Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”)
is made effective as of May 1, 2015 between AMERICA’S CAR MART, INC., an Arkansas corporation (the “Company”)
and JEFFREY A. WILLIAMS (the “Associate”).

 

W I T N E S S
E T H:

 

WHEREAS, the Company is engaged in the business
of the sale and financing of used vehicles (“Company Business”); and

 

WHEREAS, the
Associate is a Senior Executive Officer of the Company, and the Company desires to continue the employment of the Associate, and
the Associate desires to provide his services to the Company upon the terms and conditions hereinafter set forth;

 

WHEREAS, the
Company periodically sells its finance receivables to Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”)
and services those loans on Colonial’s behalf (collectively, the Company and Colonial are referred to herein as “Car-Mart”);
and

 

WHEREAS, America’s
Car-Mart, Inc., a Texas corporation (the “Parent Company”), owns 100% of the outstanding common stock of the Company;

 

WHEREAS, in order to conduct its business, the
Company owns and uses trade secrets as defined under applicable law, as well as confidential and propriety information; and

 

WHEREAS, the Associate, during the term of his
employment with the Company and in order to carry out his duties with the Company, has or will have contact with the Company’s
customers and employees and has or will have access to and has or will become privy to or acquainted with certain confidential
information and trade secrets, which are owned by the Company and which are regularly used in the business of the Company and which
are generally not known to its competitors;

 

NOW, THEREFORE,
in consideration of the mutual covenants and promises contained herein, the parties hereto, each intending to be legally
bound hereby, agree as follows:

 

1.Employment. The Company hereby
continues the employment of the Associate as a Senior Executive Officer of the Company, and the Associate accepts such employment.
During the term of employment under this Agreement (the “Employment Term”), the Associate shall perform such duties
as shall reasonably be required of a Senior Executive Officer of the Company. The Associate further agrees to perform, without
additional compensation, such other work for the Company and for any subsidiary or affiliate of the Company in which the Company
has an interest, including, without limitation, Colonial and the Parent Company, as the Board of Directors of the Company or the
Parent Company shall from time to time reasonably specify. It is expressly agreed and understood between the Company and the Associate
that the term of this Agreement is in no way dependent upon the Associate’s holding or being elected to any office of the
Company. The Associate may be deemed an employee of, and paid by the Company, Colonial, or the Parent Company, as reasonably determined
by the Company.

 

 

*Filed under an application for confidential treatment.

     

     

    

2.Performance. The Associate agrees
to devote his entire business efforts to the performance of his duties hereunder, provided, however, that the Associate may engage
in personal investment activities not involving the Company so long as they do not interfere with the performance of his duties
hereunder.

 

3.Term. Unless otherwise terminated
in accordance with Sections 8, 9, 10 or 11, the Employment Term shall be for a term ending April 30, 2020. This Agreement shall
be automatically renewed for successive additional Employment Terms of one (1) year each unless notice of termination is given
in writing by either party to the other party at least thirty (30) days prior to the expiration of the initial Employment Term
or any renewal Employment Term.

 

 4.Compensation.

 

(a)Base Salary and Benefits. The
basic annual salary of the Associate for his employment services hereunder shall be $367,290 or such higher annual salary, if any,
as shall be approved by the Board of Directors of the Parent Company from time to time (the “Base Salary”), which shall
be payable in accordance with the Company’s payroll policy. Nothing contained herein shall affect or in any way limit the
Associate’s rights as an Associate of the Company to participate in any Company 401(k) profit sharing plan or medical and
life insurance programs offered by the Company to its employees, all of which shall be available to the Associate to the same extent
as if this Agreement had not existed, and compensation received by the Associate hereunder shall be in addition to the foregoing.
In addition, nothing contained herein shall affect or in any way limit the Associate’s eligibility to participate in any
nonqualified deferred compensation plan of the Company or the Parent.

 

(b)Bonus. In addition to the Base
Salary and fringe benefits described above, the Associate shall be eligible to earn an annual cash bonus (the “Bonus”)
during the term hereof beginning May 1, 2015 and ending April 30, 2020. The Bonus shall be based upon Parent Company’s projected
fully diluted earnings per share calculated in accordance with GAAP for each fiscal year (“GAAP Earnings Per Share”).
The Bonus will depend on the Parent Company attaining a minimum of 95% of its projected GAAP Earnings Per Share, as set forth in
Appendix A to this Agreement. The Bonus, if any, shall be paid each fiscal year, within fifteen (15) days following the
Parent Company’s filing of its annual report on Form 10-K for such fiscal year (but no later than two and one-half (21⁄2)
months following the calendar year in which the Bonus was earned), based upon the Parent Company’s GAAP Earnings Per Share
for that fiscal year. Any Bonus shall be deemed to be earned by the Associate if the Associate was an employee of the Company as
of the last day of the fiscal year in question.

 

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(c)Non-Qualified Stock Options.

 

(i)Subject to Section 4(c)(iii)
herein, the Parent Company will grant to the Associate, pursuant to the Parent Company’s Amended and Restated Stock Option
Plan (the “Option Plan”), non-qualified stock options to purchase an aggregate of 30,000 shares of Parent Company Stock,
as follows:

 

(A)A non-qualified stock option
to purchase 10,000 shares of Parent Company Stock, which will vest in full (or “cliff” vest) on April 30, 2020, subject
to the Associate’s continuous service (as that term is defined in the Option Plan) as of the vesting date; and

 

(B)A non-qualified stock option
to purchase 20,000 shares of Parent Company Stock, with vesting of such option subject to the attainment of certain performance
conditions based on the Parent Company’s consolidated net income growth during fiscal years 2016 through 2020. If the Parent
Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five (5) fiscal years ending
April 30, 2020 is equal to 10% or more, the stock option will “cliff” vest in its entirety (20,000 shares) on the date
which marks the fifth (5th) anniversary of the stock option grant date (the “Vesting Date”). If the Parent
Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five (5) fiscal years ending
April 30, 2020 is equal to 5% or more but less than 10%, the stock option will “cliff” vest as to 10,000 shares on
the Vesting Date. If the Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five
(5) fiscal years ending April 30, 2020 is less than 5%, the stock option will be forfeited.

 

(ii)For purposes of this Section
4(c), “consolidated net income” for a given fiscal year shall mean “Net income” as reported in the Company’s
consolidated statement of operations included in the Company’s Annual Report on Form 10-K for such fiscal year as filed with
the Securities and Exchange Commission, except that if on the Vesting Date the Company has not yet filed its Annual Report on Form
10-K for the fiscal year ending April 30, 2020, “consolidated net income” for fiscal year 2020 shall be the Company’s
“Net income” as reported in the Company’s public earnings press release for such fiscal year. All terms used
in this Section 4(c) shall have the definitions set forth in this Agreement, the Option Plan or the applicable Stock Option Agreement,
as the case may be.

 

(iii)The stock option grants under
this Section 4(c) shall be made on August 5, 2015, the date of the Parent Company’s annual meeting of shareholders, subject
to and contingent upon the approval by such shareholders of the Option Plan.

 

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5.Expense Account and Vacations.
Matters relating to expense accounts for the Associate, vacations and the like shall be mutually agreed upon from time to time.
However, the Company agrees to reimburse the Associate for all expenses reasonably incurred by him on behalf of the Company in
accordance with the prevailing practices and policies of the Company. In addition, the Associate shall be entitled to that number
of days of paid vacation and paid sick leave as is consistent with the prevailing practices and policies of the Company for other
employees in the same or similar position as that held by the Associate hereunder.

 

6.Non-Competition, Non-Solicitation,
Non-Disclosure, and Confidentiality Provisions

 

(a)Non-Solicitation: Customers.
During Associate’s employment and for one (1) year immediately following the cessation of Associate’s employment with
the Company for any reason, Associate shall not, on his own behalf or on behalf of any person, firm, partnership, association,
corporation or business organization, entity or enterprise (except the Company), solicit, call upon, or attempt to solicit or call
upon, any customer of the Company, or any representative of any customer of the Company with a view to selling or providing any
product or service competitive with any product or service sold or provided by the Company in the Company Business, as defined
herein, during the twelve (12) month period immediately preceding cessation of Associate’s employment with the Company, provided
that the restrictions set forth in this section shall apply only to customers of the Company, or representatives of customers of
the Company with whom Associate had material contact during such twelve (12) month period. “Material contact” exists
between Associate and each of the Company’s existing customers: (i) with whom Associate actually dealt for a business purpose
while employed by the Company or to further a business relationship between the customer and the Company; or (ii) whose business
dealings with the Company were handled, coordinated or supervised by Associate or performed by Associate in whole or in part.

 

(b)Non-Solicitation:
Employees. During Associate’s employment and for one (1) year immediately following the cessation of Associate’s employment
with the Company for any reason, Associate will not solicit or in any manner encourage employees of the Company to leave the employ
of the Company. The foregoing prohibition applies only to employees with whom Associate had material contact pursuant to Associate’s
duties during the twelve (12) month period immediately preceding cessation of Associate’s employment with the Company. “Material
contact” means interaction between Associate and another employee of the Company: (i) with whom Associate actually dealt
or worked with; or (ii) whose employment or dealings with the Company or services for the Company were handled, coordinated or
supervised by Associate. 

 

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(c)Non-Disclosure.

 

(i)TRADE SECRETS. Associate acknowledges
that the Company owns and uses trade secrets as defined under applicable law. “Trade secret(s)” means information,
without regard to form, including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a
program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual
or potential customers or suppliers which is not commonly known by or available to the public and which information: (a) derives
economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by,
other persons who can obtain economic value from its disclosure or use; and (b) is the subject of efforts that are reasonable under
the circumstances to maintain its secrecy. Associate further acknowledges that in the course of Associate’s employment with
the Company and in order to carry out Associate’s duties thereunder, Associate has or will become privy to the Trade Secrets
of the Company. Accordingly, Associate shall not disclose, divulge, publish to others, or use for any purpose, except as necessary
to perform Associate’s duties while employed by the Company, any Trade Secret of the Company without the prior written consent
of the Company, for so long as such information shall remain a Trade Secret under applicable law.

 

(ii)CONFIDENTIAL INFORMATION.
Associate acknowledges that in order to conduct its business, the Company owns and uses written and unwritten confidential information.
“Confidential Information” means data and information relating to the business of the Company (which may not rise to
the level of a Trade Secret under applicable law) which is or has been disclosed to Associate or of which Associate became aware
as a consequence of or through Associate’s relationship with the Company and which has value to the Company and is not generally
known to its competitors. Confidential Information shall not include any data or information that has been voluntarily disclosed
to the public by the Company (except where such public disclosure has been made by Associate without authorization) or that has
been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means. Associate
further acknowledges that in the course of his employment with the Company and in order to carry out his duties thereunder, Associate
has or will become privy to Confidential Information of the Company. Accordingly, Associate agrees that while employed by the Company,
and for a period of two (2) years from the conclusion of Associate’s employment with the Company for any reason, Associate
will not disclose, divulge, publish to others or use for any purpose any Confidential Information of the Company except to the
extent necessary to perform his duties and responsibilities as an Associate for the Company, without the prior written consent
of the Company.

