Document:

Exhibit

Exhibit 10.2

June 30, 2017

Via Email

CSVC Acquisition Corp.
c/o Veritas Capital Fund Management, L.L.C.
9 West 57th Street, 29th Floor
New York, New York 10019
Attn:     Benjamin M. Polk
Brian J. Gorczynski

Ladies and Gentlemen:

We refer you to the Purchase Agreement dated as of February 27, 2017, by and among Chicago Bridge & Iron Company N.V., an entity registered in the Netherlands, The Shaw Group Inc., a Louisiana corporation (“Shaw”), CBI Peruana SAC, a sociedad anónima cerrada existing under the laws of Peru (“Peruvian Seller”) and Horton CBI, Limited, a corporation existing under the federal laws of Canada (“Canadian Seller”) (together with Shaw and Peruvian Seller, “Seller”), and CSVC Acquisition Corp., a Delaware corporation (“Buyer”) (such agreement, as amended from time to time, the “Agreement”).  Seller and Buyer hereby agree to the terms of this side letter agreement (this “Side Letter”), which shall be deemed to be an amendment to the Agreement as provided below. Capitalized terms used in this Side Letter and not otherwise defined herein have the respective meanings ascribed to them in the Agreement.

1.Amendments.
(a)    The list of Schedules and Exhibits is amended and restated in its entirety as attached as Exhibit A hereto. 
(b)    Section 2.2(k) is amended and restated in its entirety as follows:
(k)    The Seller Group shall have entered into a Master Amendment Agreement in substantially the form attached as Exhibit G (or otherwise incorporated the applicable terms thereof into the applicable Continuing Intercompany Agreements), except as Buyer and Seller may otherwise agree in writing prior to Closing (the “Master Amendment Agreement”).
(c)    Section 2.3(j) is amended and restated in its entirety as follows:
(j)    The Business Group shall have entered into the Master Amendment Agreement.
(d)    Section 2.3(g) is amended and restated in its entirety as follows:

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(e)    Evidence reasonably satisfactory to Seller of the irrevocable release (“Company Supported Releases”) of the relevant members of the Seller Group, as applicable, from all Company Supported Arrangements (including any Terminating Intercompany Arrangements), other than the Company Surviving Supported Arrangements and other than the Company Supported Arrangements set forth in Schedule 4.5(c), items 7 (Pluspetrol), 11 (Wild Life Heritage), 19 (Albuquerque), 22 (Greenwood Village) and 27 (New York) (the delivery of which release shall be the subject of Section 3.26) and item 12 (Port Authority) (for which no release is required), to which each of them is a party, or by which any of their assets (other than assets of the Business) are pledged or bound as of the Closing Date, shall have been received, and any liens thereunder shall have been released.
(f)    Section 2.4(b)(viii) is amended by renumbering it Section 2.4(a)(xi), and the Schedule referenced therein is amended by renaming it Schedule 2.4(a)(xi).
(g)    The third proviso in Section 3.7(a) is amended and restated as follows:
provided, further, that Buyer shall have fifteen (15) days to cease use of the Specified Names in email addresses and shall have thirty (30) days to cease use of the Specified Names on Seller Materials. 
(h)    The proviso in Section 3.7(h) is amended and restated as follows:
provided that Buyer shall ensure that within thirty (30) days after the Closing Date, all Seller Materials have been modified so that they will not contain any references to Seller or the Specified Names (or use Seller or its Affiliates’ marks, names, trade dress, logos, and other identifiers of the same).
(i)    Section 3.8 is amended by adding the following at the end of such Section:
For the avoidance of doubt, each Party’s obligations under this Section 3.8 to provide access to its books and records shall include the obligation to use its commercially reasonable efforts to timely obtain, or cooperate with the other Party in its efforts to timely obtain, any authorizations, permits, consents, approvals, licenses, franchises or privileges issued under the authority of a Governmental Body, including information transfer licenses, as may be required to provide the other Party access to such books and records (at the contesting or defending Party’s expense except as otherwise may be indemnified hereunder).  For the avoidance of doubt, the foregoing obligations shall not require any Party to violate any applicable Law or Order, or cause the forfeiture of the attorney-client or other privilege.
(j)    Section 3.9(b) is amended by replacing the reference to Schedule 3.9 therein with a reference to Schedule 3.9(b).
(k)    Section 3.14(d) is amended and restated in its entirety as follows:

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(d)    Except as otherwise agreed between Buyer and Seller, from the date hereof to the Closing Date, on a monthly basis and to the extent required to support Buyer’s good faith calculation of bonding requirements (e.g. the cost to complete each such project) with respect to Company Surviving Supported Arrangements, Seller will provide Status Reports; provided, Seller shall deliver, or cause to be delivered, at least five (5) days prior to the Closing Date an affidavit or certification to Buyer executed by an authorized signatory of Seller, which shall permit reliance by the issuers of the bonds to be issued in respect of the Company Surviving Supported Arrangements of the Status Report as of April 30, 2017 (the “Base Status Report”).  Within fifteen (15) days after the Closing Date, Buyer shall deliver, or cause to be delivered, a final Status Report as of the Closing Date, together with an affidavit or certification to Seller executed by an authorized signatory of Buyer, which shall permit reliance by the issuers of the bonds issued at the Closing Date in respect of the Company Surviving Supported Arrangements of the calculations therein.  In the event such final Status Report reflects remaining backlog and/or cost to completion in excess of that reflected in the Base Status Report, then Buyer shall promptly obtain the applicable Buyer Credit Support to cover the amount of such excess.  In the event the Base Status Report reflects remaining backlog and/or cost to completion in excess of that reflected in the final Status Report, then Buyer shall be permitted to cancel or otherwise terminate any applicable Buyer Credit Support covering the amount of such excess. 
(l)    Section 3.16(a) is amended and restated in its entirety as follows:
At and following the Closing, Parent shall and/or shall cause its applicable Affiliates to keep in place and maintain outstanding any Company Surviving Supported Arrangement for then-current term and scope of work of the Contract (excluding renewals and/or extension thereof in accordance with any “evergreen” or similar automatic renewal or extension provision in any such Contract, change orders, amendments or otherwise, other than normal course scope changes that do not, individually or in the aggregate, increase overall Contract project cost to complete by more than 10%, based on such Contract project cost to complete as of the Closing Date) (“Supported Contract”) for which any such Company Surviving Supported Arrangement relates; provided, that Parent or its Affiliates may be released prior to the termination of the applicable Supported Contract if the Counterparty to such Contract agrees in writing (i) that it would not require any financial security (other than an uncollateralized  contractual guarantee of Buyer or a Buyer Subsidiary) or other form of collateral (including, a letter of credit, performance or surety bond, cash deposit or otherwise) from or supported by Buyer or any Affiliate of Buyer and (ii) that the release of such Company Surviving Supported Arrangement will not result in a termination or breach of such Supported Contract and will not result in an adverse impact to Buyer 

