Document:

Exhibit 10.22.2 Restricted Stock Unit Award Unit Agreement Performance Based Vesting

Exhibit 10.22.2

RAYMOND JAMES FINANCIAL, INC.
2012 STOCK INCENTIVE PLAN
NOTICE OF PERFORMANCE BASED RESTRICTED STOCK UNIT AWARD
Grantee’s Name and Address:        
        
        
You (the “Grantee”) have been granted an award of Restricted Stock Units (the “Award”), subject to the terms and conditions of this Notice of Performance Based Restricted Stock Unit Award (the “Notice”), the Raymond James Financial, Inc. 2012 Stock Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Unit Agreement (the “Agreement”) attached hereto, as follows.  Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 
Date of Award         
Vesting Commencement Date         
Total Number of Restricted Stock 
Units Awarded (the “Units”)        
Restricted Period:
Provided that the Grantee does not incur a Separation from Service and subject to other limitations set forth in this Notice, the Agreement and the Plan, the Units will “vest” in accordance with the following schedule (the “Restricted Period”):
1.Units shall vest only if the Company’s three-year average after‐tax return on equity (determined on the basis of generally accepted accounting principles) for fiscal years 2013, 2014 and 2015 (the last day of fiscal year 2015, the “Determination Date”) (the “Average After‐Tax ROE”) is at least equal to six percent (6%).  Based on the Average After‐Tax ROE, a number of the Units shall be eligible to vest (the “Eligible Units”), as follows:
	
		
	Average After‐Tax ROE Achieved
	Percentage of the Units Eligible to Vest (“Eligible Units”)

	Less than 6%
	0%

	6%
	50%

	9%
	75%

	12%
	100%

	15%
	125%

	18% or more
	150%

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If the Average After‐Tax ROE is between two percentages set forth above, then the Percentage of Units Eligible to vest shall be determined by linear interpolation, rounded to the nearest whole percentage.  For example, if the Average After‐Tax ROE is 11%, then the number of Eligible Units would equal 92% of the Units, and if the Average After‐Tax ROE is 13%, then the number of Eligible Units would equal 108% of the Units.  In the event that the number of Eligible Units includes a fractional Unit, the number shall be rounded up to the next whole Unit.  If the Average After‐Tax ROE is less than 12%, then a number of Units equal to (x) the Total Number of Units Awarded minus (y) the number of Eligible Units shall be forfeited and deemed reconveyed to the Company upon that determination by the Company, and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the Grantee.
Notwithstanding the Plan definition of “Separation from Service,” the Grantee will also be deemed to incur a Separation from Service, and the then unvested Units shall be immediately forfeited, upon the Grantee’s change in status from Employee to Independent Contractor, or vice versa, for any reason prior to the Grantee’s attaining eligibility for Retirement.
2.The number of Eligible Units, if any, shall vest following the Determination Date upon the determination by the Company in 2016 of the Average After‐Tax ROE, provided that such determination and the settlement of the Award shall be completed no later than March 15, 2016.
3.In the event of a Corporate Transaction or Change in Control prior to the Company’s determination of Average After-Tax ROE, the Units will convert to time based vesting.  In that event, the Total Number of Restricted Stock Units will vest on the third anniversary of the Date of Award and the settlement of the Award shall occur between January 1, 2016 and March 15, 2016.  
4.Notwithstanding the foregoing, the Award shall be subject to the following additional vesting provisions:
		
	•
	In the event of the Grantee’s death or Disability, or in the event the Grantee involuntarily incurs a Separation from Service other than for Cause or due to Performance‐Related Termination, a number of Eligible Units, if any, shall vest and the Award shall be settled upon the determination by the Company, as provided in paragraph 2 above.  Notwithstanding the immediately preceding sentence, in the event of a Change in Control or Corporate Transaction prior to such determination, the Total Number of Restricted Stock Units shall vest and the Award shall be settled, as provided in paragraph 3 above.   

		
	•
	For purposes of this Agreement, a “Performance‐Related Termination” shall mean the Company’s termination of a Participant’s employment or other service due to a documented issue related to the Participant’s performance, as determined by the Company in its sole discretion.