 

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(iii)NOTICE OF TRADE SECRETS
AND CONFIDENTIAL INFORMATION. Associate acknowledges that the Company hereby designates Trade Secrets and Confidential Information
to include, by way of illustration but not limitation, confidential customer and prospective customer lists; information provided
to the Company by its customers or clients or prospective customers or clients; customer preferences; client contacts; marketing
plans, presentations and strategies; products; processes; designs; formulas; methods; clinical data; licenses; software; computer
or electronic data disks or tapes; processes; research and plans for research; computer programs; methods of operations and costs
data; contracts; personnel information; credit terms; financial information (including without limitation information regarding
fee and pricing structures, assets, status of client accounts or credit); or any other information designated as a trade secret,
confidential or proprietary by the Company.

 

(iv)TREATMENT OF TRADE SECRETS AND CONFIDENTIAL
INFORMATION. Associate understands and agrees to treat whatever information the Company wants to protect from disclosure as genuinely
“confidential”, i.e., restricting access by pass code, stamping hardcopies of customer lists “confidential,”
and restricting access to the customer list to designated and appropriate personnel, and the like. Associate further agrees, as
an Associate, to use his best efforts and the utmost diligence to guard and protect the Company’s Trade Secrets and Confidential
Information from disclosure to any competitor, customer or supplier of the Company or any other person, firm, corporation or other
entity, unless such disclosure has been specifically authorized by the Company in writing.

 

(d)Non-Competition. Associate
acknowledges that the Company is engaged in the Company Business as defined herein. Associate further acknowledges that the Company
Business is primarily concentrated in and focused in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee
and Texas (hereinafter the “Territory”), and that Associate’s duties and responsibilities were not limited to
any particular area within that region but will be within and throughout the entire Territory, and rendered in connection with
Company Business. Associate further agrees and acknowledges that because of his association with the Company and his access to
Trade Secrets and confidential, proprietary information of the Company which relate to the Company Business as herein defined,
Associate’s competition with the Company as or with a direct competitor in the same line of business as the Company would
damage and impair the business of the Company. Therefore, during the term of his employment and for a period of one (1) year from
the conclusion of Associate’s employment with the Company for any reason, Associate shall not, for himself or on behalf of
any other person, firm, partnership, association, corporation, business organization, entity or enterprise, perform duties which
are substantially similar to the duties performed by Associate on behalf of Company within the Territory for any business engaged
in the Company Business as defined herein.

 

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(e)Ownership of Work Product. For purposes
of this Agreement, “Work Product” shall mean the data, materials, documentation, computer programs, inventions (whether
or not patentable), and all works of authorship, including all worldwide rights therein under patent, copyright, trade secret,
confidential information, and other property rights, created or developed in whole or in part by Associate, relating to the Company
Business whether prior to the date of this Agreement or in the future, either (i) while employed by the Company and that have been
or will be paid for by the Company, or (ii) while employed by the Company (whether developed during working hours or not) and not
otherwise the subject of a written agreement between the Company and Associate. All Work Product shall be considered work made
for hire by Associate and owned by the Company. If any of the Work Product may not, by operation of law, be considered work made
for hire by Associate for the Company, or if ownership of all rights, title, and interest of the intellectual property rights therein
shall not otherwise vest exclusively in the Company, Associate hereby assigns to the Company, and upon the future creation thereof
automatically assigns to the Company without further consideration, the ownership of all Work Product. The Company shall have the
right to obtain and hold in its own name patents, copyrights, registrations and any other protection available in the Work Product.
Associate agrees to perform, during and after his employment, such further acts as may be necessary or desirable to transfer, perfect,
and defend the Company’s ownership of the Work Product as reasonably requested by the Company.

 

(f)Return of Company Property.
All Company property, including, but not limited to, equipment, devices, records, correspondence, documents, files, reports, studies,
manuals, compilations, drawings, blueprints, sketches, videos, memoranda, computer software and programs, data or any other information,
including Trade Secrets and Confidential Information as set forth herein, (whether originals, copies or extracts, stored in any
medium), whether prepared or developed by Associate or otherwise coming into Associate’s possession, whether maintained by
Associate in the facilities of the Company, at Associate’s home, or at any other location, is, and shall remain, the exclusive
property of the Company and shall be promptly delivered to the Company, with no copies or reproductions retained by Associate,
in the event of Associate’s termination for any reason, or at any other time or times the Company may request. Upon termination
of employment for any reason, Associate agrees to sign and deliver the “Termination Certification” attached hereto
as Appendix B.

 

(g)Reasonable Restrictions.
Associate agrees and acknowledge that the restrictions contained in this Agreement are reasonable and necessary in order to protect
the valuable proprietary assets, goodwill and business of the Company and that the restrictions will not prevent or unreasonably
restrict his ability to earn a livelihood. Associate also agrees and acknowledges that if his employment with the Company ends
for any reason, Associate will be able to earn a livelihood without violating the restrictions contained in this Agreement and
that Associate’s ability to earn a livelihood without violating said restrictions is an important reason in Associate choosing
to sign this Agreement.

 

7.Remedies. The Associate expressly
agrees that the remedy at law for any breach of the provisions of Section 6 will be inadequate and that upon any such breach or
threatened breach, the Company shall be entitled, as a matter of right, to injunctive relief in any court of competent jurisdiction,
in equity or otherwise, to enforce the specific performance of the Associate’s obligations under these provisions without
the necessity of proving the actual damage to the Company or the inadequacy of a legal remedy.

 

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8.Termination Without Compensation.

 

(a)The Employment Term will terminate
as of the end of the term of this Agreement unless terminated earlier in accordance with this Section 8, Section 9, Section 10,
or Section 11.

 

(b)The Employment Term may also
be terminated by the Company for cause (“Cause”) with written notice to the Associate upon the occurrence of any of
the following:

 

(i)the commission by the Associate
of any deliberate and premeditated act involving moral turpitude detrimental to the economic interests of the Company;

 

(ii)the conviction of the Associate
of a felony;

 

(iii)the willful failure or refusal
of the Associate to perform his duties hereunder (which failure or refusal persists after written notice from the Company to the
Associate complaining of such failure or refusal) or the Associate’s gross negligence of a material nature in connection
with the performance of such duties; or

 

(iv)the breach by the Associate
of any provision of this Agreement which is not cured within thirty (30) days subsequent to written notice from the Company to
the Associate of the breach.

 

(c)Upon termination of the Employment
Term under subsections (a) or (b) above, the parties hereto will be relieved of any further obligations hereunder except for any
obligations set forth in Section 6.

 

9.Termination Without Cause. The
Company shall have the right to terminate the Employment Term without Cause at any time. If the termination is effected by the
Company other than as described in Section 8, then, under such circumstances and subject to the Associate’s continued compliance
with the terms of this Agreement, (i) the Associate’s Base Salary then in effect hereunder will continue to be payable
in accordance with the Company’s payroll policy through the Employment Term, (ii) the Associate shall be paid within
sixty (60) days after termination the pro rata portion of the Bonus earned, if any, through the date of termination, (iii) all
outstanding and unvested stock options previously granted to the Associate by the Parent Company shall immediately vest in full
without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Option Plan (or
successor plan) or the stock option agreements between the Parent Company and the Associate with respect to such stock options,
and (iv) all outstanding and unvested shares of restricted stock (if any) previously granted to the Associate by the Parent Company
shall immediately vest in full without regard to the achievement of any applicable performance conditions, unless otherwise prohibited
by the Amended and Restated Stock Incentive Plan (the “Incentive Plan”) (or successor plan) or the restricted stock
agreements between the Parent Company and the Associate with respect to such restricted stock awards; provided, however, that any
shares of restricted stock that are intended to constitute performance-based compensation within the meaning of Section 162(m)
of the Internal Revenue Code of 1986, as amended (the “Code”), shall become vested only to the extent provided pursuant
to the terms of the applicable restricted stock agreement and the provisions of this Section 9 shall not apply to any shares of
restricted stock that are intended to constitute performance-based compensation. Bonus payments to the Associate in accordance
with this Section 9 shall be paid no later than two and one-half (21⁄2) months following the calendar year in which the termination
without Cause occurred.

 

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Notwithstanding the foregoing, the Associate
shall not be entitled to receive any of the payments or benefits described in Section 9 unless, not later than sixty (60) days
after the termination date, the Associate has executed a release of claims against the Company and its affiliates (the “Release”),
and the period during which the Release may be revoked has expired without the Associate having revoked the Release. None of the
payments or benefits described in Section 9 shall be paid until the Release has been signed and become effective, and any payments,
which would otherwise be payable during such sixty-day period prior to the date the Release becomes effective, shall be accumulated
and paid to the Associate on the first payroll date following the date the Release becomes effective, without interest, or, if
such sixty-day period begins in one calendar year and ends in a second calendar year, the first payroll date during the second
calendar year following the date the Release becomes effective, as described above.

 

10.Death of the Associate. If the
Associate dies during the Employment Term, the Employment Term shall terminate, and within 60 days after death, or as soon thereafter
as administratively practicable, the Company will pay to the Associate’s estate (i) the Associate’s Base Salary
then in effect through the end of the calendar month in which such death occurs, and (ii) the pro rata portion of the Bonus
earned, if any, through the date of death. In addition, all outstanding and unvested stock options previously granted to the Associate
by the Parent Company shall immediately vest in full, without regard to the achievement of any applicable performance conditions,
unless otherwise prohibited by the Option Plan (or successor plan) or the stock option agreements between the Parent Company and
the Associate with respect to such stock options, and all outstanding and unvested shares of restricted stock (if any) previously
granted to the Associate by the Parent Company shall immediately vest in full, without regard to the achievement of any applicable
performance conditions, unless otherwise prohibited by the Incentive Plan (or successor plan) or the restricted stock agreements
between the Parent Company and the Associate with respect to such restricted stock awards.

