Document:

Exhibit 10.2

 

ESCROW AGREEMENT

 

This ESCROW AGREEMENT
(this “Agreement”) is being made and entered into as of [●], 2015, by and among LONG ISLAND ICED TEA CORP.,
a Delaware corporation (“Holdco”), PHILIP THOMAS, in his capacity as the LIBB Representative under the Merger
Agreement (as defined below) and herein (the “LIBB Representative”), PAUL VASSILAKOS, in his capacity as sole
member of the Committee under the Merger Agreement (the “Committee”), and CONTINENTAL STOCK TRANSFER & TRUST
COMPANY, as escrow agent (the “Escrow Agent”). Capitalized terms used herein that are not otherwise defined
herein shall have the meanings ascribed to such terms in the Merger Agreement.

 

WHEREAS, Holdco has
entered into the Agreement and Plan of Reorganization (“Merger Agreement”), dated as of December 31, 2014, by
and among Cullen Agricultural Holding Corp., a Delaware corporation (“Parent”), Holdco, Cullen Merger Sub, Inc.,
a Delaware corporation and wholly owned subsidiary of Holdco (“Parent Merger Sub”), LIBB Acquisition Sub, LLC,
a New York limited liability company and wholly owned subsidiary of Holdco (“Company Merger Sub”), Long Island
Brand Beverages LLC, a New York limited liability company (the “Company”), and Phil Thomas (“Thomas”)
and Thomas Panza (“Panza” and together with Thomas, the “Founders”);

 

WHEREAS, pursuant to
the Merger Agreement, (i) Parent Merger Sub will merge with and into Parent, with Parent being the surviving entity and the stockholders
of Parent receiving one share of common stock, par value $0.0001 per share, of Holdco (together with any securities issued in exchange
therefore or in respect thereof, “Holdco Common Stock”) for each share of common stock, par value $0.0001 per
share, of Parent held by them, and (ii) Company Merger Sub will merge with and into the Company, with the Company being the surviving
entity and the Members receiving shares of Holdco Common Stock, as a result of which Parent and the Company will become wholly
owned subsidiaries of Holdco and Holdco will become a public company;

 

WHEREAS, pursuant to
the Merger Agreement, (i) Parent, Surviving Pubco and the Surviving Subsidiaries and their respective successors and permitted
assigns (the “Parent Indemnitees”) are entitled to be indemnified in certain respects by the Members and (ii)
the consideration payable to the Members is subject to downward adjustment based on the working capital of Parent and the Company
at the Closing;

 

WHEREAS, the parties
desire to establish segregated escrow funds as collateral security and the sole remedy for the Members’ indemnification obligations
under the Merger Agreement and as the sole means of providing for any such downward working capital adjustment; and

 

WHEREAS, (i) the LIBB
Representative has been designated pursuant to the Merger Agreement as each Signing Member’s representative and agent to
represent all of the Signing Members, and to act on their behalf for purposes of this Agreement, and (ii) the Committee has been
designated pursuant to the Merger Agreement to act on behalf of Parent and Holdco to take all necessary actions and make all decisions
pursuant to this Agreement after the Closing.

 

    	 

    	 

    

 

NOW, THEREFORE, the
parties hereto agree as follows:

 

1.           (a)          Concurrently
with the execution hereof, each of the Signing Members (or the LIBB Representative or Holdco, on their behalf) is delivering to
the Escrow Agent, to be held in escrow pursuant to the terms of this Agreement, (i) a stock certificate for the number of shares
of Holdco Common Stock in the amount set forth in Schedule A hereto (the “Indemnity Escrow Shares”) and
(ii) a stock certificate for the number of shares of Holdco Common Stock in the amount set forth in Schedule B hereto (the
“Adjustment Escrow Shares,” and together with the Indemnity Escrow Shares, the “Escrow Shares”),
each issued in the name of such Member representing a portion of the Holdco Common Stock issued to such Member pursuant to the
Merger Agreement, together with three (3) assignments (separate from certificate) executed in blank by such Member, with medallion
signature guarantees. The Indemnity Escrow Shares so delivered by the Sellers to the Escrow Agent are herein referred to in the
aggregate as the “Indemnity Escrow Fund” and the Adjustment Escrow Shares so delivered by the Sellers to the
Escrow Agent are herein referred to in the aggregate as the “Adjustment Escrow Fund.” The Indemnity Escrow Fund
and the Adjustment Escrow Fund together are herein referred to in the aggregate as the “Escrow Fund.” The Signing
Members and any Permitted Transferees (as defined below), for as long as they continue to own any portion of the Escrow Fund, are
referred to herein as the “Owners.” The Escrow Agent shall maintain a separate account for each Owner’s
portion of the Indemnity Escrow Fund and for each Owner’s portion of the Adjustment Escrow Fund.

 

(b)          The
LIBB Representative (on behalf of the Members) and the Committee (on behalf of the Parent Indemnitees) hereby appoint the Escrow
Agent as their escrow agent for the purposes set forth herein, and the Escrow Agent hereby agrees to act as escrow agent and to
hold, safeguard and disburse the Escrow Fund pursuant to the terms and conditions hereof. The Escrow Agent shall treat the Escrow
Fund as a trust fund in accordance with the terms of this Agreement and not as the property of Holdco. The Escrow Agent’s
duties hereunder shall terminate upon its distribution of the entire Escrow Fund in accordance with this Agreement.

 

(c)          Except
as herein provided, the Owners shall retain all of their rights as stockholders of Holdco with respect to shares of Holdco Common
Stock constituting the Escrow Fund during the period the Escrow Fund is held by the Escrow Agent (the “Escrow Period”),
including, without limitation, the right to vote their shares of Holdco Common Stock included in the Escrow Fund.

 

(d)          During
the Escrow Period, all dividends payable with respect to the shares of Holdco Common Stock included in the Escrow Fund shall be
paid by Holdco directly to the Owners (or if received by the Escrow Agent, promptly forwarded to the Owners (as directed by the
LIBB Representative), except that any dividends payable in stock or other securities (“Securities Dividends”)
shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Indemnity
Escrow Fund” shall be deemed to include the Securities Dividends distributed thereon, if any, and the “Adjustment
Escrow Fund” shall be deemed to include the Securities Dividends distributed thereon, if any.

