<SEC-DOCUMENT>0001213900-19-018148.txt : 20190916
<SEC-HEADER>0001213900-19-018148.hdr.sgml : 20190916
<ACCEPTANCE-DATETIME>20190916165008
ACCESSION NUMBER:		0001213900-19-018148
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20190911
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190916
DATE AS OF CHANGE:		20190916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Celsius Holdings, Inc.
		CENTRAL INDEX KEY:			0001341766
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				202745790
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34611
		FILM NUMBER:		191095129

	BUSINESS ADDRESS:	
		STREET 1:		2424 N. FEDERAL HWY
		STREET 2:		SUITE 208
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33431
		BUSINESS PHONE:		561-276-2239

	MAIL ADDRESS:	
		STREET 1:		2424 N. FEDERAL HWY
		STREET 2:		SUITE 208
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33431

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VECTOR VENTURES CORP.
		DATE OF NAME CHANGE:	20051018
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k091119_celsiusholdings.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (date of earliest event reported): <B>September 11, 2019</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELSIUS
HOLDINGS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevada</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
or other jurisdiction of incorporation)</FONT></P>

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    <TD STYLE="width: 51%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">000-55663</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-2745790</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
File Number)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer Identification
    No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 100%; text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2424
    N. Federal Highway, Suite 208, Boca Raton, FL 33431</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal
    executive offices and zip code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(561)
    276-2239</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&rsquo;s
    telephone number including area code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Former
    Name or Former Address (If Changed Since Last Report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under
any of the following provisions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    of Each Class</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
    Symbol(s)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Each Exchange on Which Registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, $.001
    par value&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CELH</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq Capital Market&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.
&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
used in this Current Report on Form 8-K (this &ldquo;<B>Current Report</B>&rdquo;), unless otherwise indicated, the terms &ldquo;<B>the
Company</B>,&rdquo; &ldquo;<B>Celsius</B>,&rdquo; &ldquo;<B>we</B>,&rdquo; &ldquo;<B>us</B>&rdquo; and &ldquo;<B>our</B>&rdquo;
refer to Celsius Holdings, Inc. and its subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    1.01</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entry into a
    Material Definitive Agreement.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 11, 2019, Celsius entered into an underwriting agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) with B. Riley
FBR,&nbsp;Inc., acting for itself and as representatives of the several underwriters named in Schedule C to the Underwriting Agreement
(collectively, the &ldquo;<B>Underwriters</B>&rdquo;), to issue and sell 6,944,444 shares of our common stock, $0.001 par value
(the &ldquo;<B>Shares</B>&rdquo;), at a price of $3.60 per Share in a public offering (the &ldquo;<B>Offering</B>&rdquo;) pursuant
to a Registration Statement on Form&nbsp;S-3 (File No.&nbsp;333-228888), as amended to date (the &ldquo;<B>Registration Statement</B>&rdquo;)
and a related prospectus, including the related prospectus supplement (the &ldquo;<B>Prospectus Supplement</B>&rdquo;), filed
with the Securities and Exchange Commission. In addition, the Company granted the Underwriters a 30-day option to purchase up
to an additional 1,041,666 Shares at the public offering price of $3.60 per Shares. In connection with the Offering, certain of
the Company&rsquo;s directors and affiliates purchased in the aggregate 1,111,110 Shares in the Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 16, 2019, the Offering closed and the Company completed the issuance and sale of an aggregate of 7,986,110 Shares, which
includes the exercise in full by the Underwriters of their option to purchase an additional 1,041,666 Shares. The Company received
net proceeds from the Offering of approximately $26.9 million, after deducting underwriting discounts and commissions and estimated
offering expenses payable by the Company. The Company intends to use the net proceeds of the Offering to fund the cash needed
to consummate the acquisition of Func Food Group Oyj and related fees, costs and expenses, and the remaining, for general corporate
purposes, including funding marketing initiatives and expanding European distribution of CELH products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Underwriting Agreement contains customary representations, warranties, covenants and agreements by the Company, customary conditions
to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act
of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants
contained in the Underwriting Agreement were made only for purposes of such agreement, speak as of specific dates, were solely
for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of the Underwriting Agreement is filed as <B>Exhibit&nbsp;1.1</B> to this Current Report and is incorporated herein by reference.&nbsp;The
foregoing description of the Underwriting Agreement is not complete and is qualified in its entirety by reference to such exhibit.
A copy of the legal opinion as to the validity of the Shares issued and sold in the Offering is filed as <B>Exhibit&nbsp;5.1</B>
to this Form&nbsp;8-K and is filed with reference to, and is hereby incorporated by reference into, the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif"><B>Item 8.01</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other Events.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 12, 2019, the Company issued a press release announcing the pricing of the Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 16, 2019, the Company issued a press release announcing the closing of the Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
of the Company&rsquo;s press releases are filed as <B>Exhibits 99.1</B> and <B>99.2</B>, respectively, to this Current Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    9.01</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial Statements
    and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    No</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k091119ex1-1_celsiushold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement dated September 11, 2019</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k091119ex5-1_celsiushold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Guti&eacute;rrez Bergman Boulris, PLLC</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k091119ex5-1_celsiushold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Guti&eacute;rrez Bergman Boulris, PLLC (included in Exhibit 5.1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k091119ex99-1_celsiushold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated September 12, 2019</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><A HREF="f8k091119ex99-2_celsiushold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated September 16, 2019</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELSIUS
    HOLDINGS, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    September     16, 2019</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;John
    Fieldly</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    Fieldly, Chief Executive Officer</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2</P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>f8k091119ex1-1_celsiushold.htm
<DESCRIPTION>UNDERWRITING AGREEMENT DATED SEPTEMBER 11, 2019
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CELSIUS HOLDINGS, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(a Nevada corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Common
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 11, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B. Riley FBR, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Representative of the Several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">set forth on <U>Schedule C</U> hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11100 Santa Monica Boulevard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Suite 800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Los Angeles, CA 90025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Celsius Holdings, Inc.,
a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the several underwriters named in <U>Schedule
C</U> hereto (the &ldquo;<B>Underwriters</B>&rdquo;) pursuant to this Underwriting Agreement (this &ldquo;<B>Agreement</B>&rdquo;)
an aggregate of 6,944,444 shares (the &ldquo;<B>Firm Shares</B>&rdquo;) of the Company&rsquo;s common stock, $0.001 par value per
share (the &ldquo;<B>Common Stock</B>&rdquo;). In addition, the Company proposes to grant to the Underwriters the option to purchase
from the Company up to an additional 1,041,666 shares of Common Stock, representing fifteen percent (15%) of the Firm Shares to
be purchased at the option of the Underwriters (the &ldquo;<B>Option Shares</B>&rdquo; and, together with the Firm Shares, the
&ldquo;<B>Shares</B>&rdquo;). The Shares are described in the Prospectus (as defined below). B. Riley FBR, Inc. is acting as the
representative of the Underwriters and in such capacity is hereinafter referred to as the &ldquo;<B>Representative</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has entered
into that certain Master Transfer Agreement dated effective September 11, 2019 and Stock Purchase Agreement dated effective September
11, 2019 (together, the &ldquo;<B>Acquisition Agreements</B>&rdquo;) by and among the Company, as purchaser and the shareholders
and bondholders&rsquo; committee of Func Food Group Oyj, a Finnish corporation (&ldquo;<B>Func Food</B>&rdquo;), pursuant to which
Func Food shall, subject to the conditions set forth therein, become a wholly-owned subsidiary of the Company (the &ldquo;<B>Acquisition</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
1. </B></FONT><B><U>Sale and Purchase</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the basis of the
representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company
agrees to issue and sell the Firm Shares to the Underwriters, and the Underwriters agree to purchase from the Company the Firm
Shares as set forth opposite the names of such Underwriters on <U>Schedule C</U> hereto.&nbsp; The Company has been advised by
the Underwriters that they propose to make a public offering of the Shares as soon after this Agreement has become effective as
in their judgment is advisable.&nbsp; The pricing terms of the purchase of the Firm Shares by the Underwriters and the pricing
terms of the offering of the Firm Shares to the public are as set forth in <U>Schedule A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Company
hereby grants to the Underwriters the option to purchase, and upon the basis of the representations, warranties and agreements
contained herein and subject to the terms and conditions herein set forth, the Underwriters shall have the right to purchase from
the Company, all or a portion of the Option Shares, at the same purchase price per share to be paid by the Underwriters to the
Company for the Firm Shares as set forth opposite the names of such Underwriters on <U>Schedule C</U> hereto.&nbsp; This option
may be exercised by the Underwriters any time and from time to time on or before the thirtieth (30th) day following the date hereof,
by written notice from the Representative to the Company, which notice may be electronic (&ldquo;<B>Option Shares Notice</B>&rdquo;).&nbsp;
The Option Shares Notice shall set forth the aggregate number of Option Shares as to which the option is being exercised, and the
date and time when the Option Shares are to be delivered (such date and time being herein referred to as the &ldquo;<B>Option Closing
Date</B>&rdquo;); <I>provided</I>, <I>however</I>, that the Option Closing Date may be the same date and time as the Closing Date
(as defined below), but shall not be earlier than the Closing Date nor earlier than the second (2nd) business day after the date
on which the option for Option Shares shall have been exercised nor later than the tenth (10th) business day after the date of
the Option Shares Notice. As of the Option Closing Date, the Company will issue and sell to the Underwriters, and the Underwriters
will purchase, the number of Option Shares set forth in the Option Shares Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
2. </B></FONT><B><U>Payment and Delivery</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payment of the purchase
price for the Firm Shares shall be made to the Company by same day Federal Funds wire transfer against delivery of the Firm Shares
to the Underwriters through the facilities of The Depository Trust Company for the account of the Underwriters.&nbsp; Such payment
and delivery shall be made at 10:00 A.M., New York time, on September 16, 2019 (the &ldquo;<B>Closing Date</B>&rdquo;), which date
shall be the second business day after the date of this Agreement (unless another time or date shall be agreed to by the Representative
and the Company).&nbsp; Electronic transfer of the Firm Shares shall be made to or as instructed by the Representative at the Closing
Date in such names and in such denominations as the Representative shall specify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the option for Option
Shares is exercised, payment of the purchase price for the Option Shares shall be made at the Option Closing Date in the same manner
and at the same office as the payment for the Firm Shares.&nbsp; Electronic transfer of the Firm Shares shall be made to or as
instructed by the Representative at the Closing Date in such names and in such denominations as the Representative shall specify.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Deliveries of the documents
described in Section&nbsp;6 with respect to the purchase of the Shares shall be made at the offices of The NBD Group, Inc., counsel
for the Underwriters, at 10:00 A.M., New York time, on the Closing Date or Option Closing Date, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
3. </B></FONT><B><U>Representations and Warranties</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <I>Representations
and Warranties by the Company</I>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined
below), the Closing Date and any Option Closing Date, and agrees with the Underwriters, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) <U>Registration
Statement and Prospectuses</U>. The Company has prepared and filed with the Securities and Exchange Commission (&ldquo;<B>Commission</B>&rdquo;)
a shelf registration statement on Form S-3 (File No. 333-228888) under the Securities Act of 1933, as amended (the &ldquo;<B>1933
