Document:

Jammin Java Corp. 8-K

 

Exhibit
10.5 

 

[THIS
STOCK OPTION AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF (THE “SECURITIES”) HAVE BEEN ACQUIRED
FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT” OR THE “SECURITIES ACT”) SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO
OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION
UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE STATE SECURITIES
LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN EXCHANGE FOR THIS STOCK OPTION AND ANY SECURITIES ISSUABLE UPON EXERCISE
OF THIS OPTION (EXCEPT AS OTHERWISE PROVIDED BELOW).]1

 

JAMMIN
JAVA CORP.

 

2015
EQUITY INCENTIVE PLAN

 

STOCK
OPTION AGREEMENT

 

Unless
otherwise defined herein, the terms in the Stock Option Agreement (the
“Option Agreement”) have the same meanings as defined in the Jammin
Java Corp. 2015 Equity Incentive Plan (the “Plan”).

 

	I.	NOTICE
OF STOCK OPTION GRANT
	 	 
	 	Optionee:	Brent Toevs
	 	 	 
	 	Address:	On
Record with Company

 

You
have been granted an Option to purchase Common Stock of the Company (the “Option”), subject to the terms
and conditions of the Plan and this Option Agreement, as follows:

 

	 	Grant Date:	June 30, 2015 (provided this Stock Option Agreement is entered into on March 10, 2016)
	 	 	 
	 	Vesting Commencement Date:	June 30, 2015
	 	 	 
	 	Exercise Price per Share:	$0.12
	 	 	 
	 	Total Number of Shares Granted:	2,000,000

 

 

   

1
Required to the extent that the Plan (and awards thereunder) have not been registered under the Securities Act of 1933,
as amended.

 

    

     

    

 

	 	Total Exercise Price:	$240,000
	 	 	 
	 	Type of Option:	Non-Qualified
	 	 	 
	 	Expiration
Date:	June 30, 20202
	 	 	 
	 	Vesting
Schedule:	Vests at the rate of 1/3 of such Options per year on each of the three anniversary’s of the Grant Date (666,666
    the first year)
	 	 	 
	 	Termination
Period:	 

  

To
the extent vested, this Option will be exercisable for three (3) months after Optionee ceases to be a Service Provider, unless
termination is due to Optionee’s death or Disability, in which case this Option will be exercisable for twelve (12) months
after Optionee ceases to be a Service Provider. In the event of termination due to Optionee’s death, the Company shall use
commercially reasonable efforts to notify Optionee’s estate of the exercisability of the Option following Optionee’s
death. Notwithstanding the foregoing sentence, in no event may this Option be exercised after any termination of the Optionee
as a Service Provider determined by the Company’s Board to be for Cause or after the Expiration Date as provided above and
this Option may be subject to earlier termination as provided in the Plan.

 

“Cause”
has the meaning ascribed to such term or words of similar import in Optionee’s written employment or service contract with
the Company or its Parent or any Subsidiary and, in the absence of such agreement or definition, means Optionee’s (i) conviction
of, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (ii) fraud on or misappropriation
of any funds or property of the Company or its subsidiaries, or any affiliate, customer or vendor; (iii) personal dishonesty,
incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar
offenses), or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with Optionee’s
duties or willful failure to perform Optionee’s responsibilities in the best interests of the Company or its subsidiaries;
(v) illegal use or distribution of drugs; (vi) violation of any material rule, regulation, procedure or policy of the
Company or its subsidiaries, the violation of which could have a material detriment to the Company; or (vii) material breach
of any provision of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by Optionee
for the benefit of the Company or its subsidiaries, all as reasonably determined by the Company’s Board, which determination
will be conclusive.

 

 

 

2
Unless terminated earlier pursuant to the terms of this Option Agreement or the terms and conditions of the Optionee’s
employment agreement with the Company, if any.

 

    -2- 

     

    

 

II.          AGREEMENT

 

1.           Grant
of Option.   The Administrator grants to the Optionee named in the Notice of Stock Option Grant in Part I of this Option
Agreement, an Option to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise price per
Share set forth in the Notice of Stock Option Grant (the “Exercise Price”), and subject to the terms
and conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between the terms and conditions
of the Plan and this Option Agreement, the terms and conditions of the Plan prevail.

 

If
designated in the Notice of Stock Option Grant as an Incentive Stock Option, this Option is intended to qualify as an Incentive
Stock Option as defined in Code section 422. Nevertheless, to the extent that it exceeds the $100,000 rule of Code section 422(d),
this Option will be treated as a Nonstatutory Stock Option.

 

2.           Exercise
of Option.

 

(a)    Right
to Exercise.   This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Stock
Option Grant and with the applicable provisions of the Plan and this Option Agreement.

 

(b)    Method
of Exercise.   This Option is exercisable by (i) delivery of an exercise notice in the form attached as Exhibit A (the
“Exercise Notice”) or in a manner and pursuant to procedures as the Administrator may determine, which
will state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and
other representations and agreements as may be required by the Company and (ii) paying the Company in full the aggregate Exercise
Price as to all Shares being acquired, together with any applicable tax withholding.

 

This
Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice accompanied by the aggregate
Exercise Price, together with any applicable tax withholding.

