dealings with any real estate
broker, finder or agent in connection with the negotiation of this Sublease or bringing about or consummating this Sublease, except
CBRE, Inc. (“Sublessor’s Broker”) and Newmark of Connecticut, LLC (“Sublessee’s Broker”).
Sublessor shall pay Sublessor’s Broker a commission pursuant to a separate written agreement and Sublessor’s Broker
shall thereafter be solely responsible for any commissions owning to Sublessee’s Broker in connection with this Sublease.
Other than Sublessor’s Broker and Sublessee’s Broker, the Parties know of no other real estate broker or agent who
is or might be entitled to a commission in connection with this Sublease. Sublessor and Sublessee each agree to indemnify, defend
and hold the other harmless from all costs and liabilities, including reasonable attorneys’ fees and costs, arising out
of or in connection with claims made by any broker or individual who alleges that it is entitled to commissions or fees with regard
to this Sublease as a result of dealings it had with the indemnifying party.

 

15.
Indemnification.

 

(a) Sublessee shall indemnify and save harmless Sublessor and its officers, directors, agents and employees,
against and from any and all liability, damage, expense, cause of action, suits, claims or judgments for injury or death to persons
or damage to property sustained by anyone in and about the Sublease Premises or any part thereof, arising out of or in any way
connected with Sublessee’s or its agents’, employees’, contractors’ or invitees’, use or occupation
of the Sublease Premises or any breach of this Sublease or the Master Lease. Furthermore, all furnishings, fixtures, equipment,
and property of every kind and description of Sublessee and of persons claiming by or through Sublessee which may be on the Sublease
Premises shall be at the sole risk and hazard of Sublessee and no part or loss or damage thereto from whatever cause is to be
charged to or borne by Sublessor.

 

    	21

    	 

    

 

(b)
Sublessor shall indemnify and save harmless Sublessee and its officers, directors, agents and employees, against and from any
and all liability, damage, expense, cause of action, suits, claims or judgments for injury or death to persons or damage to property
sustained by anyone in and about the Premises other than the Sublease Premises or any part thereof, arising out of or in any way
connected with Sublessor’s or its agents’, employees’, contractors’ or invitees’, use or occupation
of the Premises other than the Sublease Premises or any breach of this Sublease or the Master Lease. Furthermore, all furnishings,
fixtures, equipment, and property of every kind and description of Sublessor and of persons claiming by or through Sublessor which
may be on the Premises other than the Sublease Premises shall be at the sole risk and hazard of Sublessor and no part or loss
or damage thereto from whatever cause is to be charged to or borne by Sublessee. In no event shall Sublessee be liable in any
way for, and Sublessor and Owner each forever releases Sublessee from, any claim, loss, liability, damages and costs in connection
with or arising out of or resulting from Sublessor’s default or breach under the Master Lease.

 

16.
Damage, Destruction and Condemnation. If the Sublease Premises or any portion thereof shall be damaged by fire or other
casualty or be condemned or taken in any manner for a public or quasi-public use, Sublessee agrees that it shall be the obligation
of Owner and not of Sublessor to repair, restore or rebuild the Sublease Premises in accordance with the terms of the Master Lease.
In the event of a casualty or condemnation in connection with all or any portion of the Building or Sublease Premises, this Sublease
shall continue in full force and effect, unless in connection therewith Owner or Sublessor terminates the Master Lease pursuant
to the provisions thereof. Base Rent and Additional Rent payable hereunder shall be abated in full pending the complete restoration
of any damage caused by such casualty or taking of the Sublease Premises to the extent that such rents are abated pursuant to
the Master Lease .. In the event of a condemnation or taking of the Sublease Premises, the Parties hereby agree that Sublessee
shall be entitled to any award received by Sublessor pursuant to the Master Lease with respect to the Sublease Premises, less
the reasonable costs of collection borne by Sublessor. Notwithstanding the foregoing, Sublessee shall have the right to terminate
this Sublease if (i) the repair or restoration work cannot be completed within one hundred eighty (180) days following the date
of casualty or condemnation, or (ii) if fewer than twelve ( 12) months remain in the Term of this Sublease. The Parties agree
that this Section 16 constitutes an express agreement governing any case of damage, destruction or taking of the Sublease Premises
or the Building by fire or other casualty or condemnation.

 

    	22

    	 

    

 

17. Right
of Sublessor to Perform Sublessee’s Covenants. If Sublessee shall have defaulted in the observance or performance
of any term or covenant on Sublessee’s part to be observed or performed under or by virtue of any of the terms or
provisions of this Sublease beyond applicable notice and cure periods, then, unless otherwise provided elsewhere in this
Sublease, Sublessor may, after giving at least three (3) business days’ prior written notice to Sublessee (unless
Sublessee’s failure to perform such obligation has created an emergency, which means an imminent threat to personal
safety or property damage, in which event Sublessor shall give at least twenty four (24) hours’ prior written notice to
Sublessee), perform the same for the account of Sublessee, and if Sublessor makes any expenditures or incurs any
obligations for the payment of money in connection therewith, including, but not limited to, reasonable out-of-pocket
attorneys’ fees and disbursements in instituting, prosecuting or defending any action or proceeding and any late charge
to the extent Sublessor is charged by Owner as a result of such default by Sublessee, such sums paid or obligations incurred
with interest at the Interest Rate, and such costs shall be deemed to be Additional Rent hereunder and shall be paid by
Sublessee to Sublessor within thirty (30) days after Sublessee’s receipt of a reasonably detailed invoice or statement
therefor, in addition to any documentation reasonably requested by Sublessee.

 

    	23

    	 

    

 

18.
Insurance. Sublessee shall maintain and keep in full force and effect during the Term, at its own cost and expense, the
insurance policies required to be held by “Tenant” under the applicable provisions of Section 4.02 of the Master Lease
and such policies shall comply with the requirements of Section 4.02 of the Master Lease but only to the extent of Sublessee’s
interest in and to the the Sublease Premises. The foregoing shall in no way limit or otherwise diminish Sublessor’s obligations
under the Master Lease, including the obligation to maintain insurance under Section 4.02 of the Master Lease with respect to
the entire Premises.All commercial general liability insurance procured by Sublessee under this Section 18 shall name Owner,
Sublessor, any superior lessor and any superior mortgagee, as their respective interests may appear as additional insureds (so
long as Sublessor provides Sublessee prior written notice of the names and addresses of such superior mortgagees and/ or superior
lessors). Sublessee shall include in each of its insurance policies (and, with respect to any equipment in the Sublease Premises
owned by Sublessee, in the insurance policies covering such equipment carried by Sublessee or the lessors of such equipment) against
loss, damage or destruction by fire or other insured casualty (except for earthquake and sprinkler coverage) a waiver of all of
the insurer’s rights of subrogation against Sublessor, Owner, any superior lessor, mortgagee, managing agent and property
manager.

 

19. End
of Term. Upon the expiration or sooner termination of the Term, Sublessee shall vacate and surrender the Sublease
Premises in accordance with Section 15.01 of the Master Lease; provided, however, that Sublessee shall not be required to
remove any alterations installed by Sublessor at any time or alterations which existed and/ or were commenced prior to the
Commencement Date, but shall reasonably cooperate with Sublessor to the extent that Sublessor is required to timely remove
such alterations pursuant to the Master Lease. Removal of all furniture, trade fixtures, and moveable equipment and
other personal items owned by Sublessee shall be the responsibility of Sublessee. Sublessor shall cooperate with Sublessee in
Sublessee’s performance of its obligations under this Section.

 

    	24

    	 

    

 

20.
Signage. Sublessee shall be entitled to directory signage in the Building lobby and on the entrances to the Sublease Premises
subject to Sublessor’s (and Owner’s if required) prior written consent, which shall not be unreasonably withheld,
conditioned or delayed. Sublessor shall pay the costs and expenses of removing Sublessor’s signage and Sublessee shall pay
the costs and expenses of installing, maintaining and repairing its signage.

 

21.
Parking. During the Term, Sublessee shall be entitled to use 3 parking spaces per 1,000 rentable square feet of the Sublease
Premises at no additional charge of Sublessor’s non-designated parking spaces in accordance with the terms of Section 20.10
of the Master Lease.

 

22. Miscellaneous.
This Sublease and any Exhibits attached hereto:

 

(a)
Contain the entire agreement among the Parties hereto with respect to the subject matter covered hereby;

 

(b)
May not be amended or rescinded except by an instrument m writing executed by each of the Parties hereto;

 

(c)
Shall inure to the benefit of and be binding upon the successors and assigns of the Parties hereto (to the extent permitted
under this Sublease); and

 

    	25

    	 

    

 

(d)
May be executed in one or more counterparts, each of which, when so executed and delivered shall be deemed an original and all
of which taken together shall constitute one and the same instrument;

 

(e)
In the event that any covenant, condition or other provision herein contained is held to be invalid, void or illegal by any court
of competent jurisdiction, the same shall be deemed severable from the remainder of this Sublease and shall in no way affect,
impair or invalidate any other covenant, condition or other provision herein contained. If such condition, covenant or other provision
shall be deemed invalid due to its scope or breadth, such covenant, condition or other provisions shall be deemed valid to the
extent of the scope or breadth permitted by law;

 

(f)
intentionally omitted;

 

(g)
The waiver by Sublessor or Sublessee of any breach of any term, condition or covenant of this Sublease shall not be deemed to
be a waiver of such provision or any subsequent breach of the same or any other term, condition or covenant of this Sublease.
No covenant, term or condition of this Sublease shall be deemed to have been waived by Sublessor or Sublessee unless such waiver
is in writing and signed by the waiving party;

 