 

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11.Termination Following Disability.
If the Associate becomes disabled during the Employment Term, the Company may terminate the Employment Term, in which event the
Company will pay to the Associate the Associate’s Base Salary then in effect, payable in accordance with the Company’s
payroll policy through the end of the Employment Term; provided, however, any amounts payable to the Associate under the Company’s
disability insurance policy shall be deducted from the amounts payable to the Associate hereunder. For the purposes of this Agreement,
the Associate shall be deemed to be “disabled” when, by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a period of not less than twelve (12) consecutive months,
he has received replacement income for a period of at least three (3) months under the Company’s disability insurance policy,
or if the Company does not have a disability insurance policy for the Associate, the Associate shall be deemed disabled if he is
unable to perform his services or discharge his duties as an Associate of the Company by reason of any medically determinable physical
or mental impairment that can be expected to result in death or can be expected to last for a period of not less than twelve (12)
consecutive months. Any disability, as defined herein, shall not constitute “Cause” for purposes of Section 8(b) hereof.
In addition, all outstanding and unvested stock options previously granted to the Associate by the Parent Company shall immediately
vest in full, without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Option
Plan (or successor plan) or the stock option agreements between the Parent Company and the Associate with respect to such stock
options, and all outstanding and unvested shares of restricted stock (if any) previously granted to the Associate by the Parent
Company shall immediately vest in full, without regard to the achievement of any applicable performance conditions, unless otherwise
prohibited by the Incentive Plan (or successor plan) or the restricted stock agreements between the Parent Company and the Associate
with respect to such restricted stock awards.

 

12.Change in Control of the Parent Company

 

(a)If a Double Trigger Event (as
defined in Section 12(c) herein) occurs in connection with a Change in Control (as defined in Section 12(b) herein) of the Parent
Company, on the sixty-day anniversary of the date of the Double Trigger Event, (i) the Company shall pay to the Associate a lump
sum cash payment equal to 2.99 times the Associate’s Base Salary in effect immediately prior to the Change in Control; (ii)
all outstanding and unvested stock options previously granted to the Associate by the Parent Company shall immediately vest in
full, without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Option Plan
(or successor plan) or the stock option agreements between the Parent Company and the Associate with respect to such stock options;
and (iii) all outstanding and unvested shares of restricted stock (if any) previously granted to the Associate by the Parent Company
shall immediately vest in full, without regard to the achievement of any applicable performance conditions, unless otherwise prohibited
by the Incentive Plan (or successor plan) or the restricted stock agreements between the Parent Company and the Associate with
respect to such restricted stock awards (collectively, (i), (ii) and (iii) are referred to as the “Change in Control Payments”).

 

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Notwithstanding the foregoing, the
Associate shall not be entitled to receive any of the payments or benefits described in Section 12 unless, not later than sixty
(60) days after the termination date, the Associate has executed a release of claims against the Company and its affiliates (the
“Release”), and the period during which the Release may be revoked has expired without the Associate having revoked
the Release. None of the payments or benefits described in Section 12 shall be paid until the Release has been signed and become
effective, and any payments, which would otherwise be payable during such sixty-day period prior to the date the Release becomes
effective, shall be accumulated and paid to the Associate on the first payroll date following the date the Release becomes effective,
without interest, or, if such sixty-day period begins in one calendar year and ends in a second calendar year, the first payroll
date during the second calendar year following the date the Release becomes effective, as described above.

 

(b)For purposes of this Section
12, “Change in Control” of the Parent Company shall mean:

 

(i)Change in Ownership. The acquisition
by an individual, entity or group (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”))
(a “Person”) of ownership of stock of the Parent Company that, together with stock held by such Person, constitutes
more than 50% of the total fair market value or total voting power of the stock of the Parent Company. However, if any Person is
considered to own more than 50% of the total fair market value of total voting power of the stock of the Parent Company, the acquisition
of additional stock by the same Person is not considered to cause a change in ownership of the Parent Company (or to cause a change
in the effective control of the Parent Company). An increase in the percentage of stock owned by any one Person as a result of
a transaction in which the Parent Company acquires its stock in exchange for property will be treated as an acquisition of stock
for purposes of this paragraph. This paragraph applies only when there is a transfer of stock of the Parent Company (or issuance
of stock of the Parent Company) and stock in the Parent Company remains outstanding after the transaction; or

 

(ii)Change in Effective Control.
(A) the acquisition by any Person during the 12-month period ending on the date of the most recent acquisition by such Person,
of ownership of stock of the Parent Company possessing 35% or more of the total voting power of the stock of the Parent Company;
or (B) the replacement of a majority of members of the Parent Company’s Board of Directors during any 12-month period by
directors whose appointment or election is not endorsed by a majority of the members of the Parent Company’s Board of Directors
prior to the date of the appointment or election.

 

A change in effective control also may
occur in any transaction in which either of the two corporations involved in the transaction has a “Change in Ownership”
under paragraph (i) or “Change in Ownership of a Substantial Portion of the Company’s Assets” under paragraph
(iii). If any one Person is considered to effectively control the Parent Company, the acquisition of additional control of the
Parent Company by the same Person is not considered to cause a change in the effective control of the Parent Company (or to cause
a “Change in Ownership” of the Parent Company within the meaning of paragraph (i) above); or

 

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(iii)Change in Ownership of a Substantial
Portion of Assets. The acquisition by any Person during the 12-month period ending on the date of the most recent acquisition by
such Person, of assets from the Parent Company that have a total gross fair market value equal to or more than 40% of the total
gross fair market value of all of the assets of the Parent Company immediately prior to such acquisition(s). For this purpose,
gross fair market value means the value of the assets of the Parent Company, or the value of the assets being disposed of, determined
without regard to any liabilities associated with such assets. No Change in Control shall be deemed to have occurred in the event
of a transfer to a related person or as described in Code Section 409A.

 

The definition of Change in Control
in this Subsection 12(b), and all other terms and provisions of this Agreement, shall be interpreted at all times in such a manner
as to comply with Code Section 409A, meaning that no additional income tax is imposed on the Associate pursuant to Code Section
409A(1)(a).

 

(c)For purposes of this Section
12, a “Double Trigger Event” shall be deemed to occur if, within the period beginning six (6) months prior to a Change
in Control and ending two (2) years following such Change in Control, (i) the Associate’s employment is involuntarily terminated
by the Company or the Parent Company (or the surviving or acquiring entity, as the case may be), other than for Cause, or (ii)
the Associate terminates his employment for Good Reason (as defined in Section 12(d) herein). If the termination of the Associate’s
employment, as contemplated by this Section 12(c), occurs prior to the Change in Control, then the Associate shall be treated for
purposes of this Section 12 as being employed on the date the Change in Control becomes effective and the Associate’s Base
Salary in effect immediately prior to such termination shall be deemed in effect, for purposes of this Section 12, immediately
prior to the Change in Control. For purposes of this Section 12, the date of the Double Trigger Event shall be the later of the
effective date of the Change in Control and the date of the Associate’s termination of employment as contemplated in this
Section 12(c).

 

(d)For purposes of this Section
12, “Good Reason” shall mean:

 

(i) If the Associate is a party
to an employment or service agreement with the Company, the Parent Company or an affiliate of the Company that supersedes and replaces,
in whole or in part, any provisions of this Agreement and such agreement provides for a definition of Good Reason, the definition
contained therein; or

 

(ii)If no such agreement exists,
the Associate’s resignation from the Company within thirty (30) days following the occurrence of any of the following events
with respect to the Associate:

 

    	12

     

    

(A)Without the Associate’s
express written consent, the significant reduction of the Associate’s duties, authority, responsibilities, or reporting relationships
relative to the Associate’s duties, authority, responsibilities, or reporting relationships as in effect immediately prior
to such reduction, or the assignment to the Associate of such reduced duties, authority, responsibilities, or reporting relationships,
which reduction or assigned reduction remains in effect five (5) business days after written notice by the Associate to the Chief
Executive Officer or the Chief Financial Officer of the Parent Company (or the surviving or acquiring entity, as the case may be)
of such conditions; provided, however, that the mere occurrence of a Change in Control shall not, in and of itself, constitute
a material adverse change in the Associate’s duties, authority, responsibilities or reporting relationships.

 

(B)A material reduction by the
Company or the Parent Company (or the surviving or acquiring entity, as the case may be) in the Base Salary, bonus structure or
benefits of the Associate as in effect immediately prior to such reduction, with the result that the Associate’s overall
benefits package is significantly reduced; or

 

(C)The relocation of the Associate’s
principal work location to a facility or a location more than fifty (50) miles from the Associate’s then present principal
work location, without the Associate’s express written consent.

 

(e)The Change in Control Payments
shall be in addition to any other rights and benefits for which the Associate is eligible, either by way of contract or with respect
to rights and benefits generally available to other executive officers or Associates of the Company.

 

13.Definition of Termination of Employment.
“Termination of Employment” as used in this Agreement shall have the same meaning as set out in, and shall occur on
the date determined in accordance with, Section 1.409A-1(h) of the regulations promulgated under Code Section 409A.

 

14.Specified Employee Delay. If the
Associate is a “specified employee” within the meaning of Code Section 409A, any benefits or payments (including installments
and insurance premiums and contributions) which (a) constitute a “deferral of compensation” under Code Section 409A,
(b) become payable as a result of the Associate’s termination of employment for reasons other than death, and (c) become
due under this Agreement during the first six (6) months (or such longer period as required by Code Section 409A) after termination
of employment shall be delayed and all such delayed payments (or delayed installments, premiums or contributions) shall be paid
to the Associate in full in the seventh (7th) month after the date of termination and all subsequent payments (or installments)
shall be paid in accordance with their original payment schedule. To the extent that any insurance premiums or other benefit contributions
constituting a “deferral of compensation” become subject to the above delay, the Associate shall be responsible for
paying such amounts directly to the insurer or other third party and shall receive reimbursement from Company for such amounts
in the seventh (7th) month as described above. This paragraph shall not apply to payments made as a result of a termination
of employment that is the result of the Associate’s death.

 

    	13

     

    

15.Notices. All notices, demands
and requests which may be given or which are required to be given by either party to the other, and any exercise of a right of
termination provided by this Agreement, shall be in writing and shall be deemed effective when either: (a) personally delivered
to the intended recipient; (b) sent by certified or registered mail, return receipt requested, addressed to the intended recipient
at the address specified below; (c) delivered in person to the address set forth below for the party to which the notice was
given; (d) deposited into the custody of a nationally recognized overnight delivery service such as FedEx Corporation or United
Parcel Service, Inc., addressed to such party at the address specified below; or (e) sent by facsimile, telegram or telex,
provided that receipt for such facsimile, telegram or telex is verified by the sender and followed by a notice sent in accordance
with one of the other provisions set forth above. Notices shall be effective on the date of delivery, or receipt of, if delivery
is not accepted, on the earlier of the date that delivery is refused or three (3) days after the date the notice is mailed. For
purposes of this paragraph, the addresses of the parties for all notices are as follows (unless changes by similar notice in writing
are given by the particular person whose address is to be changed):

 

If to the Associate, to Jeffrey A.
Williams, ____________________________ ________________________________________________;

 

If to the Company, to America’s
Car-Mart, Inc., 802 S. E. Plaza Avenue, Suite 200, Bentonville, Arkansas 72712, Fax #479-273-7556.

