THIS
NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND
WILL NOT BE REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED
THEREUNDER (THE “1933 ACT”)





 


US
$115,000.00


 


ROCKY
MOUNTAIN HIGH BRANDS, INC.


8%
CONVERTIBLE REDEEMABLE NOTE


DUE
SEPTEMBER 27, 2021


 


 


FOR
VALUE RECEIVED,ROCKY MOUNTAIN HIGH BRANDS, INC. (the "Company") promises to pay to the order of EAGLE EQUITIES,
LLC and its authorized successors and Permitted Assigns, defined below, ("Holder"), the aggregate principal face
amount ONE HUNDRED FIFTEEN THOUSAND DOLLARS (U.S. $115,000.00) on September 27, 2021 ("Maturity Date") and to pay interest
on the principal amount outstanding hereunder at the rate of 8% per annum commencing on March 27, 2020. The interest will be paid
to the Holder in whose name this Note is registered on the records of the Company regarding registration and transfers of this
Note. This Note shall contain an $5,000.00 Original Issue Discount (OID) such that
the purchase price shall be $110,000.00. The principal of, and interest on, this
Note are payable at 390 Whalley Avenue, New Haven, CT 06511, initially, and if changed, last appearing on the records of the Company
as designated in writing by the Holder hereof from time to time. The Company will pay each interest payment and the outstanding
principal due upon this Note before or on the Maturity Date, less any amounts required by law to be deducted or withheld, to the
Holder of this Note by check or wire transfer addressed to such Holder at the last address appearing on the records of the Company.
The forwarding of such check or wire transfer shall constitute a payment of outstanding principal hereunder and shall satisfy
and discharge the liability for principal on this Note to the extent of the sum represented by such check or wire transfer. Interest
shall be payable in Common Stock (as defined below) pursuant to paragraph 4(b) herein. Permitted Assigns means any Holder assignment,
transfer or sale of all or a portion of this Note accompanied by an Opinion of Counsel as provided for in Section 2(f) of the
Securities Purchase Agreement.


 


This
Note is subject to the following additional provisions:


 


1.                 
This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested
by the Holder surrendering the same. No


 




    	 		 



    	 



    

 


service
charge will be made for such registration or transfer or exchange, except that Holder shall pay any tax
or other governmental charges payable in connection therewith. To the extent that Holder subsequently transfers, assigns,
sells or exchanges any of the multiple lesser denomination notes, Holder acknowledges that it will provide the Company with Opinions
of Counsel as provided for in Section 2(f) of the Securities Purchase Agreement by the between the Company and the Holder dated
March 27, 2020.


 


2.                 
The Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.


 


3.                 
This Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended ("Act"),
applicable state securities laws and Sections 2(f) and S(f) of the Securities Purchase Agreement. Any attempted transfer to
a non-qualifying party shall be treated by the Company as void. Prior to due presentment for transfer of this Note, the Company
and any agent of the Company may treat the person in whose name this Note is duly registered on the Company's records as the owner
hereof for all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected
or bound by notice to the contrary. Any Holder of this Note electing to exercise the right of conversion set forth in Section
4(a) hereof, in addition to the requirements set forth in Section 4(a), and any prequalified prospective transferee of this Note,
also is required to give the Company written confirmation that this Note is being converted ("Notice of Conversion")
in the form annexed hereto as Exhibit A. The date of receipt (including receipt by telecopy) of such Notice of Conversion
shall be the Conversion Date. All notices of conversion will be accompanied by an Opinion of Counsel.


 


4.                 
(a) The Holder of this Note is entitled, at its option, during the first 180 days that this note is in effect, to convert all
or any amount of the principal face amount of this Note then outstanding into shares of the Company's Common Stock (the "Common
Stock") at a price of $0.03 per share (the "Fixed Price"). The Holder of this Note is entitled, at
its option, at any time after 180 days, to convert all or any amount of the principal face amount of this Note then outstanding
into shares of the Company's Common Stock at a price (the "Conversion Price") for each share of Common Stock
equal to 60% of the lowest closing bid price of the Common Stock as reported on the National Quotations Bureau OTC Markets
exchange which the Company's shares are traded or any exchange upon which the Common Stock may be traded in the future ("Exchange"),
for the Twenty (20) prior trading days including the day upon which a Notice of Conversion is received by the Company (provided
such Notice of Conversion is delivered together with an Opinion of Counsel, by fax or other electronic method of communication
to the Company after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to include the same day closing price).
If the shares have not been delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall
be effectuated by the Company delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company
of the Notice of Conversion. Accrued, but unpaid interest shall be subject to conversion. No fractional shares or scrip representing
fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share.
To the extent the Conversion Price of the Company's Common Stock closes below the par value per share, the Company will take all
steps necessary to solicit the consent of the stockholders to reduce the par value to the lowest value possible under law. The
Company agrees to honor all conversions submitted pending