Act</B>&rdquo;) and the rules and regulation (the &ldquo;<B>1933 Act Regulations</B>&rdquo;) of the Commission thereunder, which
shelf registration statement was declared effective by the Commission and the Shares have been and remain eligible for registration
by the Company on such registration statement. Such registration statement, including all amendments and exhibits thereto, the
documents incorporated by reference therein and the documents and information otherwise deemed to be part thereof or included therein
pursuant to Rule 430B of the 1933 Act Regulations is referred to as the &ldquo;<B>Registration Statement</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each of the
Registration Statement and any post-effective amendment thereto has become effective under the 1933 Act. No stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under the 1933 Act, no
order preventing or suspending the use of any preliminary prospectus or the Prospectus (as defined below) has been issued and no
proceedings for any of those purposes have been instituted or are pending or, to the Company&rsquo;s knowledge, threatened. The
Company has complied to the Commission&rsquo;s satisfaction with each request (if any) from the Commission for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each of the
Registration Statement and any post-effective amendment thereto, excluding exhibits thereto, at the time of its effectiveness and
at each deemed effective date with respect to the Underwriters pursuant to Rule 430B(f)(2) under the 1933 Act Regulations, complied
in all material respects with the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus (including
the Prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto), at the time
it was filed, complied in all material respects with the 1933 Act Regulations and each preliminary prospectus and the Prospectus
delivered to the Underwriters for use in connection with this offering was virtually identical to the electronically transmitted
copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. Any registration
statement filed by the Company pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act is called the &ldquo;<B>462(b)&nbsp;Registration
Statement</B>&rdquo; and, from and after the date and time of filing of the Rule&nbsp;462(b)&nbsp;Registration Statement, the term
&ldquo;Registration Statement&rdquo; shall include the Rule&nbsp;462(b)&nbsp;Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The documents
incorporated or deemed to be incorporated by reference in the Registration Statement and the Prospectus, when they became effective
or at the time they were filed with the Commission, complied in all material respects with the requirements of the Securities Exchange
Act of 1934, as amended (the &ldquo;<B>1934 Act</B>&rdquo;), and the rules and regulations promulgated thereunder (collectively,
the &ldquo;<B>1934 Act Regulations</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) <U>Accurate
Disclosure; Certain Defined Terms</U>. Neither the Registration Statement nor any amendment thereto, at its effective time, at
the Closing Date or any Option Closing Date, contained, contains or will contain an untrue statement of a material fact or omitted,
omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
As of the Applicable Time, neither (A) the General Disclosure Package nor (B) any individual Issuer Free Writing Prospectus, when
considered together with the General Disclosure Package, included an untrue statement of a material fact or omitted to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue
date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing Date or at any Option Closing Date,
included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The representations
and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment
thereto), the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) made in reliance upon and in
conformity with written information furnished to the Company by the Underwriters expressly for use therein. For purposes of this
Agreement, the only information so furnished shall be the list of Underwriters and their respective underwriting allotments and
information in the &ldquo;Commissions and Discounts,&rdquo; &ldquo;Stabilization,&rdquo; and &ldquo;Passive market making&rdquo;
sections under the heading &ldquo;Underwriting&rdquo; in the General Disclosure Package or the Prospectus (or any amendment or
supplement thereto) (collectively, the &ldquo;<B>Underwriter Information</B>&rdquo;) as such statements relate to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Applicable
Time</B>&rdquo; means 10:00 p.m., New York City time, on September 11, 2019, or such other time as agreed by the Company and the
Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>General Disclosure
Package</B>&rdquo; means any Issuer Free Writing Prospectuses issued at or prior to the Applicable Time and the preliminary prospectus
dated September 11, 2019 (including any documents incorporated therein by reference) and the information included on <U>Schedule
A</U> hereto, all considered together.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuer Free
Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the 1933 Act Regulations
(&ldquo;<B>Rule 433</B>&rdquo;), including without limitation any &ldquo;free writing prospectus&rdquo; (as defined in Rule 405
of the 1933 Act Regulations (&ldquo;<B>Rule 405</B>&rdquo;)) relating to the Shares that is (i) required to be filed with the Commission
by the Company, (ii) a &ldquo;road show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether
or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i)
because it contains a description of the Shares or of the offering that does not reflect the final terms, in each case in the form
filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s
records pursuant to Rule 433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>preliminary
prospectus</B>&rdquo; means any preliminary form of the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Prospectus</B>&rdquo;
means the base prospectus included in the initial Registration Statement at the time of effectiveness thereof, as supplemented
by the final prospectus supplement relating to the offer and sale of the Shares, in the form filed pursuant to Rule 424(b) under
the 1933 Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to financial statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included&rdquo;
or &ldquo;stated&rdquo; (or other references of like import) in the Registration Statement, any preliminary prospectus or the Prospectus
shall be deemed to include all such financial statements and schedules and other information incorporated or deemed incorporated
by reference in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be, prior to the time
of the execution and delivery of this Agreement (the &ldquo;<B>Execution Time</B>&rdquo;); and all references in this Agreement
to amendments or supplements to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include
the filing of any document under the 1934 Act, and the 1934 Regulations, incorporated or deemed to be incorporated by reference
in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be, at or after the Execution Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) <U>Issuer
Free Writing Prospectuses</U>. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the
Registration Statement or the Prospectus, including any document incorporated by reference therein, and any preliminary or other
prospectus deemed to be a part thereof that has not been superseded or modified. Each Issuer Free Writing Prospectus satisfied,
as of its issue date and at all subsequent times to the Applicable Time, all other conditions to use thereof as set forth in Rules
164 and 433 under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) <U>Company
Not Ineligible Issuer</U>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest
time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of
the 1933 Act Regulations) of the Shares and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo;
as defined in Rule 405 under the 1933 Act, including the Company or any subsidiary in the preceding three years not having been
convicted of a felony or misdemeanor or having been made the subject of a judicial or administrative decree or order as described
in Rule 405 of the 1933 Regulations (without taking into account of any determination by the Commission pursuant to Rule 405 of
the 1933 Regulations that it is not necessary that the Company be considered an ineligible issuer), nor an &ldquo;excluded issuer&rdquo;
as defined in Rule 164 under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) <U>No
Other Offering Materials</U>. The Company has not distributed and will not distribute any prospectus or other offering material
in connection with the offering and sale of the Shares other than any preliminary prospectus, the General Disclosure Package or
the Prospectus or other materials permitted by the 1933 Act to be distributed by the Company; provided, however, that the Company
has not made and will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus except
in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi) <U>Independent
Accountants</U>. Assurance Dimensions, who have expressed their opinion with respect to the financial statements and supporting
schedules incorporated by reference in the Registration Statement are independent public accountants as required by the 1933 Act,
the 1933 Act Regulations, the 1934 Act, the 1934 Act Regulations and the Public Company Accounting Oversight Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vii) <U>Financial
Statements</U>. The financial statements included or incorporated by reference in the Registration Statement, the General Disclosure
Package and the Prospectus, together with the related schedules and notes, present fairly in all material respects the consolidated
financial position of the Company and its subsidiaries at the dates indicated and the results of operations, stockholders&rsquo;
equity and cash flows for the periods specified; said financial statements have been prepared in conformity with U.S. generally
accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;) applied on a consistent basis throughout the periods involved. The supporting
schedules, if any, present fairly in all material respects, in accordance with GAAP, the information required to be stated therein.
All non-GAAP financial information included in the Registration Statement, the General Disclosure Package and the Prospectus complies
with the requirements of Regulation G and Item 10 of Regulation S-K under the 1933 Act; and, except as disclosed in the Registration
Statement, General Disclosure Package and the Prospectus, there are no material off-balance sheet arrangements (as defined in Regulation
S-K under the 1933 Act,&nbsp;Item 303(a)(4)(ii)) or any other relationships with unconsolidated entities or other persons, that
may have a material current or, to the Company&rsquo;s knowledge, material future effect on the Company&rsquo;s financial condition,
results of operations, liquidity, capital expenditures, capital resources or significant components of revenue or expenses. Except
as included therein, no historical or pro forma financial statements or supporting schedules are required to be included or incorporated
by reference in the Registration Statement, the General Disclosure Package or the Prospectus under the 1933 Act or the 1933 Act
Regulations. The interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement,
the General Disclosure Package and the Prospectus fairly presents in all material respects the information called for and has been
prepared in accordance with the Commission&rsquo;s rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(viii) <U>No
Material Adverse Change in Business</U>. Except as otherwise stated therein, since the respective dates as of which information
is included or incorporated by reference, in the Registration Statement, the General Disclosure Package or the Prospectus, pro
forma for the Acquisition (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings,
business affairs, management, properties, operations or results of operations of the Company and its subsidiaries considered as
one enterprise, whether or not arising in the ordinary course of business (a &ldquo;<B>Material Adverse Effect</B>&rdquo;), (B)
there have been no transactions entered into by the Company or any of its subsidiaries, other than those in the ordinary course
of business, that are material with respect to the Company and its subsidiaries considered as one enterprise, and (C) except as
disclosed in the General Disclosure Package or the Prospectus, there has been no dividend or distribution of any kind declared,
paid or made by the Company on any class of capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ix) <U>Good
Standing of the Company</U>. The Company has been duly organized and is validly existing as a corporation in good standing under
the laws of the State of Nevada and has corporate power and authority to own, lease and operate its properties and to conduct its
business as described in the General Disclosure Package and the Prospectus and to enter into and perform its obligations under
this Agreement; and the Company is duly qualified as a foreign corporation to transact business and is in good standing in each
other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct
of business, except where the failure to so qualify or to be in good standing would not result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x) <U>Good
Standing of Subsidiaries</U>. Each subsidiary of the Company identified on listed on Exhibit 21.1 to the Company&rsquo;s Annual
Report on Form 10-K, Celsius European Holdings B.V., organized to consummate the Acquisition (&ldquo;<B>Celsius Holland</B>&rdquo;)
and Func Food (each, a &ldquo;<B>Subsidiary</B>&rdquo; and, collectively, the &ldquo;<B>Subsidiaries</B>&rdquo;) has been duly
organized and is validly existing in good standing under the laws of the jurisdiction of its incorporation or organization, has
corporate or similar power and authority to own, lease and operate its properties and to conduct its business as described in the
General Disclosure Package and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction
in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business,
except where the failure to so qualify or to be in good standing would not result in a Material Adverse Effect. Except as otherwise
disclosed in the General Disclosure Package and the Prospectus, all of the issued and outstanding capital stock of each Subsidiary
(on both an actual and a pro forma basis that gives effect to the Acquisition) has been duly authorized and validly issued, is
fully paid and non-assessable and is owned by the Company, directly or through subsidiaries, free and clear of any security interest,
mortgage, pledge, lien, encumbrance or claim. None of the outstanding shares of capital stock of any Subsidiary was issued in violation
of the preemptive or similar rights of any securityholder of such Subsidiary. The only subsidiaries of the Company are (a) the
subsidiaries listed on Exhibit 21.1 to the Company&rsquo;s Annual Report on Form 10-K incorporated by reference into the Registration
Statement, (b) Celsius Holland and (c) certain other subsidiaries which, considered in the aggregate as a single subsidiary, do
not constitute a &ldquo;significant subsidiary&rdquo; as defined in Rule 1-02 of Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xi) <U>Capitalization</U>.
