Exhibit 10.37 





 


NEITHER
THIS WARRANT NOR THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF THIS WARRANT OR SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE
REASONABLY SATISFACTORY TO THE COMPANY, THAT THIS WARRANT OR SUCH SECURITIES, AS APPLICABLE, MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED,
OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR APPLICABLE
STATE SECURITIES LAWS.


 


HUMBL,
INC.


 


WARRANT
TO PURCHASE SHARES OF COMMON STOCK


 


1.
Issuance. For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by HUMBL,
Inc., a Delaware corporation, its successors and assigns (“Company”), Athletes First, LLC, a Delaware limited
liability company, its successors and/or registered assigns (“Holder”), is hereby granted the right to purchase at
any time on or after the Issue Date (as defined below) until May 21, 2026 (the “Expiration Date”), 25,000,000 fully
paid and non-assessable shares (the “Warrant Shares”) of Company’s common stock, par value $0.00001 per share
(the “Common Stock”), as such number may be adjusted from time to time pursuant to the terms and conditions of this
Warrant to Purchase Shares of Common Stock (this “Warrant”).


 


This
Warrant is being issued pursuant to the terms of that certain Consulting Agreement dated May 21, 2021, to which Company and Holder are
parties (as the same may be amended from time to time, the “Consulting Agreement”). Certain capitalized terms used
herein are defined in Attachment 1 attached hereto and incorporated herein by this reference. This Warrant was issued to Holder
on May 21, 2021 (the “Issue Date”).


 


2.
Exercise of Warrant.


 


2.1.
General.


 


(a)
This Warrant is exercisable in whole or in part at any time and from time to time commencing on the Issue Date and ending on the Expiration
Date. Such exercise shall be effectuated by submitting to Company (either by delivery to Company or by email or facsimile transmission)
a completed and signed Notice of Exercise substantially in the form attached to this Warrant as Exhibit A (the “Notice
of Exercise”). The date a Notice of Exercise is delivered to Company shall be the “Exercise Date,” provided
that, if such exercise represents the full exercise of the outstanding balance of this Warrant, Holder shall tender this Warrant to Company
within five (5) Trading Days thereafter, but only if the Warrant Shares to be delivered pursuant to the Notice of Exercise have been
delivered to Holder as of such date. The Notice of Exercise shall be executed by Holder and shall indicate (i) the number of Warrant
Shares to be issued pursuant to such exercise, and (ii) if applicable (as provided below), whether the exercise is a cashless exercise.


 




    	 



    	 



    

 


(b)
Holder may elect a “cashless” exercise of this Warrant for any Warrant Shares, in which event the Company shall issue to
Holder a number of Warrant Shares computed using the following formula:


 


X
= Y (A-B)


A


 


	 	Where
	X
    = the number of Warrant Shares to be issued to Holder.
	 	 	 
	 	 	Y
    = the number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).
	 	 	 
	 	 	A
= the Closing Trade Price (on the date two Trading Days prior to the Exercise Date).
	 	 	 
	 	 	B
    = Exercise Price (as adjusted to the date of such calculation).


 


(c)
If the Notice of Exercise form elects a “cash” exercise, the Exercise Price per share of Common Stock for the Warrant Shares
shall be payable, at the election of Holder, in cash or by certified or official bank check or by wire transfer in accordance with instructions
provided by Company at the request of Holder.


 


(d)
Upon the appropriate payment to Company of the Exercise Price for the Warrant Shares, Company shall promptly, but in no case later than
the date that is ten (10) Trading Days following the date the Exercise Price is paid to Company (the “Delivery Date”),
deliver or cause Company’s Transfer Agent to deliver the applicable Warrant Shares electronically via the DWAC system to the account
designated by Holder on the Notice of Exercise. If for any reason Company is not able to so deliver the Warrant Shares via the DWAC system,
Company shall instead, on or before the applicable date set forth above in this subsection, issue and deliver to Holder or its broker
(as designated in the Notice of Exercise), via reputable overnight courier, a certificate, registered in the name of Holder or its designee,
representing the applicable number of Warrant Shares.