 

With a copy to W. Brett Papasan, Chief
Legal Officer, 802 S. E. Plaza Avenue, Suite 200, Bentonville, Arkansas 72712, Fax #479-271-0796;

 

And a copy to William H. Henderson,
Chief Executive Officer, 802 S. E. Plaza Avenue, Suite 200, Bentonville, Arkansas 72712, Fax #479-464-4234.

 

Any party hereto may designate a different address
by written notice given to the other parties.

 

16.Governing Law. This agreement
shall be construed in accordance with and governed by the laws of the State of Arkansas.

 

    	14

     

    

17.Compliance with Section 409A.
The payments due under this Agreement are intended to comply with Section 409A of the Code (“Code Section 409A”)
or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision
of this Agreement, payments of “nonqualified deferred compensation” provided under this Agreement may only be made
upon an event and in a manner that complies with Code Section 409A or an applicable exemption. Any payments under this Agreement
that may be excluded from Code Section 409A either as separation pay due to an involuntary separation from service or as a short-term
deferral shall be excluded from Code Section 409A to the maximum extent possible. To the extent Code Section 409A applies, each
installment payment provided under this Agreement shall be treated as a separate payment. Any payments of “nonqualified deferred
compensation” to be made under this Agreement by reason of a termination of employment shall only be made if such termination
of employment constitutes a “separation from service” under Code Section 409A. Notwithstanding the foregoing, the Company
makes no representations that the payments and benefits provided under this Agreement comply with Code Section 409A and in no event
shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by
the Associate on account of non-compliance with Code Section 409A. To the extent required by Code Section 409A, each reimbursement
or in-kind benefit provided under this Agreement shall be provided in accordance with the following: (i) the amount of expenses
eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement of an eligible expense shall be paid to
the Associate on or before the last day of the calendar year following the calendar year in which the expense was incurred; and
(iii) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for
another benefit.

 

18.Section 280G.

 

(a)In the event that the total amount of
payments to be received by the Associate, pursuant to this Agreement or otherwise, that are contingent upon a change in ownership
or control (within the meaning of Section 280G of the Code) would, but for this Section 18(a), be subject to the excise tax imposed
by Section 4999 of the Code (the “Excise Tax”), then the amount of payments to be received by the Associate
pursuant to this Agreement or otherwise shall be reduced to the maximum amount that will cause the total amounts of the payments
not to be subject to the Excise Tax, but only if the amount of such payments, after such reduction and after payment of all applicable
taxes on the reduced amount, is equal to or greater than the amount of such payments the Associate would otherwise be entitled
to retain without such reduction after the payment of all applicable taxes, including the Excise Tax.

 

    	15

     

    

(b)The accounting firm engaged by the Company
for general audit purposes (the “Audit Firm”) shall perform any calculations necessary in connection with this Section
18; provided that, if for any reason the Audit Firm is unable to, or declines to, perform such calculations, the Company shall
engage such other accounting firm as the Audit Firm shall recommend in writing to the Company to perform such calculations (the
Audit Firm or such other accounting firm, as applicable, being hereinafter referred to as the “Accounting Firm”). 
The Company shall bear all expenses with respect to the determinations by such Accounting Firm required to be made hereunder. The
Accounting Firm engaged to make the determinations under this Section 18 shall provide its calculations, together with detailed
supporting documentation, to the Associate and the Company within fifteen (15) calendar days after the date on which the Associate’s
right to a payment contingent on a Change in Control is triggered (if requested at that time by Associate or the Company) or such
other time as requested by the Associate or the Company.  If the Accounting Firm determines that no Excise Tax is payable
with respect to such payments, it shall furnish the Associate and the Company with an opinion reasonably acceptable to Associate
that no Excise Tax will be imposed with respect to such payments.  Any good faith determinations of the Accounting Firm made
hereunder shall be final, binding, and conclusive upon Associate and the Company. If a reduction in payments or benefits constituting
“parachute payments” is required by Section 18(a), the reduction shall occur in the following order unless the Associate
elects in writing a different order (provided, however, that such election shall be subject to the Company’s approval if
made on or after the date on which the event that triggers the payment occurs and to the extent that such election does not violate
Code Section 409A): reduction of cash payments (in reverse order of the date on which such cash payments would otherwise be made
with the cash payments that would otherwise be made last being reduced first); cancellation of accelerated vesting of stock awards;
reduction of employee benefits.  In the event that accelerated vesting of stock awards is to be reduced, such accelerated
vesting shall be cancelled in the reverse order of the grant date of the Associate’s stock awards unless the Associate elects
in writing a different order for cancellation.

 

19. Assignability. The Associate may
not assign his interest in or delegate his duties under this Agreement. The rights and obligations of the Company hereunder may
be assigned only by operation of law in connection with a merger in which the Company is not the surviving corporation or in connection
with the sale of substantially all of the assets of the Company; and in the latter event, such assignment shall not relieve the
Company of its obligations hereunder.

 

20.Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the Company, its successors and assigns.

 

21.Entire Agreement; Modification.
This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and may not be
modified or amended in any way except in writing by the parties hereto. This Agreement supersedes and replaces any and all prior
employment agreements between the Company and the Associate, all of which are hereby terminated and declared null and void; provided,
however, this Agreement shall not affect, in any manner, previously awarded restricted stock or stock options, which awards shall
remain in full force and effect in accordance with the terms of such previous awards.

 

22.Duration. Notwithstanding the
termination of the Employment Term and of the Associate’s employment by the Company, this Agreement shall continue to bind
the parties for so long as any obligations remain under this Agreement, and, in particular, the Associate shall continue to be
bound by the terms of Section 6.

 

23.Waiver. No waiver by the Company
of any breach by the Associate of this Agreement shall be construed to be a waiver as to succeeding breaches.

 

    	16

     

    

24.Enforceability. The covenants
and provisions contained herein are severable and are to be interpreted as such to the extent permitted by applicable law. The
parties understand, acknowledge and agree that should any provision of this Agreement be declared or determined by any court of
competent jurisdiction to be unenforceable or invalid for any reason, the validity of the remaining parts, terms or provisions
of this Agreement shall not be affected thereby, and that the Agreement will be amended to delete or modify, as necessary, any
invalid or unenforceable parts, terms or provisions to the extent necessary to allow for enforcement.

 

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

 

 

[SIGNATURE PAGE FOLLOWS.]

 

 

 

 

 

 

    	17

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement on June 22, 2015, but this Agreement shall be effective as of the day and year first above written.

 

 

	 	 	COMPANY:
	 	 	 
	 	 	AMERICA’S CAR-MART, INC., an
	 	 	Arkansas corporation
	 	 	 
	 	 	By: 	 
	 	 	 	 
	 	 	Name: 	 
	 	 	 	 
	 	 	Title: 	 
	 	 	 
	 	 	 
	 	 	ASSOCIATE:
	 	 	 
	 	 	 
	 	 	Jeffrey A. Williams

 

 

 

 

 

 

(Signature Page to Employment Agreement of Jeffrey
A. Williams)

 

    	18

     

    

 

APPENDIX A

 

Applicable to the Bonus pursuant to Section
4(b) 

of Employment Agreement

 

 

	 	Fiscal Year
	 	2016	2017	2018	2019	2020
	Projected GAAP Earnings Per Share	2015 Actual GAAP Earnings Per Share multiplied by 1.10	2016 Projected GAAP Earnings Per Share multiplied by [X.XX]*	2017 Projected GAAP Earnings Per Share multiplied by [X.XX]*	2018 Projected GAAP Earnings Per Share multiplied by [X.XX]*	2019 Projected GAAP Earnings Per Share multiplied by [X.XX]*
	Bonus Potential:	$40,000	$50,000	$60,000	$70,000	$80,000

 

If Parent Company’s actual GAAP Earnings Per Share equals 95-99%
of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus for such
fiscal year shall be the Bonus Potential for such fiscal year multiplied by 0.67.

 

If Parent Company’s actual GAAP Earnings Per Share equals 100-104%
of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus for such
fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.00.

 

If Parent Company’s actual GAAP Earnings Per Share equals 105%
or more of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus
for such fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.33.

 

 

 

 

 

 

 

 

 

*Filed under an application
for confidential treatment.

    	A-1

     

    

 

APPENDIX B

 

 

TERMINATION CERTIFICATION

 

The undersigned Associate certifies that he/she
does not possess and has not failed to return any property belonging to AMERICA’S CAR MART, INC., its parent, subsidiaries,
affiliates, successors or assigns (together, the “Company”) or its customers, including, but not limited to, equipment,
devices, records, correspondence, documents, files, reports, studies, manuals, compilations, drawings, blueprints, sketches, videos,
memoranda, computer software and programs, data or any other information, including Trade Secrets and Confidential Information
as set forth herein (whether originals, copies or extracts, stored in any medium), whether prepared or developed by Associate or
otherwise coming into Associate’s possession, whether maintained by Associate in the facilities of the Company, at Associate’s
home, or at any other location.

 

Associate further certifies that he/she will
comply with all the terms of his/her Non-Competition, Non-Solicitation, Non-Disclosure, and Confidentiality Agreement.

 

 

	Date: 	 	 	 
	 	 	 	Associate

 

 

 

 

 

 

 

B-1Exhibit 10.1

   

 

LOAN AND SECURITY AGREEMENT

 

This
Loan and Security Agreement (hereinafter called "Agreement") is between CELSIUS HOLDINGS, INC., a Nevada corporation,
authorized to do business in Florida as CELSIUS PRODUCTS HOLDINGS, INC. whose address is 140 N.E.
4th Avenue, Suite C, Delray Beach, Florida 33483 (hereinafter called "Debtor")
and CD FINANCIAL, LLC, a Florida limited liability company (hereinafter called "Secured Party").