The authorized, issued and outstanding shares of capital stock of the Company are as set forth in the General Disclosure Package
and the Prospectus (except for subsequent issuances, if any, pursuant to this Agreement, pursuant to reservations, agreements or
employee benefit plans referred to in the General Disclosure Package and the Prospectus or pursuant to the exercise or conversion
of convertible securities or options referred to in the General Disclosure Package and the Prospectus). The outstanding shares
of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable. None of the
outstanding shares of capital stock of the Company was issued in violation of the preemptive or other similar rights of any securityholder
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xii) <U>Authorization
of Agreement</U>. This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiii) <U>Authorization
and Description of Shares</U>. The Shares to be purchased by the Underwriters from the Company have been duly authorized for issuance
and sale to the Underwriters pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement
against payment of the consideration set forth herein, will be validly issued and fully paid and non-assessable; and the issuance
of the Shares is not subject to the preemptive or other similar rights of any securityholder of the Company. The Shares conform
in all material respects to all statements relating thereto contained in the General Disclosure Package and the Prospectus and
such description conforms to the rights set forth in the instruments defining the same. No holder of Shares will be subject to
personal liability by reason of being such a holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiv) <U>Registration
Rights</U>. There are no persons with registration rights or other similar rights to have any securities registered for sale pursuant
to the Registration Statement or otherwise registered for sale by the Company under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xv) <U>Absence
of Violations, Defaults and Conflicts</U>. Neither the Company nor any of its current Subsidiaries is (A) in violation of its charter,
by-laws or similar organizational document, (B) in default in the performance or observance of any obligation, agreement, covenant
or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement
or instrument to which the Company or any of current Subsidiaries is a party or by which it or any of them may be bound or to which
any of the properties or assets of the Company or any current Subsidiary is subject, except for such defaults that would not, singly
or in the aggregate, result in a Material Adverse Effect, or (C) in violation of any law, statute, rule, regulation, judgment,
order, writ or decree of any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body
or agency having jurisdiction over the Company or any of its current Subsidiaries or any of their respective properties, assets
or operations (each, a &ldquo;<B>Governmental Entity</B>&rdquo;), except for such violations that could not, singly or in the aggregate,
reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xvi) <U>No
Resulting Defaults and Conflicts</U>. The execution, delivery and performance by the Company of this Agreement, the issuance and
sale of the Shares, the compliance by the Company with the terms hereof and the consummation by the Company of the transactions
contemplated hereby have been duly authorized by all necessary corporate action and do not and will not (A) conflict with or result
in a breach or violation of any of the terms or provisions of, or constitute a default under, any material indenture, mortgage,
deed of trust, loan agreement or other material agreement or instrument to which the Company or any of the Subsidiaries is a party
or by which the Company or any of its Subsidiaries is bound or to which any of the properties or assets of the Company or any of
its Subsidiaries is subject, (B) result in any violation of the provisions of the charter or bylaws (or similar organizational
document) of the Company or any of the Subsidiaries or (C) result in the violation of any law or statute or any judgment, order,
rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (A) and (C)
above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse
Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental
agency or body is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale
of the Shares and compliance by the Company with the terms hereof and the consummation of the transactions contemplated hereby,
except as have been made or obtained and except as may be required by and made with or obtained from state securities laws or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xvii) <U>Absence
of Labor Dispute</U>. No labor problem or dispute with the employees of the Company or any of the Subsidiaries exists or, to the
Company&rsquo;s knowledge, is threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance
by the employees of any of its or its subsidiaries&rsquo; principal suppliers, contractors or customers, that could reasonably
be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xviii) <U>Absence
of Proceedings</U>. Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, there
are no legal or governmental proceedings pending to which the Company or any of the Subsidiaries is a party or of which any property
of the Company or any of the Subsidiaries is the subject which if adversely decided, could, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect or would materially and adversely affect the ability of the Company to perform its
obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xix) <U>Accuracy
of Exhibits</U>. There are no contracts or documents that are required to be described in the Registration Statement or to be filed
as exhibits thereto that have not been so described and filed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xx) <U>Absence
of Further Requirements</U>. No filing with, or authorization, approval, consent, license, order, registration, qualification or
decree of, any Governmental Entity is necessary or required for the performance by the Company of its obligations hereunder, in
connection with the Company&rsquo;s execution, delivery and performance of this Agreement or the consummation of the transactions
contemplated by this Agreement, except such as have been already obtained or as may be required under the 1933 Act, the 1933 Act
Regulations, the rules of The NASDAQ Capital Market, state securities laws or the rules of Financial Industry Regulatory Authority,
Inc. (&ldquo;<B>FINRA</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxi) <U>Possession
of Licenses and Permits</U>. The Company and the Subsidiaries possess adequate certificates, authorities or permits issued by appropriate
Governmental Entities necessary to conduct the business now operated by them, except where the failure so to possess could not,
singly or in the aggregate, be reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any of its
current Subsidiaries has received any written notice of proceedings relating to the revocation or modification of any such certificate,
authority or permit that, if determined adversely to the Company or any of the Subsidiaries, could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxii) <U>Title
to Property</U>. The Company and the Subsidiaries have good and marketable title to all property (whether real or personal) owned
by them, in each case, free and clear of all liens, security interests, claims or encumbrances or defects of any kind except such
as (A) are described in the General Disclosure Package and the Prospectus or (B) could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The property held under lease by the Company and the Subsidiaries is held by them
under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere
in any material respect with the conduct of the business of the Company or the subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxiii) <U>Intellectual
Property</U>. The Company and each of the Subsidiaries owns, possesses, has a valid license to use, or can acquire on reasonable
terms, all Intellectual Property necessary for the conduct of the Company&rsquo;s and its Subsidiaries&rsquo; business as now conducted
or as described in the Registration Statement, the General Disclosure Package and the Prospectus to be conducted, except as such
failure to own, possess, license or acquire such rights could not be reasonably expected to result in a Material Adverse Effect.&nbsp;
&ldquo;<B>Intellectual Property</B>&rdquo; means all patents, patent applications, trade and service marks, trade and service mark
registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology, know-how and other intellectual
property.&nbsp; Except as described in the Registration Statement, in the General Disclosure Package and in the Prospectus or as
could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (A)&nbsp;to the Company&rsquo;s
knowledge, there is no infringement, misappropriation or violation by third parties of any such Intellectual Property, (B)&nbsp;there
is no pending or, to the Company&rsquo;s knowledge, threatened, action, suit, proceeding or claim by others challenging the Company&rsquo;s
or any of the Subsidiaries&rsquo; rights in or to any such Intellectual Property, and the Company is unaware of any facts which
would form a reasonable basis for any such claim; (C)&nbsp;the Intellectual Property owned by the Company and the subsidiaries,
and, to the Company&rsquo;s knowledge, the Intellectual Property licensed to the Company and the subsidiaries, has not been adjudged
invalid or unenforceable, in whole or in part, and there is no pending or, to the Company&rsquo;s knowledge, threatened action,
suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property, and the Company is unaware
of any facts which would form a reasonable basis for any such claim; (D)&nbsp;there is no pending or, to the Company&rsquo;s knowledge
threatened action, suit, proceeding or claim by others that the Company or any of the subsidiaries infringes, misappropriates or
otherwise violates any Intellectual Property or other proprietary rights of others, neither the Company nor any of its current
Subsidiaries has received any written notice of such claim and the Company is unaware of any other facts which would form a reasonable
basis for any such claim; and (E) to the Company&rsquo;s knowledge, no employee of the Company or any of its current Subsidiaries
is in or has, within the past five years, been in violation of any term of any employment contract, patent disclosure agreement,
invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive
covenant to or with a former employer where the basis of such violation relates to such employee&rsquo;s employment with the Company
or any of its current Subsidiaries or actions undertaken by the employee while employed with the Company or any of its current
Subsidiaries.&nbsp; The Company and its current Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality
and value of all of their Intellectual Property, except where failure to do so could not be reasonably be expected to result in
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxiv) <U>Environmental
Laws</U>. Except as disclosed in the General Disclosure Package and the Prospectus or could not individually or in the aggregate
reasonably be expected to result in a Material Adverse Effect, (A) the Company and the Subsidiaries (1) are in compliance with
all applicable federal, state, local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection
of human health or safety, the environment, hazardous or toxic substances or wastes, pollutants or contaminants (collectively,
&ldquo;<B>Environmental Laws</B>&rdquo;), (2) have and are in compliance with all permits, licenses, certificates or other authorizations
or approvals required under applicable Environmental Laws to conduct their respective businesses, and (3) have not received, and
have no knowledge of any event or condition that could reasonably be expected to result in, any notice of any actual or potential
liability or claim under or relating to any Environmental Laws and (B) there are no costs or liabilities associated with Environmental
Laws of or relating to the Company or the Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxv) <U>Accounting
Controls and Disclosure Controls</U>. The Company and each of its current subsidiaries maintain internal control over financial
reporting (as defined under Rule 13a-15 under the 1934 Act Regulations) and a system of internal accounting controls designed to
provide reasonable assurances that (A) transactions are executed in accordance with management&rsquo;s general or specific authorization;
(B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; (C) access to assets is permitted only in accordance with management&rsquo;s general or specific authorization;
and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Except as disclosed in the General Disclosure Package and the Prospectus, the Company&rsquo;s
internal control over financial reporting is effective and none of the Company, its board of directors and audit committee is aware
of any &ldquo;significant deficiencies&rdquo; or &ldquo;material weaknesses&rdquo; (each as defined by the Public Company Accounting
Oversight Board) in its internal control over financial reporting, or any fraud, whether or not material, that involves management
or other employees of the Company or its current Subsidiaries who have a significant role in the Company&rsquo;s internal controls;
and since the end of the latest audited fiscal year, there has been no change in the Company&rsquo;s internal control over financial
reporting (whether or not remediated) that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s
internal control over financial reporting.&nbsp; The Company&rsquo;s board of directors has, subject to the exceptions, cure periods
and the phase in periods specified in the applicable stock exchange rules&nbsp;(&ldquo;<B>Exchange Rules</B>&rdquo;), validly appointed
an audit committee to oversee internal accounting controls whose composition satisfies the applicable requirements of the Exchange
Rules&nbsp;and the Company&rsquo;s board of directors and/or the audit committee has adopted a charter that satisfies the requirements
of the Exchange Rules. The Company and each of its current Subsidiaries maintain an effective system of disclosure controls and
procedures (as defined in Rule 13a-15 under the 1934 Act Regulations) that are designed to ensure that information required to
be disclosed by the Company in the reports that it files or submits under the 1934 Act is recorded, processed, summarized and reported,
within the time periods specified in the Commission&rsquo;s rules and forms, and is accumulated and communicated to the Company&rsquo;s
management, including its principal executive officer or officers and principal financial officer or officers, as appropriate,
to allow timely decisions regarding disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxvi) <U>Compliance
with the Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company or, to the Company&rsquo;s knowledge,
any of the Company&rsquo;s directors or officers, in their capacities as such, to comply in all material respects with any provision
of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 related
to loans and Sections 302 and 906 related to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxvii) <U>Payment
of Taxes</U>. The Company and its current Subsidiaries have timely filed all United States federal income and other material tax
returns that they were required by law to file (taking into account any valid extensions thereof), and all taxes required to be
paid by the Company and each of its current Subsidiaries that are due and payable have been paid, except for such taxes as are
being contested in good faith by appropriate proceedings and as to which adequate reserves have been established by the Company
and its current Subsidiaries or except where the failure to pay such taxes would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxviii)
<U>Insurance</U>. The Company and its current Subsidiaries carry or are entitled to the benefits of insurance, with reputable insurers,
in such amounts and covering such risks as is adequate for the conduct of their respective businesses and the value of their respective
properties, and all such insurance is in full force and effect. Neither the Company nor any of its current Subsidiaries has (A)
received written notice from any insurer or agent of such insurer that material capital improvements or other expenditures are
required or necessary to be made in order to continue such insurance or (B) any reason to believe that it will not be able (1)
to renew its existing insurance coverage as and when such policies expire or (2) to obtain comparable coverage from similar insurers
as may be necessary or appropriate to conduct its business as now conducted and at a cost that could not be reasonably be expected
to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxix) <U>Investment
Company Act</U>. The Company is not required, and upon the issuance and sale of the Shares as herein contemplated and the application
of the net proceeds therefrom as described in the General Disclosure Package and the Prospectus will not be required, to register
as an &ldquo;investment company&rdquo; under the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxx) <U>Absence
of Manipulation</U>. Neither the Company nor any current Subsidiary or controlled affiliate of the Company nor, to the Company&rsquo;s
knowledge, any other affiliate of the Company, has taken or will take, directly or indirectly, any action which is designed, or
would reasonably be expected, to cause or result in, or which has constituted, the stabilization or manipulation of the price of
any security of the Company to facilitate the sale or resale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxi) <U>Foreign
Corrupt Practices Act</U>. None of the Company, any of the Subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee, affiliate or other person acting on behalf of the Company or any of the Subsidiaries is aware of or has taken
any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (the &ldquo;<B>FCPA</B>&rdquo;), including, without limitation, making use
of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay
or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and, to the knowledge of the
Company, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxii) <U>Money
Laundering Laws</U>. The operations of the Company and the Subsidiaries are and have been conducted at all times in compliance
in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (USA PATRIOT Act), the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity
(collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;); and no action, suit or proceeding by or before any Governmental
