Document:

Exhibit 10.17

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES
REPRESENTED BY THIS CONVERTIBLE PROMISSORY NOTE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY LENDER), IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. 

 

	Original Principal Amount: $113,000.00	Issue Date: May 20, 2014
	Purchase Price: $100,000.00	 

 

CONVERTIBLE PROMISSORY NOTE

FOR VALUE RECEIVED,
Players Network, a Nevada corporation (“Borrower”),
hereby promises to pay to the order of Typenex Co-Investment, LLC, a Utah limited
liability company, or registered assigns (“Lender”), the sum of $113,000.00 (the “Original Principal
Amount”) together with any additional charges provided for herein, on the date that is twelve (12) months after the Issue
Date (the “Maturity Date”), and to pay interest on the Outstanding Balance (as defined below) at the rate of
ten percent (10%) per annum from the date hereof (the “Issue Date”) until the same is paid in full; provided
that upon the occurrence of an Event of Default (as defined below), interest shall thereafter accrue on the Outstanding Balance
both before and after judgment at the rate of twenty-two percent (22%) per annum (“Default Interest”). All interest
calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months,
shall compound daily and shall be payable in accordance with the terms of this Note. Borrower acknowledges that the Original Principal
Amount as of the Issue Date exceeds the purchase price of this Note and that such excess consists of the OID (as defined in the
Purchase Agreement (defined below)) in the amount of $10,000.00, the Transaction Expense Amount (as defined in the Purchase Agreement)
in the amount of $3,000.00 to cover Lender’s legal and other expenses incurred in the preparation of this Note, the Purchase
Agreement, Irrevocable Transfer Agent Instructions, and all other certificates, documents, agreements, resolutions and instruments
delivered to any party under or in connection with this Note, as the same may be amended from time to time (collectively, the “Transaction
Documents”), which sum shall be fully earned and charged to Borrower upon the execution of this Note and paid to Lender
as part of the outstanding principal balance as set forth in this Note. This Note may not be prepaid in whole or in part except
as otherwise provided in Section 1.7. All payments due hereunder (to the extent not converted into common stock, $0.001 par
value per share, of Borrower (the “Common Stock”) in accordance with the terms hereof) shall be made in lawful
money of the United States of America. All payments shall be made at such address as Lender shall designate from time to time by
written notice made in accordance with the provisions of this Note. Each capitalized term used herein, and not otherwise defined,
shall have the meaning ascribed thereto in that certain Note Purchase Agreement dated the date hereof between Borrower and Lender,
pursuant to which this Note was originally issued (the “Purchase Agreement”). For purposes hereof, the term
“Outstanding Balance” means the Original Principal Amount, as reduced or increased, as the case may be, pursuant
to the terms hereof for conversion, breach hereof or otherwise, plus any accrued but unpaid interest (including without limitation
Default Interest), collection and enforcements costs, and any other fees or charges incurred under this Note or under the Purchase
Agreement.

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This Note is free
from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights
or other similar rights of stockholders of Borrower and will not impose personal liability upon Lender.

The following additional
terms shall apply to this Note:

1.           
CONVERSION RIGHTS.

1.1.           
Conversion Right. Subject to Sections 1.6 and 1.8, during the period beginning on the date that is six (6) months
following the Issue Date (the “Initial Conversion Date”) and ending when the Outstanding Balance is paid or
converted in full, Lender shall, at its option, have the right from time to time, to convert all or any part of the Outstanding
Balance of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date,
or any shares of capital stock or other securities of Borrower into which such Common Stock shall hereafter be changed or reclassified
at the Conversion Price (as defined below) determined as provided herein (a “Conversion”). The number of shares
of Common Stock to be issued upon each Conversion of this Note (the “Conversion Shares”) shall be determined
by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in
the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”),
delivered to Borrower by Lender in accordance with Section 1.4(a) below; provided that the Notice of Conversion is submitted by
facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to Borrower before 6:00 p.m.,
New York, New York time on such conversion date (the “Conversion Date”). The term “Conversion Amount”
means, with respect to any Conversion of this Note, the portion of the Outstanding Balance to be converted.

1.2.           
Conversion Price.

(a)               
Calculation of Conversion Price. The conversion price (as the same may be adjusted from time to time pursuant to
the terms hereof, the “Conversion Price”) shall mean 65% (the “Conversion Factor”) multiplied
by the Market Price (as defined herein). “Market Price” means the average of the three (3) lowest VWAPs (as
defined below) for the Common Stock during the fifteen (15) Trading Day (as defined below) period ending on the latest complete
Trading Day prior to the Conversion Date. If the arithmetic average of the three (3) lowest VWAPs is less than $0.01, then the
Conversion Factor will be reduced to 60%. “VWAP” means, for the Common Stock as of any date, the dollar volume-weighted
average price for such security on the Principal Market (as defined below) (or, if the Principal Market is not the principal trading
market for such security, then on the principal securities exchange or securities market on which such security is then traded)
during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by
Bloomberg, L.P. (“Bloomberg”) through its “Volume at Price” function or, if the foregoing does not
apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board
for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time,
as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours,
the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as
reported in “OTC Pink” by Pink OTC Markets Inc. (formerly Pink Sheets LLC), and any successor thereto. If the VWAP
cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall
be the fair market value as mutually determined by Borrower and Lender. All such determinations shall be appropriately adjusted
for any stock dividend, stock split, stock combination or other similar transaction during such period. “Trading Day”
shall mean any day on which the Common Stock is traded or tradable for any period on the Principal Market, or on the principal
securities exchange or other securities market on which the Common Stock is then being traded. “Principal Market”
means the OTCQB.

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(b)              
Conversion Price During Major Announcements. Notwithstanding anything contained in Section 1.2(a) to the contrary,
in the event Borrower (i) makes a public announcement that it intends to consolidate or merge with any other corporation (other
than a merger in which Borrower is the surviving or continuing corporation and its capital stock is unchanged) or sell or transfer
all or substantially all of the assets of Borrower or (ii) any person, group or entity (including Borrower) publicly announces
a tender offer to purchase 50% or more of Borrower’s Common Stock (or any other takeover scheme) (the date of the announcement
referred to in clause (i) or (ii) is hereinafter referred to as the “Announcement Date”), then the Conversion
Price shall, effective upon the Announcement Date and continuing through the Adjusted Conversion Price Termination Date (as defined
below), be equal to the lower of (1) the Conversion Price which would have been applicable for a Conversion occurring on the Announcement
Date, and (2) the Conversion Price that would otherwise be in effect. From and after the Adjusted Conversion Price Termination
Date, the Conversion Price shall be determined as set forth in this Section 1.2(b). For purposes hereof, “Adjusted Conversion
Price Termination Date” shall mean, with respect to any proposed transaction or tender offer (or takeover scheme) for
which a public announcement as contemplated by this Section 1.2(b) has been made, the date upon which Borrower (in the case of
clause (i) above) or the person, group or entity (in the case of clause (ii) above) consummates or publicly announces the termination
or abandonment of the proposed transaction or tender offer (or takeover scheme) which caused this Section 1.2(b) to become operative.

1.3.           
Share Reserve. If, at any time Borrower does not maintain the Share Reserve (as defined in the Agreement) it will
be considered an Event of Default under Section 3.1(c).

1.4.           
Method of Conversion.

(a)               
Mechanics of Conversion. Subject to Section 1.6 hereof, beginning on the date specified in Section 1.1, this Note
may be converted by Lender in whole or in part at any time from time to time after the Initial Conversion Date, by submitting to
Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date
prior to 6:00 p.m., New York, New York time), otherwise the Conversion Date will be the next Trading Day.

(b)              
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of
this Note in accordance with the terms hereof, Lender shall not be required to physically surrender this Note to Borrower unless
the entire Outstanding Balance of this Note is so converted. Lender and Borrower shall maintain records showing the amount of the
Outstanding Balance so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to Lender
and Borrower, so as not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy,
such records of Lender shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding
the foregoing, if any portion of this Note is converted as aforesaid, Lender may not transfer this Note unless Lender first physically
surrenders this Note to Borrower, whereupon Borrower will forthwith issue and deliver upon the order of Lender a new Note of like
tenor, registered as Lender may request, representing in the aggregate the remaining Outstanding Balance of this Note. Lender and
any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following
conversion of a portion of this Note, the unpaid and unconverted Outstanding Balance of this Note represented by this Note may
be less than the amount stated on the face hereof.

(c)               
Payment of Taxes. Borrower is responsible for the payment of all transfer, stamp, issuance and similar taxes, transfer
agent fees, postage, expedite fees, and other actual costs, fees and taxes necessary to cause the Conversion Shares to be issued
and delivered to Lender and cleared for trading as contemplated hereunder. Any such fees, taxes or costs paid by Lender will be
promptly reimbursed by Borrower or added to the Outstanding Balance.

