Document:

EXHIBIT 4.1

EXHIBIT 4.1

Investa Warrant

 

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED, PLEDGED, OFFERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE APPLICABLE SECURITIES LAWS OR AN
OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION STATING THAT SUCH REGISTRATION
IS NOT REQUIRED. 

SUBJECT TO THE PROVISIONS OF SECTION 10 HEREOF, THIS WARRANT SHALL BECOME
VOID AFTER 5:00 P.M. EASTERN TIME ON ___________, 2008 ("EXPIRATION DATE"). 

CELSIUS HOLDINGS, INC. 

WARRANT TO PURCHASE 3,557,812 SHARE OF 

COMMON STOCK, $0.001 PAR VALUE PER SHARE ("COMMON STOCK") 

Series One

Warrant Certificate No. W 2007-10-0000 

Number of Shares: 3,557,812                                                                                                                                            
Holder:     Investa Capital Partners, Inc.

Expiration Date: ____________, 2008                                                                                                                            
Address:     ___________________

 
  
   
    
     
      
       
        
         
          
           
            
             
              
               
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Exercise Price Per Share: US $ 0.140535 

For identification only. The governing terms of this Warrant are set forth
below.

For VALUE RECEIVED, Investa Capital Partners, Inc. ("Warrantholder"),
is entitled to purchase, subject to the provisions of this Warrant, from Celsius
Holdings, Inc., a Nevada corporation ("Corporation"), at any time
not later than 5:00 P.M., Eastern time, on ___________, 2008 (the "Expiration
Date"), at an exercise price per share equal to $0.140535 (the exercise
price in effect being herein called the "Warrant Price"), 3,557,812 shares ("Warrant
Shares") of Common Stock. The number of Warrant Shares purchasable upon
exercise of this Warrant and the Warrant Price shall be subject to adjustment
from time to time as described herein. 

Section 1. Registration. The Corporation shall maintain books for the
transfer and registration of the Warrant. Upon the initial issuance of the
Warrant, the Corporation shall issue and register the Warrant in the name of the
Warrantholder. 

Section 2. Transfers. As provided herein, this Warrant may be transferred
only pursuant to a registration statement filed under the Securities Act of
1933, as amended ("Securities Act") or an exemption from such
registration. Subject to such restrictions, the Corporation shall transfer this
Warrant from time to time upon the books to be maintained by the Corporation for
that purpose, upon surrender thereof for transfer properly endorsed or
accompanied by 

1

appropriate instructions for transfer and such other documents as may be
reasonably required by the Corporation to establish that such transfer is being
made in accordance with the terms hereof, and a new Warrant shall be issued to
the transferee and the surrendered Warrant shall be canceled by the Corporation.

Section 3. Exercise of Warrant. Subject to the provisions hereof, the
Warrantholder may exercise this Warrant in whole or in part at any time upon
surrender of the Warrant, together with delivery of the duly executed Warrant
exercise form attached hereto as Appendix A (the "Exercise Agreement")
and payment by certified check or wire transfer of funds for the Warrant Price
for that number of Warrant Shares then being purchased, to the Corporation
during normal business hours on any business day at the Corporation's principal
executive offices (or such other office or agency of the Corporation as it may
designate by notice to the holder hereof). The Warrant Shares so purchased shall
be deemed to be issued to the holder hereof or such holder's designee, as the
record owner of such shares, as of the close of business on the date on which
this Warrant shall have been surrendered (or evidence of loss, theft or
destruction thereof and security or indemnity satisfactory to the Corporation
shall have been provided to the Corporation), the Warrant Price shall have been
paid and the completed Exercise Agreement shall have been delivered.
Certificates for the Warrant Shares so purchased, representing the aggregate
number of shares specified in the Exercise Agreement, shall be delivered to the
holder hereof within a reasonable time, not exceeding thirty (30) days, after
this Warrant shall have been so exercised. The certificates so delivered shall
be in such denominations as may be requested by the holder hereof and shall be
registered in the name of such holder or such other name as shall be designated
by such holder. If this Warrant shall have been exercised only in part, then,
unless this Warrant has expired, the Corporation shall, at its expense, at the
time of delivery of such certificates, deliver to the holder a new Warrant
representing the number of shares with respect to which this Warrant shall not
then have been exercised. Notwithstanding any contrary provision, in no event
shall any Warrantholder be entitled to a cashless or net-cash exercise of any
portion of the Warrant.

Each exercise hereof shall constitute the representation and warranty of the
Warrantholder to the Corporation that the representations and warranties
contained in Article 5 of the Purchase Agreement (as defined below) are true and
correct in all material respects with respect to the Warrantholder as of the
time of such exercise. 

Section 4. Compliance with the Securities Act of 1933. The Corporation
may cause the legend set forth on the first page of this Warrant to be set forth
on each Warrant or similar legend on any security issued or issuable upon
exercise of this Warrant, unless counsel for the Corporation is of the opinion
as to any such security that such legend is unnecessary. 

Section 5. Payment of Taxes. 

	The Corporation will pay any documentary stamp taxes attributable to the
 initial issuance of Warrant Shares issuable upon the exercise of the Warrant;
 provided, however, that the Corporation shall not be required to pay any tax or
 taxes which may be payable in respect of any transfer involved in the issuance
 or delivery of any certificates for Warrant Shares in a name other than that of
 the registered holder of this Warrant, and in such case, the Corporation shall
 not be required to issue or deliver any certificate for Warrant Shares or any
 Warrant until the person requesting the same has paid to the Corporation the
 amount of such tax or has established to the Corporation's reasonable
 satisfaction that such tax has been paid. 
	The Warrantholder or other holder shall be responsible for any income,
 capital gains or other similar taxes due under any federal, state, local,
 foreign or other law, if any such tax is due. The Corporation shall be entitled
 to deduct and withhold a sufficient number of Warrant Shares and/or amount of
 other consideration payable or otherwise deliverable pursuant to this Warrant
 to the Warrantholder or other holder as may be required to be deducted or
 withheld therefrom under the Internal Revenue Code of 1986, as amended, or
 under any provision of state, local or foreign tax law or under any other
 applicable legal requirement. To the extent such Warrant Shares or amounts are
 so deducted or withheld, such amounts shall be treated for all purposes under
 this Warrant as having been delivered or paid to the Warrant Holder or other
 holder to whom such Warrant Shares or amounts would otherwise have been
 delivered or paid.

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Section 6. Mutilated or Missing Warrants. In case this Warrant shall be
mutilated, lost, stolen, or destroyed, the Corporation shall issue in exchange
and substitution of and upon cancellation of the mutilated Warrant, or in lieu
of and substitution for the Warrant lost, stolen or destroyed, a new Warrant of
like tenor and for the purchase of a like number of Warrant Shares, but only
upon receipt of evidence reasonably satisfactory to the Corporation of such
loss, theft or destruction of the Warrant, and with respect to a lost, stolen or
destroyed Warrant, reasonable indemnity or bond with respect thereto, if
requested by the Corporation. 

Section 7. Reservation of Common Stock. The Corporation hereby represents
and warrants that there have been reserved, and the Corporation shall at all
applicable times keep reserved until issued (if necessary) as contemplated by
this Section 7, out of the authorized and unissued Common Stock, sufficient
shares to provide for the exercise of the rights of purchase represented by the
Warrant. The Corporation agrees that all Warrant Shares issued upon exercise of
the Warrant shall be, at the time of delivery of the certificates for such
Warrant Shares, duly authorized, validly issued, fully paid and non-assessable
shares of Common Stock of the Corporation. 

Section 8. Adjustments. The Corporation's authorized capital stock as of
the date hereof consists of 400,000,000 shares of authorized capital stock of
Parent which has been divided into 350,000,000 authorized shares of Common Stock
with a par value $0.001 per share, of which at or just prior to the date of this
Warrant 96,212,246 shares will be issued and outstanding on a fully-diluted
basis after certain adjustments, and 50,000,000 shares of authorized Preferred
Stock with a par value $0.001 per share, of which at the time of closing no
shares of Parent Preferred Stock will be issued and outstanding, excluding
2,783,000 shares of Common Stock to be issued by the Corporation to purchase
certain trademark rights to the name "Celsius"; and further excluding Common
Stock to be issued for options assumed by the Corporation pursuant to the Merger
Agreement and Plan of Reorganization dated as of January ____, 2007, among the
Corporation, its wholly-owned subsidiary, Celsius, Inc. ("Sub"), Elite FX, Inc.
( "Elite"), and other parties named therein (the "Merger Agreement").
Subject and pursuant to the provisions of this Section 8, the Warrant Price and
number of Warrant Shares subject to this Warrant shall be subject to adjustment
from time to time as set forth hereinafter. 

	If the Corporation shall at any time or from time to time while the Warrant
 is outstanding, pay a dividend or make a distribution on its Common Stock in
 shares of Common Stock, subdivide its outstanding shares of Common Stock into a
 greater number of shares or combine its outstanding shares of Common Stock into
 a smaller number of shares or issue by reclassification of its outstanding
 shares of Common Stock any shares of its capital stock (including any such
 reclassification in connection with a consolidation or merger in which the
 Corporation is the continuing corporation), then the number of Warrant Shares
 purchasable upon exercise of the Warrant and the Warrant Price in effect
 immediately prior to the date upon which such change shall become effective,
 shall be adjusted by the Corporation so that the Warrantholder thereafter
 exercising the Warrant shall be entitled to receive the number of shares of
 Common Stock or other capital stock which the Warrantholder would have received
 if the Warrant had been exercised immediately prior to such event upon payment
 of a Warrant Price that has been adjusted to reflect a fair allocation of the
 economics of such event to the Warrantholder. Such adjustments shall be made
 successively whenever any event listed above shall occur. 
	If any capital reorganization, reclassification of the capital stock of the
 Corporation, consolidation or merger of the Corporation with another
 corporation in which the Corporation is not the survivor, or sale, transfer or
 other disposition of all or substantially all of the Corporation's assets to
 another corporation shall be effected, then, as a condition of such
 reorganization, reclassification, consolidation, merger, sale, transfer or
 other disposition, lawful and adequate provision shall be made whereby each
 Warrantholder shall thereafter have the right to purchase and receive upon the
 basis and upon the terms and conditions herein specified and in lieu of the
 Warrant Shares immediately theretofore issuable upon exercise of the Warrant,
 such shares of stock, securities or assets as would have been issuable or
 payable with respect to or in exchange for a number of Warrant Shares equal to
 the number of Warrant Shares immediately theretofore issuable upon exercise of
 the Warrant, had such reorganization, reclassification, consolidation, merger,
 sale, transfer or other disposition not taken place, and in any such case
 appropriate provision shall be made with respect to the rights and interests of
 each Warrantholder to the end that the provisions hereof (including, without
 limitation, provision for adjustment of the Warrant Price) shall thereafter be
 applicable, as nearly equivalent as may be practicable in relation to any
 shares of stock, securities or properties thereafter deliverable upon the
 exercise thereof. The Corporation shall not effect any such consolidation,
 merger, sale, transfer or other disposition unless prior to or simultaneously
 with the consummation thereof the successor corporation (if other than the
 Corporation) resulting from such consolidation or merger, or the corporation
 purchasing or otherwise acquiring such assets or other appropriate corporation
 or entity shall assume the obligation to deliver to the holder of the Warrant
 such shares of stock, securities or assets as, in accordance with the foregoing
 provisions, such holder may be entitled to purchase, and the other obligations
 under this Warrant. The provisions of this paragraph (b) shall similarly apply
 to successive reorganizations, reclassifications, consolidations, mergers,
 sales, transfers or other dispositions. 