 

1.          
Grant of Security Interest. Subject to the terms and conditions of the Note (as hereinafter defined) and this Agreement,
Debtor, for consideration as defined herein, and to secure the full and prompt payment, observance and performance when due of
all present and future obligations and indebtedness of Debtor to Secured Party, whether at the stated time, by acceleration or
otherwise, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, whether or not of the same
or similar class or of like kind to any indebtedness incurred contemporaneously with the execution of this Agreement, and whether
now or hereafter existing, or due or to become due, and whether such indebtedness from time to time is reduced and thereafter increased,
or entirely extinguished and thereafter reincurred, including without limitation, the following:

 

(a)          Any
and all amounts owed by Debtor, under, in connection with, and/or pursuant to the indebtedness evidenced by that certain Promissory
Note of even date herewith, in the original principal sum of THREE MILLION AND NO/100THS DOLLARS ($3,000,000.00)
(the "Note"), with interest thereon according to the provisions thereof, and all obligations
thereunder, in connection therewith and/or pursuant to any and all agreements and other documents in connection therewith; and

 

(b)          All
sums advanced or expenses or costs paid or incurred (including without limitation reasonable attorneys' fees and other legal expenses)
by Secured Party pursuant to or in connection with the Note or any other agreements and documents in connection therewith plus
applicable interest on such sums, expenses or costs; and

 

(c)          Any
extensions, modifications, changes, substitutions, restatements, renewals or increases or decreases of any or all of the indebtedness
referenced above.

 

hereby grants to Secured Party
a security interest in the collateral described in Schedule 1, same being attached to this Agreement and made a part hereof (hereinafter
collectively called the "Collateral").

 

2. Definitions. The following
terms shall have the following meanings

 

"Accounts" means
all Accounts as that term is defined in Article 9 of the UCC;

 

"Chattel Paper" means
all Chattel Paper as that term is defined in Article 9 of the UCC;

 

    	 	1

     

    

 

 

"Commercial Tort Claims"
means all Commercial Tort Claims as that term is defined in Article 9 of the UCC;

 

"Consignments"
means all Consignments as that term is define in Article 9 of the UCC;

 

"Contracts" means
all contracts, undertakings, franchise agreements or other agreements (other than rights evidenced
by Chattel Paper, Documents or Instruments, as those terms are defined above and below) in or under which the Debtor may now or
hereafter have any right, title or interest, including, without limitation, with respect to an Account, and any agreement relating
to the terms of payment or the terms of performance thereof;

 

"Copyrights" means
(a) all copyrights of the United States or any other country; (b) all copyright registrations
filed in the United States or in any other country; and (c) all proceeds thereof;

 

"Copyright License"
means all agreements, whether written or oral, providing for the grant by the Debtor of any
right to use any Copyright;

 

"Deposit Accounts"
means all Deposit Accounts at that term is defined in Article 9 of the UCC; "Documents" means all Documents as that term
is defined in Article 9 of the UCC; "Encumbrance(s)" means all Encumbrance(s) as
that term is defined in Article 9 of the UCC; "Equipment" means all Equipment as that term is defined in Article 9 of
the UCC;

 

"Fixtures" means
all Fixtures as that term is defined in Article 9 of the UCC;

 

"General Intangibles"
means all General Intangibles as that term is defined in Article 9 of the UCC;

 

"Goods" means all
Goods as that term is defined in Article 9 of the UCC;

 

"Health-Care-Insurance
Receivables" means all Health-Care-Insurance Receivables as that term is defined in Article 9 of the UCC;

 

"Instruments" means
all Instruments as that term is defined in Article 9 of the UCC;

 

"Inventory" means
all Inventory as that term is defined in Article 9 of the UCC;

 

"Investment Property"
means all Investment Property as that term is defined in Article 9 of the UCC;

 

"Letters of Credit"
means all Letters of Credit as that term is defined in the Article 5 of the UCC;

 

    	 	2

     

    

 

"Letter-of-Credit Rights"
means all Letter-of-Credit Rights as that term is defined in Article 9 of the UCC;

 

"Patents" means (a)
all letters patent of the United States and all reissues and extensions thereof, (b) all applications for letters patent of the
United States and all divisions, continuations and continuations-in-part thereof or any other country, including, without limitation,
any thereof referred to in any schedule attached hereto and (c) all proceeds thereof, including the goodwill of the business connected
with the use of and symbolized by the Patents;

 

"Patent License"
means all agreements, whether written or oral, providing for the grant by the Debtor of any right to manufacture, use or sell any
invention covered by a Patent, including, without limitation, any thereof referred to in any schedule attached hereto;

 

"Payment Intangibles"
means all Payment Intangibles as that term is defined in Article 9 of the UCC;

 

"Proceeds" means
all Proceeds as that term is defined in Article 9 of the UCC;

 

"Promissory Note(s)"
means as that term is defined in Article 9 of the UCC;

 

"Software" means
all Software as that term is defined in Article 9 of the UCC;

 

"Supporting Obligations"
means all Supporting Obligations as that term is defined in Article 9 of the UCC;

 

"Tangible Chattel Paper"
means all Tangible Chattel Paper as that term is defined in Article 9 of the UCC;

 

"Trademarks"
means (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles,
service marks, logos and other source or business identifiers and the goodwill associated therewith, now existing or hereafter
adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether registered
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof or otherwise, including, without limitation, any thereof referred to in
any schedule attached hereto; (b) all renewals thereof; and (c) all proceeds thereof, including the goodwill of the business connected
with the use of and symbolized by the Trademarks;

 

"Trademark License"
means any agreement, written or oral, providing for the grant by the Debtor of any right to use any Trademark.

 

    	 	3

     

    

 

"UCC" means the Uniform
Commercial Code as in effect from time-to-time in the State of

Florida and State of Nevada.

 

3.          Representations,
Warranties and Covenants of Debtor. Debtor expressly represents, warrants and covenants as follows:

 

(a)          The
address appearing with Debtor's signature below is the address of Debtor's principal office. If any part of the Collateral is not
located at Debtor's principal office, it will be located at such other locations as Debtor, or any other entity affiliated with
Debtor, may utilize in its business from time to time, and Debtor hereby covenants to notify Secured Party of any such additional
location(s).

 

(b)          If
Debtor does not keep the records concerning the Collateral and concerning accounts, general intangibles, mobile goods and contract
rights at Debtor's principal office, same will be located at such other locations as Debtor, or any other entity affiliated with
Debtor, may utilize in its business from time to time, and Debtor hereby covenants to notify Secured Party of any such additional
location(s).

 

(c)          Debtor
will give Secured Party sixty (60) days prior written notice of any change in (i) Debtor's principal office, the location of the
Collateral or the location of the records described above, or (ii) the Ownership of Debtor's business, (iii) the principals responsible
for the management of Debtor's business, (iv) Debtor's company structure or identity, or (v) Debtor's name or trade name, or prior
to commencing to use an assumed name not set forth in this Agreement.

 

(d)           If any of the Collateral
is to be or has been attached to real estate, the legal description of the real estate is attached to this Agreement as Schedule
2 and made a part hereof.

 

(e)          If
Debtor does not have a record interest in the real estate described above, the record

Owner is indicated on the attached
Schedule 2.

 

(f)          Without
the prior written consent of Secured Party, Debtor will not move, sell, lease, permit any encumbrance on or otherwise dispose of
the Collateral, other than its inventory in the ordinary course of its business. Debtor represents and warrants that Debtor is
the owner of the Collateral, free and clear of all liens, charges, interests, and encumbrances, other than in favor of Secured
Party, that no other person or other entity has any interest in the Collateral whatsoever, and that Debtor will defend same against
all adverse claims and demands.

 

    	 	4

     

    

  

(g)          Debtor will keep the Collateral insured by such companies, in such amounts and against such risks as shall be acceptable to Secured
Party, and the Secured Party hereby acknowledges that the current levels of insurance maintained by Debtor are acceptable for the
first year of the Loan, with loss payable and additional insured clauses in favor of Secured Party as are satisfactory to Secured
Party. Debtor will deposit such insurance policies with Secured Party. Debtor hereby assigns to Secured Party and grants
to Secured Party a security interest in any return of unearned premium due upon cancellation of any such insurance and directs
the insurer thereunder to pay to Secured Party all amounts so due. All amounts received by Secured Party in payment of insurance
losses or return of unearned premium may, at Secured Party's option, be applied to the indebtedness by Secured Party, or all or
any part thereof may be used for the purpose of repairing, replacing or restoring the Collateral. Notwithstanding the foregoing,
if there is no default under the Loan, at the request of the Debtor, and upon the approval of Secured Party in its sole discretion,
amounts received by Secured Party in payment of insurance losses or return of unearned premium shall be used for the purpose of
repairing, replacing or restoring the Collateral. If Debtor fails to maintain satisfactory insurance, Secured Party shall have
the option, but not the obligation, to obtain such insurance in such amounts as Secured Party deems necessary, and Debtor agrees
to repay, with interest at the highest rate applicable to any indebtedness which this Agreement secures, all amounts so expended
by Secured Party.

 

(h)          
Debtor represents and warrants to Secured Party that all financial statements, income tax returns and credit information delivered
by Debtor to Secured Party accurately reflect the financial condition and operations of Debtor
at the times and for the periods therein stated. So long as this Agreement is in force and effect, Debtor agrees to deliver to
Secured Party within one hundred twenty (120) calendar days after the end of each of Debtor's fiscal years, a complete and accurate
copy of the consolidated audited financial statements (with notes) of Debtor prepared by an independent certified public accountant
acceptable to Secured party ("CPA"), including statements of cash flow, and a balance sheet and statement of income,
together with all schedules, all prepared in accordance with generally accepted accounting principles ("GAAP"). Debtor
shall provide Secured Party with a copy of its federal income tax return within fifteen (15) days of filing (including all schedules
and extensions). Debtor shall also provide internally prepared condensed monthly statements without notes but otherwise meeting
all the requirements of the annual statements no later than thirty (30) days after each month end and internally prepared condensed
quarterly financial statements with partial notes (which are included included in the Form 10-Q) but otherwise meeting all the
requirements of the annual statements no later than forty five (45) days after the end of each fiscal quarter end or such other
date as requested by Seemed Party for statements other than the quarterly statements, acceptable to Security Party and its accountants
as well as financial statements at such other times as requested by Security Party.

 

(i)          
Secured Party shall not be deemed to have waived any of its rights in any Collateral unless such waiver is in writing and signed
by an authorized representative of Secured Party. No delay or omission by Secured Party in exercising any of Secured Party's rights
shall operate as a waiver thereof or of any other rights. Secured Party shall have, in addition to all other rights and remedies
provided by this Agreement or applicable law, the rights and remedies of a secured party under the Uniform Commercial Code.