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(d)              
Delivery of Common Stock Upon Conversion. On or before the close of business on the third (3rd) Trading
Day following the date of receipt of a Notice of Conversion from Lender via facsimile transmission or e-mail (or other reasonable
means of communication) (the “Delivery Date”), Borrower shall, provided that all DWAC Eligible Conditions (as
defined below) are then satisfied, credit the aggregate number of Conversion Shares to which Lender shall be entitled to the account
specified on the Conversion Notice via the DWAC (as defined below) system. If all DWAC Eligible Conditions are not then satisfied,
Borrower shall instead issue and deliver or cause to be issued and delivered (via reputable overnight courier) to the address as
specified in the Notice of Conversion, a certificate, registered in the name of Lender or its designee, for the number of Conversion
Shares to which Lender shall be entitled; provided, however, that, in addition to any other rights or remedies that Lender
may have under this Note, then the Non-DWAC Eligible Adjustment Amount (as defined below) shall be added to the Outstanding Balance
of this Note as set forth in Section 1.5(f) below. For the avoidance of doubt, Borrower has not met its obligation to deliver Conversion
Shares by the Delivery Date unless Lender or its broker, as applicable, has actually received the shares electronically into the
applicable account, or if the DWAC Eligible Conditions are not then satisfied, has actually received the certificate representing
the applicable Conversion Shares no later than the close of business on the relevant Delivery Date pursuant to the terms set forth
above. For purposes hereof, the term “DWAC Eligible Conditions” means that (i) the Common Stock is eligible
at DTC (as defined below) for full services pursuant to DTC’s operational arrangements, including without limitation transfer
through DTC’s DWAC system, (ii) Borrower has been approved (without revocation) by the DTC’s underwriting department,
(iii) Borrower’s transfer agent is approved as an agent in the DTC/FAST Program (as defined below), (iv) the Conversion Shares
are otherwise eligible for delivery via DWAC, and (v) Borrower’s transfer agent does not have a policy prohibiting or limiting
delivery of the Conversion Shares via DWAC. For purposes of this Note, the term “DWAC” means Deposit Withdrawal
at Custodian as defined by the DTC; the term “DTC” means the Depository Trust Company; and the term “DTC/FAST
Program” means the DTC’s Fast Automated Securities Transfer Program.

(e)               
Obligation of Borrower to Deliver Common Stock. If Lender shall have given a Notice of Conversion as provided herein,
Borrower’s obligation to issue and deliver the shares of Common Stock shall be absolute and unconditional, irrespective of
the absence of any action by Lender to enforce the same, any waiver or consent with respect to any provision thereof, the recovery
of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation
of Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by Lender of any obligation to Borrower, and irrespective of any other circumstance which might otherwise limit such obligation
of Borrower to Lender in connection with such conversion. The Conversion Date specified in the Notice of Conversion shall be the
Conversion Date so long as the Notice of Conversion is delivered to Borrower before 6:00 p.m., New York, New York time, on such
date; otherwise, the Conversion Date shall be the next Trading Day. Once Lender may freely trade the Common Stock issuable upon
a conversion of this Note pursuant to and in accordance with the terms hereof (and in the case of any certificate delivered to
Lender because not all of the DWAC Eligible Conditions are then satisfied, once such certificate has been deposited into Lender’s
brokerage account, all legends have been removed therefrom, and the Common Stock represented by such certificates is freely tradeable),
all rights with respect to the portion of the Outstanding Balance being so converted shall forthwith terminate; provided, however,
that Lender shall be deemed to be the holder of record of the Common Stock issuable upon such conversion as of the date Borrower
receives the corresponding Notice of Conversion.

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(f)               
Delivery of Common Stock. Notwithstanding any other provision contained herein, failure to deliver via the DWAC system
any Common Stock to be delivered to Lender under this Section 1.4 shall constitute a breach of this Agreement and an Event of Default
under Section 3 hereof, including without limitation under Sections 3.1(c) and 3.1(p).

(g)               
Failure to Deliver Common Stock Prior to Delivery Date. Without in any way limiting Lender’s right to pursue
other remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable
upon conversion of this Note is not delivered as required by Section 1.4(d) by the Delivery Date (a “Conversion Default”),
Borrower shall pay in cash to Lender for each calendar day beyond the Delivery Date that Borrower fails to deliver such Common
Stock an amount equal to the greater of (i) $500.00 and (ii) 2% of the product of (A) the sum of the number of shares of Common
Stock not issued to Lender on a timely basis and to which Lender is entitled multiplied by (B) the Trading Price (as defined
below) of the Common Stock on the Trading Day immediately preceding the last possible date on which Borrower could have issued
such shares of Common Stock to Lender without violating Section 1.4(d) (the “Conversion Default Payment”). Such
cash amount shall be paid to Lender by the fifth day of the month following the month in which it has accrued (the “Conversion
Default Payment Due Date”). In the event such cash amount is not received by Lender by the Conversion Default Payment
Due Date, at the option of Lender (without notice to Borrower), the Conversion Default Payment shall be added to the Outstanding
Balance of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note and such additional
principal amount shall be convertible into Common Stock in accordance with the terms of this Note. Borrower agrees that the right
to convert is a valuable right to Lender. The damages resulting from a failure, attempt to frustrate, or interference with such
conversion right are difficult if not impossible to quantify. Accordingly the parties acknowledge that the liquidated damages provisions
contained in this Section 1.4(g) are justified. “Trading Price” means, for the Common Stock as of any date,
the closing bid price on the Principal Market as reported by a reliable reporting service designated by Lender (e.g. Bloomberg)
or, if the Principal Market is not the principal trading market for such security, the closing bid price of such security on the
principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security
is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that
are quoted in “OTC Pink” by Pink OTC Markets Inc. (formerly Pink Sheets LLC), or any successor entity or other publisher
thereof. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price
shall be the fair market value as mutually determined by Borrower and Lender.

1.5.           
Effect of Certain Events.

(a)               
Fundamental Transaction Consent Right. Borrower shall not enter into or be party to a Fundamental Transaction (as
defined below), unless Borrower obtains the prior written consent of Lender to enter into such Fundamental Transaction. For purposes
of this Note, “Fundamental Transaction” means that (i) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder)
is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly,
of 50% of the aggregate ordinary voting power represented by issued and outstanding voting stock of Borrower, or (ii) (1) Borrower
or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, consolidate or merge with or into
(whether or not Borrower or any of its subsidiaries is the surviving corporation) any other individual, corporation, limited liability
company, partnership, association, trust or other entity or organization (collectively, “Person”), or (2) Borrower
or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, sell, lease, license, assign, transfer,
convey or otherwise dispose of all or substantially all of its respective properties or assets to any other Person, or (3) Borrower
or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, allow any other Person to make a
purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding shares of voting stock of
Borrower (not including any shares of voting stock of Borrower held by the Person or Persons making or party to, or associated
or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (4) Borrower or any of its
subsidiaries shall, directly or indirectly, in one or more related transactions, consummate a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with any other Person whereby such other Person acquires more than 50% of the outstanding shares of voting stock of Borrower (not
including any shares of voting stock of Borrower held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), or
(5) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize
or reclassify the Common Stock, other than an increase in the number of authorized shares of Borrower’s Common Stock. The
provisions of this Section 1.5(a) shall apply similarly and equally to successive Fundamental Transactions and shall be applied
without regard to any limitations on the conversion of this Note. As a condition to pre-approving any Fundamental Transaction in
writing, which approval may be withheld in Lender’s sole discretion, Lender may require the resulting successor or acquiring
entity (if not Borrower) to assume by written instrument all of the obligations of Borrower under this Note and all the other Transaction
Documents with the same effect as if such successor or acquirer had been named as Borrower hereto and thereto.

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(b)              
Adjustment Due to Fundamental Transactions. If, at any time when this Note is issued and outstanding and prior to
conversion of all of this Note, there shall be any Fundamental Transaction that is pre-approved in writing by Lender pursuant to
Section 1.5(a) above, as a result of which shares of Common Stock of Borrower shall be changed into the same or a different number
of shares of another class or classes of stock or securities of Borrower or another entity, or in case of any sale or conveyance
of all or substantially all of the assets of Borrower other than in connection with a plan of complete liquidation of Borrower,
then Lender shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions
specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities
or assets which Lender would have been entitled to receive in such transaction had this Note been converted in full immediately
prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case appropriate
provisions shall be made with respect to the rights and interests of Lender to the end that the provisions hereof (including, without
limitation, provisions for adjustment of the Conversion Price and of the number of shares issuable upon conversion of this Note)
shall thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter deliverable
upon the conversion hereof. The above provisions shall similarly apply to successive Fundamental Transactions.

(c)               
Adjustment Due to Distribution. If Borrower shall declare or make any distribution of its assets (or rights to acquire
its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any
dividend or distribution to Borrower’s stockholders in cash or shares (or rights to acquire shares) of capital stock of a
subsidiary (i.e., a spin-off)) (a “Distribution”), then Lender shall be entitled, upon any conversion of this
Note after the date of record for determining stockholders entitled to such Distribution, to receive the amount of such assets
which would have been payable to Lender with respect to the shares of Common Stock issuable upon such conversion had Lender been
the holder of such shares of Common Stock on the record date for the determination of stockholders entitled to such Distribution.

(d)              
Adjustment Due to Dilutive Issuance. If, at any time when this Note is issued and outstanding, Borrower issues or
sells, or in accordance with this Section 1.5(d) hereof is deemed to have issued or sold, any shares of Common Stock for no consideration
or for a consideration per share (before deduction of reasonable expenses or commissions, underwriting discounts, or allowances
in connection therewith) less than the Conversion Price in effect on the date of such issuance (or deemed issuance) of such shares
of Common Stock (a “Dilutive Issuance”), then immediately upon the Dilutive Issuance, the Conversion Price will
be reduced to the amount of the consideration per share received by Borrower in such Dilutive Issuance.

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Borrower shall be
deemed to have issued or sold shares of Common Stock if Borrower in any manner issues or grants any warrants, rights or options
(not including employee stock option plans), whether or not immediately exercisable, to subscribe for or to purchase Common Stock
or other securities convertible into or exchangeable for Common Stock (“Convertible Securities”) (such warrants,
rights and options to purchase Common Stock or Convertible Securities are hereinafter referred to as “Options”)
and the price per share for which Common Stock is issuable upon the exercise of such Options is less than the Conversion Price
then in effect, then the Conversion Price shall be equal to such price per share. For purposes of the preceding sentence, the “price
per share for which Common Stock is issuable upon the exercise of such Options” is determined by dividing (i) the total amount,
if any, received or receivable by Borrower as consideration for the issuance or granting of all such Options, plus the minimum
aggregate amount of additional consideration, if any, payable to Borrower upon the exercise of all such Options, plus, in the case
of Convertible Securities issuable upon the exercise of such Options, the minimum aggregate amount of additional consideration
payable upon the conversion or exchange thereof at the time such Convertible Securities first become convertible or exchangeable,
by (ii) the maximum total number of shares of Common Stock issuable upon the exercise of all such Options (assuming full conversion
of Convertible Securities, if applicable). No further adjustment to the Conversion Price will be made upon the actual issuance
of such Common Stock upon the exercise of such Options or upon the conversion or exchange of Convertible Securities issuable upon
exercise of such Options.