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 In case the Corporation shall fix a payment date for the making of a
 distribution to all holders of Common Stock (including any such distribution
 made in connection with a consolidation or merger in which the Corporation is
 the continuing corporation) on evidences of indebtedness or assets (other than
 cash dividends or cash distributions payable out of consolidated earnings or
 earned surplus or dividends or distributions referred to in Section 8(a)), or
 subscription rights or warrants, the Warrant Price to be in effect after such
 payment date shall be determined by multiplying the Warrant Price in effect
 immediately prior to such payment date by a fraction, the numerator of which
 shall be the total number of shares of Common Stock outstanding multiplied by
 the Market Price per share of Common Stock (as defined below), less the fair
 market value (as determined by the Corporation's Board of Directors in good
 faith) of said assets or evidences of indebtedness so distributed, or of such
 subscription rights or warrants, and the denominator of which shall be the
 total number of shares of Common Stock outstanding multiplied by such Market
 Price per share of Common Stock. "Market Price" as of a particular date (the "Valuation
 Date") shall mean the following: (a) if the Common Stock is then listed
 on a national stock exchange, the price per share of the last sale of Common
 Stock on such exchange on the last trading day prior to the Valuation Date; (b)
 if the Common Stock is then quoted on the Nasdaq National Market or Nasdaq
 SmallCap Market ("Nasdaq"), the price per share of the last sale of Common
 Stock on Nasdaq on the last trading day prior to the Valuation Date or, if no
 such closing sale price is available, the average of the high bid and the low
 sales price quoted on Nasdaq on the last trading day prior to the Valuation
 Date; or (c) if the Common Stock is not then listed on a national stock
 exchange or quoted on Nasdaq and if prices for the Common Stock are then quoted
 on the OTC Bulletin Board, the volume weighted average price of the Common
 Stock for such date (or the nearest preceding date) on the OTC Bulletin Board;
 or (d) if the Common Stock is not then listed on a national stock exchange or
 quoted on Nasdaq or the OTC Bulletin Board, the fair market value of one share
 of Common Stock as of the Valuation Date, which shall be determined in good
 faith by the Board of Directors of the Corporation and the Warrantholder. The
 Board of Directors of the Corporation shall respond promptly, in writing, to an
 inquiry by the Warrantholder prior to the exercise hereunder as to the Market
 Value of a share of Common Stock as determined by the Board of Directors of the
 Corporation. In the event that the Board of Directors of the Corporation and
 the Warrantholder are unable to agree upon the fair market value in respect of
 subpart (c) hereof, the Corporation and the Warrantholder shall jointly select
 an appraiser, who is experienced in such matters. The decision of such
 appraiser shall be final and conclusive, and the cost of such appraiser shall
 be borne evenly by the Corporation and the Warrantholder. Such adjustment shall
 be made successively whenever such a payment date is fixed. 

	For the term of this Warrant, in addition to the provisions
 contained above, the Warrant Price shall be subject to adjustment as provided
 below. An adjustment to the Warrant Price shall become effective immediately
 after the payment date in the case of each dividend or distribution and
 immediately after the effective date of each other event which requires an
 adjustment. 
	In the event that, as a result of an adjustment made pursuant to Section
 8(a), the holder of this Warrant shall become entitled to receive any shares of
 capital stock of the Corporation other than shares of Common Stock, the number
 of such other shares so receivable upon exercise of this Warrant shall be
 subject thereafter to adjustment from time to time in a manner and on terms as
 nearly equivalent as practicable to the provisions with respect to the Warrant
 Shares contained in this Warrant. 

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	Anything herein to the contrary notwithstanding, the Corporation
 shall not be required to make any adjustment of the Warrant Price in the case
 of the issuance of any of (A) capital stock, Options or Convertible Securities
 issued to directors, officers, employees or consultants of the Corporation in
 connection with their service as directors of the Corporation, their employment
 by the Corporation or their retention as consultants by the Corporation
 pursuant to an equity compensation program approved by the Board of Directors
 of the Corporation or the compensation committee of the Board of Directors of
 the Corporation, (B) sales of shares of Common Stock upon the conversion or
 exercise of Options or Convertible Securities (C) capital stock issued in any
 public or private offering for cash at the Market Price (as defined above) or
 such other price as the Board of Directors shall determine in good faith or (D)
 capital stock issued as full or partial consideration for a merger or
 acquisition, or a strategic allegiance or alliance in which the Corporation
 with respect to such strategic allegiance or alliance issues shares of its
 equity securities having an aggregate Fair Market Value (as defined below) of
 less than $10 million, approved by the Board of Directors of the Corporation.
 The "Fair Market Value" of a security as of a particular date (the "Valuation
 Date") shall mean the following: (a) if the security is then listed on a
 national stock exchange, the closing sale price of one security on such
 exchange on the last trading day prior to the Valuation Date; (b) if the
 security is then quoted on Nasdaq, the closing sale price of one security on
 Nasdaq on the last trading day prior to the Valuation Date or, if no such
 closing sale price is available, the average of the high bid and the low sales
 price quoted on Nasdaq on the last trading day prior to the Valuation Date; or
 (c) if the Common Stock is not then listed on a national stock exchange or
 quoted on Nasdaq and if prices for the Common Stock are then quoted on the OTC
 Bulletin Board, the volume weighted average price of the Common Stock on the
 last trading day prior to the Valuation Date (or the nearest preceding date) on
 the OTC Bulletin Board; (d) if the security is not then listed on a national
 stock exchange or quoted on Nasdaq or on the OTC Bulletin Board, the fair
 market value of one security as of the Valuation Date, shall be determined in
 good faith by a nationally selected investment banking firm or other nationally
 recognized business appraiser selected by the Board of Directors of the
 Corporation. The decision of such appraiser shall be final and conclusive, and
 the cost of such appraiser shall be borne evenly by the Corporation. An "Excluded
 Issuance" shall mean each of items (A), (B), (C) and (D) above. 

Section 9. Fractional Interest. The Corporation shall not be required to
issue fractions of Warrant Shares upon the exercise of the Warrant. If any
fractional share of Common Stock would, except for the provisions of the first
sentence of this Section 9, be delivered upon such exercise, the Corporation, in
lieu of delivering such fractional share, shall pay to the exercising holder of
this Warrant an amount in cash equal to the current Fair Market Value of such
fractional share of Common Stock (rounded up to the nearest one cent). 

Section 10. Extension of Expiration Date. If the Corporation fails to
cause any Registration Statement covering Registrable Securities (capitalized
terms used in this section are as defined in the Registration Rights Agreement
dated ____________, 2007) (the "Registration Rights Agreement") to
be declared effective prior to the applicable dates set forth therein, or if any
of the events specified in clause (B) or (C) of Section 2(c) of the Registration
Rights Agreement occurs and the Blackout Period (whether alone, or in
combination with any other Blackout Period) continues for more than 60 days in
any 12 month period, or for more than a total of 90 days, then the Expiration
Date of this Warrant shall be extended one day for each day beyond the 60-day or
90-day limits, as the case may be, that the Blackout Period continues. 

Section 11. Benefits. Nothing in this Warrant shall be construed to give
any person, firm or corporation (other than the Corporation and the
Warrantholder) any legal or equitable right, remedy or claim, it being agreed
that this Warrant shall be for the sole and exclusive benefit of the Corporation
and the Warrantholder. 

Section 12. Identity of Transfer Agent. The Transfer Agent for the Common
Stock is Holladay Stock Transfer having an address at 2939 N 67th Place Suite C,
Scottsdale, AZ 85251. Upon the appointment of any subsequent transfer agent for
the Common Stock or other shares of the Corporation's capital stock issuable
upon the exercise of the rights of purchase represented by the Warrant, the
Corporation will mail to the Warrantholder a statement setting forth the name
and address of such transfer agent. 

Section 13. Registration Rights. The initial holder of this Warrant is
entitled to the benefit of certain registration rights in respect of the Warrant
Share as provided in the Registration Rights Agreement, and any subsequent
holder hereof may be entitled to such rights. 

5

 

Section 14. Put Provision. Notwithstanding any other provision contained
herein to the contrary, in the event that the Warrantholder has not fully
exercised the Warrant and until the Corporation has raised Two Million, Five
Hundred Thousand (US$ 2,500,000) United States Dollars in a PIPE financing, the
Corporation, upon ten (10) business days prior written notice (the "Notice
Period") to the Warrantholder, may demand that the Warrantholder exercise its
rights with regard to all Warrant Shares and the Warrantholder must exercise all
its rights or unexercised rights remaining under the Warrant prior to the
expiration of the Notice Period and pay the total exercise price or if such
exercise is not made or if only a partial exercise is made, the Company may seek
monetary damages for breach of this Section 14 or terminate this Warrant or the
remaining rights hereunder. This Put Provision may be exercised by the
Corporation no earlier than sixty (60) days post closing of the Merger
Agreement.