 




    	 	2	 



    	 



    

 


this
increase. In the event the Company experiences a OTC "Chill" on its shares, the conversion price shall be decreased
to 50% instead of 60% while that "Chill" is in effect. If the Company fails to
maintain the share reserve at the 4x discount of the note 60 days after the issuance of the note, the conversion discount shall
be increased by 10%. In no event shall the Holder be allowed to effect a conversion if such conversion, along with all other shares
of Company Common Stock beneficially owned by the Holder and its affiliates would exceed 4.99% of the outstanding shares of the
Common Stock of the Company (which may be increased up to 9.9% upon 61 days prior written notice by the Investor). If
the Company offers a conversion discount or other more favorable conversion terms (whether via interest, rate O1D or otherwise)
or lookback period to another party ("Third Party Note") or otherwise grants any other more favorable terms to any third
party than those contained herein while this note is in effect, then, the Holder, at its
option, may incorporate any or all those terms in this note. If those terms pertain to
a conversion discount or lookback period, then the Holder shall be allowed to convert this note at the same price as that which
was offered in the Third Party Note.


 


(b)              
Interest on any unpaid principal balance of this Note shall be paid at the rate of 8% per annum. Interest shall be paid by the
Company in Common Stock ("Interest Shares"). Holder may, at any time, send in a Notice of Conversion to the Company
for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount converted into Interest Shares shall
be all or a portion of the accrued interest calculated on the unpaid principal balance of this Note to the date of such notice.


 


(c)               
During the first six months this Note is in effect, the Company may redeem this Note by paying to the Holder an amount as follows:


 


	Date	 	Amount
	0-30
    days	 	120%*
    (P+I)
	31-60
    days	 	125%*
    (P+I)
	61-90
    days	 	130%*
    (P+I)
	91-120
    days	 	135%*
    (P+I)
	121-150
    days		140%*
    (P+I)
	151-180
    days		145%*
    (P+I)


 


This
Note may not be redeemed after 180 days. The redemption must be closed and paid for within 3 business days of the Company sending
the redemption demand or the redemption will be invalid and the Company may not redeem this Note. Such redemption must be closed
and funded within 3 days of giving notice of redemption of the right to redeem shall be null and void.


 


 


(d)              
Upon (i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of
related transactions, (ii) a reclassification, capital reorganization (excluding an increase in authorized capital) or other change
or exchange of outstanding shares of the Common Stock, other than a forward or reverse stock split or stock dividend, or (iii)
any consolidation or merger of the Company with or into another person or entity in which the Company is not the surviving entity
(other than a merger which is effected solely to change the jurisdiction of incorporation of the Company and results in a reclassification,


 




    	 	3	 



    	 



    

conversion
or exchange of outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii) being
referred to as a "Sale Event"), then, in each case, the Company shall, upon request of the Holder, redeem this Note
in cash for 150% of the principal amount, plus accrued but unpaid interest through the date of redemption, or at the election
of the Holder, such Holder may convert the unpaid principal amount of this Note (together with the amount of accrued but unpaid
interest) into shares of Common Stock immediately prior to such Sale Event at the Alternative Conversion Price.


 


(e)               
In case of any Sale Event (not to include a sale of all or substantially all of the Company's assets) in connection with which
this Note is not redeemed or converted, the Company shall cause effective provision to be made so that the Holder of this Note
shall have the right thereafter, by converting this Note, to purchase or convert this Note into the kind and number of shares
of stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization or other
change, consolidation or merger by a holder of the number of shares of Common Stock that could have been purchased upon exercise
of the Note and at the same Conversion Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions
shall similarly apply to successive Sale Events. If the consideration received by the holders
of Common Stock is other than cash, the value shall be as determined by the Board of Directors of the Company or successor person
or entity acting in good faith.


 


5.                 
No provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.


 


6.                 
The Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice
of dishonor, notice of acceleration or intent to accelerate, and diligence in talcing
any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all sums owing
and to be owing hereto.