(h)
Sublessor may transfer the Sublease Premises and any of its rights under this Sublease or Master Lease without the consent of
Sublessee. In the event that Sublessor, or any successor to the Sublessor’s interest in the Sublease Premises, shall sell,
convey, transfer or assign the Sublease Premises, all liabilities and obligations on the part of Sublessor, or such successor,
under this Sublease, shall thereupon and thereby be released, and thereupon all such liabilities and obligations shall be binding
upon the new sublessor and Sublessee shall look solely to such new sublessor for the performance of any of Sublessor’s obligations
hereunder; provided, however, to the extent such liabilities and obligations are of a continuing nature and have not been expressly
assumed by the successor, Sublessor or such successor, as the case may be, shall remain liable therefor. This Sublease and Sublessee’s
rights and obligations hereunder shall not otherwise be affected by any such sale, conveyance, transfer or assignment and Sublessee
agrees to attorn to such new owner and execute any such documents evidencing such attornment;

 

    	26

    	 

    

 

(i)
The submission of this Sublease for examination or the negotiation of the transaction described herein or the execution of this
Sublease by only one of the Parties shall not in any way constitute an offer to sublease on behalf of either Sublessor or Sublessee,
and this Sublease shall not be binding on either Party until duplicate originals thereof, duly executed on behalf of both Parties,
have been delivered to each of the Parties hereto;

 

U)
This Sublease is made the state of Connecticut and shall be governed by and construed by the laws thereof;

 

U)
Except with respect to Sublessee’s failure to vacate and surrender the Sublease Premises on or before the Expiration Date
as provided in Section 6 of this Sublease, Sublessor and Sublessee agree that as to the other, Sublessor and Sublessee shall not
have any right to sue for or collect, and Sublessor and Sublessee shall never have any liability or responsibility whatsoever
for any consequential or indirect damages, whether proximately or remotely related to any default of the other under this Sublease
or any act, omission or negligence of Sublessee or Sublessor or their respective agents, contractors or employees, as the case
may be, and Sublessor and Sublessee hereby waive any all such rights; and

 

    	27

    	 

    

 

(1)
Both Parties hereto will maintain in confidence and not disclose to any third-party the existence of this Sublease and/or
the specific terms of this Sublease, except (i) to said party’s corporate affiliates, legal counsel, auditors, lenders
or contractors, (ii) to prospective assignees of the Sublease or subtenants of all or any portion of the Sublease Premises,
(iii) as required in connection with any financing or proposed sale or transfer of any interest in the Sublease Premises by
Sublessor, (iv) as required in connection with the sale of equity interests, or the merger or consolidation of either party
hereto, (v) in order to enforce a party’s rights under this Sublease or the Master Lease, (vi) as specifically
authorized to do so in writing by the other party, or (vii) as otherwise required by any applicable laws or pursuant to any
litigation, arbitration or regulatory proceeding.

 

23.
Owner’s Consent. This Sublease is subject to and conditioned upon the written consent of Owner to (i) this subletting
as described in this Sublease, and to Sublessor’s Work, and (ii) the Sublessee’s Work and signage (if required), such
consent to be given by Owner, per separate written agreement (“Owner’s Consent”). Sublessor shall (i)
use commercially reasonable efforts to procure Owner’s Consent and (ii) promptly notify Sublessee of the receipt of Owner’s
Consent and provide Sublessee with a copy thereof. In the event that Owner’s Consent as it relates to (i) above shall not
have been obtained on or prior to the date that is two (2) months from the Effective Date, then Sublessor and Sublessee shall
each have the right to terminate this Sublease effective upon notice to the other given in writing within five (5) days from the
Effective Date, in which event this Sublease shall be of no further force or effect and the Parties will have no further obligations
or liability hereunder.

 

24.
Personal Property. Sublessor shall deliver the furniture, equipment and other personal property located at the Sublease
Premises as of the Effective Date and listed on Exhibit “F” attached hereto and made a part hereof (“Personal
Property”) to Sublessee on the Commencement Date for the purchase price of One Dollar ($1.00), subject to the provisions
of this Section 24. On the Commencement Date, Sublessor shall deliver to Sublessee a Bill of Sale for the Personal Property in
the form attached as Exhibit “G” hereto. During the Term, Sublessee shall have the right to use, remove or
discard any or all Personal Property in any manner Sublessee desires.

 

    	28

    	 

    

 

(a)
Sublessee has inspected the Personal Property and determined that it is acceptable to Sublessee. Sublessor has not made, and
shall not be bound by, any statements, agreement, or representations regarding the Personal Property not specifically set
forth herein, unless the same are reduced to writing and signed by Sublessor.

 

(b)
SUBLESSEE AGREES THAT EXCEPT AS EXPRESSLY PROVIDED ELSEWHERE IN THIS SUBLEASE, SUBLESSOR MAKES NO WARRANTIES, EXPRESSED AND IMPLIED
AND ALL WARRANTIES OF ANY KIND, INCLUDING ANY EXPRESSED OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR PURPOSE, ARE HEREBY
EXCLUDED BOTH AS TO THE PERSONAL PROPERTY AND AS TO MAINTENANCE OR REPAIR WORK PERFORMED BY SUBLESSOR ON THE PERSONAL PROPERTY.

 

25.
Representations and Warranties. (a) Sublessee warrants and represents, for the benefit of Sublessor only, that (i) Sublessee
is duly organized and existing under the laws of the State of Delaware, (ii) subject to obtaining the Owner’s Consent, Sublessee
has full right and authority to execute, deliver and perform under this Sublease, (iii) the persons executing this Sublease on
behalf of Sublessee were authorized to do so, (iv) to Sublessee’s actual knowledge, the execution, delivery and performance
by Sublessee of this Sublease will not violate any provision of law or any order of any court or agency of government, or any
agreement or other instrument to which Sublessee is a party or by which it or any of its property is bound and (v) this Sublease
shall be a valid and binding obligation of Sublessee enforceable in accordance with its terms.

 

    	29

    	 

    

 

(b)
Sublessor warrants and represents, for the benefit of Sublessee only, that (i) Sublessor is duly organized and existing under
the laws of the State of Delaware, (ii) subject to obtaining the Owner’s Consent, Sublessor has full right and authority
to execute, deliver and perform under this Sublease, (iii) the persons executing this Sublease on behalf of Sublessor were authorized
to do so, (iv) to Sublessor’s actual knowledge, the execution, delivery and performance by Sublessor of this Sublease will
not violate any provision of law or any order of any court or agency of government, or any agreement or other instrument to which
Sublessor is a party or by which it or any of its property is bound and (v) this Sublease shall be a valid and binding obligation
of Sublessor enforceable in accordance with its terms.

 

26.
Anti-Terrorism Representations. (a) Sublessor represents and warrants to Sublessee that (1) neither Sublessor, nor to the
knowledge of Sublessor, any director, officer, employee or affiliate of the Sublessor (collectively, “Sublessor Parties”)
are in violation of any law relating to terrorism or money laundering, including but not limited to, Executive Order No. 13224
on Terrorist Financing, the U.S. Bank Secrecy Act, as amended by the Patriot Act, the Trading with the Enemy Act, the International
Emergency Economic Powers Act and all regulations promulgated thereunder, all as amended from time to time (collectively, “Anti-Terrorism
Law”); (2) no action, proceeding, investigation, charge, claim, report, or notice has been filed, commenced, or threatened
against Sublessor, or to the knowledge of Sublessor, any ofthe Sublessor Parties alleging any violation of any Anti-Terrorism
Law; and (3) neither Sublessor nor, to the knowledge of Sublessor, any of the Sublessor Parties is a “Prohibited Person”.
As used in this Sublease, “Prohibited Person” shall mean any (1) person or entity who is on the OFAC List or
any “designated national,” “specially designated national,” “specially designatedterrorist,”
“specially designated global terrorist,” “foreign terrorist organization,” “blocked person,”
or “specially designated narcotics trafficker,” within the definitions set forth in the Foreign Assets Control Regulations
of the United States Treasury Department, 31 C.F.R., Subtitle B, Chapter V, as amended; (2) any government or entity against whom
the United States maintains economic or other sanctions or embargoes under the Regulations of the United States Treasury Department,
31 C.F.R., Subtitle B, Chapter V, or the Export Administration Regulations of the United States Department of Commerce, 15 C.F.R.
Subtitle B, Chapter VII, Subchapter C, each as amended, including, but not limited to, the “Government of Burma,”
the “Government of Sudan,” the “Taliban,” and the “Government of Iran,” and person acting
on behalf of such government or entity; (3) person or entity who is listed in the Annex to or is otherwise within the scope of
Executive Order 13224- Blocking Property and Prohibiting Transactions with Persons who Commit, Threaten to Commit, or Support
Terrorism, effective September 24, 2001; or (4) person or entity subject to additional restrictions imposed by any of the following
statutes or Regulations and Executive Orders issued thereunder: the Trading with the Enemy Act, 50 U.S.C. Appendix,§§
1 et seq.; the Iraq Sanctions Act, §§ 586 et seq. of Pub. L. 101-513, 104 Stat. 2047; the National Emergencies Act,
50 U.S.C. §§ 160 1 et seq.; the Anti-Terrorism and Effective Death Penalty Act of 1996, Pub. L. 104-132, 110 Stat. 1214;
the International Emergency Economic Powers Act, 50 U.S. C. §§ 1701 et seq.; the United Nations Participation Act, 22
U.S.C. § 287c; the International Security and Development Cooperation Act, 22 U.S.C. § 2349aa-9; the Nuclear Proliferation
Prevention Act of 1994, Pub. L. 103-236, 108 Stat. 507; the Foreign Narcotics Kingpin Designation Act, 21 U.S. C.§§
1901 et seq.; the Iran and Libya Sanctions Act of 1996, Pub. L. 104-172, 110 Stat. 1541; the Cuban Democracy Act, 22 U.S.C. §§
6001 et seq.; the Cuban Liberty and Democratic Solidarity Act, Pub. L. 104-114, 22 U.S.C. §§ 6021 et seq.; the Clean
Diamonds Trade Act, Pub. L.108-19, 117 Stat. 631; the Burmese Freedom and Democracy Act, Pub. L. 108-61, 117 Stat. 864; the Foreign
Operations, Export Financing and Related Programs Appropriations Act of 1997, § 570 of Pub. L. 104-208, 110 Stat. 3009; the
Trade Sanctions Reform and Enhancement Act of 2000, Title IX of Pub. L. 106-387, 114 Stat. 1549; the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of2001, Pub. L. 107-56, 115 Stat. 272;
or any other law of similar import as to any non-U.S. country, as each such Act or law has been or may be amended, adjusted, modified,
or reviewed from time to time. Sublessor covenants that Sublessor shall not knowingly conduct any business or transaction or make
or receive any contribution of funds, goods or services in violation of any Anti Terrorism Law or engage in or conspire to engage
in any transaction that evades or avoids, has the purpose of evading or avoiding or attempts to violate any of the prohibitions
of any Anti-Terrorism Law.