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or its applicable Affiliates under such contract (including the level of spend by such counterparty and including the likelihood of renewal under an “evergreen” or similar renewing contract).  Buyer will reasonably cooperate with Parent's efforts to obtain a release upon the terms set forth in the prior sentence, provided Seller shall not take any actions in connection herewith (nor request that Buyer take any action) that would result in an adverse effect under any such Supported Contract.  At and following Closing, and Buyer shall and shall cause the applicable Companies and the applicable Subsidiaries (A) to indemnify Parent and its Affiliates from and against any and all Damages actually incurred by any of them relating to any payment obligation under any Company Surviving Supported Arrangements that are outstanding at Closing and under the Company Supported Arrangement set forth in Schedule 4.5(c), items 7 (Pluspetrol), 11 (Wild Life Heritage), 19 (Albuquerque), 22 (Greenwood Village) and 27 (New York) (other than to the extent any such Damages are the result of any act of or failure to act by Seller or any of its Affiliates (including the Companies and the Subsidiaries) or resulting from a condition that arose prior to Closing, (B) not to (x) amend or modify the terms of any Company Surviving Supported Arrangement if such amendment or modification would reasonably be expected to materially increase the likelihood that the applicable Company Surviving Supported Arrangement would be drawn, paid, or called upon). Notwithstanding the foregoing, Buyer shall use its commercially reasonable efforts to obtain a release of the Seller Group of the Company Surviving Supported Arrangement set forth on Schedule 3.16(a)(i) in the form set forth in Schedule 3.16(a)(ii) and deliver a replacement surety bond in the amount of $12,730,549 to the same addressee as such Company Surviving Supported Arrangement promptly as practicable after Closing, but in any event within five (5) Business Days thereafter.  Buyer and Seller shall cause such replaced surety bond of the Seller Group to be promptly returned to the applicable surety provider.
(m)    Section 3.16(b) is amended and restated in its entirety as follows:
(b)    Notwithstanding the foregoing in clause (a) above, Buyer and Seller shall use commercially reasonable efforts to obtain at or prior to Closing a release of the Seller Group of Company Supported Arrangements consisting of letters of credit as of the Closing Date, and Buyer shall use commercially reasonable efforts to cause to be delivered at Closing a replacement letter of credit in the same amount as such letter of credit replaced.  In the event such a release and replacement letter of credit cannot be provided as of Closing, Buyer shall cause to be delivered to Seller (or its designee) at Closing a backstop letter of credit in the same amount of such letter of credit not so replaced (other than with respect to the letters of credit set forth on Schedule 3.16(b)) and shall promptly obtain such release and deliver a replacement letter of credit as promptly as practicable after Closing, but in any event 

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within (i) 5 days after Closing with respect to those letters of credit set forth on Schedule 3.16(b) and (ii) promptly after Closing for all other such letters of credit.  Buyer and Seller shall cause each replaced letter of credit of the Seller Group to be promptly returned to the applicable issuing bank.
(n)    Section 3.16(h) is amended and restated in its entirety as follows:
(h)    Buyer shall pay Seller monthly, promptly upon receipt of invoice therefor but in no event later than 15 days after date of invoice, (i) surety bond fees with respect to Company Surviving Support Obligations consisting of surety bonds outstanding during such month in an amount equal to the product of (A) the aggregate average face amount of such surety bonds during such month, multiplied by (B) the monthly market rate paid by Buyer for surety bonds issued in connection with the Business as certified by AON plc and (ii) all fees paid by the Seller Group with respect to Company Surviving Support Obligations consisting of letters of credit that have not been replaced in accordance with Section 3.16(b). Such fees shall be payable by wire or ACH.
(o)    Section 3.16(d) is amended to add the following sentence at the end of such section, “except the Company Supported Arrangement set forth on Schedule 4.5(c), items 7 (Pluspetrol), 11 (Wild Life Heritage), 19 (Albuquerque), 22 (Greenwood Village) and 27 (New York), the delivery of which shall be the subject of Section 3.26(b), and item 12 (Port Authority), for which no release shall be required.”
(p)    Section 3.16 is amended to add the following clause (j):
(j)    Notwithstanding the foregoing in clause (a) above, 
(i) Seller shall cause to be assigned or otherwise transferred to the Seller Group at or prior to Closing those Company Supported Arrangements consisting of license bonds listed on Part A of Schedule 3.16(j), and, at and following Closing, such license bonds shall be deemed to be Retained Liabilities (as if set forth in Schedule 6.2(d)),
(ii) Seller shall cause to be assigned or otherwise transferred to Buyer at or prior to Closing those Company Supported Arrangements consisting of license bonds listed on Part B of Schedule 3.16(j), 
(iii) Buyer shall (A) cause to be issued within 5 Business Days of Closing a replacement license bond in the same amount and to the same addressee as each license bond listed on Part C of Schedule 3.16(j) (which replacement bond shall by its terms be callable prior to the corresponding license bond of Seller), and (B) use its commercially reasonable efforts to cause within 5 Business Days of the issuance of the replacement bonds 