		
	•
	In the event of the Grantee’s Retirement, a number of Eligible Units, if any, shall vest and the Award shall be settled upon the determination by the Company, as 

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provided in paragraph 2 above, provided that (i) during the period following the date of the Grantee’s Retirement until the date on which the Award is settled or, if earlier, the two-year anniversary of the date of the Grantee’s Retirement (such period, the “Non-Compete Period”), the Grantee has satisfied the non-compete provision set forth below, and (ii) if the Grantee violates such non-compete provision before the expiration of the Non-Compete Period, any Units that have not vested before the expiration of the Non-Compete Period will immediately be forfeited.  Notwithstanding the immediately preceding sentence, in the event of a Change in Control or Corporate Transaction prior to the settlement described in the foregoing sentence, and provided that the Grantee has not violated the non-compete provision set forth below during the Non-Compete Period, the Total Number of Restricted Stock Units shall vest and the Award shall be settled, as provided in paragraph 3 above.  For purposes of this Award, the Grantee shall be deemed to have not satisfied the non-compete provision if the Grantee:
		
	◦
	discloses the list of the Company’s or a Related Entity’s customers or any part thereof to any person, firm, corporation, association, or other entity for any reason or purpose whatsoever; or

		
	◦
	discloses to any person, firm, corporation, association, or other entity any information regarding the Company’s or a Related Entity’s general business practices or procedures, methods of sale, list of products, personnel information and any other valuable confidential business or professional information unique to the Company’s or a Related Entity’s business; or

		
	◦
	owns more than five per cent (5%) of, manages, operates, controls, is employed by, acts as an agent for, participates in or is connected in any manner with the ownership, management, operation or control of any business which is engaged in any business which is competitive to the business of the Company or a Related Entity; and are located within a radius of 100 miles of any location where the Grantee was employed or which was under the supervision, management or control of the Grantee; or

		
	◦
	solicits or calls either for himself/herself or any other person or firm, any of the customers of the Company or a Related Entity on whom the Grantee called, with whom the Grantee became acquainted, or of whom the Grantee learned of during his/her employment; or

		
	◦
	solicits any of the employees or agents of the Company or a Related Entity to terminate their employment or relationship with the Company or a Related Entity.

		
	•
	In the event of a Corporate Transaction or Change in Control the Units will further be subject to the terms and conditions of Section 11 of the Plan.  For purposes of Section 11 of the Plan, this Award was granted in lieu of a cash payment for all or a portion of the Grantee’s annual bonus.

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For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Units, that such Units are no longer subject to forfeiture to the Company.  
In the event of the Grantee’s change in status from Employee or Independent Contractor to Director, Employee or Independent Contractor, as applicable, the determination of whether such change in status results in a Separation from Service will be determined in accordance with Section 409A. 
During any authorized leave of absence, the vesting of the Units as provided in the schedule set forth above shall be suspended (to the extent permitted under Section 409A) and the duration of such suspension will parallel the duration of the leave of absence under the Company’s then effective leave of absence policy.  The Restricted Period applicable to the Units shall be extended by the length of the suspension.  Vesting of the Units shall resume upon the Grantee’s termination of the leave of absence and return to service to the Company or a Related Entity; provided, however, that if the leave of absence exceeds six (6) months, and a return to service upon expiration of such leave is not guaranteed by statute or contract, then (a) the Grantee shall be deemed to have incurred a Separation from Service on the first date following such six-month period and (b) the Grantee will forfeit the Units that are unvested on the date of such separation.  An authorized leave of absence shall include sick leave, military leave, or other bona fide leave of absence (such as temporary employment by the government).  Notwithstanding the foregoing, with respect to a leave of absence due to any medically determinable physical or mental impairment of the Grantee that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes the Grantee to be unable to perform the duties of the Grantee’s position of employment or substantially similar position of employment, a twenty-nine (29) month period of absence shall be substituted for such six (6) month period above. 
Except as otherwise provided above or in Section 11 of the Plan, vesting shall cease upon the date the Grantee incurs a Separation from Service for any reason, any unvested Units held by the Grantee (and any dividend equivalents credited in respect of such Units) immediately upon such Separation from Service shall be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the Grantee.
IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice, the Plan, and the Agreement.
RAYMOND JAMES FINANCIAL, INC. 
a Florida corporation

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THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE UNITS SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD THAT THE GRANTEE IS PROVIDING SERVICES TO THE COMPANY OR A RELATED ENTITY AND HAS NOT OTHERWISE INCURRED A SEPARATION FROM SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER).  THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.  THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL.

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Grantee Acknowledges and Agrees:
The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof.  The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan.  The Grantee further agrees and acknowledges that this Award is a non-elective arrangement pursuant to Section 409A.
The Grantee further acknowledges that, from time to time, the Company may be in a “blackout period” and/or subject to applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Company’s Shares.  The Grantee further acknowledges and agrees that, prior to the sale of any Shares acquired under this Award, it is the Grantee’s responsibility to determine whether or not such sale of Shares will subject the Grantee to liability under insider trading rules or other applicable federal securities laws.
The Grantee understands that the Award is subject to the Grantee’s consent to access this Notice, the Agreement, the Plan and the Plan prospectus (collectively, the “Plan Documents”) in electronic form on the Company’s intranet or such other website designated by the Company and communicated to the Grantee.  By signing below and accepting the grant of the Award, the Grantee: (i) consents to access electronic copies (instead of receiving paper copies) of the Plan Documents via the Company’s intranet or such other website designated by the Company and communicated to the Grantee if and when the Company begins providing the Plan Documents electronically; (ii) represents that the Grantee has access to paper copies of the Plan Documents; and (iii) acknowledges that the Grantee is familiar with and accepts the Award subject to the terms and provisions of the Plan Documents.
The Company may, in its sole discretion, decide to deliver any Plan Documents by electronic means or request the Grantee’s consent to participate in the Plan by electronic means.  The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system if and when such system is established and maintained by the Company or a third party designated by the Company.
The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan and the Agreement shall be resolved by the Committee in accordance with Section 10 of the Agreement.  The Grantee further agrees that, in accordance with Section 11 of the Agreement, any claim, suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be governed by and subject to the terms and conditions of the Arbitration Agreement entered into by and between the Grantee and the Company.  The Grantee further agrees to notify the Company upon any change in his or her residence address indicated in this Notice.