Entity involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge
of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxiii)
<U>OFAC</U>. &nbsp; None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any director, officer, agent
or employee of the Company or any of the Subsidiaries is currently included on the List of Specially Designated Nationals and Blocked
Persons (the &ldquo;<B>SDN List</B>&rdquo;) maintained by the Office of Foreign Assets Control of the U.S. Treasury Department
(&ldquo;<B>OFAC</B>&rdquo;); and the Company will not directly or indirectly use the proceeds of the sale of the Shares, or lend,
contribute or otherwise make available such proceeds to any of its Subsidiaries, joint venture partners or other person, for the
purpose of financing the activities of any person currently included on the SDN List by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxiv) <U>Brokerage
Commissions</U>. Neither the Company nor any of its current Subsidiaries is a party to any contract, agreement or understanding
with any person (other than this Agreement) that could reasonably be expected to give rise to a valid claim against the Company
or any of its subsidiaries or the Underwriters for a brokerage commission, finder&rsquo;s fee or like payment in connection with
the offering and sale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxv) <U>Eligibility
to use Form S-3</U>. The conditions for use of Form&nbsp;S-3 in connection with the offer and sale of the Shares, as set forth
in the General Instructions thereto, have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxvi) <U>NASDAQ
Rules</U>. Except as described in the General Disclosure Package or the Prospectus, the Company is, and after giving effect to
the sale of Shares will be, in compliance in all material respects with all applicable corporate governance requirements set forth
in the NASDAQ Marketplace Rules. No approval of stockholders of the Company under the rules and regulations of NASDAQ is required
for the Company to issue and deliver the Shares to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxvii)
<U>Six Month Period Prior to Offering</U>. Except as described in the General Disclosure Package, the Company has not sold, issued
or distributed any shares of Common Stock during the six-month period preceding the date hereof, including any sales pursuant to
Rule&nbsp;144A under, or Regulation D or S of, the 1933 Act, other than shares issued pursuant to employee benefit plans, qualified
stock option plans or other employee or consultant compensation plans or pursuant to outstanding options, restricted stock units,
rights or warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxviii)
<U>Statistical and Market-Related Data</U>. Any third-party statistical and market-related data included in the General Disclosure
Package or the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable
and accurate in all material respects and such data agree with the sources from which they are derived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxix) <U>Research
Studies</U><FONT STYLE="background-color: white">. The research studies conducted by or on behalf of, or sponsored by, the Company
or its current Subsidiaries, or in which the Company or its current Subsidiaries have participated, that are described in the Registration
Statement, General Disclosure Package or the Prospectus, or the results of which are referred to in the Registration Statement,
General Disclosure Package or the Prospectus, as applicable, were and, if still pending, are being, conducted in all material respects
in accordance with applicable experimental protocols, procedures and controls pursuant to, where applicable, accepted professional
and scientific standards for products or product candidates comparable to those being developed by the Company or its current Subsidiaries
and all applicable statutes, rules and regulations to which they are subject; the descriptions of the results of such studies contained
in the Registration Statement, General Disclosure Package or the Prospectus do not contain any misstatement of a material fact
or omit to state a material fact necessary to make such statements not misleading; neither the Company nor any current Subsidiary
has knowledge of any research studies not described in the Registration Statement, General Disclosure Package or the Prospectus
the results of which reasonably call into question in any material respect the results of the research studies described in the
Registration Statement, General Disclosure Package or the Prospectus; and neither the Company nor any current Subsidiary has received
any written notices or correspondence from any foreign, state or local governmental body exercising authority or any institutional
review board or comparable authority requiring or threatening the premature termination, suspension, material modification or clinical
hold of any research studies conducted by or on behalf of, or sponsored by, the Company or any current Subsidiary or in which the
Company or any current Subsidiary has participated that are described in the Registration Statement, General Disclosure Package
or the Prospectus, and, to the Company&rsquo;s knowledge, there are no reasonable grounds for the same. There has not been any
violation of applicable law or regulation by the Company in its product development efforts, submissions or reports to any regulatory
authority that could reasonably be expected to require investigation, corrective action or enforcement action, except where such
violation could not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xl) <U>The
Acquisition</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(A) <U>Acquisition
Agreements</U>. The Acquisition Agreements have been duly authorized, executed and delivered by, and are valid and binding agreements
of the Company and the Subsidiary party thereto, enforceable against each of the Company and such Subsidiary in accordance with
their terms, and to the knowledge of the Company, have been duly authorized, executed and delivered by, and are valid and binding
agreements of the other parties thereto, enforceable against such in accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(B) <U>Consummation
of the Acquisition</U>. The Company expects that the transaction contemplated by the Acquisition Agreements will be consummated
in all material respects on the terms and by the date and as contemplated by the Acquisition Agreements and the description thereof
set forth in the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(C) <U>Acquisition
Agreements</U>. T<FONT STYLE="background-color: white">he Company has provided the Representative and its counsel with a true and
complete copy of each Acquisition Agreement prepared as of the date hereof (as defined in </FONT><U>Schedule D</U><FONT STYLE="background-color: white">)
and will provide a true and complete copy of each Acquisition Agreement prepared after the date hereof.&nbsp; Each Acquisition
Agreement has been or will when executed be duly authorized, executed and delivered by the Company or the subsidiary party thereto
when contemplated by their terms and, to the knowledge of the Company, by each of the other parties thereto; constitutes or upon
execution and delivery will constitute the legal, valid and binding obligation of the Company or the Subsidiary party thereto and,
to the knowledge of the Company, each such other party; and is enforceable against the Company or the Subsidiary party thereto
and, to the knowledge of the Company, each such other party in accordance with its terms</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(D) <U>Acquisition
Agreement Representations and Warranties</U>. The representations and warranties made (1)&nbsp;in each Acquisition Agreement by
the Company and the Subsidiary party thereto and, to the knowledge of the Company, each of the other parties thereto (as qualified
by applicable disclosures provided for in such respective Acquisition Agreement and the exhibits and schedules thereto) will be
true and correct at the time made, except where such breach could not reasonably be expected to result in a Material Adverse Effect;
and (2)&nbsp;with respect to any Acquisition Agreement executed and delivered on or prior to such time, as of the date hereof,
on the Closing Date and/or on any Option Closing Date, as the <FONT STYLE="background-color: white">case may be (in each case,
as qualified by applicable disclosures provided for in such respective Acquisition </FONT>Agreement and the exhibits and schedules
thereto<FONT STYLE="background-color: white">), except to the extent any such representation or warranty expressly speaks as of
an earlier date, in which case such representation or warranty shall be true and correct (as qualified by applicable disclosures
provided for in such respective Acquisition </FONT>Agreement and the exhibits and schedules thereto<FONT STYLE="background-color: white">)
as of such earlier date, will be true and correct as of such applicable date, except where such breach could not reasonably be
expected to result in a Material Adverse Effect</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(E) <U>Obligations</U>.
<FONT STYLE="background-color: white">Each of the Company and the Subsidiary party thereto and, to the knowledge of the Company,
each of the other parties thereto has performed, or will have performed as the case may be, all obligations and conditions required
to be performed or observed by it pursuant to each Agreement</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="background-color: white">(F)
<U>Accurate Description</U>. The description of the Acquisition and the Acquisition Agreements included in the Registration Statement,
the General Disclosure Package and the Prospectus under the caption &ldquo;Summary&mdash;Recent Developments&mdash;Acquisition
of Func Food Group Oyj&rdquo; are accurate, complete and fair in all material respects</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(G) <U>Other
Arrangements</U>. Other than the Acquisition Agreements, there are no other agreements, arrangements or understandings relating
to the Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(H) <U>Use
of Proceeds</U>. The Company intends to apply the net proceeds from the sale of Shares to be sold by it hereunder for the purposes
set forth in the Registration Statement, the General Disclosure Package and the Prospectus under the heading &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <I>Officer&rsquo;s
Certificates</I>. Any certificate signed by any officer of the Company or any of the current Subsidiaries delivered to the Underwriters
or to counsel for the Underwriters shall be deemed a representation and warranty by the Company to the Underwriters as to the matters
covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
4. </B></FONT><B><U>Covenants of the Company</U></B>. The Company covenants with the Underwriters as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <I>Compliance with
Securities Regulations and Commission Requests</I>. The Company, subject to Section 4(b), will comply with the requirements of
Rule 430B, and will notify the Underwriters promptly, and confirm the notice in writing, (i) when any post-effective amendment
to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed, (ii)
of the receipt of any comments from the Commission, (iii) of any request by the Commission for any amendment to the Registration
Statement or any amendment or supplement to the Prospectus, including any document incorporated by reference therein or for additional
information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment thereto or of any order preventing or suspending the use of any preliminary prospectus or the Prospectus,
or of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, or of the initiation or threatening
of any proceedings for any of such purposes or of any examination pursuant to Section 8(e) of the 1933 Act concerning the Registration
Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the 1933 Act in connection with the offering
of the Shares. The Company will effect all filings required under Rule 424(b), in the manner and within the time period required
by Rule 424(b) (without reliance on Rule 424(b)(8)) and will take such steps as it deems necessary to ascertain promptly whether
the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that
it was not, it will promptly file such prospectus. The Company will make every reasonable effort to prevent the issuance of any
stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <I>Continued Compliance
with Securities Laws</I>. The Company will comply with the 1933 Act, the 1933 Act Regulations, the 1934 Act and the 1934 Act Regulations
so as to permit the completion of the distribution of the Shares as contemplated in this Agreement and in the General Disclosure
Package and the Prospectus. If at any time when a prospectus relating to the Shares is (or, but for the exception afforded by Rule
172 of the 1933 Act Regulations (&ldquo;<B>Rule 172</B>&rdquo;), would be) required by the 1933 Act to be delivered in connection
with sales of the Shares, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of
counsel for the Underwriters or for the Company, to (i) amend the Registration Statement in order that the Registration Statement
will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, (ii) amend or supplement the General Disclosure Package or the Prospectus in order
that the General Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances
existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the General
Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the 1933 Act or the 1933
Act Regulations, the Company will promptly (A) give the Underwriters notice of such event, (B) prepare any amendment or supplement
as may be necessary to correct such statement or omission or to make the Registration Statement, the General Disclosure Package
or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the
Underwriters with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement;
provided that the Company shall not file or use any such amendment or supplement to which the Underwriters or counsel for the Underwriters
shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as
the Underwriters may reasonably request. The Company has given the Underwriters notice of any filings made by it pursuant to the
1934 Act or 1934 Act Regulations within 48 hours prior to the Applicable Time; the Company will give the Underwriters notice of
its intention to make any such filing from the Applicable Time to the Closing Date and will furnish the Underwriters with copies
of any such documents a reasonable amount of time prior to such proposed filing, as the case may be, and, subject to the requirements
of applicable laws and regulations, will not file or use any such document to which the Underwriters or counsel for the Underwriters
shall reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <I>Delivery of
Registration Statements</I>. To the extent not available through EDGAR, the Company will furnish or deliver to the Underwriters
and counsel for the Underwriters, without charge, upon request, (i) copies of the Registration Statement as originally filed and
each amendment thereto (including exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed
to be incorporated by reference therein) and (ii) copies of all consents and certificates of experts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <I>Delivery of
Prospectuses</I>. The Company has delivered to the Underwriters, without charge, as many copies of each preliminary prospectus
as the Underwriters reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the
1933 Act. The Company will furnish to the Underwriters, without charge, during the period when a prospectus relating to the Shares
is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, such number of copies
of the Prospectus (as amended or supplemented) as the Underwriters may reasonably request. The Prospectus and any amendments or
supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with
the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) <I>Blue Sky Qualifications</I>.
To take promptly from time to time such actions as the Representative may reasonably request to qualify the Shares for offering
and sale under the securities or Blue Sky laws of such jurisdictions (domestic or foreign) as the Representative may designate
and to continue such qualifications in effect, and to comply with such laws, for so long as required to permit the offer and sale
of Shares in such jurisdictions; <I>provided </I>that the Company and its subsidiaries shall not be obligated to (i) qualify as
foreign corporations in any jurisdiction in which they are not so qualified, (ii) to file a general consent to service of process
in any jurisdiction or (iii) subject themselves to taxation in any such jurisdiction if they are not otherwise so subject.&nbsp;
The parties acknowledge and agree that to the extent that the Shares qualify as Covered Securities (as defined under Section&nbsp;18
of the 1933 Act), no such actions shall be required with respect to the qualification of the Shares in any state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) <I>Rule 158</I>.
The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available to its
securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits
contemplated by, the last paragraph of Section 11(a) of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) <I>Listing</I>.
The Company will use its reasonable best efforts to list, effect and maintain the listing of the Shares on The NASDAQ Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) <I>FINRA Filing</I>.
The Company will use its best efforts to assist the Underwriters, if requested by the Underwriters, with any filings with FINRA
and obtaining clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) <I>Reporting Requirements</I>.
The Company, during the period when a prospectus relating to the Shares is (or, but for the exception afforded by Rule 172, would
be) required to be delivered under the 1933 Act, will file all documents required to be filed with the Commission pursuant to the
1934 Act within the time periods required by the 1934 Act and 1934 Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) <I>Issuer Free
Writing Prospectuses</I>. The Company agrees that, unless it obtains the prior written consent of the Representative and subject
to the requirements of the 1934 Act and the 1934 Act Regulations, it will not make any offer relating to the Shares that would
constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; or a portion
thereof, required to be filed by the Company with the Commission or retained by the Company under Rule 433; provided that the Representative
will be deemed to have consented to the Issuer Free Writing Prospectuses listed on <U>Schedule B</U> hereto, if any, and any &ldquo;road
show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i) that has been reviewed by the Representative.