 

    	 	5

     

    

  

(j)          Debtor
will maintain the Collateral in good condition and repair, reasonable wear and tear excepted, and will pay promptly all
taxes, levies, and encumbrances and all repair, maintenance and preservation costs pertaining to the Collateral. If Debtor
fails to make such payments, Secured Party shall have the option, but not the obligation, to pay the same and Debtor agrees
to repay, with interest at the highest rate applicable to any indebtedness which this Agreement secures, all amounts so
expended by Secured Party. Debtor will at any time and from time to time, upon request of Secured Party, give any
representative of Secured Party access during normal business hours to inspect the Collateral or the books and records
thereof.

 

(k)          Debtor
agrees to pay to Secured Party on demand all expenses, including reasonable attorney fees and expenses, incurred by Secured Party
in protecting or enforcing its rights in the Collateral or otherwise under this Agreement. After deducting all said expenses, the
remainder of any proceeds of sale or other disposition of the Collateral shall be applied to the indebtedness due Secured Party
in such order of preference as Secured Party shall determine.

 

(1)         
Debtor hereby agrees to faithfully preserve and protect Secured Party's security interest in the Collateral at all times, and further
agrees to execute and deliver, from time to time, any and all further, or other, documents, instruments, continuation statements
and perform or refrain from performing such acts, as Secured Party may reasonably request to effect the purposes of this Agreement
and to secure to Secured Party the benefits of all the rights, authorities and remedies conferred upon Secured Party by the terms
of this Agreement. Debtor shall permit, or cause to be permitted, at Debtor's expense, representatives of Secured Party to inspect
and make copies of the books and records of Debtor relating to the Collateral at any reasonable time or times upon prior notice.

 

4.            Loan Disbursements.
Disbursements under the Note shall be made directly by the Secured Party to Debtor upon no
less than seven (7) business days of written request from Debtor to Secured Party. All disbursements hereunder shall be for the
purpose of providing funding for a mutually agreeable written plan between the Secured Party and the Debtor for marketing and advertising
of the Debtor's and/or its wholly-owned subsidiaries' products which may include reimbursement to the Debtor for marketing and
advertising expenses prepaid by the Debtor.

 

5.          
Defaults. The occurrence of any of the following events shall constitute a default hereunder:

 

(a)          the
Debtor shall default in the payment of principal of or interest on the Note or any other obligation to Secured Party as and when
the same shall be due and payable and, in the case of an interest payment default, such default shall continue for five (5) Business
Days after the date such interest payment was due, or the Debtor shall fail to perform or observe any other covenant, agreement,
term, provision, undertaking or commitment under the Note, this Loan Agreement or any other agreement or document secured hereby
or any other encumbrance or agreement securing the Note which remains uncured for ten (10) Business Days after the delivery to
the Debtor of written notice that the Debtor is in default hereunder or thereunder;

 

    	 	6

     

    

  

(b)          The
breach of or failure to perform promptly any obligation or covenant set forth in this Agreement, the Note or any other agreement
secured hereby or securing the Note unless otherwise approved in advance by Secured Party.

 

(c)          The
suspension of business, insolvency, failure generally to pay debts as they became due, or the commission of any act constituting
or resulting in a business failure, in each case on the part of the business of Debtor; the concealment or removal of any substantial
portion of Debtor's property with the intent to hinder, delay or defraud any one or more creditors, or the making of any other
transfer which is fraudulent or otherwise voidable under the Bankruptcy Code or other applicable federal or state law; the existence
or creation of any lien, including without limitation any tax or judgment lien, upon the Collateral or any substantial part of
Debtor's property; an assignment for the benefit of creditors; the commencement of any proceedings by or against Debtor (under
the Bankruptcy Code or otherwise) seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment
or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or seeking
the appointment of a receiver, trustee or custodian for Debtor or for the Collateral or a substantial part of the property of Debtor;
or the institution by Debtor or any other person or entity of any liquidation, dissolution or reorganization proceedings with respect
to Debtor;

 

(d)          The
failure to effectively and promptly discharge, stay or indemnify against, to Secured Party's satisfaction, any lien or attachment
against any of Debtor's property or the Collateral;

 

(e)          Any
representation or warranty contained herein or in any other document delivered by or on behalf of Debtor to Secured Party shall
be false or misleading when made;

 

(f)          
If Secured Party, in good faith, believes the prospect of payment secured by this Agreement is impaired, or believes that any of
the Collateral is in danger of loss, misuse, seizure or confiscation;

 

(g)          The
occurrence of any of the following without the Secured Party's written consent, which consent shall be in Secured Party's sole
discretion: the transfer of any of the Debtor's assets not in the ordinary course of business; the merger or consolidation of Debtor
with another company or entity; the change of the Debtor's name; the liquidation of Debtor.

 

6.          
Remedies.

 

(a) Upon the occurrence of any
default under this Agreement, Secured Party is authorized in its discretion to declare any or all of the indebtedness to be immediately
due and payable without demand or notice to Debtor, and may exercise any one or more of the rights and remedies granted pursuant
to this Agreement or given to a secured party under applicable law, including without limitation the Uniform Commercial Code, such
rights and remedies to include without limitation the right to take possession and sell, lease or otherwise dispose of the Collateral.
If reasonable notice of any disposition of Collateral or other enforcement is required, such requirement will be met if such notice
is mailed, postage pre-paid, to the address of Debtor shown below Debtor's signature on this Agreement at least fifteen (15) days
prior to the time of disposition or other enforcement. Debtor agrees that upon demand by Secured Party after default, Debtor will
promptly assemble the Collateral and make the Collateral available to Secured Party at a place convenient to Secured Party.

 

    	 	7

     

    

 

(b) Debtor agrees that all of
the Collateral and all of the other security which may be granted to Secured Party in connection with the obligations secured hereby
constitute equal security for all of the obligations secured hereby, and agrees that Secured Party shall be entitled to sell, retain
or otherwise deal with any or all of the Collateral, in any order or simultaneously as Secured Party shall determine in its sole
and absolute discretion, free of any requirement for the marshaling of assets or other restriction upon Secured Party in dealing
with the Collateral or such other security.

 

(c) Upon the occurrence of any
default under this Agreement, Debtor hereby irrevocably constitute and appoints Secured Party (and any employee or agent of Secured
Party) as Debtor's true and lawful attorney-in-fact with full power of substitution, in Secured Party's name or Debtor's name or
otherwise, for Secured Party's sole use and benefit, at Debtor's cost and expense, to exercise the following powers with respect
to the Collateral:

 

(1)          To
demand, sue for collection, receive, and give acquittance for any and all monies due or owing with respect to the Collateral;

 

(2)          To
receive, take, endorse Debtor's name on, assign and deliver any checks, notes, drafts, documents or other instruments taken or
received by Secured Party in connection with the Collateral;

 

(3)          To
settle, compromise, prosecute, or defend any action or proceeding with respect to the Collateral;

 

(4)          To
sell, transfer, assign or otherwise deal in or with the Collateral or the proceeds thereof, as fully as if Secured Party were the
absolute Debtor thereof.

 

(5)          To
sign Debtor's name to and file financing statements or such other documents and instruments as Secured Party may deem appropriate.

 

(6)          To
take any and all action that Secured Party deems necessary or proper to preserve its interest in the Collateral, including without
limitation, the payment of debts of Debtor that might impair the Collateral or Secured Party's security interest therein, the purchase
of insurance on the Collateral, the repair or safeguard of the Collateral, or the payment of taxes thereon.

 

(7)          To
notify account debtors of Secured Party's security interest in Debtor's accounts and to instruct them to make payment directly
to Secured Party.

 

    	 	8

     

    

 

(8)           To assume management (by Secured
Party or by an affiliate of Secured Party) of the Debtor's business.

 

(d) Debtor agrees that the powers
of attorney granted herein are coupled with an interest and shall be irrevocable until full, final and irrevocable payment and
performance of the indebtedness secured hereby; and that neither Secured Party nor any officer, director, employee or agent of
Secured Party shall be liable for any act or omission, or for any mistake or error of judgment, in connection with any such powers.

 

(e) Notwithstanding the foregoing,
Secured Party shall be under no duty to exercise any such powers, or to collect any amount due on the Collateral, to realize on
the Collateral, to keep the Collateral, to make any presentment, demand or notice of protest in connection with the Collateral,
or to perform any other act relating to the enforcement, collection or protection of the Collateral.

 

(f) This Agreement shall not
prejudice the right of Secured Party at its option to enforce the collection of any indebtedness secured hereby or any other instrument
executed in connection with this transaction, by suit or in any other lawful manner. No right or remedy is intended to be exclusive
of any other right or remedy, but every such right or remedy shall be cumulative to every other right or remedy herein or conferred
in any other agreement or document for the benefit of Secured Party, or now or hereafter existing at law or in equity.

 

7.          
Miscellaneous.

 

(a) This Agreement and the security
interest in the Collateral created hereby shall terminate when the indebtedness has been fully, finally and irrevocably paid and
all other obligations of Debtor to Secured Party have been performed in full. Prior to such termination, this shall be a continuing
agreement.

 

(b)
TIDS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF FLORIDA IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, EXCEPT TO THE EXTENT THE LAWS OF ANOTHER
JURISDICTION ARE MANDATORILY APPLICABLE. DEBTOR CONSENTS TO THE NON-EXCLUSIVE PERSONAL JURISDICTION OF THE COURTS OF THE STATE
OF FLORIDA AND THE FEDERAL COURTS LOCATED IN FLORIDA SO THAT SECURED PARTY MAY SUE DEBTOR IN FLORIDA TO ENFORCE THIS AGREEMENT.
DEBTOR AGREES NOT TO CLAIM THAT FLORIDA IS AN INCONVENIENT PLACE FOR TRIAL. AT SECURED PARTY'S OPTION, THE VENUE (LOCATION)
OF ANY SUIT TO ENFORCE THIS AGREEMENT MAY BE IN PALM BEACH COUNTY, FLORIDA. DEBTOR HEREBY IRREVOCABLY AGREES AND CONSENTS THAT,
IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUCH SUIT,
ACTION OR PROCEEDING MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO DEBTOR AT THE ADDRESS PROVIDED
FOR NOTICES UNDER THIS AGREEMENT.

 

    	 	9

     

    

 

 

(c)
DEBTOR AND SECURED PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY AND ALL RIGHT THEY MAY HAVE TO A TRIAL
BY JURY IN RESPECT TO ANY LITIGATION (INCLUDING BUT NOT LIMITED TO) ANY CLAIMS, CROSS-CLAIMS OR THIRD PARTY CLAIMS ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREIN. DEBTOR ALSO HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES, TO THE EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO ANY SPECIAL INCIDENTIAL
OR CONSEQUENTIAL DAMAGES. DEBTOR ACKNOWLEDGES THAT THE SECURED PARTY HAS BEEN INDUCED TO ENTER INTO THIS LOAN, INCLUDING THIS AGREEMENT,
BY, INTER ALIA, THE PROVISIONS OF THIS PARAGRAPH.