Additionally, Borrower
shall be deemed to have issued or sold shares of Common Stock if Borrower in any manner issues or sells any Convertible Securities,
whether or not immediately convertible, and the price per share for which Common Stock is issuable upon such conversion or exchange
is less than the Conversion Price then in effect, then the Conversion Price shall be equal to such price per share. For the purposes
of the preceding sentence, the “price per share for which Common Stock is issuable upon such conversion or exchange”
is determined by dividing (1) the total amount, if any, received or receivable by Borrower as consideration for the issuance or
sale of all such Convertible Securities, plus the minimum aggregate amount of additional consideration, if any, payable to Borrower
upon the conversion or exchange thereof at the time such Convertible Securities first become convertible or exchangeable, by (2)
the maximum total number of shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities.
No further adjustment to the Conversion Price will be made upon the actual issuance of such Common Stock upon conversion or exchange
of such Convertible Securities.

(e)               
Purchase Rights. If, at any time when this Note is issued and outstanding, Borrower issues any convertible securities
or rights to purchase stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the
record holders of any class of Common Stock, then Lender will be entitled to acquire, upon the terms applicable to such Purchase
Rights, the aggregate Purchase Rights which Lender could have acquired if Lender had held the number of shares of Common Stock
acquirable upon complete conversion of this Note (without regard to any limitations on conversion contained herein) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such record is taken,
the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

(f)               
Adjustment Due to Non-DWAC Eligibility. If, at any time when this Note is issued and outstanding, Lender delivers
a Notice of Conversion and at such time all DWAC Eligible Conditions are not then satisfied, Borrower shall deliver certificated
Conversion Shares to Lender pursuant to Section 1.4(d) and the Non-DWAC Eligible Adjustment Amount shall be added to the Outstanding
Balance of this Note, without limiting any other rights of Lender under this Note or the other Transaction Documents. The “Non-DWAC
Eligible Adjustment Amount” is the amount equal to the number of applicable Conversion Shares multiplied by the excess,
if any, of (i) the Trading Price of the Common Stock on the Conversion Date, over (ii) the Trading Price of the Common Stock on
the date the certificated Conversion Shares are freely tradable, clear of any restrictive legend and deposited in Lender’s
brokerage account. In any such case, Lender will use reasonable efforts to timely deposit such certificates in its brokerage account
after it receives them and cause such restrictive legends to be removed, and, without limiting any other provision hereof, Borrower
agrees to fully cooperate with Lender in accomplishing the same.

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(g)               
Adjustment Due to Late Clearing of DWAC Eligible Shares. If, at any time when this Note is issued and outstanding,
Lender delivers a Notice of Conversion and at such time the Common Stock is DWAC Eligible and the applicable DWAC Eligible Conversion
Shares are delivered to Lender or its broker, but it takes longer than five (5) business days after such delivery for such Conversion
Shares to be electronically cleared for trading in Lender’s brokerage account, then the Late Clearing Adjustment Amount (as
defined below) shall be added to the Outstanding Balance of this Note, without limiting any other rights of Lender under this Note
or the other Transaction Documents. The “Late Clearing Adjustment Amount” is the amount equal to the number
of applicable Conversion Shares multiplied by the excess, if any, of (1) the Trading Price of the Common Stock on the Conversion
Date, over (2) the Trading Price of the Common Stock on the date the certificated DWAC Eligible Conversion Shares are electronically
cleared for trading in Lender’s brokerage account. In any such case, and without limiting any other provision hereof, each
of Lender and Borrower agrees to take all action reasonably necessary on its part to help ensure that the applicable Conversion
Shares are electronically cleared for trading in Lender’s brokerage account within the five-day period described above.

(h)              
Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price or the addition
of the Non-DWAC Eligible Adjustment Amount or Late Clearing Adjustment Amount to the Outstanding Balance as a result of the events
described in this Section 1.5, Borrower, at its expense, shall promptly compute such adjustment or readjustment and prepare and
furnish to Lender a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment
or readjustment is based. Borrower shall, upon the written request at any time of Lender, furnish to Lender a like certificate
setting forth (i) such adjustment or readjustment, (ii) the Conversion Price at the time in effect and (iii) the number of shares
of Common Stock and the amount, if any, of other securities or property which at the time would be received upon conversion of
this Note.

(i)                
Adjustments for Stock Split. Notwithstanding anything herein to the contrary, any references to share numbers or
share prices shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction.

1.6.           
Ownership Limitation. Notwithstanding anything to the contrary contained in this Note or the other Transaction Documents,
if at any time Lender shall or would be issued shares of Common Stock under any of the Transaction Documents, but such issuance
would cause Lender (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 Borrower must not issue to Lender shares of the Common Stock which would exceed
the Maximum Percentage. For purposes of this Section, beneficial ownership of Common Stock will be determined under the 1934 Act.
The shares of Common Stock issuable to Lender that would cause the Maximum Percentage to be exceeded are referred to herein as
the “Ownership Limitation Shares”. Borrower will reserve the Ownership Limitation Shares for the
exclusive benefit of Lender. From time to time, Lender may notify Borrower in writing of the number of the Ownership Limitation
Shares that may be issued to Lender without causing Lender to exceed the Maximum Percentage. Upon receipt of such notice, Borrower
shall be unconditionally obligated to immediately issue such designated shares to Lender, with a corresponding reduction in the
number of the Ownership Limitation Shares. Notwithstanding the forgoing, the term “4.99%” above shall be replaced with
“9.99%” at such time as the Market Capitalization of the Common Stock is less than $10,000,000.00. Notwithstanding
any other provision contained herein, if the term “4.99%” is replaced with “9.99%” pursuant to the preceding
sentence, such increase to “9.99%” shall remain at 9.99% until increased, decreased or waived by Lender as set forth
below. For purposes of this Note, the term “Market Capitalization of the Common Stock” shall mean the product
equal to (A) the average VWAP of the Common Stock for the immediately preceding fifteen (15) Trading Days, multiplied by (B) the
aggregate number of outstanding shares of Common Stock as reported on Borrower’s most recently filed Form 10-Q or Form 10-K.
By written notice to Borrower, Lender may increase, decrease or waive the Maximum Percentage as to itself but any such waiver will
not be effective until the 61st day after delivery thereof. The foregoing 61-day notice requirement is enforceable, unconditional
and non-waivable and shall apply to all Affiliates and assigns of Lender.

    	8

    	 

    

1.7.           
Prepayment. So long as Borrower has not received a Notice of Conversion from Lender, then Borrower shall have the
right, exercisable on not less than three (3) Trading Days prior written notice to Lender to prepay the Outstanding Balance of
this Note, in full, in accordance with this Section 1.7. Any notice of prepayment hereunder (an “Optional Prepayment Notice”)
shall be delivered to Lender at its registered addresses and shall state: (a) that Borrower is exercising its right to prepay this
Note, and (b) the date of prepayment, which shall be not more than three (3) Trading Days from the date of the Optional Prepayment
Notice. On the date fixed for prepayment (the “Optional Prepayment Date”), Borrower shall make payment of the
Optional Prepayment Amount (as defined below) to or upon the order of Lender as specified by Lender in writing to Borrower at least
one (1) Trading Day prior to the Optional Prepayment Date. If Borrower exercises its right to prepay this Note, Borrower shall
make payment to Lender of an amount in cash (the “Optional Prepayment Amount”) equal to 125%, multiplied by
the then Outstanding Balance of this Note. If Borrower delivers an Optional Prepayment Notice and fails to pay the Optional Prepayment
Amount due to Lender within two (2) Trading Days following the Optional Prepayment Date, Borrower shall forever forfeit its right
to prepay this Note pursuant to this Section 1.7.

1.8.           
Redemption Right. Notwithstanding anything to the contrary in this Section 1, upon its receipt of a Notice of Conversion
pursuant to Section 1.1 above, Borrower may elect to pay to Lender all of the Conversion Amount set forth in any Notice of Conversion
in cash by delivering cash in the amount of the Cash Redemption Amount (as defined below) to Lender by wire transfer of immediately
available funds on or before the Delivery Date applicable to such Notice of Conversion. In the event Borrower fails to deliver
such Cash Redemption Amount to Lender on or before any applicable Delivery Date, it shall be deemed to have waived its right to
pay such Conversion Amount in cash and shall be obligated to deliver Conversion Shares for the full Conversion Amount in the manner
prescribed in this Section 1. For purposes hereof, “Cash Redemption Amount” means an amount of cash equal to
the product of the closing price of the Common Stock on its Principal Market on the Trading Day immediately prior to the date of
the applicable Notice of Conversion multiplied by the number of Conversion Shares to be delivered pursuant to the applicable Notice
of Conversion.

2.           
CERTAIN COVENANTS.

2.1.           
Distributions on Capital Stock. So long as Borrower shall have any obligation under this Note, Borrower shall not
without Lender’s written consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether
in cash, property or other securities) on shares of capital stock other than dividends on shares of Common Stock solely in the
form of additional shares of Common Stock, or (b) directly or indirectly or through any subsidiary make any other payment or distribution
in respect of its capital stock except for distributions pursuant to any stockholders’ rights plan which is approved by a
majority of Borrower’s disinterested directors.

    	9

    	 

    

2.2.           
Restriction on Stock Repurchases. So long as Borrower shall have any obligation under this Note, Borrower shall not
without Lender’s written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property or
other securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of Borrower
or any warrants, rights or options to purchase or acquire any such shares.