 


2.2.
Ownership Limitation. Notwithstanding anything to the contrary contained in this Warrant, if at any time Holder shall or would
be issued shares of Common Stock under this Warrant, but such issuance would cause Holder (together with its affiliates) to beneficially
own a number of shares exceeding 4.99% of the number of shares of Common Stock outstanding on such date (including for such purpose the
shares of Common Stock issuable upon such issuance) (the “Maximum Percentage”), then Company shall not issue to Holder
shares of Common Stock which would exceed the Maximum Percentage. The ownership limitation is enforceable, unconditional and non-waivable
and shall apply to all affiliates and assigns of Holder.


 


3.
Vesting. Holder may not exercise this Warrant with respect to any Warrant Shares that have not first vested. The Warrant Shares
will vest in accordance with the following schedule so long as the Consulting Agreement is still in full force and effect on each applicable
date: (a) 5,000,000 Warrant Shares on the date that is six (6) months from the Issue Date; (b) 5,000,000 Warrant Shares on the date that
is nine (9) months from the Issue Date; (c) 5,000,000 Warrant Shares on the date that is twelve (12) months from the issue date; (d)
5,000,000 Warrant Shares on the date this fifteen (15) months from the Issue Date; and (e) 5,000,000 Warrant Shares on the date that
is eighteen (18) months from the Issue Date. In the event Company terminates the Consulting Agreement other than for a breach of the
Consulting Agreement by Athletes First, then all Warrant Shares shall immediately vest.


 




    	2



    	 



    

 


4.
Mutilation or Loss of Warrant. Upon receipt by Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Warrant, and (in the case of loss, theft or destruction) receipt of reasonably satisfactory indemnification, and (in the case
of mutilation) upon surrender and cancellation of this Warrant, Company will execute and deliver to Holder a new Warrant of like tenor
and date and any such lost, stolen, destroyed or mutilated Warrant shall thereupon become void.


 


5.
Rights of Holder. Holder shall not, by virtue of this Warrant alone, be entitled to any rights of a stockholder in Company, either
at law or in equity, and the rights of Holder with respect to or arising under this Warrant are limited to those expressed in this Warrant
and are not enforceable against Company except to the extent set forth herein


 


6.
Adjustments. If Company shall issue any shares of Common Stock as a stock dividend or subdivide the number of outstanding shares
of Common Stock into a greater number of shares, then, in either such case, the Exercise Price in effect before such dividend or subdivision
shall be proportionately reduced and the number of Warrant Shares at that time issuable pursuant to the exercise of this Warrant shall
be proportionately increased; and, conversely, if Company shall contract the number of outstanding shares of Common Stock by combining
such shares into a smaller number of shares, then the Exercise Price in effect before such combination shall be proportionately increased
and the number of Warrant Shares at that time issuable pursuant to the exercise or conversion of this Warrant shall be proportionately
decreased. Each adjustment in the number of shares of Warrant Stock issuable shall be to the nearest whole share.


 


7.
Transfer to Comply with the Securities Act. This Warrant and the Warrant Shares have not been registered under the Securities
Act of 1933, as amended (the “1933 Act”). The Warrant Shares may not be sold, transferred, pledged or hypothecated
without (a) an effective registration statement under the 1933 Act relating to such security or (b) an opinion of counsel reasonably
satisfactory to Company that registration is not required under the 1933 Act. Until such time as registration has occurred under the
1933 Act, each certificate for this Warrant and any Warrant Shares shall contain a legend, in form and substance satisfactory to counsel
for Company, setting forth the restrictions on transfer contained in this Section 7. This Warrant may be transferred by Holder so long
as such transfer is done in compliance with applicable securities laws. Upon receipt of a duly executed assignment of this Warrant, Company
shall register the transferee thereon as the new holder on the books and records of Company and such transferee shall be deemed a “registered
holder” or “registered assign” for all purposes hereunder, and shall have all the rights of Holder under this Warrant.
Until this Warrant is transferred on the books of Company, Company may treat Holder as the absolute owner hereof for all purposes, notwithstanding
any notice to the contrary.


