Document:

Exhibit 10.2

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  $250,000.00	
         Dated as of March
        16, 2016

         

        New York, New York

 

Pursuant to that certain Expense Advance Agreement (the “Agreement”), dated as of October 24, 2014, by and between
Hydra Industries Acquisition Corp., a Delaware corporation (the “Maker”), and MIHI LLC (the “Payee”),
the Maker hereby promises to pay to the order of the Payee or its registered assigns or successors in interest, or order, the principal
sum of Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00) in lawful money of the United States of America, on the terms
and conditions described below.  All payments on this Note shall be made by check or wire transfer of immediately available
funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in
accordance with the provisions of this Note. Certain terms used herein but not defined herein shall have the meaning given to such
terms in the Agreement.

 

1.            Principal. The
principal balance of this Note shall be payable on the date on which Maker consummates its Businesses Combination. The principal
balance may be prepaid at any time.

 

2.            Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

4.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b)           Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

5.            Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

6.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

7.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8.            Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party.  Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after
delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

     

     

    

 

9.            Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

10.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any Claim in or to any distribution
of or from the Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever; provided, however, that if the Maker completes its Business Combination, the Maker
shall repay the principal balance of this Note out of the proceeds released to the Maker from the Trust Account.

 

12.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

13.          Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law
or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void; provided, however, that the foregoing shall not apply to an affiliate of the Payee who agrees to be bound
to the terms of this Note.

 

14.          Conversion.

 

(a)At the Payee’s option,
at any time prior to payment in full of the principal balance of this Note, the Payee may elect to convert all or any portion of
this Note into that number of warrants (the “Conversion Warrants”) equal to: (i) the portion of the principal
amount of the Note being converted pursuant to this Section 14, divided by (ii) $0.50, rounded up to the nearest whole number.
Each Conversion Warrant shall have the same terms and conditions as the warrants issued by the Maker pursuant to a private placement,
as described in Maker’s Registration Statement on Form S-1 (333-198236). The Conversion Warrants, the shares of Common Stock
underlying the Conversion Warrants and any other equity security of Maker issued or issuable with respect to the foregoing by way
of a stock dividend or stock split or in connection with a combination of shares, recapitalization, amalgamation, consolidation
or reorganization (the “Warrant Shares”), shall be entitled to the registration rights set forth in Section
15 hereof.

 

(b)Upon any complete or partial
conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted portion of
this Note shall become fully paid and satisfied, (ii) the Payee shall surrender and deliver this Note, duly endorsed, to Maker
or such other address which Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall promptly deliver
a new duly executed Note to the Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv)
in exchange for all or any portion of the surrendered Note, Maker shall deliver to Payee the Conversion Warrants, which shall bear
such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and the Payee and applicable
state and federal securities laws.

 

(c)The Payee shall pay any and
all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon conversion
of this Note pursuant hereto; provided, however, that the Payee shall not be obligated to pay any transfer taxes resulting from
any transfer requested by the Payee in connection with any such conversion.

 

     

     

    

 

(d)The Conversion Warrants shall
not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions of law.

 

15.            Registration
Rights.

 

(a)Reference is made to that certain
Registration Rights Agreement between the Maker and the parties thereto, dated as of the date hereof (the “Registration
Rights Agreement”). All capitalized terms used in this Section 15 shall have the same meanings ascribed to them in the
Registration Rights Agreement.

 

(b)The holders (“Holders”)
of the Conversion Warrants (or the Warrant Shares) shall be entitled to one Demand Registration, which shall be subject to the
same provisions as set forth in Section 2.1 of the Registration Rights Agreement.

 

(c)The Holders shall also be entitled
to include the Conversion Warrants (or the Warrant Shares) in Piggyback Registrations, which shall be subject to the same provisions
as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the event that an underwriter advises
the Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration, the Holders shall not
have any priority for inclusion in such Piggyback Registration.

 

(d)Except as set forth above, the
Holders and the Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration Rights
Agreement.