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required by clause (A), a notice of cancellation of the license bond of Seller being replaced to be issued to each beneficiary thereof. 
(iv) Buyer shall cause to be issued within 5 Business Days of Closing a replacement license bond in the same amount and to the same addressee as each license bond listed on Part D of Schedule 3.16(j) (which replacement bond shall by its terms be callable prior to the corresponding license bond of Seller), but shall not obtain the cancellation/release of such license bonds, provided, at and following Closing, such license bonds shall not be an obligation of any of the Seller Group in respect of any of the Business Group’s liabilities or obligations.
(q)    Section 3.18(a) is amended by replacing all references to Exhibit D therein with references to Exhibit C.
(r)    Section 3.21 is amended to add the following clause (c):
(c)    Seller agrees that, notwithstanding the satisfaction of the condition set forth in Section 2.2(i), it shall after the Closing Date complete the Adjustment in accordance with the terms and conditions of this Agreement to the extent the Adjustment was not so completed prior to Closing.
(s)    Section 3.26 is amended and restated in its entirety as follows:
		
	(a)
	With respect to any matter not contemplated by Sections 3.22 and 3.23 (which are Seller’s exclusive obligations with respect to the subject matter thereof), at any time and from time to time following the Closing, as and when reasonably requested by any Party to this Agreement and at such requesting Party’s expense (subject to Section 3.21), each Party to this Agreement shall as promptly as reasonably practicable execute and deliver, or caused to be executed and delivered, all such documents, instruments and certificates and shall take, or cause to be taken, all such further or other actions as are reasonably necessary or desirable to confirm, effectuate or otherwise evidence the Contemplated Transactions.

		
	(b)
	Following the Closing, Buyer shall take, or cause to be taken all such actions as are reasonably necessary or desirable to cause the irrevocable release of the relevant members of the Seller Group of the Company Supported Arrangements set forth in Schedule 4.5(c), items 7 (Pluspetrol), 11 (Wild Life Heritage), 19 (Albuquerque), 22 (Greenwood Village) and 27 (New York).

(t)    Section 7.1 is amended by 
(i)    adding the following:

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“Base Status Report” is defined in Section 3.14(d). 
“Baton Rouge Lease” means the Restated Office Lease between XI United Limited Liability Company and The Shaw Group Inc., dated February 4, 2002, as may be amended, for the property located at 4171 Essen Lane, Baton Rouge, Louisiana.
“Bid Bonds” means those Company Surviving Supported Arrangements listed on Schedule D.
“Continuing Intercompany Arrangements” means those Contracts set forth on Schedule 3.19.
“New York Lease” means the Lease, dated as of May 1, 2015, between CB&I Inc. and 1251 Americas Associates II, L.P., as may be amended, for the property located as 1251 Avenue of the Americas, New York, New York.
“Status Report” means a report providing, as of the date of such report, (a) the backlog of the Company Surviving Supported Arrangements supporting Covered Contracts and (b) the cost to completion of the Covered Surety Projects, in each case determined in good faith on a consistent basis and prepared and calculated utilizing the ordinary course forecasting policies and procedures of the Business.   
“Subsidiary” means (a) those entities listed in Schedule 4.4(b); and (b) to the extent not so listed, with respect to the Capital Services Companies, as of any date of determination, any other person as to which any such Capital Services Company owns, directly or indirectly, or otherwise controls, more than fifty percent (50%) of the voting shares or other similar interests, or the sole general partner interest or managing member or similar interest, of such person, except in all cases for any such entities that are Excluded Assets. 
“Supported Contract” is defined in Section 3.16(a).
“Unreleased Obligations” means those Supported Contracts that are not released pursuant to Section 3.16(a).
		
	(ii)
	replacing the reference to Schedule 3.7(a) in the definition of “Specified Names” with a reference to Schedule 3.7(b);

		
	(iii)
	replacing the reference to Schedule 3.7(f) in the definition of “Transferred Software” with a reference to Section 3.7(f);

		
	(iv)
	amending and restating the following definitions in their entirety:

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“Affiliate Support Arrangements” means those guaranties, pledges, security agreements and other agreements set forth on Schedule 4.12(a) that correspond to or are disclosed for purposes of Section 4.12(a)(i), pursuant to which a Company or Subsidiary is a guarantor of, or the assets of a Company or Subsidiary that are used in connection the Business are bound by, Indebtedness of any member of the Seller Group.
 “Buyer Credit Support” means:
(a)    Irrevocable letters of credit in the face amount of $10.0 million in form and substance, and issued by a financial institution, with a branch in the United States, with a minimum rating of “A-” by Standard & Poor’s Financial Services LLC or “A3” by Moody’s Investors Service, or as otherwise acceptable to Seller, which letters of credit shall remain in place until the Company Surviving Supported Arrangements are fully extinguished.
(b)    Irrevocable indemnity bonds in the face amount of (i) 25% of the remaining backlog of the Company Surviving Supported Arrangements, other than the Bid Bonds, supporting Covered Contracts as of the Closing Date (based at Closing on the Base Status Report but subject to adjustment pursuant to Section 3.14(d)), which such indemnity bonds shall remain in place until Seller’s Unreleased Obligations are fully extinguished, but shall reduce pro rata each quarter within 30 days of the end of each calendar quarter, based upon Buyer’s certified representation of remaining backlog associated with the Covered Contracts (based on the then latest monthly Status Report), plus (ii) 100% of the face value of the Bid Bonds as of the Closing Date, which such indemnity bonds shall remain in place until Seller’s Unreleased Obligations are fully extinguished, in each case issued by a U.S.-based surety company, with a minimum rating of “A-” by Standard & Poor’s Financial Services LLC or “A3” by Moody’s Investors Service, or as otherwise acceptable to Seller.
(c)    Irrevocable indemnity bonds in the face amount of 25% of the remaining cost to completion of the Covered Surety Projects as of the Closing Date (based at Closing on the Base Status Report but subject to adjustment pursuant to Section 3.14(d)), by a U.S.-based surety company, with a minimum rating of “A-” by Standard & Poor’s Financial Services LLC or “A3” by Moody’s Investors Service, or as otherwise acceptable to Seller, which such indemnity bonds shall remain in place until Seller’s Unreleased Obligations are fully extinguished, but shall reduce pro rata each calendar quarter within 30 days of the end of each calendar quarter, based upon Aon plc’s 