The Company represents that it has treated or agrees that it will treat each such free writing prospectus consented to, or deemed
consented to, by the Representative as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and that it has
complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission
where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred
or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the
information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted
or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing
at that subsequent time, not misleading (other than with respect to any Underwriter Information), the Company will promptly notify
the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate
or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) <I>Communications
Prior to Closing</I>. Prior to the Applicable Time and any Closing Date or Option Closing Date, the Company will not issue any
press release or other communication directly or indirectly or hold any press conference with respect to the Company, its condition,
financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in
the ordinary course of business and consistent with the past practices of the Company and of which the Representative is notified),
without the prior written consent of the Representative, unless in the judgment of the Company and its counsel, and after notification
to the Representative, such press release or communication is required by law or applicable stock exchange rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l) <I>Acquisition</I>.
T<FONT STYLE="background-color: white">o use reasonable best efforts to take promptly, or cause to be taken promptly, all actions,
and to do promptly, or cause to be done promptly, all things necessary, proper or advisable to finalize the Acquisition Agreements,
to execute and deliver the Acquisition Agreements when contemplated by their terms and to consummate the Acquisition as promptly
as practicable and substantially </FONT>on the terms disclosed in the Registration Statement, the General Disclosure Package and
the Prospectus<FONT STYLE="background-color: white">, including by using reasonable best efforts to take or cause to be taken all
actions necessary to satisfy all of the conditions and obligations of the Company or its subsidiaries, to obtain all necessary
waivers, consents, approvals and other Agreements required to be delivered under the Acquisition Agreements (unless delivery of
such waiver, consent, approval or other document is otherwise waived by the applicable party) and to effect all necessary registrations
and filings and to remove any delays, legal or otherwise, in each case in order to consummate and make effective the Acquisition</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">(m) </FONT><I>Company
Lock-Up</I>. For a period commencing on the date hereof and ending on the 90<SUP>th</SUP> day after the date of this
Agreement (the &ldquo;<B>Lock-Up Period</B>&rdquo;), the Company agrees not to, directly or indirectly, without the
prior written consent of the Representative, (1) offer for sale, sell, pledge or otherwise dispose of (or enter into any
transaction or device that is designed to, or would be reasonably expected to, result in the disposition by any person at any
time in the future of) any shares of Common Stock or securities convertible into or exchangeable for Common Stock or sell or
grant options, rights or warrants with respect to any shares of Common Stock or securities convertible into or exchangeable
for Common Stock, (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part,
any of the economic benefits or risks of ownership of such shares of Common Stock, whether any such transaction described in
clause (1) or (2) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise, (3) file or
cause to be filed a registration statement, including any amendments, with respect to the registration under the Securities
Act for the offer and sale by the Company of any shares of Common Stock or securities convertible, exercisable or
exchangeable into Common Stock or any other securities of the Company or (4) publicly disclose the intention to do any of the
foregoing. <FONT STYLE="font-weight: normal">The restrictions contained in the preceding sentence shall not apply to any one
or more of the following: (A) the Shares to be sold hereunder and any post-effective amendments to the Registration Statement
filed consistent with the terms of this Agreement and (B) the issuance of shares of Common Stock, restricted stock units,
options to purchase Common Stock or units pursuant to employee benefit plans, qualified stock option plans or other employee
compensation plans in effect on the date of this Agreement or pursuant to currently outstanding restricted stock
units, options, warrants or rights</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company agrees
to cause each officer, director and shareholder of the Company set forth on <U>Schedule E</U> hereto to furnish to the Underwriters,
prior to the Closing Date, a letter or letters, substantially in the form of <U>Exhibit A</U> hereto (the &ldquo;<B>Lock-Up Agreements</B>&rdquo;).
The Company will enforce the terms of each Lock-Up Agreement and issue stop-transfer instructions to the transfer agent for the
Common Stock with respect to any transaction or contemplated transaction that would constitute a breach of or default under the
applicable Lock-Up Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
5. </B></FONT><B><U>Payment of Expenses</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <I>Expenses</I>.
The Company will pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including
(i) the printing and delivery of the Registration Statement (including financial statements and exhibits) as originally filed and
each amendment thereto, (ii) the preparation, issuance and delivery of the Shares to the Underwriters, including any stock or other
transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery of the Shares to the Underwriters, (iii)
the fees and disbursements of the Company&rsquo;s counsel, accountants and other advisors, (iv) the qualification of the Shares
under securities laws in accordance with the provisions of Section 4(e) hereof, including filing fees and the reasonable, documented
fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation of the Blue
Sky survey and any supplement thereto, (v) the preparation, filing, printing and delivery to the Underwriters of copies of each
preliminary prospectus, each Issuer Free Writing Prospectus and the Prospectus and any amendments or supplements thereto, (vi)
the fees and expenses of any transfer agent or registrar for the Shares, (vii) the costs and expenses of the Company relating to
investor presentations on any &ldquo;road show&rdquo; undertaken in connection with the marketing of the Shares, including without
limitation, expenses associated with the production of road show slides and graphics, communication and electronic marketing expenses,
the fees and expenses of any consultants engaged by the Company in connection with the road show presentations, travel and lodging
expenses (including airfare and ground transportation) of the representatives and officers of the Company, and any consultants,
and, with the prior written consent of the Company, the cost of aircraft and other transportation chartered in connection with
the road show, (viii) the fees and expenses of the Underwriters (including travel and lodging expenses in connection with the &ldquo;road
show&rdquo; and other reasonable out-of-pocket expenses of the Underwriters (excluding fees and expenses of counsel to the Underwriters
payable pursuant to clause (ix)) up to a maximum of $15,000 in any one instance or in the aggregate in any one month (provided,
that, the Underwriters may seek pre-approval from the Company for any amounts in excess of the $15,000 and such pre-approval will
not be unreasonably withheld), (ix) the fees and expenses of counsel to the Underwriters up to a maximum of $75,000 and (x) the
fees and expenses incurred in connection with the listing of the Shares on The NASDAQ Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <I>Termination
of Agreement</I>. If this Agreement is terminated by the Underwriters in accordance with the provisions of Section 6, Section 10(a)(i)
or (iii), or Section 11 hereof, the Company shall reimburse the Underwriters for all of their reasonable, documented out-of-pocket
expenses, including the reasonable fees and disbursements of counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
6. </B></FONT><B><U>Conditions of Underwriters&rsquo; Obligations</U></B>. The obligations of the Underwriters hereunder are subject
to the accuracy, when made and as of the Applicable Time and as of the Closing Date or any Option Closing Date, of the representations
and warranties of the Company contained herein, to the accuracy of the statements made in certificates of any officer of the Company
or any of its subsidiaries delivered pursuant to the provisions hereof, to the performance by the Company of its covenants and
other obligations hereunder, and to the following further conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <I>Effectiveness
of Registration Statement</I>. The Registration Statement has become effective and at the Closing Date or any Option Closing Date,
no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued
under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and
no proceedings for any of those purposes have been instituted or are pending or, to the Company&rsquo;s knowledge, threatened;
and the Company has complied, to the Commission&rsquo;s satisfaction, with each request (if any) from the Commission for additional
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <I>Contents of
Registration Statement</I>. The Representative shall not have discovered and disclosed to the Company on or prior to the Applicable
Time, Closing Date or any Option Closing Date that the Registration Statement or any amendment or supplement thereto contains an
untrue statement of a fact which, in the opinion of counsel for the Underwriters, is material or omits to state any fact which,
in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein
not misleading, or that the General Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or
supplement thereto contains an untrue statement of fact which, in the opinion of such counsel, is material or omits to state any
fact which, in the opinion of such counsel, is material and is necessary in order to make the states, in light of the circumstances
in which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <I>Opinion of Counsel
and Negative Assurance Letter for the Company</I>. At the Closing Date and in connection with any Option Closing Date, the Representative
shall have received the opinion and negative assurance letter, dated the Closing Date or Option Closing Date, as applicable, of
Guti&eacute;rrez Bergman Boulris, PLLC, counsel for the Company, in form and substance reasonably satisfactory to counsel for the
Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <I>Officers&rsquo;
Certificate</I>. At the Closing Date and in connection with any Option Closing Date, there shall not have been, since the date
hereof or since the respective dates as of which information is given in the General Disclosure Package or the Prospectus, any
material adverse change in the condition, financial or otherwise, or in the earnings or business affairs of the Company and its
subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, and the Representative shall
have received a certificate of the Chief Executive Officer and the Chief Financial Officer of the Company, dated the Closing Date
or any Option Closing Date, to the effect that (i) there has been no such material adverse change, (ii) to their knowledge, after
reasonable investigation, the representations and warranties of the Company in this Agreement are true and correct with the same
force and effect as though expressly made at and as of the Closing Date or Option Closing Date, (iii) to their knowledge, after
reasonable investigation, the Company has complied in all material respects with all agreements and satisfied all conditions on
its part to be performed or satisfied at or prior to the Closing Date or Option Closing Date, and (iv) no stop order suspending
the effectiveness of the Registration Statement under the 1933 Act has been issued, no order preventing or suspending the use of
any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted
or are pending or, to their knowledge, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) <I>CFO Certificate</I>.
On the date of this Agreement, the Closing Date and any Option Closing Date, the Representative shall have received a certificate,
dated the respective dates of delivery thereof and addressed to the Underwriters, of its Chief Financial Officer with respect to
certain financial data contained in the Registration Statement, the General Disclosure Package, the road show presentation and
the Prospectus, providing &ldquo;management comfort&rdquo; with respect to such information, in form and substance reasonably satisfactory
to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) <I>Auditor Comfort
Letter</I>. At the Execution Time, the Representative shall have received from Assurance Dimensions a letter, dated such date,
in form and substance satisfactory to the Representative, together with signed or reproduced copies of such letter for each of
the other Underwriters containing statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort
letters&rdquo; to underwriters with respect to the financial statements and certain financial information contained in the Registration
Statement, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) <I>Bring-down Comfort
Letter</I>. At the Closing Date and any Option Closing Date, the Representative shall have received from Assurance Dimensions a
letter, dated as of the Closing Date or Option Closing Date, as applicable, to the effect that they reaffirm the statements made
in the letter furnished pursuant to subsection (e) of this Section, except that the specified date referred to shall be a date
not more than three business days prior to the Closing Date or any Option Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) <I>Lock-Up Agreements</I>.
At or prior to the Execution Time, the Representative shall have received the written Lock-Up Agreements substantially in the form
attached as <U>Exhibit A</U> from each of the Company&rsquo;s officers, directors and shareholders listed in <U>Schedule E</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) <I>Additional Documents</I>.