 

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(e)          During
the Escrow Period, except to the Parent Indemnitees as provided herein or with the prior written consent of Holdco, no sale, transfer
or other disposition may be made of any or all of the shares of Holdco Common Stock in the Escrow Fund except (i) to a Permitted
Transferee (as hereinafter defined), (ii) by virtue of the laws of descent and distribution upon death of any Owner, or (iii) pursuant
to a qualified domestic relations order; provided, however, that such permissive transfers may be implemented only upon the respective
transferee’s written agreement to be bound by the terms and conditions of this Agreement. As used in this Agreement, the
term “Permitted Transferee” shall include: (x) members of an Owner’s Immediate Family (as hereinafter
defined); (y) an entity in which (A) an Owner and/or members of an Owner’s Immediate Family directly or indirectly beneficially
own 100% of such entity’s voting and non-voting equity securities, or (B) an Owner and/or a member of such Owner’s
Immediate Family is a general partner and in which such Owner and/or members of such Owner’s Immediate Family directly or
indirectly beneficially own 100% of all capital accounts of such entity; and (z) a revocable trust established by an Owner during
his lifetime for the benefit of such Owner or for the exclusive benefit of all or any of such Owner’s Immediate Family. As
used in this Agreement, the term “Immediate Family” means, with respect to any Owner, a spouse, parents, lineal
descendants, the spouse of any lineal descendant, and brothers and sisters (or a trust, all of whose current beneficiaries are
members of an Immediate Family of the Owner). In connection with and as a condition to each permitted transfer, the Permitted Transferee
shall deliver to the Escrow Agent an assignment (separate from certificate) executed by the transferring Owner, with medallion
signature guaranty, or where applicable, an order of a court of competent jurisdiction, evidencing the transfer of shares to the
Permitted Transferee, together with three (3) assignments (separate from certificate) executed in blank by the Permitted Transferee,
with medallion signature guaranties, with respect to the shares transferred to the Permitted Transferee. Upon receipt of such documents,
the Escrow Agent shall deliver to Holdco’s transfer agent the original stock certificate out of which the assigned shares
are to be transferred, together with the executed assignment separate from certificate executed by the transferring Owner, or a
copy of the applicable court order, and shall request that Holdco issue new certificates representing (x) the number of shares,
if any, that continue to be owned by the transferring Owner, and (y) the number of shares owned by the Permitted Transferee as
the result of such transfer. Holdco, the transferring Owner and the Permitted Transferee shall cooperate in all respects with the
Escrow Agent in documenting each such transfer and in effectuating the result intended to be accomplished thereby. During the Escrow
Period, no Owner shall pledge or grant a security interest in such Owner’s shares of Holdco Common Stock included in the
Escrow Fund or grant a security interest in such Owner’s rights under this Agreement.

 

2.          (a)          The
Committee, on behalf of the Parent Indemnitees, may make a claim for indemnification pursuant to the Merger Agreement (“Indemnification
Claim”) against the Indemnity Escrow Fund by giving notice (a “Notice”) to the LIBB Representative
(with a copy to the Escrow Agent) specifying (i) the covenant, representation, warranty, agreement, undertaking or obligation contained
in the Merger Agreement which it asserts has been breached or otherwise entitles the Parent Indemnitees to indemnification, (ii)
in reasonable detail, the nature and actual or estimated dollar amount of any Indemnification Claim, and (iii) whether the Indemnification
Claim results from a Third Party Claim against Parent Indemnitees; provided, that the copy provided to the Escrow Agent
may be redacted for confidential, proprietary or privileged information. The Committee also shall deliver to the Escrow Agent (with
a copy to the LIBB Representative (and affirmatively confirm receipt by the LIBB Representative)), concurrently with its delivery
to the Escrow Agent of the Notice, a certification as to the date on which the Notice was delivered to the LIBB Representative.

 

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(b)          If
the LIBB Representative shall give a notice to the Committee (with a copy to the Escrow Agent) (a “Counter Notice”),
within 30 days following the date of receipt by the LIBB Representative of the Notice, disputing whether the Indemnification Claim
is indemnifiable under the Merger Agreement, the Committee and the LIBB Representative shall attempt to resolve such dispute by
voluntary settlement as provided in paragraph 2(c) below. If no Counter Notice with respect to an Indemnification Claim is received
by the Escrow Agent from the LIBB Representative within such 30-day period, the Indemnification Claim shall be deemed to be an
Established Claim (as hereinafter defined) for purposes of this Agreement.

 

(c)          If
the LIBB Representative delivers a Counter Notice to the Escrow Agent, the Committee and the LIBB Representative shall, during
the period of 30 days following the delivery of such Counter Notice or such greater period of time as the parties may agree to
in writing (with a copy to the Escrow Agent), attempt to resolve the dispute with respect to which the Counter Notice was given.
If the Committee and the LIBB Representative shall reach a settlement with respect to any such dispute, they shall jointly deliver
written notice of such settlement to the Escrow Agent specifying the terms thereof. If the Committee and the LIBB Representative
shall be unable to reach a settlement with respect to a dispute, such dispute shall be resolved by arbitration pursuant to paragraph
2(d) below.

 

(d)          If
the Committee and the LIBB Representative cannot resolve a dispute prior to expiration of the 30-day period referred to in paragraph
2(c) above (or such longer period as the parties may have agreed to in writing), then such dispute shall be submitted (and either
party may submit such dispute) for arbitration in accordance with Section 10. For the avoidance of doubt, nothing in this Section
2 will affect the rights and obligations of the parties with respect to Third Party Claims under Section 7.2 of the Merger Agreement.

 

(e)          As
used in this Agreement, “Established Claim” means any (i) direct Indemnification Claim deemed established
pursuant to the last sentence of paragraph 2(b) above, (ii) direct Indemnification Claim resolved in favor of Parent Indemnitees
by settlement pursuant to paragraph 2(c) above, resulting in a dollar award to Parent Indemnitees, (iii) direct Indemnification
Claim established by the decision of an arbitrator pursuant to paragraph 2(d) above, resulting in a dollar award to Parent Indemnitees,
(iv) Third Party Claim that has been sustained by a final determination (after exhaustion of any appeals) of a court of competent
jurisdiction, or (v) Third Party Claim that the Committee and the Representative have jointly notified the Escrow Agent has been
settled in accordance with the provisions of the Merger Agreement; provided, however, that an Indemnification Claim
shall not be deemed an Established Claim to the extent that no amount is payable pursuant to Section 7.4(b) of the Merger Agreement.

 

(f)          (i)          Promptly
after an Indemnification Claim becomes an Established Claim, the Committee and the LIBB Representative shall jointly deliver a
notice to the Escrow Agent (a “Joint Notice”) directing the Escrow Agent to pay to Parent Indemnitees, and the
Escrow Agent promptly shall pay to Parent Indemnitees, an amount equal to the aggregate dollar amount of the Established Claim
(or, if at such time there remains in the Escrow Fund less than the full amount so payable, the full amount remaining in the Escrow
Fund).