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confirmation of closed surety bond activity within the preceding calendar quarter.
 (d)    Clauses (b) and (c) are subject to clause (ii) at Schedule 2.4(b)(viii).
“Company Surviving Supported Arrangements” means (i) those guaranties set forth in Schedule 4.5(c) as items 1 through 5 and (ii) the surety bonds set forth on Schedule 4.5(c).
“Specified Names” means CBI, CB&I, Chicago Bridge & Iron, Horton, Shaw, Stone & Webster and The Shaw Group, and derivations of each of the foregoing, including those names set forth on Schedule 3.7(b) (excluding, for the avoidance of doubt, the Trademarks set forth on Schedule 4.17(a)).
“Target Working Capital Amount” is equal to $288,007,859, reflecting (i) $288,100,000, as shown in Exhibit M, less (ii) $92,141, representing the Working Capital Amount attributable to CBI (Thailand) Limited.
(u)    The Sections numbered 3.1, 3.2 and 3.3 immediately following Section 3.31 are amended by renumbering them Sections 3.32, 3.33 and 3.34, respectively.
(v)    Section 3.32 (as renumbered pursuant to this Side Letter) is amended and restated in entirety as follows:
3.32     Revised Intercompany Agreements.  Seller shall (i) prepare a form of agreement in respect of each Continuing Intercompany Arrangement listed in Part A of Schedule 3.19, which shall set forth substantially the same terms upon which such Continuing Intercompany Arrangement has been performed prior to the date hereof but shall include any applicable terms of the Master Amendment Agreement, and (ii) cause each Continuing Intercompany Arrangement listed in Part B of Schedule 3.19 to be amended by the Master Amendment Agreement or to otherwise include the applicable terms thereof.  For the avoidance of doubt, no Continuing Intercompany Arrangement listed on Part C of Schedule 3.19 shall be amended by the Master Amendment Agreement or otherwise have the terms of such Master Amendment Agreement included therein.
(w)    Section 3.33 (as renumbered pursuant to this Side Letter) is amended by adding the following:
Seller shall, within 3 Business Days after the Closing Date, issue Orders (as defined in the Master Equipment Lease) for equipment utilized by the Seller Group as of the Closing Date.

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(x)    Section 3.34 (as renumbered pursuant to this Side Letter) is amended and restated in entirety as follows:
3.34.    Lease Covenant.  
(a)      Promptly after Closing, the Seller Group shall assign the Baton Rouge Lease to CB&I Government Services, LLC.
(b)    Buyer and Seller Group shall use commercially reasonable efforts to promptly obtain a release of the Seller Group of all obligations under the Baton Rouge Lease and the New York Lease; provided that in no event shall (i) any parent or affiliate of Buyer be required to assume any liability as party of such efforts or (ii) Buyer or any subsidiary, including CB&I Government Solutions, LLC be required to extend or modify the Baton Rouge Lease
(c)    In the event the release required by Section 3.34(a) with respect to the Baton Rouge Lease is not obtained within 180 days after the Closing Date, Buyer shall within five (5) days thereafter deliver to Seller an irrevocable indemnity bond in the face amount of 25% of the remaining lease payments under the Baton Rouge Lease (calculated as of the 180th day after the Closing Date), which such indemnity bond shall remain in place until the Seller Group shall have been released of all obligations under the Baton Rouge Lease, but shall reduce quarterly within 30 days of the end of each calendar quarter, based upon the remaining lease payments under the Baton Rouge Lease.  Any such indemnity bond shall be issued by a U.S.-based surety company, with a minimum rating of “A-” by Standard & Poor’s Financial Services LLC or “A3” by Moody’s Investors Service, or as otherwise acceptable to Seller.  For purposes of the determination of the remaining lease payments, Buyer shall deliver to Seller, not later than 30 days prior to the end of each fiscal year, a certified representation of its good faith determination of the lease payments under the Baton Rouge Lease remaining after the then-calendar year.  Seller shall notify Buyer in writing within thirty (30) days after receipt of such certified representation of any disagreement or reasonable objections Seller may have with the remaining lease payments, in which case Buyer and Seller shall use their good faith efforts to reach agreement thereon. In the event Buyer and Seller fail to so agree within thirty (30) days after Seller's notice of disagreement has been delivered, then Buyer and Seller shall engage a nationally recognized firm of independent accountants to resolve the dispute within sixty (60) days of the engagement using the procedures set forth in Section 1.5(d).
(d)    Within five (5) Business Days after the Closing Date, Buyer shall cause to be delivered to Seller a letter of credit in the face amount of $701,048, which such letter of credit shall remain in effect until the earlier 

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of (i) one year from the Closing Date and (ii) the date on which the Seller Group shall have been released of all obligations under the New York Lease.
(y)    Section 4.10 is amended by adding the following prior to clause (a), such that it applies to all representations and warranties given in Section 4.10:
Excluding the Excluded Assets: 
(z)    Schedule 3.9 - Employee and Benefit Plan Matters is renumbered Schedule 3.9(b).
(aa)    Schedule 3.16(a), in the form attached as Exhibit B hereto, is added to the Agreement.
(bb)    Schedule 3.16(b), in the form attached as Exhibit C hereto, is added to the Agreement.
(cc)    Schedule 3.16(j), in the form attached as Exhibit D hereto, is added to the Agreement.
(dd)    Schedule 3.19 is amended and restated in its entirety as attached as Exhibit E hereto.
(ee)    Schedule D, in the form attached as Exhibit F hereto, is added to the Agreement.
(ff)    Exhibit C is amended and restated in its entirety as attached as Exhibit G hereto.  
(gg)    Exhibit K is amended and restated in its entirety as attached as Exhibit H hereto.
(hh)    Exhibit L is amended and restated in its entirety as attached as Exhibit I hereto.
(ii)    The following Schedules are amended and restated as attached as Exhibit J hereto:
	