At the Closing Date and any Option Closing Date, counsel for the Underwriters shall have been furnished with such documents as
they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Shares as herein contemplated,
or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions,
herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Shares as herein contemplated
shall be satisfactory in form and substance to the Representative and counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) <I>Acquisition
Agreement</I>. Each Acquisition Agreement to be executed and delivered on or prior to the date hereof, the Closing Date or the
Option Closing Date, as applicable, shall have been executed and delivered at the time of execution thereof described in the Registration
Statement, the General Disclosure Package and the Prospectus by the Company or the subsidiary party thereto and the other parties
thereto substantially in the form previously provided to the Representative and its counsel, copies of which shall have been provided
to the Representative and its counsel. Without limiting the generality of the foregoing, on or prior to the Closing Date the Acquisition
Agreements shall have been executed and delivered by the Company or the Subsidiary party thereto and the other parties thereto
substantially in the form previously provided to the Representative and its counsel, copies of which shall have been provided to
the Representative and its counsel. <FONT STYLE="background-color: white">There shall have been no amendment, modification or supplement
to the terms and conditions of any Acquisition Agreement, as compared to the form last provided to the Representative and its counsel
prior to the date hereof, that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect, or that would cause the description of the Acquisition and the Acquisition Agreements in the Registration Statement, the
General Disclosure Package and the Prospectus to contain an untrue statement of a material fact or to omit a material fact required
to be stated therein or necessary to make the statements therein, except in the case of the Registration Statement, in light of
the circumstances under which they were made, not misleading</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) <I>Termination
of Agreement</I>. If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled,
this Agreement may be terminated by the Underwriters by notice to the Company at any time at or prior to Closing Date or any Option
Closing Date and such termination shall be without liability of any party to any other party except as provided in Section 5 and
except that Sections 1, 7, 8, 9, 15 and 16 shall survive any such termination and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
7. </B></FONT><B><U>Indemnification</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <I>Indemnification
of Underwriters</I>. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates and each of its and their
respective directors, officers, members, employees, representatives and agents and their respective affiliates (as such term is
defined in Rule 501(b) under the 1933 Act (each, an &ldquo;<B>Affiliate</B>&rdquo;)), its selling agents and each person, if any,
who controls such Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows :</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of or based on any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any
information deemed to be a part thereof pursuant to Rule 430B, or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement
or alleged untrue statement of a material fact included in any preliminary prospectus, any Issuer Free Writing Prospectus or the
Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject
to Section 7(d) below) any such settlement is effected with the written consent of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representative), reasonably
incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided, however, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or
omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto), including any information
deemed to be a part thereof pursuant to Rule 430B, the General Disclosure Package or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <I>Indemnification
of Company, Directors and Officers</I>. The Underwriters agree to indemnify and hold harmless the Company, its directors, each
of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability, claim, damage and expense described
in the indemnity contained in subsection (a) of this Section, as incurred, but only with respect to untrue statements or omissions,
or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including any information
deemed to be a part thereof pursuant to Rule 430B, the General Disclosure Package or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <I>Actions against
Parties; Notification</I>. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a
result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity
agreement. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of
the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish,
jointly with any other indemnifying party similarly notified, if any, to assume the defense thereof, with counsel selected in accordance
with the next sentence, and, after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 7 for any legal expenses
of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense
thereof other than reasonable costs of investigation; provided, however, the indemnifying party shall not, under any of the circumstances
described in clauses (i), (ii), (iii) and (iv) below, have the right to assume or direct the defense thereof and shall be liable
to such indemnified party under this Section 7 for any legal expenses of other counsel or any other expenses in connection with
the defense thereof if, in the reasonable judgment of the indemnified party (i) the use of the counsel chosen by the indemnifying
party to represent the indemnified party would present such counsel with a conflict of interest, (ii) representation of the indemnified
party by such counsel would be inappropriate due to differing interests between the indemnifying party and any indemnified party,
(iii) there are likely to be defenses available to the indemnified party that are different from, or in addition to, the defenses
available to the indemnifying party, or (iv) the indemnifying party fails to use reasonable diligence in defending against such
action. In the case of parties indemnified pursuant to Section 7(a) above, counsel to the indemnified parties shall be selected
by the Representative, and, in the case of parties indemnified pursuant to Section 7(b) above, counsel to the indemnified parties
shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; provided,
however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to
the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in
addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or
separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances.
No indemnifying party shall, without the prior written consent of the indemnified parties (which consent shall not be unreasonable
withheld), settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification
or contribution could be sought under this Section 7 or Section 8 hereof (whether or not the indemnified parties are actual or
potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified
party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement
as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <I>Settlement without
Consent if Failure to Reimburse</I>. If at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement
of the nature contemplated by Section 7(a)(ii) effected without its written consent if (i) such settlement is entered into more
than 45 days after receipt by such indemnifying party of the aforesaid request for reimbursement, (ii) such indemnifying party
shall have received notice of the terms of such settlement at least 45 days prior to such settlement being entered into and (iii)
such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such
settlement or shall not have disputed in good faith the indemnified party&rsquo;s entitlement to such reimbursement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
8. </B></FONT><B><U>Contribution</U></B>. To the extent the indemnification provided for in Section 7 hereof is for any reason
unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or
expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities,
claims, damages and expenses incurred by such indemnified party, as incurred, (i) in such proportion as is appropriate to reflect
the relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, from the offering of the
Shares pursuant to this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault
of the Company, on the one hand, and of the Underwriters, on the other hand, in connection with the statements or omissions which
resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits
received by the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Shares
pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering
of the Shares pursuant to this Agreement (before deducting expenses) received by the Company, on the one hand, and the total underwriting
discounts and commissions received by the Underwriters, on the other hand, in each case as set forth on the cover of the Prospectus,
bear to the aggregate public offering price of the Shares as set forth on the cover of the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault
of the Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things,
whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by the Company or by the Underwriters and the parties&rsquo; relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the
Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata
allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in
this Section 8. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and
referred to above in this Section 8 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or
alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
provisions of this Section 8, the Underwriters shall not be required to contribute any amount in excess of the amount by which
the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount
of any damages which the Underwriters have otherwise been required to pay by reason of any such untrue or alleged untrue statement
or omission or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Section 8, each person, if any, who controls an Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act and the Underwriter&rsquo;s Affiliates and selling agents shall have the same rights to contribution as such Underwriter,
and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who
controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights
to contribution as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
9. </B></FONT><B><U>Representations, Warranties and Agreements to Survive</U></B>. All representations, warranties and agreements
contained in this Agreement or in certificates of officers of the Company or any of its subsidiaries submitted pursuant hereto,
shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of the Underwriters
or their Affiliates or selling agents, any person controlling the Underwriter, its officers or directors or any person controlling
the Company and (ii) delivery of and payment for the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
10. </B></FONT><B><U>Termination of Agreement</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <I>Termination</I>.
The Underwriters may terminate this Agreement, by notice to the Company, at any time at or prior to the Closing Date (or, in the
case of an Option Closing Date that is subsequent to the Closing Date for the Firm Shares) (i) if there has been, since the time
of execution of this Agreement or since the respective dates as of which information is given in the General Disclosure Package
or the Prospectus, any material adverse change in the condition, financial or otherwise, or in the earnings or business affairs
of the Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, in
each case the effect of which is such as to make it, in the judgment of the Underwriters, impracticable or inadvisable to proceed
with the completion of the offering or to enforce contracts for the sale of the Shares, or (ii) if there has occurred any material
adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities
or escalation thereof involving the United States or other material calamity or crisis or any material adverse change or development
involving a prospective material adverse change in national or international political, financial or economic conditions, in each
case the effect of which is such as to make it, in the reasonable good faith judgment of the Representative, impracticable or inadvisable
to proceed with the completion of the offering or to enforce contracts for the sale of the Shares, or (iii) if trading in any securities
of the Company has been suspended or materially limited by the Commission or The NASDAQ Capital Market where trading has not been
suspended or materially limited as described in the immediately following clause, or (iv) if trading generally on the New York
Stock Exchange or in The NASDAQ Global Market has been suspended or materially limited, or minimum or maximum prices for trading
have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, FINRA
or any other governmental authority, or (v) a material disruption has occurred in commercial banking or securities settlement or
clearance services in the United States, or (vi) if a banking moratorium has been declared by either Federal or New York authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <I>Liabilities</I>.
If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other
party except as provided in Section 5 hereof, and provided further that Sections 1, 7, 8, 9, 15 and 16 shall survive such termination
and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
11. </B></FONT><B><U>Default by the Company</U></B>. If the Company shall fail at the Closing Date (or, in the case of an Option
Closing Date that is subsequent to the Closing Date for the Firm Shares) to sell the number of Shares that it is obligated to sell
hereunder, then this Agreement shall terminate without any liability on the part of any non-defaulting party; provided, however,
that the provisions of Sections 1, 5, 7, 8, 9, 15 and 16 shall remain in full force and effect. No action taken pursuant to this
Section shall relieve the Company from liability, if any, in respect of such default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
12. </B></FONT><B><U>Default by the Underwriters</U></B>. If, on the Closing Date or an Option Closing Date, as the case may be,
any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase hereunder
on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused
to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters
shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in <U>Schedule
C</U> bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in
such other proportions as you may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but
failed or refused to purchase on such date; <I>provided</I> that in no event shall the number of Shares that any Underwriter has
agreed to purchase pursuant to this Agreement be increased pursuant to this Section&nbsp;12 by an amount in excess of one-ninth
of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters
shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs
is more than one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to you
and the Company for the purchase of such Firm Shares are not made within 36 hours after such default, this Agreement shall terminate
without liability on the part of any non-defaulting Underwriter or the Company. If, on an Option Closing Date, any Underwriter
or Underwriters shall fail or refuse to purchase Option Shares and the aggregate number of Option Shares with respect to which
such default occurs is more than one-tenth of the aggregate number of Option Shares to be purchased on such Option Closing Date,
the non-defaulting Underwriters shall have the option to (i)&nbsp;terminate their obligation hereunder to purchase the Option Shares
to be sold on such Option Closing Date or (ii)&nbsp;purchase not less than the number of Option Shares that such non-defaulting
Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall
not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
13. </B></FONT><B><U>Notices</U></B>. All notices and other communications hereunder shall be in writing and shall be deemed to
have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Representative shall be
directed to B. Riley FBR, Inc. at 11100 Santa Monica Blvd., Suite 800, Attention:&nbsp; Michael Guzman, and a copy to The NBD Group,
Inc., 350 N. Glendale Avenue, Suite B-522, Glendale, CA 91206, attention of Sara L. Terheggen; notices to the Company shall be
directed to it at Celsius Holdings, Inc., 2424 N Federal Highway, Suite 208, Boca Raton, FL 33431, attention of Edwin Negron-Carballo,
with a copy to Guti&eacute;rrez Bergman Boulris, PLLC, attention of Dale S. Bergman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
14. </B></FONT><B><U>No Advisory or Fiduciary Relationship</U></B>. The Company acknowledges and agrees that (a) the purchase and
sale of the Shares pursuant to this Agreement, including the determination of the public offering price of the Shares and any related
discounts and commissions, is an arm&rsquo;s-length commercial transaction between the Company, on the one hand, and the Underwriters,
on the other hand, (b) in connection with the offering of the Shares and the process leading thereto, each Underwriter is and has
been acting solely as a principal and is not the agent or fiduciary of the Company, any of its subsidiaries, or its respective
stockholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility
in favor of the Company with respect to the offering of the Shares or the process leading thereto (irrespective of whether the
Underwriters has advised or is currently advising the Company or any of its subsidiaries on other matters) and the Underwriters
have no obligation to the Company with respect to the offering of the Shares except the obligations expressly set forth in this
Agreement, (d) each Underwriter and their respective affiliates may be engaged in a broad range of transactions that involve interests
that differ from those of the Company, and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice
with respect to the offering of the Shares and the Company has consulted its own legal, accounting, regulatory and tax advisors
to the extent it deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
15. </B></FONT><B><U>Parties</U></B>. This Agreement shall each inure to the benefit of and be binding upon the Underwriters, the
Company and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to
give any person, firm or corporation, other than the Underwriters, the Company and their respective successors and the controlling
persons and officers and directors referred to in Sections 7 and 8 and their heirs and legal representatives, any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions
and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriters, the Company and their respective
successors, and said controlling persons and officers and directors and their heirs and legal representatives, and for the benefit
of no other person, firm or corporation. No purchaser of Shares from the Underwriters shall be deemed to be a successor by reason
merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
16. </B></FONT><B><U>Trial by Jury</U></B>. Each of the Company (on its behalf and, to the extent permitted by applicable law,
on behalf of its stockholders and affiliates) and the Underwriters hereby irrevocably waives, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
17. </B></FONT><B><U>GOVERNING LAW</U></B>. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE
OF LAW PROVISIONS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
18. </B></FONT><B><U>TIME</U></B>. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
19. </B></FONT><B><U>Partial Unenforceability</U></B>. The invalidity or unenforceability of any Section, paragraph or provision
of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section,
paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to
be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
20. </B></FONT><B><U>Research Analyst Independence</U></B>. The Company acknowledges that each Underwriter&rsquo;s research analysts
and research departments are required to be independent from its investment banking division and are subject to certain regulations
and internal policies, and that such Underwriter&rsquo;s research analysts may hold views and make statements or investment recommendations
and/or publish research reports with respect to the Company and/or the sale of Shares that differ from the views of their investment
banking division.&nbsp; The Company acknowledges that each Underwriter is a full service securities firm and as such from time
to time, subject to applicable securities laws, rules&nbsp;and regulations, may effect transactions for its own account or the
account of its customers and hold long or short positions in debt or equity securities of the Company; <I>provided, however</I>,
that nothing in this Section&nbsp;20 shall relieve any Underwriter of any responsibility or liability it may otherwise bear in
connection with activities in violation of applicable securities laws, rules&nbsp;or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
21. </B></FONT><B><U>Counterparts</U></B>. This Agreement may be executed in any number of counterparts (including by facsimile,
..PDF or other electronic transmission), each of which shall be deemed to be an original, but all such counterparts shall together
constitute one and the same Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>SECTION