 

    	30

    	 

    

 

(b)
Sublessee represents and warrants to Sublessor that, as of the date hereof, (1) neither Sublessee, nor to the knowledge of Sublessee,
any director, officer, employee or affiliate of the Sublessee (collectively, “Sublessee Parties”) are in violation
of any Anti-Terrorism Law; (2) no action, proceeding, investigation, charge, claim, report, or notice has been filed, commenced,
or threatened against Sublessee, or to the knowledge of Sublessee, any of the Sublessee Parties alleging any violation of any
Anti-Terrorism Law; and (3) neither Sublessee nor, to the knowledge of Sublessee, any of the Sublessee Parties is a “Prohibited
Person”. Sublessee covenants that Sublessee shall not knowingly conduct any business or transaction or make or receive any
contribution of funds, goods or services in violation of any Anti-Terrorism Law or engage in or conspire to engage in any transaction
that evades or avoids, has the purpose of evading or avoiding or attempts to violate any of the prohibitions of any Anti-Terrorism
Law.

 

27.
Quiet Enjoyment. Upon paying the Base Rent, Additional Rent and performing the terms, covenants, conditions and provisions
of this Sublease, Sublessee may lawfully and quietly hold and enjoy the Sublease Premises during the Term, subject, however, to
the terms, covenants, conditions, and provisions of this Sublease.

 

28.
White Noise. The following provision relates to the system that provides white noise to the Premises (the “White
Noise System”). The parties hereby agree that the Sublessor shall adjust the levels and settings of the White Noise
System at the reasonable request of Sublessee (to the extent that White Noise System affects the Sublease Premises). Sublessor
shall keep and maintain the White Noise System in good repair and working order and perform any and all required maintenance on
the same (subject to reimbursement through Sublessee’s payment of Additional Rent). Sublessor shall reasonably consider
Sublessee’s request for upgrades and alterations to the White Noise System to enhance service to the Sublease Premises.
Any elective upgrades and/ or alterations to the White Noise System shall be borne by the party requesting the same. Sublessor’s
obligation to provide the White Noise System in the Sublease Premises shall terminate if and when Sublessor no longer occupies
the Building, however, Sublessor shall make reasonable efforts to cause another occupant of the Building to provide the same.

 

    	31

    	 

    

 

29.
Pantry Space. Notwithstanding anything contained in this Sublease to the contrary, Sublessee may, if Sublessee so elects,
and for Sublessee’s sole use, install and operate within the Sublease Premises a pantry or lunch room containing microwave
ovens, refrigerators, vending machines to dispense hot and cold beverages, ice cream, candy and food; provided, however, each
such pantry or lunchroom shall be located in the existing pantry space designated as such on the floor plans constituting part
of Exhibit “B” hereto, and the aforementioned machines and equipment shall be maintained in a neat and sanitary
condition and shall comply with applicable laws and ordinances.

 

30.
Sublessor’s Default. As between Sublessor and Sublessee, if Sublessor fails in the performance of any of its obligations
under this Sublease and such failure continues for five (5) days after Sublessor’s receipt of written notice thereof from
Sublessee (and an additional reasonable time after such receipt if (A) such failure cannot be cured within such five (5) day period,
and (B) Sublessor commences curing such failure within such five (5) day period and thereafter diligently pursues the curing of
such failure), then Sublessee shall be entitled to exercise any remedies that Sublessee may have at law or in equity.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	32

    	 

    

 

List
of Exhibits

 

	Exhibit
    A	Master
    lease
	Exhibit
    B 	Sublease
    Premises
	Exhibit
    C	Rent
	Exhibit
    D	Reserved
	Exhibit
    E	Sublessee’s
    Work
	Exhibit
    F	Personal
    Property
	Exhibit
    G	Bill
    of Sale
	Exhibit
    H	Fitness
    Center Waiver Form

 

    	33

    	 

    

 

IN
WITNESS WHEREOF, the Parties have duly executed this Sublease as of the Effective Date.

 

	 	GE
    CAPITAL US HOLDINGS, INC.,

    a Delaware corporation
	 	 
	 	By:	
	 	Name:
    	Ana
    M. Chadwick
	 	Title:	Finance
    Leader
	 	 
	 	REED’S
    INC.,
	 	a
    Delaware corporation
	 	 	 
	 	By:	
	 	Name:	Val Stalowir

	 	Title:	CEO

 

    	34

    	 

    

 

EXHIBIT
“A”

MASTER
LEASE

 

(Attached)

 

    	35

    	 

    

 

EXHIBIT
“B” 

SUBLEASE PREMISES

 

 

 

    	36

    	 

    

 

EXHIBIT
“C”

BASE
RENT SCHEDULE

Sublease Premises A

 

	Period	 	Rent
                                                                                 per RSF
	 	 	Monthly
                                                                                 Base Rent
	 	 	Annual Base Rent
	 
	9/1/2018 - 8/31/2019	 	$	24.00	 	 	$	9,240.00	 	 	$	92,400	*
	 	 	 	 	 	 	 	 	 	 	 	*
                                         Prorated for 10 months	 
	9/1/2019 - 8/31/2020	 	$	24.50	 	 	$	9,432.50	 	 	$	113,190	 
	9/1/2020 - 8/31/2021	 	$	25.00	 	 	$	9,625.00	 	 	$	115,500	 
	9/1/2021 - 8/31/2022	 	$	25.50	 	 	$	9,817.50	 	 	$	117,810	 
	9/1/2022 - 8/31/2023	 	$	26.00	 	 	$	10,010.00	 	 	$	120,120	 
	9/1/2023 - 8/31/2024	 	$	26.50	 	 	$	10,202.50	 	 	$	122,430	 
	9/1/2024 - 12/15/2024	 	$	27.00	 	 	$	10,395.00	 	 	$	36,382.50	*
	 	 	 	 	 	 	 	 	 	 	 	*
                                         Prorated for 3.5 months	 

 

    	37

    	 

    

 

EXHIBIT
“C”

BASE
RENT SCHEDULE Sublease Premises B

 

	Period	 	Rent
    per RSF	 	 	Monthly
Base Rent	 	 	Annual
Base Rent	 
	4/1/2021-3/31/2022	 	$	25.50	 	 	$	8,500.00	 	 	$	93,500	*
	 	 	 	 	 	 	 	 	 	 	 	*
                                         Prorated for 11 months	 
	4/1/2021-3/31/2022	 	$	26.00	 	 	$	8,666.67	 	 	$	104,000	 
	4/1/2021-3/31/2022	 	$	26.50	 	 	$	8,833.33	 	 	$	106,000	 
	4/1/2021-3/31/2022	 	$	27.00	 	 	$	9,000.00	 	 	$	76,500	*
	 	 	 	 	 	 	 	 	 	 	 	*
                                         Prorated for 8.5 months	 

 

    	38

    	 

    

 

EXHIBIT
“D”

RESERVED

 

    	39

    	 

    

 

EXHIBIT
“E”

SUBLESSEE’S
WORK

 

Painting
of sublease premises

 

Wood
furniture cleaning/polishing/touch up

 

Installation
of services (Lightpath/ Optimum for wifi / high speed internet)

 

Installation
of general office equipment (copier, printers, scanners, computers/monitors, phones, TV, etc)

 

Installation
of server I networking equipment and cabling

 

Installation
of new furniture and removal of some existing furniture

 

    	40

    	 

    

 

EXHIBIT
“F” PERSONAL PROPERTY

 

Premises
A

8
office sets includes u-shape desk

8
desk chairs

16
guest chairs

8
2 draw file cabinet

8
2draw file cabinet with hutch

1
conference room table

6
conference room chairs

14
6x8 workstations

14
task chairs

9
file cabinets

1
Telepresence conference room with equipment and furniture

1
Pantry

1
copy room

 

Premises
B

3
office sets includes u-shape desk

3
desk chairs

6
guest chairs

3
2 draw file cabinet

3
2 draw file cabinet with hutch

1
conference table

6
conference room chairs

15
6x8 workstations

15
task chairs

12
file cabinets

 

    	41

    	 

    

 

EXHIBIT
“G”

BILL
OF SALE

 

This
BILL OF SALE (the “Agreement”) is made and entered into as of __, 2018 (“Execution Date”), from
GE Capital US Holdings, Inc. (“Seller”) to Reed’s Inc., a Delaware corporation (“Buyer”).