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Date:             
 Grantee’s Signature
            
 Grantee’s Printed Name

            
 Address
            
 City, State & Zip

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RAYMOND JAMES FINANCIAL, INC.

2012 STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT
1.Issuance of Units.  Raymond James Financial, Inc., a Florida corporation (the “Company”), hereby issues to the Grantee (the “Grantee”) named in the Notice of Performance Based Restricted Stock Unit Award (the “Notice”) an award (the “Award”) of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the Notice, this Restricted Stock Unit Agreement (the “Agreement”) and the terms and provisions of the Raymond James Financial, Inc. 2012 Stock Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference.  Unless otherwise provided herein, the terms in this Agreement shall have the same meaning as those defined in the Plan.  
2.    Transfer Restrictions.  The Units (and any dividend equivalents credited in respect of such Units) may not be transferred in any manner other than by will or by the laws of descent and distribution.  
3.    Conversion of Units and Issuance of Shares.  
(a)    General.  Subject to Sections 3(b) and 3(c), one share of Common Stock shall be issuable for each Unit subject to the Award (the “Shares”) upon vesting or as otherwise provided in the applicable vesting provisions.  Immediately thereafter, or as soon as administratively feasible, the Company will transfer the appropriate number of Shares to the Grantee after satisfaction of any required tax or other withholding obligations.  Any fractional Unit remaining after the Award is fully vested shall be discarded and shall not be converted into a fractional Share.  Notwithstanding the foregoing, if the Award is subject to Section 409A, the relevant number of Shares shall be issued in accordance with Treasury Regulation Section 1.409A-3(d), as may be amended from time to time.  
(b)    Delay of Conversion.  The conversion of the Units into the Shares under Section 3(a) above, shall be delayed in the event the Company reasonably anticipates that the issuance of the Shares would constitute a violation of federal securities laws or other Applicable Law.  If the conversion of the Units into the Shares is delayed by the provisions of this Section 3(b), the conversion of the Units into the Shares shall occur at the earliest date at which the Company reasonably anticipates issuing the Shares will not cause a violation of federal securities laws or other Applicable Law.  For purposes of this Section 3(b), the issuance of Shares that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not considered a violation of Applicable Law.
(c)    Delay of Issuance of Shares.  To the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified 

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employees” of certain publicly traded companies), any Shares to which the Grantee would otherwise be entitled during the six (6) month period following the date of the Grantee’s Separation from Service will be issuable on the first business day following the expiration of such six (6) month period, unless the Grantee dies during such six (6) month period, in which case, the Shares will be issued to the Grantee’s estate as soon as practicable following his or her death.  For purposes of clarity, this Section 3(c) shall not otherwise supersede the Retirement provision set forth in the Notice and, to the extent the Retirement provision applies, any Shares to which the Grantee is entitled following the expiration of the six (6) month period in the foregoing sentence will be settled in accordance therewith, provided that during the period following the date of the Grantee’s Retirement until the date of such settlement or, if earlier, the two-year anniversary of the date of the Grantee’s Retirement, the Grantee has satisfied the non-compete provision set forth in the Notice.
4.    Dividend Equivalents.  In the event the Company declares a cash or stock dividend on its Common Stock prior to the earlier of the date the Award is settled in full or terminates, dividend equivalents will be credited in respect of any outstanding Units.  Such dividend equivalents may be paid in cash or converted as of the date the Award is settled (the “Conversion Date”) into Shares, the number of which shall be determined as follows: (1) if the Company declares and pays a cash dividend, the number of additional Shares that will be issuable upon the Conversion Date shall be equal to the quotient obtained by dividing (i) the aggregate amount or value of the dividends paid with respect to that number of Shares equal to the number of Units subject to the Award as of the date or dates the dividends were paid by the Company to the Company’s shareholders by (ii) the Fair Market Value per Share on the Conversion Date, rounded down to the nearest whole Share; or (2) if the Company declares and pays a stock dividend, the number of additional Shares that will be issuable upon the Conversion Date shall be equal to the number of Shares distributed with respect to the Shares underlying the Units as of the date or dates the dividends were paid by the Company to the Company’s shareholders, rounded down to the nearest whole Share.  The dividend equivalents will be subject to all of the terms and conditions of the Award, including that the dividend equivalents will vest and become payable upon the same terms and at the same time as the Units to which they relate.
5.    Right to Shares.  Except as provided in Section 4, the Grantee shall not have any right in, to or with respect to any of the Shares (including any voting rights) issuable under the Award until the Award is settled by the issuance of such Shares to the Grantee.
6.    Recoupment Policy.  Without limiting the generality of any other provision herein regarding the Grantee’s understanding of and agreement to the terms and conditions of the Notice, the Agreement and the Plan, by signing the Notice, the Grantee specifically acknowledges that he or she has read and understands the Raymond James Financial, Inc. Compensation Recoupment Policy, as may be amended from time to time (the “Policy”), and agrees to the terms and conditions of the Policy, including but not limited to the forfeiture and recoupment provisions of Sections 2 and 3 of the Policy.
7.    Taxes.  