  

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	
        Hydra Industries Acquisition Corp.

	 	 	 
	 	By: 	/s/ George Peng
	 	 	Name: George Peng
	 	 	Title: Chief Financial OfficerExhibit 10.11

 

STOCK OPTION AGREEMENT

 

THIS STOCK OPTION AGREEMENT (this “Agreement”)
is made as of the 27th day of May, 2015 (the “Grant Date”) by and between Long Island Iced Tea Corp.,
a Delaware corporation (the “Company”), and _______________ (“Employee”).

 

WHEREAS, in accordance with that certain Employment Agreement
(“Employment Agreement”), dated as of May 27, 2015, between the Company and the Employee, the Compensation Committee
of the Board of Directors of the Company (the “Board”) authorized the grant to the Employee of an option (the
“Option”) to purchase an aggregate of __________ shares of the authorized but unissued common stock of the Company,
$.0001 par value (“Common Stock”), conditioned upon the Employee’s acceptance thereof upon the terms and
conditions set forth in this Agreement; and

 

WHEREAS, the Employee desires to acquire the Option on the terms
and conditions set forth in this Agreement;

 

IT IS AGREED:

 

1.            Grant of Stock Option. The Company hereby grants
to the Employee the right and option to purchase all or any part of an aggregate of _______ shares of the Common Stock (the “Option
Shares”) on the terms and conditions set forth herein. Notwithstanding that the Option is not granted under the Company’s
2015 Long-Term Incentive Equity Plan (the “Plan”), the terms and conditions of the Plan applicable to stock
options, to the extent not in conflict with the terms hereof, are hereby incorporated by reference into this Agreement. Capitalized
terms used by not defined herein shall have the meanings ascribed to them in the Plan.

 

2.            Non-Incentive Stock Option. The Option represented
hereby is not intended to be an Option that qualifies as an “Incentive Stock Option” under Section 422 of the Internal
Revenue Code of 1986, as amended.

 

3.            Exercise Price. The exercise price (the “Exercise
Price”) of the Option is $3.75 per share, subject to adjustment as hereinafter provided.

 

    	 	 	 

     

    

 

4.            Exercisability. Subject to the terms and conditions
of this Agreement, this Option shall become exercisable as follows: (i) three months after the Grant Date, the right to purchase
one-eighth (1/8) of the Option Shares shall be exercisable, and (ii) every three months thereafter, through and including the second
anniversary of the Grant Date, the right to purchase an additional one-eighth (1/8) of the Option Shares shall be exercisable.
After a portion of the Option becomes exercisable, it shall remain exercisable except as otherwise provided herein, until the close
of business on the day that is five years from the Grant Date (the “Exercise Period”).

 

5.            Effect of Termination of Employment.

 

5.1.            Termination Due to Death.
If Employee’s employment by the Company or any of its Subsidiaries terminates by reason of death, the portion of the Option,
if any, that was exercisable as of the date of death may thereafter be exercised by the legal representative of the estate or by
the legatee of the Employee under the will of the Employee, for a period of one year from the date of such death or until the expiration
of the Exercise Period, whichever period is shorter. The portion of the Option not yet exercisable as of the date of death, if
any, shall immediately expire.

 

5.2.            Termination Due to Disability.
If Employee’s employment by the Company or any of its Subsidiaries terminates by reason of Disability, the portion of the
Option, if any, that was exercisable as of the date of termination of employment may thereafter be exercised by the Employee or
legal representative for a period of one year from the date of such termination or until the expiration of the Exercise Period,
whichever period is shorter. The portion of the Option not yet exercisable as of the date of Disability, if any, shall immediately
expire.

 

5.3.            Termination Due to Retirement.
If Employee’s employment by the Company or any of its Subsidiaries terminates due to Normal Retirement, then the portion
of the Option that was exercisable as of the date of termination of employment may be exercised for a period of one year from the
date of such termination or until the expiration of the Exercise Period, whichever is shorter. The portion of the Option not yet
exercisable on the date of termination of employment, if any, shall immediately expire.