 

RECITALS

 

WHEREAS,
Seller possesses various items of personal property in the Premises located at and commonly known as 201 Main Avenue, Norwalk,
CT (“Premises”); and

 

WHEREAS,
Such personal property is more particularly described on Exhibit “A” attached hereto and made a part hereof (the “Personal
Property”); and

 

WHEREAS,
Buyer seeks to take ownership of the Personal Property and Seller seeks to transfer ownership of the Personal Property as of the
Effective Date.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, Seller and Buyer agree
as follows:

 

TERMS
AND CONDITIONS

 

1.
CONSIDERATION

 

l.l.
As consideration for the transfer of the Personal Property from Seller to Buyer, Buyer hereby agrees to pay to Seller the amount
of One Dollar ($1.00) (“Purchase Price”) payable to Seller within thirty (30) days of the Execution Date. To the extent
there shall be any obligation therefor, Buyer shall undertake the payment of any and all sales and use taxes and similar charges
arising solely as a result of the sale and transfer of the Personal Property by Seller to Buyer including, but not limited to,
value added taxes, personal property taxes or other direct taxes levied against or based upon the price or value of the Personal
Property purchased hereunder or its use or operation, or any other taxes levied against and solely based upon this Agreement,
or the execution, filing, recording or performance thereof. The term “direct taxes” as used herein, shall include
all taxes (except taxes related to the income of Seller), charges and fees levied, assessed or charged by any local, state or
federal taxing authority. Nothing contained herein shall be construed to impose any obligation upon Buyer with respect to any
tax obligation relating to the Personal Property that accrued prior to the Execution Date.

 

2.
WARRANTY OF TITLE, TRANSFER AND ASSIGNMENT

 

2.1.
   Subject to the terms and provisions contained herein and Seller’s receipt of the Purchase Price, as of the Effective Date,
Seller transfers and conveys to Buyer all of its right, title and interest, if any, in and to the Personal Property. Buyer accepts
the transfer and conveyance of the right, title and interest of Seller in and to the Personal Property subject to the provisions
contained herein.

 

    	42

    	 

    

 

2.2.   SELLER, HEREBY REPRESENTS AND WARRANTS TO BUYER THAT SELLER HAS THE FULL RIGHT, POWER AND AUTHORITY TO SELL AND TRANSFER THE
PERSONAL PROPERTY AND TO MAKE, EXECUTE AND DELIVERY THIS BILL OF SALE, AND THAT SELLER HOLDS TITLE TO ALL OF SUCH PERSONAL
PROPERTY FREE AND CLEAR OF ALL LIENS, ENCUMBRANCES AND OTHER INTERESTS OF THIRD PARTIES. SELLER SHALL WARRANT AND DEFEND
THE TITLE TO THE PERSONAL PROPERTY CONVEYED TO BUYER AGAINST THE LAWFUL CLAIMS AND DEMANDS OF ALL PERSONS.

 

3.
INSPECTION OF THE PERSONAL PROPERTY

 

3.1.
  Buyer has inspected the Personal Property and determined that it is acceptable to Buyer. Seller has not made, and shall not be
bound by, any statements, agreement, or representations regarding the Personal Property not specifically set forth herein, unless
the same are reduced to writing and signed by Seller.

 

4.
NO WARRANTY FOR MERCHANTABILITY AND FITNESS

 

4.1.
 EXCEPT AS EXPRESSLY PROVIDED ABOVE IN SECTION 2, BUYER AGREES THAT SELLER MAKES NO WARRANTIES, EXPRESSED AND IMPLIED AND ALL WARRANTIES
OF ANY KIND, INCLUDING ANY EXPRESSED OR IMPLIED WARRANTYOF MERCHANTABILITY OR FITNESS FOR PURPOSE OR CONDITION OF SAME, ARE
HEREBY EXCLUDED BOTH AS TO THE PERSONAL PROPERTY AND AS TO MAINTENANCE OR REPAIR WORK PERFORMED BY SELLER, IF ANY, ON THE PERSONAL
PROPERTY AND BUYER HEREBY ACCEPTS THE PERSONAL PROPERTY ON AN “AS IS” “WHEREIS” BASIS WITH ALL FAULTS.
IT IS EXPRESSLY AGREED THAT SELLER SHALL HAVE NO RESPONSIBILITY TO REPAIR, MAINTAIN, REPLACE, OR OTHERWISE CARE FOR THE PERSONAL
PROPERTY AFTER THE EFFECTIVE DATE. AS MAY BE REQUIRED BY LAW SELLER AND BUYER AGREE THAT THE DISCLAIMERS OF WARRANTIES AS CONTAINED
IN THIS PARAGRAPH ARE CONSPICUOUS.

 

5.
INDEMNIFICATION RELEASE AND COVENANT NOT TO SUE

 

5.1.
 AS AN INDUCEMENT TO, AND AS FURTHER CONSIDERATION FOR SELLER AGREEING TO SELL THE PERSONAL PROPERTY TO BUYER UPON THE TERMS AND
CONDITIONS SET FORTH IN THIS AGREEMENT, BUYER COVENANTS AND AGREES THAT IT SHALL FOREVER RELEASE SELLER, COVENANT NOT TO SUE FROM
AND AGAINST ANY AND ALL CLAIMS, SUITS, DEBTS, DUES, SUMS OF MONEY, ACCOUNTS, COVENANTS, CONTRACTS, CONTROVERSIES, AGREEMENTS,
PROMISES, DEMANDS, DAMAGES, ACTIONS, OR CAUSES OF ACTION WHATSOEVER ARISING OUT OF THE PERSONAL PROPERTY, INCLUDING, WITHOUT LIMITATION,
ITS CONDITION OR USE REGARDLESS OF WHETHER SUCH CONDITION IS KNOWN OR UNKNOWN AND/OR WHETHER SUCH CONDITION IS LATENT OR PATENT
OR WITH RESPECT TO BUYER’S RESPONSIBILITY UNDER PARAGRAPH 1 OF THIS AGREEMENT TO FILE AND PAY ANY TAXES AND FEES LEVIED
AGAINST OR BASED UPON THE PRICE OR VALUE OF THE PERSONAL PROPERTY PURCHASED HEREUNDER OR ITS USE OR OPERATION, OR ANY OTHER TAXES
LEVIED AGAINST OR BASED UPON THIS AGREEMENT, OR THE EXECUTION, FILING, RECORDING OR PERFORMANCE THEREOF. THE FOREGOING RELEASE
AND COVENANT NOT TO SUE SHALL APPLY TO ALL CLAIMS AT LAW OR IN EQUITY, INCLUDING, BUT NOT LIMITED TO, CLAIMS OR CAUSES OF ACTION
FOR PERSONAL INJURY OR DEATH, PERSONAL PROPERTY DAMAGE AND CLAIMS FOR CONTRIBUTION. AS MAY BE REQUIRED BY LAW SELLER AND BUYER
AGREE THAT THE , RELEASE AND COVENANT NOT TO SUE AS CONTAINED IN THIS PARAGRAPH ARE CONSPICUOUS.

 

    	43

    	 

    

 

6.
HAZARDOUS SUBSTANCES

 

6.1.
SELLER MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING FACTS, CIRCUMSTANCES, OR CONDITIONS OF THE PAST OR PRESENT USE OF
THE PERSONAL PROPERTY WITH RESPECT TO HAZARDOUS SUBSTANCES OR ENVIRONMENTAL LAWS.

 

7.
ENTIRE AGREEMENT

 

7.1.
 This Agreement constitutes the entire agreement between Seller and Buyer regarding the subject matter hereof and supersedes all
oral statements and prior writings relating thereto. Except for those set forth in this Agreement, no representations, warranties,
or agreements have been made by Seller or Buyer with respect to this Agreement or the obligations of Seller or Buyer in connection
therewith.

 

8.
SEVERABILITY

 

8.1.
  If any provisions of this Agreement shall be held to be invalid, void or unenforceable, the remaining provisions hereof shall
not be affected or impaired, and such remaining provisions shall remain in full force and effect.

 

9.
VOLUNTARY AGREEMENT

 

9.1. The parties, hereto, and each of them, further represent and declare that they have carefully read this Agreement and know
the contents thereof and that they sign the same freely and voluntarily. This Agreement and each provision of this Agreement was
negotiated by the parties and therefore, neither this Agreement nor any provision of this Agreement shall be interpreted for or
against any party on the basis such party or its attorney drafted the agreement or provision in question.

 

10.
SUCCESSOR AND ASSIGNS

 

10.1.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives,
successors and permissible assigns.

 

    	44

    	 

    

 

11.
INDEPENDENT ADVICE OF COUNSEL

 

11.1.
The parties hereto, and each of them, represent and declare that in executing this Agreement they rely solely upon their own judgment,
belief and knowledge, and the advice and recommendations of their own independently selected counsel, concerning the nature, extent,
and duration of their rights and claims, including, but not limited to, any claims arising under any Hazardous Substances or Environmental
Laws and that they have not been influenced to any extent whatsoever in executing the same by any representations or statements
covering any matters made by any of the parties hereto or by any person representing them or any of them.

 

12.
NO OFFER

 

12.1. The
submission of this Agreement for examination or the negotiation of the transaction described herein or the execution of this Agreement
by only one of the parties shall not in any way constitute an offer to sell or purchase the Personal Property on behalf of either
Seller or Buyer, and this Agreement shall not be binding on either party until duplicate originals thereof, duly executed on behalf
of both parties, have been delivered to each of the parties hereto.