Section 15. Notices to Warrantholder. Upon the happening of any event
requiring an adjustment of the Warrant Price, the Corporation shall promptly
give written notice thereof to the Warrantholder at the address appearing in the
records of the Corporation, stating the adjusted Warrant Price and the adjusted
number of Warrant Shares resulting from such event and setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based. Failure to give such notice to the Warrantholder or any
defect therein shall not affect the legality or validity of the subject
adjustment. 

Section 16. Notices. Any notice pursuant hereto to be given or made by
the Warrantholder to or on the Corporation shall be sufficiently given or made
if sent by certified mail, return receipt requested, postage prepaid, addressed
as follows: 

	
  Celsius Holdings, Inc.

	
  140 NE 4th Avenue, Suite C

	
  Delray Beach, FL 33483

	
  Attention: Steve Haley

	
  Fax No. (561) 276-2268

	 

or such other address as the Corporation may specify in writing by notice to
the Warrantholder complying as to delivery with the terms of this Section 16.

Any notice pursuant hereto to be given or made by the Corporation to or on
the Warrantholder shall be sufficiently given or made if personally delivered or
if sent by an internationally recognized courier services by overnight service,
to the address set forth on the books of the Corporation or, as to each of the
Corporation and the Warrantholder, at such other address as shall be designated
by such party by written notice to the other party complying as to delivery with
the terms of this Section 16. All such notices, requests, demands, directions
and other communications shall, when sent by courier be effective one (1) day
after delivery to such courier as provided and addressed as aforesaid. 

Section 17. Successors. All the covenants and provisions hereof by or for
the benefit of the Warrantholder shall bind and inure to the benefit of its
respective successors and assigns hereunder. 

Section 18. Governing Law. This Warrant and the validity and
enforceability hereof shall be governed by and construed and interpreted in
accordance with the laws of the state of New York without giving effect to
conflict of laws rules or choice of laws rules thereof. All legal proceedings
concerning the interpretations, enforcement and defense of terms of the Warrant
(whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in the state and
federal courts sitting in Palm Beach County Florida (the "Florida Courts"). By
accepting the Warrant, the Warrant Holder and any other holder shall be deemed
to have irrevocably submitted to the exclusive jurisdiction of the Florida
Courts for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with
respect to the enforcement of any term of the Warrant), and shall be deemed to
have irrevocably waived, and agreed not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any 

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such court, or such Florida Courts are improper or inconvenient venue for
such proceeding; provided, however, that, insofar as the Corporation is
incorporated under the laws of the State of Nevada, the General Corporation Law
of the State of Nevada (or any successor statute) shall govern those matters
that apply to the internal governance of the Corporation. 

Section 19. Amendments and Waivers. This Warrant may be amended only by a
writing signed by the Corporation and the Warrantholder. 

IN WITNESS WHEREOF, Celsius Holdings, Inc. has caused this Warrant to be duly
executed, as of the day and year first above written. 

CELSIUS HOLDINGS, INC.

By:   

_______________, President

 

Acceptance:

Investa Capital Partners, Inc.

By: ______________________________

_____________________________Date

_________________________, President 

7

SCHEDULE A

APPENDIX A 

CELSIUS HOLDINGS, INC.

WARRANT EXERCISE FORM 

To: Celsius Holdings, Inc. 

The undersigned hereby irrevocably elects to exercise the right of purchase
represented by the within Warrant ("Warrant") for, and to purchase thereunder by
the payment of the Warrant Price and surrender of the Warrant, _______________
shares of Common Stock ("Warrant Shares") provided for therein,
and requests that certificates for the Warrant Shares be issued as follows: 

_________________________________________________________________

Name 

_________________________________________________________________

Address 

__________________________________________________________________

Address 

__________________________________________________________________

Federal Tax ID or Social Security No. 

and delivered by 

___ certified mail to the above address, or 

___ electronically (provide DWAC Instructions:_______________), or 

___ other (specify: _______________________________). 

and, if the number of Warrant Shares shall not be all the Warrant Shares
purchasable upon exercise of the Warrant, that a new Warrant for the balance of
the Warrant Shares purchasable upon exercise of this Warrant be registered in
the name of the undersigned Warrantholder or the undersigned's Assignee as below
indicated and delivered to the address stated below. 

By exercising the rights represented by this Warrant, the undersigned hereby
certifies that, as of the date of exercise of this Warrant, the representations
and warranties contained in Section 5 of the Purchase Agreement are true and
correct in all material respects with respect to the undersigned. 

 	Dated: ___________________, ____
	 	 	Signature:___________________________________
	Note: The signature
   must correspond with the name of the registered holder as written on the
   first page of the Warrant in every particular, without alteration or
   enlargement or any change whatever, unless the Warrant has been assigned.	 	Name (please
   print):___________________________
	 	Address___________________________________
	 	__________________________________________
	 	__________________________________________
	 	Federal Identification or

   Social Security No.: ______________________

 

8SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933

 
   

  SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
  THE SECURITIES ACT OF 1933 (THE "1933 ACT"), OR ANY STATE OR PROVINCIAL
  SECURITIES ACTS AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS
  FROM THE REGISTRATION REQUIREMENTS OF THESE ACTS. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED UNLESS THEY ARE
  REGISTERED UNDER THE APPLICABLE PROVISIONS OF THE 1933 ACT, STATE OR
  PROVINCIAL SECURITIES ACT OR ARE EXEMPT FROM SUCH REGISTRATION. THESE
  SECRUITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
  EXCHANGE COMMISSION ("SEC") OR BY ANY STATE OR PROVINCIAL SECURITIES
  ADMINISTRATION OR REGULATORY AUTHORITY NOR HAS THE SEC OR ANY STATE OR
  PROVINCIAL SECURITIES ADMINISTRATION PASSED UPON THE ACCURACY OR ADEQUACY OF
  THIS AGREEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE..

  
  CELSIUS HOLDINGS, INC. 

  COMMON SHARES SUBSCRIPTION AGREEMENT

  

  
  
   
   	INSTRUCTIONS: To properly complete this
     Agreement you must complete this page and page 2 and:	If you are a resident of British Columbia, sign the Canadian
      Certificate of Accredited Investor attached as Schedule B and Risk
      Acknowledgement attached as Schedule C. The purpose of the Schedule B
      Certificate is to determine whether you meet the standards for
      participation in a private placement under British Columbia securities
      laws where the company currently resides; and
	If you are resident in the United States or a United States citizen,
      complete Schedule A, Certification of U.S. Purchaser. The purpose of the
      Certification is to determine whether you meet the standards for
      participation in a private placement under Rule 506 of 
      Regulation D promulgated by the Securities and Exchange Commission; or
	If you are Non-United States resident, complete Schedule D,
      Certification of Non-U.S. Purchaser.
	All Purchasers should also complete the Registration Rights Agreement
      forwarded with this Agreement.

     

   
  

  
  

  TO:       CELSIUS HOLDINGS, INC. (the "Corporation")

            
  Analipseos 30 Apt. #25, 52236 Panorama, Thessaloniki, Greece

  

  The undersigned (hereinafter referred to as the "Purchaser") hereby
  irrevocably subscribes for and agree to purchase from the Corporation the
  number of shares of Common Stock of the Corporation (the "Shares" or "Securities")
  set forth below for the total consideration set forth below (the "Purchase
  Price"), representing a 
  subscription price of US $ 0.50 (as hereinafter defined) per Share, upon
  and subject to the terms and conditions (including adjustment), and hereby
  covenants, represents and warrants as set forth in "Terms and Conditions of
  Subscription of Shares of Celsius Holdings, Inc." dated for reference January
  4, 2007 attached hereto and expressly incorporated herein.

  
  
   
   	EXECUTED by the Purchaser
     this _______ day of ___________, 2007. 

     
	WITNESS:

     

     _________________________________________

     Signature of witness

     

     _________________________________________

     Name of witness

     

     _________________________________________

     Address of witness

     

     _________________________________________

     

     ACCEPTED this _______ day of __________, 2007.

     CELSIUS HOLDINGS, INC.

     
     Per:

     
	 	EXECUTION BY PURCHASER:

     

     X _______________________________________

     Signature of individual or Authorized Signatory

     

     _________________________________________

     Name of Purchaser (please print)

     

     _________________________________________

     Name of authorized signatory (please print)

     

     _________________________________________

     Address of Purchaser (residence if an individual)

     

     _________________________________________

     Telephone Number

     

     

     _________________________________________

   
  

 

 

1

 

 

 
 	
   _________________________________________                                                                                          
   __________________________________________

   Authorized signatory                                                                                                                                                    
   E-mail address

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 
 	SUBSCRIPTION
   INFORMATION

   Number of Shares: _________________________

   

   Purchase Price US$: _____________________
	 	REGISTRATION
   INSTRUCTIONS:

   

   ________________________________________

   Name to appear on certificate

   
   ________________________________________

   Account reference, if applicable

   

   ________________________________________

   Address

   

   ________________________________________

	 
	 
	 
	 
	 	 
	NON-PRINCIPAL
   INFORMATIONIf the Purchaser is signing as an agent for a principal and
   is not a trust company or an insurer or, in British Columbia a portfolio
   manager, in either case purchasing as trustee or agent for accounts fully
   managed by it, complete the following:

   
   _________________________________________

   Name of Principal (please print)

   

   _________________________________________

   Address of Principal

   

   _________________________________________

   Telephone Number

   

   _________________________________________

   E-Mail Address
	 
	 	 
	 	DELIVERY
   INSTRUCTIONS:

   

   _________________________________________

   Name and account reference, if applicable

   

   _________________________________________

   Contact name

   

   _________________________________________

   Address

   

   _________________________________________

   Telephone number
	 
	 

 

REPRESENTATION OF PURCHASER:

	The Purchaser represents that the number of shares of common stock or
 securities convertible into shares of common stock of the Corporation presently
 owned (beneficially, directly or indirectly) by the Purchaser are as follows:

 

 Shares of common stock: ______________________

 

 Securities Convertible into shares of common stock: _____________________

 
	The Purchaser represents that the Purchaser is
 / is not (circle one)
 an Insider of the Corporation (as defined in the definition section below).

ACCEPTANCE: The Corporation hereby accepts the above subscription and the
Corporation represents and warrants to the Purchaser that the representations,
warranties and covenants made by the Corporation in this Agreement are true and
correct in all material respects as of this date and that the Purchaser is
entitled to rely thereon.