 

    	 	2	 

     

    

 

5.4.            Termination by the Company Without
Cause or by Employee for Good Reason. If Employee’s employment by the Company or any of its Subsidiaries is terminated
by the Company or such Subsidiary without “Cause” (as defined in the Employment Agreement) or by Employee for “Good
Reason” (as defined in the Employment Agreement), then the Option immediately shall become exercisable as to all of the Option
Shares and may be exercised for a period of one year from the date of such termination or until the expiration of the Exercise
Period, whichever is shorter.

 

5.5.            Other Termination.

 

5.5.1.            If Employee’s employment is
terminated for any reason other than (i) death, (ii) Disability, (iii) Normal Retirement, or (iv) without Cause by the Company
or for Good Reason by Grantee, the Option shall expire on the date of termination of employment.

 

5.5.2.            In the event the Employee’s
employment is terminated by the Company for Cause, the Committee, in its sole discretion, may annul any award granted hereunder
and require the Employee to return to the Company the economic benefit of any Option Shares purchased hereunder by the Employee
within the 6 month period prior to the date of termination. In such event, the Employee hereby agrees to remit to the Company,
in cash, an amount equal to the difference between the Fair Market Value of the Option Shares on the date of termination (or the
sales price of such Shares if the Option Shares were sold during such 6 month period) and the Exercise Price of such Shares.

 

5.6.            Competing With the Company.
If Employee’s employment with the Company or a Subsidiary is terminated for any reason whatsoever and within 12 months after
the date thereof such Employee either (i) accepts employment with any competitor of, or otherwise engages in competition with,
the Company or any of its Subsidiaries, (ii) solicits any customers or employees of the Company or any of its Subsidiaries to do
business with or render services to the Holder or any business with which the Employee becomes affiliated or to which the Employee
renders services or (iii) uses or discloses to anyone outside the Company any confidential information or material of the Company
or any of its Subsidiaries in violation of the Company’s policies or any agreement between the Employee and the Company or
any of its Subsidiaries, the Committee, in its sole discretion, may require the Employee to return to the Company the economic
value of any award that was realized or obtained by such Employee at any time during the period beginning on the date that is 6
months prior to the date such Employee’s employment is terminated; provided, however, that if Employee is a resident of the
State of California, such right must be exercised by the Company for cash within six months after the date of termination of Employee’s
service to the Company or within six months after exercise of the Option, whichever is later. In such event, Employee agrees to
remit the economic value to the Company in accordance with Section 5.5.2.

 

    	 	3	 

     

    

 

6.            Withholding Tax. Not later than the date as of
which an amount first becomes includible in the gross income of the Employee for Federal income tax purposes with respect to the
Option, the Employee shall pay to the Company, or make arrangements satisfactory to the Committee regarding the payment of, the
minimum amount of any Federal, state and local taxes of any kind required by law to be withheld or paid with respect to such amount
(“Withholding Tax”). The obligations of the Company pursuant to this Agreement shall be conditional upon such
payment or arrangements with the Company and the Company shall, to the extent permitted by law, have the right to deduct the minimum
amount of any Withholding Taxes from any payment of any kind otherwise due to the Employee from the Company.

 

7.            Adjustments. In the event of any change in the
shares of Common Stock of the Company as a whole occurring as the result of a common stock split, or reverse split, common stock
dividend payable on shares of Common Stock, combination or exchange of shares, or other extraordinary or unusual event occurring
after the grant of the Option, the Committee shall determine, in its sole discretion, whether such change equitably requires an
adjustment in the terms of this Option. Any such adjustments will be made by the Committee, whose determination will be final,
binding and conclusive.

 

8.            Method of Exercise.

 

8.1.            Notice to the Company. The
Option shall be exercised in whole or in part by written notice in substantially the form attached hereto as Exhibit A directed
to the Company at its principal place of business accompanied by full payment as hereinafter provided of the exercise price for
the number of Option Shares specified in the notice and of the Withholding Taxes, if any.