2.3.           
Borrowings. So long as Borrower shall have any obligation under this Note, Borrower shall not, without Lender’s
prior written consent, create, incur, assume guarantee, endorse, contingently agree to purchase or otherwise become liable upon
the obligation of any person, firm, partnership, joint venture or corporation, except by the endorsement of negotiable instruments
for deposit or collection, or suffer to exist any liability for borrowed money, except (a) borrowings in existence or committed
on the date hereof and of which Borrower has informed Lender in writing prior to the date hereof, (b) indebtedness to trade creditors
or financial institutions incurred in the ordinary course of business, (c) borrowings, the proceeds of which shall be used to repay
this Note or (d) as permitted by the Purchase Agreement.

2.4.           
Sale of Assets. So long as Borrower shall have any obligation under this Note, Borrower shall not, without Lender’s
prior written consent, sell, lease or otherwise dispose of any significant portion of Borrower’s assets outside the ordinary
course of business. Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

2.5.           
Advances and Loans. So long as Borrower shall have any obligation under this Note, Borrower shall not, without Lender’s
written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without
limitation, officers, directors, employees, subsidiaries and Affiliates of Borrower, except loans, credits or advances (a) in existence
or committed on the date hereof and which Borrower has informed Lender in writing prior to the date hereof, (b) made in the ordinary
course of business, or (c) not in excess of $100,000.

3.           
EVENTS OF DEFAULT.

3.1.           
Events of Default. The occurrence of any of the following events of default shall be an event of default hereunder
as of the date such event first occurred (each, an “Event of Default”):

(a)               
Failure to Pay Amounts Due. Borrower fails to pay any amount when due on this Note, whether at maturity, upon acceleration
or otherwise.

(b)              
Conversion and the Shares. Borrower (i) fails to issue Conversion Shares to Lender or Lender’s broker (as set
forth in the applicable Conversion Notice) on or before the Delivery Date, (ii) fails to transfer or cause its transfer agent to
transfer (issue) any shares of Common Stock issued to Lender upon conversion of or otherwise pursuant to this Note as and when
required by this Note or any of the other Transaction Documents, (iii) Borrower directs its transfer agent not to transfer or delays,
impairs, and/or hinders its transfer agent in transferring (or issuing) any shares of Common Stock to be issued to Lender upon
conversion of or otherwise pursuant to this Note as and when required by this Note or any of the other Transaction Documents, or
(iv) fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing)
any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any shares of Common Stock issued
to Lender upon conversion of or otherwise pursuant to this Note as and when required by this Note or any of the other Transaction
Documents.

    	10

    	 

    

(c)               
Breach of Covenants and Obligations. Borrower breaches any covenant or obligation or other term or condition contained
in this Note, in the Purchase Agreement or any collateral documents including but not limited to the other Transaction Documents.

(d)              
Breach of Representations and Warranties. Any representation or warranty of Borrower made herein or in any agreement,
statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase
Agreement and any other Transaction Documents), shall be false or misleading in any material respect when made.

(e)               
Receiver or Trustee. Borrower or any subsidiary of Borrower shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business,
or such a receiver or trustee shall otherwise be appointed.

(f)               
Judgments. Any money judgment, writ or similar process shall be entered or filed against Borrower or any subsidiary
of Borrower or any of its property or other assets for more than $100,000, and shall remain unvacated, unbonded or unstayed for
a period of twenty (20) calendar days unless otherwise consented to by Lender, which consent will not be unreasonably withheld.

(g)               
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or
involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against Borrower
or any subsidiary of Borrower.

(h)              
Delisting of Common Stock. Borrower shall fail to maintain the listing and/or quotation, as applicable, of the Common
Stock on the Principal Market.

(i)                
Failure to Comply with the 1934 Act. Borrower shall fail to comply with the reporting requirements of the 1934 Act;
and/or Borrower shall cease to be subject to the reporting requirements of the 1934 Act.

(j)                
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

(k)              
Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable
to pay its debts as such debts become due; provided, however, that any disclosure of Borrower’s ability to continue
as a “going concern” shall not be an admission that Borrower cannot pay its debts as they become due.

(l)                
Maintenance of Assets. The failure by Borrower to maintain any material intellectual property rights, personal, real
property or other assets which are necessary to conduct its business (whether now or in the future).

(m)            
Financial Statement Restatement. The restatement of any financial statements filed by Borrower with the SEC for any
date or period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result
of such restatement would, by comparison to the unrestated financial statement, have constituted a material adverse effect on the
rights of Lender with respect to this Note or any other Transaction Documents.

    	11

    	 

    

(n)              
Reverse Splits. Borrower effectuates a reverse split of its Common Stock without twenty (20) calendar days prior
written notice to Lender.

(o)              
Replacement of Transfer Agent. In the event that Borrower proposes to replace its transfer agent, Borrower fails
to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form
as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares
of Common Stock in the Share Reserve and the Transfer Agent Reserve (as defined in the Purchase Agreement)) signed by the successor
transfer agent to Lender and Borrower.

(p)              
DWAC Eligibility. The failure of any of the DWAC Eligible Conditions to be satisfied at any time during which Borrower
has obligations under this Note.

3.2.           
Default Effects; Automatic Acceleration. Upon the occurrence of any Event of Default, (a) the Outstanding Balance
shall immediately increase to 125% of the Outstanding Balance immediately prior to the occurrence of the Event of Default (the
“Balance Increase”), and (b) this Note shall then accrue interest at the Default Interest rate (collectively,
the “Default Effects”); provided, however, that (x) in no event shall the Balance Increase be applied
more than two times, and a particular Event of Default that triggers a Balance Increase will not cause the Balance Increase to
be triggered again unless such Event of Default is subsequently cured, but then occurs again after such cure, and (y) notwithstanding
any provision to the contrary herein, in no event shall the applicable interest rate at any time exceed the maximum interest rate
allowed under applicable law. The Default Effects shall automatically apply upon the occurrence of an Event of Default without
the need for any party to give any notice or take any other action. Further, upon the occurrence and during the continuation of
any Event of Default, Lender may by written notice to Borrower declare the entire Outstanding Balance immediately due and payable
without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the other Transaction Documents to the contrary notwithstanding; provided, however, that upon the occurrence
or existence of any Event of Default described in Sections 3.1(e), 3.1(g), 3.1(j), or 3.1(k), immediately and without notice, all
outstanding obligations payable by Borrower hereunder shall automatically become immediately due and payable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the
Transaction Documents to the contrary (“Automatic Acceleration”). For avoidance of doubt, except in the case
of Automatic Acceleration resulting from an Event of Default under Sections 3.1(e), 3.1(g), 3.1(j), or 3.1(k), Lender shall retain
all rights under this Note and the Transaction Documents, including the ability to convert the then Outstanding Balance of this
Note pursuant to Section 1 hereof, at all times following the occurrence of an Automatic Acceleration until the entire Outstanding
Balance at that time has been paid in full.

4.           
SECURITY. This Note is unsecured.

5.           
MISCELLANEOUS.

5.1.           
Failure or Indulgence Not Waiver. No failure or delay on the part of Lender in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder
are cumulative to, and not exclusive of, any rights or remedies otherwise available.

5.2.           
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall
be given in accordance with the subsection of the Purchase Agreement titled “Notices.”

    	12

    	 

    

5.3.           
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by Borrower
and Lender. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
(and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then
as so amended or supplemented.

5.4.           
Assignability. This Note shall be binding upon Borrower and its successors and assigns, and shall inure to be the
benefit of Lender and its successors and assigns; provided, however, that this Note may not be transferred, assigned or
conveyed by Borrower without the prior written consent of Lender. Each transferee of this Note must be an “accredited investor”
(as defined in Rule 501(a) of the Securities Act of 1933, as amended). Notwithstanding anything in this Note to the contrary, this
Note may be pledged as collateral in connection with a bona fide margin account or other lending arrangement.

5.5.           
Cost of Collection; Attorneys’ Fees. Upon the occurrence of any Event of Default, Borrower shall pay to Lender
hereof all costs and reasonable attorneys’ fees incurred by Lender in connection with such Event of Default. In the event
of any action at law or in equity to enforce or interpret the terms of this Note or any of the other Transaction Documents, the
parties agree that the party who is awarded the most money shall be deemed the prevailing party for all purposes and shall therefore
be entitled to an additional award of the full amount of the attorneys’ fees and expenses paid by such prevailing party
in connection with the litigation and/or dispute without reduction or apportionment based upon the individual claims or defenses giving
rise to the fees and expenses. Nothing herein shall restrict or impair a court’s power to award fees and expenses for
frivolous or bad faith pleading.

5.6.           
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Utah without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the state courts of Utah or in the federal courts located in Salt Lake County, Utah. The
parties to this Note 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. In the event that any
provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall
be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably
waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this
Agreement or any other related or companion documents by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any other manner permitted by law. BORROWER HEREBY IRREVOCABLY WAIVES ANY RIGHT
IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

5.7.           
Fees and Charges. The parties acknowledge and agree that upon Borrower’s failure to comply with the provisions
of this Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the
parties’ inability to predict future interest rates, Lender’s increased risk, and the uncertainty of the availability
of a suitable substitute investment opportunity for Lender, among other reasons. Accordingly, any fees, charges, and interest due
under this Note are intended by the parties to be, and shall be deemed, a reasonable estimate of Lender’s actual loss of
its investment opportunity and not a penalty, and shall not be deemed in any way to limit any other right or remedy Lender may
have hereunder, at law or in equity.

    	13

    	 

    

5.8.           
Remedies. Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to Lender,
by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, Borrower acknowledges that the remedy
at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach
by Borrower of the provisions of this Note, that Lender shall be entitled, in addition to all other available remedies at law or
in equity, and in addition to the charges assessable herein, to an injunction or injunctions restraining, preventing or curing
any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic
loss and without any bond or other security being required.