 

13.
RELEASE AND COVENANTS NOT TO SUE, GENERALLY

 

13.1. The
releases and covenants not to sue contained herein extend to, apply to, cover, and include all unknown, unforeseen, unanticipated,
and unsuspected injuries, damages, losses, liability, and the consequences, as well as those known or suspected by any party hereto.
The provisions of any state or federal law or statute providing in substance that releases or covenants not to sue shall not extend
to claims, demands, injuries, or damages, which are unknown or unsuspected to exist at the time, to the persons executing this
Agreement, are hereby expressly waived.

 

14.
MISCELLANEOUS

 

14.1.
Each of Buyer and Seller shall, at any time and from time to time after the date hereof, upon request of the other, execute, acknowledge
and deliver all such further acts, deeds, assignments, transfers, conveyances and assurances, and take all such further actions
generally consistent with the terms of this Bill of Sale, as shall be necessary or desirable to give effect to the transactions
hereby consummated.

 

14.2.
This Agreement and the covenants and agreements herein contained shall inure to the benefit of and shall bind the respective parties
hereto and their respective successors and assigns.

 

14.3.
This Agreement is to be governed by and construed in accordance with the laws of the State of Connecticut.

 

14.4.
The paragraph captions utilized herein are in no way intended to interpret or limit the terms and conditions hereof; rather, they
are intended for purposes of convenience only.

 

    	45

    	 

    

 

14.5.
This may be executed in separate, identical counterparts, each of which will be deemed an original, and all of which will be deemed
one and the same instrument.

 

14.6.
If either party commences litigation against the other for the specific performance of this Agreement, for damages for the breach
hereof or otherwise for enforcement of any remedy hereunder, the parties hereto agree to and hereby do waive any right to a trial
by jury and, in the event of any such commencement of litigation, the prevailing party shall be entitled to recover from the other
party such costs and reasonable attorneys’ fees as may have been incurred.

 

[REMAINDER
OF PAGE INTENTIONALLY BLANK, SIGNATURE PAGE FOLLOWS]

 

    	46

    	 

    

 

IN
WITNESS WHEREOF Landlord and Tenant have executed and delivered this BILL OF SALE as of the date first written above.

 

	 	SELLER:
	 	 
	 	GE
    Capital US Holdings, Inc.
	 	 
	 	By:	
	 	Name:	 
	 	Title:	 
	 	Date:	 
	 	 	 
	 	BUYER:	 
	 	 	 
	 	Reed’s
    Inc.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

    	47

    	 

    

 

EXHIBIT
“H”

FITNESS
CENTER RELEASE AND WAIVER OF LIABILITY

 

I,
, have registered voluntarily to engage in exercise, fitness activities, fitness classes, and use exercise equipment, fitness
areas and related locker and locker room facilities (collectively, the “Fitness Activity”) available in the
building located at 201 Main Avenue Norwalk, Connecticut.

 

I
understand that this Fitness Activity, which is unsupervised, involves strenuous physical exertion and will require sound judgment
at all times during my participation. I understand that GE Capital US Holdings, Inc. and its affiliates, employees, representatives,
agents, contractors, successors and assigns (collectively, “GE”) is not providing any staff, medical personnel,
fitness trainers, or other employees or contractors to supervise the Fitness Activity. I understand that by participating, I am
at risk to suffer serious physical injury and possibly death. I understand and agree that I, alone, am responsible to determine
my physical and mental fitness and my suitability to participate. I acknowledge that GE will not attempt to determine, nor will
I hold GE liable to determine, my physical and mental fitness, suitability, or capability to participate either before I begin
participation or at any time during my participation in the Fitness Activity.

 

I
understand that GE and/ or the owners and/ or operators of any equipment involved in the Fitness Activity shall not be deemed
to warrant or guarantee in any respect the condition of any of the facilities and equipment (wherever located) or the competency
of physical condition of any instructors.

 

In
consideration for the work performed by GE in making fitness equipment and facilities available, from which I receive value and
benefit, I assume (i) all risks of injury or death related to participation in the Fitness Activity, and (ii) all risks of damage
to, loss, or theft of personal property while using facilities associates with the Fitness Activity. I further expressly forever
release and discharge, on behalf of myself, my spouse, children, heirs, personal representatives, executors, and assigns, GE and
all of its affiliated entities, and I waive any claim that I might have or make, now or in the future, against GE, for any losses,
costs, expenses, damages or liabilities of any nature other than those arising out of the gross negligence or willful misconduct
of GE, including without limitation, bodily injury or death, theft or loss or damage to personal property arising directly or
indirectly out of or relating to my participation in this Fitness Activity.

 

I
understand and agree that the effect of signing this Fitness Center Release and Waiver of Liability is to give up certain legal
rights to file any lawsuit or to recover any money damages against GE for any claim, liability, demand, injury, damage, theft,
action or cause of action relating in any way to the Fitness Activity other than those arising out of the gross negligence or
willful misconduct of GE.

 

Because
participation in the Fitness Activity is voluntary, I have agreed to sign this Fitness Center Release and Waiver of Liability.
I have been given the opportunity to read carefully all of the terms of this Fitness Center Release and Waiver of Liability and
I understand fully the legal consequences of signing it.

 

    	48

    	 

    

 

I
understand that I will not be allowed to participate in the Fitness Activity unless I sign this Fitness Center Release and Waiver
of Liability. I agree to this because I choose to participate in the Fitness Activity at my own risk, knowing that I have no legal
right to seek recovery of damages or otherwise to make any claim against GE for any harm or injury, including death, that I may
suffer as a result of my participation, other than those arising out of the gross negligence or willful misconduct of GE.

 

	 	 
	Name
    	 
	

                                                          
	 
	 	 
	Signature
    	 
	 	 
	 	 
	Date	 

 

    	49SEPARATION,
SETTLEMENT AND RELEASE OF CLAIMS AGREEMENT

 

This
Separation, Settlement and Release of Claims Agreement (“Agreement”) is entered into by and between Reed’s Inc.,
a Delaware corporation, (the “Employer”) and Daniel V. Miles (the “Employee”) (the Employer and the Employee
are collectively referred to herein as the “Parties”) as of August 15, 2018 (the “Execution Date”).

 

The
Employee’s last day of employment with the Employer is August 15, 2018 (the “Separation Date”). After the Separation
Date, the Employee will not represent himself as being an employee, officer, attorney, agent or representative of the Employer
for any purpose. Except as otherwise set forth in this Agreement, the Separation Date will be the employment termination date
for the Employee for all purposes, meaning the Employee will no longer be entitled to any further compensation, monies or other
benefits from the Employer, including coverage under any benefits plans or programs sponsored by the Employer, except as specifically
provided in this Agreement.

 

1.
Return of Property. By the Separation Date, the Employee must return all Employer property, including identification cards
or badges, access codes or devices, keys, laptops, computers, telephones, mobile phones, hand-held electronic devices, credit
cards, electronically stored documents or files, physical files and any other Employer property in the Employee’s possession.

 

2.
Employer’s Waiver and Release and Employee Representations. The Employer expressly waives and releases any and all
claims against the Employee that may be waived and released by law with the exception of claims arising out of or attributable
to (a) events, acts or omissions taking place after the Parties’ execution of the Agreement and (b) the Employee’s
breach of any terms and conditions of the Agreement. In exchange for the Employer’s waiver and release and the consideration
described in Section 3, which the Employee acknowledges to be good and valuable consideration for his obligations hereunder, the
Employee hereby represents that he intends to irrevocably and unconditionally fully and forever release and discharge any and
all claims he may have, have ever had or may in the future have against the Employer that may lawfully be waived and released
arising out of or in any way related to his hire, benefits, employment or separation from employment with the Employer. The Employee
specifically represents, warrants and confirms that: (a) he has no claims, complaints or actions of any kind filed against the
Employer with any court of law, or local, state or federal government or agency; and (b) he has been properly paid his salary
for period worked for the Employer, and that all commissions, bonuses and other compensation due to him has been paid, including
his final payroll check for his salary and any accrued but unused vacation/paid time off through and including the Separation
Date above. The Employee specifically represents, warrants and confirms that he has not engaged in, and is not aware of, any unlawful
conduct in relation to the business of the Employer. If any of these statements are not true, the Employee cannot sign this Agreement
and must notify the Employer immediately, in writing, of the statements that are not true. Such notice will not automatically
disqualify the Employee from receiving these benefits, but will require the Employer’s review and consideration.

 

    	 	 	 

    	 

    

 

3.
Separation Benefits. In consideration for the Employee’s execution, non-revocation of, and compliance with this Agreement,
including the waiver and release of claims in Section 4, the Employer agrees to provide the following:

 

(a)
Accrued Obligations. On the Termination Date, Employer shall pay Employee (1) the net amount of $2,752.43, representing
base salary earned but unpaid as of the Separation Date, after deduction of standard payroll taxes and deductions and (2) the
net amount of $14,661.20, representing vacation earned but not taken prior to the Separation Date, after deduction of standard
payroll taxes and deductions. The Employee acknowledges and agrees that as of the date hereof, he has made all requests for reimbursement
of business expenses to which he may be entitled pursuant to the Employer’s reimbursement policy, and provided such substantiation
as may be required thereunder, and shall hereafter not have any right to request reimbursement of any additional amounts.

 

(b)
Severance. Installment payments equal to the Employee’s current salary and annual cash bonus for a period of twelve
(12) months following the Separation Date (“Severance Period”), equaling a total of TWO HUNDRED THOUSAND DOLLARS ($207,200.00),
before deduction of standard payroll taxes and deductions, to be paid in 24 equal increments bi-monthly starting on the first
pay period following the Effective Date (“Severance Payment”). In the event Employee commences employment or a consulting
position with a third party prior to August 15, 2019, Employee will notify Reed’s of his start date, amount of his new salary
and/ or fees payable pursuant to any consulting engagement and direct costs to Employee of providing services pursuant to any
such subsequent employment or engagement, including travel and housing expenses. The amount of Employee’s new salary (before
deduction of standard payroll taxes and after deduction of costs incurred by Employee) and/ or fees paid pursuant to a consulting
engagement received prior to August 15, 2019 (after deduction of costs incurred by Employee) will be deducted from Employee’s
Severance Payment on the same periodic basis as payment by the new company/ employer Nothing contained herein shall be construed
to require Employee to seek or accept employment during the Severance Period.