 

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(ii)         Payment
of an Established Claim shall be made from the Indemnity Escrow Fund pro rata from the Indemnity Escrow Fund account maintained
on behalf of each Owner. For purposes of each payment, the shares of Holdco Common Stock shall be valued at the Fair Market Value
(as defined below). However, in no event shall the Escrow Agent be required to calculate Fair Market Value or make a determination
of the number of shares to be delivered to Holdco in satisfaction of any Established Claim; rather, such calculation shall be included
in and made part of the Joint Notice. The Escrow Agent shall transfer to the Parent Indemnitees out of the Indemnity Escrow Fund
that number of shares of Holdco Common Stock necessary to satisfy each Established Claim, as set out in the Joint Notice. Any dispute
between the Committee and the LIBB Representative concerning the calculation of Fair Market Value or the number of shares necessary
to satisfy any Established Claim, or any other dispute regarding a Joint Notice, shall be resolved between the Committee and the
LIBB Representative in accordance with the procedures specified in paragraph 2(d) above, and shall not involve the Escrow Agent.
Each transfer of shares in satisfaction of an Established Claim shall be made by the Escrow Agent delivering to Holdco one or more
stock certificates held in each Owner’s Indemnity Escrow Fund account evidencing not less than such Owner’s pro rata
portion of the aggregate number of shares specified in the Joint Notice, together with assignments (separate from certificate)
executed in blank by such Owner and completed by the Escrow Agent in accordance with instructions included in the Joint Notice.
Upon receipt of the stock certificates and assignments, Holdco shall deliver to the Escrow Agent new certificates representing
the number of shares owned by each Owner after such payment. The parties hereto (other than the Escrow Agent) agree that the foregoing
right to make payments of Established Claims in shares of Holdco Common Stock may be made notwithstanding any other agreements
restricting or limiting the ability of any Owner to sell any shares of Holdco stock or otherwise. The Committee and the LIBB Representative
shall be required to exercise utmost good faith in all matters relating to the preparation and delivery of each Joint Notice. As
used herein, “Fair Market Value” means the volume-weighted average price for a share of Holdco Common Stock,
as reported by Bloomberg, L.P. (or, if Bloomberg ceases to publish such price, any successor service reasonably chosen by Holdco),
for the twenty (20) consecutive trading days ending on the trading day immediately prior to the Measurement Date, or if such volume-weighted
average price is unavailable, the average of the closing sale price of one share of Holdco Common Stock for such period as reported
on the primary exchange on which Holdco Common Stock is traded or reported, or if such closing sale price is unavailable, the average
of the closing bid price of one share of Holdco Common Stock for such period as reported by the OTCBB. As used herein, “Measurement
Date” means (x) the day an Established Claim is paid with respect to Indemnification Claims paid on or before the Escrow
Termination Date and (y) the Escrow Termination Date with respect to shares constituting the Pending Claims Reserve.

 

(iii)        Notwithstanding
anything herein to the contrary, at such time as an Indemnification Claim has become an Established Claim, the LIBB Representative
shall have the right, in its sole discretion, to substitute for any or all of the shares of Holdco Common Stock that otherwise
would be paid in satisfaction of such claim (such amount of shares actually substituted, the “Claim Shares”),
cash in an amount equal to the Fair Market Value of the Claim Shares (“Substituted Cash”). In such event (i)
the Joint Notice shall include a statement describing the substitution of Substituted Cash for the Claim Shares, and (ii) substantially
contemporaneously with the delivery of such Joint Notice, the LIBB Representative shall cause currently available funds to be delivered
to the Escrow Agent in an amount equal to the Substituted Cash. Upon receipt of such Joint Notice and Substituted Cash, the Escrow
Agent shall (y) in payment of the Established Claim described in the Joint Notice, deliver the Substituted Cash to the Parent Indemnitees
in lieu of the Claim Shares in which they were paid (along with any shares of Holdco Common Stock other than Claim Shares used
to satisfy the claim), and (z) cause the Claim Shares to be returned to the Owners, as directed by the LIBB Representative (which
will be based on the portion of Substituted Cash provided by each Owner, which is not required to be pro rata based on their ownership
of the Escrow Fund as of the date of this Agreement).

 

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3.          (a)          On
the first Business Day after the Escrow Termination Date, upon receipt of a Joint Notice, the Escrow Agent shall distribute and
deliver to each Owner certificates representing shares of Holdco Common Stock then in such Owner’s account in the Escrow
Fund equal to the original number of shares placed in such Owner’s account less that number of shares in such Owner’s
account equal to the sum of (i) the number of shares applied in satisfaction of Indemnification Claims made prior to that date
or released as Claim Shares pursuant to Section 2(f)(iii) and (ii) the number of shares in the Pending Claims Reserve allocated
to such Owner’s account, as provided in the following sentence. If, at such time, there are any Indemnification Claims with
respect to which Notices have been received, but in respect of which the Escrow Agent has not been notified that such claim has
been resolved pursuant to Section 2 hereof, or in respect of which the Escrow Agent has not been notified of a settlement or notified
of, and received a copy of, a final determination (after exhaustion of any appeals) by a court of competent jurisdiction, as the
case may be (in any such case, “Pending Claims”), and which, if resolved or finally determined in favor of the
Parent Indemnitees, would result in a payment to the Parent Indemnitees, the Escrow Agent shall retain in the Pending Claims Reserve
that number of shares of Holdco Common Stock having a Fair Market Value equal to the dollar amount for which indemnification is
sought in such Indemnification Claim, allocated pro rata from the account maintained on behalf of each Owner. The Committee and
the LIBB Representative shall certify to the Escrow Agent the Fair Market Value to be used in calculating the Pending Claims Reserve
and the number of shares of Holdco Common Stock to be retained therefor. If any Pending Claim is or thereafter becomes an Established
Claim, the Committee and the LIBB Representative shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to
deliver to Holdco the number of shares in the Pending Claims Reserve in respect thereof determined in accordance with paragraph
2(f) above and to deliver to each Owner the remaining shares in the Pending Claims Reserve allocated to such Pending Claim, all
as specified in a Joint Notice. If any Pending Claim is resolved against Holdco, the Committee and the LIBB Representative shall
deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to pay to each Owner its pro rata portion of the number of
shares allocated to such Pending Claim in the Pending Claims Reserve.

 

(b)          As
used herein, the “Pending Claims Reserve” shall mean, at the time any such determination is made, that number
of shares of Holdco Common Stock in the Indemnity Escrow Fund having a Fair Market Value equal to the sum of the aggregate dollar
amounts claimed to be due with respect to all Pending Claims (as shown in the Notices of such Claims).