5.9.           
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the
Purchase Agreement and the other Transaction Documents, including without limitation the arbitration provisions attached as an
Exhibit to the Purchase Agreement.

5.10.       
Notice of Corporate Events. Except as otherwise provided herein, Lender shall have no rights as a holder of Common
Stock unless and only to the extent that it converts this Note into Common Stock. Borrower shall provide Lender with prior notification
of any meeting of Borrower’s stockholders (and copies of proxy materials and other information sent to stockholders). In
the event of any taking by Borrower of a record of its stockholders for the purpose of determining stockholders who are entitled
to receive payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire (including
by way of merger, consolidation, reclassification or recapitalization) any share of any class or any other securities or property,
or to receive any other right, or for the purpose of determining stockholders who are entitled to vote in connection with any proposed
sale, lease or conveyance of all or substantially all of the assets of Borrower or any proposed liquidation, dissolution or winding
up of Borrower, Borrower shall mail a notice to Lender, at least twenty (20) calendar days prior to the record date specified therein
(or thirty (30) calendar days prior to the consummation of the transaction or event, whichever is earlier), of the date on which
any such record is to be taken for the purpose of such dividend, distribution, right or other event, and a brief statement regarding
the amount and character of such dividend, distribution, right or other event to the extent known at such time. Borrower shall
make a public announcement of any event requiring notification to Lender hereunder substantially simultaneously with the notification
to Lender in accordance with the terms of this Section 5.10.

5.11.       
Pronouns. All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural,
as the context may permit or require.

5.12.       
Time of the Essence. Time is expressly made of the essence of each and every provision of this Note. If the last
day of any time period stated herein shall fall on a Saturday, Sunday or non-Trading Day, then such time period shall be extended
to the next succeeding day Trading Day.

[Remainder of
page intentionally left blank; signature page to follow]

    	14

    	 

    

IN WITNESS WHEREOF,
Borrower has caused this Note to be signed in its name by its duly authorized officer as of the Issue Date set forth above.

BORROWER:

 

Players Network

 

 

By: ___________________________

Name: _________________________

Title: __________________________

 

 

ACKNOWLEDGED, ACCEPTED AND AGREED:

 

LENDER:

 

Typenex
Co-Investment, LLC

 

By: Red Cliffs Investments, Inc., its Manager

 

 

By: /s/ John M. Fife

John M. Fife, President

 

 

 

[Signature Page to Convertible Promissory
Note]

    	15

    	 

    

 

EXHIBIT A

Typenex
Co-Investment, LLC

303 EAST WACKER DRIVE, SUITE 1200

CHICAGO, ILLINOIS 60601

Date: _______________

Players
Network

1771 E. Flamingo Road, Suite 201-A

Las Vegas, Nevada 89119

Attn: Mark Bradley

 

CONVERSION NOTICE

 

The above-captioned
Lender hereby gives notice to Players Network, a Nevada corporation (the “Borrower”), pursuant to that certain
Convertible Promissory Note made by Borrower in favor of Lender on May 20, 2014 (the “Note”), that Lender elects
to convert the portion of the Outstanding Balance of the Note set forth below into fully paid and non-assessable shares of Common
Stock of Borrower as of the date of conversion specified below. Such conversion shall be based on the Conversion Price set forth
below. In the event of a conflict between this Conversion Notice and the Note, the Note shall govern, or, in the alternative, at
the election of Lender in its sole discretion, Lender may provide a new form of Conversion Notice to conform to the Note.

		A.	Date of conversion: ____________

		B.	Conversion #: ____________

		C.	Conversion Amount: ____________

		D.	Market Price_____ (Average of 3 lowest VWAPs of last 15 Trading Days as per Exhibit A-1)

		E.	Conversion Factor: 65% [60% if average of 3 lowest closing prices is less than $0.01]

		F.	Conversion Price: _______________ (D multiplied by E)

		G.	Conversion Shares: _______________ (C divided by F)

		H.	Remaining Outstanding Balance of Note: ____________*

* Subject to adjustments for corrections,
defaults, and other adjustments permitted by the Transaction Documents.

Please transfer the Conversion Shares
electronically (via DWAC) to the following account:

 

	Broker: __________________________	 	Address:	____________________
	DTC#:  ___________________________	 	 	____________________
	Account #:  _______________________	 	 	____________________
	Account Name:  ____________________	 	 	 

 

To the extent the Conversion Shares are not
able to be delivered to Lender electronically via the DWAC system, please deliver a certificate representing all such shares to
Lender via reputable overnight courier after receipt of this Conversion Notice (by facsimile transmission or otherwise) to:

_____________________________________

_____________________________________

_____________________________________

 

Sincerely,

Typenex
Co-Investment, LLC

 

By: Red Cliffs Investments, Inc., its
Manager

 

 

    By: /s/
John M. Fife

            John M. Fife, President

 

    	16

    	 

    

 

EXHIBIT A-1

CONVERSION WORKSHEET

	Trading Day	VWAP	Lowest 3 (Yes or No)	Daily Volume
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Average	 	 	 

 

    	17Exhibit 10.18

 

Securities Purchase Agreement

 

This
Securities Purchase Agreement (this “Agreement”), dated as of May 20, 2014, is entered into by and between
Players Network, a Nevada corporation (“Company”), and Typenex
Co-Investment, LLC, a Utah limited liability company, its successors and/or assigns (“Investor”).

A.            
Company and
Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the
rules and regulations promulgated by the United States Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “1933 Act”).

B.            
Investor desires
to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement, a Convertible Promissory
Note, in the form attached hereto as Exhibit A, in the original principal amount of $113,000.00 (the “Note”),
convertible into shares of common stock, $0.001 par value per share, of Company (the “Common Stock”), upon the
terms and subject to the limitations and conditions set forth in such Note.

C.            
This Agreement,
the Note, and all other certificates, documents, agreements, resolutions and instruments delivered to any party under or in connection
with this Agreement, as the same may be amended from time to time, are collectively referred to herein as the “Transaction
Documents”.

D.            
For purposes
of this Agreement: “Conversion Shares” means all shares of Common Stock issuable upon conversion of all or any
portion of the Note; and “Securities” means the Note and the Conversion Shares.

NOW, THEREFORE,
Company and Investor hereby agree as follows:

1.            
Purchase and Sale of Securities.

1.1.           
Purchase of Securities. Company shall issue and sell to Investor and Investor agrees to purchase from Company the
Note. In consideration thereof, Investor shall pay the Purchase Price to Company.

1.2.           
Form of Payment. On the Closing Date, Investor shall pay the Purchase Price to Company against delivery of the Note.

1.3.           
Closing Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section
6 below, the date and time of the issuance and sale of the Securities pursuant to this Agreement (the “Closing Date”)
shall be 5:00 p.m., Eastern Time on or about May 20, 2014, or such other mutually agreed upon time. The closing of the transactions
contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at the offices of Investor unless
otherwise agreed upon by the parties.

1.4.           
Collateral for the Note. The Note shall not be secured.

1.5.           
Original Issue Discount; Transaction Expenses. The Note carries an original issue discount of $10,000.00 (the “OID”).
In addition, Company agrees to pay $3,000.00 to Investor to cover Investor’s legal fees, accounting costs, due diligence,
monitoring and other transaction costs incurred in connection with the purchase and sale of the Securities (the “Transaction
Expense Amount”), all of which amount is included in the initial principal balance of this Note. The Purchase Price,
therefore, shall be $100,000.00, computed as follows: $113,000.00 original principal balance, less the OID, less the Transaction
Expense Amount.

    	1

    	 

    

2.            
Investor’s Representations and Warranties. Investor represents and warrants to Company that: (i) this Agreement
has been duly and validly authorized; (ii) this Agreement constitutes a valid and binding agreement of Investor enforceable in
accordance with its terms; and (iii) Investor is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D of the 1933 Act.

3.            
Representations and Warranties of Company. Company represents and warrants to Investor that: (i) Company is a corporation
duly organized, validly existing and in good standing under the laws of its state of incorporation and has the requisite corporate
power to own its properties and to carry on its business as now being conducted; (ii) Company is duly qualified as a foreign corporation
to do business and is in good standing in each jurisdiction where the nature of the business conducted or property owned by it
makes such qualification necessary; (iii) Company has registered its Common Stock under Section 12(g) of the Securities Exchange
Act of 1934, as amended (the “1934 Act”), and is obligated to file reports pursuant to Section 13 or Section 15(d)
of the 1934 Act; (iv) each of the Transaction Documents and the transactions contemplated hereby and thereby, have been duly and
validly authorized by Company; (v) this Agreement, the Note, and the other Transaction Documents have been duly executed and delivered
by Company and constitute the valid and binding obligations of Company enforceable in accordance with their terms, subject as to
enforceability only to general principles of equity and to bankruptcy, insolvency, moratorium, and other similar laws affecting
the enforcement of creditors’ rights generally; (vi) the execution and delivery of the Transaction Documents by Company,
the issuance of Securities in accordance with the terms hereof, and the consummation by Company of the other transactions contemplated
by the Transaction Documents do not and will not conflict with or result in a breach by Company of any of the terms or provisions
of, or constitute a default under (a) Company’s formation documents or bylaws, each as currently in effect, (b) any indenture,
mortgage, deed of trust, or other material agreement or instrument to which Company is a party or by which it or any of its properties
or assets are bound, including any listing agreement for the Common Stock, or (c) to Company’s knowledge, any existing applicable
law, rule, or regulation or any applicable decree, judgment, or order of any court, United States federal or state regulatory body,
administrative agency, or other governmental body having jurisdiction over Company or any of Company’s properties or assets;
(vii) no further authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory organization,
or stock exchange or market or the stockholders or any lender of Company is required to be obtained by Company for the issuance
of the Securities to Investor; (viii) none of Company’s filings with the SEC contained, at the time they were filed, any
untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances under which they were made, not misleading; (ix) Company has filed all reports,
schedules, forms, statements and other documents required to be filed by Company with the SEC under the 1934 Act on a timely basis
or has received a valid extension of such time of filing and has filed any such report, schedule, form, statement or other document
prior to the expiration of any such extension; (x) Company is not, nor has it ever been, a “Shell Company,” as such
type of “issuer” is described in Rule 144(i)(1) under the 1933 Act; (xi) Company has taken no action which would give
rise to any claim by any person or entity for a brokerage commission, placement agent or finder’s fees or similar payments
by Investor relating to the Note or the transactions contemplated hereby; (xii) except for such fees arising as a result of any
agreement or arrangement entered into by Investor without the knowledge of Company (an “Investor’s Fee”),
Investor shall have no obligation with respect to such fees or with respect to any claims made by or on behalf of other persons
for fees of a type contemplated in this subsection that may be due in connection with the transactions contemplated hereby and
Company shall indemnify and hold harmless each of Investor, Investor’s employees, officers, directors, stockholders, managers,
agents, and partners, and their respective affiliates, from and against all claims, losses, damages, costs (including the costs
of preparation and attorneys’ fees) and expenses suffered in respect of any such claimed or existing fees (other than an
Investor’s Fee, if any), and (xiii) when issued, each of the Securities will be validly issued, fully paid for and non-assessable,
free and clear of all liens, claims, charges and encumbrances.