22. </B></FONT><B><U>Effect of Headings</U></B>. The Section headings herein are for convenience only and shall not affect the
construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is
in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement between the Underwriters and the Company in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CELSIUS HOLDINGS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ John Fieldly</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: John Fieldly</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 274.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">CONFIRMED AND ACCEPTED,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.25in">as of the date first above written:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">B. RILEY FBR, INC.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Jimmy Baker</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Authorized Representative</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Underwriting Agreement &ndash; Signature
Page</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Shares to be Sold: 7,986,110 (Including Option Shares)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Public Offering Price: $3.60 per Share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Underwriting Discount: $0.216 per Share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Proceeds to the Company (before underwriting
discount and expenses): $28,749,996 (assuming sale of Option Shares)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Free Writing Prospectuses</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Underwriter</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center">Number of Firm Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center">Number of Option Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">B. Riley FBR, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6,076,389</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">911,458</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ladenburg Thalmann &amp; Co. Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">520,833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,125</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Maxim Group LLC</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">347,222</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">52,083</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 4pt double">6,944,444</TD><TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 4pt double">1,041,666</TD><TD STYLE="text-align: left; padding-bottom: 4pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 34; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Acquisition Agreements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used in this Agreement, the term &ldquo;<B>Acquisition Agreements</B>&rdquo;
means, collectively, the following agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Master Transfer Agreement, by and among inter alia
the Bondholder Committee, Sentica Buyout IV Ky, Celsius Holdings, Inc. and Func Food Group Oyj.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Share Purchase Agreement, by and among Shareholders
of Func Food Group Oyj, as the Sellers, and Celsius Holdings, Inc., as the Purchaser.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 35; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Persons Subject to Lock-Up</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Executive Officers and Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">John Fieldly</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Edwin F. Negron-Carballo</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">Nicholas Castaldo</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">Hal Kravitz</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify">Kevin Harrington</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD STYLE="text-align: justify">Tony Lau</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD STYLE="text-align: justify">Thomas Lynch</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD STYLE="text-align: justify">William H. Milmoe</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">9.</TD><TD STYLE="text-align: justify">Regan Ebert</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Major Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Carl DeSantis</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Charmnew Limited</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">CD Financial, LLC</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form of Lock-up Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">______, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B. Riley FBR, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11100 Santa Monica Blvd., Suite 800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Los Angeles, CA 90025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.25pt"><B>Re: <U>Celsius
Holdings, Inc. (the &ldquo;Company&rdquo;) - Restriction on Stock Sales</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.95pt; text-align: justify">This letter agreement is delivered to
you pursuant to the Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) to be entered into by the Company,
as issuer, and B. Riley FBR, Inc., representative of the underwriters (the &ldquo;<B>Representative</B>&rdquo;). Upon the terms
and subject to the conditions of the Underwriting Agreement, the Underwriters intend to effect a public offering of shares of Common
Stock, $0.001 par value per share, of the Company (the &ldquo;<B>Shares</B>&rdquo;), as described in and contemplated by the registration
statement of the Company on Form S-3, File No. 333-228888 (the &ldquo;<B>Registration Statement</B>&rdquo;), initially filed with
the Securities and Exchange Commission on December 19, 2018, as amended (the &ldquo;<B>Offering</B>&rdquo;). Terms used herein,
but not defined, shall have the meaning ascribed to them in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.95pt; text-align: justify">The undersigned recognizes that it is
in the best financial interests of the undersigned, as an officer or director, or an owner of Common Stock, options, warrants,
performance units or other securities convertible into or exchangeable for Common Stock of the Company (the &ldquo;<B>Company Securities</B>&rdquo;),
that the undersigned not sell Company Securities in the public market for a reasonable period following the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.95pt; text-align: justify">The undersigned further recognizes that
the Company Securities held by the undersigned are, or may be, subject to certain restrictions on transferability, including those
imposed by United States federal securities laws. Notwithstanding these restrictions, the undersigned has agreed to enter into
this letter agreement to further assure the Underwriters that the Company Securities of the undersigned, now held or hereafter
acquired, will not enter the public market at a time that might impair the underwriting effort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Therefore, as an inducement to the Underwriters
to execute the Underwriting Agreement, the undersigned hereby acknowledges and agrees that the undersigned will not, without the
prior written consent of the Representative, (1) offer, sell, contract to sell, pledge, grant any option to purchase or otherwise
dispose of (collectively, a &ldquo;<B>Disposition</B>&rdquo;) any Company Securities or any securities convertible into or exercisable
or exchangeable for, or any rights to purchase or otherwise acquire, any Company Securities held by the undersigned or acquired
by the undersigned after the date hereof, or that may be deemed to be beneficially owned by the undersigned (collectively, the
&ldquo;<B>Lock-Up Shares</B>&rdquo;), pursuant to the Rules and Regulations promulgated under the Securities Act of 1933, as amended
(the &ldquo;<B>Act</B>&rdquo;), and the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), for
a period commencing on the date hereof and ending 90 days after the date of the Underwriting Agreement, inclusive (the &ldquo;<B>Lock-Up
Period</B>&rdquo;), (2) during the Lock-Up Period, exercise or seek to exercise or effectuate in any manner any rights of any nature
that the undersigned has or may have hereafter to require the Company to register under the Act the undersigned&rsquo;s Disposition
of any of the Lock-Up Shares held by the undersigned, (3) otherwise participate as a selling securityholder in any manner in any
registration of Lock-Up Shares effected by the Company under the Act, including under the Registration Statement, during the Lock-Up
Period, or (4) engage in any hedging, collar (whether or not for any consideration) or other transaction that is designed to or
reasonably expected to lead to or result in a Disposition of Lock-Up Shares during the Lock-Up Period, even if such Lock-Up Shares
would be disposed of by someone other than such holder, and such prohibited hedging or other transactions would include any short
sale or any purchase, sale or grant of any right (including any put or call option or reversal or cancellation thereof) with respect
to any Lock-Up Shares or with respect to any security (other than a broad-based market basket or index) that includes, relates
to or derives any significant part of its value from Lock-Up Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Notwithstanding the agreement not to make
any Disposition during the Lock-Up Period, the Underwriters have agreed that the foregoing restrictions shall not apply to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(1)</TD><TD STYLE="text-align: justify">any Disposition or transfer of Lock-Up Shares to a family member, trust, or entity in which more than fifty percent of the
voting interests are owned by the undersigned or the undersigned&rsquo;s immediate family members (as defined in General Instruction
A.1(a)(5) to Form S-8 under the Act);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: -36.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(2)</TD><TD STYLE="text-align: justify">any bona fide gift;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: -36.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(3)</TD><TD STYLE="text-align: justify">any Disposition or transfer of Lock-Up Shares by will, intestate succession or by operation of law pursuant to a qualified
domestic order or in connection with a divorce settlement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: -36.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(4)</TD><TD STYLE="text-align: justify">any transfer of Lock-Up Shares solely to cover applicable withholding taxes due upon the vesting of stock-based awards under
the Company&rsquo;s equity compensation plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: -36.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(5)</TD><TD STYLE="text-align: justify">the conversion or exchange of convertible or exchangeable Company Securities outstanding as of the date of this letter agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: -36.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(6)</TD><TD STYLE="text-align: justify">the forfeiture or surrender to the Company of Lock-Up Shares for failure to achieve vesting requirements associated with such
Lock-Up Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: -36.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(7)</TD><TD STYLE="text-align: justify">Dispositions or forfeiture of Lock-Up Shares of the undersigned or the retention of Lock-Up Shares by the Company (A) to satisfy
tax withholding obligations in connection with the exercise of options to purchase Shares, the vesting of restricted stock units
or performance shares or the settlement of deferred stock units of the Company or (B) in payment of the exercise or purchase price
with respect to the exercise of options to purchase Shares, the vesting of restricted stock units or performance shares or the
settlement of deferred stock units of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: -36.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(8)</TD><TD STYLE="text-align: justify">the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: -36.3pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(9)</TD><TD STYLE="text-align: justify">the Disposition or transfer of Lock-Up Shares pursuant to a trading plan established pursuant to Rule 10b5-1 under the Exchange
Act prior to the date of this letter agreement; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.25pt; text-indent: -36.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.95pt; text-align: justify"></TD><TD STYLE="width: 36.3pt; text-align: justify">(10)</TD><TD STYLE="text-align: justify">any Disposition or transfer of Lock-Up Shares pursuant to a bona fide third-party tender offer, merger, consolidation or other
similar transaction that is approved by the board of directors of the Company, made to all holders of the Company Securities involving
a Change of Control (as defined below) (including any support or voting agreement entered into in connection therewith), <I>provided</I>
that in the event that the tender offer, merger, consolidation or other such transaction is not completed, the Lock-up Shares of
the undersigned shall remain subject to the restrictions contained in this letter agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt; text-align: justify"><I>provided</I> that in the case of any
transfer, gift or other disposition pursuant to the immediately preceding clauses (1) or (2), except in the case of a bona fide
gift to a charitable organization, the transferee, trust, donee or other recipient agrees to be bound in writing by the terms of
this letter agreement prior to such transfer and no filing by any party (donor, donee, transferor or transferee) under the Exchange
Act shall be required or shall be voluntarily made in connection with such transfer (other than required filings under Section
16(a) and Section 13(d) or 13(g) of the Exchange Act and any filings made after the expiration of the Lock-Up Period). For purposes
of clause (10) above, &ldquo;Change of Control&rdquo; shall mean any bona fide third-party tender offer, merger, amalgamation,
consolidation or other similar transaction the result of which would be that any &ldquo;person&rdquo; (as defined in Section&nbsp;13(d)(3)&nbsp;of
the Exchange Act), or group of persons, other than the Company, becomes the beneficial owner (as defined in Rules&nbsp;13d-3 and
13d-5 of the Exchange Act) of more than 50% of the total voting power of the voting stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.95pt; text-align: justify">Furthermore, the undersigned may, during
the Lock-Up Period, sell shares of Common Stock purchased by the undersigned on the open market following the closing of the Offering
if and only if (i) such sales are not required to be reported in any public report or filing under the Exchange Act and (ii) the
undersigned does not otherwise voluntarily effect any public report or filing regarding such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.95pt; text-align: justify">It is understood that, if the Underwriting
Agreement does not become effective on or before September 30, 2019, or if the Underwriting Agreement (other than the provisions
thereof that survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares, the obligations
under this letter agreement shall automatically terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 37.95pt; text-align: justify">In furtherance of the foregoing, the Company
and its transfer agent and registrar are hereby authorized to decline to make any transfer of Lock-Up Shares if such transfer would
constitute a violation or breach of this letter agreement. This letter agreement shall be binding on the undersigned and the respective
successors, heirs, personal representatives and assigns of the undersigned. Capitalized terms used but not defined herein have
the respective meanings assigned to such terms in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-bottom: 1.5pt; white-space: nowrap">Print Name:&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">A-4</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>f8k091119ex5-1_celsiushold.htm
<DESCRIPTION>OPINION OF GUTIERREZ BERGMAN BOULRIS, PLLC
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ex5-1_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">attorneys at law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 11, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Celsius Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2424 N. Federal Highway, Suite 208</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boca Raton, FL 33431</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as counsel to Celsius Holdings,
Inc., a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the issuance and sale by the Company from time
to time on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;), of (i)&nbsp;securities, including shares of the Company&rsquo;s common stock, $0.001 par value per share (the
&ldquo;<B>Common Stock</B>&rdquo;), at an aggregate initial offering price not to exceed $75,000,000, registered pursuant to the
Registration Statement on Form&nbsp;S-3 (File No.&nbsp;333-228888) (including the prospectus contained therein, the &ldquo;<B>Registration
Statement</B>&rdquo;) filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) on December 19, 2018
and as subsequently amended; and (ii)&nbsp;the prospectus supplement, dated September 11, 2019 (the &ldquo;<B>Prospectus Supplement</B>&rdquo;),
relating to the issuance and sale by the Company of up to an aggregate of 7,986,1010 shares of Common Stock (the &ldquo;<B>Shares</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We understand that the Shares are being
sold in the manner set forth in the Prospectus Supplement to the several underwriters named in, and pursuant to, an Underwriting
Agreement by and between the Company and B. Riley FBR,&nbsp;Inc., as representative of the several underwriters (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;).&nbsp; This opinion letter is furnished to enable you to fulfill the requirements of Item 601(b)(5)&nbsp;of
Regulation S-K, in connection with the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have examined originals or copies, certified
or otherwise identified to our satisfaction, of such corporate records of the Company and other certificates and documents of officials
of the Company, public officials and others as we have deemed appropriate for purposes of this letter.&nbsp; We have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us as originals, and the conformity to authentic
original documents of all copies submitted to us as conformed and certified or reproduced copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon the foregoing and subject to
the assumptions, exceptions, qualifications and limitations set forth hereinafter, we are of the opinion that the Shares have been
duly authorized for issuance and, when issued and paid for in accordance with the terms and conditions of the Underwriting Agreement,
will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In rendering the foregoing opinion, we
have assumed that: (i)&nbsp;the Company will issue and deliver the Shares in the manner contemplated by the Registration Statement,
the Prospectus Supplement and the Underwriting Agreement; and (ii)&nbsp;the Shares will be issued in compliance with applicable
federal and state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is limited to the Nevada General
Corporation Law.&nbsp; We express no opinion with respect to any other laws.&nbsp; This opinion has been prepared solely for use
in connection with the transmitting for filing of the Prospectus Supplement on the date of this letter and may be relied upon for
no other purpose without our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Guti&eacute;rrez Bergman Boulris, PLLC
| </B>901 Ponce de Leon Blvd, Suite 303 | Coral Gables, FL 33134</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Office: (305) 358-5100 | Fax: (888) 281-1829</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Celsius Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 11, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 2 of 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this
letter with the Commission as an exhibit to the Current Report on Form&nbsp;8-K to be filed by the Company in connection with the
issuance and sale of the Shares in accordance with the requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the Securities
Act and to the reference to our firm therein and in the Prospectus Supplement under the caption
&ldquo;Legal Matters.&rdquo;&nbsp; In giving such consent, we do not thereby admit that this firm is within the category of persons
whose consent is required under Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the Commission under
such Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Guti&eacute;rrez Bergman Boulris, PLLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GUTI&Eacute;RREZ BERGMAN BOULRIS, PLLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Guti&eacute;rrez Bergman Boulris, PLLC
| </B>901 Ponce de Leon Blvd, Suite 303 | Coral Gables, FL 33134</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">www.gbbpl.com | Office: (305) 358-5100 |
Fax: (888) 281-1829</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>f8k091119ex99-1_celsiushold.htm
<DESCRIPTION>PRESS RELEASE DATED SEPTEMBER 12, 2019
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>FOR IMMEDIATE RELEASE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Investor Relations: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Cameron Donahue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(651) 653-1854</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">cameron@haydenir.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Celsius Holdings Announces Pricing of
Public Offering of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Boca Raton, FL.