 

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4.          Not
later than three (3) Business Days after (i) if there are no Items of Dispute, the thirtieth (30th) calendar day after
the Independent Parties’ receipt of the Closing Net Working Capital Statement, or (ii) if there are Items of Dispute, the
day such Items of Dispute are finally resolved in accordance with the Section 1.5(d) of the Merger Agreement, the Committee and
the LIBB Representative shall deliver a joint notice (the “Adjustment Notice”) to the Escrow Agent instructing
the Escrow Agent to, and the Escrow Agent shall, (i) transfer to Holdco the aggregate number of Adjustment Escrow Shares determined
under Section 1.5(d)(iv) of the Merger Agreement, pro rata from each Owner’s Adjustment Escrow Fund account (or, if at such
time there remains in the Adjustment Escrow Fund less than such number of shares, the full number of shares remaining in the Adjustment
Escrow Fund), and (ii) thereafter distribute and deliver to each Owner certificates representing any shares of Holdco Common Stock
remaining in such Owner’s Adjustment Escrow Fund account. However, in no event shall the Escrow Agent be required to calculate
the number of Adjustment Escrow Shares to be transferred to Holdco under Section 1.5(d)(iv) of the Merger Agreement, which amounts
shall be set forth in the Adjustment Notice. Each transfer of Adjustment Escrow Shares to Holdco shall be made by the Escrow Agent
delivering to Holdco one or more stock certificates held in each Owner’s Adjustment Escrow Fund account evidencing not less
than such Owner’s pro rata portion of the aggregate number of shares specified in the Adjustment Notice, together with assignments
(separate from certificate) executed in blank by such Owner and completed by the Escrow Agent in accordance with instructions included
in the Adjustment Notice. Upon receipt of the stock certificates and assignments, Holdco shall deliver to the Escrow Agent for
distribution to the Owners in accordance with this Section 4 new certificates representing the number of shares owned by each Owner
after such transfer.

 

5.          Notwithstanding
anything to the contrary contained in this Agreement, no portion of the Escrow Fund shall be issued and delivered to any Owner
until such time as the Company Certificates representing the Company Membership Units in respect of which the Escrow Shares were
initially issued shall have been surrendered as provided by Section 1.6 of the Merger Agreement (or an affidavit in lieu thereof
shall have been delivered as provided by Section 1.8 of the Merger Agreement). In the event a distribution of a portion of the
Escrow Fund is to be made prior to such surrender, the portion of the Escrow Fund to which the Owner is otherwise entitled shall
be delivered in trust to Holdco, which shall hold such portion of the Escrow Fund pending surrender of such Company Certificates
or expiration of any period resulting in escheatment or forfeiture of same.

 

6.          The
Escrow Agent, the Committee and the Representative shall cooperate in all respects with one another in the calculation of any amounts
determined to be payable to Holdco and the Owners in accordance with this Agreement and in implementing the procedures necessary
to effect such payments.

 

7.             (a)          The
Escrow Agent undertakes to perform only such duties as are expressly set forth herein. It is understood that the Escrow Agent is
not a trustee or fiduciary and is acting hereunder merely in a ministerial capacity.

 

(b)          The
Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein
contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights
of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

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(c)          The
Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment to Parent Indemnitees pursuant to the
terms of this Agreement or, if such notice is disputed by the Committee or the LIBB Representative, the settlement with respect
to any such dispute, whether by virtue of joint resolution, arbitration or determination of a court of competent jurisdiction,
is to pay to Parent Indemnitees the amount specified in such notice, and the Escrow Agent shall have no duty to determine the validity,
authenticity or enforceability of any specification or certification made in such notice.

 

(d)          The
Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within the rights
or powers conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and complete
authorization and indemnification under Section 5(g), below, for any action taken or suffered by it hereunder in good faith and
in accordance with the opinion of such counsel.

 

(e)          The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over the Escrow Fund to a successor escrow agent appointed jointly by the Committee
and the LIBB Representative. If no new escrow agent is so appointed within the 60 day period following the giving of such notice
of resignation, the Escrow Agent may deposit the Escrow Fund with any court of competent jurisdiction that it reasonably deems
appropriate.

 

(f)          The
Escrow Agent shall be indemnified and held harmless by Holdco from and against any expenses, including counsel fees and disbursements,
or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way,
directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Fund
held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent
or its affiliates. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action,
suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice,
the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in the any state or federal court
located in New York County, State of New York.

 

(g)          The
Escrow Agent shall be entitled to reasonable compensation from Holdco for all services rendered by it hereunder in accordance with
the amounts set forth on Schedule C hereto. The Escrow Agent shall also be entitled to reimbursement from Holdco for all
reasonable documented out-of-pocket expenses paid or incurred by it in the administration of its duties hereunder including, but
not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

 

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(h)          From
time to time on and after the date hereof, the Committee and the LIBB Representative shall deliver or cause to be delivered to
the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent
shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

 

(i)          Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own or its affiliates’
gross negligence or its own or its affiliates’ willful misconduct.

 

8.          This
Agreement expressly sets forth all the duties of the Escrow Agent with respect to any and all matters pertinent hereto. No implied
duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent shall not be bound by the provisions
of any agreement among the parties hereto except this Agreement and shall have no duty to inquire into the terms and conditions
of any agreement made or entered into in connection with this Agreement, including, without limitation, the Merger Agreement.

 

9.          This
Agreement shall inure to the benefit of and be binding upon the parties and their respective heirs, successors, assigns and legal
representatives shall be governed by and construed in accordance with the law of New York applicable to contracts made and to be
performed therein. This Agreement cannot be changed or terminated except by a writing signed by Holdco, the Committee, the LIBB
Representative and the Escrow Agent.

 