 

CELSIUS HOLDINGS, INC.                                                                                                                                
Dated: _________________, 2007

                                                                                                                                                                                               
Execution Date

 

          

Per:

         Kristian Kostovski,
President

 

3

 

OFFERING TERMS

 
 	
   Reference date of this Agreement: January _____, 2007
   (the "Subscription Date")

 

 

       The Offering:

 

 
 	The Issuer: 
	 	Name: Celsius Holdings,
   Inc. (the "Corporation")
	 	Jurisdiction of organization:
   The Corporation is incorporated under the laws of Nevada.
	 	Authorized and outstanding
   capital:
   	350,000,000 shares of common stock with a par value $0.001 per share of
    which 15,200,000 shares are issued and outstanding; and
	50,000,000 shares of preferred stock with a par value of $0.001 per
    share of which no preferred shares are issued and outstanding.
	the Corporation also has 4,000,000 common stock purchase warrants issued
    and outstanding. Each common stock purchase warrant entitles the holder to
    purchase four additional share of common stock of Vector at a price of
    $0.025 per share for a period of two years from the date of issuance. 

   
	Securities Legislation
   Applicable to the Corporation or this Offering: The United States 
   Securities Act of 1933, and the Securities Act (British Columbia)
   together with the regulations and rules made and promulgated thereunder and
   all administrative policy statements, orders and rulings, notices and other
   administrative directions issued by the Commissions (as defined below).

   
	Purchased Securities: The
   "Securities" are shares of Common Stock of the Corporation. A maximum
   total of 1,300,000 shares of Common Stock of the Corporation are being
   offered (the "Shares" or the "Securities"). There is no minimum
   number of Shares which needs to be sold in this Offering. These Securities
   are being offered for cash. 
	Price: US $ 0.50 per Share
   for gross proceeds of US$ 650,000 if all 1,300,000 Shares being offered are
   sold. 

   
	Commission: No finder's
   fee will be paid in cash or in shares of the Corporation in connection with
   this Offering.

   
	Additional provisions: The
   Shares will be issued and registered in the name of the purchasers or their
   nominees.
   The issuance of the Shares in the Offering will not restrict or prevent
   the Corporation from obtaining any other financing, or from issuing
   additional securities or rights. Purchaser acknowledges the dilution and
   effect of the transactions contemplated by the Merger Agreement
   (defined below) and the exhibits thereto. Additionally, Purchaser
   specifically acknowledges that the Corporation plans to issue a maximum of
   25,000,000 shares of Common Stock in a private offering at a subscription
   price which may be under US $ 0.50 as soon as is practical following the
   closing of the transactions contemplated by the Merger Agreement. 

   

	Selling Jurisdictions: The
   Shares may be sold in the United States, British Columbia and in
   jurisdictions outside of Canada and the United States (the "Selling
   Jurisdictions") solely in accordance with available exemptions and
   applicable law. 

   
	Exemptions: The Offering
   will be made in accordance with the following exemptions from the prospectus
   and registration requirements:
	 	(a) in the United States, Rule
   506 of Regulation D promulgated under the U.S. Securities Act of 1933;
   and

   (b) in British Columbia, the "accredited investor" exemption (s. 5.1,
   National Instrument 45-106) and Regulation S of the U.S. Securities
   Act of 1933; and(d) outside of the United States and Canada, 
   Regulation S of the U.S. Securities Act of 1933.

   

	Closing Date Payment for,
   and delivery of, the Shares is scheduled to occur on or before January 31,
   2007 (the "Closing Date") or such other date as determined by the
   Corporation, in its sole discretion.

   
	Resale restrictions and
   legends There are substantial restrictions on the transferability of the
   Shares being offered; the Shares will not be, and investors in the
   Corporation have no right to require that the Shares be, registered under the
   Securities Act; there will be no public market for the Shares; and you will
   not immediately be able to avail 

   

 

4

 

 
 	 yourself of the provisions of Rule 144
   adopted by the Securities and Exchange Commission under the Securities Act
   with respect to resale of the Shares;

   

   The Purchaser acknowledges that the certificates representing the Shares will
   bear legends in substantially the following form:

   
	
   
     "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT") OR OTHER
     APPLICABLE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR
     INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE AND MAY NOT BE
     OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN ACCORDANCE
     WITH THE PROVISIONS OF REGULATIONS S, RULE 901 THROUGH RULE 905, AND
     PRELIMINARY NOTES UNDER THE 1933 ACT OR (2) PURSUANT TO AN AVAILABLE
     EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT OR (3)
     PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT. HEDGING TRANSACTIONS
     INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
     THE1933 ACT." 

     
     And Canadian Residents:

     
     "Unless permitted under securities legislation, the holder of this
     security must not trade the security before the date that is 4 months and a
     day after the later of (i) __________ ___, 2007 and (ii) the date the
     issuer became a reporting issuer in any province or territory."

     

    
   
   
	Use of Proceeds. The Corporation has
   agreed to enter into a merger agreement and plan of reorganization dated for
   reference January 4, 2007 with Elite FX, Inc., and newly formed subsidiary of
   the Corporation called Celsius, Inc. (the "Merger Agreement"). A copy
   of the Merger Agreement has been provided with this Subscription Agreement.
   Elite FX, Inc. will become a wholly owned subsidiary of the Corporation on
   closing of the Merger Agreement the business of Elite FX, Inc. will become
   the business of the Corporation. Elite FX, Inc. manufactures and sells a
   calorie-burning soda known as "Celsius". The funds raised in this private
   placement will be used to advance the Merger Agreement and the new business
   direction of the Corporation on closing the Contribution Agreement. 
   

 

 

5

 

TERMS AND CONDITIONS OF SUBSCRIPTION FOR SHARES 

OF 

CELSIUS HOLDINGS, INC.

Dated for reference January 4, 2007.

1. DEFINITIONS.

1.1 In the Subscription Agreement (and all schedules and appendixes
incorporated by reference), the following words have the following meanings
unless otherwise indicated:

	"1933 Act" means the United States Securities Act of 1933,
 as amended;

 

 
	"Applicable Legislation" means the Securities Legislation Applicable
 to the Corporation (as defined on page 3) and all legislation incorporated in
 the definition of this term in other parts of the Subscription Agreement,
 together with the regulations and rules made and promulgated under that
 legislation and all administrative policy statements, blanket orders and
 rulings, notices and other administrative directions issued by the Commissions;

 

 
	"Closing" means the completion of the sale and purchase of the
 Purchased Securities;

 

 
	"Closing Date" has the meaning assigned in the Terms being on or
 before January 31, 2007 or such other date as determined by the Corporation, in
 its sole discretion;

 

 
	"Commissions" means all securities commissions incorporated in the
 definition of this term in other parts of the Subscription Agreement and the
 Securities and Exchange Commission;

 

 
	"Corporation" means Celsius Holdings, Inc.;

 

 
	"Expiry Time" means 4:00 p.m. PST on the date which is two years
 from the Closing Date;

 

 
	"Final Closing" means the last closing under the Private Placement;

 

 
	"General Provisions" means those portions of the Subscription
 Agreement headed "General Provisions" and contained on page 11 to 17;

 

 
	"Offering" means up to 1,300,000 Shares to raise an aggregate total
 of US$ 650,000 in cash.

 

 
	"Private Placement" means the offering of the Purchased Securities
 on the terms and conditions of this Subscription Agreement;

 

 
	"Purchased Securities" has the meaning assigned in the Terms;

 

 
	"Purchasers" means the purchasers of the Shares.

 

 
	"Regulation S" means Regulation S promulgated under the 
 1933 Act;

 

 
	"Regulatory Authorities" means the Commissions;

 

 
	"Securities" means the shares of Common Stock of the Corporation to
 be issued in this Offering;

 

 
	"Securities Commissions" means collectively the British Columbia
 Securities Commission and the US Federal Securities Commission;

 

 
	"Shares" or "Securities" means the shares of Common Stock of
 the Corporation;

 

 
	"Subscription Agreement" means the first (cover) page, the Offering
 Terms on page 2, the General Provisions on pages 11 to 17 and the other
 schedules and appendixes incorporated by reference; and

 

 

 

 

6

 

 	"Terms" means those portions of the Subscription Agreement headed
 "Offering Terms" and contained on page 2.

 

 
	"US" means the United States of America;

 

 
	"US Person" means a US person as that term is defined in Regulation
 S under the 1933 Act;

 

1.2 In the Subscription Agreement, the following terms have the meanings
defined in Regulation S: "U.S. Person" and "United States".

1.3 In the Subscription Agreement, unless otherwise specified, currencies are
indicated with the ISO 4217 currency code so that, as examples, Canadian dollars
are indicated with the prefix "CAD" and United States dollars are indicated with
the prefix "US $".

1.4 In the Subscription Agreement, other words and phrases that are capitalized
have the meaning assigned in the Subscription Agreement.

2. TERMS OF OFFER.

2.1 The Shares will be sold by private placement pursuant to available
exemptions from securities legislation in British Columbia and other applicable
jurisdictions outside of United States and Canada. The Shares may be sold in the
United States pursuant to the exemption from registration requirements of the
1933 Act provided by Rule 506 of Regulation D of the 1933 Act. The Shares may be
sold in outside the United States pursuant to the exemption from registration
requirements of the 1933 Act provided by Regulation S of the 1933 Act. By its
acceptance of this offer, the Corporation covenants, agrees and confirms that
the Purchaser will have the benefit of all of the representations, warranties,
covenants, agreements, terms and conditions set forth in this Subscription
Agreement.

2.2 The Purchaser acknowledges that:

	The Offering will be used to provide additional working capital financing
 for the Corporation of up to US$ 650,000;

 

 
	There is no minimum subscription;

 

 
	This Subscription is irrevocable by the Purchaser and may be rejected by
 the Corporation in whole or in part; and

 

 
	There are legal and contractual restrictions on the Purchasers ability to
 resell or otherwise dispose of the Shares and it is the responsibility of the
 Purchaser to find out what those restrictions are and to comply with them; 

 

3. SHARES.

A total of 1,300,000 shares of Common Stock of the Corporation (the "Shares")
are being sold at a price of US$ 0.50 per share to raise an aggregate total of
US$ 650,000 in cash and or settlement of debt if all Shares are sold.