 

No
Shares will be issued pursuant to the exercise of an Option unless the issuance and exercise of Shares complies with Applicable
Laws. Assuming compliance, for income tax purposes the Shares will be considered transferred to the Optionee on the date on which
the Option is exercised with respect to the Shares.

 

3.           Method
of Payment.   The aggregate Exercise Price may be paid by any of the following, or a combination thereof, at the election of
the Optionee:

 

(a)    cash;

 

(b)    check;

 

(c)    to the extent not prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, a promissory note;

 

(d)    other Shares, provided Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares
as to which said Option will be exercised;

 

    -3- 

     

    

 

(e)    by
asking the Company to withhold Shares from the total Shares to be delivered upon exercise equal to the number of Shares having
a value equal to the aggregate Exercise Price of the Shares being acquired;

 

(f)     any
combination of the foregoing methods of payment; or

 

(g)    such
other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.

 

4.           Legends.

 

(a)    All
certificates representing the Shares issued upon exercise of this Option shall, prior to such date as the Plan and Common Stock
hereunder are covered by a valid Form S-8 or similar U.S. federal registration statement, where applicable, have endorsed thereon
the following legends:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT
TO THE RELEVANT PROVISIONS OF U.S. FEDERAL, STATE AND FOREIGN SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER U.S. FEDERAL, STATE AND FOREIGN SECURITIES LAWS IS NOT REQUIRED.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE
WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE INITIAL HOLDER HEREOF. SUCH AGREEMENT PROVIDES FOR CERTAIN TRANSFER
RESTRICTIONS, INCLUDING RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SECURITIES AND CERTAIN REPURCHASE RIGHTS IN
FAVOR OF THE COMPANY. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF
WITHOUT CHARGE.

 

(b)    If
the Option is an ISO, then the following legend will be included:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED UPON EXERCISE OF AN INCENTIVE STOCK OPTION, AND THE COMPANY MUST BE NOTIFIED
IF THE SHARES SHALL BE TRANSFERRED BEFORE THE LATER OF THE TWO (2) YEAR ANNIVERSARY OF THE DATE OF GRANT OF THE OPTION OR THE
ONE (1) YEAR ANNIVERSARY OF THE DATE ON WHICH THE OPTION WAS EXERCISED. THE REGISTERED HOLDER MAY RECOGNIZE ORDINARY INCOME IF
THE SHARES ARE TRANSFERRED BEFORE SUCH DATE.

 

    -4- 

     

    

 

5.           Optionee’s
Investment Representations.

 

(a)    This
Agreement is made with Optionee in reliance upon Optionee’s representation to the Company, which by Optionee’s acceptance
hereof Optionee confirms, that the Common Stock which Optionee will receive will be acquired with Optionee’s own funds for
investment for an indefinite period for Optionee’s own account, not as a nominee or agent, and not with a view to the sale
or distribution of any part thereof, and that Optionee has no present intention of selling, granting participation in, or otherwise
distributing the same, but subject, nevertheless, to any requirement of law that the disposition of Optionee’s property
shall at all times be within Optionee’s control. By executing this Agreement, Optionee further represents that Optionee
does not have any contract, understanding or agreement with any person to sell, transfer, or grant participation to such person
or to any third person, with respect to any of the Common Stock.

 

(b)    With
respect to a transaction occurring prior to such date as the Plan and Common Stock thereunder are covered by a valid Form S-8
or similar U.S. federal registration statement, Optionee agrees that in no event shall Optionee make a disposition of any of the
Common Stock, unless and until: (i) Optionee shall have notified the Company of the proposed disposition and shall have furnished
the Company with a statement of the circumstances surrounding the proposed disposition; and (ii) Optionee shall have furnished
the Company with an opinion of counsel satisfactory to the Company to the effect that (A) such disposition will not require registration
or qualification of such Common Stock under applicable U.S. federal, state or foreign securities laws or (B) appropriate action
necessary for compliance with the U.S. federal, state or foreign securities laws has been taken; or (iii) the Company shall have
waived, expressly and in writing, its rights under clauses (i) and (ii) of this Subsection.

 

(c)    Optionee
understands that if a registration statement covering the Common Stock under the Securities Act is not in effect when Optionee
desires to sell the Common Stock, Optionee may be required to hold the Common Stock for an indeterminate period. Optionee also
acknowledges that Optionee understands that any sale of the Common Stock which might be made by Optionee in reliance upon Rule
144 under the Securities Act may be made only in limited amounts in accordance with the terms and conditions of that Rule.

 

6.           Restrictions
on Exercise.   This Option may not be exercised if the issuance of such Shares upon such exercise or the method of payment of
consideration for such shares would constitute a violation of any Applicable Laws. The Company will be relieved of any liability
with respect to any delayed issuance of shares or its failure to issue shares if such delay or failure is necessary to comply
with Applicable Laws.

 

7.           Non-Transferability
of Option.   This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement are binding
upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

8.           Term
of Option.   This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised
during the term only in accordance with the Plan and the terms of this Option.