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(a)    Tax Liability.  The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award, regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award.  Neither the Company nor any Related Entity makes any representation or undertaking regarding the treatment of any tax withholding in connection with any aspect of the Award, including the grant, vesting, assignment, release or cancellation of the Units, the delivery of Shares, the subsequent sale of any Shares acquired upon vesting and the receipt of any dividends or dividend equivalents.  The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability.
(b)    Payment of Withholding Taxes.  Prior to any event in connection with the Award (e.g., vesting) that the Company determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any social insurance, employment tax, payment on account or other tax-related obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation through: 
(i)    Share Withholding. If permissible under Applicable Law, the Company will, at the Grantee’s election, withhold from those Shares otherwise issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation.  The Grantee acknowledges that the withheld Shares may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation.  Accordingly, the Grantee agrees that, prior to any event in connection with the Award that the Company determines may result in any Tax Withholding Obligation, the Grantee must arrange for the satisfaction of any amount of the Tax Withholding Obligation that is not satisfied by the withholding of Shares described above through his or her Raymond James brokerage account. Said brokerage account shall contain sufficient funds or margin availability to satisfy the portion of the Grantee’s Tax Withholding Obligation that is not satisfied by the withholding of Shares, and the Grantee hereby authorizes and directs the Company or any Related Entity to debit his or her Raymond James brokerage account by such amount.  
(ii)    By Other Means.  If the Grantee does not elect to satisfy the Tax Withholding Obligation pursuant to Section 7(b)(i) above or Share withholding is not permissible under Applicable Law, the Grantee will arrange for the satisfaction of the Tax Withholding Obligation through his or her Raymond James brokerage account. Said brokerage account shall contain sufficient funds or margin availability to satisfy the Grantee’s Tax Withholding Obligation, and the Grantee hereby authorizes and directs the Company or any Related Entity to debit his or her Raymond James brokerage account by such amount.    
8.    Entire Agreement; Governing Law.  The Notice, the Plan and this 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 the Grantee with respect to the subject matter hereof, and, subject to Section 16, may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee.  These agreements are to be construed in accordance with and governed by the internal 

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laws of the State of Florida without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Florida to the rights and duties of the parties.  Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.
9.    Construction.  The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
10.    Administration and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Committee.  The resolution of such question or dispute by the Committee shall be final and binding on all persons.  
11.    Arbitration Agreement.  The Company, the Grantee, and the Grantee’s assignees pursuant to Section 2 (the “parties”) agree that any claim, suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be governed by and subject to the terms and conditions of the Arbitration Agreement entered into by and between the Grantee and the Company.  
12.    Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.
13.    Nature of Award.  In accepting the Award, the Grantee acknowledges and agrees that:
(a)    the Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement;
(b)    the Award is voluntary and occasional and does not create any contractual or other right to receive future awards of Units, or benefits in lieu of Units, even if Units have been awarded repeatedly in the past;
(c)    all decisions with respect to future awards, if any, will be at the sole discretion of the Company;