10.         All
disputes arising under this Agreement between the Committee, Holdco and the LIBB Representative, including a dispute arising from
a party’s failure or refusal to sign a Joint Notice (any of the foregoing, a “Dispute”), shall be submitted
to arbitration to the American Arbitration Association (“AAA”) in New York, New York and finally settled under
the AAA Commercial Arbitration Rules (the “Rules”), unless otherwise agreed, by an arbitral tribunal composed
of three (3) arbitrators, at least one (1) of whom shall be an attorney experienced in corporate transactions, appointed by agreement
of the parties to such Dispute in accordance with said Rules. In the event such parties fail to agree upon a panel of arbitrators
from the first list of potential arbitrators proposed by the AAA, the AAA will submit a second list in accordance with such Rules.
In the event such parties shall have failed to agree upon a full panel of arbitrators from such second list, any remaining arbitrators
to be selected shall be appointed by the AAA in accordance with such Rules. If at the time of the arbitration the parties to such
Dispute agree in writing to submit the dispute to a single arbitrator, such single arbitrator shall be appointed by agreement of
such parties in connection with the foregoing procedure or failing such agreement by the AAA in accordance with such Rules. All
arbitrators shall be neutral arbitrators and subject to the Rules. The arbitrators shall apply the laws of the State of New York,
shall not have the authority to add to, detract from, or modify any provision hereof. To the extent that the Rules and this Agreement
are in conflict, the terms of this Agreement shall control. A decision by a majority of the arbitrators shall be final, conclusive
and binding and may be entered and enforced in any court of competent jurisdiction. The arbitrators shall deliver a written and
reasoned award with respect to the dispute to each of the parties to the dispute, difference, controversy or claim, who shall promptly
act in accordance therewith. Time is of the essence and the proceedings shall be streamlined and efficient. The arbitration proceedings
conducted pursuant hereto shall be confidential. No party shall disclose any information about the arbitration proceedings or the
evidence adduced by the other parties in any arbitration proceeding or about documents provided by the other parties in connection
with the arbitration proceeding except in the course of a judicial, regulatory or arbitration proceeding or as may be requested
by a governmental authority or as required or advisable under law or exchange rules. Before making any disclosure permitted by
the preceding sentence, the party intending to make such disclosure shall give the other parties reasonable written notice of the
intended disclosure. The parties shall sign, and the arbitrator, expert witnesses and stenographic reporters shall be asked to
sign, appropriate non-disclosure agreements or orders in order to effectuate this Agreement of the parties as to confidentiality.
The provisions of this Section 10 may be enforced in any court having jurisdiction over the award or any of the parties or any
of their respective assets, and judgment on the award (including equitable remedies) granted in any arbitration hereunder may be
entered in any such court. Nothing contained in this Section10 shall prevent any party from seeking injunctive or other equitable
relief from any court of competent jurisdiction, without the need to resort to arbitration.

 

    	-9-

    	 

    

 

11.         This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York (without giving effect to its
choice of law principles). Subject to paragraph 10, each party hereby irrevocably submits to the exclusive jurisdiction of any
federal or state court located in the county of New York, State of New York in respect of any action, suit or proceeding arising
in connection with this Agreement and the transactions contemplated hereby, and agrees that any such action, suit or proceeding
shall be brought only in such court (and waives any objection based on forum non conveniens or any other objection to venue therein);
provided, however, that such consent to jurisdiction is solely for the purpose referred to in this paragraph 11 and shall not be
deemed to be a general submission to the jurisdiction of said courts or in the State of New York other than for such purpose. Any
and all process may be served in any action, suit or proceeding arising in connection with this Agreement by complying with the
provisions of paragraph 13. Such service of process shall have the same effect as if the party being served were a resident of
the State of New York and had been lawfully served with such process in such jurisdiction. The parties hereby waive all claims
of error by reason of such service. Nothing herein shall affect the right of any party to service process in any other manner permitted
by law or to commence legal proceedings or otherwise proceed against the other in any other jurisdiction to enforce judgments or
rulings of the aforementioned courts.

 

12.         EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY AND ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY HERETO IN NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

13.         All
notices and other communications under this Agreement shall be in writing and shall be deemed given if given by hand or delivered
by nationally recognized overnight carrier, or if given by telecopier with affirmative confirmation of receipt and confirmed by
mail (registered or certified mail, postage prepaid, return receipt requested), to the respective parties as follows:

 

    	-10-

    	 

    

 

	 	A.	If to the LIBB Representative, to it at:
	 	 	 
	 	 	Philip Thomas
	 	 	c/o Long Island Brand Beverages LLC
	 	 	P.O. Box 845
	 	 	Long Beach, New York 11561
	 	 	Telephone:
	 	 	Facsimile:
	 	 	E-mail:
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Ellenoff Grossman & Schole LLP
	 	 	1345 Avenue of the Americas, 11th Floor
	 	 	New York, NY  10105
	 	 	Attention:  Sarah Williams
	 	 	Telephone:  (212) 370-1300
	 	 	Facsimile: (212) 370-7889
	 	 	Email: swilliams@egsllp.com
	 	 	 
	 	B.	If to Holdco or the Committee, to it at:
	 	 	 
	 	 	Paul Vassilakos
	 	 	180 Madison Avenue
	 	 	Suite 1702
	 	 	New York, N.Y. 10016
	 	 	Telephone:
	 	 	Facsimile:
	 	 	E-mail:
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Graubard Miller
	 	 	405 Lexington Avenue, 11th Floor
	 	 	New York, N.Y. 10174
	 	 	Attention: David Alan Miller, Esq.
	 	 	Telephone:  (212) 818-8800
	 	 	Facsimile: (212) 818-8881
	 	 	Email: dmiller@graubard.com
	 	 	 
	 	C.	If to the Escrow Agent, to it at:
	 	 	 
	 	 	Continental Stock Transfer & Trust Company
	 	 	17 Battery Place
	 	 	New York, New York 10004
	 	 	Attention:  Mark Zimkind
	 	 	Telecopier No.:  212-509-5150

 

    	-11-

    	 

    

 

or to such other person or address as any
of the parties hereto shall specify by notice in writing to all the other parties hereto.

 

14.         This
Agreement and the rights and obligations hereunder may not be assigned without the prior written consent of each of the parties
hereto; provided, however, that if (a) the LIBB Representative is replaced in accordance with the terms of the Merger
Agreement, the replacement LIBB Representative shall automatically become a party to this Agreement as if it were the original
LIBB Representative hereunder upon providing (i) written notice to the Escrow Agent and the Committee of such replacement and accepting
its rights and obligations under this Agreement and (ii) the Escrow Agent with any documentation reasonably required by the Escrow
Agent from such replacement LIBB Representative to comply with applicable law and the Escrow Agent’s internal procedures
or (b) the Committee is replaced in accordance with the terms of the Merger Agreement, the replacement Committee shall automatically
become a party to this Agreement as if it were the original Committee hereunder upon providing (i) written notice to the Escrow
Agent and the LIBB Representative of such replacement and accepting its rights and obligations under this Agreement and (ii) the
Escrow Agent with any documentation reasonably required by the Escrow Agent from such replacement Committee to comply with applicable
law and the Escrow Agent’s internal procedures. This Agreement will be binding upon, inure to the benefit of and be enforceable
by the parties and their respective successors and permitted assigns.

 

15.         In
the event that any provision of this Agreement or the application thereof, becomes or is declared by a court of competent jurisdiction
to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application
of such provision to other persons or entities or circumstances will be interpreted so as reasonably to effect the intent of the
parties hereto. The parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable
provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision.