 

(c)
[RESERVED]

 

(d)
Settlement. A lump sum of TWO HUNDRED SEVEN THOUSAND AND TWO HUNDRED DOLLARS ($207,200.00) representing a settlement amount
to be paid on the Effective Date, payable in cash, issuance of promissory note in the form attached hereto as Exhibit A (“Note”),
or combination of cash and Note. The Note will mature on August 15, 2019, accrue simple interest at a rate of the lesser of 7.5%
per annum or the maxim amount permitted by law.

 

    	 	2	 

    	 

    

 

(e)
Stock Options. Employee’s incentive stock options to purchase 100,000 shares of common stock of Reed’s Inc.
granted to employee on May 8, 2015 pursuant to the Reed’s Inc. 2015 Incentive and Non-Statutory Stock Option Plan (as modified
on March 29, 2018) will continue to be exercisable in full through May 8, 2024 at the exercise price of $1.60 per share and will
otherwise be governed by the plan documents and an incentive stock option agreement evidencing the obligation (to the extent there
is no conflict between such documents and this paragraph) Employee’s incentive stock option, to the extent not exercised
within the time permitted by law for the exercise of incentive stock options following the Separation Date, shall convert automatically
to a nonstatutory stock option and thereafter shall be exercisable as such to the extent exercisable by its terms until May 8,
2024.

 

(f)
If the Employee timely and properly elects COBRA continuation coverage under Employer’s group health plan, the Company will
pay 100% of Employee’s COBRA premiums until the earlier of August 15, 2019 or commencement of coverage sponsored by subsequent
employer (if any). Commencing the first full month Employer is covered by a third party sponsored plan, Company will pay the lesser
of Employee’s COBRA premium or active employee rates payable pursuant to the third party sponsored plan. If Employee’s
COBRA coverage continues for the full twelve (12) month period, at the conclusion of twelve (12) month period, the Employee shall
be eligible to continue his coverage, pursuant to COBRA, and shall be responsible for the entire COBRA premium for the remainder
of the applicable COBRA continuation period.

 

(g)
Upon the Employee’s signed request, the Employer will provide the Employee and/or a prospective employer written confirmation
of the Employee’s employment with the Employer.

 

(h)
The Employee understands, acknowledges and agrees that these benefits exceed what he is otherwise entitled to receive upon separation
from employment, and that these benefits are in exchange for executing this Agreement. The Employee further acknowledges no entitlement
to any additional payment or consideration not specifically referenced herein.

 

4.
Release.

 

(a)
General Release and Waiver of Claims

 

In
exchange for the consideration provided in this Agreement, the Employee and his heirs, executors, representatives, agents, insurers,
administrators, successors and assigns (collectively the “Releasors”) irrevocably and unconditionally fully and forever
waive, release and discharge the Employer, including the Employer’s affiliates, predecessors, successors and assigns, and
all of their respective officers, directors, employees, shareholders, in their corporate and individual capacities (collectively,
the “Releasees”) from any and all claims, demands, actions, causes of actions, obligations, judgments, rights, fees,
damages, debts, obligations, liabilities and expenses (inclusive of attorneys’ fees) of any kind whatsoever (collectively,
“Claims”), whether known or unknown, from the beginning of time to the date of the Employee’s execution of this
Agreement, including, without limitation, any claims any Claims under any federal, state, local or foreign law, that Releasors
may have, have ever had or may in the future have arising out of, or in any way related to the Employee’s hire, benefits,
employment, termination or separation from employment with the Employer and any actual or alleged act, omission, transaction,
practice, conduct, occurrence or other matter, including, but not limited to (i) any and all claims under Title VII of the Civil
Rights Act, as amended, the Americans with Disabilities Act, as amended, the Family and Medical Leave Act, as amended, the Fair
Labor Standards Act, the Equal Pay Act, as amended, the Employee Retirement Income Security Act, as amended (with respect to unvested
benefits), the Civil Rights Act of 1991, as amended, Section 1981 of U.S.C. Title 42, the Sarbanes-Oxley Act of 2002, as amended,
the Worker Adjustment and Retraining Notification Act, as amended, the National Labor Relations Act, as amended, the Age Discrimination
in Employment Act, as amended, the Genetic Information Nondiscrimination Act of 2008, the California Fair Employment and Housing
Act, as amended, and/or any other Federal, state, local or foreign law (statutory, regulatory or otherwise) that may be legally
waived and released; and (ii) any tort, contract and/or quasi- contract law, including but not limited to claims of wrongful discharge,
defamation, emotional distress, tortious interference with contract, invasion of privacy, nonphysical injury, personal injury
or sickness or any other harm. However, this general release of claims excludes, and the Employee does not waive, release or discharge
(i) any right to file an administrative charge or complaint with the Equal Employment Opportunity Commission or other administrative
agency; (ii) claims under state workers’ compensation or unemployment laws; or (iii) indemnification rights the Employee
has against the Employer, and/or any other claims that cannot be waived by law.

 

    	 	3	 

    	 

    

 

If
the Employee applies for unemployment benefits, the employer shall not contest it. When so required, the Employer will answer
any inquiries by the Department of Labor concerning the termination of the Employee’s employment in a truthful manner.

 

(b)
Waiver of California Civil Code Section 1542

 

Employee
understands that he may later discover Claims or facts that may be different than, or in addition to, those which Employee now
knows or believes to exist with regards to the subject matter of this Agreement, and which, if known at the time of signing this
release, may have materially affected this Agreement or Employee’s decision to enter into it. Nevertheless, the Releasors
hereby waive any right or Claim that might arise as a result of such different or additional Claims or facts. The Releasors have
been made aware of, and understand, the provisions of California Civil Code Section 1542 and hereby expressly waive any and all
rights, benefits and protections of the statute, which provides, “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR
HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

    	 	4	 

    	 

    

 

(c)
Specific Release of ADEA Claims

 

In
further consideration of the payments and benefits provided to the Employee in this Agreement, the Releasors hereby irrevocably
and unconditionally fully and forever waive, release and discharge the Releasees from any and all Claims, whether known or unknown,
from the beginning of time to the date of the Employee’s execution of this Agreement arising under the Age Discrimination
in Employment Act (ADEA), as amended, and its implementing regulations. By signing this Agreement, the Employee hereby acknowledges
and confirms that: (i) the Employee has read this Agreement in its entirety and understands all of its terms; (ii) the Employee
has been advised of and has availed himself of hid right to consult with his attorney prior to executing this Agreement; (iii)
the Employee knowingly, freely and voluntarily assents to all of the terms and conditions set out in this Agreement including,
without limitation, the waiver, release and covenants contained herein; (iv) the Employee is executing this Agreement, including
the waiver and release, in exchange for good and valuable consideration in addition to anything of value to which he is otherwise
entitled; (v) the Employee was given at least forty- five (45) days to consider the terms of this Agreement and consult with an
attorney of his choice, although he may sign it sooner if desired; (vi) the Employee understands that he has seven (7) days from
the date he signs this Agreement to revoke the release in this paragraph by delivering notice of revocation to Valentin Stalowir,
Chief Executive Officer, at the Employer, vstalowir@reedsinc.com, by e-mail, fax or overnight delivery before the end of such
seven-day period; and (vii) the Employee understands that the release contained in this paragraph does not apply to rights and
claims that may arise after the date on which the Employee signs this Agreement.

 

5.
Knowing and Voluntary Acknowledgement. The Employee specifically agrees and acknowledges that: (i) the Employee has read
this Agreement in its entirety and understands all of its terms; (ii) the Employee has been advised of and has availed himself
of his right to consult with his attorney prior to executing this Agreement; (iii) the Employee knowingly, freely and voluntarily
assents to all of its terms and conditions including, without limitation, the waiver, release and covenants contained herein;
(iv) the Employee is executing this Agreement, including the waiver and release, in exchange for good and valuable consideration
in addition to anything of value to which he is otherwise entitled; (v) the Employee is not waiving or releasing rights or claims
that may arise after his execution of this Agreement; and (vi) the Employee understands that the waiver and release in this Agreement
is being requested in connection with the cessation of his employment with the Employer.

 

The
Employee further acknowledges receipt of Appendix A to this Agreement, listing the ages and job titles of employees who were and
were not selected for termination and offered consideration for signing a waiver,

 

The
Employee further acknowledges that he has had forty-five (45) days to consider the terms of this Agreement and consult with an
attorney of his choice, although he may sign it sooner if desired. Further, the Employee acknowledges that he shall have an additional
seven (7) under the ADEA by delivering notice of revocation to Valentin Stalowir, Chief Executive Officer, at the Employer, vstalowir@reedsinc.com,
by e-mail, fax or overnight delivery before the end of such seven-day period. In the event of such revocation by the Employee,
the Employer shall have the option of treating this Agreement as null and void in its entirety.

 

    	 	5	 

    	 

    

 

This
Agreement shall not become effective, until the eighth (8th) day after the Employee and the Employer execute this Agreement. Such
date shall be the Effective Date of this Agreement. No payments due to the Employee hereunder shall be made or begin before the
Effective Date.