 

    -5- 

     

    

 

9.           Tax
Obligations.

 

(a)    Withholding
Taxes.   Optionee agrees to arrange for the satisfaction of all Federal, state, local and foreign income and employment tax
withholding requirements applicable to the Option exercise. Optionee acknowledges and agrees that the Company may refuse to honor
the exercise and refuse to deliver the Shares if withholding amounts are not delivered at the time of exercise.

 

(b)    Notice
of Disqualifying Disposition of ISO Shares.   If the Option granted to Optionee is an ISO, and if Optionee sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years
after the Grant Date, or (ii) the date one (1) year after the date of exercise, the Optionee must immediately notify the
Company of the disposition in writing. Optionee agrees that Optionee may be subject to income tax withholding by the Company on
the compensation income recognized by the Optionee.

 

(c)    Code
Section 409A.   Under Code section 409A, an Option that was granted with a per Share exercise price that is determined
by the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the
Grant Date (a “discount option”) may be considered deferred compensation. An Option that is a discount option may
result in (i) income recognition by the Optionee prior to the exercise of the Option, (ii) an additional twenty percent (20%)
tax, and (iii) potential penalty and interest charges. Optionee acknowledges that the Company cannot and has not guaranteed that
the IRS will agree that the per Share Exercise Price of this Option equals or exceeds Fair Market Value of a Share on the Grant
Date in a later examination. Optionee agrees that if the IRS determines that the Option was granted with a per Share exercise
price that was less than the Fair Market Value of a Share on the Grant Date, Optionee will be solely responsible for any and all
resulting tax consequences.

 

10.        No
Guarantee of Continued Service.   OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR
RETAINING OPTIONEE) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. OPTIONEE
FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD,
FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT
OR SUBSIDIARY EMPLOYING OR RETAINING OPTIONEE) TO TERMINATE OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH
OR WITHOUT CAUSE.

 

11.        Notices.
  All notices or other communications which are required or permitted hereunder will be in writing and sufficient if (i) personally
delivered or sent by telecopy, (ii) sent by nationally-recognized overnight courier or (iii) sent by registered or certified mail,
postage prepaid, return receipt requested, addressed as follows:

 

    -6- 

     

    

 

(a)    if
to the Optionee, to the address (or telecopy number) set forth on the Notice of Stock Option Grant; and

 

(b)    if
to the Company, to its principal executive office as specified in any report filed by the Company with the Securities and Exchange
Commission or to such address as the Company may have specified to the Grantee in writing, Attention: Corporate Secretary;

 

or
to any other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance
herewith. Any communication will be deemed to have been given (i) when delivered, if personally delivered, or when telecopied,
if telecopied, (ii) on the first Business Day (as hereinafter defined) after dispatch, if sent by nationally-recognized overnight
courier and (iii) on the fourth Business Day following the date on which the piece of mail containing the communication is posted,
if sent by mail. As used herein, “Business Day” means a day that is not a Saturday, Sunday or a day
on which banking institutions in the city to which the notice or communication is to be sent are not required to be open.

 

12.        Specific
Performance.   Optionee expressly agrees that the Company will be irreparably damaged if the provisions of this Option Agreement
and the Plan are not specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions of this
Option Agreement or the Plan by the Optionee, the Company will, in addition to all other remedies, be entitled to a temporary
or permanent injunction, without showing any actual damage, and/or decree for specific performance, in accordance with the provisions
hereof and thereof. The Administrator has the power to determine what constitutes a breach or threatened breach of this Option
Agreement or the Plan. The Administrator’s determinations will be final and conclusive and binding upon the Optionee.

 

13.        No
Waiver.   No waiver of any breach or condition of this Option Agreement will be deemed to be a waiver of any other or subsequent
breach or condition, whether of like or different nature.

 

14.        Optionee
Undertaking.   The Optionee agrees to take whatever additional actions and execute whatever additional documents the Company
may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions
imposed on the Optionee pursuant to the express provisions of this Option Agreement.

 

15.        Modification
of Rights.   The rights of the Optionee are subject to modification and termination in certain events as provided in this Option
Agreement and the Plan.

 

16.        Governing
Law.   This Agreement is governed by, and construed in accordance with, the laws of the State of Colorado, without giving effect
to its conflict or choice of law principles that might otherwise refer construction or interpretation of this Agreement to the
substantive law of another jurisdiction.

 

17.        Counterparts;
Facsimile Execution.   This Option Agreement may be executed in one or more counterparts, each of which will be deemed to be
an original, but all of which together constitute one and the same instrument. Facsimile execution and delivery of this Option
Agreement is legal, valid and binding execution and delivery for all purposes.

 

    -7- 

     

    

 

18.        Entire
Agreement.   The Plan, this Option Agreement, and upon execution, the Exercise Notice, constitute the entire agreement of the
parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the
Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest
except by means of a writing signed by the Company and Optionee.

 

19.        Severability.  
In the event one or more of the provisions of this Option Agreement should, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Option
Agreement, and this Option Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained
herein.

 

20.        WAIVER
OF JURY TRIAL.   THE OPTIONEE EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS OPTION AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

[remainder
of page left blank intentionally]

 

    -8- 

     

    

 

Optionee
acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and
accepts this Option subject to all of the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their
entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions
of the Option. Optionee agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator
upon any questions arising under the Plan or this Option. Optionee further agrees to notify the Company upon any change in the
residence address indicated below.