 

16.         No
failure or delay on the part of any party hereto in the exercise of any right hereunder will impair such right or be construed
to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement herein, nor will any single
or partial exercise of any such right preclude any other (or further) exercise thereof or of any other right. All rights and remedies
existing under this Agreement are cumulative to, and not exclusive to or exclusive of, any rights or remedies otherwise available
to a party hereunder.

 

17.         The
terms and provisions of this Agreement (including the Exhibits hereto, which are hereby incorporated by reference herein) constitute
the entire agreement between the Escrow Agent and the other parties hereto with respect to the subject matter hereof. Notwithstanding
the foregoing, as between Holdco, the Committee and the LIBB Representative, the terms of the Merger Agreement shall control and
govern over the terms of this Agreement in the event of any conflict or inconsistency between this Agreement and the Merger Agreement.
The actions of the Escrow Agent shall be governed solely by this Agreement.

 

    	-12-

    	 

    

 

18.           (a)          If
this Agreement requires a party to deliver any notice or other document, and such party refuses to do so, the matter shall be submitted
to arbitration pursuant to paragraph 10 of this Agreement.

 

(b)          All
notices delivered to the Escrow Agent shall refer to the provision of this Agreement under which such notice is being delivered
and, if applicable, shall clearly specify the aggregate dollar amount due and payable to Holdco.

 

(c)          This
Agreement may be executed in any number of counterparts (including by facsimile or other electronic transmission), each of which
shall be deemed to be an original instrument and all of which together shall constitute a single agreement.

 

[Signatures are on following page]

 

    	-13-

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has duly executed this Escrow Agreement as of the date first above written.

 

	 	HOLDCO:
	 	 	 
	 	LONG ISLAND ICED TEA CORP.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	THE LIBB REPRESENTATIVE:
	 	 	 
	 	 
	 	Phil Thomas
	 	 	 
	 	THE COMMITTEE:
	 	 	 
	 	 	 
	 	Paul Vassilakos
	 	 	 
	 	THE ESCROW AGENT:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:Exhibit 10.3 

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is entered into as of the [●] day of [●], 2015, by and among Long Island Iced
Tea Corp., a Delaware corporation (the “Company”), and the members of Long Island Brand Beverages LLC
executing the signature page hereto (the “Stockholders”).

 

WHEREAS, the Stockholders and the Company
desire to enter into this Agreement to provide the Stockholders with certain rights relating to the registration of shares to be
issued to the Stockholders and that may be issued to the Stockholders (“Merger Shares”) pursuant to that
certain Agreement and Plan of Reorganization (“Merger Agreement”), dated December 31, 2014, as amended,
by and among the Company, Cullen Agricultural Holding Corp., Cullen Merger Sub, Inc., LIBB Acquisition Sub, LLC, Long Island Brand
Beverages LLC, Phil Thomas and Thomas Panza.

 

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

 

1.          DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Agreement” means
this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Commission” means
the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange Act.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company.

 

“Company” is defined
in the preamble to this Agreement and shall include the Company’s successors by merger, acquisition, reorganization or otherwise.

 

“Closing Date”
is defined in the Merger Agreement.

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding Holder”
is defined in Section 2.1.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Form S-3” is
defined in Section 2.3.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying Party”
is defined in Section 4.3.

 

    	 

    	 

    

 

“Stockholders”
is defined in the preamble to this Agreement.

 

“Stockholder Indemnified Party”
is defined in Section 4.1.

 

“Maximum Number of Shares”
is defined in Section 2.1.4.

 

“Merger Agreement”
is defined in the preamble to this Agreement.

 

“Merger Shares”
is defined in the preamble to this Agreement.

 

“Notices” is defined
in Section 6.3.

 

“Piggy-Back Registration”
is defined in Section 2.2.1.

 

“Register,” “Registered”
and “Registration” mean a registration effected by preparing and filing a registration statement or similar
document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder,
and such registration statement becoming effective.

 

“Registrable Securities”
means all of the Merger Shares. Registrable Securities include any warrants, shares of capital stock or other securities of the
Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such Merger Shares.
As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities
shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities
shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of them shall not require registration under the Securities Act; (c)
such securities shall have ceased to be outstanding; or (d) the Registrable Securities are freely saleable under Rule 144 without
volume limitations.

 

“Registration Statement”
means a registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules and
regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8, or their
successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of
another entity).

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect at the time.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

  

    	 

    	 

    

 

2.          REGISTRATION
RIGHTS.

 

2.1           Demand
Registration.

 

2.1.1    Request for Registration.
At any time and from time to time after the Closing Date, holders of a majority in interest of the Registrable Securities may make
a written demand for registration under the Securities Act of all or part of their Registrable Securities (a “Demand
Registration”). Any demand for a Demand Registration shall specify the Registrable Securities proposed to be sold
and the intended method(s) of distribution thereof. Within ten (10) business days following receipt of any request for a Demand
Registration, the Company will notify all holders of Registrable Securities of the demand, and each holder of Registrable Securities
who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder
including shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify
the Company within fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request, the
Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section
2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than two (2) Demand Registrations
under this Section 2.1.1 in respect of all Registrable Securities.

 

2.1.2     Effective
Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the Commission
with respect to such Demand Registration has been declared effective and remains effective for not less than one hundred eighty
(180) days (or such shorter period if all Registrable Securities covered by such Registration Statement have been sold or withdrawn)
and the Company has complied with all of its obligations under this Agreement with respect thereto; provided, however, that if,
after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration
is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the Registration
Statement with respect to such Demand Registration will be deemed not to have been declared effective, unless and until, (i) such
stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority in interest of the Demanding Holders
thereafter elects to continue the offering.

 

2.1.3      Underwritten
Offering. If a majority in interest of the Demanding Holders so elects and advises the Company as part of its written demand
for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form
of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration
shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable
Securities in the underwriting to the extent provided herein. All Demanding Holders shall enter into an underwriting agreement
in customary form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the holders
initiating the Demand Registration.

 

    	 

    	 

    

 

2.1.4      Reduction
of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering advises
the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other shares of Common Stock or other securities which the Company desires
to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back
registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum
number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable,
the “Maximum Number of Shares”), then the Company shall include in such registration: (i) first, the
Registrable Securities as to which Demand Registration has been requested by the Demanding Holders, pro rata in accordance with
the number of shares that each such Demanding Holder has requested be included in such registration, regardless of the number of
shares held by each such Demanding Holder (such proportion is referred to herein as “Pro Rata”), that
can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (i), the shares of Common Stock or other securities that the Company desires to sell that
can be sold without exceeding the Maximum Number of Shares; and (iii) third, to the extent that the Maximum Number of Shares have
not been reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual arrangements with such persons and that can be
sold without exceeding the Maximum Number of Shares, Pro Rata.