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(d)    the Grantee’s participation in the Plan shall not create a right to any employment with the Grantee’s employer and shall not interfere with the ability of the Company or the employer to terminate the Grantee’s employment relationship, if any, at any time;
(e)    in the event that the Grantee is not an employee of the Company or any Related Entity, the Award and the Grantee’s participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Company or any Related Entity; 
(f)    the future value of the underlying Shares is unknown and cannot be predicted with certainty; 
(g)    in consideration of the Award, no claim or entitlement to compensation or damages shall arise from termination of the Award or diminution in value of the Award or Shares acquired upon vesting of the Award, resulting from the Grantee’s termination by the Company or any Related Entity (for any reason whatsoever and whether or not in breach of local labor laws) and in consideration of the grant of the Award, the Grantee irrevocably releases the Company and any Related Entity from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing the Notice, the Grantee shall be deemed irrevocably to have waived his or her right to pursue or seek remedy for any such claim or entitlement;
(h)    in the event of the Grantee’s Separation from Service (whether or not in breach of local labor laws), the Grantee’s right to receive Awards under the Plan and to vest in such Awards, if any, will terminate effective as of the date that the Grantee is no longer providing services and will not be extended by any notice period mandated under local law (e.g., providing services would not include a period of “garden leave” or similar period pursuant to local law); furthermore, in the event of the Grantee’s Separation from Service (whether or not in breach of local labor laws), the Committee shall have the exclusive discretion to determine when the Grantee is no longer providing services for purposes of this Award;
(i)    the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Grantee’s participation in the Plan or the Grantee’s acquisition or sale of the underlying Shares; and
(j)    the Grantee is hereby advised to consult with the Grantee’s own personal tax, legal and financial advisers regarding the Grantee’s participation in the Plan before taking any action related to the Plan.
14.    Data Privacy.  
(a)    The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data as described in the Notice and this Agreement by and among, as applicable, the Grantee’s employer, the Company and any Related Entity for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan.  

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(b)    The Grantee understands that the Company and the Grantee’s employer may hold certain personal information about the Grantee, including, but not limited to, the Grantee’s name, home address and telephone number, date of birth, social insurance or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Units or any other entitlement to Shares awarded, canceled, vested, unvested or outstanding in the Grantee’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).  
(c)    The Grantee understands that Data will be transferred to any third party assisting the Company with the implementation, administration and management of the Plan.  The Grantee understands that the recipients of the Data may be located in the Grantee’s country, or elsewhere, and that the recipients’ country may have different data privacy laws and protections than the Grantee’s country.  The Grantee understands that the Grantee may request a list with the names and addresses of any potential recipients of the Data by contacting the Grantee’s local human resources representative.  The Grantee authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Grantee’s participation in the Plan.  The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage the Grantee’s participation in the Plan.  The Grantee understands that the Grantee may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Grantee’s local human resources representative.  The Grantee understands, however, that refusal or withdrawal of consent may affect the Grantee’s ability to participate in the Plan.  For more information on the consequences of the Grantee’s refusal to consent or withdrawal of consent, the Grantee understands that the Grantee may contact the Grantee’s local human resources representative.
15.    Language.  If the Grantee has received this Agreement or any other document related to the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control, unless otherwise prescribed by Applicable Law. 
16.    Amendment and Delay to Meet the Requirements of Section 409A.  The Grantee acknowledges that the Company, in the exercise of its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the requirements of Section 409A as the Company deems appropriate or advisable.  In addition, the Company makes no representation that the Award will comply with Section 409A and makes no undertaking to prevent Section 409A from applying to the Award or to mitigate its effects on any deferrals or payments made in respect of the Units.  The Grantee is encouraged to consult a tax adviser regarding the potential impact of Section 409A.
END OF AGREEMENT

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sf-3365491Exhibit 10.2

WHM draft: 03/2/2013

 

PROMISSORY NOTE

 

 

	$85,000.00	Fort Lauderdale, Florida
	 	March 15, 2013

 

The undersigned, DREWRYS
BREWING COMPANY, a Nevada corporation (hereinafter called "Maker" or "Borrower"), promises to pay to the order
of WELLESLEY CAPITAL MANAGEMENT CORP., a Florida corporation (hereinafter, together with any holder hereof, called "Payee"
or "Lender"), 7076 Spyglass Avenue, Parkland, Florida 33076, or at such other place as Payee may from time to time designate,
the principal sum of Eighty Five Thousand and 00/100 Dollars ($85,000.00), together with interest thereon from the date hereof
at the interest rate set forth below, which sums are to be repaid as follows:

 

This Note shall bear interest
at a fixed interest rate of twelve percent (12%) per annum (the “Interest Rate”). Interest shall accrue for the first
4 months under this Note and shall be due and payable in one (1) lump sum installment in the amount of $3,500.00 on July 15, 2013.
Thereafter, principal and accrued interest shall be due and payable in twelve (12) consecutively monthly installments in the amount
of $7,552.85 beginning on August 15, 2013, and ending on July 15, 2014 (the “Maturity Date”), when the entire principal
balance and accrued and unpaid interest under this Note shall be due and payable in full.

 

Interest charged under
this Note shall be computed on the basis of a 365-day year for the actual number of days elapsed. All payments hereunder shall
be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment
of public and private debts, and shall be applied first to interest and lawful charges and expenses then accrued and then to principal.

 

In order to compensate
Payee for loss and expense occasioned by handling delinquent payments, which include, but are not limited to, the cost of processing
and collecting delinquencies, Maker shall pay to Payee, in addition to any interest or other sums payable under this Note, a service
charge equal to five percent (5%) of the amount of any payment received by Payee ten (10) days or more after the due date thereof.