 

    	 	4	 

     

    

 

8.2.            Delivery of Option Shares.
The Company shall deliver a certificate for the Option Shares to the Employee as soon as practicable after payment therefor.

 

8.3.            Payment of Purchase Price.

 

8.3.1.            Cash Payment. The Employee
shall make cash payments by wire transfer, certified or bank check or personal check, in each case payable to the order of the
Company; the Company shall not be required to deliver certificates for Option Shares until the Company has confirmed the receipt
of good and available funds in payment of the purchase price thereof.

 

8.3.2.            Cashless Payment.

 

8.3.2.1.            Stock Payment. Provided
that prior approval of the Committee has been obtained, the Employee may use Common Stock of the Company owned by him to pay the
purchase price for the Option Shares by delivery of stock certificates in negotiable form which are effective to transfer good
and valid title thereto to the Company, free of any liens or encumbrances. Shares of Common Stock used for this purpose shall be
valued at the Fair Market Value.

 

8.3.2.2.            Broker-Assisted Payment.
Provided that prior approval of the Committee has been obtained, the Employee may to elect to pay the purchase price for the Option
Shares by irrevocably authorizing a third party to sell the Options Shares (or a sufficient portion of the shares) acquired upon
exercise of the Option and remit to the Company a sufficient portion of the sale proceeds to pay the such purchase price.

 

8.3.3.            Payment of Withholding Tax.
Any required Withholding Tax may be paid in cash or with Common Stock in accordance with Sections 8.3.1 and 8.3.2.

 

8.3.4.            Exchange Act Compliance.
Notwithstanding the foregoing, the Company shall have the right to reject payment in the form of Common Stock if in the opinion
of counsel for the Company, (i) it could result in an event of “recapture” under Section 16(b) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”); (ii) such shares of Common Stock may not be sold or transferred
to the Company; or (iii) such transfer could create legal difficulties for the Company.

 

    	 	5	 

     

    

 

9.            Transfer. Except as may be set forth in the next
sentence of this Section, the Option shall not be transferable by the Employee other than by will or by the laws of descent and
distribution, and the Option shall be exercisable, during the Employee’s lifetime, only by the Employee (or, to the extent
of legal incapacity or incompetency, the Employee’s guardian or legal representative). Notwithstanding the foregoing, the
Employee, with the approval of the Committee, may transfer all or a portion of the Option (i) (A) by gift, for no consideration,
or (B) pursuant to a domestic relations order, in either case, to or for the benefit of the Employee’s “Immediate Family”
(as defined below), or (ii) to an entity in which the Employee and/or members of Employee’s Immediate Family own more than
fifty percent of the voting interest, in exchange for an interest in that entity, subject to such limits as the Committee may establish,
and the transferee shall remain subject to all the terms and conditions applicable to the Option prior to such transfer. The term
“Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive
relationships, any person sharing the Employee’s household (other than a tenant or employee), a trust in which these persons
have more than fifty percent beneficial interest, and a foundation in which these persons (or the Employee) control the management
of the assets.

 

10.            Company Representations. The Company hereby represents
and warrants to the Employee that:

 

10.1.            the Company, by appropriate and
all required action, is duly authorized to enter into this Agreement and consummate all of the transactions contemplated hereunder;
and

 

10.2.            the Option Shares, when issued
and delivered by the Company to the Employee in accordance with the terms and conditions hereof, will be duly and validly issued
and fully paid and non-assessable.