 

2.1.5     Withdrawal.
If a majority in interest of the Demanding Holders disapproves of the terms of any underwriting or are not entitled to include
all of their Registrable Securities in any offering, such majority in interest of the Demanding Holders may elect to withdraw from
such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to
the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the Demanding
Holders so withdraws the request for a Demand Registration in such event, then such registration shall not count as a Demand Registration
provided for in Section 2.1.

 

2.1.6.     Registration Statement Form.
Registrations under this Section 2.1 shall be on such appropriate registration form of the Commission (i) as shall be selected
by the Company and as shall be reasonably acceptable to the holders of a majority-in-interest of Demanding Holders Registration
and (ii) as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition
specified in the applicable holders’ requests for such registration. Notwithstanding the foregoing, if, pursuant to a Demand
Registration, (x) the Company proposes to effect registration by filing a Registration Statement on Form S-3, (y) such registration
is in connection with an Underwritten Offering, and (z) the managing Underwriter or Underwriters shall advise the Company in writing
that, in its or their opinion, the use of another form of registration statement (or the inclusion, rather than the incorporation
by reference, of information in the prospectus related to a Registration Statement on Form S-3) is of material importance to the
success of such proposed offering, then such registration shall be effected on such other form (or such information shall be so
included in such prospectus).

  

    	 

    	 

    

 

2.2           Piggy-Back
Registration.

 

2.2.1     Piggy-Back
Rights. If at any time on or after the Closing Date, the Company proposes to file a Registration Statement under the Securities
Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities, by the Company for its own account or for stockholders of the Company for their account (or by the Company
and by stockholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement
(i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities
solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of
the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to
the holders of Registrable Securities as soon as practicable (but in no event less than ten (10) days) before the anticipated filing
date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the
holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities
as such holder may request in writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”).
The Company shall cause such Registrable Securities to be included in such registration and shall use its best efforts to cause
the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to
be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.
In the event a Piggy-Back Registration involves an Underwriter or Underwriters, all holders of Registrable Securities proposing
to distribute their securities through such Piggy-Back Registration shall enter into an underwriting agreement in customary form
with the Underwriter or Underwriters selected for such Piggy-Back Registration.

 

2.2.2     Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the holders of Registrable Securities proposing to distribute their securities through such Piggy-Back
Registration in writing that the dollar amount or number of shares of Common Stock which the Company desires to sell, taken together
with shares of Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements with
persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been
requested under this Section 2.2, and the shares of Common Stock, if any, as to which registration has been requested pursuant
to the written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Shares,
then the Company shall include in any such registration:

 

a)        If the registration is undertaken
for the Company’s account: (A) first, the shares of Common Stock or other securities that the Company desires to sell that
can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (A), the Registrable Securities as to which registration has been requested pursuant to
this Agreement that can be sold without exceeding the Maximum Number of Shares (pro rata among participating holders of Registrable
Securities based on the number of Registrable Securities requested to be included in such registration); and (C) third, to the
extent that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock
or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares;

 

    	 

    	 

    

 

b)        If the registration is a
“demand” registration undertaken at the demand of persons other than the holders of Registrable Securities, (A) first,
the shares of Common Stock or other securities for the account of the demanding persons that can be sold without exceeding the
Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A) and (B), the Registrable Securities, as to which registration has been requested pursuant to the terms hereof that
can be sold without exceeding the Maximum Number of Shares (pro rata among participating holders of Registrable Securities based
on the number of Registrable Securities requested to be included in such registration); and (D) fourth, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

2.2.3     Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of
the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a
demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
of such Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.3.

 

2.3      Registrations
on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing that the Company
register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be
available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice
of the proposed registration to all other holders of Registrable Securities, and, as soon as practicable thereafter, effect the
registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities or other securities of the Company, if any, of any other holder
or holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written
notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration pursuant to
this Section 2.3: (i) if Form S-3 is not available to the Company for such offering; or (ii) if the holders of Registrable Securities,
together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the public of less than $500,000. Registrations effected
pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.

 

    	 

    	 

    

 

3.          REGISTRATION
PROCEDURES.

 

3.1           Filings;
Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section
2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with
the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1     Filing
Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt of a request
for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for
which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for
the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof,
and shall use its best efforts to cause such Registration Statement to become effective and use its best efforts to keep it effective
for the period required by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration
to which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by
the President or Chairman of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it
would be materially detrimental to the Company and its stockholders for such Registration Statement to be effected at such time;
provided further, however, that the Company shall not have the right to exercise the right set forth in the immediately preceding
proviso more than once in any 365-day period in respect of a Demand Registration hereunder.

 

3.1.2      Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish, without
charge, to the holders of Registrable Securities and such holders’ legal counsel copies of such Registration Statement as
proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto
and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary
prospectus), and such other documents as the holders of the Registrable Securities or legal counsel for any such holders may request
in order to facilitate the disposition of the Registrable Securities owned by such holders.

 

    	 

    	 

    

 

3.1.3     Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments,
and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and
other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution
set forth in such Registration Statement or such securities have been withdrawn.

 

3.1.4     Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after
such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further
notify such holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of
any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration
Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall
take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission
for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information
or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, and promptly make available to the holders of Registrable Securities included in such Registration Statement
any such supplement or amendment; except that before filing with the Commission a Registration Statement or prospectus or any
amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish to the holders of Registrable
Securities included in such Registration Statement and to the legal counsel for any such holders, copies of all such documents
proposed to be filed sufficiently in advance of filing to provide such holders and legal counsel with a reasonable opportunity
to review such documents and comment thereon, and the Company shall not file any Registration Statement or prospectus or amendment
or supplement thereto, including documents incorporated by reference, to which such holders or their legal counsel shall object.

 

3.1.5      State
Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as
the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would
not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction.

 

    	 

    	 

    

 

3.1.6     Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in
customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made
to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of
Registrable Securities included in such Registration Statement. No holder of Registrable Securities included in such Registration
Statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with
respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such
sale with such holder’s material agreements and organizational documents, and with respect to written information relating
to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement.

 

3.1.7     Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer
of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors.

 

3.1.8     Records.
The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested
by any of them in connection with such Registration Statement.

 

3.1.9     Opinions
and Comfort Letters. The Company shall furnish to each holder of Registrable Securities included in such Registration Statement
a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and
(ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter. In the event no
legal opinion is delivered to any Underwriter, the Company shall furnish to each holder of Registrable Securities included in
such Registration Statement, at any time that such holder elects to use a prospectus, an opinion of counsel to the Company to
the effect that the Registration Statement containing such prospectus has been declared effective and that no stop order is in
effect.