 


7.                 
The Company agrees to pay all costs and expenses, including reasonable attorneys' fees and expenses, which may be incurred by
the Holder in collecting any amount due under this Note.


 


		8.	If
                                         one or more of the following described "Events of Default" shall occur:



 


(a)               
The Company shall default in the payment of principal
or interest on this Note or any other note issued to the Holder by the Company; or


 


(b)              
Any of the representations or warranties made
by the Company herein or in any certificate or financial or other written statements heretofore or hereafter furnished by or on
behalf of the Company in connection with the execution and delivery of this Note, or the Securities Purchase Agreement under which
this note was issued shall be false or misleading in any respect; or


 


		(c)	The
                                         Company shall fail to perform or observe, in any respect, any covenant,



 




    	 	4	 



    	 



    

 


term,
provision, condition, agreement or obligation of the Company under this Note or any other note issued to the Holder; or


 


(d)              
The Company shall (1) become insolvent (which
does not include a "going concern opinion); (2) admit in writing its inability to pay its debts generally as they mature;
(3) make an assignment for the benefit of creditors or commence proceedings for its dissolution; (4) apply for or consent to the
appointment of a trustee, liquidator or receiver for its or for a substantial part of its property or business; (5) file a petition
for bankruptcy relief, consent to the filing of such petition or have filed against it an involuntary petition for bankruptcy
relief, all under federal or state laws as applicable; or


 


(e)               
A trustee, liquidator or receiver shall be appointed
for the Company or for a substantial part of its property or business without its consent and shall not be discharged within sixty
(60) days after such appointment; or


 


(f)               
Any governmental agency or any court of competent
jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion
of the properties or assets of the Company; or


 


(g)               
One or more money judgments, writs or warrants
of attachment, or similar process, in excess of fifty thousand dollars ($50,000) in the aggregate, shall be entered or filed against
the Company or any of its properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of
fifteen (15) days or in any event later than five (5) days prior to the date of any proposed sale thereunder; or


 


(h)              
Defaulted on or breached any term of any other
note of similar debt instrument into which the Company has entered and failed to cure such default within the appropriate grace
period; or


 


(i)                
The Company shall have its Common Stock delisted
from an exchange (including the OTC Markets exchange) or, if the Common Stock trades on an exchange, then trading in the Common
Stock shall be suspended for more than 10 consecutive days or ceases to file its 1934 act reports with the SEC;


 


(g)
       If a majority of the members of the Board of Directors of the Company on the date hereof
are no longer serving as members of the Board;


 


(k)              
The Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within
3 business days of its receipt of a Notice of Conversion which includes an Opinion of Counsel expressing an opinion which supports
the removal of a restrictive legend; or


 


(l)                
The Company shall not replenish the reserve set forth in Section 12, within 3 business days of the request of the Holder.


 


		(m)	The
                                         Company shall be delinquent in its periodic report filings with the



 




    	 	5	 



    	 



    

 


Securities
and Exchange Commission; or


 


(n)             
The Company shall cause to lose the "bid" price for its stock in a market (including the OTC marketplace or other exchange).


 


Then,
or at any time thereafter, unless cured within 5 days, and in each and every such case, unless such Event of Default shall have
been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subsequent default) at the option
of the Holder and in the Holder's sole discretion, the Holder may consider this Note immediately due and payable, without presentment,
demand, protest or (further) notice of any kind (other than notice of acceleration},
all of which are hereby expressly waived, anything herein or in any note or other instruments contained to the contrary notwithstanding,
and the Holder may immediately, and without expiration of any period of grace, enforce any and all of the Holder's rights and
remedies provided herein or any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a
default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate
of interest permitted by law. In the event of a breach of Section 8(k) the parties agree that damages shall be difficult to determine
and agree on liquidated damages in the amount of $250 per day the shares are not issued beginning on the 4th day after the conversion
notice was delivered to the Company. The agreed liquidated damages shall increase to $500 per day beginning on the 10th day. In
the event of a breach of Section 8(n), the parties agree that damages shall be difficult to determine and hereby agree to an increase
of the outstanding principal amounts by 20% as a liquidated damages payment. In case of a breach of Section 8(i), the parties
agree that damages will be difficult to determine and agree that the outstanding principal due under this Note shall increase
by 50% as a liquidated damages payment. If this Note is not paid at maturity, or within 10 days thereof, the outstanding principal
due under this Note shall increase by 10%. Further, if a breach of Section 8(m) occurs or is continuing after the 6 month
anniversary of the Note, then the Holder shall be entitled to use the lowest closing bid price during the delinquency period as
a base price for the conversion. For example, if the lowest closing bid price during the delinquency period is $0.01 per share
and the conversion discount is 50% the Holder may elect to convert future conversions at $0.005 per share.