4. OTHER PROVISIONS. The Corporation covenants that:

	the distribution to the Purchaser is made by the Corporation in a security
  of its own issue;

  

  
	the Corporation, at the date of distribution to the Purchaser, will have
  filed all documents that it is required to file under the continuous
  disclosure provisions of the Securities Laws, including annual and interim
  financial information, press releases disclosing material changes, and
  material change reports;

  

  
	the Corporation will place the legend required by the 1933 Act and British
  Columbia adopted National Instrument 45-106 ("Regulation 45-106") where
  applicable and any other required legends on the certificates representing the
  Shares; and

  

  

  

  

  

7

 

  	the Corporation is not a "reporting issuer" under section 12 of the US 
  Securities Exchange Act of 1934. The Corporation is not a "reporting
  issuer" in British Columbia or any other jurisdiction in Canada.

 5. PAYMENT AND DELIVERY. The Purchaser hereby unconditionally subscribes
 for and agrees to purchase the number of Shares subscribed for on the face page
 of this Subscription Agreement at the subscription price therein. The Purchaser
 shall deliver to the Corporation concurrently with the execution of this
 Agreement (i) a completed and originally executed copy of, if applicable, the
 Certificate of US Purchasers (Schedule A - US Subscribers Only), (ii) the
 Certification of Canadian Accredited Investors (Schedule B); (iii) the Risk
 Acknowledgement (Schedule C - Canadian Subscribers only), (iii) a completed and
 originally executed copy of, if applicable, the Certificate of US Purchasers
 (Schedule D - Non-US Subscribers Only), and (iv) such information, additional
 undertakings, questionnaires and other documents as the Corporation may request
 in connection with the issue and sale of the Shares. The Purchaser shall
 deliver at Closing the total purchase price for the Shares by way of
 certified cheque or bank draft made payable to the Corporation. The Purchaser
 acknowledges and agrees that such undertakings, questionnaires and other
 documents, when executed and delivered by the Purchaser, will form part of and
 will be incorporated into this Subscription Agreement with the same effect as
 if each constituted a representation, warranty or covenant of the Purchaser
 hereunder in favour of the Corporation. The Purchaser consents to the filing of
 such undertakings, questionnaires and other documents as may be required to be
 filed with any stock exchange or securities regulatory authority in connection
 with the transactions contemplated hereby.

 
 6. ACCEPTANCE OR REJECTION OR ALLOTMENT. The Corporation will have the
 right in its sole discretion to accept or reject this offer at any time at or
 prior to the Closing. The Purchaser acknowledges and agrees that the acceptance
 of this offer may be subject to the discretion of any other regulatory body
 having jurisdiction with respect to the Corporation, and will be conditional on
 the allotment and the sale of the Shares to the Purchaser being exempt from any
 prospectus requirements of all applicable securities legislation or, as
 applicable, from registration requirements of the 1933 Act and any applicable
 Provincial or State securities laws. The Corporation will be deemed to have
 accepted this offer upon delivery at the Closing of the certificates
 representing the Purchaser's Shares. If the certificates representing the
 Purchaser's Shares have not been delivered to the Purchaser on or before
 December 31, 2007, then this Agreement shall terminate and all subscription
 funds advanced to the Corporation hereunder will be paid forthwith to the
 Purchaser. 

 
 7. PURCHASER'S REPRESENTATIONS AND WARRANTIES. The Purchaser
 acknowledges that the following representations and warranties by it are given
 with the intention that they will be relied upon by the Corporation and its
 counsel in determining its eligibility or, if applicable, the eligibility of
 others on whose behalf it is contracting hereunder to purchase the Shares under
 applicable securities legislation. The Purchaser represents and warrants to the
 Corporation and its counsel, that its representation and warranties are true as
 of the date of this offer and will be true as of the date of this Subscription
 Agreement and agrees that by accepting delivery of the Shares it shall be
 representing and warranting as of the Closing Date, that:

  	British Columbia Accredited Investors. If the Purchaser is a resident
  of, incorporated under or otherwise subject to the laws of British Columbia
  the Purchaser represents that the Purchaser is an "accredited investor" as
  that term is defined in National Instrument 45-106 and is purchasing the
  Shares as principal, the Purchaser has completed and executed a Canadian
  Certificate of Accredited Investor attached hereto as Schedule B and hereby
  confirms the truth and accuracy of all statements made therein by the
  Purchaser and that all such statements will be true and accurate at the
  Closing Date; or

  
	Distribution Outside United States. The Purchaser, or any beneficial
  purchaser for whom it is acting, will comply with the requirements of all
  applicable securities legislation in United States, will provide such evidence
  of compliance with all such matters the Corporation may request, and in
  connection with the purchase of the Shares, the Purchaser hereby: 

  

  A. certifies to the Corporation that it is not a resident of United States;

  B. acknowledges to the Corporation that it is aware that:

	no securities commission or similar regulatory authority has reviewed or
    passed on the merits of the Shares;

    

    

 

  
  

8

 

    	there is no government or other insurance covering the Shares;
	there are risks associated with the purchase of the Shares;
	the Corporation has advised the Purchaser that the Corporation is
    relying on an exemption from the requirements to provide the Purchaser with
    a prospectus and to sell securities through a person registered to sell
    securities under the securities legislation and, as a consequence of
    acquiring securities pursuant to this exemption, certain protections, rights
    and remedies provided by the securities legislation, including statutory
    rights of rescission or damages, will not be available to the Purchaser;
	the certificates to be delivered to the Purchaser representing the
    Shares purchased by the Purchaser will be in compliance with the applicable
    laws of such jurisdiction and contain a legend stating that the Shares are
    subject to resale restrictions; and
	the Purchaser acknowledges that the Shares have not been registered
    under the 1933 Act or the securities laws of any State of the United States
    or Province in Canada and the Corporation does not intend to register any of
    the Shares under the 1933 Act, or the securities laws of any State of the
    United States or Province in Canada and have no obligation to do so. The
    Shares may not be offered or sold in the United States unless registered in
    accordance with United States federal securities laws and all applicable
    State securities laws or exemptions from such requirements are available.
    The Purchaser acknowledges that the Corporation will not register any
    transfer of any of the Shares not made in accordance with Regulation S of
    the 1933 Act or pursuant to an available exemption from registration; and

    

  	US Persons. If the Purchaser is a US Person, then either:
  A. The Purchaser is purchasing the Shares in an "offshore transaction" as
  defined in, and

  pursuant to, Regulation S on the basis that the Purchaser was not offered the
  Shares in the US and did not execute or deliver this Agreement in the US;

  or

  B. The Purchaser is a US Person who is an "accredited investor" as defined
  in Rule 501 of Regulation D of the 1933 Act.

  

  In either case, the Purchaser has duly completed, executed and delivered to
  the Corporation Schedule A to this Agreement (Certificate of US Purchaser) and
  represents, warrants and covenants to the Corporation the accuracy of all
  matters set out therein;

  

  

	Non-US Persons. If the Purchaser is not a US Person, then:

 
  
   A. the Purchaser is not purchasing the Shares for the account or benefit
   of a US

   Person;

   B. was not offered the Shares in the US; and

   

   C. did not execute or deliver this Agreement in the US;

  

  The Purchaser has duly completed, executed and delivered to the Corporation
  Schedule D to this Agreement (Certificate of Non-US Purchaser) and represents,
  warrants and covenants to the Corporation the accuracy of all matters set out
  therein;

  

 

      e.     US Securities Laws.
 Each Purchaser acknowledges that that the Shares have not been registered under
 the 1933 Act or the securities laws of any State in the US and that the
 Corporation does not intend to register any of the Shares under the 1933 Act, or the securities laws of any
 State in the US and has no obligation to do so. It is contemplated that the
 Corporation will enter into a registration rights agreement with the
 Purchasers purchasing Shares under this Subscription Agreement. To the extent
 that such agreement is executed by the Corporation and the Purchaser, the
 Corporation will 

 

 

 

9

 

 
  register the underlying shares of Common Stock pursuant to such
  registration rights agreement. The Shares may not be offered or sold in the US
  unless registered in accordance with US federal securities laws and all
  applicable State securities laws or exemptions from such requirements are
  available. The Purchaser acknowledges that the Corporation will not register
  any transfer of any of the Shares not made in accordance with Regulation S of
  the 1933 Act or pursuant to an available exemption from registration.

  

 

	Authorization and Effectiveness. If the Purchaser is a corporation,
  the Purchaser is a valid and subsisting corporation, has the necessary
  corporate capacity and authority to execute and deliver this offer and to
  observe and perform the covenants and obligations hereunder and has taken all
  necessary corporate action in respect thereof, if the Purchaser is a
  partnership, syndicate or other form of unincorporated organization, the
  Purchaser has the necessary legal capacity and authority to execute and
  deliver this offer and to observe and perform its covenants and obligations
  hereunder and has obtained all necessary approvals in respect thereof, or, if
  an individual, the Purchaser has attained the age of majority and is legally
  competent to execute this agreement and to take all actions required pursuant
  thereto, and, in each case, upon acceptance by the Corporation, this
  Subscription Agreement constitutes a legal, valid, binding and enforceable
  contract of the Purchaser or the beneficial purchaser for which it is
  purchasing, as the case may be;

  
	Absence of Offering Memorandum. The offering and sale of the Shares to
  the Purchaser were not made through an advertisement of the Shares in printed
  media of general and regular paid circulation, radio or television, or any
  other form of advertisement, and the Purchaser has not requested, nor does it
  need to receive, an offering memorandum or other document prepared by the
  Corporation describing its business affairs, in order to assist it in making
  an investment decision in respect of the Shares, and, except for this
  Subscription Agreement, no other documents have been delivered or otherwise
  furnished to the Purchaser in connection with such offering and sale;

  
	Purchasing as Principal or Non-Principal. The Purchaser is purchasing
  the Shares as principal for its own account, not for the benefit of any other
  person and not with a view to the resale or distribution of all or any of the
  Shares;

  
	Unincorporated Organization. If the Purchaser is a syndicate,
  partnership or other form of unincorporated organization, the Purchaser
  warrants and represents that it was not created solely to permit purchases
  without a prospectus by groups of individuals or other persons who are not
  "accredited investors" as that term is defined in Regulation 45-106 (See
  Schedule B attached hereto);

  
	Disclosure to Regulatory Authorities. The Purchaser acknowledges that
  the Corporation may in the future be required by law to disclose the
  Purchaser's name and other information relating to this Agreement and the
  Purchaser's subscription hereunder, on a confidential basis to securities
  regulatory authorities or pursuant to the Proceeds of Crime (Money
  Laundering) Act;

  
	No Undisclosed Information. The Shares are not being purchased by the
  Purchaser as a result of any material information concerning the Corporation
  that has not been publicly disclosed and the Purchaser's decision to tender
  this offer and acquire the Shares has not been made as a result of any oral or
  written representation as to fact or otherwise made by or on behalf of the
  Corporation or any other person and is based entirely upon currently available
  public information concerning the Corporation;

  
	Adequate Information. The Purchaser has had access to and has received
  all such information concerning the Corporation that the Purchaser considers
  necessary in connection with the Purchaser's investment decision;

  
	No Recommendation or Endorsement. No agency, governmental authority,
  regulatory body, stock exchange, or other entity has made any finding or
  determination as to the merit for investment of, nor have any such agencies or
  government authorities made any recommendation or endorsement with respect to
  the Shares; and

  

     n.    No Representations as to the
 Shares. No person has made to the Purchaser any written or oral
 representations:

 

 

 

 

 

10

 

 
  
   i. that any person will resell or repurchase the Shares;

   ii. that any person will refund the purchase price for the Shares;

   iii. as to the future price or value of the Shares; or

   iv. that the Shares will be listed and posted for trading on any stock
   exchange or that an 

    application has been made to list the shares of Common Stock
   of the Corporation on any stock exchange other than the OTC Bulletin Board.