		
	Schedule 2.2(g)
	Schedule 3.19

	Schedule 3.7(b)
	Schedule 3.20

	Schedule 3.9
	Schedule 3.24

	Schedule 3.9(l)
	Schedule 3.31

	Schedule 3.15
	Schedule 6.2(d)

	 
	 

2.    Acknowledgement.  Seller has delivered schedule updates to Buyer under Section 3.5.  The parties acknowledge and agree that the acceptance by Buyer of the delivery by Seller of 

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these schedules shall not be deemed to be an acceptance or an agreement by Buyer of the updated disclosure set forth in these schedule updates, and these schedules shall remain subject to the terms of Section 3.5, provided, notwithstanding anything herein or in the Agreement to the contrary, the foregoing shall not apply to those updated disclosures set forth in Schedule 4.6 (item 1), Schedule 4.16(e) (item 2) and Schedule 4.20 (item 6).
3.    Integration with the Agreement.  This Side Letter shall be considered as an amendment to the Agreement and shall form a part thereof, and the provisions of the Agreement as hereby amended are hereby ratified and confirmed in all respects. The Agreement, as amended by this Side Letter, shall remain in full force and effect.  Section 8.3 of the Agreement shall apply mutatis mutandis to this Side Letter as if references to the Agreement were references to this Side Letter.
4.    No Waiver.  Neither the provisions of this Side Letter, nor any communications or actions of or between the parties prior to the execution hereof, other than any waivers granted in compliance with the Agreement, is or shall be construed as a waiver by any party of compliance by any other party with any term or condition contained in the Agreement.  The parties reserve all rights, privileges and remedies under the Agreement prior to the execution hereof.
5.    Counterparts.  This Side Letter may be executed in any number of counterparts, each of which when executed shall be deemed to be an original copy of this Side Letter and all of which taken together shall constitute one and the same agreement.  The exchange of copies of this Side Letter and of signature pages by facsimile transmission or by email shall constitute effective execution and delivery of this Side Letter as to the parties and may be used in lieu of the original Side Letter for all purposes.  Signatures of the parties transmitted by facsimile or by email shall be deemed to be their original signatures for all purposes.
[SIGNATURE PAGES TO FOLLOW]

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If the foregoing accurately sets forth your understanding of our agreement with respect to the subject matter of this Side Letter, please so indicate by signing a copy of this Side Letter where indicated below and returning it to me. 

Very truly yours,

CHICAGO BRIDGE & IRON COMPANY, N.V.

By: /s/ Kirsten B. David
Name: Kirsten B. David
Title:     Director

THE SHAW GROUP INC.

By: /s/ Luciano Reyes
Name: Luciano Reyes
Title:     Director

CBI PERUANA SAC

By: /s/ James E. Bishop
Name: James E. Bishop
Title: VP Operations

HORTON CBI LIMITED

By: /s/ Greg Guse
Name: Greg Guse
Title:    President

AGREED TO AND ACCEPTED:

CSVC ACQUISITION CORP.

By: /s/ M. Shane Tiemann
Name: M. Shane Tiemann
Title:     Secretary

[Side Letter]

EXHIBIT A
SCHEDULES AND EXHIBITS

	
		
	Schedule A
	Capital Services Companies

	Schedule B
	Excluded Assets

	Schedule C
	Project Specific Insurance Policies

	Schedule D
	Bid Bonds

	Schedule 2.2(f)
	Seller Legal Approvals

	Schedule 2.2(g)
	Seller Consents

	Schedule 2.2(l)
	Permit Transfers

	Schedule 2.3(e)
	Buyer Legal Approvals

	Schedule 2.3(g)
	Buyer Consents

	Schedule 2.4(a)(xi)
	Seller Certificate

	Schedule 3.1(b)
	Conduct of Business

	Schedule 3.1(b)(vii)
	Retention Bonuses

	Schedule 3.7(b)
	Specified Names

	Schedule 3.9
	Recipients of Executive Compensation

	Schedule 3.9(b)
	Employment and Benefit Plan Matters

	Schedule 3.9(j)
	Withdrawal Liability

	Schedule 3.9(l)
	Union Pension Contributions

	Schedule 3.15
	Transition Costs

	Schedule 3.16(a)
	Specified Surety Bond

	Schedule 3.16(b)
	Specified Letters of Credit

	Schedule 3.16(j)
	Assumed License Bonds

	Schedule 3.19
	Continuing Intercompany Arrangements

	Schedule 3.20
	Third Party Contracts

	Schedule 3.24
	Environmental Permits

	Schedule 3.31
	Master Leases

	Schedule 4.3(a)
	No Violation of Laws or Agreements

	Schedule 4.3(b)
	Seller Legal Approvals and Consents

	Schedule 4.4(b)
	Subsidiaries

	Schedule 4.4(c)
	PC/JV Entities

	Schedule 4.4(e)
Schedule 4.4(f) 
	Authorization and Ownership of Subsidiaries
Licensee Owned Entities

	Schedule 4.4(g)
	Authorization and Ownership of Licensee Owned Entities

	Schedule 4.5(b)
	Undisclosed Liabilities

	Schedule 4.5(c)
	No Liabilities

	Schedule 4.6
	No Changes

	Schedule 4.7
	Taxes

	Schedule 4.8(a)
	Inventory

	Schedule 4.8(b)
	Equipment

	
		