 

Additionally, upon ten
(10) days prior written notice (“Prepayment Notice”) to Payee, this Note may be prepaid in full by Maker at any time
during the term of this Note in the sole discretion of Maker, without any prepayment penalty.

 

From and after the date
upon which any payment of principal or interest hereunder becomes due and payable (whether by acceleration or otherwise) if the
same is not timely paid, or upon the occurrence of any other default under this Note or any default under any of the Loan Documents
(as defined herein), interest shall be payable on all sums outstanding hereunder at the lesser of: (i) the

    	 

    	 

    

maximum rate permitted by applicable law or
(ii) 18% per annum (the "Default Rate") until paid, and shall be due and payable ON DEMAND. Any judgment obtained by
Payee against Maker as to any amounts due under this Note shall also bear interest at the Default Rate.

 

This Note is secured by
certain security documents encumbering the property described therein, including, without limitation, the following:

 

	A.		Security Agreement.

	B.		UCC-1 Financing Statements.

	C.		Associated affidavits, disclosures and miscellaneous loan documentation.

 

This Note, all documents
listed above, and any other documents executed in connection with this Note, are hereinafter collectively referred to as the "Loan
Documents".

 

Maker and Payee each hereby
agree that the proceeds advanced under this Note (the “Loan”) shall be used by Maker, in accordance with Schedule
1, attached hereto and made a part hereof. Maker hereby agrees to provide Payee with a reasonably detailed accounting of expenditures
made using the proceeds of the Loan on a quarterly basis (45 days after the end of each calendar quarter).

 

In the event of the continuation
of any default in the payment of any interest or principal under this Note for a period of ten (10) days after such payment becomes
due, or upon the occurrence of any other event of default under the terms and provisions of this Note or any of the Loan Documents,
or any other documents delivered to Payee in connection with this Note, or any other obligation of Maker to Payee, then Payee may
declare the entire unpaid principal amount outstanding hereunder, together with interest accrued thereon and any other lawful charges
accrued hereunder, immediately due and payable.

 

Maker and any endorsers,
sureties, guarantors, and all others who are, or at some future date may become, liable for the payments required hereunder grant
a continuing first lien security interest in and to, and authorize Payee, in its sole discretion at any time after an event of
default hereunder, in such order as Payee may elect, to apply to the payment of obligations due and owing hereunder, or to the
payment of any and all indebtedness, liabilities and obligations of such parties to Payee, whether now existing or hereafter created,
any and all monies, general or specific deposits, or collateral of whatsoever nature of any of the above noted parties, now or
hereafter in the possession of Payee. All property described in this paragraph above, along with all property secured by the Loan
Documents, including all proceeds thereof and rights in connection therewith, together with additions and substitutions, are hereinafter
collectively referred to as the "Collateral".

 

Additions to, releases,
reductions, or exchanges of or substitutions for the Collateral, payments on account of this Note, or increases of the same, or
other loans made partially or wholly upon the Collateral, may from time to time be made without affecting the provisions of this
Note or the liabilities of any party hereto. If any of the Collateral is personal property, Payee shall exercise reasonable care
in the custody and preservation of the Collateral in its possession, and shall be deemed to have exercised reasonable care if it
takes such action for that purpose as Maker shall

    	2

    	 

    

reasonably request in writing, but no omission
to comply with any request of Maker shall of itself be deemed a failure to exercise reasonable care. Payee shall not be bound to
take any steps necessary to preserve any rights in the Collateral against prior parties, and Maker shall take all necessary steps
for such purposes. Payee or its nominee need not collect interest on or principal of any Collateral or give any notice with respect
thereto.

 