  

 

8. CORPORATION'S REPRESENTATIONS AND WARRANTIES. By
its execution of this Subscription Agreement, the Corporation hereby represents,
warrants and covenants to the subscriber that:

	the Corporation has the full corporate power and authority to execute and
  deliver this Subscription Agreement and to issue the Shares;

  

  
	this Subscription Agreement constitutes a binding obligation of the
  Corporation enforceable in accordance with its terms; and

  

  
	the execution and delivery of, and the performance of the terms of, this
  Subscription Agreement by the Corporation, including the issue of the Shares,
  does not and will not constitute a breach of or default under the constating/organizational
  documents of the Corporation or any law, regulation, order or ruling
  applicable to the Corporation or any agreement, contract or indenture to which
  the Corporation is a party or by which it is bound.

  

9. HOLD PERIOD AND RESALE CONDITIONS. The Purchaser acknowledges there
are substantial restrictions on the transferability of the Shares provided in
this Offering; and such Shares will not be, and

the Purchaser in the Corporation have no right to require that the Shares be,
registered under the Securities Act; there will be no public market for the
Shares; and the undersigned will not immediately be able to avail

himself or herself of the provisions of Rule 144 adopted by the Securities and
Exchange Commission under the Securities Act with respect to resale of the
Shares. The Purchaser further understands and acknowledges that the Shares will
be subject to certain resale restrictions under applicable securities laws and
the Purchaser agrees to comply with such restrictions and further acknowledges
that the Shares cannot be resold unless the following conditions are complied
with:

	the sale is to the Corporation;

 

 
	the sale is made outside of the US in a transaction meeting the
 requirements of Rule 904 of Regulation S and in compliance with local laws and
 regulations;

 

 
	the sale is made pursuant to the exemption from registration requirements
 under the 1933 Act provided by Rule 144 thereunder and in accordance with any
 applicable State securities laws or "blue sky" laws;

 

 
	the sale is to an institutional "accredited investor" as defined in Rule
 501(a)(1), (2), (3), or (7) under the 1933 Act and a purchaser's letter
 containing the same representations, warranties and agreements as those
 contained in this certification, and satisfactory to the Corporation, is
 executed by the purchaser and delivered to the Corporation prior to the sale;
 or

 

the securities are sold in a transaction that does not require registration
under the 1933 Act or any applicable State laws and regulations governing the
offer and sale of securities, and it has prior to such sale furnished to the
Corporation an opinion of counsel reasonably satisfactory to the Corporation
stating that such transaction is exempt from registration under applicable
securities laws and that the legend may be removed.

10. LEGEND. The Purchase acknowledges and accepts that the certificates
representing the Shares will bear the following legends or a legend with similar
wording:

 
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT") OR OTHER APPLICABLE
SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH
A VIEW TO DISTRIBUTION OR RESALE AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (1) IN ACCORDANCE WITH THE PROVISIONS OF 

 

 

11

 

  REGULATIONS S, RULE 901 THROUGH RULE 905, AND PRELIMINARY NOTES UNDER THE
  1933 ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
  REQUIREMENTS OF THE 1933 ACT OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION
  STATEMENT. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE
  CONDUCTED UNLESS IN COMPLIANCE WITH THE1933 ACT. 

  And certificates issued to Canadian Purchasers:

  
  "Unless permitted under securities legislation, the holder of this security
  must not trade the security before the date that is 4 months and a day after
  the later of (i) [insert the distribution date], and (ii) the date the issuer
  became a reporting issuer in any province or territory."

  
 

11. NO REVOCATION. The Purchaser agrees that this offer is made for
valuable consideration and may not be withdrawn, cancelled, terminated or
revoked by the Purchaser.

12. INDEMNITY. The Purchaser agrees to indemnify and hold harmless the
Corporation and its directors, officers, employees, agents, advisors and
shareholders from and against any and all loss, liability, claim, damage and
expense whatsoever (including but not limited to, any and all fees, costs and
expenses whatsoever reasonably incurred in investigating, preparing or defending
against any claim, law suit, administrative proceeding or investigation whether
commenced or threatened) arising out of or based upon any representations or
warranty of the Purchaser contained herein or in any document furnished by the
Purchaser to the Corporation in connection herewith being untrue in any material
respect or any breach or failure by the Purchaser to comply with any covenant or
agreement made by the Purchaser herein or in any document furnished by the
Purchaser to the Corporation in connection herewith.

13. MODIFICATION. Neither this Subscription Agreement nor any provision
hereof shall be modified, changed, discharged or terminated except by an
instrument in writing signed by the party against whom any waiver, change,
discharge or termination is sought.

14. ASSIGNMENT. This Subscription Agreement and any interest herein or
any of the rights arising hereunder may be assigned only together with the
transfer of the Shares purchased hereunder and in accordance with applicable
Securities Laws and any securities laws within or outside of Canada in the
jurisdiction in which the Purchaser resides, and provided that the assignment is
made in the assignee resides either (i) outside of Canada and the United States
or (ii) outside British Columbia and agrees in writing to be bound by the terms
and conditions of this Subscription Agreement and (iii) completes and executes
and Acknowledgement of Assignment Form attached to the certificates representing
the Shares and delivers it to the Corporation.

15. NOTICE. All notices or other communications to be given hereunder
shall be delivered by hand or by telecopier, on the date of transmission if sent
before 5:00 p.m. and such day or, if not, on the first business day following
the date of transmission.

Notice to the Corporation shall be addressed to:

Celsius Holdings, Inc. (the "Corporation")

  Analipseos 30 Apt. #25, 52236 Panorama, Thessaloniki, Greece 

  Attention: Kristian Kostovski, President

  Fax No.: (011)(30)(697)(XXX-XXXX)

 

 

Notices to the Purchaser shall be addressed to the address of the Purchaser
set out on the execution page hereof under A
Execution of Purchaser@ .

Either the Corporation or the Purchaser may change its address for service
aforesaid by notice in writing to the other party hereto specifying its new
address for services hereunder.

16. MISCELLANEOUS. The agreement resulting from acceptance of this
Subscription Agreement by the Corporation contains the whole agreement between
the Corporation and the Purchaser in respect of the subject matters hereof and
except as provided herein there are no warranties, representations, terms,
conditions, or collateral agreements, express, implied or statutory, other than
as expressly set forth herein and in any amendments hereto. All representations,
warranties, agreements and covenants made or deemed to be made by the Purchaser
herein will 

 

12

survive the execution and delivery, and acceptance, of this offer and the
Closing. Time shall be of the essence of this Subscription Agreement. This
Subscription Agreement and the rights and obligations of the parties hereunder
will be governed by and construed according to the laws of the State of
Delaware. Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by
this Subscription Agreement (whether brought against a party hereto or its
respective affiliates, directors, officers, shareholders, employees or agents)
shall be commenced in the state and federal courts sitting in Palm Beach County,
Florida (the "Florida Courts"). Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the Florida Courts for the adjudication
of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the
enforcement of any term the Subscription Agreement), and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, or such
Florida Courts are improper or inconvenient venue for such proceeding. This
Subscription Agreement will enure to the benefit of and be binding upon the
parties hereto, and their heirs, executors, administrators, successors and
permitted assigns. This Subscription Agreements may be executed in any number of
counterparts, each of which when delivered, either in original or facsimile
form, shall be deemed to be an original and all of which together shall
constitute one and the same document. The Purchaser acknowledges and agrees that
all costs incurred by the Purchaser (including any fees and disbursements of any
special counsel retained by the Purchaser) relating to the sale of the Shares to
the Purchaser shall be borne by the Purchaser. The Purchaser, on its own behalf
and, if applicable, on behalf of others for whom it is contracting hereunder,
agrees that this offer is made for valuable consideration and may not be
withdrawn, cancelled, terminated, or revoked by the Purchaser, on its own behalf
and, if applicable, on behalf of others for whom it is contracting hereunder.
The covenants, representations and warranties contained herein shall survive the
closing of the transactions contemplated hereby.

 

 

 

 

 

13

 

SCHEDULE "A"

CERTIFICATION OF US PURCHASERS

Capitalized terms not specifically defined in this Certification have the
meaning ascribed to them in the Subscription Agreement to which this Schedule is
attached. In the event of a conflict between the terms of this Certification and
such Subscription Agreement, the terms of this Certification shall prevail.

In addition to the covenants, representations and warranties contained in the
Subscription Agreement to which this Schedule A is attached, the undersigned
(the A Purchaser@
) covenants, represents and warrants to the Corporation that:

	The Purchaser is (i) a US Person and (ii) authorized to consummate the
 purchase of the Shares.

 
	The Purchaser has such knowledge and experience in financial and business
 matters as to be capable of evaluating the merits and risks of an investment in
 the Shares and it is able to bear the economic risk of loss of its entire
 investment.

 
	The Corporation has provided to it the opportunity to ask questions and
 receive answers concerning the terms and conditions of the offering and it has
 had access to such information concerning the Corporation as it has considered
 necessary or appropriate in connection with its investment decision to acquire
 the Shares, including access to the Corporation=
 s public filings available on the Internet at 
 www.sec.gov and
 that any answers to questions and any requests for information have been
 complied with the Purchaser= s
 satisfaction.