 


If
the Holder shall commence an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging
an attorney, then if the Holder prevails in such action, the Holder shall be reimbursed by the Company for its attorneys' fees
and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.


 


 


Make-Whole
for Failure to Deliver Loss. At the Holder's election, if the Company fails for any reason to deliver to the Holder the conversion
shares by the by the 3rd business day following the delivery of a Notice of Conversion to the Company and if the Holder incurs
a Failure to Deliver Loss, then at any time the Holder may provide the Company written notice indicating the amounts payable to
the Holder in respect of the Failure to Deliver Loss and the Company must make the Holder whole as follows:


Failure
to Deliver Loss = [(Highest VWAP for the 30 trading days on or after the day of exercise)
x (Number of conversion shares)]


 




    	 	6	 



    	 



    

 


The
Company must pay the Failure to Deliver Loss by cash payment, and any such cash payment must be made by the third business day
from the time of the Holder's written notice to the Company.


 





9.                 
In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired
thereby.


 


10.             
Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed
by the Company and the Holder.


 


11.             
The Company represents that it is not a "shell" issuer and that if it previously has been a "shell" issuer
that at least 12 months have passed since the Company has reported Form 10 type information indicating it is no longer a "shell
issuer.


 


12.           
The Company shall issue irrevocable transfer agent instructions reserving sufficient shares of its Common Stock for conversions
under this Note (the "Share Reserve"). Upon full conversion of this Note, any shares remaining in the Share Reserve
shall be cancelled. The Company shall pay all transfer agent costs associated with issuing and delivering the share certificates
to Holder. If such amounts are to be paid by the Holder, it may deduct such amounts from the Conversion Price. The company should
at all times reserve a minimum of three times the amount of shares required if the note would be fully converted. The Holder may
reasonably request increases from time to time to maintain such reserved amounts. The Company will instruct its transfer agent
to provide the outstanding share information to the Holder in connection with its conversions.


 


13.             
If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable provision shall automatically be revised to equal the maximum rate of interest or other amount deemed interest
permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it will not seek to claim
or take advantage of any law that would prohibit or forgive the Company from paying all or a portion of the principal or interest
on this Note.


 


14.             
This Note shall be governed by and construed in accordance with the laws of Nevada applicable to contracts made and wholly to
be performed within the State of Nevada and shall be binding upon the successors and assigns of each party hereto. The Holder
and the Company hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State
of New York or in the Federal courts sitting in the county or city of New York. This Agreement may be executed in counterparts,
and the facsimile transmission of an executed counterpart to this Agreement shall be effective as an original.


 




    	 	7	 



    	 



    

 


IN
WllNESS WHEREOF, the Company has caused this Note to be duly executed by an
officer thereunto duly authorized.


 


Dated:
March 27, 2020


 


 


	 	 	ROCKY MOUNTAIN
    HIGH BRANDS, INC.	 
	 	 	 	 
	 	 	By:
    Michael R. Welch	 
	 	 	Name:
    Michael R. Welch	 
	 	 	It’s:
    President & CEO	 



 







    	 	8	 



    	 



    

 


EXHIBIT
A


 


 


NOTICE
OF CONVERSION


 


(To
be Executed by the Registered Holder in order to Convert the Note)


 


The
undersigned hereby irrevocably elects to convert $ __________________of the above
Note into ____________Shares of Common Stock of ROCKY MOUNTAIN HIGH BRANDS, INC. ("Shares") according to the conditions
set forth in such Note, as of the date written below.


 


If
Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer and other truces
and charges payable with respect thereto.


 


Date
of Conversion: ____________________________________________


Applicable
Conversion Price: ______________________________________


Signature:
____________________________________________________


[Print
Name of Holder and Title of Signer]


Address:
_____________________________________________________


___________________________________________________





 


 


SSN
or EIN: _________________________


Shares
are to be registered in the following name: _______________________________________


 


 


Name:
____________________________________________________________


Address:
__________________________________________________________


Tel:
_____________________________________________


Fax:
____________________________________________


SSN
or EIN: ______________________________________


 


 Shares
are to be sent or delivered to the following account:


 


Account
Name: _____________________________________________________


Address:
__________________________________________________________




 






    	 	9