 

(d) This Agreement shall inure
to the benefit of Secured Party, its successors and assigns and to any other holder who derives from Secured Party title to or
an interest in the indebtedness which this Agreement secures, and shall be binding upon Debtor, its successors and assigns.

 

(e) In case any one or more
of the provisions of this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision hereof, but this Agreement shall be construed as if such invalid,
illegal or unenforceable provision had not been included.

 

(f) The Debtor agrees to cooperate
promptly with the Secured Party and its agent in the correction or completion of the loan closing documents if deemed necessary
or desirable by Secured Party. Debtor understands that this may include correction or execution of a new note and mortgage to reflect
the agreed terms.

 

(g) Any provision to the contrary
notwithstanding contained herein or in the Note or in any other instrument now or hereafter evidencing, securing or otherwise relating
to any secured indebtedness, neither Secured Party nor any other holder of the secured indebtedness shall be entitled to receive
or collect, nor shall Debtor be obligated to pay, interest on any of the secured indebtedness in excess of the maximum rate of
interest at the particular time in question, if any, which, under applicable law, may be charged to Debtor (herein the "Maximum
Rate"), provided that the Maximum Rate shall be automatically increased or decreased, as the case may be, without notice to
Debtor from time to time as of the effective time of each change in the Maximum Rate, and if any provision herein or in the Note
or in such other instrument shall ever be construed or held to permit the collection or to require the payment of any amount of
interest in excess of that permitted by applicable law, the provisions of this paragraph shall control and shall override any contrary
or inconsistent provision herein or in the Note or in such other instrument. The intention of the parties being to conform strictly
to the usury limitations under applicable law, the Note, this Agreement, and each other instrument now or hereafter evidencing
or relating to any secured indebtedness shall be held subject to reduction to the amount allowed under said applicable law as now
or hereafter construed by the courts having jurisdiction.

 

    	 	10

     

    

 

 

(h) All notices pursuant to
this Security Agreement shall be in writing and shall be directed to the addresses set forth below or such other address as may
be specified in writing, by certified or registered mail, return receipt requested by the party to which or whom notices are to
be given. Notices shall be deemed to be given upon sender's obtaining a receipt (or refusal of receipt) from the U.S. Postal Service
for such certified or registered mail delivery, upon personal delivery to an officer of the Debtor, or the day following prepaid
delivery to a recognized overnight commercial carrier.

 

(i) The singular used herein
shall include the plural.

 

G)
If more than one party shall execute this Agreement as "Debtor", the term "Debtor" shall mean all such
parties executing this Agreement, and all such parties shall be jointly and severally obligated hereunder.

 

(k) A photocopy or other reproduction
of this Agreement or of any financing statement is sufficient as a financing statement and may be filed as a financing statement
in any government office.

 

[balance of this page left intentionally blank]

 

    	 	11

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date written below.

 

Dated: July 12, 2010.

 

	Signed sealed and delivered	 	 	 
	in the  presence of:	 	DEBTOR:	 
	 	 	 	 
	 	 	 	 
	 	 	CELSIUS  HOLDINGS,  INC., a Nevada corporation, authorized to do business in Florida as CELSIUS PRODUCTS HOLDINGS, INC.
	 	 	 	 
	 	 	By:	 	 
	 	 	Name: Geary Cotton	 
	 	 	Title: CFO	 

 

	 	 	(Corporate Seal)
	 	 	 
	 	Address:  	140 N.E. 4th Avenue, Suite C
	 	 	Delray Beach, Florida 33483

 

	STATE OF FLORIDA	)
	ss:	 
	 COUNTY OF	)

 

The foregoing
instrument was acknowledged before me this _________________, 2010, by GEARY COTTON as CFO of CELSIUS HOLDINGS, INC.,
a Nevada corporation, authorized to do business in Florida as CELSIUS PRODUCTS HOLDINGS, INC. on behalf of the
corporation. He is personally known to me or has produced a Florida driver's license as identification.

 

	 	 
	Notary Public, State of Florida	 
	My Commission Expires:      {Seal}	 

 

    	 	12

     

    

 

	 	SECURED PARTY:	 
	 	 	 	 
	 	CD FINANCIAL, LLC, a Florida limited liability company	 
	 	 	 	 
	 	By:	 	 
	 	William H. Milmoe, Manager	 
	 	 	 
	 	Address: 3299 N.W. 2nd Avenue	 
	 	Boca Raton, FL 33431	 

 

	STATE OF FLORIDA	)
	ss:	 
	COUNTY OF	)

 

The
foregoing instrument was acknowledged before me this _________________, 2010, by WILLIAM H. MILMOE
as Manager of CD FINANCIAL, LLC, a Florida limited liability company, on behalf of the company. He is personally known to me
or has produced a Florida driver's license as identification.

 

	 	 
	Notary Public, State of Florida	 
	My Commission Expires:     {Seal}	 

 

    	 	13

     

    

 

SCHEDULE 1

(Description of Personal Property)

 

This is Schedule 1 to the Security
Agreement dated effective July         , 2010 between CELSIUS HOLDINGS,
INC., a Nevada corporation, authorized to do business in Florida as CELSIUS PRODUCTS HOLDINGS, INC. (hereinafter called "Debtor")
and CD FINANCIAL, LLC, a Florida limited liability company (hereinafter called "Secured Party").

 

A continuing
security interest in all properties, assets and rights of the Debtor now owned or at any time hereafter acquired by the Debtor
or in which the Debtor now has or at any time in the future may acquire any right, title or interest, wherever located or situated
(hereinafter, collectively called the "Collateral").

 

Without limitation of the foregoing, the Collateral
includes the following:

 

	(i)	all Accounts;
	(ii)	all Chattel Paper;
	(iii)	all Commercial Tort Claims; 
	(iv)	all Consignments;
	(v)	all Contracts;
	(vi)	all Copyrights;
	(vii)	all Copyright Licenses; 
	(viii)	all Deposit Accounts; 
	(ix)	all Documents;
	(x)	all Encumbrance(s);
	 (xi)	all Equipment;
	(xii)	all Fixtures; 
	(xiii)	all Goods;
	(xiv)	all General Intangibles;
	(xv)	all Health-Care-Insurance Receivables; 
	(xvi)	all Instruments;
	(xvii)	all Inventory;
	(xviii)	all Investment Property; 
	(xix)	all Letter-of-Credit Rights; 
	(xx)	all Letters of Credit;
	(xxi)	all Patents;
	(xxii)	all Patent Licenses; 
	(xxiii)	all Payment Intangibles; 
	(xxiv)	all Promissory Note(s); 
	(xxv)	all Software;
	(xxvi)	all Supporting Obligations; 
	(xxvii) 	all Tangible Chattel Paper;
	(xxviii) 	all Trademarks;
	(xxix)	all Trademark Licenses; and
	(xxxii)
  to the extent not otherwise included, all Proceeds (including condemnation proceeds), all Accessions and additions thereto
and all substitutions and replacements therefore and products of any and all of the foregoing.

 

    	 	14

     

    

 

SCHEDULE 2

(Description of Real Property)

 

This is Schedule 2 to the Security
Agreement dated effective July  _____ , 2010 between CELSIUS HOLDINGS, INC., a Nevada corporation,
authorized to do business in Florida as CELSIUS PRODUCTS HOLDINGS, INC. (hereinafter called "Debtor") and CD
FINANCIAL, LLC, a Florida limited liability company (hereinafter called "Secured Party").

 

NONE

    	 	15

     

    

 

 

EXECUTION COPY

 

AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This Amendment to Loan
and Security Agreement, dated April 16, 2015 (the “Amendment”), amends and modifies that certain Loan and Security
Agreement, dated as July 12, 2010 (the “Loan Agreement”), between CELSIUS HOLDINGS, INC., a Nevada corporation
authorized to do business as Celsius Products Holdings, Inc. (“Borrower”), and CD FINANCIAL, LLC, a Florida
limited liability company (“the “Lender”).

 

Preliminary Statements

 

A.           Pursuant
to the Loan Agreement, Borrower was authorized to borrow, on a non-revolving basis, up to $3,000,000 and in connection therewith
entered in to a Promissory Note, of even date therewith (the “Original Note”).

 

B.           Subsequent
to entering into the Loan Agreement and Original Note, Borrower and Lender entered into numerous amendments and restatements of
the Original Note (collectively, the “Note”) increasing the principal amount available for borrowings under
the Loan Agreement and Note to $9,800,000 and extending the Maturity Date to December 31, 2016.

 

C.           As
of the date hereof, the principal amount of $8,800,000 is due and owing by Borrower to Lender under the Note.

 

D.           Pursuant
to the Loan Agreement, amounts outstanding under the Loan Agreement and Note are secured by the grant by Borrower of a blanket
lien and encumbrance on the Borrower’s assets.

 

E.           As
a condition to the consummation of the sale by Borrower of up to $11,500,000 of equity securities pursuant to the terms and conditions
of a Common Stock Purchase Agreement, dated as of the date hereof, among the Borrower and the various purchasers thereunder, the
Borrower is required to cause the amendment of the Loan Agreement and Note for purposes of (i) permanently reducing the principal
amount available for borrowing under the Loan Agreement and Note from $9,800,000 to $4,500,000 and (ii) extend the maturity date
of Loan Agreement and Note to January 2, 2020.

 

F.           In
order to accomplish the foregoing, Borrower and Lender have agreed that contemporaneously with the execution of this Amendment,
Borrower shall pay Lender $300,000 and cause the conversion of $4,000,000 principal amount outstanding to be converted into shares
of newly created Series D Convertible Preferred Stock of the Borrower (the “Series D Preferred Stock”), in accordance
with the terms and conditions herein described.

 

G.           Other
than as described in this Amendment, the terms and conditions of the Loan Agreement and Note shall remain in full force and effect.

 

H.           The
Borrower and Lender desire to amend the Loan Agreement and Note in accordance with the foregoing.

 

     

     

    

 

Agreement

 

FOR AND IN CONSIDERATION
of the mutual covenants and agreements set forth in this Amendment, and for other good and valuable consideration, the receipt,
and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

 

1.           Preliminary
Statements.  The foregoing Preliminary Statements are confirmed by the parties as true and correct and are incorporated
herein by reference.  The Preliminary Statements are a substantive part of this Amendment.