In the event Payee deems
itself insecure or upon the happening of any of the following events, each of which shall constitute a default hereunder, all sums
due hereunder shall thereupon or thereafter, at Payee's option, without notice or demand, become immediately due and payable: (a)
failure of any Obligor (which term shall mean and include each Maker, endorser, surety, guarantor, general partner of Maker or
other party liable for payment of or pledging collateral or security under this Note) to pay any sum due hereunder or due by any
Obligor to Payee under any other promissory note or under any security instrument or written obligation of any kind now existing
or hereafter created; (b) occurrence of default (other than a default relating to any payment due hereunder) under any of the Loan
Documents or any other loan agreement or security instrument now or hereafter in effect which, by its terms, covers this Note or
the indebtedness evidenced hereby , if such default by its nature can be cured, then Borrower shall have a period of ten (10) days
(“Cure Period”) after Borrower receives notice of such default to cure the same and a default shall not be deemed to
exist during the Cure Period; (c) filing of any petition under the Bankruptcy Code or any similar federal or state statute by or
against any Obligor or the insolvency of any Obligor; (d) making of a general assignment by any Obligor for the benefit of creditors,
appointment of or taking possession by a receiver, trustee or custodian or similar official for any Obligor or for any assets of
any such Obligor or institution by or against any Obligor of any kind of insolvency proceedings or any proceeding for dissolution
or liquidation of any Obligor; (e) entry of a judgment against any Obligor, which results in the filing of a lien against any of
the collateral securing this Note, which lien is not released or terminated within 30 days of the filing thereof; (f) material
falsity in any certificate, statement, representation, warranty or audit at any time furnished to Payee by or on behalf of any
Obligor pursuant to or in connection with this Note, the Loan Documents or any loan agreement or security agreements now or hereafter
in effect which, by its terms, covers this Note or the indebtedness evidenced hereby or otherwise including any omission to disclose
any substantial contingent or liquidated liabilities or any material adverse change in any facts disclosed by any certificate,
statement, representation, warranty or audit furnished to Payee; (h) issuance of any writ of attachment or writ of garnishment
or filing of any lien against any Collateral or the property of any Obligor; (i) taking of possession of any material Collateral
or of any substantial part of the property of any Obligor at the instance of any governmental authority; (j) dissolution, termination,
merger, consolidation, or reorganization of any Obligor; (k) assignment or sale by any Obligor of any equity in any Collateral
securing payment of this Note without the prior written consent of Payee; (l) cancellation of any guaranty with respect hereto
without the prior written consent of Payee; (m) the determination by Payee that a material adverse change has occurred with respect
to the property encumbered by the Loan Documents (financial, physical or otherwise) or in the financial condition of any Obligor
from the condition set forth in the most recent financial statements of such Obligor heretofore furnished to Payee or from the
condition of such Obligor as heretofore most recently disclosed to Payee in any manner; or (n) occurrence of any default under
any guaranty executed in connection with this Note or under any obligation of Maker or of any Obligor to Payee.

    	3

    	 

    

 

Payee shall have all of
the rights and remedies of a creditor, mortgagee and secured party under all applicable law. Without limiting the generality of
the foregoing, upon the occurrence of any default hereunder or in the event Payee, at any time, deems itself insecure, Payee may,
at its option, and without notice or demand (i) declare the entire unpaid principal and accrued interest accelerated and due and
payable at once, together with any and all other liabilities of Maker or any of such liabilities selected by Payee; and (ii) set-off
against this Note all monies owed by Payee in any capacity to Maker, whether or not due, and also set-off against all other liabilities
of Maker to Payee all monies owed by Payee in any capacity to Maker, and Payee shall be deemed to have exercised such right of
set-off, and to have made a charge against any such money immediately upon the occurrence of such default, although made or entered
on the books subsequent thereto. To the extent that any of the Collateral is personal property and Payee elects to proceed with
respect to it in accordance with the Uniform Commercial Code then, unless that collateral is perishable or threatens to decline
speedily in value, or is of a type customarily sold on a recognized market, Payee will give Maker reasonable notice of the time
and place of any public or private sale thereof. The requirement of reasonable notice shall be met if such notice is, at the option
of Payee, hand delivered, sent via expedited courier, or mailed, postage pre-paid to Maker, at the address given to Payee by Maker,
or at any other address shown on the records of Payee at least five (5) days before the time of sale. Upon disposition of any Collateral
after the occurrence of any default hereunder, Maker shall be and shall remain liable for any deficiency; and Payee shall account
to Maker for any surplus, but Payee shall have the right to apply all or part of such surplus (or to hold the same as reserve)
against any and all other liabilities of Maker to Payee.

 

Payee may, (a) at any time,
whether or not this Note is due, pledge or transfer this Note and its interest in the Collateral, and the pledgee or the transferee
shall, for all purposes, stand in the place of Payee and have all the rights of Payee set forth herein; or (b) upon the occurrence
of a default, (i) transfer the whole or any part of the Collateral into the name of itself or its nominee; (ii) vote the Collateral,
if applicable; (iii) notify Maker to make payment to Payee of any amounts due or to become due thereon; (iv) demand, sue for, collect,
or make any compromise or settlement it deems desirable with reference to the Collateral; (v) take possession or control of any
proceeds of the Collateral; and (vi) exercise all other rights necessary or required, in Payee's discretion, in order to protect
its interests hereunder.