	Schedule 4.9(a)
	Receivables

	Schedule 4.9(b) 
Schedule 4.10(c)
	Payables
Reserved Assets

	Schedule 4.11(a)
	Legal Proceedings

	Schedule 4.11(b)
	Orders

	Schedule 4.12(a)
	Material Contracts

	Schedule 4.12(d)
	Exceptions to Assignment of Material Contracts

	Schedule 4.13
	Permits

	Schedule 4.14(c)(iii)
	International Trade Authorizations

	Schedule 4.15(a)(i)
	Owned Real Properties

	Schedule 4.15(a)(ii)
	Leased Properties

	Schedule 4.15(a)(iii)
	Exceptions and Other Leased Properties

	Schedule 4.15(b)
	Consents, Rights and Options re. Leased Properties

	Schedule 4.15(c)
	Use and Operation of Properties

	Schedule 4.15(d)
Schedule 4.16(b)
	Improvements
WARN Act

	Schedule 4.16(c)
	Labor Relations

	Schedule 4.16(e)
	Employment Agreement Compliance

	Schedule 4.17(a)
Schedule 4.17(d)
Schedule 4.17(f)
	Intellectual Property Rights
Computer Systems
Compliance with Intellectual Property Laws

	Schedule 4.18(a)(i)
	Company Plans

	Schedule 4.18(a)(ii)
	Company Sponsored Plans

	Schedule 4.18(a)(iii)
Schedule 4.18(a)(iv)
	Company Plans – Multiemployer Pension Plans
Pension Plans

	Schedule 4.18(b)
	Reportable Events or Prohibited Transactions

	Schedule 4.18(c)
	Suits or Actions

	Schedule 4.18(d)
	Material Compliance

	Schedule 4.18(e)
	Post-Termination Benefits

	Schedule 4.18(f)
Schedule 4.18(i)
	Company Qualified Plans
Tax Obligations

	Schedule 4.18(j)
	Employee Benefits Triggered

	Schedule 4.18(m)
	Closing Liability Exceptions - Multiemployer Plans

	Schedule 4.19
	Environmental Matters

	Schedule 4.20
	Customers and Suppliers

	Schedule 4.21(a)
	Certain Government Contracts

	Schedule 4.21(c)
	Irregularities, Misstatements or Omissions

	Schedule 4.21(f)
	Outstanding REAs and Claims

	Schedule 4.22(a)
	Overhead Services

	Schedule 4.22(b)(i)
	Shared Assets

	Schedule 4.22(b)(ii)
	Post-Adjustment Shared Assets

	Schedule 4.23
	Transactions with Affiliates

	Schedule 4.27(a)
	Insurance Policies

	Schedule 4.27(b)
	Insurance Policies – Change of Control Provisions

	
		
	Schedule 4.27(d)
	Insurance Policies – Litigation

	Schedule 5.3(a)
	Buyer Contract/Permit Approvals and Consents

	Schedule 5.3(b)
	Buyer Legal Approvals and Consents

	Schedule 6.2(d)
	Retained Liabilities

	 
	 

	Exhibit A
	Form of Transition Services Agreement

	Exhibit B-1
	Balance Sheet

	Exhibit B-2
	Unaudited Income Statements

	Exhibit C
	Adjustment Plan

	Exhibit D
	Form of Return Software License

	Exhibit E
	Form of License Agreement

	Exhibit F
	Limited Guarantee

	Exhibit G
	Form of Master Amendment Agreement

	Exhibit H
	Form of Strategic Alliance Agreement

	Exhibit I
	Working Capital and Methodology

	Exhibit J
	[Reserved]

	Exhibit K
	Covered Contracts

	Exhibit L
	Covered Surety Projects

	Exhibit M
	Target Working Capital CalculationTHE
REGISTERED HOLDER OF THIS WARRANT, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS WARRANT EXCEPT
AS HEREIN PROVIDED.

 

VOID
AFTER 5:00 P.M. EASTERN TIME, JULY ______, 2020

 

WARRANT

 

for
the Purchase of

 

__________
Shares of Common Stock

 

of

 

LONG
ISLAND ICED TEA CORP.

 

1.
Warrant.

 

THIS
CERTIFIES THAT, for good and valuable consideration, duly paid by or on behalf of _______________ (the “Holder”),
as registered owner of this Warrant, to Long Island Iced Tea Corp. (the “Company”), Holder is entitled, at
any time or from time to time at or after July ____, 2017 (the “Commencement Date”), and at or before 5:00
p.m., Eastern Time July _____, 2020 (the “Expiration Date”), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to __________ (__________) shares of Common Stock of the Company, $0.0001 par value (“Common
Stock”). If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Warrant
may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending
on the Expiration Date, the Company agrees not to take any action that would terminate the Warrant. This Warrant is initially
exercisable at $5.50 per share of Common Stock purchased; provided, however, that upon the occurrence of any of the events specified
in Section 6 hereof, the rights granted by this Warrant, including the exercise price and the number of shares of Common Stock
to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall
mean the initial exercise price or the adjusted exercise price, depending on the context, of a share of Common Stock. The terms
“Securities” or “Warrant Shares” shall mean the shares of Common Stock issuable upon exercise
of this Warrant.

 

2.
Exercise.

 

2.1.
Exercise Form. In order to exercise this Warrant, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Warrant and, unless Holder elects to exercise this Warrant on “cashless”
basis pursuant to Section 2.2 by so specifying in the exercise form, payment in cash of the Exercise Price for the Securities
being purchased. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on
the Expiration Date, this Warrant shall become and be void without further force or effect, and all rights represented hereby
shall cease and expire. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the
provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares
available for purchase hereunder at any given time may be less than the amount stated on the face hereof. Under no circumstances
will the Company be required to net cash settle this Warrant upon its exercise.