 
	The Purchaser is acquiring the Shares for its own account, for investment
 purposes only and not with a view to any resale, distribution or other
 disposition of the Shares in violation of the United States securities laws.

 
	The address of the Purchaser set out on Page 1 of the Subscription
 Agreement is the true and correct address of the Purchaser and can be relied on
 by the Corporation and the Agent for purposes of State blue sky laws.

 
	The Purchaser understands (i) the Shares have not been and will not be
 registered under the 1933 Act, or the securities laws of any State in the US;
 (ii) the sale contemplated hereby is being made in reliance on an exemption
 from such registration requirements; (iii) subject to certain exceptions
 provided under the 1933 Act, the Shares may not be transferred or exercised in
 the US or by or on behalf of a US Person unless such Securities, as applicable,
 are registered under the 1933 Act and applicable State securities laws or
 unless an exemption from such registration requirements is available.

 
	The Purchaser satisfies one or more of the categories indicated below 
 (please handwrite your initials on the appropriate line):

 

 
  a. ______ the Purchaser is purchasing the Shares in an "offshore
  transaction" as defined in, and pursuant to, Regulation S on the basis was not
  offered the Shares in the US and did not execute or deliver the Subscription
  Agreement in the US; or

  b. ______ the Purchaser is an "accredited investor" as defined in Rule 501
  of Regulation D of the 1933 Act by virtue of meeting one of the following
  criteria (please handwrite your initials on the appropriate line):

 

 

     
    
   
  
 

14

 

          i. ______ The Purchaser is a natural person whose total personal
          net work, either individually or jointly with such person's spouse, at
          the time of purchase, exceeds US $ 1,000,000; or

          ii. ______ The Purchaser is a natural person who had individual
          income in excess of US $ 200,000, or joint income with the person's
          spouse in excess of US $ 300,000, in each of the two most recent years
          and reasonably expects to reach the same income level in the current
          year; or

          iii. ______ An organization described in Section 501(c)(3) of the
          US Internal Revenue Code, a corporation, a Massachusetts or similar
          business trust or partnership, not formed for the specific purpose of
          acquiring the Shares, with total assets in excess of US $ 5,000,000;
          or

          iv. ______ A trust that (a) has total assets in excess of US $
          5,000,000; (b) was not formed for the specific purpose of acquiring
          the Shares; and (c) is directed in its purchases of the Shares by a
          person who has such knowledge and experience in financial and business
          matters that he/she is capable of evaluating the merits and risks of
          an investment in the Shares; or

          v. ______ An investment company registered under the Investment
          Company Act of 1940 or a business development company as defined
          in Section 2(a)(48) of that Act; or

          vi. ______ A Small Business Investment Company licensed by the US
          Small Business Administration under Section 301 (c) or (d) of the 
          Small Business Investment Act of 1958; or

          vii. ______ A private business development company as defined in
          Section 202(a)(22) of the Investment Advisors Act of 1940; or
          

          viii. ______ The Purchaser is a natural person whose total personal
          net work, either individually or jointly with such person's spouse, at
          the time of purchase, exceeds US $ 1,000,000; or

          ix. ______ The Purchaser is a natural person who had individual
          income in excess of US $ 200,000, or joint income with the person's
          spouse in excess of US $ 300,000, in each of the two most recent years
          and reasonably expects to reach the same income level in the current
          year; or

          x. ______ An entity in which all of the equity owners satisfy the
          requirements of one or more of the foregoing categories.

          

         
        
       
      
     
    
   
  
 

	The Purchaser has not purchased the Shares as a result of any form of
 general solicitation or general advertising (as those terms are used in
 Regulation D under the 1933 Act), including advertisements, articles, notices
 or other communications published in any newspaper, magazine or similar media
 or broadcast over radio or television, or other form of telecommunications,
 including electronic display, or any seminar or meeting whose attendees have
 been invited by general solicitation or general advertising.

 
	If the Purchaser decides to offer, sell or otherwise transfer any of the
 Shares it will not offer, sell or otherwise transfer any of such securities
 directly or indirectly, unless:

 

 	the sale is to the Corporation;

  

  
	the sale is made outside of the US in a transaction meeting the
  requirements of Rule 904 of Regulation S and in compliance with local laws and
  regulations;

  

  
	the sale is made pursuant to the exemption from registration requirements
  under the 1933 Act provided by Rule 144 thereunder and in accordance with any
  applicable State securities laws or "blue sky" laws;

  

  
	the sale is to an institutional "accredited investor" as defined in Rule
  501(a)(1), (2), (3), or (7) under the 1933 Act and a purchaser's letter
  containing the same representations, warranties and agreements as those
  contained in this certification, and satisfactory to the Corporation, is
  executed by the purchaser and delivered to the Corporation prior to the sale;
  or

  

  

  

  

15

 

 

  	the securities are sold in a transaction that does not require
  registration under the 1933 Act or any applicable State laws and regulations
  governing the offer and sale of securities, and it has prior to such sale
  furnished to the Corporation an opinion of counsel reasonably satisfactory to
  the Corporation stating that such transaction is exempt from registration
  under applicable securities laws and that the legend may be removed.

  

	The Purchaser acknowledges that the Purchaser has not purchased the
 Securities as a result of, an will not engage in, any "direct selling effort"
 (as defined in Regulation S under the 1933 Act) in the US in respect of the
 Securities which would include any activities undertaken for the purpose of, or
 that could be reasonably expected to have the effect of, conditioning the
 market in the US for the resale of the Securities; provided however that the
 Purchaser may sell or otherwise dispose of any of the Securities pursuant to
 registration of the Securities under the 1933 Act and any applicable State
 securities laws or under an exemption from such registration requirements and
 as otherwise provided herein; and

 
	The certificate representing the securities issued hereunder, as well as
 all certificates issued in exchange for or in substitution of the foregoing,
 until such time as it is no longer required under the applicable requirements
 of the 1933 Act or applicable State securities laws, will bear on the face of
 such certificate, the following legend or similar worded legend:
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
 UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT") OR OTHER
 APPLICABLE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT
 AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE AND MAY NOT BE OFFERED, SOLD,
 PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN ACCORDANCE WITH THE PROVISIONS
 OF REGULATIONS S, RULE 901 THROUGH RULE 905, AND PRELIMINARY NOTES UNDER THE
 1933 ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
 REQUIREMENTS OF THE 1933 ACT OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION
 STATEMENT. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED
 UNLESS IN COMPLIANCE WITH THE1933 ACT.

 

 

	The Purchaser understands and agrees that there may be material tax
 consequences to the Purchaser of an acquisition or disposition of the Shares.
 The Corporation gives no opinion and makes no representation with respect to
 the tax consequences to the Purchaser under United States, State, local or
 foreign tax law of the undersigned's acquisition or disposition of such Shares.

 

 
	The Purchaser consents to the Corporation making a notation on its records
 or giving instructions to any transfer agent of the Corporation in order to
 implement the restrictions on transfer set forth and described in this
 Certification and Subscription Agreement.

 DATED ______________, 2007.

 
  
   
    
     
      
       
        
         
          
           
             

             

            
            X _______________________________________

            Signature of individual or Authorized Signatory

            

            _________________________________________

            Name of Purchaser (please print)

            

            _________________________________________

            Name of authorized signatory (please print)

            

            _________________________________________

            Address of Purchaser (residence if an individual)

            

            

            

            

            

           

          

         

        

       

      

     

    

   

  

 

16

            
            

            _________________________________________

            Telephone Number

            

            _________________________________________

            E-Mail Address

            

             

             

             

             

             

             

             

           
          
         
        
       
      
     
    
   
  
 

17

 

SCHEDULE "B"

 
                                                                                                                       
  CANADIAN CERTIFICATE OF ACCREDITED INVESTORS

  
  To: Celsius Holdings, Inc.

  Re: Subscription for Securities of Corporation

  
  The undersigned Purchaser/ officer of the Purchaser (or in the case of a
  trust, the trustee or an officer of the trustee of the trust) hereby certifies
  that:

  	he or she has read the Subscription Agreement and understands that the
   offering of Shares is being made on a prospectus exempt basis; and
	the Purchaser is an accredited investor as defined in Regulation 45-106,
   by virtue of being:

  
                (please handwrite your initials on the appropriate line)

  
  	____	a.	a bank
    listed in Schedule I or II of the Bank Act (Canada) or an authorized
    foreign bank listed in Schedule III of that Act;
	
	
	____	b.	the
    Business Development Bank of Canada incorporated under the Business
    Development Bank of Canada Act (Canada);
	
	
	____	c.	a loan
    corporation or trust corporation registered under the Loan and Trust
    Corporations Act (Ontario) or under the Trust and Loan Companies Act
    (Canada), or under comparable legislation in any other jurisdiction;

    
	
	
	____	d.	a
    co-operative credit society, credit union central, federation of caisses
    populaires, credit union or league, or regional caisse populaire, or an
    association under the Cooperative Credit Associations Act (Canada),
    in each case, located in Canada;
	
	
	
	____	e.	a
    company licensed to do business as an insurance company in any jurisdiction;
	
	____	f.	a
    subsidiary entity of any person or company referred to in paragraph (a),
    (b), (c), (d) or (e), where the company owns all of the voting shares of the
    subsidiary entity;
	
	
	____	g.	a person
    or company registered under the Securities Act (Ontario) or
    securities legislation in another jurisdiction as an adviser or dealer,
    other than a limited market dealer;
	
	
	____	h.	the
    government of Canada or of any jurisdiction, or any crown corporation,
    instrumentality or agency of a Canadian federal, provincial or territorial
    government;
	
	
	____	i.	any
    Canadian municipality or any Canadian provincial or territorial capital
    city;
	
	____	j.	any
    national, federal, state, provincial, territorial or municipal government of
    or in any foreign jurisdiction, or any instrumentality or agency thereof;
	
	
	____	k.	a
    pension fund that is regulated by either the Office of the Superintendent of
    FinancialInstitutions (Canada) or a provincial pension commission or
    similar regulatory authority;

	
	
	____	l.	a
    registered charity under the Income Tax Act (Canada);
	

 

18

 