 


8.
Notices. Company shall provide Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable
detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, Company will give written
notice to Holder (i) as soon as practicable upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth
in reasonable detail, and certifying, the calculation of such adjustment(s), (ii) at least fifteen (15) days prior to the date on which
the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, or (B) for determining
rights to vote with respect to any Change of Control, dissolution or liquidation, provided in each case that such information, and (iii)
at least ten (10) Trading Days prior to the consummation of any Change of Control.


 


9.
Supplements and Amendments; Whole Agreement. This Warrant may be amended or supplemented only by an instrument in writing signed
by the parties hereto. This Warrant, together with the Consulting Agreement, contains the full understanding of the parties hereto with
respect to the subject matter hereof and thereof and there are no representations, warranties, agreements or understandings with respect
to the subject matter hereof and thereof other than as expressly contained herein and therein.


 




    	3



    	 



    

 


10.
Governing Law; Venue. This Warrant shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of Delaware, without giving
effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other
than the State of Delaware. Any action brought by either party against the other concerning the transactions contemplated by this Agreement
shall be brought only in the state and federal courts in San Diego County, California. The parties to this Agreement hereby irrevocably
waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction
or venue or based upon forum non conveniens. The prevailing party in any dispute arising under this Agreement shall be entitled to recover
from the other party its reasonable attorney’s fees and costs.


 


11.
Waiver of Jury Trial. EACH OF COMPANY AND INVESTOR IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS WARRANT OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY
JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE
OR REGULATION. FURTHER, COMPANY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT TO DEMAND TRIAL BY JURY.


 


12.
Counterparts. This Warrant may be executed in any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Electronic signatures
shall be considered original signatures for all purposes hereof.


 


13.
Attorneys’ Fees. In the event of any litigation or dispute arising from this Warrant, the parties agree that the prevailing
party shall be entitled to an additional award of the full amount of the reasonable attorneys’ fees and expenses paid by said prevailing
party in connection with litigation or dispute.


 


14.
Severability. Whenever possible, each provision of this Warrant shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be invalid or unenforceable in any jurisdiction, such provision shall
be modified to achieve the objective of the parties to the fullest extent permitted and such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Warrant or the validity or enforceability of this Warrant in any other
jurisdiction.


 


[Remainder
of page intentionally left blank; signature page follows]


 




    	4



    	 



    

 


IN
WITNESS WHEREOF, Company has caused this Warrant to be duly executed as of the Issue Date.


 


	 	COMPANY:
	 	 
	 	HUMBL,
    Inc.
	 	 	 
	 	By:
    	 
	 	 	Brian
    Foote, CEO


 


[Signature
Page to Warrant]


 




    	 



    	 



    

 


ATTACHMENT
1


DEFINITIONS


 


For
purposes of this Warrant, the following terms shall have the following meanings:


 


A1.
“Bloomberg” means Bloomberg L.P. (or if that service is not then reporting the relevant information regarding the
Common Stock, a comparable reporting service of national reputation selected by Holder and reasonably satisfactory to Company).


 


A2.
“Closing Bid Price” and “Closing Trade Price” means the last closing bid price and last closing
trade price, respectively, for the Common Stock on its principal market, as reported by Bloomberg, or, if its principal market begins
to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may be) then
the last bid price or last trade price, respectively, of the Common Stock prior to 4:00:00 p.m., New York time, as reported by Bloomberg,
or, if its principal market is not the principal securities exchange or trading market for the Common Stock, the last closing bid price
or last trade price, respectively, of the Common Stock on the principal securities exchange or trading market where the Common Stock
is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively,
of the Common Stock in the over-the-counter market on the electronic bulletin board for the Common Stock as reported by Bloomberg, or,
if no closing bid price or last trade price, respectively, is reported for the Common Stock by Bloomberg, the average of the bid prices,
or the ask prices, respectively, of any market makers for the Common Stock as reported by OTC Markets Group, Inc., and any successor
thereto. If the Closing Bid Price or the Closing Trade Price cannot be calculated for the Common Stock on a particular date on any of
the foregoing bases, the Closing Bid Price or the Closing Trade Price (as the case may be) of the Common Stock on such date shall be
the fair market value as mutually determined by Holder and Company. All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during such period.