 

    	 

    	 

    

 

2.2.
Cashless Exercise. In lieu of paying cash pursuant to Section 2.1 above, Holder may elect to exercise this Warrant on a
“cashless” basis and receive the number of Shares equal to the value of this Warrant (or the portion thereof being
exercised), in which event the Company shall issue Shares to Holder in accordance with the following formula:

 

	X	=	Y
    * (A - B) / A
	 	 	 
	where:	 
	 	 
	X	=	the
    number of Shares to be issued to Holder;
	 	 	 
	Y	=	the
    number of Shares for which the Warrant is being exercised;
	 	 	 
	A	=	the
    fair market value of one Share; and
	 	 	 
	B	=	the
    Exercise Price.

 

For
purposes of this Section 2.2, the fair market value of a Share shall be the average VWAP per share of Common Stock (as reported
by Bloomberg) for the ten trading days immediately preceding the date of exercise; provided, however, if there is no active public
market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.
“VWAP” shall mean, for any date, the price determined by the first of the following clauses that applies: (a)
if the Common Stock is then listed or quoted on a national securities exchange, the daily volume weighted average price of the
Common Stock for such date (or the nearest preceding date) on the exchange on which the Common Stock is then listed or quoted
as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)),
or (b) if the Common Stock is not then listed or quoted for trading on a national securities exchange and if prices for the Common
Stock are then reported by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices),
the closing bid price per share of the Common Stock so reported.

 

2.3.
Delivery of Certificates Upon Exercise. Shares of Common Stock purchased hereunder shall be transmitted by the Company’s
transfer agent to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company (“DTC”)
through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is then a participant in such
system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to Holder or
(B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate to the address
specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the latest of (x) the delivery
to the Company of the Notice of Exercise Form, (y) surrender of this Warrant (if required) and (z) payment of the aggregate Exercise
Price as set forth above (including by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any,
pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid (such date, the “Warrant Share Delivery
Date”). This Warrant shall be deemed to have been exercised on the first date on which all of the foregoing have been
delivered to the Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated
to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant
has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required
to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid.

 

    	2

    	 

    

 

2.4.
Legend. Each certificate for Securities purchased under this Warrant shall bear a legend as follows, unless such Securities
have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (“Act”)
or applicable state law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective
registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law.”

 

3.
Transfer.

 

3.1.
General Restrictions. The registered Holder of this Warrant, by its acceptance hereof, agrees that it will not sell, transfer
or assign or hypothecate this Warrant to anyone except upon compliance with, or pursuant to exemptions from, applicable securities
laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly
executed and completed, together with this Warrant and payment of all transfer taxes, if any, payable in connection therewith.
The Company shall immediately transfer this Warrant on the books of the Company and shall execute and deliver a new Warrant or
Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of shares
of Common Stock purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2.
Restrictions Imposed by the Securities Act. This Warrant and the Securities shall not be transferred unless and until (i)
the Company has received the opinion of counsel for the Holder that this Warrant and the Securities may be sold pursuant to an
exemption from registration under the Act, and applicable state law, the availability of which is established to the reasonable
satisfaction of the Company, or (ii) a registration statement relating to this Warrant and the Securities has been filed by the
Company and declared effective by the Securities and Exchange Commission (the “Commission”) and compliance
with applicable state law.

 

4.
New Warrants to be Issued.

 

4.1.
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Warrant for cancellation,
together with the duly executed exercise or assignment form and funds (or conversion equivalent) sufficient to pay any Exercise
Price and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Warrant of like tenor to
this Warrant in the name of the Holder evidencing the right of the Holder to purchase the aggregate number of shares of Common
Stock and Warrants purchasable hereunder as to which this Warrant has not been exercised or assigned.

 

    	3

    	 

    

 

4.2.
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Warrant and of reasonably satisfactory indemnification, the Company shall execute and deliver a new Warrant of like tenor
and date. Any such new Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute
a substitute contractual obligation on the part of the Company.

 

5.
Adjustments

 

5.1.
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the Securities underlying this Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

5.1.1.
Stock Dividends, Recapitalization, Reclassification, Split-Ups. If, after the date hereof, and subject to the provisions
of Section 5.2 below, the number of outstanding shares of Common Stock is increased by a stock dividend on the Common Stock payable
in shares of Common Stock or by a split-up, recapitalization or reclassification of shares of Common Stock or other similar event,
then, on the effective date thereof, the number of shares of Common Stock issuable on exercise of this Warrant shall be increased
in proportion to such increase in outstanding shares.

 

5.1.2.
Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 5.2, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar
event, then, upon the effective date thereof, the number of shares of Common Stock issuable on exercise of this Warrant shall
be decreased in proportion to such decrease in outstanding shares.

 

5.1.3.
Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of this Warrant
is adjusted, as provided in this Section 5.1, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise
Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock
purchasable upon the exercise of this Warrant immediately prior to such adjustment, and (y) the denominator of which shall be
the number of shares of Common Stock so purchasable immediately thereafter.

 

5.1.4.
Replacement of Securities upon Reorganization, Etc. In case of any reclassification or reorganization of the outstanding
shares of Common Stock other than a change covered by Sections 5.1.1 or 5.1.2 hereof or which solely affects the par value of
such shares of Common Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing corporation and which does not result in any reclassification
or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation
or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holder of this Warrant shall have the right thereafter (until the expiration of the right of exercise of this Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event,
the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or other transfer, by a Holder of the number
of shares of Common Stock of the Company obtainable upon exercise of this Warrant immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by Sections 5.1.1 or 5.1.2, then such adjustment shall
be made pursuant to Sections 5.1.1, 5.1.2, 5.1.3 and this Section 5.1.4. The provisions of this Section 5.1.4 shall similarly
apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

    	4

    	 

    

 

 

5.1.5.
Changes in Form of Warrant. This form of Warrant need not be changed because of any change pursuant to this Section, and
Warrants in this form issued in connection with a transfer or exercise of a Warrant after such change may state the same Exercise
Price and the same number of shares of Common Stock as are stated in the Warrants initially issued. The acceptance by any Holder
of the issuance of new Warrants reflecting a required or permissive change shall not be deemed to waive any rights to a prior
adjustment or the computation thereof.