    	2

    	 

    

4.            
Company Covenants. Until all of Company’s obligations hereunder are paid and performed in full, or within the
timeframes otherwise specifically set forth below, Company shall comply with the following covenants: (i) from the date hereof
until the date that is six (6) months after all the Conversion Shares either have been sold by Investor, or may permanently be
sold by Investor without any restrictions pursuant to Rule 144, Company shall timely make all filings required to be made by it
under the 1933 Act, the 1934 Act, Rule 144 or any United States securities laws and regulations thereof applicable to Company or
by the rules and regulations of its principal trading market, and such filings shall conform to the requirements of applicable
laws, regulations and government agencies, and, unless such filings are publicly available on the SEC’s EDGAR system (via
the SEC’s web site at no additional charge), Company shall provide a copy thereof to Investor promptly after such filings;
(ii) so long as Investor beneficially owns any of the Securities and for at least twenty (20) Trading Days (as defined in the Note)
thereafter, Company shall file all reports required to be filed with the SEC pursuant to Sections 13 or 15(d) of the 1934
Act, and shall take all reasonable action under its control to ensure that adequate current public information with respect to
Company, as required in accordance with Rule 144, is publicly available, and shall not terminate its status as an issuer required
to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would permit such termination;
(iii) the Common Stock shall be listed or quoted for trading on any of (a) the NYSE Amex, (b) the New York Stock Exchange, (c)
the Nasdaq Global Market, (d) the Nasdaq Capital Market, (e) the OTC Bulletin Board, (f) the OTCQX, or (g) the OTCQB; (iv) when
issued, each of the Securities (including, without limitation, the Conversion Shares), will be validly issued, fully paid for and
non-assessable, free and clear of all liens, claims, charges and encumbrances, and (iv) Company shall use the net proceeds received
hereunder for working capital and general corporate purposes only; provided, however, Company will not use such proceeds
to pay fees payable (A) to any broker or finder relating to the offer and sale of the Securities unless such broker, finder, or
other party is a registered investment adviser or registered broker-dealer and such fees are paid in full compliance with all applicable
laws and regulations, or (B) to any other party relating to any financing transaction effected prior to the date hereof.

5.            
Conditions to Company’s Obligation to Sell. The obligation of Company hereunder to issue and sell the Securities
to Investor at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions:

5.1.           
Investor shall have executed this Agreement, and delivered the same to Company.

5.2.           
Investor shall have delivered the Purchase Price in accordance with Section 1.2 above.

6.            
Conditions to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Securities
at the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that
these conditions are for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

6.1.           
Company shall have executed this Agreement and delivered the same to Investor.

6.2.           
Company shall have delivered to Investor the duly executed Note in accordance with Section 1.2 above.

6.3.           
The Irrevocable Letter of Instructions to Transfer Agent shall have been delivered to and acknowledged in writing by Company’s
transfer agent (the “Transfer Agent”) substantially in the form attached hereto as Exhibit B.

6.4.           
Company shall have delivered to Investor a fully executed Secretary’s Certificate evidencing Company’s approval
of the Transaction Documents substantially in the form attached hereto as Exhibit C.

    	3

    	 

    

6.5.           
Company shall have delivered to Investor a fully executed Share Issuance Resolution to be delivered to the Transfer Agent
substantially in the form attached hereto as Exhibit D.

6.6.           
Company shall have delivered to Investor fully executed copies of all other Transaction Documents required to be executed
by Company herein or therein.

7.            
Reservation of Shares. At all times during which the Note is convertible, Company will reserve from its authorized
and unissued Common Stock to provide for the issuance of Common Stock upon the full conversion of the Note at the then current
Conversion Price (as defined in and determined pursuant to the Note). Company will at all times reserve at least three times the
number of shares of Common Stock equal to the Outstanding Balance (as defined in and determined pursuant to the Note) divided by
the Conversion Price (the “Share Reserve”), but in any event not less than 22,000,000 shares of Common Stock
shall be reserved at all times for such purpose (the “Transfer Agent Reserve”). Company further agrees that
it will cause the Transfer Agent to immediately add shares of Common Stock to the Transfer Agent Reserve in increments of 2,000,000
shares as and when requested by Investor in writing from time to time, provided that such incremental increases do not cause the
Transfer Agent Reserve to exceed the Share Reserve. In furtherance thereof, from and after the date hereof and until such time
that the Note has been paid in full, Company shall require the Transfer Agent to reserve for the purpose of issuance of Conversion
Shares under the Note, a number of shares of Common Stock equal to the Transfer Agent Reserve. Company shall further require the
Transfer Agent to hold such shares of Common Stock exclusively for the benefit of Investor and to issue such shares to Investor
promptly upon Investor’s delivery of a conversion notice under the Note.

8.            
Miscellaneous. The provisions set forth in this Section 8 shall apply to this Agreement, as well as all other Transaction
Documents as if these terms were fully set forth therein.

8.1.           
Cross Default. Any Event of Default (as defined in the Note) by Company under the Note will be deemed a default under
this Agreement, and any default by Company under this Agreement will be deemed an Event of Default under the Note.

8.2.           
Governing Law; Venue. This Agreement shall be governed by and interpreted in accordance with the laws of the State
of Utah for contracts to be wholly performed in such state and without giving effect to the principles thereof regarding the conflict
of laws. Each party consents to and expressly agrees that venue for Arbitration (as defined in Exhibit E) of any dispute
arising out of or relating to any Transaction Document or the relationship of the parties or their affiliates shall be in Salt
Lake County or Utah County, Utah). Without modifying the parties obligations to resolve disputes hereunder pursuant to the Arbitration
Provisions (as defined below), for any litigation arising in connection with any of the Transaction Documents, each party hereto
hereby (a) consents to and expressly submits to the exclusive personal jurisdiction of any state or federal court sitting in Salt
Lake County, Utah, (b) expressly submits to the venue of any such court for the purposes hereof, and (c) waives any claim of improper
venue and any claim or objection that such courts are an inconvenient forum or any other claim or objection to the bringing of
any such proceeding in such jurisdictions or to any claim that such venue of the suit, action or proceeding is improper.

8.3.           
Arbitration of Claims. The parties shall submit all Claims (as defined in Exhibit E) arising under this Agreement
or any other Transaction Document or other agreements between the parties and their affiliates to binding arbitration pursuant
to the arbitration provisions set forth in Exhibit E attached hereto (the “Arbitration Provisions”).
The parties hereby acknowledge and agree that the Arbitration Provisions are unconditionally binding on the parties hereto and
are severable from all other provisions of this Agreement. Any capitalized term not defined in the Arbitration Provisions shall
have the meaning set forth in this Agreement. By executing this Agreement, Company represents, warrants and covenants that Company
has reviewed the Arbitration Provisions carefully, consulted with legal counsel about such provisions (or waived its right to do
so), understands that the Arbitration Provisions are intended to allow for the expeditious and efficient resolution of any dispute
hereunder, agrees to the terms and limitations set forth in the Arbitration Provisions, and that Company will not take a position
contrary to the foregoing representations. Company acknowledges and agrees that Investor may rely upon the foregoing representations
and covenants of Company regarding the Arbitration Provisions.

    	4

    	 

    

8.4.           
Counterparts. Each Transaction Document may be executed in any number of counterparts, each of which shall be deemed
an original, but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of
another party’s executed counterpart of a Transaction Document (or such party’s signature page thereof) will be deemed
to be an executed original thereof.

8.5.           
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect
the interpretation of, this Agreement.

8.6.           
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall
be deemed modified to conform to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision hereof.

8.7.           
Entire Agreement; Amendments. This Agreement and the instruments and exhibits referenced herein contain the entire
understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein
or therein, neither Company nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters.
No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the parties hereto.

8.8.           
Notices. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein)
and shall be deemed effectively given on the earliest of: (a) the date delivered, if delivered by personal delivery as against
written receipt therefor or by email to an executive officer, or by facsimile (with successful transmission confirmation), (b)
the earlier of the date delivered or the third Trading Day after deposit, postage prepaid, in the United States Postal Service
by certified mail, or (c) the earlier of the date delivered or the third Trading Day after mailing by express courier, with delivery
costs and fees prepaid, in each case, addressed to each of the other parties thereunto entitled at the following addresses (or
at such other addresses as such party may designate by five (5) calendar days’ advance written notice similarly given to
each of the other parties hereto):

If to Company:

 

Players Network

Attn: Mark Bradley

1771 E. Flamingo Road,
Suite 201-A

Las Vegas, Nevada 89119

 

With a copy to (which copy shall not constitute notice):

 

______________________

Attn: _________________

______________________

______________________

 

    	5

    	 

    

 

If to Investor:

 

Typenex Co-Investment, LLC

Attn: John Fife

303 East Wacker Drive, Suite 1200

Chicago, Illinois 60601

 

With a copy to (which copy shall not constitute notice):

 

Hansen Black Anderson Ashcraft PLLC

Attn: Jonathan K. Hansen

2940 West Maple Loop, Suite 103

Lehi, Utah 84043

 

8.9.           
Successors and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or
to be performed by Investor hereunder may be assigned by Investor to a third party, including its financing sources, in whole or
in part, without the need to obtain Company’s consent thereto. Company may not assign its rights or obligations under this
Agreement or delegate its duties hereunder without the prior written consent of Investor.