 

6.
Post-termination Obligations and Restrictive Covenants.

 

(a)
Acknowledgment

 

The
Employee understands and acknowledges that by virtue of his employment with the Employer, he had access to and knowledge of Confidential
Information, was in a position of trust and confidence with the Employer, and benefitted from the Employer’s goodwill. The
Employee understands and acknowledges that the Employer invested significant time and expense in developing the Confidential Information
and goodwill. The Employee further understands and acknowledges that the services he provided to the Employer are unique, special
or extraordinary.

 

The
Employee further understands and acknowledges that the restrictive covenants below are necessary to protect the Employer’s
legitimate business interests in its Confidential Information and goodwill and in the Employee’s unique, special or extraordinary
services. The Employee further understands and acknowledges that the Employer’s ability to reserve these for the exclusive
knowledge and use of the Employer is of great competitive importance and commercial value to the Employer and that the Employer
would be irreparably harmed if the Employee violates the restrictive covenants below.

 

(b)
Confidential Information.

 

(1)
Confidential Agreement. Employee shall keep the terms of this Agreement confidential and shall not directly or indirectly disseminate
any information (in any form) regarding this Agreement or his termination of employment to any person or entity except as may
be agreed to in writing by Employer and except for any terms which are or become generally available to the public, other than
as a result of unauthorized or improper disclosure by Employee. Notwithstanding the foregoing, Employee may disclose the information
described herein, to the extent Employee is compelled to do so by lawful service of process, subpoena, court order, or as Employee
is otherwise compelled to do by law, including full and complete disclosure in response thereto, in which event Employee agrees
to provide Employer with a copy of the document(s) seeking disclosures of such information promptly upon receipt of such Employer
may, upon notice to Employee, take such action as it deems to be necessary or appropriate in relation to such subpoena or request
and Employee may not disclose any such information until Employer has had the opportunity to take such action.

 

    	 	6	 

    	 

    

 

(2)
Confidential Information. Employer’s “Confidential Information” is all confidential and/or proprietary knowledge,
trade secrets, data or information of the Employer entrusted to Employee, whether in writing, in computer form, or conveyed orally,
that is not generally available to others in the form in which such information is used by Employer and that gives Employer a
competitive advantage over other companies who do not have access to this information. By way of illustration but not limitation,
Confidential Information includes tangible and intangible information relating to formulations, products, processes, know-how,
designs, formulas, methods, developmental or experimental work; clinical data; improvements; discoveries; plans for research;
new products; marketing and selling; business plans; budgets; unpublished financial statements; licenses; prices and costs; suppliers;
customers; customer needs and preferences (such as typical order quantities and composition, delivery requirements or schedules,
particular pricing needs or discount arrangements, advertising allowances and methods of doing business); customer contracts,
credit procedures and terms; supplier identities, key decision makers at each supplier, and supplier specialties; pricing strategies
and rationale; contact information and information about compensation, specific capabilities, and performance evaluations of Employer
personnel; and any information described above that the Employer obtains from its clients or any other third Party and that the
Employer treats as confidential, whether or not owned or developed by the Employer.

 

(3)
Employee understands that the above are simply examples of Employer’s Confidential Information, and not a complete list.
Employee further understands that as part of his or her duties Employee may participate in developing Confidential Information
for Employer, which then becomes Employer’s Confidential Information. If Employee is uncertain as to whether any particular
information or materials constitutes Confidential Information, Employee shall ask his or her direct supervisor or, if Employee
no longer works for Employer, Employer’s Chief Executive Officer or General Counsel.

 

(4)
Employee agrees that he will not appropriate for his own use, use, disclose, divulge, furnish, or make available to any person
any of the Employer’s Confidential Information; provided, that the term “Confidential Information” shall not
include such information which is or becomes generally available to the public other than as a result of unauthorized or improper
disclosure by Employee. Notwithstanding the foregoing, Employee may disclose Information to the extent he is compelled to do so
by lawful service of process, subpoena, court order, or as he is otherwise compelled to do by law or the rules or regulations
of any regulatory body to which he is subject, including full and complete disclosure in response thereto, in which event he agrees
to provide Employer with a copy of the documents seeking disclosure of such information promptly upon receipt of such documents
and prior to their disclosure of any such information, so that Employer may, upon notice to Employee, take such action as Employer
deems appropriate in relation to such subpoena or request and Employee may not disclose any such information until Employer has
had the opportunity to take such action.

 

    	 	7	 

    	 

    

 

(c)
Intellectual Property. Employee agrees that all right, title, and interest to all works of whatever nature generated in the course
of his employment with the Employer resides with the Employer. Employee agrees that he will return to Employer, not later than
the Termination Date, all property, in whatever form (including computer files and other electronic data), of the Employer in
his possession, including without limitation, all copies (in whatever form) of all files or other information pertaining to the
Employer, its officers, employees, directors, shareholders, customers, suppliers, vendors, or distributors and any business or
business opportunity of the Employer.

 

(d)
Non-Disparagement. During the Employee’s employment with the Employer and thereafter, Employee shall not take any action,
including without limitation the making of disparaging statements concerning the Employer or its officers, directors or employees,
that is reasonably likely to cause injury to the relationships between the Employer or any of its employees and any lessor, lessee,
vendor, supplier, customer, distributor, employee, consultant or other business associate of the Employer.

 

(e)
Acknowledgements Respecting Restrictive Covenants. With respect to the restrictive covenants set forth in this Section 6, the
Parties acknowledge and agree that:

 

(1)
Each of the restrictive covenants contained in this Section 6 shall be construed as a separate covenant with respect to each activity
to which it applies, (B) if, in any judicial proceeding, a court shall deem any of the restrictive covenants invalid, illegal,
or unenforceable because its scope is considered excessive, such restrictive covenant shall be modified so that the scope of the
restrictive covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal, and enforceable,
and (C) if any restrictive covenant (or portion thereof) is deemed invalid, illegal, or unenforceable in any jurisdiction, as
to that jurisdiction such restrictive covenant (or portion thereof) shall be ineffective to the extent of such invalidity, illegality,
or unenforceability, without affecting in any way the remaining restrictive covenants (or portion thereof) in such jurisdiction
or rendering that or any other restrictive covenant (or portion thereof) invalid, illegal, or unenforceable in any other jurisdiction.

 

    	 	8	 

    	 

    

 

(f)
The Parties hereto hereby declare that it is impossible to measure in money the damages that will accrue to the Employer in the
event that Employee breaches any of the restrictive covenants provided in this Section 6. In the event that Employee breaches
any such restrictive covenant, the Employer shall be entitled to an injunction, a restraining order or such other equitable relief,
including, but not limited to, specific performance (without the requirement to post bond) restraining such Employee from violating
such restrictive covenant. If the Employer shall institute any action or proceeding to enforce the restrictive covenant, such
Employee hereby waives the claim or defense that the Employer has an adequate remedy at law and agrees not to assert in any such
action or proceeding the claim or defense that Employer has an adequate remedy at law. The foregoing shall not prejudice the Employer’s
right to require such Employee to account for and pay over to the Employer, and such Employee hereby agrees to account for and
pay over, the compensation, earnings, profits, monies, accruals, or other benefits derived or received by such Employee as a result
of any transaction constituting a breach of any of the restrictive covenants provided in this Section 6, and the Parties hereby
agree that the Employer shall be entitled to an equitable accounting of all such compensation, earnings, profits, monies, accruals,
and other benefits.

 

(g)
The remedies provided for in this Section 6(f) are cumulative and in addition to any other rights and remedies the Employer may
have under law or in equity.

 

7.
Cooperation. For the period commencing the Separation Date through August 15, 2019, Employee agrees to make himself available
and to cooperate with the Employer, to the extent reasonably requested by the Employer, for the purpose of transitioning his duties
and responsibilities.

 

Employee
further agrees to cooperate with Employer with regard to any litigation relating to Employee’s period of employment for
which Employer reasonably requests Employee’s participation. Employee’s agreement to consult respecting such litigation
shall continue for the duration of any such litigation. If requested by Employer, such cooperation shall include, without limitation,
(1) responding reasonably promptly to requests for information and documents in Employee’s possession concerning matters
pertinent to any of the foregoing, (2) making himself reasonably available as a witness and testifying at trial, depositions,
hearings, or other proceedings, as well as being reasonably available for adequate preparation for such testimony, and (3) participating
at reasonable times in interviews and meetings with representatives of the Employer, representatives of governments or regulatory
authorities, or others designated by Employer. Unless prohibited by applicable law or any rule of any applicable regulatory authority,
Employee further agrees to notify Employer promptly of any request made to him by any Party to any such litigations for information
or assistance with respect to such litigations, and the substance of Employee’s response to such request. Employee shall
also provide Employer with a copy of such request and response, if in writing. Employee and Employer will each use good faith
best efforts to reconcile and accommodate any scheduling conflicts. Without limitation of the foregoing, Employee agrees to reasonably
cooperate (including attending meetings) with respect to any claim, arbitral hearing, lawsuit, action, or governmental or internal
investigation relating to the business of the Employer prior to the Separation Date. Employee agrees to provide full and complete
disclosure in response to any inquiry in connection with any such matters.

 

    	 	9	 

    	 

    

 

Employer
shall reimburse the Employee for reasonable expenses incurred in connection with cooperation under this Section 7 and Employer
shall compensate the Employee at an hourly rate of $250.00 per hour. Employee will track hours expended in connection with such
cooperation and will submit monthly invoices to Employer, which invoices will be paid within 30 days of receipt. 

 

8.
Remedies. In the event of a breach or threatened breach by the Employee of any of the provisions of this Agreement, the
Employee hereby consents and agrees that the Employer shall be entitled to seek, in addition to other available remedies, a temporary
or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the
necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of,
legal remedies, monetary damages or other available forms of relief.