 

5.2.
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of
shares of Common Stock upon the exercise of this Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional
interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to
the nearest whole number of shares of Common Stock or other securities, properties or rights.

 

6.
Reservation and Listing.

 

The
Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely for the purpose of
issuance upon exercise of this Warrant, such number of shares of Common Stock or other securities, properties or rights as shall
be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Warrants and payment of the
Exercise Price therefor, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. As long as the Warrants shall be
outstanding, the Company shall use its best efforts to cause all shares of Common Stock issuable upon exercise of the Warrants
to be listed (subject to official notice of issuance) on all securities exchanges (or, if applicable on Nasdaq) on which the Common
Stock is then listed and/or quoted.

 

7.
Certain Notice Requirements.

 

7.1.
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote
or consent or to receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever
as a stockholder of the Company. If, however, at any time prior to the expiration of the Warrants and their exercise, any of the
events described in Section 7.2 shall occur, then, in one or more of said events, the Company shall give written notice of such
event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date
of the closing of the transfer books, as the case may be.

 

    	5

    	 

    

 

7.2.
Events Requiring Notice. The Company shall be required to give the notice described in this Section 7 upon one or more
of the following events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of
entitling them to receive a dividend or distribution, or (ii) the Company shall offer to all the holders of its Common Stock any
additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of
the Company, or any option, right or warrant to subscribe therefor, or (iii) a merger or reorganization in which the Company is
not the surviving party, or (iv) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation
or merger) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

7.3.
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 5 hereof, send notice to the Holder of such event and change (“Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and
accurate by the Company’s Chief Financial Officer.

 

7.4.
Transmittal of Notices. All notices, requests, consents and other communications under this Warrant shall be in writing
and shall be deemed to have been duly made on the date of delivery if delivered personally or sent by overnight courier, with
acknowledgment of receipt by the party to which notice is given, or on the fifth day after mailing if mailed to the party to whom
notice is to be given, by registered or certified mail, return receipt requested, postage prepaid and properly addressed as follows:
(i) if to the registered Holder of this Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if
to the Company, to its principal executive office.

 

8.
Miscellaneous.

 

8.1.
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof.

 

8.2.
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way
limit or affect the meaning or interpretation of any of the terms or provisions of this Warrant.

 

8.3.
Entire Agreement. This Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

    	6

    	 

    

 

8.4.
Binding Effect. This Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their respective successors, legal representatives and assigns, and no other person shall have or be construed to have any
legal or equitable right, remedy or claim under or in respect of or by virtue of this Warrant or any provisions herein contained.

 

8.5.
Governing Law; Submission to Jurisdiction. This Warrant shall be governed by and construed and enforced in accordance with
the law of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Warrant shall be brought and enforced in the courts of the
State of New York or of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof
by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies)
all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with
the preparation therefor.

 

8.6.
Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Warrant or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Warrant. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Warrant shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and
no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent
breach, non-compliance or non-fulfillment.

 

[Signature
Page Follows]

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer as of the _____ day of July,
2017.

 

	 	LONG
    ISLAND ICED TEA CORP.
	 	 
	 	By:	    
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

WARRANT
EXERCISE FORM

 

Date:
_____________________

 

Long
Island Iced Tea Corp.

116
Charlotte Avenue

Hicksville,
New York 11801

 

Ladies
and Gentlemen:

 

[The
undersigned hereby elects irrevocably to exercise the within Warrant and to purchase ________ shares of Common Stock of Long Island
Iced Tea Corp. and hereby makes payment of $____________ (at the rate of $_________ per share of Common Stock) in payment of the
Exercise Price pursuant thereto. Please issue the Common Stock in accordance with the instructions given below.]

 

[or]

 

[The
undersigned hereby elects irrevocably to exercise the within Warrant as to ________ shares of Common Stock of Long Island Iced
Tea Corp., on a “cashless” basis, and to receive _________ shares of Common Stock, equal to the value of such Warrant
as of the date hereof, pursuant to and in accordance with Section 2. Please issue the Common Stock in accordance with the instructions
given below.]

 

The
undersigned represents and warrants that (i) it is an “accredited investor” as defined under the Act and the rules
and regulations thereunder, (ii) it has been advised that the Securities have not been registered under the Act, and cannot be
resold, pledged, assigned or otherwise disposed of unless they are subsequently registered under the Act and under applicable
state laws, or an exemption from such registration is available, and that the certificate representing the Securities will bear
a restrictive legend relating to such restrictions, (iii) it is acquiring the Securities for its own account for investment purposes
only and not with a view to, or for sale in connection with, any subsequent distribution of the securities, and it has no present
intention of selling or otherwise disposing of the Securities in violation of the securities laws of the United States, and (iv)
it is familiar with the proposed business, management, financial condition and affairs of the Company, it has had both the opportunity
to ask questions of and receive answers from the officers and directors of the Company and all persons acting on its behalf concerning
the terms and conditions of the offer made hereunder and has obtained, in its judgment, sufficient information from the Company
to evaluate the merits and risks of an investment in the Company. Capitalized terms have the meanings ascribed to them in the
within Warrant.

 

	 	 
	 	Name
	 	 
	 	 
	 	Signature

 

	 	 
	Signature
    Guaranteed	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Warrant in every particular without
alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust
company or by a firm having membership on a registered national securities exchange.

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

(Print
in Block Letters)

 

	Name:
    	 
	 	 
	 	 
	Address:	 

 

    	 

    	 

    

 

ASSIGNMENT
FORM

 

 

FOR
VALUE RECEIVED, ________________________________ does hereby sell, assign and transfer unto _________________________________
the right to purchase _______________ shares of Common Stock of Long Island Iced Tea Corp. (“Company”) evidenced by
the within Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

	Dated:	 	 

 

	 	 
	 	Name	 
	 	 	 
	 	 
	 	Signature	 

 

	 	 
	Signature
    Guaranteed	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Warrant in every particular without
alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust
company or by a firm having membership on a registered national securities exchange.

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