 

In no event shall Payee
be entitled to unearned or unaccrued interest or other charges or rebates, except as may be authorized by law, and should any interest
or other charges paid by Maker or other parties liable for the payment of this Note result in the computation or earning of interest
in excess of the maximum rate of interest that is legally permitted under applicable law, then any and all such excess shall be
and the same is hereby waived by Payee, and any and all such excess shall be automatically credited against and reduce the balance
due under this indebtedness, and the portion of said excess which exceeds the balance due under this indebtedness, shall be paid
by Payee to Maker and parties liable for the payment of this Note. Payee may, in determining the maximum rate permitted under applicable
law in effect from time to time, take advantage of (i) the maximum rate of interest permitted under Florida law or federal law,
whichever is higher, including any laws regarding parity among lenders; and (ii) any other law, rule or regulation in effect from
time to time available to Payee, which exempts Payee from any limit upon the rate of interest it may charge, or

    	4

    	 

    

grants to Payee the right to charge a higher
rate of interest than that permitted by Chapter 687, Florida Statutes. In determining whether or not the interest paid or payable
under any specific contingency exceeds the highest lawful rate, Payee shall, to the maximum extent permitted under applicable law
(a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments
and the effects thereof, and (c) "spread" the total amount of interest throughout the maximum term of the obligation
so that the interest rate is uniform throughout the entire term of the obligation.

 

The provisions of this
Note and the Loan Documents shall be construed according to the internal laws (and not the laws of conflicts) of the State of Florida;
except as set forth above, if Federal law would allow the payment of interest hereunder at a higher maximum rate than would be
applicable under Florida law, in which case such Federal law shall apply to the determination of the highest applicable lawful
rate of interest hereunder.

 

No delay or omission on
the part of Payee in exercising any right hereunder shall operate as a waiver of such right or of any other rights under this Note.
Presentment, demand, protest, notice of dishonor and all other notices are hereby waived by Maker. Maker promises and agrees to
pay all costs of collection and attorneys’ fees, which shall include reasonable attorneys' fees in connection with any suit,
out of court, in trial, on appeal, in bankruptcy proceedings or otherwise, incurred or paid by Payee in enforcing this Note or
preserving any right or interest of Payee set forth herein. Any notice to Maker shall be sufficiently served for all purposes if
placed in the mail, postage prepaid, addressed to, or left upon the premises at the address of Maker as provided to Payee.

 

This Note is not assumable
without Payee's prior written consent, which consent may be granted by Payee or denied by Payee, in Payee's sole and absolute discretion.

 

Maker agrees that Broward
County, Florida shall be the proper venue for any and all legal proceedings arising out of this Note or any of the Loan Documents.

 

WAIVER OF TRIAL BY JURY.
MAKER AND PAYEE HEREBY MUTUALLY, KNOWINGLY, WILLINGLY AND VOLUNTARILY WAIVE THEIR RIGHT TO TRIAL BY JURY AND NO PARTY, NOR ANY
ASSIGNEE, SUCCESSOR, HEIR, OR LEGAL REPRESENTATIVE OF THE PARTIES (ALL OF WHOM ARE HEREINAFTER REFERRED TO AS THE "PARTIES")
SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER LITIGATION PROCEEDING BASED UPON OR ARISING OUT
OF THIS NOTE OR THE LOAN DOCUMENTS, OR ANY INSTRUMENT EVIDENCING, SECURING, OR RELATING TO THE INDEBTEDNESS AND OTHER OBLIGATIONS
EVIDENCED HEREBY OR ANY RELATED AGREEMENT OR INSTRUMENT, ANY OTHER COLLATERAL FOR THE INDEBTEDNESS EVIDENCED HEREBY OR ANY COURSE
OF ACTION, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS RELATING TO THE LOAN OR TO THIS NOTE. THE PARTIES
ALSO WAIVE ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY NEGOTIATED BY THE PARTIES. THE WAIVER CONTAINED HEREIN IS

    	5

    	 

    

IRREVOCABLE, CONSTITUTES A KNOWING AND VOLUNTARY
WAIVER, AND SHALL BE SUBJECT TO NO EXCEPTIONS. PAYEE HAS IN NO WAY AGREED WITH OR REPRESENTED TO MAKER OR ANY OTHER PARTY THAT
THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

 

 

DREWRYS BREWING COMPANY, a Nevada
corporation

 

 

By:___________________________________

Francis P. Manzo, III,
President

 

 

STATE OF FLORIDA

COUNTY OF                           

 

The foregoing instrument
was acknowledged before me this   day of March, 2013, by Francis P. Manzo, III, as President of, and on behalf of, DREWRYS
BREWING COMPANY, who ____ is personally known to me or ____ produced his/her driver’s
license as identification.

 

__________________________________

NOTARY PUBLIC-State of
                      

Print/Type/Stamp Name:

Commission Expiration Date:

Notary Seal:

 

(Signing as a notary public and not
as a maker or endorser of this Note)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	6

    	 

    

SCHEDULE 1

 

USE OF PROCEEDS

 

 

 

                  
a.                       
$4,000 withheld by Lender for attorneys fees and costs

                 
b.                                                                           
$1,700 to Venture Capital Clinic Corp. to cover 2% fee

                  
c.                                                                           
$4,300 for other miscellaneous costs

                 
d.                                                                           
$75,000 to be wired to Maker for operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	7

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