 

11.            Employee Representations. The Employee hereby
represents and warrants to the Company that:

 

11.1.            he is acquiring the Option and
shall acquire the Option Shares for his own account and not with a view towards the distribution thereof;

 

    	 	6	 

     

    

 

11.2.            he has received a copy of the Plan
as in effect as of the date of this Agreement;

 

11.3.            he has received a copy of all reports
and documents required to be filed by the Company with the Securities and Exchange Commission (the “Commission”)
pursuant to the Exchange Act, and all reports issued by the Company to its stockholders, within the last 24 months or such shorter
period that the Company has been required to file reports under the Exchange Act;

 

11.4.            he understands that he is subject
to the Company’s Insider Trading Policy and has received a copy of such policy as of the date of this Agreement;

 

11.5.            he understands that he must bear
the economic risk of the investment in the Option Shares, which cannot be sold by him unless they are registered under the Securities
Act of 1933, as amended (the “1933 Act”), or an exemption therefrom is available thereunder and that the Company
is under no obligation to register the Option Shares for sale under the 1933 Act;

 

11.6.            in his position with the Company,
he has had both the opportunity to ask questions 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 to obtain any additional information to
the extent the Company possesses or may possess such information or can acquire it without unreasonable effort or expense necessary
to verify the accuracy of the information obtained pursuant to Section 11.3 above;

 

11.7.            he is aware that the Company shall
place stop transfer orders with its transfer agent against the transfer of the Option Shares in the absence of registration under
the 1933 Act or an exemption therefrom as provided herein; and

 

11.8.            if, at the time of issuance of
the Option Shares, the issuance of such shares have not been registered under the 1933 Act, the certificates evidencing the Option
Shares shall bear the following legends:

 

    	 	7	 

     

    

 

“The shares represented by this certificate have been
acquired for investment and have not been registered under the Securities Act of 1933. The shares may not be sold or transferred
in the absence of such registration or an exemption therefrom under said Act.”

 

“The shares represented by this certificate have been
acquired pursuant to a Stock Option Agreement dated as of May 27, 2015, a copy of which is on file with the Company, and may not
be transferred, pledged or disposed of except in accordance with the terms and conditions thereof."

 

12.            Restriction on Transfer of Option Shares. Anything
in this Agreement to the contrary notwithstanding, the Employee hereby agrees that he shall not sell, transfer by any means or
otherwise dispose of the Option Shares acquired by him unless (i) the Option Shares are registered under the 1933 Act, or in the
event that they are not so registered, an exemption from the 1933 Act registration requirements is available thereunder and the
Employee has furnished the Company with notice of such proposed transfer and the Company’s legal counsel, in its reasonable
opinion, shall deem such proposed transfer to be so exempt, and (ii) such transfer is in compliance with the Company’s Insider
Trading Policy, as in effect at such time.

 

13.            Miscellaneous.

 

13.1.            Notices. All notices, requests,
deliveries, payments, demands and other communications which are required or permitted to be given under this Agreement shall be
in writing and shall be either delivered personally or sent by registered or certified mail, or by private courier to the parties
at their respective addresses set forth herein, or to such other address as either party shall have specified by notice in writing
to the other. Notice shall be deemed duly given hereunder when delivered or mailed as provided herein.

 

13.2.            [Intentionally omitted]

 

13.3.            Employee and Stockholder Rights.
The Employee shall not have any of the rights of a stockholder with respect to the Option Shares until such shares have been issued
after the due exercise of the Option. Nothing contained in this Agreement shall be deemed to confer upon Employee any right to
continued employment with the Company or any subsidiary thereof, nor shall it interfere in any way with the right of the Company
to terminate Employee in accordance with the provisions regarding such termination set forth in the Employment Agreement.

 

    	 	8	 

     

    

 

13.4.            Waiver. The waiver by any
party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other or subsequent
breach.

 

13.5.            Entire Agreement. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof. This Agreement may not be amended
except by writing executed by the Employee and the Company.

 

13.6.            Binding Effect; Successors.
This Agreement shall inure to the benefit of and be binding upon the parties hereto and, to the extent not prohibited herein, their
respective heirs, successors, assigns and representatives. Nothing in this Agreement, expressed or implied, is intended to confer
on any person other than the parties hereto and as provided above, their respective heirs, successors, assigns and representatives
any rights, remedies, obligations or liabilities.

 

13.7.            Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of Delaware (without regard to choice of law provisions).