 


A3.
“Change of Control” means a merger or consolidation with another entity in which the Company’s stockholders
do not own more than 50% of the outstanding voting power of the surviving entity, or the disposition of all or substantially all of the
Company’s assets.


 


A4.
“DTC” means the Depository Trust Company or any successor thereto.


 


A5.
“DTC Eligible” means, with respect to the Common Stock, that such Common Stock is eligible to be deposited in certificate
form at the DTC, cleared and converted into electronic shares by the DTC and held in the name of the clearing firm servicing Holder’s
brokerage firm for the benefit of Holder.


 


A6.
“DTC/FAST Program” means the DTC’s Fast Automated Securities Transfer program.


 


A7.
“DWAC” means the DTC’s Deposit/Withdrawal at Custodian system.


 


A8.
“Exercise Price” means $0.91 per share of Common Stock, as the same may be adjusted from time to time pursuant to
the terms and conditions of this Warrant.


 


A9.
“Trading Day” means any day the New York Stock Exchange is open for trading.


 


Attachment
1 to Warrant, Page 1


 




    	 



    	 



    

 


EXHIBIT
A


 


NOTICE
OF EXERCISE OF WARRANT


 


	TO:
    	HUMBL,
    INC.
	 	ATTN:
    _______________
	 	VIA
    FAX TO: ( )______________ EMAIL: ______________


 


The
undersigned hereby irrevocably elects to exercise the right, represented by the Warrant to Purchase Shares of Common Stock dated as of
May 21, 2021 (the “Warrant”), to purchase shares of the common stock, $0.00001 par value (“Common Stock”),
of HUMBL, Inc., and tenders herewith payment in accordance with Section 2 of the Warrant, as follows:


 


	_______	CASH:
    $__________________________ = (Exercise Price x Warrant Shares)
	 	 
	_______	Payment
    is being made by:
	 	_____	enclosed
    check 
	 	_____	wire
    transfer 
	 	_____	other
	 	 	 
	_______	CASHLESS
    EXERCISE:
	 	 
	 	Net
    number of Warrant Shares to be issued to Investor: ______*


 


*
X = Y (A-B)


A


 


	 	Where
	X
    = the number of Warrant Shares to be issued to Investor.
	 	 	 
	 	 	Y
    = the number of Warrant Shares that the Investor elects to purchase under this Warrant (at the date of such calculation).
	 	 	 
	 	 	A
    = the Closing Price (on the date two Trading Days prior to the Exercise Date).
	 	 	 
	 	 	B
    = Exercise Price (as adjusted to the date of such calculation).


 


Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to them in the Warrant.


 


It
is the intention of Holder to comply with the provisions of Section 2.2 of the Warrant regarding certain limits on Holder’s right
to receive shares thereunder. Holder believes this exercise complies with the provisions of such Section 2.2. Nonetheless, to the extent
that, pursuant to the exercise effected hereby, Holder would receive more shares of Common Stock than permitted under Section 2.2, Company
shall not be obligated and shall not issue to Holder such excess shares until such time, if ever, that Holder could receive such excess
shares without violating, and in full compliance with, Section 2.2 of the Warrant.


 


As
contemplated by the Warrant, this Notice of Exercise is being sent by email to the officer indicated above.


 


Exhibit
A to Warrant, Page 1


 




    	 



    	 



    

 


If
this Notice of Exercise represents the full exercise of the entire Warrant, Holder will surrender (or cause to be surrendered) the Warrant
to Company at the address indicated above by express courier within five (5) Trading Days after the Warrant Shares to be delivered pursuant
to this Notice of Exercise have been delivered to Holder.


 


To
the extent the Warrant Shares are not able to be delivered to Holder via the DWAC system, please deliver certificates representing the
Warrant Shares to Holder via reputable overnight courier after receipt of this Notice of Exercise (by facsimile transmission or otherwise)
to:


 






 



 





 



 





 



 


	Dated:
    	 	 
	 	 	 
	 	 
	[Name
    of Holder]	 
	 	 	 
	By:	 	 


 


Exhibit
A to Warrant, Page 2