 

2.           Payments
and Conversion; Reduction of Borrowing Cap.

 

a.            Contemporaneously
with the execution of this Amendment,

 

i.            the
Borrower shall pay Lender $300,000 to be applied to reduce the principal balance owed under the Note; and

 

ii.         the
Lender shall convert $4,000,000 of the outstanding principal amount of the Note into 4,000 shares (the “Preferred Shares”)
of the Borrower’s Series D Preferred Stock.  A copy of the Certificate of Designation with respect to the Series
D Preferred Stock and a copy of the certificate representing the Preferred Shares are attached hereto as Exhibits A and B, respectively.  
The foregoing conversion shall be deemed a payment by Borrower of $4,000,000 of the outstanding principal amount of the Note in
full.

 

b.           Following
the payment and conversion referred to in subsection (a) above, the maximum borrowing available to Borrower under the Loan Agreement
will be permanently reduced to $4,500,000.

 

3.           Amended
and Restated Promissory Note.  In connection with the payment and conversion described in Section 2 above, contemporaneously
with the execution hereof, Borrower shall execute and deliver to Lender an Amended and Restated Promissory Note, a copy of which
is attached hereto as Exhibit C (the “A&R Note”).  Pursuant to the A&R Note, the principal
amount thereof plus accrued and unpaid interest thereon shall become due and payable on January 2, 2020 (the “Maturity
Date”).  In no event shall the Borrower’s execution and delivery of the A&R Note constitute a repayment,
satisfaction or novation of the Note.

 

    	 	2	 

     

    

 

4.           No
Waiver.  The execution, delivery and performance of this Amendment by the Lender and the acceptance by Lender of
the performance of the Borrower under this Amendment (a) shall not constitute a waiver or release by Lender of any default that
may now or hereafter exist under the Loan Agreement and Note (including the A&R Note), and (b) shall be without prejudice to,
and is not a waiver or release of, Lender’s rights at any time in the future to exercise any and all rights conferred upon
Lender by the Loan Agreement or otherwise at law or in equity, including, but not limited to, the right to institute foreclosure
proceedings against any collateral and/or institute collection proceedings against the Borrower. The Borrower acknowledges and
agrees that the amounts payable under the A&R Note are payable without defense, offset, withholding, counterclaim, or deduction
of any kind. The Borrower hereby further acknowledges and agrees that:  (i) it does not have any claim or cause
of action against the Lender in connection with the Note, the A&R Note, the Loan Agreement, this Amendment or otherwise, and
(ii) the Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to the Borrower
that are required to have been performed on or prior to the date hereof.

 

5.           Conditions
Precedent.  Lender’s willingness to enter into this Amendment, and the effectiveness hereof, is subject to
following:

 

(a)          Borrower
shall have delivered to Lender an executed copy of this Amendment;

 

(b)          Borrower
shall have executed and delivered the A&R Note to Lender;

 

(c)          Borrower
shall have delivered to Lender a certificate representing the Preferred Shares;

 

(d)          Borrower
shall have delivered a copy of the resolutions authorizing the execution, delivery and performance of this Amendment;

 

(e)          The
representations and warranties of the Borrower contained herein shall be true, correct and complete in all material respects; and

 

(f)           No
default under the Loan Agreement and Note shall have occurred and be continuing.

 

6.           Acknowledgement
of Security Interest.  Borrower acknowledges the validity of Lender’s security interest in the Collateral (as
defined in the Loan Agreement) and acknowledges and agrees that the Collateral shall secure the indebtedness as evidenced by the
A&R Note.

 

7.           Representations
and Warranties.  In order to induce the Lender to execute, deliver and perform this Amendment, Borrower represents
and warrants to the Lender as follows:

 

a.            Borrower
is a corporation, duly incorporated, validly existing and in good standing under the laws of the State of Nevada, with the requisite
corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted.

 

    	 	3	 

     

    

 

b.           Borrower
has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Amendment,
and otherwise to carry out its obligations hereunder.  The execution and delivery of this Amendment by Borrower and the
consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of Borrower
and no further action is required by Borrower.  This Amendment has been duly executed by Borrower and, when delivered
in accordance with the terms hereof, will constitute the valid and binding obligations of Borrower enforceable against Borrower
in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
laws of general application affecting enforcement of creditors’ rights; and (b) as limited by general principles of
equity that restrict the availability of equitable remedies.

 

c.           The
Preferred Shares are duly authorized, and when issued and paid for in accordance with the terms hereof, shall be duly and validly
issued, fully paid and nonassessable, and free and clear of all liens, encumbrances and rights of first refusal of any kind.  Based
in part upon the representations of Lender set forth in Section 8 below, the Preferred Shares will be issued in compliance
with all applicable federal and state securities laws.  

 

d.           The
Borrower’s execution, delivery and performance of this Amendment and the consummation by Borrower of the transactions contemplated
hereby do not and will not (i) conflict with or violate any provision of Borrower’s Articles of Incorporation or bylaws
(each as amended through the date hereof); (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time, or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time, or both) of, any agreement, credit facility, indenture or instrument (evidencing an the
Company debt or otherwise) to which Borrower is a party or by which any property or asset of Borrower is bound or affected; or
(iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which Borrower is subject (including federal and state securities laws and regulations), or by which
any property or asset of Borrower is bound or affected, except in the case of each of clauses (ii) and (iii), as could not, individually
or in the aggregate, reasonably be expected to result in a material adverse effect.

 

e.            Borrower
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other U.S. or foreign federal, state, local or other governmental authority or other person in connection with
the execution, delivery and performance by Borrower of this Amendment, other than filings which may be required under federal and
state securities laws.

 

    	 	4	 

     

    

 

8.           Representations
and Warranties of the Lender.  The Lender hereby represents and warrants to Borrower as follows:

 

a.            Lender
has all necessary power and authority (corporate or otherwise) to execute and deliver this Amendment and to carry out its provisions.  All
action on Lender’s part required for the lawful execution and delivery of this Amendment has been taken.  Upon
its execution and delivery, this Amendment will be a valid and binding obligation of Lender, enforceable in accordance with its
terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application
affecting enforcement of creditors’ rights; and (b) as limited by general principles of equity that restrict the availability
of equitable remedies.

 

b.            Lender
is acquiring the Preferred Shares for the Lender’s own account.  Lender is acquiring the Preferred Shares for investment
purposes only and not with a view to or for distributing or reselling the Preferred Shares or any part thereof or interest therein,
without prejudice, however, to Lender’s right at all times to sell or otherwise dispose of all or any part of the Preferred
Shares pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”)
and in compliance with applicable state securities laws or under an exemption from such registration.

 

c.            Lender
is an “accredited investor” as defined in Rule 501(a) under the Securities Act.

 

d.            Lender
has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits
and risks of the prospective investment in the Preferred Shares, and has so evaluated the merits and risks of such investment.

 

e.            Lender
is able to bear the economic risk of an investment in the Preferred Shares and, at the present time, is able to afford a complete
loss of such investment.

 

f.             Lender
acknowledges that it has been afforded (i) the opportunity to ask such questions as Lender has deemed necessary of, and to
receive answers from, representatives of Borrower concerning the terms and conditions of the issuance of the Preferred Shares and
the merits and risks of investing in the Preferred Shares; (ii) access to information about Borrower and Borrower’s financial
condition, results of operations, business, properties, management and prospects sufficient to enable Lender to evaluate the investment;
and (iii) the opportunity to obtain such additional information that Borrower possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment and to verify the accuracy
and completeness of the information contained herein.

 

g.            Lender
understands and acknowledges that (i) the Preferred Shares are being issued to Lender without registration under the Securities
Act and applicable state securities laws in a private placement that is exempt from the registration provisions of the Securities
Act and applicable state securities laws; and (ii) the availability of such exemption depends in part on, and Borrower will rely
upon the accuracy and truthfulness of, the foregoing Lender representations and Lender hereby consents to such reliance.

 

    	 	5	 

     

    

 

h.            Lender
understands that the certificates evidencing the Preferred Shares will bear the following or similar legends for as long as required
by the Securities Act and applicable state securities laws:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.  NO SUCH TRANSFER
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

THE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE
ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS.  THE SECURITIES HAVE NOT BEEN APPROVED
OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE
ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THE OFFER AND SALE OF THE SECURITIES. ANY REPRESENTATION
TO THE CONTRARY IS UNLAWFUL.”

 

9.           Miscellaneous.  

 

a.            In
the event of any conflict or inconsistency between the terms of this Amendment and the Loan Agreement, this Amendment shall govern
and prevail.

 

b.            This
Amendment shall be binding upon and shall inure to the benefit of the parties hereto, their heirs, executors, administrators, successors,
legal representatives, and assigns.

 

c.            The
headings of sections and paragraphs in this Amendment are for convenience of reference only and shall not in any way affect the
interpretation or construction of this Amendment.  

 

d.            THIS
AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT MAY CAUSE THE
LAWS OF ANOTHER JURISDICTION TO APPLY, AND FEDERAL LAW, AS APPLICABLE.  THE PARTIES AGREE THAT VENUE OF ANY ACTION OR
CLAIM SHALL BE IN ANY FEDERAL OR STATE COURT LOCATED IN PALM BEACH COUNTY, FLORIDA.

 

    	 	6	 

     

    

 

e.            The
representations and warranties of the parties in this Agreement shall survive the execution and delivery hereof.

 

f.             The
terms and conditions set forth in this Amendment are the product of joint draftsmanship by all parties, each being represented
by counsel, and any ambiguities in this Amendment or any documentation prepared pursuant to or in connection with this Amendment
shall not be construed against any of the parties because of draftsmanship.

 

g.            Time
is of the essence of this Agreement.  

 

h.            No
provision of this Amendment shall be construed against or interpreted to the disadvantage of any party hereto by any court or other
governmental or judicial authority by reason of such party’s having or being deemed to have structured, drafted or dictated
such provision.

 

10.          THIS
AMENDMENT, THE A&R NOTE AND THE LOAN AGREEMENT REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES WITH RESPECT TO THE SUBJECT
MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR ORAL OR WRITTEN, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS AMONG THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

11.          This
Amendment may be executed in one or more counterparts (including by way of electronic transmission), each of which will be deemed
to be an original copy of this Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement.  Delivery
of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of a manually executed
counterpart of this Amendment. In making proof of this Amendment, it shall not be necessary to produce or account for more than
one such counterpart executed by the party to be charged.

 

[Signature page follows]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
the undersigned have duly executed this Agreement as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	CELSIUS HOLDINGS, INC.
	 	 
	 	By:	 
	 	Name: Gerry David
	 	Title: CEO
	 	 
	 	LENDER:
	 	 
	 	CD FINANCIAL, LLC
	 	 
	 	By:	 
	 	Name: William H. Milmoe
	 	Title: Manager

 

    	 	8

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