 

	OPTIONEE	 	JAMMIN JAVA CORP.
	 	 	 
	/s/ Brent Toevs	 	/s/ Brent Toevs
	Signature	 	By
	 	 	 
	Brent Toevs	 	Brent Toevs
	Print Name	 	Print Name
	 	 	 
	 	 	CEO 
	 	 	Title
	On File with Company	 	 
	Residence Address	 	 

 

    

     

    

 

EXHIBIT
A

 

2015
EQUITY INCENTIVE PLAN

 

EXERCISE
NOTICE

 

Jammin
Java Corp. 

4730
Tejon St. 

Denver,
Colorado 80211

 

Attention:
Jammin Java Corp., Secretary

 

1.          Exercise
of Option.   Effective as of today, _____________, _____, the undersigned (“Optionee”) elects to exercise
Optionee’s option to purchase _________ shares of the Common Stock (the “Shares”) of Jammin Java
Corp. (the “Company”) under and pursuant to the Jammin Java Corp. 2015 Equity Incentive Plan (the “Plan”)
and the Stock Option Agreement dated March 10, 2016, and effective June 30, 2015 (the “Option Agreement”).

 

2.          Delivery
of Payment.   Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement,
and any and all withholding taxes due in connection with the exercise of the Option.

 

3.          Representations
of Optionee.   Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees
to abide by and be bound by their terms and conditions.

 

4.          Rights
as Stockholder.   Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder exists
with respect to the Optioned Stock, notwithstanding the exercise of the Option. Subject to the requirements of Section 6
below, the Shares will be issued to the Optionee as soon as practicable after the Option is exercised in accordance with the Option
Agreement. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance
except as provided in the Plan.

 

5.         Tax
Consultation.   Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase
or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable
in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.

 

6.          Refusal
to Transfer.   The Company will not (i) transfer on its books any Shares that have been sold or otherwise transferred in violation
of any of the provisions of this Exercise Notice, or (ii) be required to treat as owner of such Shares or to accord the right
to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred.

 

    

     

    

 

7.          Successors
and Assigns.   The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this
Exercise Notice inures to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein
set forth, this Exercise Notice is binding upon Optionee and his or her heirs, executors, administrators, successors and assigns.

 

8.          Interpretation.
  Any dispute regarding the interpretation of this Exercise Notice will be submitted by Optionee or by the Company forthwith to
the Administrator for review at its next regular meeting. The resolution of disputes by the Administrator will be final and binding
on all parties.

 

9.           Governing
Law; Severability.   This Exercise Notice is governed by, and construed in accordance with, the laws of the State of
Colorado, without giving effect to its conflict or choice of law principles that might otherwise refer construction
or interpretation of this Exercise to the substantive law of another jurisdiction. In the event that any provision hereof
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice will
continue in full force and effect.

 

10.
        Optionee Representations.

 

(a)    With
respect to a transaction occurring prior to such date as the Plan and Common Stock thereunder are covered by a valid Form S-8
or similar U.S. federal registration statement, Optionee agrees that in no event shall Optionee make a disposition of any of the
Common Stock, unless and until: (i) Optionee shall have notified the Company of the proposed disposition and shall have furnished
the Company with a statement of the circumstances surrounding the proposed disposition; and (ii) Optionee shall have furnished
the Company with an opinion of counsel satisfactory to the Company to the effect that (A) such disposition will not require registration
or qualification of such Common Stock under applicable U.S. federal, state or foreign securities laws or (B) appropriate action
necessary for compliance with the U.S. federal, state or foreign securities laws has been taken; or (iii) the Company shall have
waived, expressly and in writing, its rights under clauses (i) and (ii) of this Subsection.

 

(b)    Optionee
understands that if a registration statement covering the Common Stock under the Securities Act is not in effect when Optionee
desires to sell the Common Stock, Optionee may be required to hold the Common Stock for an indeterminate period. Optionee also
acknowledges that Optionee understands that any sale of the Common Stock which might be made by Optionee in reliance upon Rule
144 under the Securities Act may be made only in limited amounts in accordance with the terms and conditions of that Rule.

 

11.
      Other Documents.   Optionee hereby acknowledges receipt or the right to receive a document providing the information
required by Rule 428(b)(1) promulgated under the Securities Act of 1933, as amended, including, but not limited to, the information
required by Part I of Form S-8.

 

12.        Notices.
  Any notice required or permitted hereunder will be provided in writing and deemed effective if provided in the manner specified
in the Option Agreement.

 

13.        Further
Instruments.   The parties agree to execute any further instruments and to take any further action as may be reasonably necessary
to carry out the purposes and intent of the Option Agreement and this Exercise Notice.

 

    -2-

     

    

 

14.        Entire
Agreement.   The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, and the Option
Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety
all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified
adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.

 

[signature
page follows]

 

    -3-

     

    

 

 

	Submitted
by:	 	Accepted by:
	OPTIONEE	 	JAMMIN
                                         JAVA CORP.
	 	 	 