 
  	____	m.	an
    individual who beneficially owns, or who together with a spouse beneficially
    own, financial assets having an aggregate realizable value that, before
    taxes but net of any related liabilities, exceeds CAD$ 1,000,000;
	
	
	
	____	n.	an
    individual whose net income before taxes exceeded CAD$ 200,000 in each of
    the two most recent years or whose net income before taxes combined with
    that of a spouse exceeded CAD$ 300,000 in each of those years and who, in
    either case, has a reasonable expectation of exceeding the same net income
    level in the current year;
	
	
	
	
	____	o.	an
    individual who has been granted registration under the Securities Act
    (Ontario) or securities legislation in another jurisdiction as a
    representative of a person or company referred to in paragraph (g), whether
    or not the individual's registration is still in effect;
	
	
	
	____	p.	a
    Corporation that is acquiring securities of its own issue;
	
	____	q.	a
    company, limited partnership, limited liability partnership, trust or
    estate, other than a mutual fund or non-redeemable investment fund, that had
    net assets of at least CAD$ 5,000,000 as reflected in its most recently
    prepared financial statements;
	
	
	
	____	r.	a person
    or company that is recognized by the British Columbia Securities Commission
    as an Accredited Investor;
	
	
	____	s.	a mutual
    fund or non-redeemable investment fund that, in Ontario, distributes its
    securities only to persons or companies that are Accredited Investors;
	
	
	____	t.	a mutual
    fund or non-redeemable investment fund that, in Canada, distributes its
    securities under a prospectus for which a receipt has been granted by the
    Director (as defined in the applicable Securities Act(s)) or, if it has
    ceased distribution of its Securities, has previously distributed its
    securities in this manner;
	
	
	
	
	____	u.	a fully
    managed account if it is acquiring a security that is not a security of a
    mutual fund or non-redeemable investment fund;
	
	
	____	v.	an
    account that is fully managed by a trust corporation registered under the
    Loan and TrustCorporations Act (Ontario) or under the Trust and
    Loan Companies Act (Canada) or under comparable legislation in any other
    jurisdiction;

	
	
	
	____	w.	an
    entity organized outside of Canada that is analogous to any of the entities
    referred to in paragraphs (a) through (g) and paragraph (k) in form and
    function; or**
	
	
	____	x.	a person
    or company in respect of which all of the owners of interests, direct or
    indirect, legal or beneficial, are persons or companies that are Accredited
    Investors; or
	
	

  
  
  

  _______________________________________

  

           

  
  NI 45-106 defines the term (i) "financial assets" as cash,
  securities, or any contract of insurance or deposit or evidence thereof that
  is not a security for the purposes of NI 45-106 (ii) "related liabilities" as
  liabilities incurred or assumed for the purpose of financing the acquisition
  or ownership of financial assets and liabilities
  that are secured by financial assets, (iii) "managed
  account" as an investment portfolio account of a client established in writing
  with a portfolio adviser who makes investment decisions for the account and
  has full discretion to trade in securities of the account without requiring
  the client's express consent to a transaction, and (iv) "spouse" as, in
  relation to an individual, another individual to whom that individual is
  married, or another individual of the opposite sex or the same sex with whom
  that individual is living in a conjugal relationship outside marriage. Terms
  used herein which are defined in National Instrument 14-101 ("NI 14-101") as
  adopted by the Ontario Securities Commission have the meaning given to them in
  NI 14-101 and terms used herein which are defined in the Act have the meaning
  given to them in the Act.

          Reference should be made to NI 45-106 itself for its complete text,
  including other definitions, and to the Companion Policy to the NI 45-106 for
  matters of interpretation and application.

          If individual Accredited Investors wish to purchase
  through wholly-owned holding companies or similar entities, such purchasing
  entities must qualify under section (aa), above, which must be checked.

  
  

  

  

 

 

  
19

 

                
Notes:

                
The statements made in this Schedule are true.

                
DATED ______________, 2007.

 

                          
              X _______________________________________

            
              Signature of individual or Authorized Signatory

              

                          
              _________________________________________

             Name of
              Purchaser (please print)

              

                          
              _________________________________________

                          
              Name of authorized signatory (please print)

              

                          
              _________________________________________

            Address of
              Purchaser (residence if an individual)

              

                          
              _________________________________________

                         
              Telephone Number

              

                          
              _________________________________________

                          
              E-Mail Address

              

 

             
            
           
          
         
        
       
      
     
    
   
  
 

20

                                                                                                                                                                                        
WARNING

SCHEDULE "C"

RISK ACKNOWLEDGEMENT

Form 45-106F4

 
 	
   

   Risk Acknowledgement

    
    
      I acknowledge that this is a risky investment.

  I am investing entirely at my own risk.

  No securities regulatory authority has evaluated or endorsed the
    merits of these securities or the disclosure in the offering memorandum.

  The person selling me these securities is not registered with a
    securities regulatory authority and has no duty to tell me whether this
    investment is suitable for me. 

  I will not be able to sell these securities except in very limited
    circumstances. I may never be able to sell these securities. 

  I could lose all the money I invest.

    

   I am investing $____________ [total consideration] in total; this includes
   any amount I am obliged to pay in future. Celsius Holdings, Inc. will pay no
   fee or commission in connection with this investment.

   
   I acknowledge that this is a risky investment and that I could lose all
   the money I invest.

   
    

   
   ________________________                                                                                              
   ____________________________________________

   Date                                                                                                                                              
   Signature of Purchaser

   

                                                                                                                                                      
   ____________________________________________

                                                                                                                                                      
   Print name of Purchaser

   Sign 2 copies of this document. Keep one copy for your records.

 

 

 

You have 2 business days to cancel your purchase 

To do so, send a notice to Celsius Holdings, Inc. stating that you want to
cancel your purchase. You must send the notice before midnight on the 2nd
business day after you sign the agreement to purchase the securities. You can
send the notice by fax or email or deliver it in person to Celsius Holdings,
Inc. at its business address. Keep a copy of the notice for your records.

Celsius Holdings, Inc.

  Analipseos 30 Apt. #25

  52236 Panorama, Thessaloniki, Greece

  Attention: Kristian Kostovski

  Fax No.: (011)(30)(697)(XXX-XXXX)

  E-mail address: XXXXX

  

 

 

21

 

You are buying Exempt Market Securities

They are called exempt market securities because two parts of
securities law do not apply to them. If an issuer wants to sell exempt market
securities to you:

	  the issuer does not have to give you a prospectus (a document that
  describes the investment in detail and gives you some legal protections), and

 
	  the securities do not have to be sold by an investment dealer registered
  with a securities regulatory authority.

There are restrictions on your ability to resell exempt market securities.
Exempt market securities are more risky than other securities.

You will receive an offering memorandum Read the offering memorandum
carefully because it has important information about the issuer and its
securities. Keep the offering memorandum because you have rights based on it.
Talk to a lawyer for details about these rights.

You will not receive advice 

You will not get professional advice about whether the investment is suitable
for you. But you can still seek that advice from a registered adviser or
investment dealer. In Alberta, Manitoba, Northwest Territories, Prince Edward
Island, Quebec and Saskatchewan to qualify as an eligible investor, you may be
required to obtain that advice. Contact the Investment Dealers Association of
Canada  (website at www.ida.ca) 
for a list of registered investment dealers in your area.

The securities you are buying are not listed 

The securities you are buying are not listed on any stock exchange, and they
may never be listed. You may never be able to sell these securities.

The issuer of your securities is a non-reporting issuer 

A non-reporting issuer does not have to publish financial information
or notify the public of changes in its business. You may not receive ongoing
information about this issuer.

For more information on the exempt market, call your local securities
regulatory authority. 

 

 
 	
   
     British Columbia Securities Commission

     701 West Georgia Street

     P.O. Box 10142, Pacific Centre

     Vancouver, B.C. V7Y 1L2

     Telephone: 604-899-6500

     Fax: 604-899-6506

     Website: http://www.bcsc.bc.ca

    
   
   	 

 

 

[Instruction: The purchaser must sign 2 copies of this form. The purchaser
and the issuer must each receive a signed copy.]

 

22

 

SCHEDULE "D"

CERTIFICATION OF NON-US PURCHASERS

 

To: Celsius Holdings, Inc.

Re: Subscription for Securities of Corporation

The undersigned Purchaser/ officer of the Purchaser (or in the case of a
trust, the trustee or an officer of the trustee of the trust) hereby certifies
that:

	I have read the Subscription Agreement and understand that the offering of
 Shares is being made on a prospectus exempt basis; 
	the Purchaser is an not a "U.S. Person" as defined in Regulation S (as the
 same may be amended from time to time) promulgated under the Act.
	the Shares are bring purchased for the Purchaser's own account for
 investment and not with a view to the resale or distribution of the shares
 within, or to citizens or residents of, the United States of America;
	The Purchaser is not purchasing the shares for the account or benefit or a
 citizen or resident of the United States of America or any partnership or
 corporation organized or incorporated under the laws of any jurisdiction in the
 United States of America;
	At the time of execution of this Subscription Agreement, the Purchaser is
 outside the United States of America;
	The Purchaser has received or has had access to all information the
 Purchaser consider necessary or advisable in order to enable the Purchaser to
 make an informed decision concerning your purchase of the shares; and
	The Purchaser has such knowledge and experience in business and financial
 matters that you are capable of evaluating the merits and risks or investing in
 the shares, and you are able to bear the economic risk of investing in the
 shares;

The Purchaser further understands and agrees that the Shares may not be
offered for sale, sold, or otherwise disposed of within or to United States
citizens or residents unless the shares are subsequently registered under the 
Act of 1933 or an exemption from registration is available. The certificate
representing the shares will contain a restrictive legend with respect to the
foregoing. In the event that by reason of your acquisition of the shares you are
required to make any filings pursuant to the United States Securities
Exchange Act of 1934, as amended, the certificate representing the shares
will not be issued to you until all applicable filing requirements have been
satisfied.

The statements made in this Schedule are true.

DATED ______________, 2007.

 

              X _______________________________________

              Signature of individual or Authorized Signatory

              

              _________________________________________

              Name of Purchaser (please print)

              

              _________________________________________

              Name of authorized signatory (please print)

              

              _________________________________________

              Address of Purchaser (residence if an individual)

              

              _________________________________________

              Telephone Number

              

              _________________________________________

              E-Mail Address

               

             
            
           
          
         
        
       
      
     
    
   
  
 

23

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