 

13.8.            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 Agreement.

 

[Signature Page Follows]

 

 

 

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have signed this Agreement
as of the day and year first above:

 

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

 

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF EXERCISE OF OPTION

 

 

	 	 	 
	 	DATE	 

 

Long Island Iced Tea Corp.

116 Charlotte Avenue

Hicksville, NY 11801

Attention: Chief Accounting Officer

 

Re:            Purchase of Option Shares

 

Ladies and Gentlemen:

 

In accordance with my stock option agreement (the “Stock
Option Agreement”), dated as of May 27, 2015, with Long Island Iced Tea Corp. (“Company”), I hereby
irrevocably elect to exercise the right to purchase _____________ shares of the Company’s common stock, par value $.0001
per share (“Common Stock”). Capitalized terms used but not defined herein have the meanings ascribed to them
in the Stock Option Agreement.

 

As payment for my Option Shares and/or any applicable Withholding
Tax, enclosed is (check and complete applicable boxes):

 

		 ̈	a  ̈ personal check or  ̈
                                                                                                                                                                              certified check or   ̈ bank
                                                                                                                                                                              check payable to the order of “Long Island Iced Tea Corp.” in the sum of $_____________;

 

		 ̈	confirmation of wire transfer in the amount of $_____________; and/or

 

		 ̈	with the consent of the Company, a certificate for _____________ shares of the Company’s Common Stock, free and clear
of any encumbrances, duly endorsed, having a Fair Market Value of $_____________.

 

I hereby represent and warrant to, and agree with, the Company
that:

 

		(i)	I am acquiring the Option Shares for my own account, for investment, and not with a view towards the distribution thereof;

 

		(ii)	I have received a copy of the Plan and all reports and documents required to be filed by the Company with the Commission pursuant
to the Exchange Act, and all reports issued by the Company to its stockholders, within the last 24 months or such shorter period
that the Company has been required to file reports under the Exchange Act;

 

		(iii)	I understand that I must bear the economic risk of the investment in the Option Shares, which cannot be sold by me unless they
are registered under the 1933 Act or an exemption therefrom is available thereunder and that the Company is under no obligation
to register the Option Shares for sale under the 1933 Act;

 

    	 	 	 

     

    

 

		(iv)	I agree that I will not sell, transfer by any means or otherwise dispose of the Option Shares acquired by me hereby except
in accordance with Company’s Insider Trading Policy;

 

		(v)	in my position with the Company, I have had both the opportunity to ask questions 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
to obtain any additional information to the extent the Company possesses or may possess such information or can acquire it without
unreasonable effort or expense necessary to verify the accuracy of the information obtained pursuant to clause (ii) above;

 

		(vi)	my rights with respect to the Option Shares shall, in all respects, be subject to the terms and conditions of the Stock Option
Agreement.

 

		(vii)	I am aware that the Company shall place stop transfer orders with its transfer agent against the transfer of the Option Shares
in the absence of registration under the 1933 Act or an exemption therefrom as provided herein; and

 

		(viii)	if, at the time of issuance of the Option Shares, the issuance of such shares have not been registered under the 1933 Act,
the certificates evidencing the Option Shares shall bear the following legends:

 

“The shares represented by this certificate have
been acquired for investment and have not been registered under the Securities Act of 1933. The shares may not be sold or transferred
in the absence of such registration or an exemption therefrom under said Act.”

 

“The shares represented by this certificate have
been acquired pursuant to a Stock Option Agreement dated as of May 27, 2015, a copy of which is on file with the Company, and may
not be transferred, pledged or disposed of except in accordance with the terms and conditions thereof."

 

    	 	2	 

     

    

 

Kindly forward to me my certificate at your earliest convenience.

 

Very truly yours,

 

	 	 	 
	(Signature)	 	(Address)
	 	 	 
	 	 	 
	(Print Name)	 	(Address)
	 	 	 
	 	 	 
	(Social Security Number)	 	 

 

    	 	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]