&ndash; September 12, 2019 &ndash; Celsius Holdings, Inc. (NASDAQ: CELH) (the &ldquo;Company&rdquo; or &ldquo;CELH&rdquo;) today
announced that it has priced its underwritten registered public offering of 6,944,444 shares of its common stock at a price to
the public of $3.60 per share. The Company has granted the underwriters a 30-day option to purchase at the public offering price,
less the underwriting discount, up to an additional 1,041,666 shares of common stock. All shares of common stock to be sold in
the offering will be offered by the Company. Certain directors and affiliates of the Company intend to purchase in the aggregate
approximately 1,100,000 shares of common stock in the offering. The offering is expected to close on or about September 16, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The total gross
proceeds from the offering are expected to be approximately $24.9 million. After deducting the underwriters&rsquo; discount and
other estimated offering expenses payable by the Company, the net proceeds are expected to be approximately $23.3 million. These
amounts assume no exercise of the underwriters&rsquo; over-allotment option. The Company intends to use the net proceeds from
the offering, if completed, to fund the cash needed to consummate the acquisition of Func Food Group Oyj (the &ldquo;Func Food
Acquisition&rdquo;) and related fees, costs and expenses, and the remaining, for general corporate purposes, including funding
marketing initiatives and expanding European distribution of CELH products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">B. Riley FBR,
Inc. is acting as sole bookrunner for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The offering
is being made pursuant to the Company&rsquo;s shelf registration statement on Form&nbsp;S-3 (File No.&nbsp;333-228888) that was
declared effective by the Securities and Exchange Commission (&ldquo;SEC&rdquo;) on February 1, 2019. The shares may be offered
only by means of a prospectus. A final prospectus supplement describing the terms of the offering and the accompanying base prospectus
will be filed with the SEC and will be available on the SEC&rsquo;s website located at&nbsp;http://www.sec.gov.
Alternatively, copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available,
may be obtained from B. Riley FBR, Inc., Attention: Prospectus Department, 1300 17th St. North, Ste. 1300, Arlington, VA 22209,
or by email at prospectuses@brileyfbr.com, or by telephone at (703) 312-9580.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This press release
shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities
in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Celsius Holdings, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Celsius Holdings, Inc. (Nasdaq: CELH),
is a global company with a proprietary, clinically proven formula for its brand CELSIUS&reg; and all its sub-brands. A lifestyle
fitness drink and a pioneer in the rapidly growing performance energy sector, CELSIUS&reg; has four beverage lines that each offer
proprietary, functional, healthy-energy formulas clinically-proven to offer significant health benefits to its users. The four
lines include, CELSIUS&reg; Originals, CELSIUS HEAT&trade;, CELSIUS&reg; On-the-Go, and CELSIUS&reg; Sweetened with Stevia. CELSIUS&reg;
has zero sugar, no preservatives, no aspartame, no high fructose corn syrup, and is non-GMO, with no artificial flavors or colors.
The CELSIUS&reg; line of products is Certified Kosher and Vegan. CELSIUS&reg; is also soy and gluten-free and contains very little
sodium. CELSIUS&reg; is backed by six university studies that were published in peer-reviewed journals validating the unique benefits
CELSIUS&reg; provides. CELSIUS&reg; is sold nationally at Target, CVS, GNC, Vitamin Shoppe, 7-Eleven, Dick&rsquo;s Sporting Goods,
The Fresh Market, Sprouts and other key regional retailers such as HEB, Publix, Winn-Dixie, Harris Teeter, Shaw&rsquo;s and Food
Lion. It is also available on Amazon, at fitness clubs and in select micro-markets across the country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release may contain statements
that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform
Act of 1995.&nbsp; Words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo;
&ldquo;may,&rdquo; &ldquo;will,&rdquo; and similar expressions are intended to identify forward-looking statements. The forward-looking
statements in this press release include statements about the Company&rsquo;s expectations regarding the completion of its proposed
public offering, its expectations with respect to granting the underwriters a 30-day option to purchase additional shares, the
outcome and impact of the proposed Func Food Acquisition and the anticipated use of proceeds from the offering. These statements
involve risks, estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed
in these statements, including, among others, risks and uncertainties associated with market conditions and the satisfaction of
customary closing conditions related to the proposed offering, as well as risks and uncertainties associated with the Company&rsquo;s
business and finances in general. In addition, please refer to the risk factors contained in the Company&rsquo;s Form 10-K for
the fiscal year ended December 31, 2018, the Company&rsquo;s Form 10-Q for the fiscal quarter ended June 30, 2019 and other SEC
filings available at&nbsp;<U>www.sec.gov</U>. Because the risks, estimates, assumptions and uncertainties referred to above could
cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, readers are cautioned
not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company
undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>f8k091119ex99-2_celsiushold.htm
<DESCRIPTION>PRESS RELEASE DATED SEPTEMBER 16, 2019
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>FOR IMMEDIATE RELEASE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Investor Relations:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Cameron Donahue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(651) 653-1854</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">cameron@haydenir.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Celsius Holdings Announces Closing of
Public Offering of Common Stock and <BR>
Full Exercise of Underwriters&rsquo; Option to Purchase Additional Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Boca Raton, FL.
&ndash; September 16, 2019 &ndash; Celsius Holdings, Inc. (NASDAQ: CELH) (the &ldquo;Company&rdquo; or &ldquo;CELH&rdquo;) today
announced the closing of its previously announced underwritten registered public offering of 7,986,110 shares of its common stock,
inclusive of 1,041,666 shares sold upon full exercise of the underwriters&rsquo; option to purchase additional shares of common
stock, at a price to the public of $3.60 per share. All shares of common stock were sold by the Company. Certain directors and
affiliates of the Company purchased an aggregate of 1,111,110 shares of common stock in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The total gross
proceeds from the offering are expected to be approximately $28.7 million. After deducting the underwriters&rsquo; discount and
other estimated offering expenses payable by the Company, the net proceeds are expected to be approximately $26.9 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">B. Riley FBR
acted as sole bookrunner for the offering. Ladenburg Thalmann and Maxim Group LLC acted as co-managers for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The offering
was made pursuant to the Company&rsquo;s shelf registration statement on Form&nbsp;S-3 (File No.&nbsp;333-228888) that was declared
effective by the Securities and Exchange Commission (&ldquo;SEC&rdquo;) on February 1, 2019. The shares were offered only by means
of a prospectus. A final prospectus supplement describing the terms of the offering and the accompanying base prospectus were
filed with the SEC and will be available on the SEC&rsquo;s website located at&nbsp;http://www.sec.gov. Alternatively, copies
of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from B. Riley FBR, Inc.,
Attention: Prospectus Department, 1300 17th St. North, Ste. 1300, Arlington, VA 22209, or by email at prospectuses@brileyfbr.com,
or by telephone at (703) 312-9580.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This press release
shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities
in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Celsius Holdings, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Celsius Holdings, Inc. (Nasdaq: CELH),
is a global company with a proprietary, clinically proven formula for its brand CELSIUS&reg; and all its sub-brands. A lifestyle
fitness drink and a pioneer in the rapidly growing performance energy sector, CELSIUS&reg; has four beverage lines that each offer
proprietary, functional, healthy-energy formulas clinically-proven to offer significant health benefits to its users. The four
lines include, CELSIUS&reg; Originals, CELSIUS HEAT&trade;, CELSIUS&reg; On-the-Go, and CELSIUS&reg; Sweetened with Stevia. CELSIUS&reg;
has zero sugar, no preservatives, no aspartame, no high fructose corn syrup, and is non-GMO, with no artificial flavors or colors.
The CELSIUS&reg; line of products is Certified Kosher and Vegan. CELSIUS&reg; is also soy and gluten-free and contains very little
sodium. CELSIUS&reg; is backed by six university studies that were published in peer-reviewed journals validating the unique benefits
CELSIUS&reg; provides. CELSIUS&reg; is sold nationally at Target, CVS, GNC, Vitamin Shoppe, 7-Eleven, Dick&rsquo;s Sporting Goods,
The Fresh Market, Sprouts and other key regional retailers such as HEB, Publix, Winn-Dixie, Harris Teeter, Shaw&rsquo;s and Food
Lion. It is also available on Amazon, at fitness clubs and in select micro-markets across the country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release may contain statements
that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform
Act of 1995.&nbsp; Words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo;
&ldquo;may,&rdquo; &ldquo;will,&rdquo; and similar expressions are intended to identify forward-looking statements. The forward-looking
statements in this press release include statements about the Company&rsquo;s expectations regarding the completion of its proposed
public offering, its expectations with respect to granting the underwriters a 30-day option to purchase additional shares, the
outcome and impact of the proposed Func Food Acquisition and the anticipated use of proceeds from the offering. These statements
involve risks, estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed
in these statements, including, among others, risks and uncertainties associated with market conditions and the satisfaction of
customary closing conditions related to the proposed offering, as well as risks and uncertainties associated with the Company&rsquo;s
business and finances in general. In addition, please refer to the risk factors contained in the Company&rsquo;s Form 10-K for
the fiscal year ended December 31, 2018, the Company&rsquo;s Form 10-Q for the fiscal quarter ended June 30, 2019 and other SEC
filings available at&nbsp;<U>www.sec.gov</U>. Because the risks, estimates, assumptions and uncertainties referred to above could
cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, readers are cautioned
not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company
undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