		 	 
	Signature	 	By
	 	 	 
	Brent Toevs	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Date
ReceivedJammin Java Corp. 8-K

 

Exhibit
10.6 

 

[THIS
STOCK OPTION AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF (THE “SECURITIES”) HAVE BEEN ACQUIRED
FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT” OR THE “SECURITIES ACT”) SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO
OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION
UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE STATE SECURITIES
LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN EXCHANGE FOR THIS STOCK OPTION AND ANY SECURITIES ISSUABLE UPON EXERCISE
OF THIS OPTION (EXCEPT AS OTHERWISE PROVIDED BELOW).]1

 

JAMMIN
JAVA CORP.

 

2015
EQUITY INCENTIVE PLAN

 

STOCK
OPTION AGREEMENT

 

Unless
otherwise defined herein, the terms in the Stock Option Agreement (the
“Option Agreement”) have the same meanings as defined in the Jammin
Java Corp. 2015 Equity Incentive Plan (the “Plan”).

 

	I.	NOTICE OF STOCK OPTION GRANT
	 	 
	 	Optionee:	Anh Tran
	 	 	 
	 	Address:	On Record with Company

  

You
have been granted an Option to purchase Common Stock of the Company (the “Option”), subject to the terms
and conditions of the Plan and this Option Agreement, as follows:

 

	 	Grant
Date:	 	June 30, 2015 (provided this Stock Option Agreement is entered into on March 10, 2016)
	 	 	 	 
	 	Vesting
Commencement Date:	 	June 30, 2015
	 	 	 	 
	 	Exercise
Price per Share:	 	$0.12
	 	 	 	 
	 	Total
Number of Shares Granted:	 	2,000,000

 

 

 

1
Required to the extent that the Plan (and awards thereunder) have not been registered under the Securities Act of 1933,
as amended. 

 

     1

     

    

  

	 	Total
Exercise Price:	 	$240,000
	 	 	 	 
	 	Type
of Option:	 	Non-Qualified
	 	 	 	 
	 	Expiration
Date:	 	June 30, 2020 2
	 	 	 	 
	 	Vesting
Schedule:	 	Vests at the rate of 1/3 of such Options per year on each of the three anniversary’s of the Grant Date (666,666
the first year)

  

Termination
Period:

 

To
the extent vested, this Option will be exercisable for three (3) months after Optionee ceases to be a Service Provider, unless
termination is due to Optionee’s death or Disability, in which case this Option will be exercisable for twelve (12) months
after Optionee ceases to be a Service Provider. In the event of termination due to Optionee’s death, the Company shall use
commercially reasonable efforts to notify Optionee’s estate of the exercisability of the Option following Optionee’s
death. Notwithstanding the foregoing sentence, in no event may this Option be exercised after any termination of the Optionee
as a Service Provider determined by the Company’s Board to be for Cause or after the Expiration Date as provided above and
this Option may be subject to earlier termination as provided in the Plan.

 

“Cause”
has the meaning ascribed to such term or words of similar import in Optionee’s written employment or service contract with
the Company or its Parent or any Subsidiary and, in the absence of such agreement or definition, means Optionee’s (i) conviction
of, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (ii) fraud on or misappropriation
of any funds or property of the Company or its subsidiaries, or any affiliate, customer or vendor; (iii) personal dishonesty,
incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar
offenses), or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with Optionee’s
duties or willful failure to perform Optionee’s responsibilities in the best interests of the Company or its subsidiaries;
(v) illegal use or distribution of drugs; (vi) violation of any material rule, regulation, procedure or policy of the
Company or its subsidiaries, the violation of which could have a material detriment to the Company; or (vii) material breach
of any provision of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by Optionee
for the benefit of the Company or its subsidiaries, all as reasonably determined by the Company’s Board,
which determination will be conclusive.

 

 

  

2
Unless terminated earlier pursuant to the terms of this Option Agreement or the terms and conditions of the Optionee’s
employment agreement with the Company, if any.

 

     2

     

    

 

II.

AGREEMENT

 

1.             Grant
of Option.   The Administrator grants to the Optionee named in the Notice of Stock Option Grant in Part I of this Option
Agreement, an Option to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise price per
Share set forth in the Notice of Stock Option Grant (the “Exercise Price”), and subject to the terms
and conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between the terms and conditions
of the Plan and this Option Agreement, the terms and conditions of the Plan prevail.

 

If
designated in the Notice of Stock Option Grant as an Incentive Stock Option, this Option is intended to qualify as an Incentive
Stock Option as defined in Code section 422. Nevertheless, to the extent that it exceeds the $100,000 rule of Code section 422(d),
this Option will be treated as a Nonstatutory Stock Option.

 

2.            Exercise
of Option.

 

(a)    Right
to Exercise.   This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Stock
Option Grant and with the applicable provisions of the Plan and this Option Agreement.

 

(b)    Method
of Exercise.   This Option is exercisable by (i) delivery of an exercise notice in the form attached as Exhibit A (the
“Exercise Notice”) or in a manner and pursuant to procedures as the Administrator may determine, which
will state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and
other representations and agreements as may be required by the Company and (ii) paying the Company in full the aggregate Exercise
Price as to all Shares being acquired, together with any applicable tax withholding.

 

This
Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice accompanied by the aggregate
Exercise Price, together with any applicable tax withholding.