8.10.       
Survival. The representations and warranties of Company and the agreements and covenants set forth in this Agreement
shall survive the Closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of Investor. Company
agrees to indemnify and hold harmless Investor and all its officers, directors, employees, attorneys, and agents for loss or damage
arising as a result of or related to any breach or alleged breach by Company of any of its representations, warranties and covenants
set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as
they are incurred.

8.11.       
Publicity. Company and Investor shall have the right to review a reasonable period of time before issuance of any
press releases by the other party with respect to the transactions contemplated hereby.

8.12.       
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

8.13.       
Investor’s Rights and Remedies Cumulative; Liquidated Damages. All rights, remedies, and powers conferred in
this Agreement and the Transaction Documents are cumulative and not exclusive of any other rights or remedies, and shall be in
addition to every other right, power, and remedy that Investor may have, whether specifically granted in this Agreement or any
other Transaction Document, or existing at law, in equity, or by statute, and any and all such rights and remedies may be exercised
from time to time and as often and in such order as Investor may deem expedient. The parties acknowledge and agree that upon Company’s
failure to comply with the provisions of the Transaction Documents, Investor’s damages would be uncertain and difficult (if
not impossible) to accurately estimate because of the parties’ inability to predict future interest rates and future share
prices, Investor’s increased risk, and the uncertainty of the availability of a suitable substitute investment opportunity
for Investor, among other reasons. Accordingly, any fees, charges, and default interest due under the Note and the other Transaction
Documents are intended by the parties to be, and shall be deemed, liquidated damages (under Company’s and Investor’s
expectations that any such liquidated damages will tack back to the Closing Date for purposes of determining the holding period
under Rule 144). The parties agree that such liquidated damages are a reasonable estimate of Investor’s actual damages and
not a penalty, and shall not be deemed in any way to limit any other right or remedy Investor may have hereunder, at law or in
equity. The parties acknowledge and agree that under the circumstances existing at the time this Agreement is entered into, such
liquidated damages are fair and reasonable and are not penalties. All fees, charges, and default interest provided for in the Transaction
Documents are agreed to by the parties to be based upon the obligations and the risks assumed by the parties as of the Closing
Date and are consistent with investments of this type. The liquidated damages provisions of the Transaction Documents shall not
limit or preclude a party from pursuing any other remedy available at law or in equity; provided, however, that the liquidated
damages provided for in the Transaction Documents are intended to be in lieu of actual damages.

    	6

    	 

    

8.14.       
Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement or the other Transaction
Documents, if at any time Investor shall or would be issued shares of Common Stock under any of the Transaction Documents, but
such issuance would cause Investor (together with its affiliates) to beneficially own a number of shares exceeding the Maximum
Percentage (as defined in the Note), then Company must not issue to Investor the shares that would cause Investor to exceed the
Maximum Percentage. The shares of Common Stock issuable to Investor that would cause the Maximum Percentage to be exceeded are
referred to herein as the “Ownership Limitation Shares”. Company will reserve the Ownership Limitation Shares
for the exclusive benefit of Investor. From time to time, Investor may notify Company in writing of the number of the Ownership
Limitation Shares that may be issued to Investor without causing Investor to exceed the Maximum Percentage. Upon receipt of such
notice, Company shall be unconditionally obligated to immediately issue such designated shares to Investor, with a corresponding
reduction in the number of the Ownership Limitation Shares. For purposes of this Section, beneficial ownership of Common Stock
will be determined under Section 13(d) of the 1934 Act.

8.15.       
Attorneys’ Fees and Cost of Collection. In the event of any arbitration or action at law or in equity to enforce
or interpret the terms of this Agreement or any of the other Transaction Documents, the parties agree that the party who is awarded
the most money shall be deemed the prevailing party for all purposes and shall therefore be entitled to an additional award of
the full amount of the attorneys’ fees, deposition costs, and expenses paid by such prevailing party in connection with arbitration
or litigation without reduction or apportionment based upon the individual claims or defenses giving rise to the fees and expenses.
Nothing herein shall restrict or impair an arbitrator’s or a court’s power to award fees and expenses for frivolous
or bad faith pleading. If (a) the Note is placed in the hands of an attorney for collection or enforcement prior to commencing
arbitration or legal proceedings, or is collected or enforced through any arbitration or legal proceeding, or Investor otherwise
takes action to collect amounts due under the Note or to enforce the provisions of the Note; or (b) there occurs any bankruptcy,
reorganization, receivership of Company or other proceedings affecting Company’s creditors’ rights and involving a
claim under the Note; then Company shall pay the costs incurred by Investor for such collection, enforcement or action or in connection
with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees, expenses,
deposition costs, and disbursements.

8.16.       
Waiver. No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed
by the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any
other provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in
writing.

8.17.       
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS
SUCH PARTY MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT
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, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH
PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

8.18.       
Time of the Essence. Time is expressly made of the essence of each and every provision of this Agreement and the
other Transaction Documents.

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

 

    	7

    	 

    

 

IN WITNESS WHEREOF,
the undersigned Investor and Company have caused this Agreement to be duly executed as of the date first above written.

SUBSCRIPTION AMOUNT:

 

	Principal Amount of Note:	$113,000.00
	 	 
	Purchase Price:	$100,000.00

 

 

INVESTOR:

 

Typenex
Co-Investment, LLC

 

By: Red Cliffs Investments, Inc., its
Manager

 

 

    By: /s/ John M. Fife

            John M. Fife, President

 

 

COMPANY:

 

Players
Network

 

 

By: ____________________________

Printed Name: ____________________

Title: ___________________________

 

 

 

ATTACHED EXHIBITS:

 

		Exhibit A	Note

		Exhibit B	Irrevocable Transfer Agent Instructions

		Exhibit C	Secretary’s Certificate

		Exhibit D	Share Issuance Resolution

		Exhibit E	Arbitration Provisions

 

    	8

    	 

    

 

Exhibit
E

 

ARBITRATION PROVISIONS

 

1.            
Dispute Resolution. For purposes
of this Exhibit E, the term “Claims” means any disputes, claims, demands, causes of action, liabilities,
damages, losses, or controversies whatsoever arising from related to or connected with the transactions contemplated in the Transaction
Documents and any communications between the parties related thereto, including without limitation any claims of mutual mistake,
mistake, fraud, misrepresentation, failure of formation, failure of consideration, promissory estoppel, unconscionability, failure
of condition precedent, rescission, and any statutory claims, tort claims, contract claims, or claims to void, invalidate or terminate
the Agreement or any of the other Transaction Documents. The parties hereby agree that the arbitration provisions set forth in
this Exhibit E (“Arbitration Provisions”) are binding on the parties hereto and are severable from all
other provisions in the Transaction Documents. As a result, any attempt to rescind the Agreement or declare the Agreement or any
other Transaction Document invalid or unenforceable for any reason is subject to these Arbitration Provisions. These Arbitration
Provisions shall also survive any termination or expiration of the Agreement.

2.            
Arbitration. Except as otherwise
provided herein, all Claims must be submitted to arbitration (“Arbitration”) to be conducted in Salt Lake County,
Utah or Utah County, Utah and pursuant to the terms set forth in these Arbitration Provisions. The parties agree that the award
of the arbitrator shall be final and binding upon the parties; shall be the sole and exclusive remedy between them regarding any
Claims, counterclaims, issues, or accountings presented or pleaded to the arbitrator; and shall promptly be payable in United States
dollars free of any tax, deduction or offset (with respect to monetary awards). Any costs or fees, including without limitation
attorneys’ fees, incident to enforcing the arbitrator’s award shall, to the maximum extent permitted by law, be charged
against the party resisting such enforcement. The award shall include Default Interest (as defined in the Note) both before and
after the award. Judgment upon the award of the arbitrator will be entered and enforced by a state court sitting in Salt Lake County,
Utah. The parties hereby incorporate herein the provisions and procedures set forth in the Utah Uniform Arbitration Act, U.C.A.
§ 78B-11-101 et seq. (as amended or superseded from time to time, the “Arbitration Act”). Pursuant
to Section 78B-11-105 of the Arbitration Act, in the event of conflict between the terms of these Arbitration Provisions and the
provisions of the Arbitration Act, the terms of these Arbitration Provisions shall control.

3.            
Arbitration Proceedings.
Arbitration between the parties will be subject to the following procedures:

3.1            
Pursuant
to Section 110 of the Arbitration Act, the parties agree that a party may initiate Arbitration by giving written notice to the
other party (“Arbitration Notice”) in the same manner that notice is permitted under Section 8.8 of the Agreement;
provided, however, that the Arbitration Notice may not be given by email or fax. Arbitration will be deemed initiated as
of the date that the Arbitration Notice is deemed delivered under Section 8.8 of the Agreement (the “Service Date”).
After the Service Date, information may be delivered, and notices may be given, by email or fax pursuant to Section 8.8 of the
Agreement or any other method permitted thereunder. The Arbitration Notice must describe the nature of the controversy, the remedies
sought, and the election to commence Arbitration proceedings. All Claims in the Arbitration Notice must be pleaded consistent with
the Utah Rules of Civil Procedure.