 

3.1.10   Earnings
Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and
make available to its stockholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

    	 

    	 

    

 

3.1.11   Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated
or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority in interest
of the Registrable Securities included in such registration.

 

3.1.12    Withdrawal
of Stop Order. The Company shall make every reasonable effort to prevent or obtain at the earliest possible moment the withdrawal
of any stop order with respect to the applicable Registration Statement or other order suspending the use of any preliminary or
final prospectus.

 

3.1.13    Transfer
Agent. The Company shall provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered
by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement.

 

3.2           Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by
the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the
ability of all “insiders” covered by such program to transact in the Company’s securities because of the existence
of material non-public information, the holders of Registrable Securities included in any Registration Statement shall immediately
discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability
of “insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company,
each such holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then
in such holder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of
such notice. In the event that the Company shall give any such notice in respect of a Demand Registration, the period during which
the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the
period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities
covered by such Registration Statement either receives copies of the supplemented or amended prospectus contemplated by Section
3.1.4(iv) or is advised in writing by the Company that the use of the prospectus may be resumed.

 

3.3           Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section
2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.3, and
all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance
with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation,
all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of
the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements
of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including
the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii)
the fees and expenses of any special experts retained by the Company in connection with such registration and (ix) the fees and
expenses of one legal counsel selected by a majority in interest of the holders of Registrable Securities included in such Registration
Statement. The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable
Securities being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders.
Additionally, in an underwritten offering, all selling stockholders and the Company shall bear the expenses of the Underwriter
pro rata in proportion to the respective amount of shares each is selling in such offering.

 

    	 

    	 

    

 

3.4           Information.
The holders of Registrable Securities included in any Registration Statement shall provide such information as may reasonably be
requested by the Company, or the managing Underwriter, if any, in connection with the preparation of such Registration Statement,
including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities
Act pursuant to Section 2 and in connection with the Company’s obligation to comply with Federal and applicable state securities
laws.

 

4.            INDEMNIFICATION
AND CONTRIBUTION.

 

4.1           Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Stockholder and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person,
if any, who controls such Stockholder or such other holder of Registrable Securities (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, a “Stockholder Indemnified Party”), from and against any
expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue
statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such
Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based
upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder
applicable to the Company and relating to action or inaction required of the Company in connection with any such registration;
and the Company shall promptly reimburse the Stockholder Indemnified Party for any legal and any other expenses reasonably incurred
by such Stockholder Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage,
liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such expense,
loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission
or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any
such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such
selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their
officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the
same basis as that of the indemnification provided above in this Section 4.1.

 

    	 

    	 

    

 

4.2           Indemnification
by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any registration
is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such holder, indemnify
and hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each other selling holder
and each other person, if any, who controls another selling holder or such underwriter within the meaning of the Securities Act,
against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered
under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission
to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement
or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling holder
expressly for use therein, and shall reimburse the Company, its directors and officers, and each Underwriter, other selling holder
or controlling person, for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending
any such loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder shall be several
and not joint and shall be limited to the amount of any net proceeds actually received by such selling holder.

 

4.3           Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder,
notify such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage,
liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve
the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and
solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification
with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the
defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the
Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party
and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but
no more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with
the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such
Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry
of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

 

    	 

    	 

    

 

4.4           Contribution.

 

4.4.1        If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect
of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action,
as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying
Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

 

4.4.2        The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage,
liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 4.4, no holder of Registrable Securities shall be required to contribute
any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or
taxes) actually received by such holder from the sale of Registrable Securities which gave rise to such contribution obligation.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

5.          UNDERWRITING
AND DISTRIBUTION.

 

5.1           Rule
144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required
from time to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission.

 

    	 

    	 

    

 

6.          MISCELLANEOUS.

 

6.1           Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable
Securities hereunder may be freely assigned or delegated by such holder in conjunction with and to the extent of any transfer of
Registrable Securities by such holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit
of each of the parties and the permitted assigns of the Stockholders or holder of Registrable Securities or of any assignee of
the Stockholders or holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits on any persons
that are not party hereto other than as expressly set forth in Article 4 and this Section 6.1.

 

6.2           Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram,
telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by
written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a business day or is after normal business hours,
then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given
on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day
delivery.

 

To the Company:

Long Island Iced Tea Corp.

116 Charlotte Avenue

Hicksville, NY 11801

Telephone:

Facsimile:

E-mail:

 

with a copy to:

 

David Alan Miller, Esq.

Graubard Miller

405 Lexington Avenue

New York, New York 10174-1901

Telephone: 212-818-8880

Facsimile: 212-818-8881

Email: dmiller@graubard.com

 

    	 

    	 

    

 

To a Stockholder, to the address set forth below such
Stockholder’s name on Exhibit A hereto.

 

6.3           Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

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

 

6.5           Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered
pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether
oral or written.

 

6.6           Modifications
and Amendments. No amendment, modification or termination of this Agreement shall be binding upon any party unless executed
in writing by such party.

 

6.7           Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction
of any provision of this Agreement.

 

6.8           Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and
specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default
waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall
be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver
or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance
of any other obligations or acts. Except as otherwise expressly provided herein, no failure on the part of any party to exercise,
and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity,
shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude
any other or further exercise thereof or the exercise of any other right, power, or remedy.

 

    	 

    	 

    

 

6.9           Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the Stockholders or any other holder of Registrable Securities may proceed to protect and enforce its rights
by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction
against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal
or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers
or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative
and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law,
in equity, by statute or otherwise.

 

6.10         Governing
Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State
of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law
provisions thereof that would compel the application of the substantive laws of any other jurisdiction. To the fullest extent permitted
by applicable law, each party hereto (i) agrees that any claim, action or proceeding by such party seeking any relief whatsoever
arising out of, or in connection with this Agreement or the transactions contemplated hereby shall be brought only in the United
States District Court for the Southern District of New York and in any New York State court located in the Borough of Manhattan
(or in any court in which appeal from such courts may be taken), (ii) agrees to submit to the exclusive jurisdiction of such courts
for purposes of all legal proceedings arising out of, or in connection with, this Agreement or the transactions contemplated hereby,
and (iii) irrevocably waives any objection which it may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

6.11         Waiver
of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this
Agreement, the transactions contemplated hereby, or the actions of the Stockholders in the negotiation, administration, performance
or enforcement hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be duly executed and delivered as of the date first written above.

 

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

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have caused
this Registration Rights Agreement to be duly executed and delivered as of the date first written above.

 

	 	Stockholders:
	 	 
	 	 
	 	Name
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Name of Signatory (if an entity)
	 	 
	 	 
	 	Title of Signature (if an entity)

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