 

No
Shares will be issued pursuant to the exercise of an Option unless the issuance and exercise of Shares complies with Applicable
Laws. Assuming compliance, for income tax purposes the Shares will be considered transferred to the Optionee on the date on which
the Option is exercised with respect to the Shares.

 

3.             Method
of Payment.   The aggregate Exercise Price may be paid by any of the following, or a combination thereof, at the election of
the Optionee:

 

(a)    cash;

 

(b)    check;

 

(c)    to
the extent not prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, a promissory note;

 

(d)    other
Shares, provided Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares
as to which said Option will be exercised;

 

     3

     

    

 

(e)    by asking the Company to withhold Shares from the total Shares to be delivered upon exercise equal to the number of Shares
having a value equal to the aggregate Exercise Price of the Shares being acquired;

 

(f)    any
combination of the foregoing methods of payment; or

 

(g)    such
other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.

 

4.             Legends.

 

(a)    All
certificates representing the Shares issued upon exercise of this Option shall, prior to such date as the Plan and Common Stock
hereunder are covered by a valid Form S-8 or similar U.S. federal registration statement, where applicable, have endorsed thereon
the following legends:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT
TO THE RELEVANT PROVISIONS OF U.S. FEDERAL, STATE AND FOREIGN SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER U.S. FEDERAL, STATE AND FOREIGN SECURITIES LAWS IS NOT REQUIRED.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE
WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE INITIAL HOLDER HEREOF. SUCH AGREEMENT PROVIDES FOR CERTAIN TRANSFER
RESTRICTIONS, INCLUDING RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SECURITIES AND CERTAIN REPURCHASE RIGHTS IN
FAVOR OF THE COMPANY. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF
WITHOUT CHARGE.

 

(b)    If
the Option is an ISO, then the following legend will be included:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED UPON EXERCISE OF AN INCENTIVE STOCK OPTION, AND THE COMPANY MUST BE NOTIFIED
IF THE SHARES SHALL BE TRANSFERRED BEFORE THE LATER OF THE TWO (2) YEAR ANNIVERSARY OF THE DATE OF GRANT OF THE OPTION OR THE
ONE (1) YEAR ANNIVERSARY OF THE DATE ON WHICH THE OPTION WAS EXERCISED. THE REGISTERED HOLDER MAY RECOGNIZE ORDINARY INCOME IF
THE SHARES ARE TRANSFERRED BEFORE SUCH DATE.

 

     4

     

    

 

5.             Optionee’s
Investment Representations.

 

(a)    This
Agreement is made with Optionee in reliance upon Optionee’s representation to the Company, which by Optionee’s acceptance
hereof Optionee confirms, that the Common Stock which Optionee will receive will be acquired with Optionee’s own funds for
investment for an indefinite period for Optionee’s own account, not as a nominee or agent, and not with a view to the sale
or distribution of any part thereof, and that Optionee has no present intention of selling, granting participation in, or otherwise
distributing the same, but subject, nevertheless, to any requirement of law that the disposition of Optionee’s property
shall at all times be within Optionee’s control. By executing this Agreement, Optionee further represents that Optionee
does not have any contract, understanding or agreement with any person to sell, transfer, or grant participation to such person
or to any third person, with respect to any of the Common Stock.

 

(b)    With
respect to a transaction occurring prior to such date as the Plan and Common Stock thereunder are covered by a valid Form S-8
or similar U.S. federal registration statement, Optionee agrees that in no event shall Optionee make a disposition of any of the
Common Stock, unless and until: (i) Optionee shall have notified the Company of the proposed disposition and shall have furnished
the Company with a statement of the circumstances surrounding the proposed disposition; and (ii) Optionee shall have furnished
the Company with an opinion of counsel satisfactory to the Company to the effect that (A) such disposition will not require registration
or qualification of such Common Stock under applicable U.S. federal, state or foreign securities laws or (B) appropriate action
necessary for compliance with the U.S. federal, state or foreign securities laws has been taken; or (iii) the Company shall have
waived, expressly and in writing, its rights under clauses (i) and (ii) of this Subsection.

 

(c)    Optionee
understands that if a registration statement covering the Common Stock under the Securities Act is not in effect when Optionee
desires to sell the Common Stock, Optionee may be required to hold the Common Stock for an indeterminate period. Optionee also
acknowledges that Optionee understands that any sale of the Common Stock which might be made by Optionee in reliance upon Rule
144 under the Securities Act may be made only in limited amounts in accordance with the terms and conditions of that Rule.

 

6.            Restrictions
on Exercise.   This Option may not be exercised if the issuance of such Shares upon such exercise or the method of payment of
consideration for such shares would constitute a violation of any Applicable Laws. The Company will be relieved of any liability
with respect to any delayed issuance of shares or its failure to issue shares if such delay or failure is necessary to comply
with Applicable Laws.

 

7.             Non-Transferability
of Option.   This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement are binding
upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

8.             Term
of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised
during the term only in accordance with the Plan and the terms of this Option.