3.2            
Within ten (10) calendar days after the Service Date, Investor shall select and submit to Company the names of three arbitrators
that are designated as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com)
(such three designated persons hereunder are referred to herein as the “Proposed Arbitrators”). For the avoidance
of doubt, each Proposed Arbitrator must be qualified as a “neutral” with Utah ADR Services. Within ten (10) calendar
days after Investor has submitted to Company the names of the Proposed Arbitrators, Company must select, by written notice to
Investor, one (1) of the Proposed Arbitrators to act as the arbitrator for the parties under these Arbitration Provisions. If
Company fails to select one of the Proposed Arbitrators in writing within such 10-day period, then Investor may select the arbitrator
from the Proposed Arbitrators by providing written notice of such selection to Company. If Investor fails to identify the Proposed
Arbitrators within the time period required above, then Company may at any time prior to Investor designating the Proposed Arbitrators,
select the names of three arbitrators that are designated as “neutrals” or qualified arbitrators by Utah ADR Service
by written notice to Investor. Investor may then, within ten (10) calendar days after Company has submitted notice of its selected
arbitrators to Investor, select, by written notice to Company, one (1) of the selected arbitrators to act as the arbitrator for
the parties under these Arbitration Provisions. If Investor fails to select in writing and within such 10-day period one of the
three arbitrators selected by Company, then Company may select the arbitrator from its three previously selected arbitrators by
providing written notice of such selection to Investor. Subject to Paragraph 3.12 below, the cost of the arbitrator must be paid
equally by both parties; provided, however, that if one party refuses or fails to pay its portion of the arbitrator fee,
then the other party can advance such unpaid amount (subject to the accrual of Default Interest thereupon), with such amount added
to or subtracted from, as applicable, the award granted by the arbitrator. If Utah ADR Services ceases to exist or to provide
a list of neutrals, then the arbitrator shall be selected under the then prevailing rules of the American Arbitration Association.
The date that the selected arbitrator agrees in writing to serve as the arbitrator hereunder is referred to herein as the “Arbitration
Commencement Date”.

    	9

    	 

    

3.3            
An answer
and any counterclaims to the Arbitration Notice, which must be pleaded consistent with the Utah Rules of Civil Procedure, shall
be required to be delivered to the other party within twenty (20) calendar days after the Service Date. Upon request, the arbitrator
is hereby instructed to render a default award, consistent with the relief requested in the Arbitration Notice, against a party
that fails to submit an answer within such time period.

3.4            
The party
that delivers the Arbitration Notice to the other party shall have the option to also commence legal proceedings with any state
court sitting in Salt Lake County, Utah (“Litigation Proceedings”), subject to the following: (i) the complaint
in the Litigation Proceedings is to be substantially similar to the claims set forth in the Arbitration Notice, provided that an
additional cause of action to compel arbitration will also be included therein, (ii) so long as the other party files an answer
to the complaint in the Litigation Proceedings and an answer to the Arbitration Notice, the Litigation Proceedings will be stayed
pending an award of the arbitrator hereunder, (iii) if the other party fails to file an answer in the Litigation Proceedings or
an answer in the Arbitration Proceedings, then the party initiating Arbitration shall be entitled to a default judgment consistent
with the relief requested, to be entered in the Litigation Proceedings, and (iv) any legal or procedural issue arising under the
Arbitration Act that requires a decision of a court of competent jurisdiction may be determined in the Litigation Proceedings.
Any award of the arbitrator may be entered in such Litigation Proceedings pursuant to the Arbitration Act.

3.5            
Pursuant
to Section 118(8) of the Arbitration Act, the parties agree that discovery shall be conducted in accordance with the Utah Rules
of Civil Procedure; provided, however, that incorporation of such rules will in no event supersede the Arbitration Provisions
set forth herein, including without limitation the time limitation set forth in Paragraph 3.9 below, and the following:

(a)            
Discovery
will only be allowed if the likely benefits of the proposed discovery outweigh the burden or expense, and the discovery sought
is likely to reveal information that will satisfy a specific element of a claim or defense already pleaded in the Arbitration.
The party seeking discovery shall always have the burden of showing that all of the standards and limitations set forth in these
Arbitration Provisions are satisfied. The scope of discovery in the Arbitration proceedings shall also be limited as follows:

(i)            
To
facts directly connected with the transactions contemplated by the Agreement.

(ii)            To
facts and information that cannot be obtained from another source that is more convenient, less burdensome or less expensive.

(c)            
No party shall
be allowed (a) more than fifteen (15) interrogatories (including discrete subparts), (b) more than fifteen (15) requests for admission
(including discrete subparts), (c) more than ten (10) document requests (including discrete subparts), or (d) more than three depositions
(excluding expert depositions) for a maximum of seven (7) hours per deposition.

3.6            
Any party
submitting any written discovery requests, including interrogatories, requests for production, subpoenas to a party or a third
party, or requests for admissions, must prepay the estimated attorneys’ fees and costs, as determined by the arbitrator,
before the responding party has any obligation to produce or respond.

(a)            
All discovery
requests must be submitted in writing to the arbitrator and the other party before issuing or serving such discovery requests.
The party issuing the written discovery requests must include with such discovery requests a detailed explanation of how the proposed
discovery requests satisfy the requirements of these Arbitration Provisions and the Utah Rules of Civil Procedure. Any party will
then be allowed, within ten (10) calendar days of receiving the proposed discovery requests, to submit to the arbitrator an estimate
of the attorneys’ fees and costs associated with responding to such written discovery requests and a written challenge to
each applicable discovery request. After receipt of an estimate of attorneys’ fees and costs and/or challenge(s) to one or
more discovery requests, the arbitrator will make a finding as to the likely attorneys’ fees and costs associated with responding
to the discovery requests and issue an order that (A) requires the requesting party to prepay the attorneys’ fees and costs
associated with responding to the discovery requests, and (B) requires the responding party to respond to the discovery requests
as limited by the arbitrator within a certain period of time after receiving payment from the requesting party. If a party entitled
to submit an estimate of attorneys’ fees and costs and/or a challenge to discovery requests fails to do so within such 10-day
period, the arbitrator will make a finding that (A) there are no attorneys’ fees or costs associated with responding to such
discovery requests, and (B) the responding party must respond to such discovery requests (as may be limited by the arbitrator)
within a certain period of time as determined by the arbitrator.

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(b)            
In order to
allow a written discovery request, the arbitrator must find that the discovery request satisfies the standards set forth in these
Arbitration Provisions and the Utah Rules of Civil Procedure. The arbitrator must strictly enforce these standards. If a discovery
request does not satisfy any of the standards set forth in these Arbitration Provisions or the Utah Rules of Civil Procedure, the
arbitrator may modify such discovery request to satisfy the applicable standards, or strike such discovery request in whole or
in part.

(c)            
Discovery
deadlines will be set forth in a scheduling order issued by the arbitrator. The parties hereby authorize and direct the arbitrator
to take such actions and make such rulings as may be necessary to carry out the parties’ intent for the arbitration proceedings
to be efficient and expeditious.

3.7            
Each party
may submit expert reports (and rebuttals thereto), provided that such reports must be submitted by the deadlines established by
the arbitrator. Expert reports must contain the following: (a) a complete statement of all opinions the expert will offer at trial
and the basis and reasons for them; (b) the expert’s name and qualifications, including a list of all publications within
the preceding 10 years, and a list of any other cases in which the expert has testified at trial or in a deposition or prepared
a report within the preceding 10 years; and (c) the compensation to be paid for the expert’s study and testimony. The parties
are entitled to depose any other party’s expert witness one time for no more than 4 hours. An expert may not testify in a
party’s case-in-chief concerning any matter not fairly disclosed in the expert report.

3.8            
All information
disclosed by either party during the Arbitration process (including without limitation information disclosed during the discovery
process) shall be considered confidential in nature. Each party agrees not to disclose any confidential information received from
the other party during the discovery process unless (i) prior to or after the time of disclosure such information becomes public
knowledge or part of the public domain, not as a result of any inaction or action of the receiving party, (ii) such information
is required by a court order, subpoena or similar legal duress to be disclosed if such receiving party has notified the other party
thereof in writing and given it a reasonable opportunity to obtain a protective order from a court of competent jurisdiction prior
to disclosure; or (iii) disclosed to the receiving party’s agents, representatives and legal counsel on a need to know basis
who each agree in writing not to disclose such information to any third party. Pursuant to Section 118(5) of the Arbitration Act,
the arbitrator is hereby authorized and directed to issue a protective order to prevent the disclosure of privileged information
and confidential information upon the written request of either party.

3.9            
The parties
hereby authorize and direct the arbitrator to take such actions and make such rulings as may be necessary to carry out the parties’
intent for the arbitration proceedings to be efficient and expeditious. Pursuant to Section 120 of the Arbitration Act, the parties
hereby agree that an award of the arbitrator must be made within 150 days after the Arbitration Commencement Date. The arbitrator
is hereby authorized and directed to hold a scheduling conference within ten (10) calendar days after the Arbitration Commencement
Date in order to establish a scheduling order with various binding deadlines for discovery, expert testimony, and the submission
of documents by the parties to enable the arbitrator to render a decision prior to the end of such 150-day period. The Utah Rules
of Evidence will apply to any final hearing before the arbitrator.

3.10            
The arbitrator
shall have the right to award or include in the arbitrator’s award any relief which the arbitrator deems proper under the
circumstances, including, without limitation, specific performance and injunctive relief, provided that the arbitrator may not
award exemplary or punitive damages.

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3.11            
If any part
of these Arbitration Provisions is found to violate applicable law or to be illegal, then such provision shall be modified to the
minimum extent necessary to make such provision enforceable under applicable law.

3.12            
The arbitrator
is hereby directed to require the losing party to (i) pay the full amount of the costs and fees of the arbitrator, and (ii) reimburse
the prevailing party the reasonable attorneys’ fees, arbitrator costs, deposition costs, and other discovery costs incurred
by the prevailing party.

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