 

Should
the Employee fail to abide by any of the terms of this Agreement or post- termination obligations contained herein, or if he revokes
the ADEA release contained in Section 4(c) within the seven-day revocation period, the Employer may, in addition to any other
remedies it may have, reclaim any amounts paid to the Employee under the provisions of this Agreement or terminate any benefits
or payments that are later due under this Agreement, without waiving the releases provided herein.

 

9.
Heirs and Assigns. This Agreement is binding on and is for the benefit of the Parties hereto and their respective successors,
assigns, heirs, executors, administrators, and other legal representatives. Neither this Agreement nor any right or obligation
hereunder may be assigned by Employee.

 

10.
Integration. This Agreement constitutes the complete agreement between the Employer and Employee regarding the issues addressed
in this Agreement. The terms of this Agreement may be changed, modified, or discharged only by an instrument in writing signed
by the Parties hereto. A failure of the Employer or Employee to insist on strict compliance with any provision of this Agreement
shall not be deemed a waiver of such provision or any other provision hereof. In the event that any provision of this Agreement
is determined to be so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable.

 

11.
Choice of Law. This Agreement shall be construed, enforced, and interpreted in accordance with and governed by the laws
of the State of California, without regard to its choice of law provisions.

 

12.
Withholding. The Employer may withhold from any and all amounts payable under this Agreement such federal, state, and local
taxes or other withholdings as may be required to be withheld pursuant to any applicable law or regulation.

 

    	 	10	 

    	 

    

 

13.
Construction of Agreement. The Parties hereto acknowledge and agree that each Party has reviewed and negotiated the terms
and provisions of this Agreement and has had the opportunity to contribute to its revision. Accordingly, the rule of construction
to the effect that ambiguities are resolved against the drafting Party shall not be employed in the interpretation of this Agreement.
Rather, the terms of this Agreement shall be construed fairly as to both Parties hereto and not in favor or against either Party.

 

14.
Counterparts. This Agreement may be executed in any number of counterparts and by different Parties on separate counterparts,
each of which counterpart, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken
together, shall constitute but one and the same Agreement.

 

15.
Notice. Any notice or other communication required or permitted under this Agreement shall be effective only if it is in
writing and shall be deemed to be given when delivered personally or four days after it is mailed by registered or certified mail,
postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in each case,
addressed to the Employer, to its principal place of business and to Employee, to his address set forth on the signature page
hereof, or to such other address as any Party hereto may designate by notice to the other.

 

16.
Severability. The Parties hereto intend that the validity and enforceability of any provision of this Agreement shall not
affect or render invalid any other provision of this Agreement.

 

17.
Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification
is agreed to in writing and signed by the Employee and by Chief Executive Officer of the Employer. No waiver by either of the
Parties of any breach by the other Party hereto of any condition or provision of this Agreement to be performed by the other Party
hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time,
nor shall the failure of or delay by either of the Parties in exercising any right, power or privilege hereunder operate as a
waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

18.
Captions. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and
no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

19.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
taken together shall constitute one and the same instrument.

 

20.
No Admission. Nothing in this Agreement shall be construed as an admission of wrongdoing or liability on the part of the
Employer.

 

    	 	11	 

    	 

    

 

21.
Attorneys’ Fees. Should either Party breach any of the terms of this Agreement or the post-termination obligations
herein, to the extent authorized by state law, the breaching Party will be responsible for payment of all reasonable attorneys’
fees and costs that the other Party incurred in the course of enforcing the terms of the Agreement, including demonstrating the
existence of a breach and any other contract enforcement efforts.

 

22.
Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (Section
409A) or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any
other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that
complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A
either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section
409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall
be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be
made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Employer makes no representations
that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Employer be liable
for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Employee on account of
non-compliance with Section 409A.

 

23.
Acknowledgment of Full Understanding. THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY
ENTERS INTO THIS AGREEMENT. THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH
AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT. THE EMPLOYEE FURTHER ACKNOWLEDGES THAT HIS SIGNATURE BELOW IS AN AGREEMENT
TO RELEASE REED’S INC. FROM ANY AND ALL CLAIMS.

 

[Signature
page follows]

 

    	 	12	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Separation, Settlement and Release of Claims Agreement as of the Execution Date
above.

 

	 	REED’S
    INC.,
	 	a
    Delaware corporation
	 	 	 
	 	By:
    	/s/
    Valentin Stalowir
	 	Name:
    	Valentin
    Stalowir
	 	Title:
    	Chief
    Executive Officer

 

	EMPLOYEE	 
	 	 	 
	Signature:
    	/s/
    Daniel V. Miles	 
	Name:
    	Daniel
    V. Miles	 

 

    	 	13	 

    	 

    

 

APPENDIX
A

 

OLDER
WORKERS BENEFIT PROTECTION ACT DISCLOSURE NOTICE

 

The
Older Workers Benefit Protection Act (OWBPA) requires that employers provide specific information to employees who are 40 years
of age or older and asked to execute a release of claims in connection with a group termination program. This document provides
this information.

 

The
class, unit, or group of individuals covered by the program includes employees in the accounting/ finance and supply chain departments,
who will be terminated. All employees in the accounting/ finance and supply chain departments that are being terminated are eligible
for the program. The following is a list of the ages and job titles of employees who were and were not selected for termination
and offered consideration for signing a waiver:

 

    	 	14	 

    	 

    

 

EXHIBIT
A

 

FORM
OF CONVERTIBLE PROMISSORY NOTE

 

THIS
NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE OFFERED FOR
SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE NOTE UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR AN EXEMPTION THEREFROM, INCLUDING PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.

 

	$ 207,200.00	Issuance Date: August
    15, 2018

 

REED’S
INC.

 

PROMISSORY
NOTE

 

FOR
VALUE RECEIVED, Reed’s, Inc., a Delaware corporation (“Company”), promises to pay to the order of Daniel V.
Miles (“Holder”), or his permitted heirs and assigns, in lawful money of the United States of America the principal
sum of TWO HUNDRED SEVEN THOUSAND AND TWO HUNDRED DOLLARS ($207,200.00), together with simple interest from the date of this Promissory
Note (this “Note”) on the unpaid principal balance at a rate equal to the lesser of 7.5% per annum or the maximum
amount allowed pursuant to applicable law (the “Interest Rate”), computed on the basis of the actual number of days
elapsed and a year of 365 days (the “Obligations”). To the extent this Note has not been repaid, all unpaid principal,
together with any then unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on August 15,
2019 (the “Maturity Date”), or (ii) when, upon or after the occurrence of an Event of Default (as defined below),
such amounts are declared due and payable by Holder. This Note is entered into pursuant to that certain Separation, Settlement
And Release of Claims Agreement by and between Holder and the Company dated August 15, 2018 (“Separation Agreement”).

 

1.
Interest. Unless provided otherwise hereunder, interest will accrue from the Issuance Date of this Note on the unpaid principal
amount at the Interest Rate, until all Obligations under this Note are paid in full.

 

2.
Payments. All payments hereunder shall be made in lawful money of the United States of America at such place or to such
account as Holder may from time to time designate in writing to the Company. Payments will be credited first to accrued but unpaid
interest and the remainder applied to principal.

 

    	 	15	 

    	 

    

 

3.
Events of Default. If any of the events specified in this Paragraph 3 shall occur (herein individually referred
to as an “Event of Default”), the Holder may, so long as such condition exists, declare all Obligations hereunder
immediately due and payable, by notice in writing to the Company:

 

(a)
Default in the payment of the principal or unpaid accrued interest of this Note when due and payable;

 

(b)
Default or breach under the Separation Agreement;

 

(c)
The institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to institution
of bankruptcy or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization
or release under the federal Bankruptcy Code, or any other applicable federal or state law, or the consent by it to the filing
of any such petition or the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Company,
or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the taking of
corporate action by the Company in furtherance of any such action;

 

(d)
If, within 60 days after the commencement of an action against the Company (and service of process in connection therewith on
the Company) seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present
or future statute, law or regulation, such action shall not have been resolved in favor of the Company or all orders or proceedings
thereunder affecting the operations or the business of the Company stayed, or if the stay of any such order or proceeding shall
thereafter be set aside, or if, within 60 days after the appointment without the consent or acquiescence of the Company of any
trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment
shall not have been vacated;

 

(e)
A material breach by the Company of any of its representations or covenants contained herein; or

 

(f)
Any declared default of the Company under any other material indebtedness that gives the holder thereof the right to accelerate
such other indebtedness.

 

4.
Transfer; Successors and Assigns. The terms and conditions of this Note will inure to the benefit of and be binding upon
the respective successors and permitted assigns of the parties.

 

5.
Notices. Any notices or other communications required or permitted to be given under the terms of this Note that must be
in writing will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile (provided a confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); (iii) one day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to
the party to receive the same; (iv) upon receipt, when sent by email, provided a confirmation of receipt is emailed to sender
from recipient.

 

6.
Amendments and Waivers. Any terms of this Note may be amended, modified or waived only with the written consent of the
Company and the Holder.

 

7.
Governing Law. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
will be governed, construed, and interpreted in accordance with the laws of the State of California without giving effect to principles
of conflicts of law.

 

    	 	16	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be issued as of the Issuance Date and Holder agrees to the terms and conditions
of this Note.

 

	COMPANY:	 	AGREED AND ACCEPTED BY HOLDER:
	 	 	 	 	 
	REED’S, INC.,	 	DANIEL V. MILES,
	a Delaware corporation	 	an individual
	 	 	 	 	 
	By:		 	By:	 
	Name:	Valentin Stalowir

	 	Name:	Daniel V. Miles
	Its:	Chief Executive Officer	 	 	 
	Date:	August 15, 2018	 	 	 

 

    	 	17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]