 

     5

     

    

 

9.             Tax
Obligations.

 

(a)    Withholding
Taxes.   Optionee agrees to arrange for the satisfaction of all Federal, state, local and foreign income and employment
tax withholding requirements applicable to the Option exercise. Optionee acknowledges and agrees that the Company may refuse to
honor the exercise and refuse to deliver the Shares if withholding amounts are not delivered at the time of exercise.

 

(b)    Notice
of Disqualifying Disposition of ISO Shares.   If the Option granted to Optionee is an ISO, and if Optionee sells or otherwise
disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the
Grant Date, or (ii) the date one (1) year after the date of exercise, the Optionee must immediately notify the Company of
the disposition in writing. Optionee agrees that Optionee may be subject to income tax withholding by the Company on the compensation
income recognized by the Optionee.

 

(c)    Code
Section 409A.   Under Code section 409A, an Option that was granted with a per Share exercise price that is determined by the
Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the Grant Date
(a “discount option”) may be considered deferred compensation. An Option that is a discount option may result in (i)
income recognition by the Optionee prior to the exercise of the Option, (ii) an additional twenty percent (20%) tax, and (iii)
potential penalty and interest charges. Optionee acknowledges that the Company cannot and has not guaranteed that the IRS will
agree that the per Share Exercise Price of this Option equals or exceeds Fair Market Value of a Share on the Grant Date in a later
examination. Optionee agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less
than the Fair Market Value of a Share on the Grant Date, Optionee will be solely responsible for any and all resulting tax consequences.

 

10.           No
Guarantee of Continued Service.   OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR
RETAINING OPTIONEE) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. OPTIONEE
FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD,
FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT
OR SUBSIDIARY EMPLOYING OR RETAINING OPTIONEE) TO TERMINATE OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH
OR WITHOUT CAUSE.

 

11.           Notices.  
All notices or other communications which are required or permitted hereunder will be in writing and sufficient if (i) personally
delivered or sent by telecopy, (ii) sent by nationally-recognized overnight courier or (iii) sent by registered or certified mail,
postage prepaid, return receipt requested, addressed as follows:

 

     6

     

    

 

(a)    if to the Optionee, to the address (or telecopy number) set forth on the Notice of Stock Option Grant; and

 

(b)    if
to the Company, to its principal executive office as specified in any report filed by the Company with the Securities and Exchange
Commission or to such address as the Company may have specified to the Grantee in writing, Attention: Corporate Secretary;

 

or
to any other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance
herewith. Any communication will be deemed to have been given (i) when delivered, if personally delivered, or when telecopied,
if telecopied, (ii) on the first Business Day (as hereinafter defined) after dispatch, if sent by nationally-recognized overnight
courier and (iii) on the fourth Business Day following the date on which the piece of mail containing the communication is posted,
if sent by mail. As used herein, “Business Day” means a day that is not a Saturday, Sunday or a day
on which banking institutions in the city to which the notice or communication is to be sent are not required to be open.

 

12.           Specific
Performance.   Optionee expressly agrees that the Company will be irreparably damaged if the provisions of this Option Agreement
and the Plan are not specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions of this
Option Agreement or the Plan by the Optionee, the Company will, in addition to all other remedies, be entitled to a temporary
or permanent injunction, without showing any actual damage, and/or decree for specific performance, in accordance with the provisions
hereof and thereof. The Administrator has the power to determine what constitutes a breach or threatened breach of this Option
Agreement or the Plan. The Administrator’s determinations will be final and conclusive and binding upon the Optionee.

 

13.           No
Waiver.   No waiver of any breach or condition of this Option Agreement will be deemed to be a waiver of any other or subsequent
breach or condition, whether of like or different nature.

 

14.           Optionee
Undertaking.   The Optionee agrees to take whatever additional actions and execute whatever additional documents the Company
may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions
imposed on the Optionee pursuant to the express provisions of this Option Agreement.

 

15.           Modification
of Rights.   The rights of the Optionee are subject to modification and termination in certain events as provided in this Option
Agreement and the Plan.

 

16.           Governing
Law.   This Agreement is governed by, and construed in accordance with, the laws of the State of Colorado, without giving effect
to its conflict or choice of law principles that might otherwise refer construction or interpretation of this Agreement to the
substantive law of another jurisdiction.

 

17.           Counterparts;
Facsimile Execution.   This Option Agreement may be executed in one or more counterparts, each of which will be deemed to be
an original, but all of which together constitute one and the same instrument. Facsimile execution and delivery of this Option
Agreement is legal, valid and binding execution and delivery for all purposes.

 

     7

     

    

 

18.           Entire
Agreement.   The Plan, this Option Agreement, and upon execution, the Exercise Notice, constitute the entire agreement of the
parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the
Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest
except by means of a writing signed by the Company and Optionee.

 

19.           Severability.
  In the event one or more of the provisions of this Option Agreement should, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Option
Agreement, and this Option Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained
herein.

 

20.           WAIVER
OF JURY TRIAL.   THE OPTIONEE EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS OPTION AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

[remainder
of page left blank intentionally]

 

     8

     

    

 

Optionee
acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and
accepts this Option subject to all of the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their
entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions
of the Option. Optionee agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator
upon any questions arising under the Plan or this Option. Optionee further agrees to notify the Company upon any change in the
residence address indicated below.

 

 

	OPTIONEE	 	JAMMIN
                                         JAVA CORP.
	 	 	 
	/s/ Anh
Tran	 	/s/ Brent Toevs
	Signature	 	By
	 	 	 
	Anh
Tran	 	Brent Toevs
	Print Name	 	Print Name

         

		 	CEO
	 	 	Title
	 	 	 
	On File with Company	 	 
	Residence
Address	 	 

  

     9

     

    

  

EXHIBIT
A

 

2015
EQUITY INCENTIVE PLAN

 

EXERCISE
NOTICE

 

Jammin
Java Corp 

4730
Tejon St. 

Denver,
Colorado 80211

 

Attention:
Jammin Java Corp., Secretary

 

1.             Exercise
of Option.   Effective as of today, _____________, _____, the undersigned (“Optionee”) elects to exercise
Optionee’s option to purchase _________ shares of the Common Stock (the “Shares”) of Jammin Java
Corp. (the “Company”) under and pursuant to the Jammin Java Corp. 2015 Equity Incentive Plan (the “Plan”)
and the Stock Option Agreement dated March 10, 2016, and effective June 30, 2015 (the “Option Agreement”).

 

2.             Delivery
of Payment.   Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement,
and any and all withholding taxes due in connection with the exercise of the Option.

 

3.            Representations
of Optionee.   Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees
to abide by and be bound by their terms and conditions.

 

4.            Rights
as Stockholder.   Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder exists
with respect to the Optioned Stock, notwithstanding the exercise of the Option. Subject to the requirements of Section 6
below, the Shares will be issued to the Optionee as soon as practicable after the Option is exercised in accordance with the Option
Agreement. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance
except as provided in the Plan.

 

5.            Tax
Consultation.   Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase
or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable
in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.

 

6.            Refusal
to Transfer.   The Company will not (i) transfer on its books any Shares that have been sold or otherwise transferred in violation
of any of the provisions of this Exercise Notice, or (ii) be required to treat as owner of such Shares or to accord the right
to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred.

 

    

     

    

 

7.            Successors
and Assigns.   The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this
Exercise Notice inures to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein
set forth, this Exercise Notice is binding upon Optionee and his or her heirs, executors, administrators, successors and assigns.

 

8.            Interpretation.
  Any dispute regarding the interpretation of this Exercise Notice will be submitted by Optionee or by the Company forthwith to
the Administrator for review at its next regular meeting. The resolution of disputes by the Administrator will be final and binding
on all parties.

 

9.            Governing Law; Severability.   This Exercise Notice is governed by, and construed in accordance with, the laws of the
State of Colorado, without giving effect to its conflict or choice of law principles that might otherwise refer construction or
interpretation of this Exercise to the substantive law of another jurisdiction. In the event that any provision hereof becomes
or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice will continue in
full force and effect.

 

10.         Optionee Representations.

 

(a)    With
respect to a transaction occurring prior to such date as the Plan and Common Stock thereunder are covered by a valid Form S-8
or similar U.S. federal registration statement, Optionee agrees that in no event shall Optionee make a disposition of any of the
Common Stock, unless and until: (i) Optionee shall have notified the Company of the proposed disposition and shall have furnished
the Company with a statement of the circumstances surrounding the proposed disposition; and (ii) Optionee shall have furnished
the Company with an opinion of counsel satisfactory to the Company to the effect that (A) such disposition will not require registration
or qualification of such Common Stock under applicable U.S. federal, state or foreign securities laws or (B) appropriate action
necessary for compliance with the U.S. federal, state or foreign securities laws has been taken; or (iii) the Company shall have
waived, expressly and in writing, its rights under clauses (i) and (ii) of this Subsection.

 

(b)    Optionee
understands that if a registration statement covering the Common Stock under the Securities Act is not in effect when Optionee
desires to sell the Common Stock, Optionee may be required to hold the Common Stock for an indeterminate period. Optionee also
acknowledges that Optionee understands that any sale of the Common Stock which might be made by Optionee in reliance upon Rule
144 under the Securities Act may be made only in limited amounts in accordance with the terms and conditions of that Rule.

 

11.          Other Documents.   Optionee hereby acknowledges receipt or the right to receive a document providing the information required
by Rule 428(b)(1) promulgated under the Securities Act of 1933, as amended, including, but not limited to, the information required
by Part I of Form S-8.

 

12.          Notices.
  Any notice required or permitted hereunder will be provided in writing and deemed effective if provided in the manner specified
in the Option Agreement.

 

13.          Further
Instruments.   The parties agree to execute any further instruments and to take any further action as may be reasonably necessary
to carry out the purposes and intent of the Option Agreement and this Exercise Notice.

 

    2

     

    

 

14.          Entire
Agreement.   The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, and the Option
Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety
all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified
adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.

 

[signature
page follows]

    

     

    

 

	Submitted
by:	 	Accepted by:
	OPTIONEE	 	JAMMIN JAVA CORP.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	Anh
Tran	 	
	Print Name	 	Print Name

         

		 	
	 	 	Title
	 	 	 
	Address:	 	Address:

         

		 	
		 	
	 	 	 
	 	 	 
	 	 	
	 	 	Date
Received

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